Document and Entity Information
Document and Entity Information - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Aug. 11, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | NL One Corp | |
Entity Central Index Key | 1,486,640 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float Shares | $ 311 | |
Entity Common Stock, Shares Outstanding | 43,611,250 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Total current assets | ||
Total assets | ||
Current liabilities | ||
Accounts payable | 18,684 | 18,684 |
Accrued Expenses | 768 | 350 |
Total liabilities | 19,452 | 19,034 |
Stockholders' deficit: | ||
Preferred Stock | ||
Common Stock | 4,361 | 4,361 |
Additional paid-in capital | 62,871 | 57,508 |
Accumulated deficit | (86,684) | (80,903) |
Total stockholders' deficit | (19,452) | (19,034) |
Total liabilities and stockholders' deficit |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ .0001 | $ .0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued and outstanding | 43,611,250 | 43,611,250 |
Preferred stock, par value | $ .0001 | $ .0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued and outstanding | 0 | 0 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Total operating expenses: | ||||
Selling, general & administrative expenses | $ 2,868 | $ 5,000 | $ 5,781 | $ 10,330 |
Total operating epenses | 2,868 | 5,000 | 5,781 | 10,330 |
Net Loss | $ (2,868) | $ (5,000) | $ (5,781) | $ (10,330) |
Net loss per common share- Basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding - Basic and diluted | 43,611,250 | 43,611,250 | 43,611,250 | 43,611,250 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating activities: | ||
Net Loss | $ (5,781) | $ (10,330) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Contribution of capital for expenses paid by former majority shareholder | 5,363 | 8,580 |
Accrued Expenses | 418 | 1,750 |
Net cash used in operating activities | ||
Net Change in Cash | ||
Cash, beginning of period | ||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest paid | ||
Income taxes paid |
NOTE 1 ORGANIZATION AND DESCRIP
NOTE 1 ORGANIZATION AND DESCRIPTION OF BUSINESS | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 1 ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Formerly known as Nevada Legacy Enterprises Corporation, NL One Corporation (the Company) was incorporated on October 17, 2007 in the State of Nevada. On May 11, 2016, Thomas DeNunzio, the largest control shareholder at the time of NL One Corporation (the Company), entered into a Share Purchase Agreement (the Agreement) with Stansbridge Limited, (Stansbridge), a United Kingdom company. Pursuant to the Agreement, Mr. DeNunzio transferred to Stansbridge 40,501,000 post-split (324,008,000 (presplit)) shares of our common stock, which represents approximately 92.87% of our issued and outstanding shares. On May 31, 2016, the Companys Board of Directors and majority vote of shareholders approved a one-for-eight stock split of the Companys issued and outstanding common stock, par value $.0001 per share and to change the name of the Company from NL One Corporation to Flagship Global Corporation. In addition, the board of directors and shareholders approved and voted to change our ticker symbol from NLLN to FGCN. Effective as of June 17, 2016, the total outstanding shares of the Company following the reverse stock split is now 43,611,250 shares of common stock. Our controlling shareholder, Stansbridge Limited now owns approximately 40,501,000 shares of our common stock. Stansbridge Limited is owned and controlled by our sole officer and director, Gary Richard Brown. All references to common stock shares amounts have been retroactively adjusted. The total number of the authorized shares of common stock after the effective date of the reverse split is 500,000,000 common shares with a par value of $0.0001 per share. The Companys accounting and reporting policies conform to accounting principles generally accepted in the United States of America. The Companys fiscal year end is December 31. The accompanying unaudited interim financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or the SEC, including the instructions to Form 10-Q and Regulation SX. In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position as of June 30, 2016, and the results of operations and cash flows for the six month periods ended June 30, 2016 and 2015. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year ending December 31, 2016. When used in these notes, the terms "Company", "we", "us" or "our" mean the Company. Certain information and note disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America has been omitted from these interim financial statements pursuant to such accounting principles and, accordingly, they do not include all the information and notes necessary for comprehensive interim financial statements and should be read in conjunction with our audited financial statements for the year ended December 31, 2015. |
NOTE 2 GOING CONCERN
NOTE 2 GOING CONCERN | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 2 GOING CONCERN | NOTE 2 - GOING CONCERN The Companys interim unaudited financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not established any source of revenue to cover its operating costs. These conditions raise substantial doubt about the Companys ability to continue as a going concern. Company will engage in very limited activities without incurring any liabilities that must be satisfied in cash until a source of funding is secured. The Company will offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders. |
NOTE 3 RELATED PARTY TRANSACTIO
NOTE 3 RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
NOTE 3 RELATED PARTY TRANSACTIONS | NOTE 3 - RELATED PARTY TRANSACTIONS Contributed Capital For the six months ended June 30, 2016 there were capital contributions of $5,363 from our former majority shareholder, Thomas DeNunzio. These contributions were for expenses paid by the former majority shareholder on behalf of the Company. |