Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 453

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 7A
Chunk 453
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 206,140 
  
    Reversal of allowance of expected credit losses 
     (165,477) 
     (308,856)
  
    Deferred income taxes 
     (212,059) 
     (20,977)

    Increase in accounts receivable 
     (1,116,593) 
     (52,747)
  
    Increase in prepaid expenses
    and other current assets 
     (589) 
     (952)
  
    Cash
    used in assets held for sale 
     (1,117,182) 
     (53,699)

    Decrease in accounts payable 
     (51,181) 
     (137,369)
  
    Decrease in operating lease liabilities 
     (39,622) 
     (23,793)
  
    (Decrease)/Increase in accrued expenses and
    other current liabilities 
     (60,487) 
     80,176 
  
    Increase in income tax
    payable 
     58,512  
     56,827 
  
    Cash
    used in liabilities held for sale 
    $(92,778) 
    $(24,159)

    CASH FLOWS FROM INVESTING
    ACTIVITIES 

    Cash acquired from purchase of a subsidiary 
    $-  
    $565,449 
  
    Purchase of property,
    plant and equipment 
    $(7,600) 
    $- 

    CASH FLOWS FROM FINANCING
    ACTIVITIES 

    Repayment of borrowings 

                                 $(81,605) 
    $(53,189)
  
    Advances from related
    party 
    $193,109  
    $- 

NOTE
4 - INVESTMENTS

SCHEDULE
OF INVESTMENTS

    2024  
    2023 
  
    Cost
    Method Investment 

    Elison Virtus
    Company Limited 
    $5,422,500  
    $- 

On
July 5, 2024, the Company entered into a Share Purchase Agreement. As consideration for entering into this agreement, the Company
received 938
shares, 9.38%
of total equity, of Elison at estimated fair value of $5,422,500
which were determined using generally accepted valuation techniques based on estimates and assumptions made by
management