Company: FWFW
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006388
Chunk: 14

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 14
---
 April 30, 2010. On November
30, 2022, FWFW incorporated Blue Print Global, Inc. (“Blue Print”) in the British Virgin Islands to establish operations
for sourcing and selling warehouse patrol robots. FWFW holds a 70% stake in Blue Print, with the remaining 30% divided equally between
two individuals unrelated to the Company, each holding 15%. On March 22, 2023, FWFW acquired QBS System Limited (“QBS System”),
a company incorporated under the laws of Hong Kong. FWFW and its subsidiaries were established to provide Internet of Things (“IoT”)
solutions and services, assisting clients in building applications using available IoT devices, sensors, frameworks, and platforms, integrating
hardware and software solutions with clients’ existing infrastructures, or implementing new IoT solutions for enterprises.

15

Through
QBS System, we offered a comprehensive range of IoT services, including consulting, development and implementation, analytics, support,
and continuous evolution. QBS System’s business portfolio encompassed IoT integration solutions, maintenance and support services,
IoT projects and ventures, Business Process Outsourcing (“BPO”) services, and nearly twelve years of experience in Hong Kong
providing both IoT software and hardware engineering services. Its clientele spanned a wide array of industries, including logistics
and supply chain management, food & beverage, automation, and smart buildings. QBS System’s IoT solutions supported applications
such as connected enterprise equipment and industrial assets, including machines and robots, which are integral to the fourth industrial
revolution, or “Industry 4.0.”

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. On April 29, 2024, the
Company transferred all issued and outstanding shares of QBS System to Ponte Fides for HK$100 as part of a restructuring. Following the
completion of the share transfer, there were no changes to the officers and directors of the Company, and QBS System continued its operations
as a wholly owned subsidiary of the Company.

On
July 30, 2024, Tang Siu Fung notified the Company of his resignation from all positions, including sole director, Chief Executive Officer,
and President, effective as of the close of business on July 30,