# EDGAR Filing Document

**Accession Number:** 0002091629
**File Stem:** 0002091629-25-000010
**Filing Date:** 2025-10
**Character Count:** 13514
**Document Hash:** 36e574d0c3964549abecf239a57f49da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002091629-25-000010.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0002091629-25-000010

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIRWA INC.
- **CENTRAL INDEX KEY:** 0001674440
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 611789640
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92572
- **FILM NUMBER:** 251434207

**BUSINESS ADDRESS:**
- **STREET 1:** 74 E. GLENWOOD AVE. #320
- **CITY:** SMYRNA
- **STATE:** DE
- **ZIP:** 19977
- **BUSINESS PHONE:** (443) 407-7564

**MAIL ADDRESS:**
- **STREET 1:** 74 E. GLENWOOD AVE. #320
- **CITY:** SMYRNA
- **STATE:** DE
- **ZIP:** 19977

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Connexa Sports Technologies Inc.
- **DATE OF NAME CHANGE:** 20220516

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Slinger Bag Inc.
- **DATE OF NAME CHANGE:** 20220412

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Connexa Sports Technologies Inc.
- **DATE OF NAME CHANGE:** 20220412
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Belfiore Michael Anthony
- **CENTRAL INDEX KEY:** 0002091629

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **STREET 1:** 8 OAKRIDGE LANE
- **CITY:** EDGECLIFF VILLAGE
- **STATE:** TX
- **ZIP:** 76134

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 3)**

**AIRWA INC.**

*(Name of Issuer)*

**Common Stock, par value $0.001 per share**

*(Title of Class of Securities)*

**831445408**

*(CUSIP Number)*

**Michael Anthony Belfiore**<br>8 Oakridge Lane<br>Edgecliff Village TX 76134<br>8174484451

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**10/07/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **831445408** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Belfiore Michael Anthony** | Name of reporting person<br>**Belfiore Michael Anthony** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**70395.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**70395.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**70395.00** | Aggregate amount beneficially owned by each reporting person<br>**70395.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.4%** | Percent of class represented by amount in Row (11)<br>**0.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** As of October 21, 2025, prior to the public announcement regarding the execution of the PIPE financing, At-the-Market (ATM) offering, and reverse stock split, I beneficially owned 3,213,095 shares of Common Stock, representing approximately 22.1% of the total outstanding reported shares.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.001 per share

**(b) Name of Issuer:**
AIRWA INC.

**(c) Address of Issuer's Principal Executive Offices:**
74 E. GLENWOOD AVE. #320, 74 E. GLENWOOD AVE. #320, SMYRNA, DE, 19977

**Item 4. Purpose of Transaction**

Between October 8 and October 10, 2025, the Reporting Person acquired
3,213,095 shares of Common Stock of AiRWA Inc. (the "Issuer"), relying onthe last publicly reported float of 14,563,019 shares, as disclosed in the
Issuer's most recent SEC filings and reflected on Nasdaq and OTCMarkets.
Based on this float, the Reporting Person's holdings representedapproximately 22.1% of the outstanding Common Stock.

On or about October 10, 2025, the Reporting Person became aware that thislevel of ownership triggered reporting obligations under Sections 13(d) and
16 of the Securities Exchange Act of 1934. The Reporting Person promptlyinitiated compliance steps, obtained EDGAR access credentials, and filed
Form 3 and Form 4 on October 15, 2025. The initial Schedule 13D was filedon October 20, 2025.

The Reporting Person did not sell or rebuy shares during the period between
October 10 and October 24, 2025, despite price fluctuations, based on abelief that the float was tightly held and that a potential joint ventureannouncement could materially increase shareholder value. The Reporting
Person also calculated that, based on the Issuer's last reported shareholderequity of $27 million, a 22.1% stake implied a liquidation or merger valueof approximately $6.1 million.

On October 23, 2025, the Issuer disclosed that it had sold 914,503,161shares of Common Stock in "at-the-market" transactions under a previouslydisclosed sales agreement with A.G.P./Alliance Global Partners dated
January 8, 2025. This disclosure, made under Item 8.01 of a Form 8-K,revealed that the total outstanding shares had increased to 949,066,180--reducing the Reporting Person's ownership to approximately 0.37%.

The Reporting Person notes that the Issuer filed a Form 424B5 prospectussupplement on August 22, 2025, formally activating its ATM program. Thisfiling confirms that the Issuer was obligated to disclose material dilutionactivity in real time. The Reporting Person believes that the Issuer'sfailure to update float disclosures or file timely Form 8-Ks following thisactivation represents a lapse in transparency and may warrant regulatoryreview under Rule 10b-5 and Regulation FD.

The Reporting Person believes this dilution was material and should havebeen disclosed in real time. According to Gibson Dunn's July 2023 Guidanceon ATM Disclosure, issuers must file a prospectus supplement under Rule
424(b) when activating an ATM program, and if the agreement is material, a
Form 8-K under Item 1.01 or 8.01 must be filed within four business days.
Failure to disclose ATM activity can trigger Regulation FD violations,especially when material dilution occurs without public notice. Rule 10b-5exposure arises when ATM activity is omitted or misrepresented, misleadinginvestors about float and share structure. ATM offerings often cause pricesuppression and volume spikes, which must be disclosed if material. The SECmay pursue enforcement if ATM activity is concealed or mischaracterized,and shareholders may seek restitution for dilution-induced losses tied toundisclosed ATM programs.

The Reporting Person believes the Issuer's ATM activity created a falseimpression of float scarcity and valuation potential, which directlyimpacted investor decisions and market behavior. This misrepresentationdistorted perceived ownership thresholds and undermined the integrity ofpublic disclosures.

The Reporting Person further notes that the Issuer's failure to updatefloat disclosures in real time--despite ongoing ATM sales--resulted in amaterial disconnect between reported ownership percentages and actualshareholder dilution. This impaired the Reporting Person's ability toassess governance thresholds, voting power, and strategic influence.

The Reporting Person also believes that the Issuer's silence during thisdilution window--despite active ATM execution--represents a governance lapsethat warrants regulatory review. The Reporting Person respectfully requeststhat the Securities and Exchange Commission evaluate whether the Issuer'sconduct meets the standards of transparency and fairness required underfederal securities laws.

The Reporting Person further analyzed trading volume patterns to assess thetiming and impact of the Issuer's ATM activity:

Cumulative volume from January 8, 2025 to October 6, 2025 (186 trading days)was 334,498,099 shares. Stealth ATM activity not evident.

Cumulative volume from October 7, 2025 to October 24, 2025 (14 trading days)was 9,444,170,070 shares. Stealth ATM activity evident.

Cumulative volume from October 27, 2025 to October 29, 2025 (3 trading days)was 24,560,773 shares. Possible stealth ATM activity continues.

The Reporting Person also observed unusually high trading volume between
October 6 and October 24, 2025, consistent with algorithmic trading patternscommonly referred to as ALGO churning. This activity may have masked theimpact of the Issuer's release of over 934 million shares during thatperiod. The Reporting Person believes this volume distortion contributed toa false impression of float scarcity and price stability, further impairinginvestor awareness of material dilution.

The Reporting Person is submitting this amendment to reflect the materialchange in ownership and to request that the Securities and Exchange
Commission review the Issuer's compliance with Rule 10b-5, Regulation FD,
Rule 424(b), and its obligations under Sections 13 and 16.

The Reporting Person does not support the Issuer's purchase of a 30 percentstake in YYEM for $36 million. While the Reporting Person acknowledges thestrategic rationale presented by the Issuer, the valuation appears excessiverelative to prevailing market conditions and comparable benchmarks. Thisconcern is raised in the interest of sound governance and responsiblecapital allocation. The Reporting Person previously documented this concernin Form 13D/A Amendment No. 2, Exhibit 1.

The Reporting Person is not seeking control of the Issuer but is advocatingfor transparency, investor protection, and governance accountability onbehalf of all shareholders impacted by the undisclosed dilution and theproposed capital allocation.

**Item 5. Interest in Securities of the Issuer**

**(a)**
On 21 October 2025, the Reporting Person beneficially owned 3,213,095 shares of Common Stock representing 22.1% of the outstanding class.  Today, after the PIPE, ATM, and reverse split, the Reporting Person beneficially owns 70,395 shares of Common Stock, representing approximately 0.37% of the outstanding class.

**(b)**
For Michael Anthony Belfiore

Sole power to vote or direct the vote - 70,395 votes

Shared power to vote or direct the vote - 0 votes

Sole power to dispose or direct the disposition - 70,395 votes

Shared power to dispose or direct the disposition - 0 votes

**(c)**
10/07/2025 - purchased 3,129,905 shares at $0.3205 per share from the Open Market

10/08/2025 - purchased 20,190 shares at $0.188 per share from the Open Market

10/27/2025 - purchased 6,133 shares at $2.91 per share from the Open Market

10/27/2025 - 3,213,095 shares converted to 64,262 shares at an opening price of $3.03 per share on the Open Market

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6. Contracts, Arrangements, Understandings, or Relationships with
Respect to Securities of the Issuer

The Reporting Person has no contracts, arrangements, understandings, orrelationships with respect to any securities of the Issuer except asdisclosed herein. The Reporting Person has no plans to acquire additionalshares or to influence control of the Issuer but reserves the right toengage in shareholder advocacy, regulatory escalation, or public commentaryin response to the Issuer's governance practices and disclosure failures.

The Reporting Person further reserves the right to submit supportingdocumentation to the Securities and Exchange Commission, includingtimestamped volume overlays, float recalculation models, and social mediaevidence of investor confusion and harm. This may include analysis ofalgorithmic trading patterns consistent with ALGO churning, which may havedistorted price discovery and masked the impact of material dilution.

These materials may be submitted to assist in any regulatory review orenforcement action related to the Issuer's disclosure practices.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Belfiore Michael Anthony

**Signature:** Michael Anthony Belfiore

**Name/Title:** Michael Anthony Belfiore

**Date:** 10/30/2025