Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 477

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 8
Chunk 477
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                                                                             (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, had negative cash flows from operating activities of $0.8 million during the year ended
September 30, 2024 and had minimum cash balance as of its fiscal year end. With that said, the Company is currently in 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.

  (A) Basis of Presentation

The
accompanying consolidated financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”)
“FASB Accounting Standard Codification™” (the “Codification”) which is the source of authoritative accounting
principles recognized by the FASB to be applied by nongovernmental entities in the preparation of consolidated financial statements in
conformity with generally accepted accounting principles (“GAAP”) in the United States.

The
historical results of our IoT services business, primarily consisting of Mega Fortune Company Limited and its subsidiaries, Pontes Fides
Company Limited, QBS System Limited and QBS System Pty Ltd ,and related activity have been presented in the accompanying consolidated
statements of operations and cash flows for the years ended September 30,