Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 473

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 8
Chunk 473
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 these consolidated financial statements

F-5

FLYWHEEL
ADVANCED TECHNOLOGY, INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS 

SEPTEMBER
30, 2024 and 2023

(Unaudited)

NOTE-
1 ORGANIZATION AND BUSINESS BACKGROUND

Flywheel
Advanced Technology, Inc. (formerly known as Pan Global Corp.) (“the Company”) was incorporated in the state of Nevada on
April 30, 2010.

The
Company had the following significant events:

    ●
    Stock
    Purchase Agreement (July 13, 2021) – In July 2021, the Company entered into a Stock Purchase Agreement between NYJJ Hong
    Kong Limited (Seller) and Sparta Universal Industrial Ltd. (Purchaser), wherein the Purchaser purchased 10,000,000 shares of Series
    A-1 Preferred Stock, par value $0.0001 per share (the “Shares”) of the Company. As a result, the Purchaser became approximately
    90% holder of the voting rights of the issued and outstanding shares of the Company, on a fully diluted basis and became the controlling
    shareholder. At the effective date of transfer, David Lazar ceased to be the Company ‘ s Chief Executive Officer, President,
    Secretary, Chief Financial Officer and Chairman of the Board of as Directors, and the Company appointed Tang Siu Fung as President,
    Chief Executive Officer, and Chairman of the Board of Directors; Cheng Sin Yi as Secretary, and Treasurer; Tin Sze Wai as Director;
    Ip Tsz Ying as Director; Ho Yiu Chung as Director; and Lai Chi Chuen as Director.

    ●
    Name
    Change (November 21, 2021) – On November 21, 2021, Board of directors and majority shareholder approved the change of the
    Company’s name to “Flywheel Advanced Technology, Inc.”.

    ●
    Reverse
    Stock Split (July 13, 2022) – On July 13, 2022, the Company completed a 1:100 reverse stock split of the Company’s
    common stock which became effective on July 14, 2022. As of July 14, 2022, the 1:100 reverse stock split of the Company’s
    common stock became effective. Following the effectiveness of the reverse stock split, there are currently 1,551,550 shares of common