Company: FWFW
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001641172-25-009382
Chunk: 2

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part II, Item 8
Chunk 2
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    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.

    ● 
    Share
    Exchange with QBS System Limited (December 15, 2022) – On December 15, 2022, the Company entered into a share exchange
    agreement (the “Share Exchange Agreement”) with QBS System Limited, a limited company incorporated under the laws of
    Hong Kong ( “QBS System” ), and its shareholder, QBS Flywheel Limited, a company incorporated under the laws of
    Australia (the “Seller”). On March 22, 2023, the Seller transferred and assigned to the Company all of the issued and
    outstanding shares of QBS System in exchange for 8,939,600
    newly issued shares of the Company’s common stock, par value $0.0001
    per share (the “Common Stock”). Following the closing of the share exchange, there will be no change in the officers and
    directors of the Company, and QBS System will continue its business as a wholly owned subsidiary of the Company.

    ● 
    Common Stock Issuances (May 24, 2023) – On May 24, 2023, the Company issued 1,450,000 shares of common stock to each of Sau Ping Leung and So Ha Tsang. Such shares were issued on May 24, 2023. So Ha Tsang holds 15% of Blue Print.

    ● 
    Formation of Mega Fortune Company Limited and Ponte Fides Company Limited (January 30, 2024 and February 13, 2024) – 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.

    ● 
    Transfer of QBS System Shares to Ponte Fides Company Limited (April 29, 2024) – On April 29, 2024, the Company transferred all of the issued and outstanding shares of QBS System at HK$100 under a restructuring. Following the closing of the share transfer, there will be no