Quarterly ResultMay 14, 2026, 01:33 PM
Flywheel Advanced Technology Q1 Reports No Revenue, $27K Net Loss; Remains Shell Co.
AI Summary
Flywheel Advanced Technology reported its first quarter 2026 results with no revenue and an increased net loss of $27,395. The company continues to operate as a "shell company" with an accumulated deficit of $10.1 million, relying on advances from a related party for funding. Management identified material weaknesses in internal controls and announced a change in its independent registered public accounting firm.
Key Highlights
- Flywheel Advanced Technology reported no revenue for the three and six months ended March 31, 2026.
- Net loss increased to $27,395 for the three months ended March 31, 2026, from $18,539 in the prior year.
- Accumulated deficit reached $10.1 million as of March 31, 2026.
- Cash and cash equivalents were $1,836 as of March 31, 2026.
- The company owed a related party $993,692 as of March 31, 2026, an increase from $906,342.
- The company remains a "shell company" under SEC Rule 405, with a primary objective to achieve growth through a business combination.
- Disclosure controls and procedures were deemed ineffective due to material weaknesses, including lack of an audit committee and majority outside directors.
- The company dismissed BCRG as its independent auditor and engaged WSJ And Partners on April 1, 2026.
Price Impact