Cover
Cover - shares | 6 Months Ended | |
Mar. 31, 2022 | May 12, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
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 | 155,155,000 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2022 | Sep. 30, 2021 |
ASSETS | ||
TOTAL ASSETS | ||
CURRENT LIABILITIES | ||
Accrued Expenses | 26,649 | |
Due to Related Party | 65,326 | |
Total current liabilities | 91,975 | |
Total Liabilities | 91,975 | |
Commitments and contingencies | ||
STOCKHOLDERS’ EQUITY | ||
Series A-1 Convertible Preferred Stock, $0.0001 par value, 25,000,000 shares authorized, 10,000,000 shares issued and outstanding as of March 31, 2022 and September 30, 2021, respectively | 1,000 | 1,000 |
Common stock, $0.0001 par value 550,000,000, shares authorized, 162,255,000 shares issued and outstanding as of March 31, 2022 and September 30, 2021, respectively | 16,226 | 16,226 |
Paid in Capital | 2,519,102 | 2,519,102 |
Accumulated deficit | (2,628,303) | (2,536,328) |
Total Stockholders’ (Deficit) | (91,975) | |
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Sep. 30, 2021 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 550,000,000 | 550,000,000 |
Common stock, shares issued | 162,255,000 | 162,255,000 |
Common stock, shares outstanding | 162,255,000 | 162,255,000 |
Series A1 Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 10,000,000 | 10,000,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||||
REVENUE | ||||
OPERATING EXPENSES | ||||
General and administration | 16,595 | 17,329 | 300 | |
Professional fees | 37,115 | 1,166 | 74,646 | 5,009 |
Stock based compensation -related party | 2,369,070 | |||
Total Operating Expenses | 53,710 | 1,166 | 91,975 | 2,374,379 |
LOSS FROM OPERATION | (53,710) | (1,166) | (91,975) | (2,374,379) |
OTHER EXPENSE | ||||
Total Other Expenses | ||||
INCOME BEFORE INCOME TAXES | (53,710) | (1,166) | (91,975) | (2,374,379) |
Income taxes expenses | ||||
NET LOSS | $ (53,710) | $ (1,166) | $ (91,975) | $ (2,374,379) |
Net loss per share - basic and diluted | $ 0 | $ 0 | $ 0 | $ (0.01) |
Weighted average number of shares outstanding | 162,255,000 | 162,255,000 | 162,255,000 | 161,942,912 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Series A-1 Convertible Preferred Stock [Member] | Series A Convertible Preferred Stock [Member] | Preferred Stock Series C [Member] | Preferred Stock Series D [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Sep. 30, 2020 | $ 225 | $ 480 | $ 5 | $ 15,516 | $ 105,126 | $ (144,021) | $ (22,669) | |
Beginning balance, shares at Sep. 30, 2020 | 2,250,000 | 4,800,000 | 50,000 | 155,155,000 | ||||
Net loss | (2,373,213) | (2,373,213) | ||||||
Conversion of preferred stock to common stock | $ (225) | $ (480) | $ (5) | $ 710 | ||||
Conversion of preferred stock to common stock, shares | (2,250,000) | (4,800,000) | (50,000) | 7,100,000 | ||||
Issuance of preferred stock to related party | $ 1,000 | 2,368,070 | 2,369,070 | |||||
Issuance of preferred stock to related party, shares | 10,000,000 | |||||||
Ending balance, value at Dec. 31, 2020 | $ 1,000 | $ 16,226 | 2,473,196 | (2,517,234) | (26,812) | |||
Ending balance, shares at Dec. 31, 2020 | 10,000,000 | 162,255,000 | ||||||
Beginning balance, value at Sep. 30, 2020 | $ 225 | $ 480 | $ 5 | $ 15,516 | 105,126 | (144,021) | (22,669) | |
Beginning balance, shares at Sep. 30, 2020 | 2,250,000 | 4,800,000 | 50,000 | 155,155,000 | ||||
Net loss | (2,374,379) | |||||||
Ending balance, value at Mar. 31, 2021 | $ 1,000 | $ 16,226 | 2,473,196 | (2,518,400) | (27,978) | |||
Beginning balance, value at Dec. 31, 2020 | $ 1,000 | $ 16,226 | 2,473,196 | (2,517,234) | (26,812) | |||
Beginning balance, shares at Dec. 31, 2020 | 10,000,000 | 162,255,000 | ||||||
Net loss | (1,166) | (1,166) | ||||||
Ending balance, value at Mar. 31, 2021 | 1,000 | 16,226 | 2,473,196 | (2,518,400) | (27,978) | |||
Beginning balance, value at Sep. 30, 2021 | $ 1,000 | 16,226 | 2,519,102 | (2,536,328) | ||||
Beginning balance, shares at Sep. 30, 2021 | 10,000,000 | |||||||
Net loss | (38,265) | (38,265) | ||||||
Ending balance, value at Dec. 31, 2021 | $ 1,000 | 16,226 | 2,519,102 | (2,574,593) | (38,265) | |||
Ending balance, shares at Dec. 31, 2021 | 10,000,000 | |||||||
Beginning balance, value at Sep. 30, 2021 | $ 1,000 | 16,226 | 2,519,102 | (2,536,328) | ||||
Beginning balance, shares at Sep. 30, 2021 | 10,000,000 | |||||||
Net loss | (91,975) | |||||||
Ending balance, value at Mar. 31, 2022 | $ 1,000 | $ 16,226 | 2,519,102 | (2,628,303) | (91,975) | |||
Ending balance, shares at Mar. 31, 2022 | 10,000,000 | 162,255,000 | ||||||
Beginning balance, value at Dec. 31, 2021 | $ 1,000 | $ 16,226 | 2,519,102 | (2,574,593) | (38,265) | |||
Beginning balance, shares at Dec. 31, 2021 | 10,000,000 | |||||||
Net loss | (53,710) | (53,710) | ||||||
Ending balance, value at Mar. 31, 2022 | $ 1,000 | $ 16,226 | $ 2,519,102 | $ (2,628,303) | $ (91,975) | |||
Ending balance, shares at Mar. 31, 2022 | 10,000,000 | 162,255,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss before income taxes | $ (91,975) | $ (2,374,379) |
Adjusted to reconcile net loss to cash provided by operating activities: | ||
Stock based compensation to related party | 2,369,071 | |
Changes in operating assets and liabilities (Increase)/decrease in: | ||
Accrued expenses | 26,649 | |
Net cash used in operating activities | (65,326) | (5,308) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net cash provided by investing activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from related party loans | 65,326 | 5,308 |
Net cash provided by financing activities | 65,326 | 5,308 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | ||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | ||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
1) Cash paid for interest | ||
2) Cash paid for taxes |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 6 Months Ended |
Mar. 31, 2022 | |
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 under the name of Savvy Business Support, Inc. (“ Savvy Pursuant to the Exchange Agreement, consummated on April 26, 2013, the stockholders of Pan Asia transferred to Savvy 100 15,000 no 90,000,000 On April 26, 2013, Savvy amended its Articles of Incorporation with the Secretary of State of Nevada thereby changing its name from “Savvy Business Support, Inc.” to “Pan Global, Corp.” On May 2, 2013, the OTCQB symbol of the Company’s Common Stock was changed from SVYB to PGLO. The Company has been dormant since June 30, 2014. On July 16, 2020, as a result of a custodianship in Clark County, Nevada, Case Number: A-20-816264-B, Custodian Ventures LLC (“Custodian”) was appointed custodian of Pan Global Corp. (the “Company”). On July 16, 2020, Custodian appointed David Lazar as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer and Chairman of the Board of Directors. On October 8, 2020, the Company’s outstanding 7,100,000 converted on a one for one basis into 7,100,000 common shares. In November 2020 the Company designated 25,000,000 10,000,000 0.0001 Each preferred share is convertible to 162 shares of common stock. On July 13, 2021, a Stock Purchase Agreement was entered into between NYJJ Hong Kong Limited (Seller) and Sparta Universal Industrial Ltd. (Purchaser), wherein the Purchaser purchased 10,000,000 0.0001 As a result, the Purchaser became an 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. On November 21, 2021, Board of directors and majority shareholder approved the change of the Company’s name to “Flywheel Advanced Technology, Inc.”, the change of the Company’s trading symbol. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim 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 financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States. Management’s Representation of Interim Financial Statements The accompanying unaudited interim financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These condensed financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a 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 March 31, 2022, the Company had no cash, negative working capital of $ 91,975 2,628,303 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. Use of Estimates The preparation of 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 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 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. Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. Recent Accounting Pronouncements There are no recent accounting pronouncements that impact the Company’s operations. |
RELATED PARTY NOTES PAYABLE
RELATED PARTY NOTES PAYABLE | 6 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY NOTES PAYABLE | NOTE 3 – RELATED PARTY NOTES PAYABLE During the six months ended March 31, 2021, all of the Company’s financing has come from its Court appointed custodian, Custodian Ventures, LLC who had loaned the Company $ 27,978 45,906 During the six months ended March 31,2022, the Company’s financing was from our related company, who has advanced $ 65,326 65,326 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 4 – COMMITMENTS AND CONTINGENCIES The Company did not have any contractual commitments as of March 31, 2022. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim 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 financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States. |
Management’s Representation of Interim Financial Statements | Management’s Representation of Interim Financial Statements The accompanying unaudited interim financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These condensed financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. |
Going Concern | 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 March 31, 2022, the Company had no cash, negative working capital of $ 91,975 2,628,303 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. |
Use of Estimates | Use of Estimates The preparation of 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 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 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. |
Net Loss per Share | Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements There are no recent accounting pronouncements that impact the Company’s operations. |
ORGANIZATION AND BUSINESS BAC_2
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) - $ / shares | Jul. 13, 2021 | Oct. 08, 2020 | Apr. 26, 2013 | Nov. 30, 2020 | Mar. 31, 2022 | Sep. 30, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Common stock, shares outstanding | 162,255,000 | 162,255,000 | ||||
Preferred stock, conversion basis | converted on a one for one basis into 7,100,000 common shares. | |||||
Preferred stock, shares authorized | 25,000,000 | |||||
Series A Preferred Stock [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Preferred stock, shares outstanding | 7,100,000 | |||||
Series C Preferred Stock [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Preferred stock, shares outstanding | 7,100,000 | |||||
Series D Preferred Stock [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Preferred stock, shares outstanding | 7,100,000 | |||||
Series A1 Preferred Stock [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Preferred stock, shares outstanding | 10,000,000 | 10,000,000 | ||||
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | ||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | ||||
Stock Purchase Agreement [Member] | Series A1 Preferred Stock [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Preferred stock, par value | $ 0.0001 | |||||
Number of shares issued | 10,000,000 | |||||
Preferred stock, voting rights | As a result, the Purchaser became an 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. | |||||
Savvy [Member] | Exchange Agreement [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Outstanding capital stock, percentage | 100.00% | |||||
Common stock, shares outstanding | 15,000 | |||||
Common stock, par value | $ 0 | |||||
Number of shares exchanged | 90,000,000 | |||||
Custodian Ventures [Member] | Series A1 Preferred Stock [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Preferred stock, conversion basis | Each preferred share is convertible to 162 shares of common stock. | |||||
Preferred stock, shares authorized | 10,000,000 | |||||
Preferred stock, par value | $ 0.0001 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Mar. 31, 2022 | Sep. 30, 2021 |
Accounting Policies [Abstract] | ||
Working capital | $ 91,975 | |
Accumulated deficit | $ 2,628,303 | $ 2,536,328 |
RELATED PARTY NOTES PAYABLE (De
RELATED PARTY NOTES PAYABLE (Details Narrative) - USD ($) | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | |
Related Party Transaction [Line Items] | |||
Proceeds from related party loans | $ 65,326 | $ 5,308 | |
Due to related party | $ 65,326 | ||
Custodian Ventures L L C [Member] | |||
Related Party Transaction [Line Items] | |||
Interest demand loan | $ 27,978 | ||
Related party loan amount | $ 45,906 |