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

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part II, Item 8
Chunk 12
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 by the
transfer of 938 shares of its wholly owned subsidiary, Elison Virtus Company Limited (“Elison”) from Mericorn to the Company
for the Mega Fortune Disposition

As
a result of the Mega Fortune Disposition, the Company is now classified as a “shell company”.

15

Recent
Event

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.

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.

Plan
of Operation

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 with potential business combination candidates. The Company has unrestricted flexibility in seeking,
analyzing, and participating in potential business opportunities.

Potential
Acquisition Structure

Should
the Company pursue an acquisition, for which no assurances can be given, the structure of the transaction will depend on the specific
opportunity, the needs of the Company, and the negotiating strength of all parties involved. Possible structures include leases, purchase
and sale agreements, licenses, joint ventures, and other contractual arrangements. The Company may participate directly or indirectly
through partnerships, corporations, or other forms of organization. Implementing such structures could involve mergers, consolidations,
or reorganizations, and the Company may not necessarily emerge as the surviving entity.

Following
a reorganization, it is likely that the Company’s current management, board of directors, and stockholders will no longer hold
a majority of voting shares. Existing management and directors may resign, and new management and directors may be appointed without
a stockholder vote.

To
facilitate an acquisition, the Company may issue common stock or other securities. While terms cannot be predicted, acquisitions structured
as “tax-free” reorganizations under the Internal