Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 588

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 8
Chunk 588
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 its subsidiary in currencies other than the Company’s and the Subsidiary’s functional currencies are translated
into the respective functional currencies at the average monthly exchange rate prevailing during the period of the transaction. The gains
or losses resulting from foreign currency transactions are included in the consolidated statements of income.

The
exchange rates used to translate amounts in HK$ and AU$ into US$ for the purposes of preparing the consolidated financial statements
were as follows:

SCHEDULE
OF EXCHANGE RATES

    July 5 2024 
    September
    30, 2023
  
    Balance sheet items, except for
    common stock, additional paid-in capital and retained earnings, as of period end 
    US$1=HK$7.789466 
    US$1=HK$7.82996

    US$1=AUD1.483845 
    US$1=AUD1.55615

    For
                                            the Period
                                                                              Ended
                                            July 5, 2024 
    For
                                            the Year
                                                                              Ended
                                            September 30, 2023
  
    Amounts included in the statements of operations and cash flows for
    the year 
    US$1=HK$7.81742 
    US$1=HK$7.84901

    US$1=AUD1.52416 
    US$1=AUD1.49816

    F-10

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS

  (I) Other comprehensive (loss)/income

The
foreign currency translation gain or loss resulting from translation of the financial statements expressed in HK$ and AU$ to US$ is reported
as other comprehensive income or loss in the statements of operations and stockholders’ equity.

  (J) Employee benefit plans

Contributions
to defined contribution plans are expensed in the period in which services are rendered by the covered employees. The Company recognizes
its liabilities for compensated absences dependent on whether the obligation is attributable to employee services already rendered, relates
to rights that vest or accumulate and payment is probable and estimable. Refer to Note 14.

  (K) Income taxes

The
Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences