Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 314

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 5
Chunk 314
---

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) 
     (95,078)
  
    Other income 
     244,259  
     344,461 
  
    Interest expenses, net 
     (15,456) 
     (10,752)
  
    (LOSS)/INCOME BEFORE INCOME TAXES 
     (549,199) 
     238,631 
  
    Income taxes 
     151,185  
     (2,357)
  
    NET (LOSS)/INCOME 
     (398,014) 
     236,274 
  
    Foreign currency translation income/(loss) 
     5,434  
     (2,691)
  
    COMPREHENSIVE (LOSS)/INCOME 
    $(392,580) 
    $233,583 

During
the year ended September 30, 2024, the results of the discontinued business included operations through the date of the Mega Fortune
Disposition (July 5, 2024). Upon the Mega