Quarterly report pursuant to Section 13 or 15(d)

Advances by Affiliates

Advances by Affiliates
9 Months Ended
Mar. 31, 2018
Advances by Affiliates [Abstract]  
Advances by Affiliates
14. Advances by Affiliates On August 24, 2017, a shareholder loaned the company $10,000. As compensation for making this loan, the shareholder received 10,000 shares of Company common stock, and is entitled to $2,000 interest.  This advance was secured by a promissory note from the company to the shareholder whereby the company has until February 24, 2018 to repay the principal and interest. This advance was paid off during the quarter.



During the third quarter of Fiscal Year 2015, Mr. Folkson began accruing a consulting fee of $6,000 per month which the aggregate of $6,000 is reflected in professional fees for the three month period ended March 31, 2018 and reflected in the accrued expenses – related party with a balance of $198,000 and $180,000 at March 31, 2018 and June 30, 2017, respectively.  


On December 8, 2017, Mr. Folkson acquired Warrants to acquire up to 80,000 additional shares of NGTF stock at a strike price of $.20, and with a term of three (3) years from the date of this agreement. Mr. Folkson acquired these Warrants at a cost of $.15 per warrant, which will result in a reduction in the accrued consulting fees due him by $12,000. In addition, during the nine months ended March 31, 2018, Folkson had been paid $36,000 against his total accrued balance to date.