Company: FWFW
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001641172-25-009382
Chunk: 30

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 2
Chunk 30
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 be probable of occurring as of the date of the
filing. As such, the Company believes that the substantial doubt about our ability to continue as a going concern has been alleviated
as a result of consideration of management’s plans.

Critical
Accounting Estimates

The
preparation of our consolidated financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions
that impact the amounts reported in our consolidated financial statements and accompanying notes that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant.
Actual results may differ from these estimates.

Recently
issued Accounting Pronouncements

For
the impact of recently issued accounting pronouncements on the Company’s consolidated financial statements, see Note 2 (I) to the
unaudited condensed consolidated financial statements included in “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