$FWFW
FLYWHEEL ADVANCED TECHNOLOGY, INC.

2023 Q1 Form 10-Q Financial Statement

#000149315223004753 Filed on February 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022 Q3
Revenue $36.41K $0.00
YoY Change
Cost Of Revenue $88.83K
YoY Change
Gross Profit -$52.42K
YoY Change
Gross Profit Margin -143.98%
Selling, General & Admin $268.3K $25.83K $84.41K
YoY Change 399.46% -32.51%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.120K $0.00
YoY Change
% of Gross Profit
Operating Expenses $276.4K $25.83K $84.41K
YoY Change 414.58% -32.49%
Operating Profit -$328.8K -$25.83K
YoY Change 512.19% -32.49%
Interest Expense $10.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $14.00 $0.00
YoY Change
Pretax Income -$328.8K -$25.83K -$84.41K
YoY Change 512.16% -32.49%
Income Tax -$24.49K $0.00
% Of Pretax Income
Net Earnings -$304.3K -$25.83K -$84.41K
YoY Change 466.56% -32.49%
Net Earnings / Revenue -835.76%
Basic Earnings Per Share -$0.02 $0.00
Diluted Earnings Per Share -$0.02 $0.00 -$0.03
COMMON SHARES
Basic Shares Outstanding 17.75M shares 17.75M shares
Diluted Shares Outstanding 18.32M shares 17.82M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $504.1K
YoY Change
Cash & Equivalents $504.1K
Short-Term Investments
Other Short-Term Assets $541.7K $680.00
YoY Change
Inventory
Prepaid Expenses $387.8K $679.00
Receivables $1.248M
Other Receivables $11.22K
Total Short-Term Assets $2.305M $680.00
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $7.480K
YoY Change
Goodwill $1.854M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $1.917M -$1.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $2.305M $680.00
Total Long-Term Assets $1.917M -$1.00 $0.00
Total Assets $4.222M $679.00
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $128.6K
YoY Change
Accrued Expenses $171.8K $16.88K $22.92K
YoY Change 544.77%
Deferred Revenue
YoY Change
Short-Term Debt $626.1K $213.8K $181.2K
YoY Change
Long-Term Debt Due $108.3K
YoY Change
Total Short-Term Liabilities $1.087M $230.6K $204.1K
YoY Change 1082.02% 502.75%
LONG-TERM LIABILITIES
Long-Term Debt $531.9K $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.000K
YoY Change
Total Long-Term Liabilities $540.9K $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.087M $230.6K $204.1K
Total Long-Term Liabilities $540.9K $0.00 $0.00
Total Liabilities $1.628M $230.6K $204.1K
YoY Change 1670.04% 502.75%
SHAREHOLDERS EQUITY
Retained Earnings -$3.071M -$2.766M -$2.740M
YoY Change 7.45% 8.05%
Common Stock $2.676K $1.782K $1.782K
YoY Change -99.93% -99.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.594M -$230.0K -$204.1K
YoY Change
Total Liabilities & Shareholders Equity $4.222M $679.00
YoY Change

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$304.3K -$25.83K -$84.41K
YoY Change 466.56% -32.49%
Depreciation, Depletion And Amortization $8.120K $0.00
YoY Change
Cash From Operating Activities -$109.1K -$32.55K -$74.38K
YoY Change 272.86% -9.75%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $565.2K $0.00 $0.00
YoY Change
Cash From Investing Activities $565.2K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 48.15K $32.55K 74.38K
YoY Change 64.56% -9.76%
NET CHANGE
Cash From Operating Activities -109.1K -$32.55K -74.38K
Cash From Investing Activities 565.2K 0.000
Cash From Financing Activities 48.15K $32.55K 74.38K
Net Change In Cash 504.3K 0.000
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$109.1K -$32.55K -$74.38K
Capital Expenditures
Free Cash Flow -$32.55K
YoY Change

Facts In Submission

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FLYWHEEL ADVANCED TECHNOLOGY, INC.
CY2022Q4 dei Entity Incorporation State Country Code
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<p id="xdx_84B_eus-gaap--UseOfEstimates_zc5ijrSykJvd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i><span style="text-decoration: underline"><span id="xdx_863_zpboIclt9dL4">Use of Estimates</span></span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The preparation of unaudited interim consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these unaudited interim consolidated financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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