Company: FWFW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023125
Chunk: 60

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 2
Chunk 60
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Part I, Item 1 — Financial Statements” of this Quarterly
Report on Form 10-Q and incorporated herein by reference.

Item
3. Quantitative And Qualitative Disclosures About Market Risk.

As
a smaller reporting company, we are not required to provide the information called for by this Item.

Item
4. Controls and Procedures.

Management’s
Report on Disclosure Controls and Procedures

We
maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed
under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified
in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management,
including our Chief Executive Officer and Chief Financial Officer (who is the same person), to allow for timely decisions regarding required
disclosure.

As
of the end of the quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our
Chief Executive and Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based
on the foregoing, he concluded that our disclosure controls and procedures were not effective as of the end of the period covered by
this quarterly report.

The
matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the
Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee, (2) lack of a majority of outside directors
on our board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures;
(3) inadequate segregation of duties consistent with control objectives; and (4) management dominated by a single individual without
adequate compensating controls. The aforementioned material weaknesses were identified by our Chief Executive and Financial Officer in
connection with the review of our financial statements as of June 30, 2025.

Management
believes that the material weaknesses set forth above did not have an effect on our financial results. However, management believes that
the lack of a functioning audit committee and the lack of a majority of outside directors on our board of directors results in ineffective
oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement
in our financial statements in future periods.

Changes
in Internal Control Over Financial Reporting

There
have been no changes in our internal controls over financial reporting that occurred during the period ended June 30