Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 357

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 6
Chunk 357
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 discontinued operations
for the year ended September 30, 2024 of $0.01 million were attributed to investing activities of Mega Fortune’s business.

Cash
flows provided by investing activities of our continuing operations for the year ended September 30, 2023 were $0. Cash flows provided
by investing activities of our discontinued operations for the year ended September 30, 2023 of $0.57 million were cash 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