Flywheel Advanced Tech Files 10-Q, Details Financials

TL;DR

Flywheel Advanced Tech (formerly Pan Global) filed its Q1 2024 10-Q. Financials updated.

AI Summary

Flywheel Advanced Technology, Inc. filed its 10-Q for the period ending March 31, 2024. The company, formerly known as Pan Global, Corp. and Savvy Business Support Inc., is incorporated in Nevada and operates in miscellaneous business services. The filing details financial information for the quarter and year-to-date periods, including balance sheet items like common stock and retained earnings as of September 30, 2023, and December 31, 2023.

Why It Matters

This filing provides investors with a quarterly update on the financial health and operational status of Flywheel Advanced Technology, Inc., crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing with no immediate red flags or significant new risks disclosed.

Key Numbers

• 0930 — Fiscal Year End (Indicates the company's annual reporting cycle.)
• 2024-03-31 — Reporting Period End Date (Specifies the end date for the financial data presented in the 10-Q.)
• 2023-09-30 — Balance Sheet Date (Date as of which balance sheet information is provided.)

Key Players & Entities

• FLYWHEEL ADVANCED TECHNOLOGY, INC. (company) — Filer
• PAN GLOBAL, CORP. (company) — Former company name
• SAVVY BUSINESS SUPPORT INC (company) — Former company name
• 20240331 (date) — Conformed period of report
• 20240716 (date) — Filing date

FAQ

Filing Documents

• form10-q.htm (10-Q) — 1006KB
• ex31-1.htm (EX-31.1) — 19KB
• ex32-1.htm (EX-32.1) — 8KB
• 0001493152-24-028020.txt ( ) — 5933KB
• fwfw-20240331.xsd (EX-101.SCH) — 49KB
• fwfw-20240331_cal.xml (EX-101.CAL) — 71KB
• fwfw-20240331_def.xml (EX-101.DEF) — 165KB
• fwfw-20240331_lab.xml (EX-101.LAB) — 330KB
• fwfw-20240331_pre.xml (EX-101.PRE) — 274KB
• form10-q_htm.xml (XML) — 1024KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 3 Item 1. Unaudited

Financial Statements

Financial Statements. 3 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. 29 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk. 40 Item 4.

Controls and Procedures

Controls and Procedures. 40

– OTHER INFORMATION

PART II – OTHER INFORMATION 41 Item 1. Legal Proceedings. 41 Item 1A. Risk Factors. 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 41 Item 3. Defaults Upon Senior Securities. 41 Item 4. Mine Safety Disclosures. 41 Item 5. Other Information. 41 Item 6. Exhibits. 41

SIGNATURES

SIGNATURES 42 2 PART I- FINANCIAL INFORMATION Item 1. Financial Statements. FLYWHEEL ADVANCED TECHNOLOGY, INC. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2024 AND 2023 3 FLYWHEEL ADVANCED TECHNOLOGY, INC. CONTENTS Pages Unaudited Consolidated Balance Sheets as of March 31, 2024 and September 30, 2023 5 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income/(loss) for the Three and Six Months Ended March 31, 2024 and March 31, 2023 6 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended March 31, 2024 and March 31, 2023 7 Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2024 and March 31, 2023 8 Notes to Unaudited Condensed Consolidated Financial Statements 9 - 28 4 FLYWHEEL ADVANCED TECHNOLOGY, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS March 31, September 30, 2024 2023 ASSETS CURRENT ASSETS Cash $ 439,518 $ 621,001 Accounts receivable, net of allowances 1,608,622 1,431,201 Due from related parties 118,783 116,419 Prepaid expenses and other current assets 390,763 392,742 Deferred tax assets 77,363 22,481 Total Current Assets 2,635,049 2,583,844 PROPERTY AND EQUIPMENT, NET 11,324 6,783 GOODWILL 1,840,202 1,840,202 ACQUISITION-RELATED INTANGIBLES 125,045 159,481 RIGHT-OF-USE ASSETS 6,768 33,481 TOTAL ASSETS $ 4,618,388 $ 4,623,791 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Bank loans - current portion $ 111,216 $ 104,608 Accounts payable 128,245 78,064 Accrued expenses and other current liabilities 377,987 170,089 Due to related parties 800,830 822,027 Operating lease liabilities 9,067 37,789 Income tax payable 46,126 46,699 Total current liabilities 1,473,471 1,259,276 LONG-TERM LIABILITIES Bank loans 423,678 483,950 Deferred tax liabilities – arise from

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View this 10-Q filing on SEC EDGAR