secwatch.observer — SEC 8-K summary
======================================

Issuer:     FLYWHEEL ADVANCED TECHNOLOGY, INC. (FWFW)
CIK:        0001492617
Form:       8-K
Filed at:   2024-07-11T23:59:59+00:00
Accession:  0001493152-24-026903
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Flywheel Advanced Technology sells Mega Fortune subsidiary for 9.38% stake in Elison Virtus
--------------------------------------------------------------------------------

- Sold all 100,000 shares of Mega Fortune Company Limited to Mericorn Company Limited for HKD56,360,000 (approx. $7,230,000).
- Purchase price satisfied by transfer of 938 shares (9.38% equity) of Elison Virtus Company Limited, a wealth management firm.
- Transaction completed July 5, 2024; related party involvement: CEO's spouse owns 25% of buyer.
- Pro forma gain on sale estimated at $3.8 million; assets and liabilities of Mega Fortune eliminated from balance sheet.
- Company retains minority stake in Elison; IoT business (QBS System) divested.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1492617/000149315224026903/0001493152-24-026903-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1492617/000149315224026903/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-026903

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer