15. |
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 three month period ended September 30, 2018 and reflected in the accrued expenses
– related party with a balance of $185,974 and $197,974 at September 30, 2018 and
June 30, 2018, 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 three months ended September 30, 2018, Folkson had been paid $18,000 against his total accrued balance to date.
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