Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 493

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 8
Chunk 493
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 below, since the beginning of the fiscal year preceding the last fiscal year none of the following persons has had any direct
or indirect material interest in any transaction to which our Company was or is a party, or in any proposed transaction to which our
Company proposes to be a party:

    ●
    any
    Director or officer of our Company;

    ●
    any
    proposed Director or officer of our Company;

    ●
    any
    person who beneficially owns, directly or indirectly, shares carrying more than 5 percent of the voting rights attached to our Common
    Stock; or

    ●
    any
    member of the immediate family of any of the foregoing persons (including a spouse, parents, children, siblings, and in-laws).

On
September 15, 2022, Sparta provided notice to the Company to convert all of the issued and outstanding A-1 Preferred Shares into 16,200,000
shares of common stock. The board of directors of the Company approved the conversion and agreed that the Company would not charge any
fee or expense for such conversion.

As
of March 22, 2023, Sparta, our majority stockholder, entered into subscription agreements with 29 investors pursuant to which Sparta
sold 4,764,547 shares of common stock of the Company for an aggregate purchase price of $12,975,348.18. The sale was made pursuant to
an exemption from securities registration provided under Regulation S of the Securities Act. Accordingly,
as of the date of this Annual Report on Form 10-K, Sparta is currently the holder of 11,455,645 shares of common, or approximately 38.71%
of 29,591,164 stock issued and outstanding.

On
July 5, 2024, the Company entered into a share purchase agreement with Mericorn Company, which is 25% held by Ms. Tin Sze Wai, the spouse
of Tang Siu Fung, a significant shareholder of FWFW, for the sale of all of the equity in the Company’s wholly owned subsidiary,
Mega Fortune, which is comprised of the Company’s subsidiaries Ponte Fides, QBS System and QBS System at consideration of HK$56,360,000
(or approximately $7,230,000). Mericone Company transferred 938 shares of Elison, or 9.38%, held in the name of Mericone Company to FWFW.

ITEM
14. PR