Tue, Jul 16, 8:46 PM (53 days ago)
Flywheel Advanced Technology, Inc. reported a net revenue increase to $1,344,142 for the three months ended March 31, 2024, compared to $36,410 in the same period in 2023, primarily due to the acquisition of QBS System. The company achieved a gross profit of $686,410, reversing a gross loss of $52,424 from the previous year. Operating expenses decreased significantly to $872,471 from $1,291,383, attributed to lower legal and professional fees. Consequently, the net loss narrowed to $68,334 from $1,319,301. The company's financial position showed a slight decrease in total assets to $4,618,388 from $4,623,791 as of September 30, 2023. Cash flow from operations improved, with a net decrease in cash and equivalents to $439,518. Future prospects include continued growth in IoT solutions and potential revenue from digital twin technology. The company also restructured its subsidiaries and plans to sell Mega Fortune Company Limited, indicating strategic adjustments for future operations.