Company: FWFW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023125
Chunk: 51

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 2
Chunk 51
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 is held
by an individual unrelated to the Company. On March 22, 2023, FWFW acquired QBS System Limited (“QBS System”), a limited
company incorporated under the laws of Hong Kong (the “QBS Acquisition”). FWFW were formed to provide Internet of Things
(“IoT”) solutions and services to assist its clients to build applications using available IoT devices, sensors, frameworks,
and platforms, integrate hardware and software solutions with clients existing landscape, or implement new IoT solutions for enterprises.

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 on 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 an indirect wholly owned subsidiary of the Company.

14

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