16. |
Related Party Transactions |
● |
During the third quarter of Fiscal
Year 2015, Mr. Folkson began accruing a consulting fee of $6,000 per month which the aggregate of $18,000 is reflected
in professional fees for the three month period ended September 30, 2020 and reflected in the accrued expenses –
related party with a balance of $9,974 and $9,974 at September 30, 2020 and June 30, 2020, respectively.
On December 8, 2017, Mr. Folkson
purchased Warrants, at a cost of $.15 per Warrant, 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 said agreement. This purchase resulted in a reduction
in the accrued consulting fees due him by $12,000. During the second quarter 2019 Mr. Folkson purchased 400,000 shares
of stock at a strike price of $0.30 per share, valued at $120,000 which was charged to his accrual. During the three months
ended September 30, 2020, Folkson had been paid $18,000 against his total accrued balance to date.
|