Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 157

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 1C
Chunk 157
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 acquired from
purchase of a subsidiary.

-17-

Financing
Activities

Cash
flows provided by financing activities of our continuing operations for the year ended September 30, 2024 were $0.28 million, which is
attributed to advances from a related company of $0.28 million. Cash flows provided by financing activities of our discontinued operations
for the year ended September 30, 2023 of $0.11 million were primarily attributed to repayment of bank borrowings of $0.08 million and
advances from related parties of $0.19 million.

Cash
flows provided by financing activities of our continuing operations for the year ended September 30, 2023 were $0.28 million, which is
attributed to advances from a related company of $0.28 million. Cash flows used in financing activities of our discontinued operations
for the year ended September 30, 2023 of $0.05 million were primarily attributed to repayment of bank borrowings of $0.05 million.

Critical
Accounting Policies and Estimates

The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (GAAP). The preparation of financial statements in accordance with GAAP requires the Company to make estimates
and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the periods presented. On an on-going basis, the Company evaluates all of these estimates and assumptions.
Actual results could be different from these estimates.

The
historical results of business activities of the three reportable segments, provision of IT maintenance and support services, IoT BPO
services and IoT development services in Hong Kong and Australia have been presented in the accompanying consolidated statements of operations
for the years ended September 30, 2024 and 2023 as discontinued operations. See Note 3 - Discontinued Operations in the accompanying
Notes to the Consolidated Financial Statements. Following presentation of the business activities of the three reportable segments as
discontinued operations, the Company has no operations or revenue.

We
are currently in the process of developing a business plan. Management intends to explore and identify viable business opportunities
including seeking to acquire a business and soliciting good and profitable investment opportunities. Our ability to effectively identify,
develop and implement a viable plan for our business may be hindered by risks and uncertainties which are beyond our control.

Investments

The
Company applies the cost method