Flywheel Advanced Technology, Inc. reported its financial results for the three and six months ended March 31, 2025, revealing a net loss of $18,539 for the quarter, a significant decrease from the $68,333 loss reported in the same period of the previous year. For the six-month period, the company recorded a net loss of $45,252, down from $156,643 in the prior year. Notably, the company did not generate any revenue during both periods, maintaining a consistent trend from the previous fiscal year. Operating expenses for the quarter were $18,539, a reduction from $45,838 in the prior year, primarily due to decreased professional fees following the completion of the Mega Fortune Disposition in July 2024.
The company's financial position showed a slight decrease in total assets, which amounted to $5,423,633 as of March 31, 2025, compared to $5,426,487 at the end of September 2024. Current liabilities increased to $866,651 from $824,253, largely due to an increase in amounts due to a related party, which rose to $853,935 from $743,261. Stockholders' equity also decreased to $4,556,982 from $4,602,234, reflecting the ongoing net losses.
Strategically, Flywheel Advanced Technology has undergone significant organizational changes, including the completion of the Mega Fortune Disposition, which has reclassified the company as a "shell company" due to its nominal assets and lack of significant operations. The company is now focused on identifying potential business combinations and has incorporated new entities, including Mega Fortune Company Limited and Ponte Fides Company Limited, to explore opportunities in the Internet of Things (IoT) sector. The leadership has also seen changes, with Luk Yuen Leung appointed as the new President and CEO following the resignation of Tang Siu Fung in July 2024.
Operationally, the company has not reported any customer counts or user statistics, as it has not generated revenue from its operations. The lack of engagement metrics and product adoption rates reflects the company's current status as it seeks to pivot towards new business opportunities. The company’s cash position has deteriorated, with cash and cash equivalents dropping to $0 from $439,518 year-over-year. Cash used in operating activities increased to $110,674 for the six months ended March 31, 2025, compared to $98,912 in the same period of 2024, indicating ongoing financial strain.
Looking ahead, Flywheel Advanced Technology is actively seeking to raise additional capital to support its operations and alleviate concerns regarding its ability to continue as a going concern. Management believes that arrangements to secure funding are probable, which could provide the necessary resources to pursue new business ventures. The company remains committed to complying with SEC reporting requirements while exploring potential acquisitions or business combinations to enhance its operational capabilities.
About FLYWHEEL ADVANCED TECHNOLOGY, INC.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.