Flywheel Advanced Tech Files Q3 2024 10-Q/A

TL;DR

Flywheel Tech amended its Q3 10-Q. Updated financials now available.

AI Summary

Flywheel Advanced Technology, Inc. filed an amended 10-Q for the period ending June 30, 2024. The filing includes financial data for the third quarter and nine months ended June 30, 2024, and comparative periods. Key financial statement line items such as common stock, additional paid-in capital, accumulated other comprehensive income, and retained earnings are presented for various dates, including September 30, 2023, December 31, 2023, and June 30, 2024.

Why It Matters

This amended filing provides updated financial information for Flywheel Advanced Technology, Inc., crucial for investors and stakeholders to assess the company's financial health and performance as of June 30, 2024.

Risk Assessment

Risk Level: low — This is a routine amended filing providing updated financial data, not indicating new or significant risks.

Key Numbers

• Q3 --09-30 — Fiscal Quarter End (Indicates the period covered by the financial statements.)
• 2024-06-30 — Period End Date (The primary date for which financial data is reported in this filing.)
• 2023-09-30 — Prior Period End Date (Used for comparative financial analysis.)

Key Players & Entities

• FLYWHEEL ADVANCED TECHNOLOGY, INC. (company) — Filer of the 10-Q/A
• 20240630 (date) — End of the reporting period for the 10-Q/A
• 20230930 (date) — Comparative reporting period end date
• 20231231 (date) — Comparative reporting period end date

FAQ

Key Financial Figures

• $1 — retained earnings, as of period end US$1=HK$ 7.81047 US$1=HK$ 7.82996 US$1=A$
• $1.49816 — $1=HK$ 7.84901 US$1=A$ 1.52416 US$1=A$1.49816 14

Filing Documents

• form10-qa.htm (10-Q/A) — 793KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-2.htm (EX-32.2) — 4KB
• 0001493152-24-034940.txt ( ) — 3340KB
• fwfw-20240630.xsd (EX-101.SCH) — 23KB
• fwfw-20240630_cal.xml (EX-101.CAL) — 31KB
• fwfw-20240630_def.xml (EX-101.DEF) — 88KB
• fwfw-20240630_lab.xml (EX-101.LAB) — 211KB
• fwfw-20240630_pre.xml (EX-101.PRE) — 163KB
• form10-qa_htm.xml (XML) — 444KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 4 Item 1. Unaudited Financial Statements. 4 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations. 19 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk. 23 Item 4.

Controls and Procedures

Controls and Procedures. 23

– OTHER INFORMATION

PART II – OTHER INFORMATION 24 Item 1. Legal Proceedings. 24 Item 1A. Risk Factors. 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 24 Item 3. Defaults Upon Senior Securities. 24 Item 4. Mine Safety Disclosures. 24 Item 5. Other Information. 24 Item 6. Exhibits. 24

SIGNATURES

SIGNATURES 25 2 Explanatory Note This Amendment No. 1 (the "Amendment") to the Quarterly Report on Form 10-Q of Flywheel Advanced Technology, Inc. (the "Company") for the quarter ended June 30, 2024, originally filed with the Securities and Exchange Commission on August 19, 2024 (the "Original Form 10-Q"), is being filed solely to correct an inadvertent error in checking the "No" box instead of the "Yes" box" on the cover page regarding the shell status of the Company. No other changes have been made to the Original Form 10-Q. The Amendment to the Form 10-Q speaks as of the original filing date of the Original Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the Original Form 10-Q. The Company is also filing currently dated certifications of our Chief Executive Officer and Chief Financial Officer (Exhibits 31.1 and 32.1), as required under Sections 302 and 906 of the Sarbanes-Oxley Act of 2002. 3 PART I- FINANCIAL INFORMATION Item 1. Financial Statements. FLYWHEEL ADVANCED TECHNOLOGY, INC. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND SEPTEMBER 30, 2023 4 FLYWHEEL ADVANCED TECHNOLOGY, INC. CONTENTS Pages Consolidated Balance Sheets as of June 30, 2024 (unaudited) and September 30, 2023 6 Unaudited Condensed Consolidated 7 Unaudited Condensed Consolidated 8 Unaudited Condensed Consolidated 9 Notes to Unaudited Condensed Consolidated

Financial Statements

Financial Statements 10-18 5 FLYWHEEL ADVANCED TECHNOLOGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, September 30, 2024 2023 (Unaudited) (Audited) ASSETS CURRENT ASSETS Prepaid expenses and other current assets 5,806 3,667 Assets held for sale 4,773,194 4,620,124 TOTAL ASSETS $ 4,779,000 $ 4,623,791 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accrued expenses and other current liabilities $ 93,949 $ 54,894 Due to related parties 740,252 456,966 Liabilities held for sale 1,278,183 1,257,681 Total current liabilities 2,112,384 1,769,541 Total Liabilities 2,112,384 1,769,541 COMMITMENTS AND CONTINGENCIES - - STOCKHOLDERS' EQUITY Common stock, $ 0.0001 par value 550,000,000 , shares authorized, 29,662,164 shares issued and outstanding as of June 30, 2024 and September 30, 2023 2,966 2,966 Paid in Capital 6,677,222 6,677,222 Accumulated other comprehensive income/(loss) 4,181 ( 2,691 ) Accumulated deficit ( 4,017,753 ) ( 3,823,247 ) Total Stockholders' Equity 2,666,616 2,854,250 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,779,000 $ 4,623,791 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements 6 FLYWHEEL ADVANCED TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) 2024 2023 2024 2023 For the Three Months Ended June 30, For the Nine Months Ended June 30, 2024 2023 2024 2023 REVENUE, NET $ - $ - $ - $ - OPERATING EXPENSES Professional fees 103,650 112,895 316,387 1,232,779 General and administrative 1,426 2,587 3,818 12,821 Total Operating Expenses 105,076 115,482 320,205 1,245,600 OPERATING LOSS ( 105,076 ) ( 115,482 ) ( 320,205 ) ( 1,245,600 ) LOSS BEFORE INCOME TAXES ( 105,076 ) ( 115,482 ) ( 320,205 ) ( 1,245,600 ) Income taxes - - - - NET LOSS FROM CONTINUING OPERATIONS ( 105,076 ) ( 11

financial statements in conformity with generally accepted accounting principles ("GAAP") in the United States

financial statements in conformity with generally accepted accounting principles ("GAAP") in the United States. 12 FLYWHEEL ADVANCED TECHNOLOGY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (B) Unaudited Interim Consolidated financial statements The accompanying interim unaudited condensed consolidated financial statements ("Interim Financial Statements") of the Company and its wholly owned and majority owned subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America ( "GAAP" ) for interim financial information and are presented in accordance with the requirements of Form 10-Q and Regulation S-X. Accordingly, these Interim Financial Statements do not include all of the information and notes required by GAAP for complete financial statements. These Interim Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended September 30, 2023 included in the Company's Form 10-K. In the opinion of management, the Interim Financial Statements included herein contain all adjustments, including normal recurring adjustments, considered necessary to present fairly the Company's financial position, the results of operations and cash flows for the periods presented. The operating results and cash flows of the interim periods presented herein are not necessarily indicative of the results to be expected for any other interim period or the full year. Going Concern The accompanying unaudited interim financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve months following the date of these financial statements. As of June 30, 2024, the Company had no cash and an accumulated deficit of $ 4,017,753 after the carrying amounts of the assets and liabilities of the th

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