Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 152

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 1C
Chunk 152
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 plans and strategy
for our business, includes forward-looking statements that involve risks and uncertainties. Actual results and timing of events could
differ the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

Overview

Flywheel
Advanced Technology, Inc. (“FWFW”) (formerly known as Pan Global Corp.) was incorporated in the state of Nevada on April
30, 2010. On November 30, 2022, FWFW 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. FWFW holds 70% of Blue Print, and the balance is held
by two individuals unrelated to the Company, with each party holding 15%. On March 22, 2023, FWFW acquired QBS System Limited (“QBS
System”), a limited company incorporated under the laws of Hong Kong (the “QBS Acquisition”). 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 of the issued and outstanding shares of QBS System at HK$100 under a restructuring. On July 5, 2024, the Company entered into a Stock
Purchase Agreement with Mericorn Company Limited (the “Buyer”), of all of the equity associated with the Company’s
Mega Fortune Company Limited, which is comprised of the Company’s subsidiaries Pontes Fides Company Limited, QBS System Limited
and QBS System Pty Ltd. Under the terms of the Share Purchase Agreement, the Buyer paid HK$56,360,000 (or approximately $7,230,000) by
the transfer of 938 shares of the Buyer’s wholly owned subsidiary, Elison Virtus Company Limited (“Elison”) from the
Buyer to the Company for the Mega Fortune Disposition.

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FWFW
and its subsidiaries (collectively, “we,” “us,” “our,” “FWFW” or the “Company,”
unless context requires or indicates otherwise) were formed to provide Internet of Things (“IoT”) solutions and services
to assist its clients to build applications using available IoT devices, sensors, frameworks, and platforms, integrate hardware and software
solutions with clients