10-Q/A - FLYWHEEL ADVANCED TECHNOLOGY, INC. (0001492617) (Filer)
Wed, Sep 4, 4:39 PM (137 days ago)
Flywheel Advanced Technology, Inc. (FWFW) filed an amendment to its Form 10-Q for the quarter ending June 30, 2024, primarily to correct an error regarding its shell company status. The company reported no revenue for the quarter, maintaining a consistent trend from the previous year. Operating expenses decreased significantly to $105,076 from $115,482, reflecting reduced professional fees. The net loss narrowed to $37,863, a substantial improvement from $235,488 in Q2 2023, primarily due to a profit from discontinued operations of $67,213. Cash flow analysis indicated a net decrease in cash of $465,762, with cash and equivalents totaling $156,549 at quarter-end. The company continues to face liquidity challenges, with an accumulated deficit of $4,017,753 and reliance on related party financing. The sale of subsidiary Mega Fortune is expected to positively impact future operations, with a recognized gain anticipated in Q4 2024. The company’s financial health remains uncertain, necessitating further funding to sustain operations. Management acknowledges material weaknesses in internal controls, emphasizing the need for improved oversight.