16. |
Related Party Transactions |
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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 six month period ended December 31, 2020 and reflected in the accrued expenses – related party with a balance
of $9,974 and $9,974 at December 31, 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 six months ended December 31, 2020, Folkson
had been paid $36,000 against his total accrued balance to date and reflected in the accrued expenses – related party with
a balance of $9,974 and $9,974 at December 31, 2020 and June 30, 2020, respectively.
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