Flywheel Advanced Technology Files Q3 10-Q

TL;DR

Flywheel Tech (FWYT) filed its Q3 10-Q. Check financials.

AI Summary

Flywheel Advanced Technology, Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the third quarter and provides financial updates for the company, which was formerly known as Pan Global, Corp. and Savvy Business Support Inc. The company is incorporated in Nevada and operates in the miscellaneous business services sector.

Why It Matters

This 10-Q filing provides investors with the latest financial performance and operational details for Flywheel Advanced Technology, Inc., crucial for understanding its current business standing.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report and does not contain immediate red flags or significant negative news.

Key Players & Entities

• FLYWHEEL ADVANCED TECHNOLOGY, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240819 (date) — Filing Date
• PAN GLOBAL, CORP. (company) — Former Company Name
• SAVVY BUSINESS SUPPORT INC (company) — Former Company Name

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 13 FLYWHEEL ADVANCED TECHNOLOGY, IN

Filing Documents

• form10-q.htm (10-Q) — 786KB
• ex31-1.htm (EX-31.1) — 19KB
• ex32-1.htm (EX-32.1) — 4KB
• 0001493152-24-033129.txt ( ) — 3329KB
• 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-q_htm.xml (XML) — 444KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 3 Item 1. Unaudited 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. 18 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk. 22 Item 4.

Controls and Procedures

Controls and Procedures. 22

– OTHER INFORMATION

PART II – OTHER INFORMATION 23 Item 1. Legal Proceedings. 23 Item 1A. Risk Factors. 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 23 Item 3. Defaults Upon Senior Securities. 23 Item 4. Mine Safety Disclosures. 23 Item 5. Other Information. 23 Item 6. Exhibits. 23

SIGNATURES

SIGNATURES 23 2 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 3 FLYWHEEL ADVANCED TECHNOLOGY, INC. CONTENTS Pages Consolidated Balance Sheets as of June 30, 2024 (unaudited) and September 30, 2023 5 Unaudited Condensed Consolidated 6 Unaudited Condensed Consolidated 7 Unaudited Condensed Consolidated 8 Notes to Unaudited Condensed Consolidated

Financial Statements

Financial Statements 9-17 4 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 5 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 ) ( 115

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. 11 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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