Company: FWFW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023125
Chunk: 7

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part II, Item 8
Chunk 7
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 Company determined that the estimated fair value
of 938 shares of Elison was $5,422,500 and the share transfer had been completed. The Company recognized a pre-tax gain on such sale
of $2,452,638. The activities of the three reportable segments, provision of IT maintenance and support services, IoT BPO services and
IoT development services in Hong Kong and Australia have been segregated and reported as discontinued operations for all periods presented.

    12

Summarized
results of discontinued operations for the three reportable segments
    are as follows:

 SCHEDULE
OF DISCONTINUED OPERATIONS

    For the three months ended  
    For the Nine months ended  

    June 30, 2024  
    June 30, 2024 
  
    Revenue, net 
    $885,644  
    $2,855,898 
  
    Cost of revenue 
     (454,259) 
     (1,526,469)
  
    Operating expenses 
     (480,747) 
     (1,527,988)
  
    Other income 
     84,651  
     244,105 
  
    Interest expenses, net 
     (4,775) 
     (14,906)
  
    Income/(Loss) from discontinued operations before taxes 
     30,514  
     30,640
  
    Income taxes 
     36,699  
     95,059 
  
    Income/(Loss) from discontinued operations, net of tax 
    $67,213  
    $125,699

 Summarized
cash flow information for the three reportable segments discontinued operations are as follows:

 SCHEDULE
OF CASH FLOW INFORMATION

    For the Nine months ended 

    June 30, 2024 
  
    CASH FLOWS FROM OPERATING ACTIVITIES 

    Amortization 
    $51,653 
  
    Depreciation 
     3,779 
  
    Lease amortization 
     35,026 
  
    Allowance of expected credit losses 
     736,141 
  
    Reversal of allowance of expected credit losses 
     (165,477)
  
    Deferred income taxes 
     (102,071)
  
    Increase in accounts receivable 
     (1,014,137)
  
    Increase in prepaid expenses and other current assets