Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 353

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 6
Chunk 353
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 Mega Fortune Disposition.

-14-

FWFW
and its subsidiaries (collectively, “we,” “us,” “our,” “FWFW” or the “Company,”
unless context requires or indicates otherwise) were formed to provide Internet of Things (“IoT”) solutions and services
to assist its clients to build applications using available IoT devices, sensors, frameworks, and platforms, integrate hardware and software
solutions with clients existing landscape, or implement new IoT solutions for enterprises.

Results
of Operations:

Continuing
Operations

During
the years ended September 30, 2024 and 2023, we did not have any revenue.

Our
financial statements report a net loss of $312,074 for the year ended September 30, 2024 due to  operating expenses of $312,074 during the year.

Our
financial statements report a net loss, all from operating expenses, of $1,319,063 for the year ended September 30, 2023.

During
the year ended September 30, 2024, our operating expenses consisted primarily of professional fees of $304,010, filing and public fees
of $4,269, stamp duty of $3,009 and sundry expenses of $786.

During
the year ended September 30, 2023, our operation expenses consisted primarily of professional fees of $1,305,179 filing and public fees
of $4,906, stamp duty of $8,089 and sundry expenses of $889. Decrease in operating expenses due to the professional expenses, including
acquisition-related costs of US$1,015,000, incurred for and effects of acquisition of QBS System in 2023 and there was no such expenses
in 2024.

Discontinued
Operations

The
following table provides the consolidated results of our discontinued operations:

    For the Year Ended September 30, 

    2024  
    2023 

    Revenue, net 
    $2,979,793  
    $1,448,176 
  
    Cost of revenue 
     (1,526,853) 
     (961,818)
  
    GROSS PROFIT 
     1,452,940  
     486,358 
  
    Operating expenses 
     (2,230,942) 
     (581,436)
  
    LOSS FROM OPERATIONS 
     (778,002) 
     (95,