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

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

15

Through
QBS System, we offered a comprehensive range of IoT services, including consulting, development and implementation, analytics, support,
and continuous evolution. QBS System’s business portfolio encompassed IoT integration solutions, maintenance and support services,
IoT projects and ventures, Business Process Outsourcing (“BPO”) services, and nearly twelve years of experience in Hong Kong
providing both IoT software and hardware engineering services. Its clientele spanned a wide array of industries, including logistics
and supply chain management, food & beverage, automation, and smart buildings. QBS System’s IoT solutions supported applications
such as connected enterprise equipment and industrial assets, including machines and robots, which are integral to the fourth industrial
revolution, or “Industry 4.0.”

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. On April 29, 2024, the
Company transferred all issued and outstanding shares of QBS System to Ponte Fides for HK$100 as part of a restructuring. Following the
completion of the share transfer, there were no changes to the officers and directors of the Company, and QBS System continued its operations
as a wholly owned subsidiary of the Company.

On
July 30, 2024, Tang Siu Fung notified the Company of his resignation from all positions, including sole director, Chief Executive Officer,
and President, effective as of the close of business on July 30, 2024. In connection with his resignation as Chief Executive Officer
and President, Mr. Tang was also removed as the “Principal Executive Officer,” “Principal Financial Officer,”
and “Principal Accounting Officer” for Securities and Exchange Commission (“SEC”) reporting purposes.

On
the same day, July 30, 2024, the Company appointed Luk Yuen Leung as President, Chief Executive Officer, and Chairman of the Board of
Directors, effective as of the close of business on July 30, 2024. Mr. Leung was appointed to serve until his successor is duly appointed,
unless he resigns, is removed from office, or is otherwise disqualified from serving as an officer and/or director of the Company. In
connection with his appointment as Chief Executive Officer and President, Mr. Leung was designated as the Company’s “