Company: FWFW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023125
Chunk: 3

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part II, Item 8
Chunk 3
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 System at HK$100 under a restructuring. Following the closing of the share transfer, 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.

    ●
    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.

    ●
    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