FLYWHEEL ADVANCED TECHNOLOGY, INC. Files 10-K for Fiscal Year Ended September 30, 2023

TL;DR

<b>FLYWHEEL ADVANCED TECHNOLOGY, INC. (FWFW) filed its annual 10-K report detailing operations and financial status for the fiscal year ending September 30, 2023.</b>

AI Summary

FLYWHEEL ADVANCED TECHNOLOGY, INC. (FWFW) filed a Annual Report (10-K) with the SEC on January 16, 2024. The company filed its 10-K report for the fiscal year ending September 30, 2023. The filing covers the period from October 1, 2022, to September 30, 2023. The company was formerly known as PAN GLOBAL, CORP. and SAVVY BUSINESS SUPPORT INC. The company's principal executive offices are located in Carson City, Nevada. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking FLYWHEEL ADVANCED TECHNOLOGY, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance, strategic initiatives, and risk factors for the fiscal year 2023, crucial for investors to assess the company's current standing and future prospects. Understanding the company's historical financial data, including balance sheets and income statements from 2021-2023, is essential for evaluating trends, profitability, and overall financial health.

Risk Assessment

Risk Level: low — FLYWHEEL ADVANCED TECHNOLOGY, INC. shows low risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine financial and operational information without immediate, significant market-moving events.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand the company's performance and potential challenges.

Key Numbers

• 2023-09-30 — Fiscal Year End (Reporting period end date)
• 2024-01-16 — Filing Date (Date the 10-K was filed)
• 2021-10-01 to 2023-09-30 — Reporting Period (Fiscal years covered by the filing)

Key Players & Entities

• FLYWHEEL ADVANCED TECHNOLOGY, INC. (company) — Filer name
• PAN GLOBAL, CORP. (company) — Former company name
• SAVVY BUSINESS SUPPORT INC (company) — Former company name
• Carson City, NV (location) — Business address
• 888-983-1623 (phone) — Business phone number

FAQ

Industry Context

The company operates in the Miscellaneous Business Services sector (SIC 7380).

Regulatory Implications

The filing is a standard 10-K under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the detailed financial statements for fiscal years 2021, 2022, and 2023.
2. Analyze the company's business description and any disclosed operational strategies.
3. Examine the risk factors section for potential challenges and uncertainties.

Key Dates

• 2024-01-16: 10-K Filing — Annual report filed for fiscal year ending 2023-09-30

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year ending September 30, 2023, following previous filings for earlier periods.

Key Financial Figures

• $0.30 — $ 1,894,833 based on a closing price of $0.30 as of such date. Solely for purposes of
• $0.0001 — eferred Shares and 10,000,000 Par Value $0.0001 Preferred A-1 Shares were designated an
• $12,975,348.18 — pany for an aggregate purchase price of $12,975,348.18. The sale was made pursuant to an exemp

Filing Documents

• form10-k.htm (10-K) — 1297KB
• ex31-1.htm (EX-31.1) — 11KB
• ex32-1.htm (EX-32.1) — 6KB
• 0001493152-24-002454.txt (&nbsp;) — 6063KB
• fwfw-20230930.xsd (EX-101.SCH) — 54KB
• fwfw-20230930_cal.xml (EX-101.CAL) — 72KB
• fwfw-20230930_def.xml (EX-101.DEF) — 181KB
• fwfw-20230930_lab.xml (EX-101.LAB) — 359KB
• fwfw-20230930_pre.xml (EX-101.PRE) — 290KB
• form10-k_htm.xml (XML) — 850KB

Risk Factors

Risk Factors 13 Item 1B Unresolved Staff Comments 21 Item 1C Cybersecurity 21 Item 2

Properties

Properties 21 Item 3

Legal Proceedings

Legal Proceedings 21 Item 4 Mine Safety Disclosures 21 PART II Item 5 Market for Common Equity and Related Stockholder Matters 22 Item 6 Reserved 22 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 30 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 32 Item 9A

Controls and Procedures

Controls and Procedures 32 Item 9B Other Information 33 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 33 PART III Item 10 Directors, Executive Officers, and Corporate Governance 33 Item 11

Executive Compensation

Executive Compensation 35 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 36 Item 13 Certain Relationships and Related Transactions, and Director Independence 37 Item 14 Principal Accountant Fees and Services 37 PART IV Item 15 Exhibits and Financial Statement Schedules 38 Item 16 Form 10-K Summary 39 -2- PART I ITEM 1. DESCRIPTION OF BUSINESS As used in this annual report, the terms "we", "us", "our", "the Company", mean Flywheel Advanced Technology, Inc. unless otherwise indicated. Cautionary Note Regarding Forward Looking Statements This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our ability to locate and acquire an operating business and the resources and efforts we intend to dedicate to such an endeavor, our development of a viable business plan and commencement of operations, and our ability to locate sources of capital necessary to commence operations or otherwise meet our business needs and objectives. All statements other than statements of historical facts contained in this report, including statements regarding our future financial position, liquidity, business strategy and plans and objectives of management for future operations, are forward-looking statements. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Corporate History Flywheel Advanced Technology, Inc. ("FWFW") (formerly known as Pan Global Corp.) was incorporated in the state of Nev

Business

Business Overview FWFW and its subsidiaries (collectively, "we," "us," "our," "FWFW" or the "Company," unless context requires or indicates otherwise) provide Internet of Things ("IoT") solutions and services to assist its clients to build applications using available IoT devices, sensors, frameworks, and platforms, integrate hardware and software solutions with clients existing landscape, or implement new IoT solutions for enterprises. We provide a full range of IoT services comprising consulting, development and implementation, analytics, support, and evolution. QBS System has a business portfolio consisting of IoT integration solution services, IoT maintenance and support services, IoT projects and ventures, Business Process Outsourcing ("BPO") services, and approximately twelve years of experience in Hong Kong providing IoT software and hardware engineering services. Its clientele ranges across various industries, such as logistics and supply chain management, food & beverage, automation, and smart buildings. The applications of QBS System's IoT solutions include connected equipment in the enterprise ("Enterprise IoT") and industrial assets such as machines and robots ("Industrial IoT"), the essential component of the fourth revolution of manufacturing or "Industry 4.0". IoT Integration Solution Services QBS System's IoT Integration Solution Service helps clients to build applications using available IoT devices, sensors, framework and platform, to integrate the available hardware and software solution with clients' existing systems or to implement new IoT solutions for enterprises. The applications of the QBS System's IoT Integration Solution Service include Enterprise IoT and Industrial IoT, the essential component of Industry 4.0. QBS System provides a full range of services under its IoT Integration Solution Service program such as consulting, development and implementation, analytics, support, and evolution. QBS System's IoT Integration Soluti

Business

Business Planning Target Operational Model Forecast Management In addition to the IoT BPO services, QBS System offers technical consultants on flexible client assignments. This service assists clients in recruiting, training, and managing teams of consultants and related administrative staff. It is also involved with all technical aspects of clients' IoT by deeply analyzing clients' vision and creating IoT technology solutions enabling clients to build new IoT-based products and establish a new business model. The IoT BPO service is intended to help with hardware and software that can adequately address the complexity and fragmentation in clients' IoT projects, including hardware integration, software integration, system architecture, sensor monitoring, device management and connectivity, data analysis, etc. -7- Location Based Services Smart Buildings Smart buildings are equipped with energy-saving equipment for the efficient functioning of all the components and systems of a building, including lighting; monitoring; safety and security; emergency systems; heating, ventilation, and air conditioning systems; and car parking. The concept of smart buildings has gained pace due to the increasing adoption of IoT solutions and services, and the growing deployment of IoT sensors. With the growing numbers of IoT network devices, we believe that the critical need for reliable IoT integration services, such as system design and architecture services, advisory services, and testing services, has emerged for the smooth integration, interconnectivity, and functioning of connected devices. IoT-enabled smart buildings have enhanced features, such as personalization of operations, device mobility inside buildings, comfort to occupants, enhanced productivity, and automation of indoor activities. IoT home automation systems utilize control systems and smart devices to automatically control and manage the basic home functions over the Internet, irrespective of the user

View Full Filing

View this 10-K filing on SEC EDGAR