Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 133

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 1B
Chunk 133
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 other payables and accrued liabilities and due to Company companies approximate their FVs because
of the short-term nature of the instruments. The management of the Company is of the opinion that the Company is not exposed to significant
interest or credit risks arising from these financial statements.

  (H) Foreign currency translation

The
Company’s consolidated financial statements are reported in United States dollars (“US$”), the Company’s reporting
currency, also the functional currency. The functional currency for the Company’s subsidiary organized in Hong Kong is Hong Kong
dollars (“HK$”). The functional currency for the Company’s subsidiary organized in Australian is Australian dollars
(“A$”). The translation of the functional currencies of the Company’s subsidiaries into US$ is performed for balance
sheet accounts using the exchange rates in effect as of the balance sheet date and for revenues and expense accounts using a monthly
average exchange rate prevailing during the respective period. The gains or losses resulting from such translation are reported as currency
translation adjustments under other comprehensive income (loss), net, under accumulated other comprehensive income (loss) as a separate
component of equity.

Monetary
assets and liabilities of the Company and its subsidiary denominated in currencies other than the functional currency of the Company
and subsidiary are translated into their respective functional currency at the rates of exchange prevailing on the balance sheet date.

Transactions
of the Company and its subsidiary in currencies other than the Company’s and the Subsidiary’s functional currencies are translated
into the respective functional currencies at the average monthly exchange rate prevailing during the period of the transaction. The gains
or losses resulting from foreign currency transactions are included in the consolidated statements of income.

The
exchange rates used to translate amounts in HK$ and AU$ into US$ for the purposes of preparing the consolidated financial statements
were as follows:

SCHEDULE
OF EXCHANGE RATES

    July 5 2024 
    September
    30, 2023
  
    Balance sheet items, except for
    common stock, additional paid-in capital and retained earnings, as of period end 
    US$1=HK$7.789466 
    US$1=HK$7.82996

    US$1=AUD1.483845 
    US$1=AUD1.55615

    For
                                            the Period
                                                                              Ended
                                            July 5, 2024 
    For
                                            the Year
                                                                              Ended
                                            September 30, 2023
  
    Amounts included in the statements of