Investments

3 Months Ended

Sep. 30, 2014

Schedule of Investments [Abstract]

Investments

NOTE 5 – INVESTMENTS

On December 23, 2013, the Company acquired a 24% interest in Jiangxi Everenergy New Material Co., Ltd. (“Everenergy”) The consideration was settled with the Company of 8-million restricted common stocks at a deemed price of $0.375 per share, plus $1-million in cash. Additionally, on February 19, 2014, the Company acquired an additional 29% interest in Everenergy. The consideration will be settled with the issue of 11-million restricted common stock at a deemed price of $0.45 per share. As at the date of this report, the ownership for both acquisitions have not been completed. Consequently, the acquisitions are treated as investment and no consolidation of the financial statements were adopted.

Everenergy produces and sells high-quality lithium batteries, cathode materials and relevant precursor materials.

On September 17, 2014, the Company cancelled all the 11,000,000 common shares and 8,000,000 common shares originally issued for the acquisition of 29% and 24% interest respectively, in Everenergy.

The 11-million shares issued were effectively cancelled on October 21, 2014, and the remaining 8-million shares issued are in the process of cancellation and seeking repayment of the $1 million paid for the acquisition. The repayment is included in Account Receivable in the Balance Sheet.