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Shares to be Cancelled
9 Months Ended
Mar. 31, 2015
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’ failure to provide the required financial information, the acquisition exercise for Everenergy was unsuccessful and consequently the acquisition was cancelled.

 

The Company is seeking the return of the 8 million shares and has issued a demand notice for the return of the $1-million payment.