2024 Q1 Form 10-K Financial Statement
#000149315224002454 Filed on January 16, 2024
Income Statement
Concept | 2024 Q1 | 2023 Q3 | 2023 |
---|---|---|---|
Revenue | $1.344M | $831.9K | $1.448M |
YoY Change | 3591.68% | ||
Cost Of Revenue | $657.7K | $427.9K | $961.8K |
YoY Change | 640.41% | ||
Gross Profit | $686.4K | $404.0K | $486.4K |
YoY Change | -1409.34% | ||
Gross Profit Margin | 51.07% | 48.57% | 33.58% |
Selling, General & Admin | $842.0K | $80.67K | $1.826M |
YoY Change | 213.89% | -4.43% | 794.46% |
% of Gross Profit | 122.67% | 19.97% | 375.42% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $850.00 | $41.55K | $10.59K |
YoY Change | -89.53% | ||
% of Gross Profit | 0.12% | 10.28% | 2.18% |
Operating Expenses | $872.5K | $134.2K | $1.900M |
YoY Change | 215.67% | 58.97% | 831.02% |
Operating Profit | -$186.1K | $269.8K | -$1.414M |
YoY Change | -43.41% | 592.76% | |
Interest Expense | -$4.950K | -$5.360K | $10.75K |
YoY Change | -49600.0% | ||
% of Operating Profit | -1.99% | ||
Other Income/Expense, Net | $50.80K | $286.0K | $333.7K |
YoY Change | 362728.57% | ||
Pretax Income | -$135.3K | $550.5K | -$1.080M |
YoY Change | -58.86% | -752.13% | 429.29% |
Income Tax | -$66.93K | $52.63K | $2.357K |
% Of Pretax Income | 9.56% | ||
Net Earnings | -$68.33K | $497.8K | -$1.083M |
YoY Change | -77.54% | -689.78% | 430.44% |
Net Earnings / Revenue | -5.08% | 59.85% | -74.77% |
Basic Earnings Per Share | $0.00 | -$0.05 | |
Diluted Earnings Per Share | $0.00 | $0.03 | -$0.05 |
COMMON SHARES | |||
Basic Shares Outstanding | 29.59M shares | 29.59M shares | 23.55M shares |
Diluted Shares Outstanding | 29.66M shares | 23.55M shares |
Balance Sheet
Concept | 2024 Q1 | 2023 Q3 | 2023 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $621.0K | ||
YoY Change | |||
Cash & Equivalents | $439.5K | $621.0K | |
Short-Term Investments | |||
Other Short-Term Assets | $527.9K | ||
YoY Change | |||
Inventory | |||
Prepaid Expenses | $390.8K | $392.7K | |
Receivables | $1.609M | $1.431M | |
Other Receivables | $3.800K | ||
Total Short-Term Assets | $2.635M | $2.584M | |
YoY Change | 14.31% | ||
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $11.32K | $6.783K | |
YoY Change | 51.39% | ||
Goodwill | $1.840M | $1.840M | |
YoY Change | -0.75% | ||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $1.983M | $2.040M | |
YoY Change | 3.46% | ||
TOTAL ASSETS | |||
Total Short-Term Assets | $2.635M | $2.584M | |
Total Long-Term Assets | $1.983M | $2.040M | |
Total Assets | $4.618M | $4.624M | |
YoY Change | 9.38% | ||
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $128.2K | $78.06K | |
YoY Change | -0.31% | ||
Accrued Expenses | $378.0K | $170.1K | |
YoY Change | 119.97% | 642.1% | |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $822.0K | ||
YoY Change | 353.63% | ||
Long-Term Debt Due | $104.6K | ||
YoY Change | |||
Total Short-Term Liabilities | $1.473M | $1.259M | |
YoY Change | 35.53% | 516.9% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $484.0K | ||
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $444.3K | $510.3K | |
YoY Change | -17.85% | ||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $1.473M | $1.259M | |
Total Long-Term Liabilities | $444.3K | $510.3K | |
Total Liabilities | $1.918M | $1.770M | |
YoY Change | 17.79% | 766.87% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$3.980M | -$3.823M | |
YoY Change | 29.61% | 39.51% | |
Common Stock | $2.966K | $2.966K | |
YoY Change | 10.84% | 66.44% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $2.701M | $2.854M | |
YoY Change | |||
Total Liabilities & Shareholders Equity | $4.618M | $4.624M | |
YoY Change | 9.38% |
Cashflow Statement
Concept | 2024 Q1 | 2023 Q3 | 2023 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$68.33K | $497.8K | -$1.083M |
YoY Change | -77.54% | -689.78% | 430.44% |
Depreciation, Depletion And Amortization | $850.00 | $41.55K | $10.59K |
YoY Change | -89.53% | ||
Cash From Operating Activities | $257.0K | $899.4K | -$166.4K |
YoY Change | -335.59% | -1309.16% | -8.18% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $2.250K | ||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $130.00 | $0.00 | $565.5K |
YoY Change | -99.98% | ||
Cash From Investing Activities | -$2.120K | $0.00 | $565.4K |
YoY Change | -100.38% | ||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | -130.0K | -990.9K | $222.6K |
YoY Change | -369.91% | -1432.24% | 22.82% |
NET CHANGE | |||
Cash From Operating Activities | 257.0K | 899.4K | -$166.4K |
Cash From Investing Activities | -2.120K | 0.000 | $565.4K |
Cash From Financing Activities | -130.0K | -990.9K | $222.6K |
Net Change In Cash | 125.0K | -91.55K | $621.6K |
YoY Change | -75.22% | ||
FREE CASH FLOW | |||
Cash From Operating Activities | $257.0K | $899.4K | -$166.4K |
Capital Expenditures | $2.250K | ||
Free Cash Flow | $254.8K | ||
YoY Change |
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2023-09-30 | |
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FLYWHEEL ADVANCED TECHNOLOGY, INC. | |
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NV | |
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27-2473958 | |
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123 West Nye Lane | |
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Suite 455 | |
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Carson City | |
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NV | |
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89706 | |
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852 | |
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6686-0563 | |
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BF Borgers CPA PC | |
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Lakewood, CO | |
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CY2023Q3 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
22481 | usd |
CY2023Q3 | us-gaap |
Assets Current
AssetsCurrent
|
2583844 | usd |
CY2023Q3 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
6783 | usd |
CY2023Q3 | us-gaap |
Goodwill
Goodwill
|
1840202 | usd |
CY2023Q3 | FWFW |
Acquisition Related Intangibles
AcquisitionRelatedIntangibles
|
159481 | usd |
CY2023Q3 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
33481 | usd |
CY2023Q3 | us-gaap |
Assets
Assets
|
4623791 | usd |
CY2023Q3 | us-gaap |
Loans Payable Current
LoansPayableCurrent
|
104608 | usd |
CY2023Q3 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
78064 | usd |
CY2023Q3 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
170089 | usd |
CY2022Q3 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
22920 | usd |
CY2023Q3 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
37789 | usd |
CY2023Q3 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
46699 | usd |
CY2023Q3 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
1259276 | usd |
CY2022Q3 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
204130 | usd |
CY2023Q3 | us-gaap |
Long Term Loans Payable
LongTermLoansPayable
|
483950 | usd |
CY2023Q3 | us-gaap |
Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
|
26315 | usd |
CY2023Q3 | us-gaap |
Liabilities Noncurrent
LiabilitiesNoncurrent
|
510265 | usd |
CY2023Q3 | us-gaap |
Liabilities
Liabilities
|
1769541 | usd |
CY2022Q3 | us-gaap |
Liabilities
Liabilities
|
204130 | usd |
CY2023Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
CY2022Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
CY2023Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
550000000 | shares |
CY2022Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
550000000 | shares |
CY2023Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
29662164 | shares |
CY2023Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
29662164 | shares |
CY2022Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
17822564 | shares |
CY2022Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
17822564 | shares |
CY2023Q3 | us-gaap |
Common Stock Value
CommonStockValue
|
2966 | usd |
CY2022Q3 | us-gaap |
Common Stock Value
CommonStockValue
|
1782 | usd |
CY2023Q3 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
6677222 | usd |
CY2022Q3 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
2534546 | usd |
CY2023Q3 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
-2691 | usd |
CY2023Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-3823247 | usd |
CY2022Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-2740458 | usd |
CY2023Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
2854250 | usd |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-204130 | usd |
CY2023Q3 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
4623791 | usd |
CY2023 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
1448176 | usd |
CY2023 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
961818 | usd |
CY2023 | us-gaap |
Gross Profit
GrossProfit
|
486358 | usd |
CY2023 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
57592 | usd |
CY2023 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
1768269 | usd |
CY2022 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
204130 | usd |
CY2023 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
74638 | usd |
CY2023 | us-gaap |
Operating Expenses
OperatingExpenses
|
1900499 | usd |
CY2022 | us-gaap |
Operating Expenses
OperatingExpenses
|
204130 | usd |
CY2023 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1414141 | usd |
CY2022 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-204130 | usd |
CY2023 | us-gaap |
Interest Income Other
InterestIncomeOther
|
344461 | usd |
CY2023 | us-gaap |
Interest Expense
InterestExpense
|
10752 | usd |
CY2023 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
333709 | usd |
CY2023 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-1080432 | usd |
CY2022 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-204130 | usd |
CY2023 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
2357 | usd |
CY2023 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1082789 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-204130 | usd |
CY2023 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent
|
-2691 | usd |
CY2023 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-1085480 | usd |
CY2022 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-204130 | usd |
CY2023 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.05 | |
CY2023 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.05 | |
CY2022 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.03 | |
CY2022 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.03 | |
CY2023 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
23549970 | shares |
CY2023 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
23549970 | shares |
CY2022 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
5874306 | shares |
CY2022 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
5874306 | shares |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-204130 | usd |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-204130 | usd |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-204130 | usd |
CY2023 | us-gaap |
Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
|
3128860 | usd |
CY2023 | us-gaap |
Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
|
1015000 | usd |
CY2023 | FWFW |
Stock Issued During Period Value Exchange Difference On Translation
StockIssuedDuringPeriodValueExchangeDifferenceOnTranslation
|
-2691 | usd |
CY2023 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1082789 | usd |
CY2023Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
2854250 | usd |
CY2023Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
2854250 | usd |
CY2023 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1082789 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-204130 | usd |
CY2023 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1015000 | usd |
CY2023 | us-gaap |
Adjustment For Amortization
AdjustmentForAmortization
|
40244 | usd |
CY2023 | us-gaap |
Depreciation
Depreciation
|
10592 | usd |
CY2023 | FWFW |
Lease Amortisation
LeaseAmortisation
|
23802 | usd |
CY2023 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
206140 | usd |
CY2023 | FWFW |
Reversal Of Allowance Of Expected Credit Losses
ReversalOfAllowanceOfExpectedCreditLosses
|
-308856 | usd |
CY2023 | us-gaap |
Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
|
-20977 | usd |
CY2023 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
52747 | usd |
CY2023 | us-gaap |
Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
|
4619 | usd |
CY2023 | us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
-137369 | usd |
CY2023 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-23793 | usd |
CY2023 | us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
112150 | usd |
CY2022 | us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
22920 | usd |
CY2023 | us-gaap |
Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
|
56827 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-166395 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-181210 | usd |
CY2023 | us-gaap |
Cash Acquired From Acquisition
CashAcquiredFromAcquisition
|
565449 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
565449 | usd |
CY2023 | us-gaap |
Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
|
53189 | usd |
CY2023 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
275756 | usd |
CY2022 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
181210 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
222567 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
181210 | usd |
CY2023 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
621621 | usd |
CY2023 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
-620 | usd |
CY2023Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
621001 | usd |
CY2023 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
33492 | usd |
CY2023 | us-gaap |
Interest Paid Net
InterestPaidNet
|
10869 | usd |
CY2022Q3 | us-gaap |
Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
|
1:100 reverse stock split | |
CY2022Q3 | us-gaap |
Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
|
1:100 reverse stock split | |
CY2022Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
1551550 | shares |
CY2022Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
10000000 | shares |
CY2022Q3 | us-gaap |
Preferred Stock Conversion Basis
PreferredStockConversionBasis
|
converted on a one for 1.62 basis into 16,200,000 common shares. Concurrently these Preferred Stock were cancelled | |
CY2022Q4 | us-gaap |
Business Combination Control Obtained Description
BusinessCombinationControlObtainedDescription
|
The Company holds 70% of Blue Print, and the balance is held by two individuals unrelated to the Company, with each party holding 15% | |
CY2022Q3 | us-gaap |
Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
|
1:100 reverse stock split | |
CY2023 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_842_eus-gaap--UseOfEstimates_zdpOrlRYIUP6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_864_zu1lrPXK9Sjb">Use of estimates</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of CFS in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the CFS. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment, revenue recognition, allowance for credit losses, valuation allowances for deferred tax assets, 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, income tax uncertainties and other contingencies. Management believes the estimates used in the preparation of the CFS 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 CFS.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2023Q3 | us-gaap |
Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
|
P5Y | |
CY2023Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
621001 | usd |
CY2023Q1 | FWFW |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Acquisition Related Intangibles
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAcquisitionRelatedIntangibles
|
199725 | usd |
CY2023Q3 | us-gaap |
Due From Banks
DueFromBanks
|
619323 | usd |
CY2023Q3 | us-gaap |
Cash
Cash
|
1678 | usd |
CY2023Q3 | us-gaap |
Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
|
1650729 | usd |
CY2023Q3 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
219528 | usd |
CY2023Q3 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
1431201 | usd |
CY2023 | FWFW |
Provision From Acquisition For Doubtful Accounts Receivable
ProvisionFromAcquisitionForDoubtfulAccountsReceivable
|
324784 | usd |
CY2023 | FWFW |
Reversal Of Allowance Of Expected Credit Losses For Doubtful Accounts Receivable
ReversalOfAllowanceOfExpectedCreditLossesForDoubtfulAccountsReceivable
|
-308856 | usd |
CY2023 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
206140 | usd |
CY2023 | us-gaap |
Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
|
-2540 | usd |
CY2023Q3 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
219528 | usd |
CY2023Q3 | FWFW |
Advisory Fees Prepaid For Business Development
AdvisoryFeesPrepaidForBusinessDevelopment
|
323921 | usd |
CY2023Q3 | us-gaap |
Security Deposit
SecurityDeposit
|
13938 | usd |
CY2023Q3 | us-gaap |
Supplies
Supplies
|
51086 | usd |
CY2023Q3 | us-gaap |
Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
|
3797 | usd |
CY2023Q3 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
392742 | usd |
CY2023Q3 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
95055 | usd |
CY2023Q3 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
88272 | usd |
CY2023Q3 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
6783 | usd |
CY2023 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
139419 | usd |
CY2023 | FWFW |
Operating Lease Right Of Use Asset Accumulated Amortization
OperatingLeaseRightOfUseAssetAccumulatedAmortization
|
105938 | usd |
CY2023Q3 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
33481 | usd |
CY2023Q3 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
37789 | usd |
CY2023Q3 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
37789 | usd |
CY2023Q3 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P0Y8M1D | |
CY2023Q3 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.05 | pure |
CY2023 | us-gaap |
Proceeds From Lease Payments
ProceedsFromLeasePayments
|
26562 | usd |
CY2022 | us-gaap |
Proceeds From Lease Payments
ProceedsFromLeasePayments
|
0 | usd |
CY2023Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
38341 | usd |
CY2023Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
38341 | usd |
CY2023Q3 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
552 | usd |
CY2023Q3 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
37789 | usd |
CY2023 | us-gaap |
Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
|
0 | usd |
CY2022 | us-gaap |
Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
|
0 | usd |
CY2023Q3 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
78050 | usd |
CY2022Q3 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
22920 | usd |
CY2023Q3 | FWFW |
Accrued Employee Cost
AccruedEmployeeCost
|
76841 | usd |
CY2023Q3 | FWFW |
Sales Tax Payable
SalesTaxPayable
|
15198 | usd |
CY2023Q3 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
170089 | usd |
CY2022Q3 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
22920 | usd |
CY2023Q3 | us-gaap |
Loans Payable
LoansPayable
|
588558 | usd |
CY2023Q3 | us-gaap |
Loans Payable Current
LoansPayableCurrent
|
104608 | usd |
CY2023Q3 | us-gaap |
Long Term Loans Payable
LongTermLoansPayable
|
483950 | usd |
CY2023Q3 | us-gaap |
Loans Payable
LoansPayable
|
588558 | usd |
CY2023 | FWFW |
Deferred Tax Liabilities Taxation Credited
DeferredTaxLiabilitiesTaxationCredited
|
6640 | usd |
CY2023Q3 | us-gaap |
Deferred Tax Liabilities
DeferredTaxLiabilities
|
26315 | usd |
CY2023 | FWFW |
Provision For Period
ProvisionForPeriod
|
24100 | usd |
CY2023 | FWFW |
One Off Tax Deduction Tax Expense Benefit
OneOffTaxDeductionTaxExpenseBenefit
|
766 | usd |
CY2023 | us-gaap |
Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
|
23334 | usd |
CY2023 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-20977 | usd |
CY2023 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
2357 | usd |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2023 | us-gaap |
Profit Loss
ProfitLoss
|
2000000 | hkd |
CY2023 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.165 | pure |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
|
1 | pure |
CY2023 | us-gaap |
Other Tax Expense Benefit
OtherTaxExpenseBenefit
|
1284 | usd |
CY2023 | us-gaap |
Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
|
50000000 | aud |
CY2023 | us-gaap |
Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
|
37000000 | usd |
CY2023 | us-gaap |
Profit Loss
ProfitLoss
|
-1080432 | usd |
CY2023 | us-gaap |
Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
|
225080 | usd |
CY2023 | us-gaap |
Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
|
-12799 | usd |
CY2023 | us-gaap |
Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
|
277736 | usd |
CY2023 | us-gaap |
Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
|
19 | usd |
CY2023 | us-gaap |
Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
|
-24866 | usd |
CY2023 | us-gaap |
Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
|
-12615 | usd |
CY2023 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
2357 | usd |
CY2023 | FWFW |
Deferred Tax Assets Liabilities Taxation From Acquisition
DeferredTaxAssetsLiabilitiesTaxationFromAcquisition
|
8143 | usd |
CY2023 | FWFW |
Deferred Tax Assets Liabilities Taxation Credited
DeferredTaxAssetsLiabilitiesTaxationCredited
|
14337 | usd |
CY2023 | FWFW |
Deferred Tax Assets Liabilities Translation Difference
DeferredTaxAssetsLiabilitiesTranslationDifference
|
1 | usd |
CY2023Q3 | FWFW |
Deferred Tax Net
DeferredTaxNet
|
22481 | usd |
CY2023 | FWFW |
Deferred Tax Liabilities Taxation From Acquisition
DeferredTaxLiabilitiesTaxationFromAcquisition
|
-32955 | usd |
CY2023 | us-gaap |
Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
|
5876 | usd |
CY2022 | us-gaap |
Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
|
0 | usd |
CY2023 | us-gaap |
Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount
|
0 | usd |
CY2022 | us-gaap |
Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount
|
0 | usd |
CY2023Q1 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
8939600 | shares |
CY2023Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
CY2023Q1 | us-gaap |
Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
|
3128860 | usd |
CY2023Q1 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
0.35 | |
CY2023 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
1448176 | usd |
CY2023 | us-gaap |
Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
|
0.05 | pure |
CY2023 | FWFW |
Eligilble Income For Employee Contribution
EligilbleIncomeForEmployeeContribution
|
916 | usd |
CY2023 | FWFW |
Eligilble Income For Employee Contribution
EligilbleIncomeForEmployeeContribution
|
7100 | hkd |
CY2023 | us-gaap |
Revenues
Revenues
|
1448176 | usd |
CY2023 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
961818 | usd |
CY2023 | us-gaap |
Gross Profit
GrossProfit
|
486358 | usd |
CY2023 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1414141 | usd |
CY2023 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
74638 | usd |
CY2023Q3 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
4623791 | usd |
CY2023 | us-gaap |
Revenues
Revenues
|
1448176 | usd |