Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 341

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 5
Chunk 341
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ison Virtus
    Company Limited 
    $5,422,500  
    $- 

On
July 5, 2024, the Company entered into a Share Purchase Agreement. As consideration for entering into this agreement, the Company
received 938
shares, 9.38%
of total equity, of Elison at estimated fair value of $5,422,500
which were determined using generally accepted valuation techniques based on estimates and assumptions made by
management.

NOTE
5 - RELATED PARTY TRANSACTIONS

The
Company owed a related company, Flywheel Financial Strategy (Hong Kong) Company Limited of $743,261 and $456,966 as of September 30,
2024 and 2023, respectively for advances from the related company, which was repayable on demand and interest free.

NOTE
6 – SUBSEQUENT EVENTS

The
Company follows the guidance in FASB ASC Topic 855, Subsequent Events (“ASC 855”),
which provides guidance to establish general standards of accounting for and disclosures of events that occur after the balance
sheet date but before the consolidated financial statements are issued or are available to be issued. ASC 855 sets
forth (i) the period after the balance sheet date during which management of a reporting entity evaluates events or transactions
that may occur for potential recognition or disclosure in the consolidated financial
statements, (ii) the circumstances under which an entity should recognize events or transactions occurring after the balance sheet
date in its consolidated financial statements, and (iii) the disclosures that an entity should make about events or transactions
that occurred after the balance sheet date. Accordingly, the Company did not have any
subsequent events that require disclosure.

F-14

ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM
9A. CONTROLS AND PROCEDURES

Evaluation
of Disclosure Controls and Procedures.

Our
management is responsible for establishing and maintaining a system of “disclosure controls and procedures” (as defined in
Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the
reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified
in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed