Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 43

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 1
Chunk 43
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    Fair value  
    Quoted prices in active markets for identical liabilities (Level 1)  
    Significant other observable inputs (Level 2)  
    Significant unobservable inputs (Level 3) 
  
    Assets: 

    Investments at September 30, 2024 
    $5,422,500  
    $-  
    $-  
    $5,422,500 

(O)
Impairment of Long-lived Assets

The
Company reviews long-lived assets to be held and used in operations for impairment whenever events or changes in circumstances indicate
that the carrying value of an asset may be impaired. These evaluations may result from significant decreases in the overall
market outlook for the Company’s technology or the market price of an asset, a significant adverse change in the extent or manner
in which an asset is being used in its physical condition, a significant adverse change in legal factors or in the business climate that
could affect the value of an asset, as well as economic or operational analyses. If the Company concludes that the carrying value of
certain assets will not be recovered based on expected undiscounted future cash flows, an impairment write-down is recorded to
reduce the assets to their estimated fair value. Fair value is determined via market, cost and income-based valuation techniques, as
appropriate. The fair value is measured on a non-recurring basis using a combination of quoted prices for similar assets in active markets
and other unobservable adjustments to historical cost (Level 3) inputs. No such charges were recorded for the years ended
December 31, 2023 and December 31, 2022.

    F-11

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS

NOTE
3 – DISCONTINUED OPERATIONS

On
July 5, 2024, the Company and Mega Fortune Company Limited, its wholly-owned subsidiary, completed the sale (the “Mega Fortune
Disposition”) to Mericorn Company Limited (the “Buyer”), of all of the equity associated with the Company ’ s
Mega Fortune Company Limited, which is composed of the Company ’ s subsidiaries, Pontes Fides Company Limited, QBS System Limited
and QBS System Pty Ltd, pursuant to a Share Purchase Agreement, dated as of July 5, 2024. The Mega Fortune Company Limited and its subsidiaries
are engaged in the business of provision of IoT maintenance and support services