Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 130

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 1B
Chunk 130
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 evolution. It
has a business portfolio providing IoT integration solution services, IoT maintenance, support services, IoT projects and ventures Business
Process Outsourcing (“BPO”) services, and approximately years of experience in Hong Kong providing IoT software and hardware
engineering services. Clients range across various industries, such as logistics and supply chain management, food and beverage, automation
and smart building. The applications of QBS System’s IoT Solution include connected equipment in the enterprise (“Enterprise
IoT”) and industrial assets such as machines, robots, or even workers in smart factories and industrial facilities (“Industrial
IoT”, the essential component of Industry 4.0).

QBS
System formed a wholly owned subsidiary, QBS System Pty Ltd (“QBS System Pty”) in Australia on May 8, 2020 and its principal
activities are providing computer network systems design and integration services.

    F-7

FLYWHEEL
ADVANCED TECHNOLOGY, INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

The
Company’s subsidiaries are as follows as of September 30, 2024:

SCHEDULE
OF COMPANY SUBSIDIARIES

    Name
    of Corporation
     
    Date
                                            of
    Formation
     
    Ownership
     
    Description
    of Business

    Flywheel
                                            Advanced Technology, Inc.
                                                                             (Nevada
                                            Corporation)
     
    April
    30, 2010
     
    100%
     
    Parent
    Company

    Blue
                                            Print Global, Inc.
                                                                             (British
                                            Virgin Islands Corporation)
     
    November
    30, 2022
     
    70%
     
    Establish
    an operation to source the supply and sale of warehouse patrol robots.

We
use the terms “Company”, “we” and “us” to refer to both Flywheel Advanced Technology, Inc. and its
subsidiaries.

NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Going
Concern

Pursuant
to the guidance in ASC 205-40 Going Concern, for each annual and interim reporting period an entity’s management must evaluate
whether there are conditions and events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue
as a going concern within one year after the date that the financial statements are issued. To that extent, the Company incurred a net
operating loss of approximately $0.3 million