Company: FWFW
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006388
Chunk: 8

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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 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.

    10

The
Company’s subsidiaries are as follows as of December 31, 2024:

 SCHEDULE
OF COMPANY SUBSIDIARIES

    Name
    of Corporation
     
    Date of Formation
     
    Ownership
     
    Description
    of Business
  
    Flywheel Advanced Technology, Inc.
                                                                            
                                                                           (Nevada
Corporation)
     
    April
    30, 2010
     
    100%
     
    Parent
    Company

    Blue Print Global, Inc.

                                                                           (British
    Virgin Islands Corporation)
     
    November
30, 2022
     
    70%
     
    Establish an operation to source the supply and sale of warehouse patrol robots.

We
use the terms “Company”, “we” and “us” to refer to both Flywheel Advanced Technology, Inc. and its
subsidiaries.

NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 (A) Basis of Presentation

The
accompanying unaudited interim consolidated financial statements (“consolidated financial statements”) have been prepared
in accordance with the Financial Accounting Standards Board (“FASB”) “FASB Accounting Standard Codification™”
(the “Codification”) which is the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental
entities in the preparation of consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”)
in the United States.

 (B) Unaudited Interim Consolidated financial statements

The
accompanying interim unaudited condensed consolidated financial statements (“Interim Financial Statements”) of the