Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 49

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 1
Chunk 49
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 or procedures may deteriorate.

Our
management assessed the effectiveness of our internal control over financial reporting based on the parameters set forth above and has
concluded that as of September 30, 2024, our internal control over financial reporting was not effective to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
U.S. generally accepted accounting principles as a result of the following material weaknesses:

The
Company does not have sufficient segregation of duties within accounting functions due to only having one officer and limited resources.

    ●
    The
    Company does not have an independent board of directors or an audit committee.

    ●
    The
    Company does not have written documentation of our internal control policies and procedures.

    ●
    All
    of the Company’s financial reporting is carried out by a financial consultant.

We
plan to rectify these weaknesses by implementing an independent board of directors, establishing written policies and procedures for
our internal control of financial reporting, and hiring additional accounting personnel at such time as we complete a reverse merger
or similar business acquisition.

Changes
in Internal Control over Financial Reporting.

There
have been no changes in our internal control over financial reporting during the year ended September 30, 2024, that has materially affected,
or is reasonably likely to materially affect, our internal control over financial reporting.

ITEM
9B. OTHER INFORMATION.

None.

ITEM
9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.

Not
applicable.

-20-

PART
III

ITEM
10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The
following table sets forth the names and positions of our executive officers and directors. Directors will be elected at our annual meeting
of stockholders and serve for one year or until their successors are elected and qualify. Officers are elected by the Board and their
terms of office are, except to the extent governed by employment contract, at the discretion of the Board.

    Name
     
    Age
     
    Positions
  
    Luk
    Yuen Leung
     
    78
     
    President,
    Chief Executive Officer, and Chairman of the Board of Directors

Luk
Yuen Leung has exclusive experience in management and business development in the Garment and Textile Industry. From 1996 to present,
Mr. Luk served as director of Polytex Alliance Ltd., a