Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 380

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 6
Chunk 380
---
 Increase in income tax
    payable 
     58,512  
     56,827 
  
    Cash
    used in liabilities held for sale 
    $(92,778) 
    $(24,159)

    CASH FLOWS FROM INVESTING
    ACTIVITIES 

    Cash acquired from purchase of a subsidiary 
    $-  
    $565,449 
  
    Purchase of property,
    plant and equipment 
    $(7,600) 
    $- 

    CASH FLOWS FROM FINANCING
    ACTIVITIES 

    Repayment of borrowings 

                                 $(81,605) 
    $(53,189)
  
    Advances from related
    party 
    $193,109  
    $- 

NOTE
4 - INVESTMENTS

SCHEDULE
OF INVESTMENTS

    2024  
    2023 
  
    Cost
    Method Investment 

    Elison Virtus
    Company Limited 
    $5,422,500  
    $- 

On
July 5, 2024, the Company entered into a Share Purchase Agreement. As consideration for entering into this agreement, the Company
received 938
shares, 9.38%
of total equity, of Elison at estimated fair value of $5,422,500
which were determined using generally accepted valuation techniques based on estimates and assumptions made by
management.

NOTE
5 - RELATED PARTY TRANSACTIONS

The
Company owed a related company, Flywheel Financial Strategy (Hong Kong) Company Limited of $743,261 and $456,966 as of September 30,
2024 and 2023, respectively for advances from the related company, which was repayable on demand and interest free.

NOTE
6 – SUBSEQUENT EVENTS

The
Company follows the guidance in FASB ASC Topic 855, Subsequent Events (“ASC 855”),
which provides guidance to establish general standards of accounting for and disclosures of events that occur after the balance
sheet date but before the consolidated financial statements are issued or are available to be issued. ASC 855 sets
forth (i) the period after the balance sheet date during which management of a reporting entity evaluates events or transactions
that may occur for potential recognition or disclosure in the consolidated financial
statements, (ii) the circumstances under which an entity should recognize events or transactions occurring after the balance sheet
date in its consolidated financial statements