Company: FWFW
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001641172-25-009382
Chunk: 3

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part II, Item 8
Chunk 3
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 change in the officers and directors of the Company, and QBS System will continue its business as a wholly owned subsidiary of the Company.

    ● 
    Sale
    of QBS System, Ponte Fides, and Mega Fortune (July 5, 2024) – On July 5, 2024, the Company and Mega Fortune, its
    wholly-owned subsidiary, completed the sale (the “Mega Fortune Disposition”) to Mericorn Company Limited (the “Buyer” ), 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, 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.

    10

FLYWHEEL ADVANCED TECHNOLOGY,
INC.

NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS

The Company’s subsidiaries are as follows as of March
31, 2025:

 SCHEDULE
OF COMPANY SUBSIDIARIES

    Name of Corporation

    Date of 
    Formation
     
    Ownership
     
    Description of Business

    Flywheel Advanced Technology, Inc.
     
    April 30, 2010
     
    100%
     
    Parent Company

    (Nevada Corporation)

    Blue Print Global, Inc.
     
    November 30, 2022
     
    85%
     
    Establish an operation to source the supply and sale of warehouse patrol robots.
  
    (British Virgin Islands Corporation)

We use the terms “Company”,
“we” and “us” to refer to both Flywheel Advanced Technology, Inc. and its subsidiaries.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(A) Basis of Presentation