XML 43 R16.htm IDEA: XBRL DOCUMENT v3.2.0.727
Related Party Transactions
12 Months Ended
Jun. 30, 2015
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 9 – RELATED PARTY TRANSACTIONS

 

During the year ended June 30, 2015, Mr. Kelvin Chak, the CEO and director of the Company paid a total of $50,596 for general expenses and management fees of $25,482 and $25,114, respectively.

 

On February 12, 2015, the Company issued 700,000 shares of restricted common stocks at $0.10 per share to settle a debt of $70,000 owed to the CEO and director of the Company at the current market value of $0.10 per share.

 

On February 13, 2015, the Company disposed its 100% equity interest in Apolo Gold Direct Limited (formerly known as Apolo Gold & Energy Asia Limited) to (i) Mr. Kelvin Chak Wai Man, the Chief Executive Officer (“CEO”) and director of the Company, who acquired 40% equity interest, (ii) Mr. Tsap Wai Ping, the brother of the CEO of the Company, who acquired 50% equity interest, and (iii) China Yi Gao Gold Trader Co., Limited, a company incorporated in Hong Kong, which acquired the remaining 10% equity interest, for a consideration of $100.

 

On June 4, 2015, the Company issued 2,000,000 shares of restricted common stocks at $0.10 per share for the rendering of business consulting services provided by the brother of the CEO and director of the Company at the current market value of $0.11 per share.

 

On June 9, 2015, the Company issued 200,000 shares of restricted common stocks at $0.10 per share for the rendering of administrative consulting services provided by the Chief Financial Officer of the Company at the current market value of $0.22 per share.

 

On June 26, 2015, the Board of Directors of the Company approved to issue 340,000 shares of restricted common stock at $0.15 per share to settle a debt of $51,000 owed to the CEO and director of the Company at the current market value of $0.16 per share. All 340,000 shares were issued subsequently on July 2, 2015.