Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 330

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 5
Chunk 330
---
    Stock Issuances (May 24, 2023) – On May 24, 2023, the Company issued 1,450,000 shares of common stock to each of Sau Ping
    Leung and So Ha Tsang. Such shares were issued on May 24, 2023. These two individuals collectively hold 30% of Blue Print.

    ●
    Formation
    of Mega Fortune Company Limited and Ponte Fides Company Limited (January 30, 2024 and February 13, 2024) – On January 30,
    2024 and February 13, 2024, the Company incorporated Mega Fortune Company Limited ( “ Mega Fortune ” ) in the Cayman
    Islands and Ponte Fides Company Limited (“Ponte Fides”) in the British Virgin Islands, respectively.

    ●
    Transfer
    of QBS System Shares to Ponte Fides Company Limited (April 29, 2024) – On April 29, 2024, the Company transferred all of
    the issued and outstanding shares of QBS System at HK$100 under a restructuring. Following the closing of the share transfer, there
    will be no change in the officers and directors of the Company, and QBS System will continue its business as a wholly owned subsidiary
    of the Company.

QBS
System was incorporated in Hong Kong on April 14, 2011 with limited liability and its principal activities are providing Internet of
Things (“IoT”) solutions and services across industries. Its IoT solutions help clients to build applications using available
IoT device, sensors, framework and platform, to integrate the available hardware and software solution with clients’ existing landscape
or implement a new IoT solution for enterprises.

QBS
System provides a full-range IoT services comprising consulting development and implementation, analytics, support, and evolution. It
has a business portfolio providing IoT integration solution services, IoT maintenance, support services, IoT projects and ventures Business
Process Outsourcing (“BPO”) services, and approximately years of experience in Hong Kong providing IoT software and hardware
engineering services. Clients range across various industries, such as logistics and supply chain management, food and beverage, automation
and smart building. The applications of QBS System’s IoT Solution include connected equipment in the enterprise (“Enterprise
IoT”) and industrial assets such as machines, robots, or even workers in smart factories and industrial facilities (“Industrial
IoT”, the essential component of Industry 4.