Company: FWFW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023125
Chunk: 32

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 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.

    ●
    Appointment
    of Certain Officers (May 27, 2025) – 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.

    9

The
Company’s subsidiaries are as follows as of June 30, 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

The
accompanying unaudited interim consolidated financial statements (“consolidated financial statements”) have been prepared
in accordance with the Financial Accounting Standards Board (“FASB”) “FASB Accounting Standard Codification™”
(the “Codification”) which is the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental
entities in the preparation of consolidated financial statements in conformity with generally accepted