Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 3

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 1
Chunk 3
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 Share Purchase Agreement with Mericone Company Limited, transferring its subsidiary, Mega Fortune
Company Limited, in exchange for a 9.38% minority interest in Elison Virtus Company Limited (“Elison”). This decision
was supported by a valuation reports from Wise Tech Consulting and Appraisal Services dated July 4, 2024, estimating the fair values
of Flywheel Financial and QBS System as HKD601,000,000 and HKD56,360,000, respectively. Elison wholly owns Flywheel Financial Strategy
(Hong Kong) Company Limited (“Flywheel Financial”), a wealth management services provider. Following QBS Acquisition,
FWFW became a “shell company” under SEC Rule 405 due to the cessation of active business operations.

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

On
August 2, 2024, Cheng Sin Yi notified the Company of her resignation from all her positions with the Company, including Secretary and
Treasurer, effective as of the close of business on August 2, 2024

On
August 5, 2024, Luk Yuen Leung was appointed Chief Executive Officer, President, and sole director of the Company. As a result of his
appointment as Chief Executive Officer and President, Mr. Leung was designated as the Company’s “Principal Executive Officer”,
“Principal Financial Officer” and “Principal Accounting Officer” for SEC reporting purposes. In August 2024,
Luk Yuen Leung also replaced Tang Siu Fung as the sole director and officer of Blue Print.

-4-

Shell
Company

Under
SEC Rule 405, the Company qualifies as a “shell company” due to its nominal assets and lack of significant operations. Management
has no plans to develop a market for the Company’s securities, either debt or equity, until a successful business combination is
completed or an operating business is developed. The Company will continue to comply with the periodic reporting requirements of the
Act as long as it remains subject to them.

The
Company’s primary objective for the next 12 months and beyond is to achieve long-term growth through a business combination or
the successful development of its operating business. As of the date of this report, the Company has not entered into any definitive
agreements or specific discussions