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Flywheel Advanced Technology Inc (FWFW0.00%). has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing no revenue for the period. Operating expenses amounted to $26,713, resulting in a net loss of $26,713 for the quarter.
The company reported no income from discontinued operations for the quarter, compared to $80,978 in the same quarter the previous year.
Flywheel Advanced Technology Inc. had no cash and cash equivalents as of December 31, 2024, compared to $316,367 as of December 31, 2023. Cash used in operating activities was $77,034 for the quarter.
The company completed the sale of its subsidiary Mega Fortune Company Limited in July 2024, resulting in its classification as a shell company under SEC rules.
Flywheel Advanced Technology Inc. is currently seeking business combination opportunities or the development of its operating business to achieve long-term growth.
The company has identified material weaknesses in its internal controls, including a lack of a functioning audit committee and inadequate segregation of duties.
Flywheel Advanced Technology Inc. plans to continue complying with SEC reporting requirements and is exploring potential business opportunities to enhance its operations.
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 quarterly 10-Q report dated February 13, 2025. To report an error, please email earnings@qz.com.