Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Sep. 23, 2017 | Dec. 31, 2016 | |
Details | |||
Registrant Name | Apollo Acquisition Corp | ||
Registrant CIK | 1,505,367 | ||
SEC Form | 10-K | ||
Period End date | Jun. 30, 2017 | ||
Fiscal Year End | --06-30 | ||
Trading Symbol | apol | ||
Number of common stock shares outstanding | 998,275 | ||
Public Float | $ 0 | ||
Filer Category | Smaller Reporting Company | ||
Current with reporting | Yes | ||
Voluntary filer | No | ||
Well-known Seasoned Issuer | No | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Incorporation, State Country Name | Cayman Islands | ||
Entity Address, Address Line One | 800 E. Colorado Blvd., Suite 888 | ||
Entity Address, City or Town | Pasadena | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 91,101 | ||
City Area Code | (626) | ||
Local Phone Number | 683-9120 |
Balance Sheet
Balance Sheet - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
CURRENT ASSETS | ||
Cash | $ 13,193 | $ 11,477 |
Total current assets | 13,193 | 11,477 |
Total assets | 13,193 | 11,477 |
CURRENT LIABILITIES | ||
Accounts payable | 2,404 | 0 |
Accounts payable - related party | 213,261 | 213,261 |
Accrued expenses | 7,070 | 7,070 |
Loan from ACI | 65,000 | 35,000 |
Accrued interest | 2,352 | 883 |
Total current liabilities | 290,086 | 256,214 |
SHAREHOLDERS' DEFICIT | ||
Common Stock, Value | 128 | 128 |
Additional paid in capital | 8,796 | 8,796 |
Accumulated deficit | (285,817) | (253,661) |
Total stockholders' deficit | (276,893) | (244,737) |
Total liabilities and stockholders' deficit | $ 13,193 | $ 11,477 |
Balance Sheet - Parenthetical
Balance Sheet - Parenthetical - $ / shares | Jun. 30, 2017 | Jun. 30, 2016 |
Details | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.000128 | $ 0.000128 |
Preferred Stock, Shares Authorized | 781,250 | 781,250 |
Preferred Stock, Shares Issued | 781,250 | 781,250 |
Preferred Stock, Shares Outstanding | 781,250 | 781,250 |
Common Stock, Par or Stated Value Per Share | $ 0.000128 | $ 0.000128 |
Common Stock, Shares Authorized | 39,062,500 | 39,062,500 |
Common Stock, Shares, Issued | 998,275 | 998,275 |
Common Stock, Shares, Outstanding | 998,275 | 998,275 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Expenses | ||
Formation, general and administrative expenses | $ 30,688 | $ 26,024 |
Total operating expenses | (30,688) | (26,024) |
Other income and expenses | ||
Interest Expense | (1,468) | (820) |
Net loss | $ (32,156) | $ (26,844) |
Basic and diluted loss per share | $ (0.03) | $ (0.03) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 998,275 | 998,275 |
Statements of Stockholders' Def
Statements of Stockholders' Deficit - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | Total |
Equity Balance, Starting at Jun. 30, 2015 | $ 128 | $ 8,796 | $ (226,817) | $ (217,893) |
Shares Outstanding, Starting at Jun. 30, 2015 | 998,275 | |||
Net Income (Loss) | (26,844) | (26,844) | ||
Equity Balance, Ending at Jun. 30, 2016 | $ 128 | 8,796 | (253,661) | (244,737) |
Shares Outstanding, Ending at Jun. 30, 2016 | 998,275 | |||
Net Income (Loss) | (32,156) | (32,156) | ||
Equity Balance, Ending at Jun. 30, 2017 | $ 128 | $ 8,796 | $ (285,817) | $ (276,893) |
Shares Outstanding, Ending at Jun. 30, 2017 | 998,275 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities | ||
Net profit (loss) | $ (32,156) | $ (26,844) |
Changes in operating assets and liabilities | ||
Accounts payable | 2,404 | |
Accounts payable - related party | 11,501 | |
Accrued interest | 1,468 | 820 |
Net cash used in operating activities | (28,284) | (14,523) |
Financing activities | ||
Loan from ACI | 30,000 | 20,000 |
Net cash provided by financing activities | 30,000 | 20,000 |
Net increase (decrease) in cash | 1,716 | 5,477 |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 11,477 | 6,000 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 13,193 | $ 11,477 |
Note 1 - Organization, Business
Note 1 - Organization, Business and Operations | 12 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 1 - Organization, Business and Operations | Note 1 - Organization, Business and Operations On September 27, 2006, Apollo Acquisition Corporation (the Company) was formed in the Cayman Islands with the objective to acquire, or merge with, an operating business. On November 15, 2012, the Company, Access America Fund, L.P. (the Seller), and Sword Dancer, LLC (the Purchaser) entered into and closed a Stock Purchase Agreement, whereby the Purchaser agreed to purchase from the Seller, 781,250 ordinary shares of the Companys capital stock, par value $0.000128 per share, representing approximately 78.3% of the issued and outstanding ordinary shares of the Company, for an aggregate purchase price of $33,334. As a result of this transaction, the Purchaser became our controlling stockholder. On March 20, 2013, Sword Dancer, LLC, a Nevada limited liability company (Sword Dancer) sold to Hybrid Kinetic Automotive Holdings, LLC, a Delaware corporation (Hybrid Kinetic), in a private transaction exempt from registration under the Securities Act of 1933, as amended, 781,250 Ordinary Shares of $0.000128 par value of the Company, representing all of the shares of the Company held by Sword Dancer, for an aggregate purchase price of $100,000. As a result, Hybrid Kinetic acquired approximately 78.3% of the Companys common equity. On February 13, 2015, Hybrid Kinetic Automotive Holdings, LLC, a Delaware limited liability company (Hybrid Kinetic) sold 781,250 ordinary shares, par value of $0.000128 per share (the Purchased Shares) of the Company to American Compass, Inc., a California corporation (ACI), in a private transaction exempt from registration under the Securities Act of 1933, as amended, for an aggregate purchase price of $781,250. As a result of such transaction, ACI was the beneficial owner of approximately 78.3% of the Companys issued and outstanding ordinary shares. On February 17, 2015, the Company entered into a Securities Purchase Agreement (the Agreement) with Lianyungang HK New Energy Vehicle System Integration Corporation, a company organized under the laws of the Peoples Republic of China (the Investor), for gross proceeds equal to an aggregate of $20,000,000 in exchange for the issuance of 20,000,000 ordinary shares of the Company, par value of $0.000128 per share (the Shares), at a per share price of $1.00. The closing of the transactions contemplated under the Agreement are expected to occur on or before March 16, 2015. As a result of such transaction closing, the Investor will be the beneficial owner of approximately 95.24% of the Companys issued and outstanding ordinary shares. The Shares constitute restricted securities within the meaning of Rule 144 of the Securities Act of 1933, as amended, and may not be sold, pledged, or otherwise disposed of by the Purchaser without restriction under the Securities Act and applicable state securities laws. On March 18, 2015 (the TL Effective Date), the Company entered into a Technology License Agreement (the TL Agreement) with Ford Cheer International Limited, a company organized and existing under the laws of Hong Kong (Licensor). Under the terms of the Agreement the Licensor grants to the Company an irrevocable exclusive right and license, including the right to sublicense, the certain inventions, technology, know-how, patents and other intellectual property rights regarding the production of materials for use in lithium batteries (the License Technology). As consideration for the license granted under the Agreement, the Company will pay to the Licensor a one-time fee of $20,000,000 within thirty (30) days of the TL Effective Date. The agreement will commence on the Effective Date and will continue for a term of twenty (20) years. On March 23, 2015 (the SPA Effective Date), the Company entered into a Securities Purchase Agreement (the SPA) with HK Battery Technology, Inc., a Delaware corporation (the Seller), to purchase Ten Million shares of the Sellers common stock, par value of $0.001 per share (the Shares), at a per share price of $1.00. On June 26, 2015, the parties terminated the SPA. On June 22, 2015, the Company established a wholly-owned subsidiary, Apollo Technology Corporation, and transferred the $20,000,000 other intangible assets under this subsidiary. On June 26, 2015, the Company entered into a Common Stock Exchange Agreement (the Exchange Agreement) with Lianyungang Corporation, a Cayman Islands Exempted Company (Lianyungang). Pursuant to the Exchange Agreement, the Company transferred, conveyed and assigned one hundred percent of its equity interest in Apollo Technology Corporation, a Cayman Islands Exempted Company, to Lianyungang (the Apollo Technology Transfer). In exchange for the Apollo Technology Transfer, Lianyungang transferred, conveyed and assigned its ninety-five and twenty-six one-hundredths percent (95.26%) equity interest in the Company to the Company for cancellation. Upon closing of the transaction, which took place on June 26, 2015 (the Exchange Closing Date), the Company redeemed its ordinary shares, which represented 95.26% of the issued and outstanding ordinary shares just prior to the Exchange Closing Date. As a result, ACI owned 78.3% of the Companys issued and outstanding ordinary shares. Upon the closing of the transaction contemplated above, which took place on June 26, 2015 (the Closing), the Company redeemed shares of its common stock (Shares), which represented ninety-five and twenty-six one hundredths percent (95.26%) of the issued and outstanding Shares just prior to the Closing. ACI now holds seventy-eight and three tenths percent (78.30%) of the Companys issued and outstanding Shares. On November 6, 2015, ACI entered into a Stock Purchase Agreement with Hybrid Kinetic Automotive Holdings, LLC, a Delaware limited liability company (the Buyer), to sell to the Buyer 781,250 ordinary shares of stock of the Company at a purchase price of $1.00 per share (the Stock Purchase). The Stock Purchase was a private transaction exempt from registration under the Securities Act of 1933, as amended. Upon the closing of the Stock Purchase, the Buyer was the beneficial owner of approximately 78.3% of the Companys issued and outstanding ordinary shares. The Buyer has not advised the Company of any plans to appoint new directors to the Companys Board of Directors or to make any changes to the Companys management or operations. As of June 30, 2016, the Company had not yet commenced operations. All activity from September 27, 2006 ("Date of Inception") through June 2016 relates to the Company's formation. The Company selected June 30 as its fiscal year-end. The Company, based on its proposed business activities, is a "blank check" company. The Securities and Exchange Commission defines such a company as a development stage company as it either has no specific business plan or purpose, or has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies, or other entity or person; and has issued "penny stock", as defined in Rule 3a51-1 under the Securities Exchange Act of 1934. Many states have enacted statutes, rules and regulations limiting the sale of securities of "blank check" companies in their respective jurisdictions. Management does not intend to undertake any efforts to cause a market to develop in its securities, either debt or equity, until the Company concludes a business combination with an operating entity. The Company was organized to acquire a target company or business seeking the perceived advantages of being a publicly-held company and, to a lesser extent that desires to employ the Companys funds in its business. The Companys principal business objective for the next 12 months and beyond will be to achieve long-term growth potential through a business combination rather than short-term earnings. The Company will not restrict its potential candidate target companies to any specific business, industry or geographical location. The analysis of new business opportunities will be undertaken by or under the supervision of the officers and directors of the Company. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 2 - Summary of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies Basis of Presentation These condensed financial statements are presented on the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America. The Company also follows the accounting guidelines for accounting for and reporting in Development Stage Enterprises in preparing its financial statements. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Loss per Ordinary Share Basic loss per ordinary share is based on the weighted effect of ordinary shares issued and outstanding, and is calculated by dividing net loss by the weighted average shares outstanding during the period. Diluted loss per ordinary share is calculated by dividing net loss by the weighted average number of ordinary shares used in the basic loss per share calculation plus the number of ordinary shares that would be issued assuming exercise or conversion of all potentially dilutive ordinary shares outstanding. The Company does not present diluted earnings per share for years in which it incurred net losses as the effect is antidilutive. As of June 30, 2017 and June 30, 2016, there were no potentially dilutive ordinary shares outstanding. Income Taxes Apollo Acquisition Corporation was registered as an Exempted Company in the Cayman Islands, and therefore, is not subject to Cayman Islands income taxes for 20 years from the Date of Inception. While the Company has no intention of conducting any business activities in the United States, the Company would be subject to United States income taxes based on such activities that would occur in the United States. The Company accounts for income taxes using the liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. In assessing the realization of deferred tax assets, management considers whether it is likely that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the Company attaining future taxable income during periods in which those temporary differences become deductible. Fair Value of Financial Instruments Our financial instruments consist of accounts payable and accrued expenses. We believe the fair value of our payables reflects their carrying amounts. The Financial Accounting Standards Board issued ASC (Accounting Standards Codification) 820-10 (SFAS No. 157), Fair Value Measurements and Disclosures for financial assets and liabilities. FASB ASC 820-10 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. FASB ASC 820-10 defines fair value as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. FASB ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of June 30, 2017, the Company had no assets would require measurement on a recurring basis based on this guidance. Cash Cash equivalents are comprised of certain highly liquid investments with maturities of three months or less when purchased. The Company's cash is held with local and national banking institutions and subjected to current FDIC insurance limits of $250,000 per banking institution. As of June 30, 2017 and 2016, the Company bank balances in these bank accounts did not exceed the insured amount. The Company has not experienced any losses related to this concentration of risk. There are no cash equivalents as of June 30, 2017. Recently Issued Accounting Pronouncements In June 2014, the FASB issued ASU No. 2014-10, Development Stage Entities (Topic 915), Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this update remove the definition of a development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The Companys early adoption of the new standard is not expected to have a material effect on the Companys financial position or results of operations. |
Note 3 - Going Concern
Note 3 - Going Concern | 12 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 3 - Going Concern | Note 3 Going Concern Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading, or seeking protection from creditors pursuant to laws or regulations. Accordingly, assets and liabilities are recorded on the basis that the entity will be able to realize its assets and discharge its liabilities in the normal course of business. The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its planned business. Management has plans to seek additional capital through a public or private offering of equity or debt securities, or by other means. These conditions raise substantial doubt about the Companys ability to continue as a going concern. These financial statements do not include any adjustments that might arise from this uncertainty. There can be no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds will be available from external sources such as debt or equity financings or other potential sources. The lack of additional capital resulting from the inability to generate cash flow from the operations or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might necessary in the event the Company cannot continue in existence. |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 12 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 4 - Related Party Transactions | Note 4 Related Party Transactions During the years ended June 30, 2017 and 2016, the Company incurred legal and auditing costs paid by an affiliate company, ACI, Inc., equal to $0 and $11,501, respectively. As of June 30, 2017 and 2016, the Company has a balance of $213,261 and $213,261 in Accounts Payable to ACI, respectively. |
Note 5 - Shareholders' Deficit
Note 5 - Shareholders' Deficit | 12 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 5 - Shareholders' Deficit | Note 5 Shareholders Deficit On February 17, 2015, the Company entered into a Securities Purchase Agreement (the Agreement) with Lianyungang HK New Energy Vehicle System Integration Corporation, a company organized under the laws of the Peoples Republic of China (the Investor), for gross proceeds equal to an aggregate of $20,000,000 in exchange for the issuance of 20,000,000 ordinary shares of the Company, par value of $0.000128 per share (the Shares), at a per share price of $1.00. On June 26, 2015, Apollo Acquisition Corporation (the Company) entered into a Common Stock Exchange Agreement (the Agreement) with Lianyungang Corporation, a Cayman Islands Exempted Company (Lianyungang). Pursuant to the Agreement, the Company transferred, conveyed and assigned one hundred percent (100%) of its equity interest in Apollo Technology Corporation, a Cayman Islands Exempted Company, to Lianyungang (the Apollo Technology Transfer). In exchange for the Apollo Technology Transfer, Lianyungang transferred, conveyed and assigned its ninety-five and twenty-six one-hundredths percent (95.26%) equity interest in the Company to the Company for cancellation. The Shares will be issued to the Investor, a non-US person (as that term is defined in Regulation S of the Securities Act of 1933, as amended (the Act)) in accordance with Rule 506 of Regulation D promulgated under the Act, in that the Company did not engage in any general advertisement or general solicitation in connection with the offering of the Shares, and the Company was available to answer any questions from the Investor. Cash commissions will not be paid in connection with the sale of the Shares. The Company is authorized to issue 39,062,500 Ordinary Shares, par value of $0.000128 per share. As of June 30, 2017, there are 998,275 shares issued and outstanding. The Company is authorized to issue 781,250 Preference Shares, par value of $0.000128 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. As of June 30, 2017, there were no Preference Shares issued or outstanding. |
Note 6 - Other Intangible Asset
Note 6 - Other Intangible Assets | 12 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 6 - Other Intangible Assets | Note 6 Other Intangible Assets On March 18, 2015 (the "Effective Date"), the Company entered into a Technology License Agreement (the "Agreement") with Ford Cheer International Limited, a company organized and existing under the laws of Hong Kong ("Licensor"). Under the terms of the Agreement the Licensor grants to the Company an irrevocable exclusive right and license, including the right to sublicense, the certain inventions, technology, know-how, patents and other intellectual property rights regarding the production of materials for use in lithium batteries (the "License Technology"). The Agreement will commence on the Effective Date and will continue for a term of twenty (20) years. The Licensed Technology is primarily related to certain know-how that focuses on the preparation method and production of a type of lithium titanateanode material. As consideration for the license granted under the Agreement, the Company will pay to the Licensor a one-time fee of $20,000,000. On June 22, 2015, the Company transferred other intangible assets to a wholly owned subsidiary, Apollo Technology Corporation. On June 26, 2015, Apollo Acquisition Corporation (the Company) entered into a Common Stock Exchange Agreement (the Agreement) with Lianyungang Corporation, a Cayman Islands Exempted Company (Lianyungang). Pursuant to the Agreement, the Company transferred, conveyed and assigned one hundred percent (100%) of its equity interest in Apollo Technology Corporation, a Cayman Islands Exempted Company, to Lianyungang (the Apollo Technology Transfer). In exchange for the Apollo Technology Transfer, Lianyungang transferred, conveyed and assigned its ninety-five and twenty-six one hundredths percent (95.26%) equity interest in the Company to the Company for cancellation. As June 30, 2017, the balance of other intangible assets is $0. |
Note 7 - Loan from Related Part
Note 7 - Loan from Related Party | 12 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 7 - Loan from Related Party | Note 7 - Loan from Related Party On March 18, 2015, the Company issued a Demand Promissory Note to ACI in the principal amount of $5,000 (the March Note) in order to cover the Companys operating expenses. The March Note accrues interest equal to three percent (3%) per annum and is due upon demand from ACI. On June 5, 2015, the Company issued a Demand Promissory Note to ACI in the principal amount of 10,000 (the June Note) in order to cover the Companys operating expenses. The June Note accrues interest equal to three percent (3%) per annum and is due upon demand from ACI. On November 18, 2015, the Company issued a Demand Promissory Note to ACI in the principal amount of $20,000 (the November Note) in order to cover the Companys operating expenses. The November Note accrues interest equal to three percent (3%) per annum and is due upon demand from ACI. On September 9, 2016, the Company issued a Demand Promissory Note to ACI in the principal amount of $10,000 (the September Note) in order to cover the Companys operating expenses. The September Note accrues interest equal to three percent (3%) per annum and is due upon demand from ACI. On January 23, 2017, the Company issued a Demand Promissory Note to ACI in the principal amount of $10,000 (the January Note) in order to cover the Companys operating expenses. The January Note accrues interest equal to three percent (3%) per annum and is due upon demand from ACI. On May 9, 2017, the Company issued a Demand Promissory Note to ACI in the principal amount of $10,000 (the May Note, and, together with the March Note, June Note, November Note, September Note and January Note, the Notes) in order to cover the Companys operating expenses. The May Note accrues interest equal to three percent (3%) per annum and is due upon demand from ACI. The Company will use the proceeds from the Notes to fund the general and administrative expenses of the Company, as the Company does not currently generate any revenues. As of June 30, 2017, the balance of the Notes to ACI was $65,000. The total accrued interest was $2,352 and 883 for the years ended June 30, 2017 and 2016, respectively. The Notes are payable on demand and there is no maturity date. ACI and the Company are related parties inasmuch as ACI was a beneficial owner of greater than five percent of the issued and outstanding ordinary shares of the Company during the year ended June 30, 2017. |
Note 8 - Securities Purchase Ag
Note 8 - Securities Purchase Agreement | 12 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 8 - Securities Purchase Agreement | Note 8 Securities Purchase Agreements On February 17, 2015, the Company entered into a Securities Purchase Agreement (the Agreement) with Lianyungang HK New Energy Vehicle System Integration Corporation, a company organized under the law of the Peoples Republic of china (the Investor), for gross proceeds equal to an aggregate of $20,000,000 in exchange for the issuance of 20,000,000 ordinary shares of the Company, par value of $0.000128 per share (the Shares), at a per share price of $1.00. On March 17, 2015, the Company received the gross proceeds of $20,000,000 from the Investor and the Company issued the Shares to the Investor. On March 23, 2015 (the Effective Date), the Company entered into a Securities Purchase Agreement (the SPA) with HK Battery Technology, Inc., a Delaware corporation (the Seller), to purchase Ten Million shares of the Sellers common stock, par value of $0.001 per share (the SPA Shares), at a per share price of $1.00. On June 26, 2015, the parties terminated the SPA. On November 6, 2015, ACI entered into a Stock Purchase Agreement with Hybrid Kinetic Automotive Holdings, LLC, a Delaware limited liability company (the Buyer), to sell to the Buyer 781,250 ordinary shares of stock of the Company for a purchase price of $1.00 per share (the Stock Purchase). Upon the closing of the Stock Purchase, the Buyer was the beneficial owner of approximately 78.3% of the Companys issued and outstanding ordinary shares. |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 12 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 9 - Subsequent Events | Note 9 Subsequent Event These financial statements were approved by management and available for issuance on September [_], 2017. There have been no subsequent events through this date. |
Note 2 - Summary of Significa16
Note 2 - Summary of Significant Accounting Policies: Basis of Accounting, Policy (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
Policies | |
Basis of Accounting, Policy | Basis of Presentation These condensed financial statements are presented on the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America. The Company also follows the accounting guidelines for accounting for and reporting in Development Stage Enterprises in preparing its financial statements. |
Note 2 - Summary of Significa17
Note 2 - Summary of Significant Accounting Policies: Use of Estimates, Policy (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
Policies | |
Use of Estimates, Policy | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Note 2 - Summary of Significa18
Note 2 - Summary of Significant Accounting Policies: Earnings Per Share, Policy (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
Policies | |
Earnings Per Share, Policy | Loss per Ordinary Share Basic loss per ordinary share is based on the weighted effect of ordinary shares issued and outstanding, and is calculated by dividing net loss by the weighted average shares outstanding during the period. Diluted loss per ordinary share is calculated by dividing net loss by the weighted average number of ordinary shares used in the basic loss per share calculation plus the number of ordinary shares that would be issued assuming exercise or conversion of all potentially dilutive ordinary shares outstanding. The Company does not present diluted earnings per share for years in which it incurred net losses as the effect is antidilutive. As of June 30, 2017 and June 30, 2016, there were no potentially dilutive ordinary shares outstanding. |
Note 2 - Summary of Significa19
Note 2 - Summary of Significant Accounting Policies: Income Tax, Policy (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
Policies | |
Income Tax, Policy | Income Taxes Apollo Acquisition Corporation was registered as an Exempted Company in the Cayman Islands, and therefore, is not subject to Cayman Islands income taxes for 20 years from the Date of Inception. While the Company has no intention of conducting any business activities in the United States, the Company would be subject to United States income taxes based on such activities that would occur in the United States. The Company accounts for income taxes using the liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. In assessing the realization of deferred tax assets, management considers whether it is likely that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the Company attaining future taxable income during periods in which those temporary differences become deductible. |
Note 2 - Summary of Significa20
Note 2 - Summary of Significant Accounting Policies: Fair Value of Financial Instruments, Policy (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
Policies | |
Fair Value of Financial Instruments, Policy | Fair Value of Financial Instruments Our financial instruments consist of accounts payable and accrued expenses. We believe the fair value of our payables reflects their carrying amounts. The Financial Accounting Standards Board issued ASC (Accounting Standards Codification) 820-10 (SFAS No. 157), Fair Value Measurements and Disclosures for financial assets and liabilities. FASB ASC 820-10 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. FASB ASC 820-10 defines fair value as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. FASB ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of June 30, 2017, the Company had no assets would require measurement on a recurring basis based on this guidance. |
Note 2 - Summary of Significa21
Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents, Policy (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
Policies | |
Cash and Cash Equivalents, Policy | Cash Cash equivalents are comprised of certain highly liquid investments with maturities of three months or less when purchased. The Company's cash is held with local and national banking institutions and subjected to current FDIC insurance limits of $250,000 per banking institution. As of June 30, 2017 and 2016, the Company bank balances in these bank accounts did not exceed the insured amount. The Company has not experienced any losses related to this concentration of risk. There are no cash equivalents as of June 30, 2017. |
Note 2 - Summary of Significa22
Note 2 - Summary of Significant Accounting Policies: New Accounting Pronouncements, Policy (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
Policies | |
New Accounting Pronouncements, Policy | Recently Issued Accounting Pronouncements In June 2014, the FASB issued ASU No. 2014-10, Development Stage Entities (Topic 915), Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this update remove the definition of a development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The Companys early adoption of the new standard is not expected to have a material effect on the Companys financial position or results of operations. |
Note 1 - Organization, Busine23
Note 1 - Organization, Business and Operations (Details) | 12 Months Ended |
Jun. 30, 2017 | |
Details | |
Entity Incorporation, Date of Incorporation | Sep. 27, 2006 |
Entity Incorporation, State Country Name | Cayman Islands |
Note 4 - Related Party Transa24
Note 4 - Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Details | ||
Legal Fees | $ 0 | $ 11,501 |
Balance due to affiliate company | $ 213,261 | $ 213,261 |
Note 5 - Shareholders' Deficit
Note 5 - Shareholders' Deficit (Details) - $ / shares | Jun. 30, 2017 | Jun. 30, 2016 |
Details | ||
Common Stock, Shares Authorized | 39,062,500 | 39,062,500 |
Common Stock, Par or Stated Value Per Share | $ 0.000128 | $ 0.000128 |
Common Stock, Shares, Outstanding | 998,275 | 998,275 |
Note 7 - Loan from Related Pa26
Note 7 - Loan from Related Party (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Loan from ACI | $ 65,000 | $ 35,000 |
Accrued interest | $ 2,352 | $ 883 |
Note 1 | ||
Debt Instrument, Issuance Date | Mar. 18, 2015 | |
Debt Instrument, Issuer | Company | |
Debt Instrument, Description | Demand Promissory Note to ACI | |
Debt Instrument, Face Amount | $ 5,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |
Note 2 | ||
Debt Instrument, Issuance Date | Jun. 5, 2015 | |
Debt Instrument, Issuer | Company | |
Debt Instrument, Description | Demand Promissory Note to ACI | |
Debt Instrument, Face Amount | $ 10,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |
Note 3 | ||
Debt Instrument, Issuance Date | Nov. 18, 2015 | |
Debt Instrument, Issuer | Company | |
Debt Instrument, Description | Demand Promissory Note to ACI | |
Debt Instrument, Face Amount | $ 20,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |
Note 4 | ||
Debt Instrument, Issuance Date | Sep. 9, 2016 | |
Debt Instrument, Issuer | Company | |
Debt Instrument, Description | Demand Promissory Note to ACI | |
Debt Instrument, Face Amount | $ 10,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |
Note 5 | ||
Debt Instrument, Issuance Date | Jan. 23, 2017 | |
Debt Instrument, Issuer | Company | |
Debt Instrument, Description | Demand Promissory Note to ACI | |
Debt Instrument, Face Amount | $ 10,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |
Note 6 | ||
Debt Instrument, Issuance Date | May 9, 2017 | |
Debt Instrument, Issuer | Company | |
Debt Instrument, Description | Demand Promissory Note to ACI | |
Debt Instrument, Face Amount | $ 10,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% |
Note 8 - Securities Purchase 27
Note 8 - Securities Purchase Agreement (Details) | 12 Months Ended |
Jun. 30, 2017 | |
Transaction ! | |
Transaction Date | Feb. 17, 2015 |
Transaction Description | Company entered into a Securities Purchase Agreement (the “Agreement”) with Lianyungang HK New Energy Vehicle System Integration Corporation |
Transaction 2 | |
Transaction Date | Mar. 23, 2015 |
Transaction Description | Company entered into a Securities Purchase Agreement (the “SPA”) with HK Battery Technology, Inc., a Delaware corporation |
Transaction 3 | |
Transaction Date | Nov. 6, 2015 |
Transaction Description | ACI entered into a Stock Purchase Agreement with Hybrid Kinetic Automotive Holdings, LLC, a Delaware limited liability company |