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Organization and Description of Business
12 Months Ended
Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

 

Wincash Apolo Gold & Energy, Inc.(“the Company”) was incorporated in March of 1997 under the laws of the State of Nevada primarily for the purpose of acquiring and developing mineral properties. The Company conducts operations primarily from its administrative offices in Vancouver, British Columbia, Canada.

 

On December 11, 2013, the Company entered into a sale agreement with Yinfu Gold Corp. (“Yinfu”) to acquire 70% interest in three gold exploration claims located in Xinjian Province, the People’s Republic of China (the “PRC”). The Company issued 6,000,000 shares of restricted common stock of the Company at $0.20 per share for the consideration of $1,200,000. On January 19, 2015, the Company and Yinfu reached a mutual agreement to terminate the acquisition at the current market value of $0.10 per share and an investment loss of $600,000 was resulted.

 

On December 23, 2013, the Company entered into an Asset Sale & Purchase Agreement with Mr. Tang Wenbo (“Mr. Tang”) to acquire Mr. Tang’s 24% equity interest and assets in Jiangxi Everenergy New Material Co., Ltd. (“Everenergy”). The Company issued 8,000,000 shares of restricted common stock of the Company at $0.375 per share and paid $1,000,000 for the aggregate consideration of $4,000,000.

 

On February 19, 2014, the Company entered into an Asset Sale & Purchase Agreement with Mr. Hu Qinjian (“Mr. Hu”) to acquire Mr. Hu’s 29% equity interest and assets in Everenergy. The Company issued 11,000,000 shares of restricted common stock of the Company at $0.45 per share for the consideration of $4,950,000.

 

On September 17, 2014, the Company terminated the Asset Sale & Purchase Agreements with Mr. Tang and Mr. Hu for the acquisition of 24% and 29% equity interest and assets in Everenergy, respectively due to neither Mr. Tang, Mr. Hu or Everenergy had complied various terms and conditions of the Asset Sale & Purchase Agreement. On the same day, the Board of Directors approved the cancellation of the total 19,000,000 shares of restricted common stock at the current market value of $0.12 per share. On October 21, 2014, 11,000,000 shares were returned and effectively cancelled and the remaining 8,000,000 shares are to be cancelled on June 30, 2015. For the year ended June 30, 2015, the Company could not recover the $1,000,000 cash payment and a total investment loss of $6,670,000 was resulted.

 

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 Mr. Kelvin Chak, the Chief Executive Officer (“CEO”) and director of the Company, Mr. Tsap Wai Ping, the brother of the CEO and China Yi Gao Gold Trader Co., Limited, a company incorporated in Hong Kong, for a consideration of $100. For the year ended June, 30, 2015, there was no gain or loss recognized on the disposal of a subsidiary.

 

On June 18, 2015, the Company filed an Amendment to its Articles of Incorporation with the Nevada Secretary of State to change its name from Apolo Gold & Energy, Inc. to Wincash Apolo Gold & Energy, Inc.

 

The Company will continue to anticipate potential mineral property exploration and other energy related investments. As of June 30, 2015, the Company does not hold any mineral property exploration claims.