Company: FWFW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023125
Chunk: 48

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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 controls and procedures were not effective as of the end of the period covered by
this quarterly report.

The
matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the
Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee, (2) lack of a majority of outside directors
on our board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures;
(3) inadequate segregation of duties consistent with control objectives; and (4) management dominated by a single individual without
adequate compensating controls. The aforementioned material weaknesses were identified by our Chief Executive and Financial Officer in
connection with the review of our financial statements as of June 30, 2025.

Management
believes that the material weaknesses set forth above did not have an effect on our financial results. However, management believes that
the lack of a functioning audit committee and the lack of a majority of outside directors on our board of directors results in ineffective
oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement
in our financial statements in future periods.

Changes
in Internal Control Over Financial Reporting

There
have been no changes in our internal controls over financial reporting that occurred during the period ended June 30, 2025, that have
materially or are reasonably likely to materially affect, our internal controls over financial reporting.

22

PART
II - OTHER INFORMATION

Item
1. Legal Proceedings.

From
time to time, we may become involved in litigation relating to claims arising out of its operations in the normal course of business.
We are not involved in any pending legal proceeding or litigation and, to the best of our knowledge, no governmental authority is contemplating
any proceeding to which we are a party or to which any of our properties is subject, which would reasonably be likely to have a material
adverse effect on us.

Item
1A. Risk Factors.

As
a “smaller reporting company”, we are not required to provide the information required by this Item.

Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item
3. Defaults Upon Senior Securities.

None.

Item
4. Mine Safety Disclosures.

Not
applicable.

Item
5. Other Information.

During
the quarter ended June 30, 2025, no director, officer or Section 16 officer adopted or terminated any Rule 10b-15 trading arrangements