Company: FWFW
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006388
Chunk: 20

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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 three months ended December 31, 2024 was primarily due to discontinued operations.

Cash
flows from investing activities reflect capital expenditure for the purchase of Company’s assets. Cash used in investing activities
during the three month ended December 31, 2024 was $0 compared to cash from investing activities of $5,176 due to acquisition of QBS
system during the three months ended December 31, 2023.

Cash
flows used in financing activities generally reflect changes in debt activity during the period. Net cash provided by financing activities
was $77,034 for the three months ended December 31, 2024, compared to net cash provided by financing activities of $54,066 for the three
months ended December 31, 2023. Net cash provided by financing activities for the three months ended December 31, 2024, was primarily
attributable to advance from a related party of $77,034. Net cash provided by financing activities for the three months ended December
31, 2023, was primarily attributable to proceeds from bank overdraft of US$127,914 netting off repayment of borrowings of $26,986 and
repayment to related party of $46,862.

Management
believes the cash on hand combined with net cash provided by financing activities will be sufficient to fund operations for the next
12 months and beyond.

21

Going
Concern

The
Company incurred a net operating loss of approximately $0.03 million, had negative cash flows from operating activities of $0.08 million
during the three months ended December 31, 2024, and had minimum cash balance as of its fiscal year end. The Company is currently in
the process of entering into certain arrangements to raise additional capital, which it believes to be probable of occurring as of the
date of the filing. As such, the Company believes that the substantial doubt about our ability to continue as a going concern has been
alleviated as a result of consideration of management’s plans.

Critical
Accounting Estimates

The
preparation of our consolidated financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions
that impact the amounts reported in our consolidated financial statements and accompanying notes that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant.
Actual results may differ from these estimates.

Recently
issued Accounting Pronouncements

For
the impact of recently issued accounting pronouncements on the Company