Company: FWFW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023125
Chunk: 40

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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 or is otherwise disqualified from serving as an officer of the Company.

On
August 5, 2024, Tang Siu Fung notified Blue Print of his resignation as the sole director of Blue Print. His resignation did not arise
from any disagreement with the Company regarding its operations, policies, or practices. On the same date, Blue Print appointed Luk Yuen
Leung as a director and officer, effective immediately. Mr. Leung was appointed to serve until his successor is duly appointed, unless
he resigns, is removed from office, or is otherwise disqualified from serving as an officer and/or director of Blue Print.

On
July 5, 2024, the Company and Mega Fortune, its wholly-owned subsidiary, completed the sale (the “Mega Fortune Disposition”)
to Mericorn Company Limited (“Mericorn” ), which is non-wholly owned and controlled by spouse of an owner of a significant
shareholder of FWFW, of all of the equity associated with Mega Fortune, which is comprised of the Company’ s subsidiaries, Ponte
Fides, QBS System and QBS System Pty, pursuant to a Share Purchase Agreement, dated as of July 5, 2024. Mega Fortune and its subsidiaries
are engaged in the business of provision of IoT maintenance and support services, IoT BPO services and IoT development services in Hong
Kong and Australia. Under the terms of the Share Purchase Agreement, Mericorn paid HK$56,360,000 (or approximately $7,230,000) by the
transfer of 938 shares of its wholly owned subsidiary, Elison Virtus Company Limited (“Elison”) from Mericorn to the Company
for the Mega Fortune Disposition

As
a result of the Mega Fortune Disposition, the Company is now classified as a “shell company”.

15

Recent
Event

On
May 27, 2025, the Board of Directors of the Company appointed Chiu Chi Fai as Chief Marketing Officer, Luk Ngai Man Annie as Chief Human
Resource Officer, Chui Ka Hei Anthony as Chief Operation Officer and Ho Chung Yin as Chief Strategy Officer.

Shell
Company

Under
SEC Rule 405, the Company qualifies as a “shell company” due to its nominal assets and lack of significant operations. Management
has no plans to develop a market for the Company’s securities, either debt or equity, until a successful business combination is
completed or an operating business is developed. The Company will continue to comply with