M&A: FLYWHEEL ADVANCED TECHNOLOGY, INC.

Form Type: NT 10-K

Filing Date: 2024-12-31

Corporate Action: Acquisition

Type: Update

Accession Number: 000149315224052615

Comments: Flywheel Advanced Technology, Inc. is unable to file its Annual Report on Form 10-K for the fiscal year ended September 30, 2024, without unreasonable effort or expense. The company requires additional time to complete certain disclosures and analyses needed for the report. The company intends to file the report by the fifteenth calendar day following the due date. Important changes in operations are anticipated compared to the previous fiscal year due to a share purchase agreement with Mericorn Company Limited. On July 5, 2024, the company agreed to sell all equity in its wholly owned subsidiary, Mega Fortune, for HK$56,360,000 (approximately $7,230,000). Following this transaction, the company will also acquire approximately 10% equity in Mericorn’s subsidiary, Elison Virtus Company Limited, leading to a pre-tax gain of $3,744,415 recognized from this transaction.

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