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Flywheel Advanced Technology Inc (FWFW0.00%). has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing indicates that Flywheel Advanced Technology Inc., a Nevada corporation, is currently classified as a shell company under SEC Rule 405 due to its nominal assets and lack of significant operations.
The company reported a net loss of $312,074 from continuing operations for the fiscal year, primarily attributed to professional fees and other operating expenses.
Discontinued operations, which included the sale of Mega Fortune Company Limited and its subsidiaries, resulted in a net loss of $398,014 for the fiscal year.
As of September 30, 2024, the company had total assets of $5,426,487, primarily consisting of investments valued at $5,422,500.
Flywheel Advanced Technology Inc. has no current business operations and is seeking potential business combination opportunities to achieve long-term growth.
The company acknowledges significant competition in identifying and acquiring a viable business, noting its limited financial resources compared to other entities.
The company does not have any full-time employees and is managed by its Chief Executive Officer, Luk Yuen Leung.
Flywheel Advanced Technology Inc. plans to continue complying with periodic reporting requirements while exploring potential business opportunities.
The filing also highlights the company's efforts to raise additional capital through private placements or public equity financing to support its operating plan.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Flywheel Advanced Technology Inc annual 10-K report dated January 14, 2025. To report an error, please email earnings@qz.com.