Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 368

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 6
Chunk 368
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Preferred Stock”). The Amendment was approved by the Board of Directors of the Company and Sparta Universal Industrial
    Ltd. (“Sparta”), the sole holder of all the 10,000,000 issued and outstanding shares of Preferred Stock. Pursuant to
    the Amendment, the conversion rate of the Preferred Stock was changed to provide that each share of Preferred Stock shall be convertible,
    at the option of the holder, into 1.62 fully paid and nonassessable shares of the Company’s common stock. The Amendment was
    necessary as the terms of the Certificate of Designation for the Preferred Stock expressly provided that the conversion ratio of
    162 shares of common stock for each share of Preferred Stock would not be reduced in the event of a stock split or other capitalization
    of the Company.

    ●
    The
    Company’s outstanding 10,000,000 shares of Preferred Stock were converted on a one for 1.62 basis into 16,200,000 common shares.
    Concurrently these Preferred Stock were cancelled.

    ●
    Formation
    of Blue Print Global, Inc. (November 30, 2022) – On November 30, 2022, the Company incorporated Blue Print Global, Inc.
    ( “ Blue Print ” ) in the British Virgin Islands to establish an operation to source the supply and sale of warehouse
    patrol robots. The Company holds 70% of Blue Print, and the balance is held by two individuals unrelated to the Company, with each
    party holding 15%.

    F-6

FLYWHEEL
ADVANCED TECHNOLOGY, INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

    ●
    Blue
    Print Agency Agreement (December 7, 2022) – On December 7, 2022, Blue Print entered into an Agency Agreement (the “
    Agency Agreement ” ) with International Supply Chain Alliance Co., Ltd. of Hong Kong ( “ ISCA”). Pursuant to the
    Agency Agreement, Blue Print appointed ISCA as its authorized agent to distribute warehouse patrol robots in the People’ s
    Republic of China ( “China”). The Agency Agreement is valid for five years and will be automatically renewed for another
    five years unless a written non-renewal notice is provided by either party at least 30 days before the expiration date. However,
    there is no early termination option in the Agency Agreement.

    ●
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