Form 10-Q/A - Quarterly report [Sections 13 or 15(d)]: [Amend]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission file number: 333-167130

FLYWHEEL ADVANCED TECHNOLOGY, INC.

(Exact name of registrant as specified in its charter)

Nevada		27-2473958
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

123 West Nye Lane, Suite 455, Carson City, NV		89706
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (852) 6686-0563

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of exchange on which registered
N/A		N/A		N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated Filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act.) Yes ☒ No ☐

The number of shares outstanding of the registrant’s common stock as of August 19, 2024, was 25,591,164 shares.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION		4

Item 1.	Unaudited Financial Statements.	4

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	19

Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	23

Item 4.	Controls and Procedures.	23

PART II – OTHER INFORMATION		24

Item 1.	Legal Proceedings.	24

Item 1A.	Risk Factors.	24

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	24

Item 3.	Defaults Upon Senior Securities.	24

Item 4.	Mine Safety Disclosures.	24

Item 5.	Other Information.	24

Item 6.	Exhibits.	24

SIGNATURES		25

Explanatory Note

This Amendment No. 1 (the “Amendment”) to the Quarterly Report on Form 10-Q of Flywheel Advanced Technology, Inc. (the “Company”) for the quarter ended June 30, 2024, originally filed with the Securities and Exchange Commission on August 19, 2024 (the “Original Form 10-Q”), is being filed solely to correct an inadvertent error in checking the “No” box instead of the “Yes” box” on the cover page regarding the shell status of the Company.

No other changes have been made to the Original Form 10-Q. The Amendment to the Form 10-Q speaks as of the original filing date of the Original Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the Original Form 10-Q. The Company is also filing currently dated certifications of our Chief Executive Officer and Chief Financial Officer (Exhibits 31.1 and 32.1), as required under Sections 302 and 906 of the Sarbanes-Oxley Act of 2002.

PART I- FINANCIAL INFORMATION

Item 1. Financial Statements.

FLYWHEEL ADVANCED TECHNOLOGY, INC.

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND SEPTEMBER 30, 2023

FLYWHEEL ADVANCED TECHNOLOGY, INC.

CONTENTS

	Pages
Consolidated Balance Sheets as of June 30, 2024 (unaudited) and September 30, 2023	6
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income/(loss) for the Three and Nine Months Ended June 30, 2024 and June 30, 2023 (unaudited)	7
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine Months Ended June 30, 2024 and June 30, 2023 (unaudited)	8
Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended June 30, 2024 and June 30, 2023 (unaudited)	9
Notes to Unaudited Condensed Consolidated Financial Statements	10-18

FLYWHEEL ADVANCED TECHNOLOGY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30,			September 30,
	2024			2023
	(Unaudited)			(Audited)
ASSETS
CURRENT ASSETS

Prepaid expenses and other current assets		5,806			3,667
Assets held for sale		4,773,194			4,620,124

TOTAL ASSETS	$	4,779,000		$	4,623,791

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES
Accrued expenses and other current liabilities	$	93,949		$	54,894
Due to related parties		740,252			456,966
Liabilities held for sale		1,278,183			1,257,681
Total current liabilities		2,112,384			1,769,541
Total Liabilities		2,112,384			1,769,541

COMMITMENTS AND CONTINGENCIES		-			-

STOCKHOLDERS’ EQUITY
Common stock, $0.0001 par value 550,000,000, shares authorized, 29,662,164 shares issued and outstanding as of June 30, 2024 and September 30, 2023		2,966			2,966
Paid in Capital		6,677,222			6,677,222
Accumulated other comprehensive income/(loss)		4,181			(2,691	)
Accumulated deficit		(4,017,753	)		(3,823,247	)
Total Stockholders’ Equity		2,666,616			2,854,250

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	4,779,000		$	4,623,791

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

FLYWHEEL ADVANCED TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE LOSS

(Unaudited)

	2024			2023			2024			2023
	For the Three Months Ended June 30,						For the Nine Months Ended June 30,
	2024			2023			2024			2023
REVENUE, NET	$	-		$	-		$	-		$	-

OPERATING EXPENSES
Professional fees		103,650			112,895			316,387			1,232,779
General and administrative		1,426			2,587			3,818			12,821

Total Operating Expenses		105,076			115,482			320,205			1,245,600

OPERATING LOSS		(105,076	)		(115,482	)		(320,205	)		(1,245,600	)

LOSS BEFORE INCOME TAXES		(105,076	)		(115,482	)		(320,205	)		(1,245,600	)
Income taxes		-			-			-			-

NET LOSS FROM CONTINUING OPERATIONS		(105,076	)		(115,482	)		(320,205	)		(1,245,600	)

PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX		67,213			(120,006	)		125,699			(335,021	)

NET LOSS		(37,863	)		(235,488	)		(194,506	)		(1,580,621	)

OTHER COMPREHENSIVE INCOME
Foreign currency translation gain		3,873			763			6,872			441

COMPREHENSIVE LOSS	$	(33,990	)	$	(234,725	)	$	(187,634	)	$	(1,580,180	)

Net loss from continuing operations per share - basic and diluted:	$	(0.00	)	$	(0.00	)	$	(0.01	)	$	(0.05	)

Net loss - basic and diluted:	$	(0.00	)	$	(0.01	)	$	(0.01	)	$	(0.06	)

Weighted average number of shares outstanding		29,662,164			27,941,285			29,662,164			25,621,646

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

FLYWHEEL ADVANCED TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGE IN STOCKHOLDERS’ EQUITY

(Unaudited)

	Shares		Value		in Capital		(loss)/income			Deficit			Total
	Common Stock				Paid		Accumulated other comprehensive			Accumulated
	Shares		Value		in Capital		(loss)/income			Deficit			Total
Balance at September 30, 2023		29,662,164	$	2,966	$	6,677,222	$	(2,691	)	$	(3,823,247	)	$	2,854,250

Exchange difference on translation		-		-		-		8,543			-			8,543

Net loss		-		-		-		-			(88,310	)		(88,310	)

Balance at December 31, 2023		29,662,164	$	2,966	$	6,677,222	$	5,852		$	(3,911,557	)	$	2,774,483

Exchange difference on translation		-		-		-		(5,544	)		-			(5,544	)

Net loss		-		-		-		-			(68,333	)		(68,333	)

Balance at March 31, 2024		29,662,164	$	2,966	$	6,677,222	$	308		$	(3,979,890	)	$	2,700,606

Exchange difference on translation		-		-		-		3,873			-			3,873

Net loss		-		-		-		-			(37,863	)		(37,863	)

Balance at June 30, 2024		29,662,164	$	2,966	$	6,677,222	$	4,181		$	(4,017,753	)	$	2,666,616

	Common Stock				Paid		Accumulated other comprehensive			Accumulated
	Shares		Value		in Capital		(loss)/income			Deficit			Total
Balance at September 30, 2022		17,822,564	$	1,782	$	2,534,546	$	-		$	(2,740,458	)	$	(204,130	)

Net loss		-		-		-		-			(25,832	)		(25,832	)

Balance at December 31, 2022		17,822,564	$	1,782	$	2,534,546	$	-		$	(2,766,290	)	$	(229,962	)

Issuance of common stock for acquisition		8,939,600		894		3,127,966		-			-			3,128,860

Exchange difference on translation		-		-		-		(322	)		-			(322	)

Net loss		-		-		-		-			(1,319,301	)		(1,319,301	)

Balance at March 31, 2023		26,762,164	$	2,676	$	5,662,512	$	(322	)	$	(4,085,591	)	$	1,579,275
Balance		26,762,164	$	2,676	$	5,662,512	$	(322	)	$	(4,085,591	)	$	1,579,275

Issuance of common stock		2,900,000		290		1,014,710		-			-			1,015,000

Exchange difference on translation		-		-		-		763			-			763

Net loss		-		-		-		-			(235,488	)		(235,488	)

Balance at June 30, 2023		29,662,164	$	2,966	$	6,677,222	$	441		$	(4,321,079	)	$	2,359,550
Balance		29,662,164	$	2,966	$	6,677,222	$	441		$	(4,321,079	)	$	2,359,550

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

FLYWHEEL ADVANCED TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	2024			2023
	Nine Months Ended June 30,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(194,506	)	$	(1,580,621	)
Adjusted to reconcile net loss to cash provided by (used in) operating activities:
Amortization		51,653			9,280
Depreciation		3,779			-
Lease amortization		35,026			11,847
Allowance of expected credit losses		736,141			267,698
Reversal of allowance of expected credit losses		(165,477	)		-
Deferred income taxes		(102,071	)		(50,271	)
Changes in operating assets and liabilities
(Increase)/decrease in:
Prepaid expenses and other current assets		(2,138	)		(341	)
Assets held for sale		(1,017,030	)		319,716
Increase/(decrease) in:
Accrued expenses and other current liabilities		39,056			1,020,936
Liabilities held for sale		(79,667	)		(49,013	)
Net cash used in operating activities		(695,234	)		(50,769	)

CASH FLOWS FROM INVESTING ACTIVITIES
Cash acquired from purchase of a subsidiary		-			565,449
Advance to related parties		109			-
Purchase of property, plant and equipment		(7,600	)		-
Net cash (used in)/provided by investing activities		(7,491	)		565,449

CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of borrowings		(81,605	)		(26,519	)
Advances from related party		318,568			225,005
Net cash provided by financing activities		236,963			198,486

NET (DECREASE)/INCREASE IN CASH AND EQUIVALENTS		(465,762	)		713,166
EFFECT OF EXCHANGE RATES ON CASH		1,310			(209	)
AT BEGINNING OF PERIOD		621,001			-

CASH AND EQUIVALENTS AT END OF PERIOD	$	156,549		$	712,957

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income taxes	$	3,374		$	790
Cash paid for interest	$	15,060		$	-

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2024 and 2023

(Unaudited)

NOTE- 1 ORGANIZATION AND BUSINESS BACKGROUND

Flywheel Advanced Technology, Inc. (formerly known as Pan Global Corp.) (“the Company”) was incorporated in the state of Nevada on April 30, 2010.

The Company had the following significant events:

	●	Stock Purchase Agreement (July 13, 2021) – In July 2021, the Company entered into a Stock Purchase Agreement between NYJJ Hong Kong Limited (Seller) and Sparta Universal Industrial Ltd. (Purchaser), wherein the Purchaser purchased 10,000,000 shares of Series A-1 Preferred Stock, par value $0.0001 per share (the “Shares”) of the Company. As a result, the Purchaser became approximately 90% holder of the voting rights of the issued and outstanding shares of the Company, on a fully diluted basis and became the controlling shareholder. At the effective date of transfer, David Lazar ceased to be the Company ‘ s Chief Executive Officer, President, Secretary, Chief Financial Officer and Chairman of the Board of as Directors, and the Company appointed Tang Siu Fung as President, Chief Executive Officer, and Chairman of the Board of Directors; Cheng Sin Yi as Secretary, and Treasurer; Tin Sze Wai as Director; Ip Tsz Ying as Director; Ho Yiu Chung as Director; and Lai Chi Chuen as Director.

	●	Name Change (November 21, 2021) – On November 21, 2021, Board of directors and majority shareholder approved the change of the Company’s name to “Flywheel Advanced Technology, Inc.”.

	●	Reverse Stock Split (July 13, 2022) – On July 13, 2022, the Company completed a 1:100 reverse stock split of the Company’s common stock which became effective on July 14, 2022. As of July 14, 2022, the 1:100 reverse stock split of the Company’s common stock became effective. Following the effectiveness of the reverse stock split, there are currently 1,551,550 shares of common stock issued and outstanding as compared to 155,155,000 shares of the Company’s common stock issued and outstanding prior to the reverse stock split.

	●	Ticker Symbol Change (August 5, 2022) – On August 5, 2022, the Company was informed by the FINRA that the new ticker symbol of the Company is “FWFW”.

	●	Issuance of Preferred Stock A-1 (September 15, 2022) – On September 15, 2022, the Company filed with the Secretary of State of the State of Nevada an Amendment (the “Amendment” ) to the Certificate of Designation for the Series A-1 Preferred Stock (the “Preferred Stock”). The Amendment was approved by the Board of Directors of the Company and Sparta Universal Industrial Ltd. (“Sparta”), the sole holder of all the 10,000,000 issued and outstanding shares of Preferred Stock. Pursuant to the Amendment, the conversion rate of the Preferred Stock was changed to provide that each share of Preferred Stock shall be convertible, at the option of the holder, into 1.62 fully paid and nonassessable shares of the Company’s common stock. The Amendment was necessary as the terms of the Certificate of Designation for the Preferred Stock expressly provided that the conversion ratio of 162 shares of common stock for each share of Preferred Stock would not be reduced in the event of a stock split or other capitalization of the Company.

	●	The Company’s outstanding 10,000,000 shares of Preferred Stock were converted on a one for 1.62 basis into 16,200,000 common shares. Concurrently these Preferred Stock were cancelled.

	●	Formation of Blue Print Global, Inc. (November 30, 2022) – On November 30, 2022, the Company incorporated Blue Print Global, Inc. ( “Blue Print” ) in the British Virgin Islands to establish an operation to source the supply and sale of warehouse patrol robots. The Company holds 70% of Blue Print, and the balance is held by two individuals unrelated to the Company, with each party holding 15%.

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	●	Blue Print Agency Agreement (December 7, 2022) – On December 7, 2022, Blue Print entered into an Agency Agreement (the “Agency Agreement” ) with International Supply Chain Alliance Co., Ltd. of Hong Kong ( “ISCA”). Pursuant to the Agency Agreement, Blue Print appointed ISCA as its authorized agent to distribute warehouse patrol robots in the People’ s Republic of China ( “China”). The Agency Agreement is valid for five years and will be automatically renewed for another five years unless a written non-renewal notice is provided by either party at least 30 days before the expiration date. However, there is no early termination option in the Agency Agreement.

	●	Share Exchange with QBS System Limited (December 15, 2022) – On December 15, 2022, the Company entered into a share exchange agreement (the “Share Exchange Agreement”) with QBS System Limited, a limited company incorporated under the laws of Hong Kong ( “QBS System” ), and its shareholder, QBS Flywheel Limited, a company incorporated under the laws of Australia (the “Seller”). On March 22, 2023, the Seller transferred and assigned to the Company all of the issued and outstanding shares of QBS System in exchange for 8,939,600 newly issued shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”). Following the closing of the share exchange, there will be no change in the officers and directors of the Company, and QBS System will continue its business as a wholly owned subsidiary of the Company.

	●	Common Stock Issuances (May 24, 2023) – On May 24, 2023, the Company issued 1,450,000 shares of common stock to each of Sau Ping Leung and So Ha Tsang. Such shares were issued on May 24, 2023. These two individuals collectively hold 30% of Blue Print.

	●	Formation of Mega Fortune Company Limited and Ponte Fides Company Limited (January 30, 2024 and February 13, 2024) – On January 30, 2024 and February 13, 2024, the Company incorporated Mega Fortune Company Limited ( “Mega Fortune” ) in the Cayman Islands and Ponte Fides Company Limited (“Ponte Fides”) in the British Virgin Islands, respectively.

	●	Transfer of QBS System Shares to Ponte Fides Company Limited (April 29, 2024) – On April 29, 2024, the Company transferred all of the issued and outstanding shares of QBS System at HK$100 under a restructuring. Following the closing of the share transfer, there will be no change in the officers and directors of the Company, and QBS System will continue its business as a wholly owned subsidiary of Mega Fortune, which is a wholly owned subsidiary of the Company.

	●	Sale of QBS System, Ponte Fides, and Mega Fortune (July 5, 2024) – On July 5, 2024, the Company and Mega Fortune, its wholly-owned subsidiary, completed the sale (the “Mega Fortune Disposition”) to Mericorn Company Limited (the “Buyer”), which is non-wholly owned and controlled by spouse of an owner of a significant shareholder of FWFW, of all of the equity associated with Mega Fortune, which is comprised of the Company’s subsidiaries, Ponte Fides, QBS System and QBS System Pty, pursuant to a Share Purchase Agreement, dated as of July 5, 2024. Mega Fortune and its subsidiaries are engaged in the business of provision of IoT maintenance and support services, IoT BPO services and IoT development services in Hong Kong and Australia. Under the terms of the Share Purchase Agreement, the Buyer paid HK$56,360,000 (or approximately $7,230,000) by the transfer of 938 shares of the Buyer’s wholly owned subsidiary, Elison Virtus Company Limited (“Elison”) from the Buyer to the Company for the Mega Fortune Disposition. As the disposition was completed during our fourth fiscal quarter of 2024, we expect to recognize a gain on the disposition during the three months ending September 31, 2024. The activities of the three reportable segments have been segregated and reported as discontinued operations for all periods presented.

QBS System was incorporated in Hong Kong on April 14, 2011 with limited liability and its principal activities are providing Internet of Things (“IoT”) solutions and services across industries. Its IoT solutions help clients to build applications using available IoT device, sensors, framework and platform, to integrate the available hardware and software solution with clients’ existing landscape or implement a new IoT solution for enterprises.

QBS System provides a full-range IoT services comprising consulting development and implementation, analytics, support, and evolution. It has a business portfolio providing IoT integration solution services, IoT maintenance, support services, IoT projects and ventures Business Process Outsourcing (“BPO”) services, and approximately years of experience in Hong Kong providing IoT software and hardware engineering services. Clients range across various industries, such as logistics and supply chain management, food and beverage, automation and smart building. The applications of QBS System’s IoT Solution include connected equipment in the enterprise (“Enterprise IoT”) and industrial assets such as machines, robots, or even workers in smart factories and industrial facilities (“Industrial IoT”, the essential component of Industry 4.0).

QBS System formed a wholly owned subsidiary, QBS System Pty Ltd (“QBS System Pty”) in Australia on May 8, 2020 and its principal activities are providing computer network systems design and integration services.

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Company’s subsidiaries are as follows as of June 30, 2024:

SCHEDULE OF COMPANY SUBSIDIARIES

Name of Corporation	Date of Formation	Ownership	Description of Business
Flywheel Advanced Technology, Inc.	April 30, 2010	100%	Parent Company
(Nevada Corporation)

Blue Print Global, Inc.	November 30, 2022	85%	Establish an operation to source the supply and sale of warehouse patrol robots.
(British Virgin Islands Corporation)

QBS System Limited (Hong Kong Corporation)	March 22, 2023 (date of acquisition)	100%	Provision of IoT products and services

Mega Fortune Company Limited	January 30, 2024	100%	Holding Company
(Cayman Islands Corporation)

Ponte Fides Company Limited	February 13, 2024	100%	Holding Company
(British Virgin Islands Corporation)

We use the terms “Company”, “we” and “us” to refer to both Flywheel Advanced Technology, Inc. and its subsidiaries.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(A) Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) “FASB Accounting Standard Codification” (the “Codification”) which is the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States.

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(B) Unaudited Interim Consolidated financial statements

The accompanying interim unaudited condensed consolidated financial statements (“Interim Financial Statements”) of the Company and its wholly owned and majority owned subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America ( “GAAP” ) for interim financial information and are presented in accordance with the requirements of Form 10-Q and Regulation S-X. Accordingly, these Interim Financial Statements do not include all of the information and notes required by GAAP for complete financial statements. These Interim Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended September 30, 2023 included in the Company’s Form 10-K. In the opinion of management, the Interim Financial Statements included herein contain all adjustments, including normal recurring adjustments, considered necessary to present fairly the Company’s financial position, the results of operations and cash flows for the periods presented.

The operating results and cash flows of the interim periods presented herein are not necessarily indicative of the results to be expected for any other interim period or the full year.

Going Concern

The accompanying unaudited interim financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve months following the date of these financial statements. As of June 30, 2024, the Company had no cash and an accumulated deficit of $4,017,753 after the carrying amounts of the assets and liabilities of the three reportable segments were classified as held for sale due to the Mega Fortune Disposition.

Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. Recently the Company being funded by our related company, Flywheel Financial Strategy (Hong Kong) Company Limited, who has extended interest-free demand loans to the Company. There can be no assurances that our related company will continue to fund the Company, or that the Company can obtain any other sources of financing.

The accompanying Unaudited Condensed consolidated financial statements are presented using the accrual basis of accounting and include the Company and its wholly owned and majority owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.

(D) Use of estimates

The preparation of unaudited condensed consolidated financial statements in accordance with the U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment, revenue recognition, allowance for credit losses, the measurement of lease liabilities and right-of-use (“ROU”) assets, measurements of assets and obligations related to employee benefits, the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, variable consideration, other obligations for revenue recognition, and other contingencies. Management believes the estimates used in the preparation of the Unaudited Condensed consolidated financial statements are reasonable, and management has made assumptions about the possible effects of the ongoing COVID-19 pandemic on critical and significant accounting estimates. Although these estimates and assumptions are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates. Any changes in estimates are adjusted prospectively in the Company’s unaudited condensed consolidated financial statements.

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(E) Foreign currency translation

The Company’s consolidated financial statements are reported in United States dollars (“US$”), the Company’s reporting currency, also the functional currency. The functional currency for the Company’s subsidiary organized in Hong Kong is Hong Kong dollars (“HK$”). The functional currency for the Company’s subsidiary organized in Australian is Australian dollars (“A$”). The translation of the functional currencies of the Company’s subsidiaries into US$ is performed for balance sheet accounts using the exchange rates in effect as of the balance sheet date and for revenues and expense accounts using a monthly average exchange rate prevailing during the respective period. The gains or losses resulting from such translation are reported as currency translation adjustments under other comprehensive income (loss), net, under accumulated other comprehensive income (loss) as a separate component of equity.

Monetary assets and liabilities of the Company and its subsidiary denominated in currencies other than the functional currency of the Company and subsidiary are translated into their respective functional currency at the rates of exchange prevailing on the balance sheet date.

Transactions of the Company and its subsidiary in currencies other than the Company’s and the Subsidiary’s functional currencies are translated into the respective functional currencies at the average monthly exchange rate prevailing during the period of the transaction. The gains or losses resulting from foreign currency transactions are included in the consolidated statements of income.

The exchange rates used to translate amounts in HK$ and A$ into US$ for the purposes of preparing the consolidated financial statements were as follows:

SCHEDULE OF EXCHANGE RATES

	June 30, 2024	September 30, 2023
Balance sheet items, except for common stock, additional paid-in capital and retained earnings, as of period end	US$1=HK$7.81047	US$1=HK$7.82996
	US$1=A$1.50501	US$1=A$1.55615

	For the Three Months Ended June 30,
	2024	2023
Amounts included in the statements of operations and cash flows for the period	US$1=HK$7.81760	US$1=HK$7.84901
	US$1=A$1.51669	US$1=A$1.49816

	For the nine months Ended June 30,
	2024	2023
Amounts included in the statements of operations and cash flows for the period	US$1=HK$7.81742	US$1=HK$7.84901
	US$1=A$1.52416	US$1=A$1.49816

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(F) Other comprehensive (loss)/income

The foreign currency translation gain or loss resulting from translation of the financial statements expressed in HK$ and AU$ to US$ is reported as other comprehensive income or loss in the statements of operations and stockholders’ equity.

(G) Earning per share

Basic earnings(loss) per share are computed by dividing income available to stockholders by the weighted average number of shares outstanding during the period. Diluted income per share is computed like basic income per share except that the denominator is increased to include the number of additional shares that would have been outstanding if the potential shares had been issued and if the additional shares were diluted. There were no potentially dilutive securities for 2024 and 2023.

(H) Commitments and contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Legal costs incurred in connection with such liabilities are expensed as incurred.

(I) Recently Issued Accounting Standards

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial statements.

NOTE 3 – DISCONTINUED OPERATIONS

On July 5, 2024, the Company and Mega Fortune, its wholly-owned subsidiary, completed the sale (the “Mega Fortune Disposition”) to Mericorn Company Limited (the “Buyer”), of all of the equity associated with Mega Fortune, which is comprised of the Company’s subsidiaries, Ponte Fides, QBS System and QBS System Pty, pursuant to a Share Purchase Agreement, dated as of July 5, 2024. Mega Fortune and its subsidiaries are engaged in the business of provision of IoT maintenance and support services, IoT BPO services and IoT development services in Hong Kong and Australia. Under the terms of the Share Purchase Agreement, the Buyer paid HK$56,360,000 (or approximately $7,230,000) by the transfer of 938 shares of the Buyer’s wholly owned subsidiary, Elison Virtus Company Limited (“Elison”) from the Buyer to the Company for the Mega Fortune Disposition. As the disposition was completed during our fourth fiscal quarter of 2024, we expect to recognize a gain on the disposition during the three months ending September 31, 2024. The activities of the three reportable segments have been segregated and reported as discontinued operations for all periods presented.

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The carrying amounts of the assets and liabilities of the three reportable segments were classified as held for sale in our unaudited condensed consolidated balance sheets as of June 30, 2024. The asset and liability balances as of June 30, 2024 were classified as current as we anticipated the sale of these assets and liabilities within a one year period. The carrying amounts were as follows:

	June 30,		September 30,
	2024		2023
	(Unaudited)		(Audited)

Cash and cash equivalents	$	156,549	$	621,001
Accounts receivable, net of allowances		1,878,641		1,431,201
Due from related parties		120,375		116,419
Prepaid expenses and other current assets		392,946		389,075
Deferred tax assets		116,169		22,481
Total current assets held for sale		2,664,680		2,580,177

Property and equipment, net		10,380		6,783
Goodwill		1,840,202		1,840,202
Acquisition-related intangibles		107,828		159,481
Right-of-use assets		150,104		33,481
Total assets held for sale	$	4,773,194	$	4,620,124

Bank loans - current portion	$	112,424	$	104,608
Accounts payable		36,467		78,064
Accrued expenses and other current liabilities		113,515		115,195
Due to related parties		401,286		365,061
Operating lease liabilities		48,985		37,789
Income tax payable		50,707		46,699
Total current liabilities for sale		763,384		747,416

Bank loans		395,926		483,950
Operating lease liabilities		101,081		-
Deferred tax liabilities – arise from fair value gain		17,792		26,315
Total liabilities for sale	$	1,278,183	$	1,257,681

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Summarized results of discontinued operations for the three reportable segments are as follows:

Schedule of Discontinued Operations

	2024			2023			2024			2023
	For the Three Months Ended						For the nine months Ended
	June 30,						June 30,
	2024			2023			2024			2023

Revenue, net	$	885,644		$	579,691		$	2,855,898		$	616,326
Cost of revenue		(454,259	)		(444,823	)		(1,526,469	)		(533,964	)
Operating expenses		(480,747	)		(333,629	)		(1,527,988	)		(520,715	)
Other income		84,651			58,435			244,105			58,449
Interest (expenses) income, net		(4,775	)		(5,400	)		(14,906	)		(5,388	)
Profit/ (loss) from discontinued operations before taxes		30,514			(145,726	)		30,640			(385,292	)
Income taxes		36,699			25,720			95,059			50,271
Profit/ (loss) from discontinued operations, net of tax	$	67,213		$	(120,006	)	$	125,699		$	(335,021	)

Summarized cash flow information for the three reportable segments discontinued operations are as follows:

Schedule of Cash Flow Information

	2024			2023
	Nine Months Ended
	June 30,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES
Amortization	$	51,653		$	9,280
Depreciation		3,779			-
Lease amortization		35,026			11,847
Allowance of expected credit losses		736,141			267,698
Reversal of allowance of expected credit losses		(165,477	)		-
Deferred income taxes		(102,071	)		(50,271	)

(Increase)/decrease in accounts receivable		(1,014,137	)		319,509
Increase in prepaid expenses and other current assets		(2,893	)		207
Cash (used in)/from assets held for sale		(1,017,030	)		319,716

Decrease in accounts payable		(41,755	)		(77,340	)
Decrease in operating lease liabilities		(39,622	)		(12,894	)
Increase in accrued expenses and other current liabilities		(2,940	)		40,431
(Decrease)/increase in income tax payable		4,650			790
Cash used in liabilities held for sale	$	(79,667	)	$	(49,013	)

CASH FLOWS FROM INVESTING ACTIVITIES
Cash acquired from purchase of a subsidiary	$	-		$	565,449
Advance to related parties		109			-
Purchase of property, plant and equipment	$	(7,600	)	$	-
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of borrowings	$	(81,605	)	$	(26,519	)
Advances from related party	$	35,282		$	-

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 4 - RELATED PARTY TRANSACTIONS

The Company owed a related company, Flywheel Financial Strategy (Hong Kong) Company Limited of $740,252 and

$456,966 as of June 30, 2024 and September 30, 2023, respectively for advances from the related company, which was repayable on demand and interest free.

NOTE 5 - SUBSEQUENT EVENTS

The Company has evaluated subsequent events occurring through the date these financial statements were issued, for their potential impact on the carve-out consolidated financial statements and disclosures and there were the following subsequent events to report:

On July 5, 2024, the Company entered into a share purchase agreement (the “Share Purchase Agreement”) with Mericorn Company Limited (“Buyer”), to sell all of the equity associated with the Company’s wholly owned subsidiary, Mega Fortune, which is comprised of the Company’s subsidiaries, Ponte Fides, QBS System and QBS System Pty at consideration of HK$56,360,000 (or approximately $7,230,000) by the transfer of 938 shares of the Buyer’s wholly owned subsidiary, Elison from the Buyer to the Company which the Company will hold 9.38% of the equity of Elison.

On July 30, 2024, Tang Siu Fung notified the Company of his resignation from all his positions with the Company, including sole director, Chief Executive Officer and President, effective as of the close of business on July 30, 2024. In connection with his resignation as Chief Executive Officer and President, Mr. Tang was removed as “Principal Executive Officer”, “Principal Financial Officer” and “Principal Accounting Officer” of the Company for Securities and Exchange Commission (“SEC”) reporting purposes.

On July 30, 2024, the Company appointed Luk Yuen Leung as President, Chief Executive Officer and Chairman of the Board of Directors, effective as of the close of business on July 30, 2024. Mr. Leung was also appointed to serve until his successor has been duly appointed, unless he resigns, is removed from office, or is otherwise disqualified from serving as an officer and or director of the Company. In connection with his appointment as Chief Executive Officer and President, Mr. Leung was designated as the Company’s “Principal Executive Officer”, “Principal Financial Officer” and “Principal Accounting Officer” for SEC reporting purposes.

On August 2, 2024, Cheng Sin Yi notified the Company of her resignation from all her positions with the Company, including Secretary and Treasurer, effective as of the close of business on August 2, 2024. Ms. Cheng’s resignation does not arise from any disagreement with the Company on any matter relating to its operations, policies, or practices.

On August 4, 2024, the Company appointed Luk Yuen Leung as Treasurer and Secretary of the Company, effective immediately, to serve until his successor has been duly appointed, unless he resigns, is removed from office, or is otherwise disqualified from serving as an officer of the Company.

On August 5, 2024, Tang Siu Fung notified Blue Print of his resignation as the sole director of Blue Print. The resignation of Mr. Tang does not arise from any disagreement with the Company on any matter relating to its operations, policies, or practices. On same date, Blue Print appointed Luk Yuen Leung as a director and an officer of Blue Print, effective immediately. Mr. Luk is appointed to serve until his successor has been duly appointed, unless he resigns, is removed from office, or is otherwise disqualified from serving as an officer and or director of Blue Print.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

FORWARD-LOOKING STATEMENTS

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our unaudited financial statements are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to “common shares” refer to the common shares in our capital stock.

As used in this quarterly report on Form 10-Q, “we”, “our”, “us” and “Company” refer to Flywheel Advanced Technology, Inc., a Nevada corporation unless the context requires otherwise.

Overview

Flywheel Advanced Technology, Inc. (“FWFW”) (formerly known as Pan Global Corp.) was incorporated in the state of Nevada on April 30, 2010. On November 30, 2022, FWFW incorporated Blue Print Global, Inc. (“Blue Print”) in the British Virgin Islands to establish an operation to source the supply and sale of warehouse patrol robots. FWFW holds 70% of Blue Print, and the balance is held by two individuals unrelated to the Company, with each party holding 15%. On March 22, 2023, FWFW acquired QBS System Limited (“QBS System”), a limited company incorporated under the laws of Hong Kong (the “QBS Acquisition”). FWFW and its subsidiaries (collectively, “we,” “us,” “our,” “FWFW” or the “Company,” unless context requires or indicates otherwise) were formed to provide Internet of Things (“IoT”) solutions and services to assist its clients to build applications using available IoT devices, sensors, frameworks, and platforms, integrate hardware and software solutions with clients existing landscape, or implement new IoT solutions for enterprises.

We provide a full range of IoT services comprising consulting, development and implementation, analytics, support, and evolution. QBS System has a business portfolio consisting of IoT integration solution services, IoT maintenance and support services, IoT projects and ventures, Business Process Outsourcing (“BPO”) services, and approximately twelve years of experience in Hong Kong providing IoT software and hardware engineering services. Its clientele ranges across various industries, such as logistics and supply chain management, food & beverage, automation, and smart buildings. The applications of QBS System’s IoT solutions include connected equipment in the enterprise (“Enterprise IoT”) and industrial assets such as machines and robots (“Industrial IoT”), the essential component of the fourth revolution of manufacturing or “Industry 4.0”

On January 30, 2024 and February 13, 2024, the Company incorporated Mega Fortune Company Limited (“Mega Fortune”) in the Cayman Islands and Ponte Fides Company Limited (“Ponte Fides”) in the British Virgin Islands respectively. On April 29, 2024, the Company transferred all of the issued and outstanding shares of QBS System to Ponte Fides at HK$100 under restructure. Following the closing of the share transfer, there will be no change in the officers and directors of the Company, and QBS System will continue its business as a wholly owned subsidiary of the Company.

Recent Events

On July 5, 2024, the Company entered into a share purchase agreement with Mericorn Company Limited, which is 25% held by Ms. Tin who is the spouse of the owner of significant shareholder of FWFW, (“Buyer”) to sell all of the equity associated with the Company’s wholly owned subsidiary, Mega Fortune, which is comprised of the Company’s subsidiaries Ponte Fides, QBS System and QBS System Pty at consideration of HK$56,360,000 (or approximately $7,230,000) by the transfer of 938 shares of the Buyer’s wholly owned subsidiary, Elison Virtus Company Limited (“Elison”) from the Buyer to the Company which the Company holds, 9.38% of the equity of Elison.

Results of Operations:

Comparison of the Three Months Ended June 30, 2024 and 2023

	For the Three Months Ended June 30,
	2024			2023

Revenue, net	$	-		$	-
Operating expenses		(105,076	)		(115,482	)
LOSS FROM OPERATIONS		(105,076	)		(115,482	)
LOSS BEFORE INCOME TAXES		(105,076	)		(115,482	)
Income taxes		-			-
NET LOSS FROM CONTINUING OPERATIONS		(105,076	)		(115,482	)
PROFIT/(LOSS) FROM Discontinued operations, net of tax		67,213			(120,006	)
NET LOSS		(37,863	)		(235,488	)
Foreign currency translation gain		3,873			763
COMPREHENSIVE LOSS	$	(33,990	)	$	(234,725	)

Revenue

During the three months ended June 30, 2024 and 2023, we did not have any revenues. Revenue from the three reportable segments relates to the provision of IoT maintenance and support services, IoT projects and ventures BPO services and IoT software and hardware engineering services were classified as held for sale or into discontinued operations due to the Mega Fortune Disposition.

Operating expenses

General and administrative expenses

During the three months ended June 30, 2024, our operating expenses consisted primarily of professional fees of $103,650 and filing and other fees of $1,426. During the nine months ended June 30, 2023, our operation expenses consisted primarily of professional fees of $112,895 and filing and other fees of $2,587.

All operating expenses related to the QBS System segment were classified as held for sale or into discontinued operations due to the Mega Fortune Disposition.

Income tax expenses

There is no income tax expenses for the three months ended June 30, 2024 and 2023. Income tax expenses were classified as held for sale or into discontinued operations due to the Mega Fortune Disposition.

Discontinued Operations

Net profit from discontinued operations of $67,213 during the three months ended June 30, 2024, compared to net loss from discontinued operations of $120,006 during the three months ended June 30, 2023. The change was primarily attributable to an increase in revenue at the three reportable segments of $305,953 and offset by an increase in operating expense of $147,118 due to an increase in allowance for expected credit losses during the period compared to the prior period.

Net loss

Net loss decreased by $201,498 to $33,990 from $235,488 for the three months ended June 30, 2024, compared to the same period in 2023. This decrease is primarily driven by change from net loss to net profit arising from discontinued operations.

Other comprehensive income

Foreign currency translation gain

Foreign currency translation gain increased from $763 to $3,873 for the three months ended June 30, 2024, compared to the same period in 2023. It is incurred on translation of assets and liabilities of foreign subsidiaries in reporting currency adopted by the subsidiaries to the reporting currency of the Company.

Comparison of the Nine Months Ended June 30, 2024 and 2023

	For the Nine Months Ended June 30,
	2024			2023

Revenue, net	$	-		$	-
Operating expenses		(320,205	)		(1,245,600	)
LOSS FROM OPERATIONS		(320,205	)		(1,245,600	)
LOSS BEFORE INCOME TAXES		(320,205	)		(1,245,600	)
Income taxes		-			-
NET LOSS FROM CONTINUING OPERATIONS		(320,205	)		(1,245,600	)
PROFIT/(LOSS) FROM Discontinued operations, net of tax		125,699			(335,021	)
NET LOSS		(194,506	)		(1,580,621	)
Foreign currency translation gain		6,872			441
COMPREHENSIVE LOSS	$	(187,634	)	$	(1,580,180	)

Revenue

During the nine months ended June 30, 2024 and 2023, we did not have any revenues. Revenue from the three reportable segments relates to the provision of IoT maintenance and support services, IoT projects and ventures BPO services and IoT software and hardware engineering services were classified as held for sale or into discontinued operations due to the Mega Fortune Disposition.

Operating expenses

General and administrative expenses

During the nine months ended June 30, 2024, our operating expenses consisted primarily of professional fees of $316,387 and filing and other fees of $3,818. During the nine months ended June 30, 2023, our operation expenses consisted primarily of professional fees of $1,232,779 and filing and other fees of $12,821. This decrease is primarily driven by decrease in legal and professional fees due to legal and professional fees was incurred for the acquisition of QBS system in late March 2023 while no such expenses incurred in 2024.

All operating expenses related to the QBS System segment were classified as held for sale or into discontinued operations due to the Mega Fortune Disposition.

Income tax expenses

There is no income tax expenses for the nine months ended June 30, 2024 and 2023. Income tax expenses were classified as held for sale or into discontinued operations due to the Mega Fortune Disposition.

Discontinued Operations

Net loss from discontinued operations decreased $460,720, to net income from discontinued operations of $125,699 during the nine months ended June 30, 2024, compared to net loss from discontinued operations of $335,021 during the nine months ended June 30, 2023. The decrease in net loss from discontinued operations was primarily attributable to an increase in revenue at the three reportable segments of $2,239,572 and offset by an increase in operating expense of $1,007,273 due to an increase in allowance for expected credit losses during the period compared to the prior period.

Net loss

Net loss decreased by $1,386,115 to $194,506 from $1,580,621 for the nine months ended June 30, 2024, compared to the same period in 2023. This decrease is primarily driven by decrease in net loss from discontinued operations.

Other comprehensive income

Foreign currency translation gain

Foreign currency translation gain increased from $441 to $6,872 for the nine months ended June 30, 2024, compared to the same period in 2023. It is incurred on translation of assets and liabilities of foreign subsidiaries in reporting currency adopted by the subsidiaries to the reporting currency of the Company.

Liquidity and Capital Resources

Comparison of the Nine Months Ended June 30, 2024 and 2023

Our use of cash was primarily related to discontinued operations including cash used in operating activities and bank borrowings in related to discontinued operations. As of June 30, 2024, we had $156,549 in cash and cash equivalents.

Cash flows from operating activities generally reflect net loss adjusted for certain non-cash items including depreciation and amortization, changes in deferred taxes, and changes in allowance of expected credit losses. Cash used in operating activities was $695,234 for the nine months ended June 30, 2024 compared to cash used in operating activities of $50,769 for the nine month ended June 30, 2023. Cash used in operating activities increased during the nine months ended June 30, 2024 was due to increase in cash used in discontinued operations was primarily attributable to increase in accounts receivable.

Cash flows from investing activities reflect capital expenditure for the purchase of Company’s assets. Cash used in investing activities during the nine month ended June 30, 2024 was $7,491 compared to cash from investing activities of $565,449 due to acquisition of QBS system during the nine months ended June 30, 2023.

Cash flows used in financing activities generally reflect changes in debt activity during the period. Net cash provided by financing activities was $236,963 for the nine months ended June 30, 2024 compared to net cash provided by financing activities of $198,486 for the nine month ended June 30, 2023. Net cash provided by financing activities for the nine months ended June 30, 2024 was primarily attributable to advance from related party of $318,568. Net cash provided by financing activities for the nine months ended June 30, 2023 was primarily attributable to advance from related party of $225,005.

Management believes the cash on hand combined with net cash provided by operations will be sufficient to fund operations for the next 12 months and beyond.

Critical Accounting Estimates

The preparation of our consolidated financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that impact the amounts reported in our consolidated financial statements and accompanying notes that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

Recently issued Accounting Pronouncements

For the impact of recently issued accounting pronouncements on the Company’s consolidated financial statements, see Note 2 (W) to the unaudited condensed consolidated financial statements included in “Part I, Item 1 — Financial Statements” of this Quarterly Report on Form 10-Q and incorporated herein by reference.

Item 3. Quantitative And Qualitative Disclosures About Market Risk.

As a smaller reporting company, we are not required to provide the information called for by this Item.

Item 4. Controls and Procedures.

Management’s Report on Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer (who is the same person), to allow for timely decisions regarding required disclosure.

As of the end of the quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our Chief Executive and Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, he concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this quarterly report.

The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee, (2) lack of a majority of outside directors on our board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (3) inadequate segregation of duties consistent with control objectives; and (4) management dominated by a single individual without adequate compensating controls. The aforementioned material weaknesses were identified by our Chief Executive and Financial Officer in connection with the review of our financial statements as of June 30, 2024.

Management believes that the material weaknesses set forth above did not have an effect on our financial results. However, management believes that the lack of a functioning audit committee and the lack of a majority of outside directors on our board of directors results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our financial statements in future periods.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal controls over financial reporting that occurred during the period ended June 30, 2024, that have materially or are reasonably likely to materially affect, our internal controls over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

From time to time, we may become involved in litigation relating to claims arising out of its operations in the normal course of business. We are not involved in any pending legal proceeding or litigation and, to the best of our knowledge, no governmental authority is contemplating any proceeding to which we are a party or to which any of our properties is subject, which would reasonably be likely to have a material adverse effect on us.

Item 1A. Risk Factors.

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

The exhibits listed on the Exhibit Index below are provided as part of this report.

Exhibit No.		Description
31.2*		Certification of principal executive and financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.
32.2*		Certification of principal executive officer and principal financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.
101*		Inline XBRL Document Set for the condensed financial statements and accompanying notes in Part I, Item 1, “Financial Statements” of this Quarterly Report on Form 10-Q.
104		Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set.

*	Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: September 4, 2024

	FLYWHEEL ADVANCED TECHNOLOGY, INC.

	By:	/s/ Luk Yuen Leung
	Name:	Luk Yuen Leung
	Title:	President and Chief Executive Officer
		(Principal Executive Officer and Principal Financial and Accounting Officer)

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER

I, Luk Yuen Leung, certify that:

1.	I have reviewed this Quarterly Report of Flywheel Advanced Technology, Inc. on Form 10-Q/A for the period ended June 30, 2024;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: September 4, 2024	By:	/s/ Luk Yuen Leung
		Luk Yuen Leung
		President and Chief Executive Officer
		(Principal Executive Officer and Principal Financial and Accounting Officer)

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Flywheel Advanced Technology, Inc. (the “Company”) on Form 10-Q/A for the period ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Luk Yuen Leung, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

	(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Dated: September 4, 2024	By:	/s/ Luk Yuen Leung
		Luk Yuen Leung
		President and Chief Executive Officer
		(Principal Executive Officer and Principal Financial and Accounting Officer)

Cover - shares	9 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 19, 2024
Cover [Abstract]
Document Type	10-Q/A
Amendment Flag	true
Amendment Description	This Amendment No. 1 (the “Amendment”) to the Quarterly Report on Form 10-Q of Flywheel Advanced Technology, Inc. (the “Company”) for the quarter ended June 30, 2024, originally filed with the Securities and Exchange Commission on August 19, 2024 (the “Original Form 10-Q”), is being filed solely to correct an inadvertent error in checking the “No” box instead of the “Yes” box” on the cover page regarding the shell status of the Company. No other changes have been made to the Original Form 10-Q. The Amendment to the Form 10-Q speaks as of the original filing date of the Original Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the Original Form 10-Q. The Company is also filing currently dated certifications of our Chief Executive Officer and Chief Financial Officer (Exhibits 31.1 and 32.1), as required under Sections 302 and 906 of the Sarbanes-Oxley Act of 2002.
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--09-30
Entity File Number	333-167130
Entity Registrant Name	FLYWHEEL ADVANCED TECHNOLOGY, INC.
Entity Central Index Key	0001492617
Entity Tax Identification Number	27-2473958
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	123 West Nye Lane
Entity Address, Address Line Two	Suite 455
Entity Address, City or Town	Carson City
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89706
City Area Code	852
Local Phone Number	6686-0563
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		25,591,164

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Sep. 30, 2023
CURRENT ASSETS
Prepaid expenses and other current assets	$ 5,806	$ 3,667
Assets held for sale	4,773,194	4,620,124
TOTAL ASSETS	4,779,000	4,623,791
CURRENT LIABILITIES
Accrued expenses and other current liabilities	93,949	54,894
Liabilities held for sale	1,278,183	1,257,681
Total current liabilities	2,112,384	1,769,541
Total Liabilities	2,112,384	1,769,541
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Common stock, $0.0001 par value 550,000,000, shares authorized, 29,662,164 shares issued and outstanding as of June 30, 2024 and September 30, 2023	2,966	2,966
Paid in Capital	6,677,222	6,677,222
Accumulated other comprehensive income/(loss)	4,181	(2,691)
Accumulated deficit	(4,017,753)	(3,823,247)
Total Stockholders’ Equity	2,666,616	2,854,250
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	4,779,000	4,623,791
Related Party [Member]
CURRENT LIABILITIES
Due to related parties	$ 740,252	$ 456,966

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Sep. 30, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	550,000,000	550,000,000
Common stock, shares issued	29,662,164	29,662,164
Common stock, shares outstanding	29,662,164	29,662,164

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
REVENUE, NET
OPERATING EXPENSES
Professional fees	103,650	112,895	316,387	1,232,779
General and administrative	1,426	2,587	3,818	12,821
Total Operating Expenses	105,076	115,482	320,205	1,245,600
OPERATING LOSS	(105,076)	(115,482)	(320,205)	(1,245,600)
LOSS BEFORE INCOME TAXES	(105,076)	(115,482)	(320,205)	(1,245,600)
Income taxes
NET LOSS FROM CONTINUING OPERATIONS	(105,076)	(115,482)	(320,205)	(1,245,600)
PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX	67,213	(120,006)	125,699	(335,021)
NET LOSS	(37,863)	(235,488)	(194,506)	(1,580,621)
OTHER COMPREHENSIVE INCOME
Foreign currency translation gain	3,873	763	6,872	441
COMPREHENSIVE LOSS	$ (33,990)	$ (234,725)	$ (187,634)	$ (1,580,180)
Net loss from continuing operations per share - basic	$ (0.00)	$ (0.00)	$ (0.01)	$ (0.05)
Net loss from continuing operations per share - diluted	(0.00)	(0.00)	(0.01)	(0.05)
Net loss per share - basic	(0.00)	(0.01)	(0.01)	(0.06)
Net loss per share - diluted	$ (0.00)	$ (0.01)	$ (0.01)	$ (0.06)
Weighted average number of shares outstanding basic	29,662,164	27,941,285	29,662,164	25,621,646
Weighted average number of shares outstanding diluted	29,662,164	27,941,285	29,662,164	25,621,646

Condensed Consolidated Statements of Change in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Sep. 30, 2022	$ 1,782	$ 2,534,546		$ (2,740,458)	$ (204,130)
Balance, shares at Sep. 30, 2022	17,822,564
Net loss				(25,832)	(25,832)
Balance at Dec. 31, 2022	$ 1,782	2,534,546		(2,766,290)	(229,962)
Balance, shares at Dec. 31, 2022	17,822,564
Balance at Sep. 30, 2022	$ 1,782	2,534,546		(2,740,458)	(204,130)
Balance, shares at Sep. 30, 2022	17,822,564
Net loss					(1,580,621)
Balance at Jun. 30, 2023	$ 2,966	6,677,222	441	(4,321,079)	2,359,550
Balance, shares at Jun. 30, 2023	29,662,164
Balance at Dec. 31, 2022	$ 1,782	2,534,546		(2,766,290)	(229,962)
Balance, shares at Dec. 31, 2022	17,822,564
Exchange difference on translation			(322)		(322)
Net loss				$ (1,319,301)	$ (1,319,301)
Issuance of common stock for acquisition	894	3,127,966			3,128,860
Issuance of common stock for acquisition, shares	$ 8,939,600
Balance at Mar. 31, 2023	$ 2,676	$ 5,662,512	$ (322)	$ (4,085,591)	$ 1,579,275
Balance, shares at Mar. 31, 2023	26,762,164
Exchange difference on translation			763		763
Net loss				(235,488)	(235,488)
Issuance of common stock	$ 290	1,014,710			1,015,000
Issuance of common stock, shares	2,900,000
Balance at Jun. 30, 2023	$ 2,966	6,677,222	441	(4,321,079)	2,359,550
Balance, shares at Jun. 30, 2023	29,662,164
Balance at Sep. 30, 2023	$ 2,966	6,677,222	(2,691)	(3,823,247)	2,854,250
Balance, shares at Sep. 30, 2023	29,662,164
Exchange difference on translation			8,543		8,543
Net loss				(88,310)	(88,310)
Balance at Dec. 31, 2023	$ 2,966	6,677,222	5,852	(3,911,557)	2,774,483
Balance, shares at Dec. 31, 2023	29,662,164
Balance at Sep. 30, 2023	$ 2,966	6,677,222	(2,691)	(3,823,247)	2,854,250
Balance, shares at Sep. 30, 2023	29,662,164
Net loss					(194,506)
Balance at Jun. 30, 2024	$ 2,966	6,677,222	4,181	(4,017,753)	2,666,616
Balance, shares at Jun. 30, 2024	29,662,164
Balance at Dec. 31, 2023	$ 2,966	6,677,222	5,852	(3,911,557)	2,774,483
Balance, shares at Dec. 31, 2023	29,662,164
Exchange difference on translation			(5,544)		(5,544)
Net loss				(68,333)	(68,333)
Balance at Mar. 31, 2024	$ 2,966	6,677,222	308	(3,979,890)	2,700,606
Balance, shares at Mar. 31, 2024	29,662,164
Exchange difference on translation			3,873		3,873
Net loss				(37,863)	(37,863)
Balance at Jun. 30, 2024	$ 2,966	$ 6,677,222	$ 4,181	$ (4,017,753)	$ 2,666,616
Balance, shares at Jun. 30, 2024	29,662,164

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (194,506)	$ (1,580,621)
Adjusted to reconcile net loss to cash provided by (used in) operating activities:
Amortization	51,653	9,280
Depreciation	3,779
Lease amortization	35,026	11,847
Allowance of expected credit losses	736,141	267,698
Reversal of allowance of expected credit losses	(165,477)
Deferred income taxes	(102,071)	(50,271)
Increase/(decrease) in:
Prepaid expenses and other current assets	(2,138)	(341)
Assets held for sale	(1,017,030)	319,716
Accrued expenses and other current liabilities	39,056	1,020,936
Liabilities held for sale	(79,667)	(49,013)
Net cash used in operating activities	(695,234)	(50,769)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash acquired from purchase of a subsidiary		565,449
Advance to related parties	109
Purchase of property, plant and equipment	(7,600)
Net cash (used in)/provided by investing activities	(7,491)	565,449
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of borrowings	(81,605)	(26,519)
Advances from related party	318,568	225,005
Net cash provided by financing activities	236,963	198,486
NET (DECREASE)/INCREASE IN CASH AND EQUIVALENTS	(465,762)	713,166
EFFECT OF EXCHANGE RATES ON CASH	1,310	(209)
AT BEGINNING OF PERIOD	621,001
CASH AND EQUIVALENTS AT END OF PERIOD	156,549	712,957
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income taxes	3,374	790
Cash paid for interest	$ 15,060

ORGANIZATION AND BUSINESS BACKGROUND

9 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND BUSINESS BACKGROUND

NOTE- 1 ORGANIZATION AND BUSINESS BACKGROUND

Flywheel Advanced Technology, Inc. (formerly known as Pan Global Corp.) (“the Company”) was incorporated in the state of Nevada on April 30, 2010.

The Company had the following significant events:

	●	Stock Purchase Agreement (July 13, 2021) – In July 2021, the Company entered into a Stock Purchase Agreement between NYJJ Hong Kong Limited (Seller) and Sparta Universal Industrial Ltd. (Purchaser), wherein the Purchaser purchased 10,000,000 shares of Series A-1 Preferred Stock, par value $0.0001 per share (the “Shares”) of the Company. As a result, the Purchaser became approximately 90% holder of the voting rights of the issued and outstanding shares of the Company, on a fully diluted basis and became the controlling shareholder. At the effective date of transfer, David Lazar ceased to be the Company ‘ s Chief Executive Officer, President, Secretary, Chief Financial Officer and Chairman of the Board of as Directors, and the Company appointed Tang Siu Fung as President, Chief Executive Officer, and Chairman of the Board of Directors; Cheng Sin Yi as Secretary, and Treasurer; Tin Sze Wai as Director; Ip Tsz Ying as Director; Ho Yiu Chung as Director; and Lai Chi Chuen as Director.

	●	Name Change (November 21, 2021) – On November 21, 2021, Board of directors and majority shareholder approved the change of the Company’s name to “Flywheel Advanced Technology, Inc.”.

	●	Reverse Stock Split (July 13, 2022) – On July 13, 2022, the Company completed a 1:100 reverse stock split of the Company’s common stock which became effective on July 14, 2022. As of July 14, 2022, the 1:100 reverse stock split of the Company’s common stock became effective. Following the effectiveness of the reverse stock split, there are currently 1,551,550 shares of common stock issued and outstanding as compared to 155,155,000 shares of the Company’s common stock issued and outstanding prior to the reverse stock split.

	●	Ticker Symbol Change (August 5, 2022) – On August 5, 2022, the Company was informed by the FINRA that the new ticker symbol of the Company is “FWFW”.

	●	Issuance of Preferred Stock A-1 (September 15, 2022) – On September 15, 2022, the Company filed with the Secretary of State of the State of Nevada an Amendment (the “Amendment” ) to the Certificate of Designation for the Series A-1 Preferred Stock (the “Preferred Stock”). The Amendment was approved by the Board of Directors of the Company and Sparta Universal Industrial Ltd. (“Sparta”), the sole holder of all the 10,000,000 issued and outstanding shares of Preferred Stock. Pursuant to the Amendment, the conversion rate of the Preferred Stock was changed to provide that each share of Preferred Stock shall be convertible, at the option of the holder, into 1.62 fully paid and nonassessable shares of the Company’s common stock. The Amendment was necessary as the terms of the Certificate of Designation for the Preferred Stock expressly provided that the conversion ratio of 162 shares of common stock for each share of Preferred Stock would not be reduced in the event of a stock split or other capitalization of the Company.

	●	The Company’s outstanding 10,000,000 shares of Preferred Stock were converted on a one for 1.62 basis into 16,200,000 common shares. Concurrently these Preferred Stock were cancelled.

	●	Formation of Blue Print Global, Inc. (November 30, 2022) – On November 30, 2022, the Company incorporated Blue Print Global, Inc. ( “Blue Print” ) in the British Virgin Islands to establish an operation to source the supply and sale of warehouse patrol robots. The Company holds 70% of Blue Print, and the balance is held by two individuals unrelated to the Company, with each party holding 15%.

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	●	Blue Print Agency Agreement (December 7, 2022) – On December 7, 2022, Blue Print entered into an Agency Agreement (the “Agency Agreement” ) with International Supply Chain Alliance Co., Ltd. of Hong Kong ( “ISCA”). Pursuant to the Agency Agreement, Blue Print appointed ISCA as its authorized agent to distribute warehouse patrol robots in the People’ s Republic of China ( “China”). The Agency Agreement is valid for five years and will be automatically renewed for another five years unless a written non-renewal notice is provided by either party at least 30 days before the expiration date. However, there is no early termination option in the Agency Agreement.

	●	Share Exchange with QBS System Limited (December 15, 2022) – On December 15, 2022, the Company entered into a share exchange agreement (the “Share Exchange Agreement”) with QBS System Limited, a limited company incorporated under the laws of Hong Kong ( “QBS System” ), and its shareholder, QBS Flywheel Limited, a company incorporated under the laws of Australia (the “Seller”). On March 22, 2023, the Seller transferred and assigned to the Company all of the issued and outstanding shares of QBS System in exchange for 8,939,600 newly issued shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”). Following the closing of the share exchange, there will be no change in the officers and directors of the Company, and QBS System will continue its business as a wholly owned subsidiary of the Company.

	●	Common Stock Issuances (May 24, 2023) – On May 24, 2023, the Company issued 1,450,000 shares of common stock to each of Sau Ping Leung and So Ha Tsang. Such shares were issued on May 24, 2023. These two individuals collectively hold 30% of Blue Print.

	●	Formation of Mega Fortune Company Limited and Ponte Fides Company Limited (January 30, 2024 and February 13, 2024) – On January 30, 2024 and February 13, 2024, the Company incorporated Mega Fortune Company Limited ( “Mega Fortune” ) in the Cayman Islands and Ponte Fides Company Limited (“Ponte Fides”) in the British Virgin Islands, respectively.

	●	Transfer of QBS System Shares to Ponte Fides Company Limited (April 29, 2024) – On April 29, 2024, the Company transferred all of the issued and outstanding shares of QBS System at HK$100 under a restructuring. Following the closing of the share transfer, there will be no change in the officers and directors of the Company, and QBS System will continue its business as a wholly owned subsidiary of Mega Fortune, which is a wholly owned subsidiary of the Company.

	●	Sale of QBS System, Ponte Fides, and Mega Fortune (July 5, 2024) – On July 5, 2024, the Company and Mega Fortune, its wholly-owned subsidiary, completed the sale (the “Mega Fortune Disposition”) to Mericorn Company Limited (the “Buyer”), which is non-wholly owned and controlled by spouse of an owner of a significant shareholder of FWFW, of all of the equity associated with Mega Fortune, which is comprised of the Company’s subsidiaries, Ponte Fides, QBS System and QBS System Pty, pursuant to a Share Purchase Agreement, dated as of July 5, 2024. Mega Fortune and its subsidiaries are engaged in the business of provision of IoT maintenance and support services, IoT BPO services and IoT development services in Hong Kong and Australia. Under the terms of the Share Purchase Agreement, the Buyer paid HK$56,360,000 (or approximately $7,230,000) by the transfer of 938 shares of the Buyer’s wholly owned subsidiary, Elison Virtus Company Limited (“Elison”) from the Buyer to the Company for the Mega Fortune Disposition. As the disposition was completed during our fourth fiscal quarter of 2024, we expect to recognize a gain on the disposition during the three months ending September 31, 2024. The activities of the three reportable segments have been segregated and reported as discontinued operations for all periods presented.

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Company’s subsidiaries are as follows as of June 30, 2024:

SCHEDULE OF COMPANY SUBSIDIARIES

Name of Corporation	Date of Formation	Ownership	Description of Business
Flywheel Advanced Technology, Inc.	April 30, 2010	100%	Parent Company
(Nevada Corporation)

Blue Print Global, Inc.	November 30, 2022	85%	Establish an operation to source the supply and sale of warehouse patrol robots.
(British Virgin Islands Corporation)

QBS System Limited (Hong Kong Corporation)	March 22, 2023 (date of acquisition)	100%	Provision of IoT products and services

Mega Fortune Company Limited	January 30, 2024	100%	Holding Company
(Cayman Islands Corporation)

Ponte Fides Company Limited	February 13, 2024	100%	Holding Company
(British Virgin Islands Corporation)

We use the terms “Company”, “we” and “us” to refer to both Flywheel Advanced Technology, Inc. and its subsidiaries.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(A) Basis of Presentation

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(B) Unaudited Interim Consolidated financial statements

The operating results and cash flows of the interim periods presented herein are not necessarily indicative of the results to be expected for any other interim period or the full year.

Going Concern

(D) Use of estimates

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(E) Foreign currency translation

The exchange rates used to translate amounts in HK$ and A$ into US$ for the purposes of preparing the consolidated financial statements were as follows:

SCHEDULE OF EXCHANGE RATES

	June 30, 2024	September 30, 2023
Balance sheet items, except for common stock, additional paid-in capital and retained earnings, as of period end	US$1=HK$7.81047	US$1=HK$7.82996
	US$1=A$1.50501	US$1=A$1.55615

	For the Three Months Ended June 30,
	2024	2023
Amounts included in the statements of operations and cash flows for the period	US$1=HK$7.81760	US$1=HK$7.84901
	US$1=A$1.51669	US$1=A$1.49816

	For the nine months Ended June 30,
	2024	2023
Amounts included in the statements of operations and cash flows for the period	US$1=HK$7.81742	US$1=HK$7.84901
	US$1=A$1.52416	US$1=A$1.49816

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(F) Other comprehensive (loss)/income

(G) Earning per share

(H) Commitments and contingencies

(I) Recently Issued Accounting Standards

DISCONTINUED OPERATIONS

9 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 3 – DISCONTINUED OPERATIONS

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	June 30,		September 30,
	2024		2023
	(Unaudited)		(Audited)

Cash and cash equivalents	$	156,549	$	621,001
Accounts receivable, net of allowances		1,878,641		1,431,201
Due from related parties		120,375		116,419
Prepaid expenses and other current assets		392,946		389,075
Deferred tax assets		116,169		22,481
Total current assets held for sale		2,664,680		2,580,177

Property and equipment, net		10,380		6,783
Goodwill		1,840,202		1,840,202
Acquisition-related intangibles		107,828		159,481
Right-of-use assets		150,104		33,481
Total assets held for sale	$	4,773,194	$	4,620,124

Bank loans - current portion	$	112,424	$	104,608
Accounts payable		36,467		78,064
Accrued expenses and other current liabilities		113,515		115,195
Due to related parties		401,286		365,061
Operating lease liabilities		48,985		37,789
Income tax payable		50,707		46,699
Total current liabilities for sale		763,384		747,416

Bank loans		395,926		483,950
Operating lease liabilities		101,081		-
Deferred tax liabilities – arise from fair value gain		17,792		26,315
Total liabilities for sale	$	1,278,183	$	1,257,681

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Summarized results of discontinued operations for the three reportable segments are as follows:

Schedule of Discontinued Operations

	2024			2023			2024			2023
	For the Three Months Ended						For the nine months Ended
	June 30,						June 30,
	2024			2023			2024			2023

Revenue, net	$	885,644		$	579,691		$	2,855,898		$	616,326
Cost of revenue		(454,259	)		(444,823	)		(1,526,469	)		(533,964	)
Operating expenses		(480,747	)		(333,629	)		(1,527,988	)		(520,715	)
Other income		84,651			58,435			244,105			58,449
Interest (expenses) income, net		(4,775	)		(5,400	)		(14,906	)		(5,388	)
Profit/ (loss) from discontinued operations before taxes		30,514			(145,726	)		30,640			(385,292	)
Income taxes		36,699			25,720			95,059			50,271
Profit/ (loss) from discontinued operations, net of tax	$	67,213		$	(120,006	)	$	125,699		$	(335,021	)

Summarized cash flow information for the three reportable segments discontinued operations are as follows:

Schedule of Cash Flow Information

	2024			2023
	Nine Months Ended
	June 30,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES
Amortization	$	51,653		$	9,280
Depreciation		3,779			-
Lease amortization		35,026			11,847
Allowance of expected credit losses		736,141			267,698
Reversal of allowance of expected credit losses		(165,477	)		-
Deferred income taxes		(102,071	)		(50,271	)

(Increase)/decrease in accounts receivable		(1,014,137	)		319,509
Increase in prepaid expenses and other current assets		(2,893	)		207
Cash (used in)/from assets held for sale		(1,017,030	)		319,716

Decrease in accounts payable		(41,755	)		(77,340	)
Decrease in operating lease liabilities		(39,622	)		(12,894	)
Increase in accrued expenses and other current liabilities		(2,940	)		40,431
(Decrease)/increase in income tax payable		4,650			790
Cash used in liabilities held for sale	$	(79,667	)	$	(49,013	)

CASH FLOWS FROM INVESTING ACTIVITIES
Cash acquired from purchase of a subsidiary	$	-		$	565,449
Advance to related parties		109			-
Purchase of property, plant and equipment	$	(7,600	)	$	-
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of borrowings	$	(81,605	)	$	(26,519	)
Advances from related party	$	35,282		$	-

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

RELATED PARTY TRANSACTIONS

9 Months Ended

Jun. 30, 2024

RELATED PARTY TRANSACTIONS

NOTE 4 - RELATED PARTY TRANSACTIONS

The Company owed a related company, Flywheel Financial Strategy (Hong Kong) Company Limited of $740,252 and

$456,966 as of June 30, 2024 and September 30, 2023, respectively for advances from the related company, which was repayable on demand and interest free.

SUBSEQUENT EVENTS

9 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 5 - SUBSEQUENT EVENTS

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation

(A) Basis of Presentation

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Unaudited Interim Consolidated financial statements

(B) Unaudited Interim Consolidated financial statements

The operating results and cash flows of the interim periods presented herein are not necessarily indicative of the results to be expected for any other interim period or the full year.

Going Concern

Principles of Consolidation

Use of estimates

(D) Use of estimates

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Foreign currency translation

(E) Foreign currency translation

The exchange rates used to translate amounts in HK$ and A$ into US$ for the purposes of preparing the consolidated financial statements were as follows:

SCHEDULE OF EXCHANGE RATES

	June 30, 2024	September 30, 2023
Balance sheet items, except for common stock, additional paid-in capital and retained earnings, as of period end	US$1=HK$7.81047	US$1=HK$7.82996
	US$1=A$1.50501	US$1=A$1.55615

	For the Three Months Ended June 30,
	2024	2023
Amounts included in the statements of operations and cash flows for the period	US$1=HK$7.81760	US$1=HK$7.84901
	US$1=A$1.51669	US$1=A$1.49816

	For the nine months Ended June 30,
	2024	2023
Amounts included in the statements of operations and cash flows for the period	US$1=HK$7.81742	US$1=HK$7.84901
	US$1=A$1.52416	US$1=A$1.49816

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Other comprehensive (loss)/income

(F) Other comprehensive (loss)/income

Earning per share

(G) Earning per share

Commitments and contingencies

(H) Commitments and contingencies

Recently Issued Accounting Standards

(I) Recently Issued Accounting Standards

ORGANIZATION AND BUSINESS BACKGROUND (Tables)

9 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SCHEDULE OF COMPANY SUBSIDIARIES

The Company’s subsidiaries are as follows as of June 30, 2024:

SCHEDULE OF COMPANY SUBSIDIARIES

Name of Corporation	Date of Formation	Ownership	Description of Business
Flywheel Advanced Technology, Inc.	April 30, 2010	100%	Parent Company
(Nevada Corporation)

Blue Print Global, Inc.	November 30, 2022	85%	Establish an operation to source the supply and sale of warehouse patrol robots.
(British Virgin Islands Corporation)

QBS System Limited (Hong Kong Corporation)	March 22, 2023 (date of acquisition)	100%	Provision of IoT products and services

Mega Fortune Company Limited	January 30, 2024	100%	Holding Company
(Cayman Islands Corporation)

Ponte Fides Company Limited	February 13, 2024	100%	Holding Company
(British Virgin Islands Corporation)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

SCHEDULE OF EXCHANGE RATES

The exchange rates used to translate amounts in HK$ and A$ into US$ for the purposes of preparing the consolidated financial statements were as follows:

SCHEDULE OF EXCHANGE RATES

	June 30, 2024	September 30, 2023
Balance sheet items, except for common stock, additional paid-in capital and retained earnings, as of period end	US$1=HK$7.81047	US$1=HK$7.82996
	US$1=A$1.50501	US$1=A$1.55615

	For the Three Months Ended June 30,
	2024	2023
Amounts included in the statements of operations and cash flows for the period	US$1=HK$7.81760	US$1=HK$7.84901
	US$1=A$1.51669	US$1=A$1.49816

	For the nine months Ended June 30,
	2024	2023
Amounts included in the statements of operations and cash flows for the period	US$1=HK$7.81742	US$1=HK$7.84901
	US$1=A$1.52416	US$1=A$1.49816

DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disclosure of Long Lived Assets Held for sale

	June 30,		September 30,
	2024		2023
	(Unaudited)		(Audited)

Cash and cash equivalents	$	156,549	$	621,001
Accounts receivable, net of allowances		1,878,641		1,431,201
Due from related parties		120,375		116,419
Prepaid expenses and other current assets		392,946		389,075
Deferred tax assets		116,169		22,481
Total current assets held for sale		2,664,680		2,580,177

Property and equipment, net		10,380		6,783
Goodwill		1,840,202		1,840,202
Acquisition-related intangibles		107,828		159,481
Right-of-use assets		150,104		33,481
Total assets held for sale	$	4,773,194	$	4,620,124

Bank loans - current portion	$	112,424	$	104,608
Accounts payable		36,467		78,064
Accrued expenses and other current liabilities		113,515		115,195
Due to related parties		401,286		365,061
Operating lease liabilities		48,985		37,789
Income tax payable		50,707		46,699
Total current liabilities for sale		763,384		747,416

Bank loans		395,926		483,950
Operating lease liabilities		101,081		-
Deferred tax liabilities – arise from fair value gain		17,792		26,315
Total liabilities for sale	$	1,278,183	$	1,257,681

Schedule of Discontinued Operations

Summarized results of discontinued operations for the three reportable segments are as follows:

Schedule of Discontinued Operations

	2024			2023			2024			2023
	For the Three Months Ended						For the nine months Ended
	June 30,						June 30,
	2024			2023			2024			2023

Revenue, net	$	885,644		$	579,691		$	2,855,898		$	616,326
Cost of revenue		(454,259	)		(444,823	)		(1,526,469	)		(533,964	)
Operating expenses		(480,747	)		(333,629	)		(1,527,988	)		(520,715	)
Other income		84,651			58,435			244,105			58,449
Interest (expenses) income, net		(4,775	)		(5,400	)		(14,906	)		(5,388	)
Profit/ (loss) from discontinued operations before taxes		30,514			(145,726	)		30,640			(385,292	)
Income taxes		36,699			25,720			95,059			50,271
Profit/ (loss) from discontinued operations, net of tax	$	67,213		$	(120,006	)	$	125,699		$	(335,021	)

Schedule of Cash Flow Information

Summarized cash flow information for the three reportable segments discontinued operations are as follows:

Schedule of Cash Flow Information

	2024			2023
	Nine Months Ended
	June 30,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES
Amortization	$	51,653		$	9,280
Depreciation		3,779			-
Lease amortization		35,026			11,847
Allowance of expected credit losses		736,141			267,698
Reversal of allowance of expected credit losses		(165,477	)		-
Deferred income taxes		(102,071	)		(50,271	)

(Increase)/decrease in accounts receivable		(1,014,137	)		319,509
Increase in prepaid expenses and other current assets		(2,893	)		207
Cash (used in)/from assets held for sale		(1,017,030	)		319,716

Decrease in accounts payable		(41,755	)		(77,340	)
Decrease in operating lease liabilities		(39,622	)		(12,894	)
Increase in accrued expenses and other current liabilities		(2,940	)		40,431
(Decrease)/increase in income tax payable		4,650			790
Cash used in liabilities held for sale	$	(79,667	)	$	(49,013	)

CASH FLOWS FROM INVESTING ACTIVITIES
Cash acquired from purchase of a subsidiary	$	-		$	565,449
Advance to related parties		109			-
Purchase of property, plant and equipment	$	(7,600	)	$	-
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of borrowings	$	(81,605	)	$	(26,519	)
Advances from related party	$	35,282		$	-

SCHEDULE OF COMPANY SUBSIDIARIES (Details)	9 Months Ended
SCHEDULE OF COMPANY SUBSIDIARIES (Details)	Jun. 30, 2024
Flywheel Advanced Technology, Inc [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Date of Formation	Apr. 30, 2010
Ownership percentage	100.00%
Description of business	Parent Company
Blue Print Global, Inc [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Date of Formation	Nov. 30, 2022
Ownership percentage	85.00%
Description of business	Establish an operation to source the supply and sale of warehouse patrol robots
QBS System Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Date of Formation	Mar. 22, 2023
Ownership percentage	100.00%
Description of business	Provision of IoT products and services
Mega Fortune Company Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Date of Formation	Jan. 30, 2024
Ownership percentage	100.00%
Description of business	Holding Company
Ponte Fides Company Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Date of Formation	Feb. 13, 2024
Ownership percentage	100.00%
Description of business	Holding Company

ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative)										3 Months Ended
	Jul. 05, 2024 USD ($) shares	Apr. 29, 2024 HKD ($)	May 24, 2023 shares	Dec. 15, 2022 $ / shares shares	Nov. 30, 2022	Sep. 15, 2022 shares	Jul. 14, 2022 shares	Jul. 13, 2022	Jul. 13, 2021 $ / shares shares	Jun. 30, 2023 shares	Jul. 05, 2024 HKD ($)	Jun. 30, 2024 $ / shares shares	Sep. 30, 2023 $ / shares shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reverse stock split							1:100 reverse stock split	1:100 reverse stock split
Common stock, shares issued							1,551,550					29,662,164	29,662,164
Common stock, shares outstanding							1,551,550					29,662,164	29,662,164
Conversion of stock, description						The Amendment was necessary as the terms of the Certificate of Designation for the Preferred Stock expressly provided that the conversion ratio of 162 shares of common stock for each share of Preferred Stock would not be reduced in the event of a stock split or other capitalization of the Company.
Preferred stock shares converted						10,000,000
Stock convertion basis						1.62
Business Combination, Control Obtained Description					The Company holds 70% of Blue Print, and the balance is held by two individuals unrelated to the Company, with each party holding 15%.
Common Stock, Par or Stated Value Per Share \| $ / shares												$ 0.0001	$ 0.0001
Transferred shares under restruction \| $		$ 100
Subsequent Event [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Share issued on disposition	938
Subsequent Event [Member] \| Discontinued Operations, Disposed of by Sale [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Consideration on the sale	$ 7,230,000										$ 56,360,000
Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock shares converted						16,200,000
Stock Issued During Period, Shares, New Issues			1,450,000							2,900,000
Prior To Reverse Stock Split [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, shares issued							155,155,000
Common stock, shares outstanding							155,155,000
Share Exchange Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock Issued During Period, Shares, New Issues				8,939,600
Common Stock, Par or Stated Value Per Share \| $ / shares				$ 0.0001
Series A1 Preferred Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Preferred stock, shares issued						10,000,000
Preferred stock, shares outstanding						10,000,000
Series A1 Preferred Stock [Member] \| Stock Purchase Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares purchased by purchaser									10,000,000
Preferred stock par value \| $ / shares									$ 0.0001
Voting rights									As a result, the Purchaser became approximately 90% holder of the voting rights of the issued and outstanding shares of the Company, on a fully diluted basis and became the controlling shareholder.

SCHEDULE OF EXCHANGE RATES (Details)	3 Months Ended		9 Months Ended
SCHEDULE OF EXCHANGE RATES (Details)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
United States Dollar And Hong Kong Dollar [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Foreign currency exchange rate	7.81047		7.81047		7.82996
Foreign currency exchange rate revenues and expenses	7.81760	7.84901	7.81742	7.84901
United States Dollar And Australian Dollar [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Foreign currency exchange rate	1.50501		1.50501		1.55615
Foreign currency exchange rate revenues and expenses	1.51669	1.49816	1.52416

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Cash	$ 0
Accumulated deficit	$ (4,017,753)	$ (3,823,247)

Schedule of Disclosure of Long Lived Assets Held for sale (Details) - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Cash and cash equivalents	$ 156,549	$ 621,001
Accounts receivable, net of allowances	1,878,641	1,431,201
Due from related parties	120,375	116,419
Prepaid expenses and other current assets	392,946	389,075
Deferred tax assets	116,169	22,481
Total current assets held for sale	2,664,680	2,580,177
Property and equipment, net	10,380	6,783
Goodwill	1,840,202	1,840,202
Acquisition-related intangibles	107,828	159,481
Right-of-use assets	150,104	33,481
Total assets held for sale	4,773,194	4,620,124
Bank loans - current portion	112,424	104,608
Accounts payable	36,467	78,064
Accrued expenses and other current liabilities	113,515	115,195
Due to related parties	401,286	365,061
Operating lease liabilities	48,985	37,789
Income tax payable	50,707	46,699
Total current liabilities for sale	763,384	747,416
Bank loans	395,926	483,950
Operating lease liabilities	101,081
Deferred tax liabilities – arise from fair value gain	17,792	26,315
Total liabilities for sale	$ 1,278,183	$ 1,257,681

Schedule of Discontinued Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
Schedule of Discontinued Operations (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Revenue, net	$ 885,644	$ 579,691	$ 2,855,898	$ 616,326
Cost of revenue	(454,259)	(444,823)	(1,526,469)	(533,964)
Operating expenses	(480,747)	(333,629)	(1,527,988)	(520,715)
Other income	84,651	58,435	244,105	58,449
Interest (expenses) income, net	(4,775)	(5,400)	(14,906)	(5,388)
Profit/ (loss) from discontinued operations before taxes	30,514	(145,726)	30,640	(385,292)
Income taxes	36,699	25,720	95,059	50,271
Profit/ (loss) from discontinued operations, net of tax	$ 67,213	$ (120,006)	$ 125,699	$ (335,021)

Schedule of Cash Flow Information (Details) - USD ($)	9 Months Ended
Schedule of Cash Flow Information (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Amortization	$ 51,653	$ 9,280
Depreciation	3,779
Lease amortization	35,026	11,847
Allowance of expected credit losses	736,141	267,698
Reversal of allowance of expected credit losses	(165,477)
Deferred income taxes	(102,071)	(50,271)
Increase in prepaid expenses and other current assets	(2,138)	(341)
Cash (used in)/from assets held for sale	(1,017,030)	319,716
Increase in accrued expenses and other current liabilities	39,056	1,020,936
Cash used in liabilities held for sale	(79,667)	(49,013)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash acquired from purchase of a subsidiary		565,449
Advance to related parties	109
Purchase of property, plant and equipment	(7,600)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of borrowings	(81,605)	(26,519)
Discontinued Operations [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Amortization	51,653	9,280
Depreciation	3,779
Lease amortization	35,026	11,847
Allowance of expected credit losses	736,141	267,698
Reversal of allowance of expected credit losses	(165,477)
Deferred income taxes	(102,071)	(50,271)
(Increase)/decrease in accounts receivable	(1,014,137)	319,509
Increase in prepaid expenses and other current assets	(2,893)	207
Cash (used in)/from assets held for sale	(1,017,030)	319,716
Decrease in accounts payable	(41,755)	(77,340)
Decrease in operating lease liabilities	(39,622)	(12,894)
Increase in accrued expenses and other current liabilities	(2,940)	40,431
(Decrease)/increase in income tax payable	4,650	790
Cash used in liabilities held for sale	(79,667)	(49,013)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash acquired from purchase of a subsidiary		565,449
Advance to related parties	109
Purchase of property, plant and equipment	(7,600)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of borrowings	(81,605)	(26,519)
Advances from related party	$ 35,282

DISCONTINUED OPERATIONS (Details Narrative)			3 Months Ended
DISCONTINUED OPERATIONS (Details Narrative)	Jul. 05, 2024 USD ($) shares	Jul. 05, 2024 HKD ($) shares	Mar. 31, 2023 shares
Subsequent Event [Line Items]
Consideration transferred, shares			3,128,860
Subsequent Event [Member] \| Share Purchase Agreement [Member]
Subsequent Event [Line Items]
Consideration transferred	$ 7,230,000	$ 56,360,000
Consideration transferred, shares	938	938

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Flywheel Financial Strategy Company Limited [Member]
Related Party Transaction [Line Items]
Amount advances from the related company	$ 740,252	$ 456,966

SUBSEQUENT EVENTS (Details Narrative)			3 Months Ended
SUBSEQUENT EVENTS (Details Narrative)	Jul. 05, 2024 USD ($) shares	Jul. 05, 2024 HKD ($) shares	Mar. 31, 2023 shares
Subsequent Event [Line Items]
Consideration transferred, shares			3,128,860
Subsequent Event [Member] \| Elison Virtus Company Limited [Member]
Subsequent Event [Line Items]
Equity percentage	9.38%	9.38%
Subsequent Event [Member] \| Share Purchase Agreement [Member]
Subsequent Event [Line Items]
Consideration transferred	$ 7,230,000	$ 56,360,000
Consideration transferred, shares	938	938

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