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 December
31, 2018 and reflected in the accrued expenses – related party with a balance of $53,974 and
$197,974 at December 31, 2018 and June 30, 2018, respectively.
On
December 8, 2017, Mr. Folkson purchased 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 resulted in a reduction in the accrued consulting fees due him by $12,000. During the
second quarter 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. In addition, during the six months ended December 31, 2018, Folkson had been paid $36,000
against his total accrued balance to date.
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