Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 129

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 1B
Chunk 129
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, 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. These two individuals collectively hold 30% 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 change in the officers and directors of the Company, and QBS System will continue its business as a wholly owned subsidiary
    of the Company.

QBS
System was incorporated in Hong Kong on April 14, 2011 with limited liability and its principal activities are providing Internet of
Things (“IoT”) solutions and services across industries. Its IoT solutions help clients to build applications using available
IoT device, sensors, framework and platform, to integrate the available hardware and software solution with clients’ existing landscape
or implement a new IoT solution for enterprises.

QBS
System provides a full-range IoT services comprising consulting development and implementation, analytics, support, and