Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 331

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 5
Chunk 331
---
0).

QBS
System formed a wholly owned subsidiary, QBS System Pty Ltd (“QBS System Pty”) in Australia on May 8, 2020 and its principal
activities are providing computer network systems design and integration services.

    F-7

FLYWHEEL
ADVANCED TECHNOLOGY, INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

The
Company’s subsidiaries are as follows as of September 30, 2024:

SCHEDULE
OF COMPANY SUBSIDIARIES

    Name
    of Corporation
     
    Date
                                            of
    Formation
     
    Ownership
     
    Description
    of Business

    Flywheel
                                            Advanced Technology, Inc.
                                                                             (Nevada
                                            Corporation)
     
    April
    30, 2010
     
    100%
     
    Parent
    Company

    Blue
                                            Print Global, Inc.
                                                                             (British
                                            Virgin Islands Corporation)
     
    November
    30, 2022
     
    70%
     
    Establish
    an operation to source the supply and sale of warehouse patrol robots.

We
use the terms “Company”, “we” and “us” to refer to both Flywheel Advanced Technology, Inc. and its
subsidiaries.

NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Going
Concern

Pursuant
to the guidance in ASC 205-40 Going Concern, for each annual and interim reporting period an entity’s management must evaluate
whether there are conditions and events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue
as a going concern within one year after the date that the financial statements are issued. To that extent, the Company incurred a net
operating loss of approximately $0.3 million, had negative cash flows from operating activities of $0.8 million during the year ended
September 30, 2024 and had minimum cash balance as of its fiscal year end. With that said, the Company is currently in process of entering
into certain arrangements to raise additional capital, which it believes to 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.

  (A) Basis of Presentation

The
accompanying consolidated financial statements have been prepared