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ORGANIZATION AND DESCRIPTION OF BUSINESS
12 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
1. ORGANIZATION AND DESCRIPTION OF BUSINESS

Banny Cosmic International Holdings, Inc., formerly “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.

 

On October 12, 2017, the Company acquired Gain First Group Corporation (“Gain First”), a corporation formed under the laws of the British Virgin Islands. Gain First has signed a sole agency agreement with De Lassalle Ltd., a wine producer located in France, to distribute De Lassalle’s wine products in Greater China region. On December 12, 2017, Gain First signed another sole agency with De Lassalle to distribute De Lassalle’s wine products in South East Asia. With the acquisition of Gain First, the Company will no longer pursue investment in the mineral exploration and energy related sectors.

 

On April 3, 2018, the Company entered into a share exchange agreement with Banny International Trading Co., Ltd., a Macau company. Under the terms of that share exchange agreement, the Company exchanged 36,500,000 shares of its common stock and an option to purchase an additional 36,500,000 shares of its common stock in exchange for the brand name “Banny Choice” and the right to use Banny’s sale and distribution network for the sale of wine under the Banny Choice name in Asia and other parts of the world. This agreement was subsequently cancelled on September 10, 2018. All shares and options related to this agreement were cancelled and the cancellation of this transaction has been retroactively applied to these consolidated financial statements.