Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 2

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 1
Chunk 2
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 common stock, bringing its ownership
interest to approximately 60.7% of the total issued and outstanding shares.

On
November 30, 2022, FWFW incorporated Blue Print Global, Inc. (“Blue Print”) in the British Virgin Islands to establish
operations for sourcing and selling warehouse patrol robots. FWFW holds 70% of Blue Print, with the remaining 30% held equally by two
unrelated individuals. On December 7, 2022, Blue Print entered into an Agency Agreement with International Supply Chain Alliance Co.,
Ltd. of Hong Kong (“ISCA”), appointing ISCA as its authorized agent for distributing warehouse patrol robots in China.
The agreement, valid for five years, renews automatically unless either party provides a written non-renewal notice at least 30 days
before the expiration date.

On
December 15, 2022, the Company executed a Share Exchange Agreement (the “Share Exchange Agreement”) with QBS System Limited
(“QBS System”), a Hong Kong-based company, and its shareholder, QBS Flywheel Limited, an Australian company (“QBS
Flywheel”). On March 22, 2023, QBS Flywheel transferred all QBS System shares to the Company in exchange for 8,939,600 newly
issued shares of FWFW common stock. QBS System became a wholly owned subsidiary of the Company, with no changes to the Company’s
officers or directors.

Following
the QBS Acquisition, on March 22, 2023, Sparta sold 4,764,547 shares of its common stock to 29 investors under Regulation S of the Securities
Act of 1933, as amended (the “Securities Act”) for $12,975,348.18, reducing its beneficial interest from 16,200,000 shares
of common stock to 11,435,453 shares of common stock, representing 40.64% ownership of FWFW’s outstanding common stock.

On
May 24, 2023, the Company issued 1,450,000 shares of common stock to each of Sau Ping Leung and So Ha Tsang, who collectively own 30%
of Blue Print.

On
September 18, 2023, Ho Yiu Chung resigned as a director of FWFW and Blue Print. On the same day, Blue Print appointed Tang Siu Fung as
a director, replacing Ho Yiu Chung.

In
July 2024, FWFW executed a