Document and Entity Information
Document and Entity Information - $ / shares | May 14, 2018 | Sep. 30, 2018 |
Details | ||
Registrant Name | Apollo Acquisition Corp | |
Registrant CIK | 1,505,367 | |
SEC Form | 10-Q | |
Period End date | Sep. 30, 2018 | |
Fiscal Year End | --06-30 | |
Trading Symbol | apol | |
Number of common stock shares outstanding | 998,275 | |
Filer Category | Non-accelerated Filer | |
Current with reporting | Yes | |
Small Business | true | |
Emerging Growth Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Contained File Information, File Number | 000-54179 | |
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 | |
Entity Listing, Par Value Per Share | $ 0.000128 |
Condensed Balance Sheets (Septe
Condensed Balance Sheets (September 30, 2018 unaudited) - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 |
CURRENT ASSETS | ||
Cash | $ 2,336 | $ 1,716 |
Total current assets | 2,336 | 1,716 |
TOTAL ASSETS | 2,336 | 1,716 |
LIABILITIES CURRENT LIABILITIES | ||
Accounts payable | 1,250 | 2,820 |
Accounts payable - related party | 215,664 | 215,664 |
Accrued expenses | 7,070 | 7,070 |
Loan from ACI | 85,000 | 75,000 |
Accrued interest | 5,036 | 4,442 |
Total liabilities (all current) | 314,020 | 304,996 |
SHAREHOLDERS' DEFICIT | ||
Preferred Stock, Value | 0 | 0 |
Common Stock, Value | 128 | 128 |
Additional paid in capital | 8,796 | 8,796 |
Accumulated deficit | (320,608) | (312,204) |
Total shareholders' deficit | (311,684) | (303,280) |
Total liabilities and shareholders' deficit | $ 2,336 | $ 1,716 |
Condensed Balance Sheets (Sep_2
Condensed Balance Sheets (September 30, 2018 unaudited) - Parenthetical - $ / shares | Sep. 30, 2018 | Jun. 30, 2018 |
Details | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.000128 | $ 0.000128 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.000128 | $ 0.000128 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Outstanding | 998,275 | 998,275 |
Common Stock, Shares, Issued | 998,275 | 998,275 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Details | ||
Revenues | $ 0 | $ 0 |
Expenses | ||
Formation, general and administrative expenses | 7,810 | 8,250 |
Total operating expenses | (7,810) | (8,250) |
Operating Loss | (7,810) | (8,250) |
Interest expense | (594) | (488) |
Net loss | $ (8,404) | $ (8,738) |
Basic and diluted loss per share | $ (0.01) | $ (0.01) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 998,275 | 998,275 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Activities | ||
Net loss | $ (8,404) | $ (8,738) |
Changes in operating assets and liabilities | ||
Accounts payable | (1,570) | 596 |
Accounts payable - related party | 0 | 2,403 |
Loan from related party - ACI | 10,000 | 0 |
Accrued expenses | 0 | 0 |
Accrued interest | 594 | 488 |
Net cash used in operating activities | 620 | (5,250) |
Financing Activities | ||
Net cash provided by financing activities | 0 | 0 |
Net increase (decrease) in cash | 620 | (5,250) |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 1,716 | 13,193 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 2,336 | 7,943 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
Note 1 - Organization, Business
Note 1 - Organization, Business and Operations | 3 Months Ended |
Sep. 30, 2018 | |
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 Access America), and Sword Dancer, LLC, a Nevada limited liability company (the Sword Dancer), entered into and closed a Stock Purchase Agreement, whereby the Sword Dancer agreed to purchase from the Access America, 781,250 ordinary shares of the Companys capital stock, par value $0.000128 per share (Ordinary Shares), 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 the transaction, Sword Dancer became our controlling stockholder. On March 20, 2013, Sword Dancer sold to Hybrid Kinetic Automotive Holdings, LLC, a Delaware corporation (Hybrid Kynetic), in a private transaction exempt from registration under the Securities Act of 1933, as amended, 781,250 Ordinary Shares 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 sold 781,250 Ordinary 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 the 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 (Lianyungang China), pursuant to which the Company issued 20,000,000 Ordinary Shares of the Company to Lianyungang China at a price of $1.00 per share, for aggregate proceeds equal to $20,000,000. As a result of the transaction, Lianyungang China beneficially owned approximately 95.24% of the Companys issued and outstanding Ordinary Shares. 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 (Ford Cheer). Under the terms of the Agreement, Ford Cheer granted to the Company an irrevocable, exclusive right and license, including the right to sublicense, certain inventions, technology, know-how, patents and other intellectual property rights regarding the production of materials for use in lithium batteries (the Licensed Technology). As consideration for the Licensed Technology, the Company paid to Ford Cheer a one-time fee of $20,000,000. The TL Agreement commenced on the Effective Date and will continue for a term of twenty (20) years. On March 23, 2015, the Company entered into a Securities Purchase Agreement (the SPA) with HK Battery Technology, Inc., a Delaware corporation (the HK Battery), to purchase 10,000,000 shares of HK Batterys common stock, par value of $0.001 per share, at a per share price of $1.00. On June 26, 2015, the parties terminated the SPA. Effective May 29, 2015, Chuantao Wang, Jianguo Xu, Tim Xia, Junwen Hou, Sijun He, Xiaodong Yan and Vincent Wang all resigned as Directors; Jianguo Xu resigned as Chief Executive Officer; and Chunhua Huang resigned as Chief Financial Officer. Effective May 29, 2015, Jiafu Wei and Cliff Guan were appointed as Directors of the Company; Jiafu Wei was appointed Chief Executive Officer; Cliff Guan was appointed Chief Financial Officer; Chunhua Huang was appointed Chief Intelligence Officer; and Shuning Luo was appointed Secretary. On June 22, 2015, the Company established a wholly-owned subsidiary, Apollo Technology Corporation, a Cayman Islands Exempted Company (Apollo Subsidiary) and transferred the $20,000,000, representing other intangible assets, to Apollo 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 100% of its equity interest in Apollo Subsidiary to Lianyungang (the Apollo Subsidiary Transfer). In exchange for the Apollo Subsidiary Transfer, Lianyungang transferred, conveyed and assigned its 95.26% equity interest in the Company to the Company for cancellation. Upon the closing of the transaction, ACI beneficially owned 78.3% of the Companys issued and outstanding Ordinary Shares. Effective as of September 2, 2015, Jiafu Wei resigned as Chief Executive Officer and Director the Company and Jianguo Xu was appointed as Chief Executive Officer and Director of the Company. Effective as of October 31, 2015, Cliff Guan resigned as Chief Financial Officer of the Company and Jianguo Xu was appointed Chief Financial Officer of the Company. On November 6, 2015, ACI entered into a Stock Purchase Agreement with Hybrid Kinetic, pursuant to which ACI sold to Hybrid Kynetic 781,250 Ordinary Shares 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 Hybrid Kynetic was the beneficial owner of approximately 78.3% of the Companys issued and outstanding Ordinary Shares. Hybrid Kynetic 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 September 30, 2018, the Company had not yet commenced operations. All activity from September 27, 2006, the Companys date of inception, through September 30, 2018 relates to the Companys 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 | 3 Months Ended |
Sep. 30, 2018 | |
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 reporting in Development Stage Enterprises in preparing its financial statements. These condensed financial statements should be read in conjunction with the audited financial statements included in our Form 10-K for the year ended June 30, 2018, filed with the Securities and Exchange Commission on October 14, 2018. 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 September 30, 2018 and June 30, 2018, 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. In January 2010, the Financial Account Standards Board (the FASB) issued Accounting Standards Codification (ASC) Topic 825, Financial Instruments, which began requiring disclosures about fair value of financial instruments in quarterly reports as well as in annual reports. For the Company, this statement applies to certain investments and long-term debt. Also, FASB ASC Topic 820, Fair Value Measurements and Disclosures, clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. Various inputs are considered when determining the value of the Companys investments and long-term debt. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These inputs are summarized in the three broad levels listed below. Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. Level 2 - Valuations based on quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. Level 3 - Valuations based on inputs that are supportable by little or no market activity and that are significant to the fair value of the asset or liability. The Company had no financial instruments to measure for fair value as of September 30, 2018. Revenue from Contracts with Customers In May 2014, the FASB issued ASC Topic 606, Revenue from Contracts with Customers, which applies to all entities and all contracts with customers, with the exception of certain contracts (including leases, insurance contracts, and other contractual agreements and exchanges between entities in the same line of business), as noted in ASC 606-10. ASC 606 became effective for the Company this year, but the Company cannot assess the impact of ASC 606 because it has not yet generated revenues and is not currently tied to a specific line of business. The Company will be able to evaluate the impact of the new rule in the future, when revenue streams are known. 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 September 30, 2018 and June 30, 2018, 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 September 30, 2018. 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 | 3 Months Ended |
Sep. 30, 2018 | |
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 | 3 Months Ended |
Sep. 30, 2018 | |
Notes | |
Note 4 - Related Party Transactions | Note 4 - Related Party Transactions During the three month periods ended September 30, 2018 and 2017, the Company incurred legal costs paid by ACI in the amount of $0 and $2,404, respectively. As of September 30, 2018 and June 30, 2018, the company had a balance of $215,664 on Accounts Payable to ACI. |
Note 5 - Shareholders' Deficit
Note 5 - Shareholders' Deficit | 3 Months Ended |
Sep. 30, 2018 | |
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 China, pursuant to which the Company issued 20,000,000 Ordinary Shares of the Company to Lianyungang China at a price of $1.00 per share, for aggregate proceeds equal to $20,000,000. As a result of the transaction, Lianyungang China beneficially owned approximately 95.24% of the Companys issued and outstanding Ordinary Shares. The shares were be issued to Lianyungang China, 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 Lianyungang China. Cash commissions were not paid in connection with the sale of the shares. On June 22, 2015, the Company transferred $20,000,000, representing other intangible assets, to Apollo 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 100% of its equity interest in Apollo Subsidiary to Lianyungang (the Apollo Subsidiary Transfer). In exchange for the Apollo Subsidiary Transfer, Lianyungang transferred, conveyed and assigned its 95.26% equity interest in the Company to the Company for cancellation. Upon the closing of the transaction, ACI beneficially owned 78.3% of the Companys issued and outstanding Ordinary Shares. The Company is authorized to issue 50,000,000 Ordinary Shares, par value of $0.000128 per share. As of September 30, 2018, there were 998,275 shares issued and outstanding. The Company is authorized to issue 1,000,000 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 September 30, 2018, there were no Preference Shares issued or outstanding. |
Note 6 - Other Intangible Asset
Note 6 - Other Intangible Assets | 3 Months Ended |
Sep. 30, 2018 | |
Notes | |
Note 6 - Other Intangible Assets | Note 6 - Other Intangible Assets 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 (Ford Cheer). Under the terms of the Agreement, Ford Cheer granted to the Company an irrevocable, exclusive right and license, including the right to sublicense, certain inventions, technology, know-how, patents and other intellectual property rights regarding the production of materials for use in lithium batteries (the Licensed Technology). As consideration for the Licensed Technology, the Company paid to Ford Cheer a one-time fee of $20,000,000. The TL Agreement commenced on the Effective Date and will continue for a term of twenty (20) years. On June 22, 2015, pursuant to the Exchange Agreement with Lianyungang, the Company transferred, conveyed and assigned 100% of its equity interest in Apollo Subsidiary to Lianyungang (the Apollo Subsidiary Transfer). In exchange for the Apollo Subsidiary Transfer, Lianyungang transferred, conveyed and assigned its 95.26% equity interest in the Company to the Company for cancellation. Upon the closing of the transaction, ACI beneficially owned 78.3% of the Companys issued and outstanding Ordinary Shares. As of September 30, 2018 and 2017, the balance of other intangible assets was $0. |
Note 7 - Loan from Related Part
Note 7 - Loan from Related Party | 3 Months Ended |
Sep. 30, 2018 | |
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 2015 Note) in order to cover the Companys operating expenses. The March 2015 Note accrued 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 2015 Note) in order to cover the Companys operating expenses. The June 2015 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 2015 Note) in order to cover the Companys operating expenses. The November 2015 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 2016 Note) in order to cover the Companys operating expenses. The September 2016 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 2017 Note) in order to cover the Companys operating expenses. The January 2017 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 2017 Note) in order to cover the Companys operating expenses. The May 2017 Note accrues interest equal to three percent (3%) per annum and is due upon demand from ACI. On January 12, 2018, the Company issued a Demand Promissory Note to ACI in the principal amount of $10,000 (the January 2018 Note) in order to cover the Companys operating expenses. The January 2018 Note accrues interest equal to three percent (3%) per annum and is due upon demand from ACI. On August 24, 2018, the Company issued a Demand Promissory Note to ACI in the principal amount of $10,000 (the August 2018 Note, and together with the March 2015 Note, June 2015 Note, November 2015 Note, September 2016 Note, January 2017 Note, May 2017 Note, and January 2018 Note, the Notes) in order to cover the Companys operating expenses. The August 2018 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 September 30, 2018, the balance of the Notes to ACI was $85,000. The total accrued interest was $5,036 and $4,442 for the quarter ended September 30, 2018 and the year ended June 30, 2018, respectively. The Notes are payable on demand and there is no maturity date. ACI and the Company are related parties. |
Note 8 - Securities Purchase Ag
Note 8 - Securities Purchase Agreement | 3 Months Ended |
Sep. 30, 2018 | |
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 China, pursuant to which the Company issued 20,000,000 Ordinary Shares of the Company to Lianyungang China at a price of $1.00 per share, for aggregate proceeds equal to $20,000,000. On March 17, 2015, the transactions contemplated under the Agreement were consummated. On March 23, 2015, the Company entered into a Securities Purchase Agreement (the SPA) HK Battery to purchase 10,000,000 shares of HK Batterys common stock, par value of $0.001 per share, 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, pursuant to which ACI sold to Hybrid Kynetic 781,250 Ordinary Shares of the Company at a purchase price of $1.00 per share. |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 3 Months Ended |
Sep. 30, 2018 | |
Notes | |
Note 9 - Subsequent Events | Note 9 - Subsequent Event These financial statements were approved by management and available for issuance on November 12, 2018. There have been no subsequent events through this date. |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 3 Months Ended |
Sep. 30, 2018 | |
Policies | |
Basis of Presentation | 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 reporting in Development Stage Enterprises in preparing its financial statements. These condensed financial statements should be read in conjunction with the audited financial statements included in our Form 10-K for the year ended June 30, 2018, filed with the Securities and Exchange Commission on October 14, 2018. |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies: Use of Estimates (Policies) | 3 Months Ended |
Sep. 30, 2018 | |
Policies | |
Use of Estimates | 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 Significa_4
Note 2 - Summary of Significant Accounting Policies: Loss per Ordinary Share (Policies) | 3 Months Ended |
Sep. 30, 2018 | |
Policies | |
Loss per Ordinary Share | 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 September 30, 2018 and June 30, 2018, there were no potentially dilutive ordinary shares outstanding. |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies: Income Taxes (Policies) | 3 Months Ended |
Sep. 30, 2018 | |
Policies | |
Income Taxes | 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 Significa_6
Note 2 - Summary of Significant Accounting Policies: Fair Value of Financial Instruments, Policy (Policies) | 3 Months Ended |
Sep. 30, 2018 | |
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. In January 2010, the Financial Account Standards Board (the FASB) issued Accounting Standards Codification (ASC) Topic 825, Financial Instruments, which began requiring disclosures about fair value of financial instruments in quarterly reports as well as in annual reports. For the Company, this statement applies to certain investments and long-term debt. Also, FASB ASC Topic 820, Fair Value Measurements and Disclosures, clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. Various inputs are considered when determining the value of the Companys investments and long-term debt. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These inputs are summarized in the three broad levels listed below. Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. Level 2 - Valuations based on quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. Level 3 - Valuations based on inputs that are supportable by little or no market activity and that are significant to the fair value of the asset or liability. The Company had no financial instruments to measure for fair value as of September 30, 2018. |
Note 2 - Summary of Significa_7
Note 2 - Summary of Significant Accounting Policies: Revenue from Contracts with Customers (Policies) | 3 Months Ended |
Sep. 30, 2018 | |
Policies | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers In May 2014, the FASB issued ASC Topic 606, Revenue from Contracts with Customers, which applies to all entities and all contracts with customers, with the exception of certain contracts (including leases, insurance contracts, and other contractual agreements and exchanges between entities in the same line of business), as noted in ASC 606-10. ASC 606 became effective for the Company this year, but the Company cannot assess the impact of ASC 606 because it has not yet generated revenues and is not currently tied to a specific line of business. The Company will be able to evaluate the impact of the new rule in the future, when revenue streams are known. |
Note 2 - Summary of Significa_8
Note 2 - Summary of Significant Accounting Policies: Cash (Policies) | 3 Months Ended |
Sep. 30, 2018 | |
Policies | |
Cash | 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 September 30, 2018 and June 30, 2018, 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 September 30, 2018. |
Note 2 - Summary of Significa_9
Note 2 - Summary of Significant Accounting Policies: Recently Issued Accounting Pronouncements (Policies) | 3 Months Ended |
Sep. 30, 2018 | |
Policies | |
Recently Issued Accounting Pronouncements | 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 |
Note 1 - Organization, Busine_2
Note 1 - Organization, Business and Operations (Details) | 3 Months Ended |
Sep. 30, 2018 | |
Details | |
Entity Incorporation, Date of Incorporation | Sep. 27, 2006 |
Entity Incorporation, State Country Name | Cayman Islands |
Note 2 - Summary of Signific_10
Note 2 - Summary of Significant Accounting Policies: Loss per Ordinary Share (Details) - shares | Sep. 30, 2018 | Jun. 30, 2018 |
Details | ||
Potentially dilutive ordinary shares outstanding | 0 | 0 |
Note 4 - Related Party Transa_2
Note 4 - Related Party Transactions (Details) - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 |
Details | ||
Balance due to affiliate company | $ 215,664 | $ 215,664 |
Note 5 - Shareholders' Deficit
Note 5 - Shareholders' Deficit (Details) - $ / shares | Sep. 30, 2018 | Jun. 30, 2018 |
Details | ||
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.000128 | $ 0.000128 |
Common Stock, Shares, Outstanding | 998,275 | 998,275 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.000128 | $ 0.000128 |
Note 7 - Loan from Related Pa_2
Note 7 - Loan from Related Party (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2018 | Jun. 30, 2018 | |
Loan from ACI | $ 85,000 | $ 75,000 |
Accrued interest | $ 5,036 | $ 4,442 |
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 7 | ||
Debt Instrument, Issuance Date | Jan. 12, 2018 | |
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 | ||
Debt Instrument, Issuance Date | Aug. 24, 2018 | |
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 _2
Note 8 - Securities Purchase Agreement (Details) | 3 Months Ended |
Sep. 30, 2018 | |
Transaction ! | |
Transaction Date | Feb. 17, 2015 |
Transaction Description | Company entered into a Securities Purchase Agreement (the “Agreement”) with Lianyungang China |
Transaction 2 | |
Transaction Date | Mar. 23, 2015 |
Transaction Description | Company entered into a Securities Purchase Agreement (the “SPA”) HK Battery |
Transaction 3 | |
Transaction Date | Nov. 6, 2015 |
Transaction Description | ACI entered into a Stock Purchase Agreement with Hybrid Kinetic |