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Shares to Be Cancelled
6 Months Ended
Dec. 31, 2014
Shares To Be Cancelled  
Shares to Be Cancelled

NOTE 7 – SHARES TO BE CANCELLED

 

On December 23, 2013, the Company acquired a 24% interest in Jiangxi Everenergy New Material Co., Ltd. (“Everenergy”). The Company issued 8-million restricted common stocks at a deemed price of $0.375 per share, plus $1-million in cash. However, due to failed negotiations and sellers’ personal reasons, the acquisition exercise for Everenergy was unsuccessful and consequently the whole acquisition was cancelled.

 

The Company is seeking legal again with regards to the return of the 8 million shares along with a demand notice for the return of the $1-million payment.