Flywheel Advanced Technology, Inc.

FWFW: 10-Q · periodic report

Flywheel Advanced Technology filed its 10-Q for the quarter ended June 30, 2026 with substantial doubt about its ability to continue as a going concern, reporting zero revenue and a quarterly net loss of $78,274 versus $25,261 a year earlier. Nine-month net loss widened to $151,666 from $70,513, driven mainly by higher professional fees for legal and SEC reporting advisory services. The Nevada shell company held just $45,726 in cash against $1,120,592 of interest-free, due-on-demand related-party payables and a $10.2 million accumulated deficit. Management says it is negotiating with potential investors for additional capital but has entered no definitive financing agreement, and it has no definitive agreements or specific discussions with any business combination candidates. Management concluded that disclosure controls and procedures were not effective, citing four material weaknesses: no functioning audit committee, no board majority of outside directors, inadequate segregation of duties, and management dominated by a single individual without compensating controls. The cover page also indicates the company did not file all required reports during the preceding 12 months. Since selling its Mega Fortune subsidiaries in July 2024, the company operates solely through 85%-owned Blue Print Global, which holds agency agreements for warehouse patrol robots in China and robotic coffee arms in Abu Dhabi but generated no sales. It dismissed auditor BCRG and engaged WSJ and Partners on April 1, 2026.

SEC 10-Q•2mo ago

FWFW: 10-Q · periodic report

Flywheel Advanced Technology reported a net loss of $73,392 for the six months ended March 31, 2026, with zero revenue generated. The company holds only $1,836 in cash and carries an accumulated deficit of $10.1 million, relying on $87,350 in interest-free advances from a related party to fund operations. Management disclosed four material weaknesses in internal controls, including a lack of a functioning audit committee and inadequate segregation of duties. The company dismissed its previous auditor, BCRG, and engaged WSJ And Partners to review the quarterly financials. Although the company is classified as a shell entity following the sale of its operating subsidiaries, it maintains a minority investment in Elison Virtus Company Limited and has entered into agency agreements for robotic coffee solutions. Management asserts that substantial doubt about its ability to continue as a going concern has been alleviated by plans to raise additional capital.

SEC 10-Q•5mo ago