Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Mar. 31, 2015 | |
Entity Registrant Name | NGFC Equities, Inc. | |
Document Type | 10-K | |
Document Period End Date | Sep. 30, 2015 | |
Trading Symbol | none | |
Amendment Flag | false | |
Entity Central Index Key | 1,590,715 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | No | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY | |
Entity Public Float | $ 1,839,674 | |
Common Stock Class A | ||
Entity Common Stock, Shares Outstanding | 18,042,674 | |
Common Stock Class B | ||
Entity Common Stock, Shares Outstanding | 7,000,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Current assets | ||
Cash and cash equivalent | $ 444,775 | $ 34,358 |
Marketable securities | 195,461 | 27,561 |
Inventory | 4,156 | |
Total current assets | 644,392 | 110,380 |
Fixed assets | ||
Software, net | 3,995 | |
Other assets | ||
Goodwill | 361,049 | |
Customer list-net of amortization | 120,833 | |
Total other assets | 481,882 | |
Total assets | 1,130,269 | 110,380 |
Current liabilities | ||
Accrued expenses | 1,200 | 3,000 |
Accounts payable | 14,387 | |
Deferred revenue | 33,953 | |
Loan payable officer | 18,554 | |
Total current liabilities | 68,094 | 3,000 |
Stockholders' equity (deficit) | ||
Class A Common stock: $.0001 par value; 230,000,000 shares authorized, 18,042,674 and 12,600,000 shares issued and outstanding | 1,804 | 1,260 |
Class B Common stock: $.0001 par value; 60,000,000 shares authorized, 7,000,000 shares issued and outstanding | 700 | 700 |
Additional paid-in capital | 1,032,692 | 194,350 |
Retained earnings (deficit) | (513,489) | (88,930) |
Total NGFC stockholders' equity (deficit) | 521,707 | 107,380 |
Non Controlling Interest | 540,468 | |
Total Equity | 1,062,175 | 107,380 |
Total liabilities and stockholders' equity (deficit) | $ 1,130,269 | $ 110,380 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue | ||
Sales | $ 62,429 | |
Cost of good sold | 60,222 | |
Gross profits | 2,207 | |
Operating expenses | ||
Legal fees | 21,457 | $ 23,304 |
Accounting fees | 12,550 | 9,300 |
Officer compensation | 62,754 | 22,800 |
Depreciation and amortization | 30,167 | |
Consulting fees | 166,250 | |
General and administrative | 113,915 | 29,548 |
Total operating expenses | 407,093 | 84,952 |
Loss from operations | (404,886) | (84,952) |
Other income | ||
Realized gain on marketable securities | (17,274) | (3,281) |
Unrealized loss on marketable securities | 57,176 | 7,379 |
Dividends received | (333) | (120) |
Total other income | (39,569) | (3,978) |
Net loss | (444,455) | (88,930) |
Less: Net Loss attributable to the Non Controlling Interest | 19,896 | |
Net loss attributable to NGFC Shareholders | $ (424,559) | $ (88,930) |
Net loss attributable to NGFC basic and diluted loss per common share | $ (0.02) | $ 0 |
Basic and diluted weighted average number of common shares outstanding | 22,137,706 | 19,018,733 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (444,455) | $ (88,930) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Unrealized loss on marketable securities | 57,176 | 7,379 |
Realized gain on marketable securities | (17,274) | (3,281) |
Dividends received | (333) | (120) |
Depreciation and amortization | 30,167 | |
Stock based compensation | 242,700 | |
Changes in operating assets and liabilities: | ||
Inventory | (4,156) | |
Prepaid expense | 2,000 | |
Deferred revenue | 33,953 | |
Accounts payable | 14,387 | |
Accrued Expenses | (1,800) | 3,000 |
Net cash used in operating activities | (87,635) | (81,952) |
Investing activities: | ||
Net cash paid for purchase and sale of trading securities | (207,469) | (80,000) |
Cash received from purchase of ECIL | 33,335 | |
Purchase of software | (4,995) | |
Net cash used in investing activities | (179,129) | (80,000) |
Financing activities: | ||
Common stock bought back, value | (15) | |
Payments on loan to related party | (5,051) | |
Sale of subsidiary ownership interest for cash | 487,585 | |
Proceeds from sale of common stock | 146,201 | 196,310 |
Net cash provided by financing activities | 628,720 | 196,310 |
Net increase in cash | 361,956 | 34,358 |
Cash at beginning of period | 34,358 | |
Cash at end of period | 444,775 | $ 34,358 |
Cash paid for: | ||
Interest | 1,271 | |
Non cash investing and financing activity | ||
Net assets purchased from ECIL | 489,444 | |
Class A shares issued to ECIL | $ 450,000 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity - 12 months ended Sep. 30, 2015 - USD ($) | Total | Common Stock Class A | Common Stock Class B | Additional Paid-In Capital | Accumulated Deficit | Noncontrolling Interest | Total Stockholders' Equity (Deficit) |
Balance Value at October 2, 2013 at Sep. 30, 2014 | $ 107,380 | ||||||
Balance Value at October 2, 2013 at Sep. 30, 2015 | 1,062,175 | $ 1,804 | $ 700 | $ 1,032,692 | $ (513,489) | $ 540,468 | $ 1,062,175 |
Balance Shares at October 2, 2013 at Sep. 30, 2015 | 974,674 | ||||||
Common stock issued for cash, value | $ 97 | $ 700 | 146,104 | 146,201 | |||
Common stock issued for cash-founder, shares | 6,100,000 | 7,000,000 | |||||
Net loss | (444,455) | $ (424,559) | (19,896) | (444,455) | |||
Balance Shares at October 1, 2014 at Sep. 30, 2015 | 18,042,674 | 7,000,000 | |||||
Common stock issued for acquisition, value | $ 300 | 449,700 | 72,779 | 522,779 | |||
Common stock issued for acquisition, shares | 3,000,000 | ||||||
Common stock issued for as consulting fees, value | $ 162 | $ 242,538 | 242,700 | ||||
Common stock issued for as consulting fees, shares | 1,618,000 | ||||||
Common stock bought back, value | (15) | $ (15) | (15) | ||||
Common stock bought back, shares | (150,000) | ||||||
Minority ownership NGLP at Sep. 30, 2015 | $ 540,468 | $ 200 | $ 200 |
Statement of Financial Position
Statement of Financial Position - Parenthetical | Sep. 30, 2015$ / sharesshares |
Preferred Stock, Par Value | $ / shares | $ 0.0001 |
Preferred Stock, Shares Authorized | 10,000,000 |
Preferred Stock, Shares Issued | 0 |
Preferred Stock, Shares Outstanding | 0 |
Class A | |
Common Stock, Par Value | $ / shares | $ 0.0001 |
Common Stock, Shares Authorized | 230,000,000 |
Common Stock, Shares Issued | 18,042,674 |
Common Stock, Shares Outstanding | 18,042,674 |
Class B | |
Common Stock, Par Value | $ / shares | $ 0.0001 |
Common Stock, Shares Authorized | 60,000,000 |
Common Stock, Shares Issued | 7,000,000 |
Common Stock, Shares Outstanding | 7,000,000 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 1 - Description of Business | NOTE 1 DESCRIPTION OF BUSINESS We incorporated our Company on October 2, 2013 in the State of Florida under the name Natural Gas Fueling and Conversion Inc. We changed our name to NGFC Equities, Inc. (NGFC, the Company, we, our) on February 25, 2015. When we began in October 2013, our primary planned business objective was to construct, own and operate combined gasoline, diesel and natural gas (NG) vehicle fueling and service stations in the United States, along with garages to retrofit gasoline and diesel driven vehicles to run on NG. At each such fueling station we also planned to have a convenience store to serve our customers. We defined each complete fueling service station as an Operating Unit. In February 2015 our Board of Directors approved to define the Companys business through three divisions and diversify the operations of the Company to add a health care division and a consulting division. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 2 - Significant Accounting Policies | NOTE 2 SIGNIFICANT ACCOUNTING POLICIES a. Basis of Presentation The consolidated financial statements include the accounts of the Company and its controlled affiliates. Intercompany transactions, profits and balances are eliminated in consolidation. We have consolidated the financial statements of ECI-LATAM Inc.(ECIL) and Vanguard Energy Inc. (VE) that we own 55% of and La Veles Inc. (LVI) of that we own 80.49% of with the financial statements of our Company. Both VE and LVI that began in FY 2015 have had minimal operations. 100% of the revenue of ECLI for the fiscal year September 30, 2015, came from a single customer. b. Cash and Cash Equivalents Cash consists of cash balances on deposit on bank and cash at investment bankers account that has been not invested in stocks. The Company believes no significant concentration of credit risk exists with respect to these cash balances. The Company considers all highly liquid instruments purchased with a maturity of three months or less and money market accounts to be cash equivalents. The Company had no cash equivalents at September 30, 2015 or at September 30, 2014. c. Inventory ECI-LATAM Inc. (ECIL) the 55% owned subsidiary of the Company, has $4,156 in inventory as at September 30, 2015. The inventories are accounted for under (FIFO) and stated at the lower of cost or market (net realizable value). The Company establishes provisions for inventory that is obsolete or when quantities on hand are in excess of estimated forecasted demand. The creation of such provisions results in a write-down of inventory to net realizable value and a charge to cost of sales. The ECIL inventory consists of spare parts that will be sold to its major clients when maintaining their equipment. d. Property and Equipment Property and equipment is capitalized at cost and is stated at cost less accumulated depreciation and amortization. Depreciation and amortization is determined using the straight line method over the estimated useful lives of the various asset classes. Software has been amortized over 5 years. Amortization cost of fiscal year 2015 on software was $1,000. e. Long-lived assets Management evaluates the recoverability of the Companys identifiable intangible assets and other long-lived assets in accordance with ASC Topic 360, which generally requires the assessment of these assets for recoverability when events or circumstances indicate a potential impairment exists. Events and circumstances considered by the Company in determining whether the carrying value of identifiable intangible assets and other long-lived assets may not be recoverable include, but are not limited to: significant changes in performance relative to expected operating results, significant changes in the use of the assets, significant negative industry or economic trends, a significant decline in the Companys stock price for a sustained period of time, and changes in the Companys business strategy. In determining if impairment exists, the Company estimates the undiscounted cash flows to be generated from the use and ultimate disposition of these assets. If impairment is indicated based on a comparison of the assets carrying values and the undiscounted cash flows, the impairment loss is measured as the amount by which the carrying amount of the assets exceeds the fair market value of the assets. f. Goodwill and Intangible Assets The Company evaluates goodwill and other finite-lived intangible assets in accordance with FASB ASC Topic 350, Intangibles Goodwill and Other. Goodwill is recorded at the time of an acquisition and is calculated as the difference between the total consideration paid for an acquisition and the fair value of the net tangible and intangible assets acquired. Accounting for acquisitions requires extensive use of accounting estimates and judgments to allocate the purchase price to the fair value of the net tangible and intangible assets acquired. Goodwill is deemed to have an indefinite life and is not amortized, but is subject to annual impairment tests. If the assumptions and estimates used to allocate the purchase price are not correct, or if business conditions change, purchase price adjustments or future asset impairment charges could be required. The value of our goodwill could be impacted by future adverse changes such as: (i) any future declines in our operating results, (ii) a decline in the valuation of customers, including the valuation of our common stock, (iii) a significant slowdown in the worldwide economy or (iv) any failure to meet the performance projections included in our forecasts of future operating results. In accordance with FASB ASC Topic 350, the Company tests goodwill for impairment on an annual basis or more frequently if the Company believes indicators of impairment exist. Impairment evaluations involve management estimates of asset useful lives and future cash flows. Significant management judgment is required in the forecasts of future operating results that are used in the evaluations. It is possible, however, that the plans and estimates used may be incorrect. If our actual results, or the plans and estimates used in future impairment analysis, are lower than the original estimates used to assess the recoverability of these assets, we could incur additional impairment charges in a future period. The Company performs its annual impairment review of goodwill in September, and when a triggering event occurs between annual impairment tests for both goodwill and other intangible assets. The Company recorded no impairment loss for the year ended September 30, 2015. The Company acquired ECI-LATAM Inc. in February 2015 and recorded Customer List as an intangible asset at a value of $150,000 to be amortized in 3 years. The net balance of the customer list as of September 30, 2015 is $120,833. The amortization expenses in financial year 2015 is $29,167. g. Income taxes The Company accounts for income taxes in accordance with accounting guidanc e now codified as FASB ASC Topic 740, Income Taxes, which requires that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance is recorded when it is more likely than not that some or all deferred tax assets will not be realized. h. Basic and Diluted Net Loss Per Share The Company computes loss per share in accordance with ASC-260, Earnings per Share, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of September 30, 2015, the Company had no potential dilutive shares outstanding. i. Stock Based Compensation The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation Stock Compensation which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. The fair value of the equity instrument is charged directly to compensation expense and additional paid-in capital over the period during which services are rendered. There has been no stock-based compensation issued to employees. The Company follows ASC Topic 505-50, formerly EITF 96-18, Accounting for Equity Instruments that are Issued to Other than Employees for Acquiring, or in Conjunction with Selling Goods and Services, for share-based awards issued to consultants and other non-employees. In accordance with ASC Topic 505-50, these share-based awards issued as compensation for services provided to the Company are accounted for based upon the fair value of the services provided or the estimated fair market value of the award, whichever can be more clearly determined. Total stock-based compensation expense, related to all of the Companys stock-based awards, recognized for the years ended September 30, 2015 was $242,700 all of which were for non-employee compensation including the shares given to the President and the Directors of the Company as fees. For September 30, 2014 there was no stock based compensation. j. Related Party Transactions We consider all who own more than 5% shares and equity method investments to be related parties and record any transactions between them and the Company to be related party transactions and disclose such transactions on notes to the Financial Statements. Under ASC 850, examples of related party transactions also include those between: - A parent entity and its subsidiaries - Subsidiaries of a common parent, an entity and trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management - An entity and its principal owners, management, or members of their immediate families and affiliates Transactions between related parties commonly occur in the normal course of business. Examples of common transactions with related parties are: - Sales, purchases, and transfers of real and personal property - Services received or furnished, such as accounting, management, engineering, and legal services - Use of property and equipment by lease or otherwise - Borrowings, lendings, and guarantees - Maintenance of compensating bank balances for the benefit of a related party - Intra-entity billings based on allocations of common costs - Filings of consolidated tax returns - Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. For example, an entity may receive services from a related party without charge and not record receipt of the services. While not providing accounting or measurement guidance for such transactions, this Topic requires their disclosure nonetheless. k. Fair Value Measurement The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. l. Noncontrolling Interest We record the minority ownership of entities that we effectively control but own less than 100% of as noncontrolling interest. As at September 30, 2015 we recorded a total of $540,468 of noncontrolling interest and there were none as of September 30, 2014. These noncontrolling interest were related to NGFC Limited Partnership, ECI-LATAM Inc., Vanguard Energy Inc., and La Veles Inc. m. Marketable Securities The Company has a trading and investment account for its own account and also for NGFC Limited Partnership. The Companys policy is to acquire various stocks after doing fundamental analysis and hold for long term but trade options to hedge them. Most of these stocks could be sold out if these options get assigned. We record these shares at market price at the end of the day. n. Revenue Recognition Generally, we recognize revenue when persuasive evidence of an arrangement with the customer exists, the product has been delivered and title has passed, provided that we do not have significant post delivery obligations, the amount due from the customer is fixed or determinable, and collectability is reasonably assured. Usually our prices are listed on a price list we give to the customer and we give a discount if they buy large volumes. 95% of the times the customer will issue a purchase order to us (5% of the times customer does not send a PO but requests us to send an invoice). Based on PO, we send the customer an invoice. The term includes The invoice date starts when the material title is under customers name. No cancellation, No return. Almost all our sales are made simultaneously as the client sends us payment and such sales are also booked as sales on the date of delivery. We record any revenues collected but not earned as of the financial statement date as deferred revenue. This is primarily composed of revenue our 55% owned subsidiary ECIL receive from their clients in advance of sending and parts or doing the services. As of September 30, 2015 we had deferred revenue of $33,953. There was no deferred revenue as September 30, 2014. |
Note 3 - Investments in Marketa
Note 3 - Investments in Marketable Securities | 12 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 3 - Investments in Marketable Securities | NOTE 3 INVESTMENTS IN MARKETABLE SECURITIES Marketable securities are classified as and are presented in the consolidated balance sheets at fair value. Per Accounting Standards Codification 820 Fair Value Measurement, fair values defined establishes a framework for measuring fair value under generally accepted accounting principles and expands disclosures about fair value measurements. ASC 820 does not require any new fair value measurements. ASC 820 establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs that are not corroborated by market data The Company has classified these marketable securities at level 1 in NGFC Equities, Inc. with a fair value of $27,561 as of September 30, 2014 and $50,862 as of September 30, 2015. In NGFC Limited Partnership (that began in April 2015) the fair value of securities at level 1 is $144,599 as of September 30, 2015. In June 2014, the Company opened an investment and Shoutrading account with Interactive Brokers with a capital of $80,000 to invest in various stocks to receive dividends while hedging them by trading options to receive trading profits managed by its Chief Executive Officer I. Andrew Weeraratne. Of the $80,000 initial capital, $5,733 remains in cash as of September 30, 2015, and has not been actively invested in stock. NGFC Limited Partnership (NGLP) began account with Interactive Brokers with a capital of $10,000 on April 6, 2015. As of September 30, 2015 NGLP has transferred $380,000 from its operating account to an account with Interactive Brokers. NGLP raised $520,350 capital for NGLP including $35,000 invested by NGFC, the General Partner, and of that capital, $216,843 remains in cash as of September 30, 2015, and has not been actively invested in stock. The investment and trading accounts of consolidated entities are recorded at fair market value adjusting the account both by realized and unrealized gain and losses, as required by generally accepted accounting principles, at a balance of $195,461 as of September 30, 2015 and at a balance of $27,561 as of September 30, 2014. Cash paid for available securities as of September 30, 2015 is $207,469. The total realized gains for the periods ending September 30, 2015 and September 30, 2014 from trading activities of the consolidated entities were $17,274 and $3,281 respectively. The total unrealized loss of the consolidated entities as of September 30, 2015 was $57,176. The total unrealized loss as of September 30, 2014 was $7,379. |
Note 4 - Current Liabilities
Note 4 - Current Liabilities | 12 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 4 - Current Liabilities | NOTE 4 CURRENT LIABILITIES On February 10, 2014 we signed an agreement to lease office space beginning February 15, 2014 where our phones are answered by a common receptionist for $400 per month and we accrued $3,000 as rental expense for the 7.5 months on our September 30, 2014 financial statements. In October 2014, we negotiated the monthly rental expenses to $200 per month to be effective retroactively and further negotiated to pay the annual rent via unregistered shares of our company currently valued at $0.15 cents per share. We extended the lease for another year. On September 1, 2015 we paid the lesser Lynx Management 18,000 restricted Class A Common Shares valued at $0.15 cents per share or a value of $2,700 as rental expenses till March 30, 2015. We have accrued $1,200 as the rental expenses from April 1, 2015 to September 30, 2015. |
Note 5 - Acquisitions
Note 5 - Acquisitions | 12 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 5 - Acquisitions | NOTE 5 ACQUISITIONS As part of our diversification strategy, the Company made an agreement on February 24, 2015 with ECI-LATAM Inc. (ECIL), a Florida Corporation that began its business on March 25, 2014 engaged in installation and maintenance of medical equipment to acquire 55% of its 15,000,000 outstanding shares in exchange for 3,000,000 shares of the Company at $0.15 cents per share. For the period ended September 30, 2015 we have consolidated our financial statements with the financial statements of ECI-LATAM Inc. Following is the Consideration paid and the Purchase Price Allocation of the acquisition: Consideration 3,000,0000 Class A Common Stock of NGFC Equities, Inc. at $0.15 cents $450,000 Recognized amounts of assets acquired Customer List $150,000 Net assets of ECIL 11,730 161,730 Noncontrolling interest in ECIL (72,779) Goodwill 361,049 $450,000 The Customer List is given a three-year life and will be amortized accordingly. Goodwill is not amortizable under GAAP. As of acquisition date ECIL had $33,335 cash in bank. The following unaudited consolidated pro forma financial information gives effect to the acquisition of ECI-LATAM Inc. as if this transaction had occurred at the beginning of each period presented. The following unaudited pro forma information is presented for illustration purposes only and is not necessarily indicative of the results that would have been attained had the acquisition of this business been completed at the beginning of each period presented, nor are they indicative of results that may occur in any future period. Year Ended Year Ended Sept 30, 2015 Sept 30, 2014 Revenue 151,597 146,011 Net Income (loss) (435,776) (63,516) Net loss per share (0.00) (0.00) |
Note 6 - Formation of NGFC Limi
Note 6 - Formation of NGFC Limited Partnership | 12 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 6 - Formation of NGFC Limited Partnership | NOTE 6 FORMATION OF NGFC LIMITED PARTNERSHIP As disclosed in the 8K the Company filed with the Security and Exchange Commission on March 24, 2015, the Company set up NGFC Limited Partnership (the Partnership) with the Company acting as the General Partner. The purpose of the Partnership is to raise funds in the private market to acquire gasoline stations that the Partnership would lease back to the Company. The Partnership also will invest its funds in the financial markets. As of September 30, 2015, the Company has contributed $35,000 as capital to the Partnership. The Partnership financial statements are consolidated with the financial statements of NGFC Equities, Inc. recording the ownership of the minority owners as noncontrolling interest. At the end of September 30, 2015, $486,935 of the capital of NGLP is owned by minority owners. NGFC Limited Partnership located at 7135 Collins Ave, Miami Beach, FL 33141, plans to raise up to a maximum of $1,000,000 pursuant to the private transaction exemption in Securities and Exchange Commission (SEC) Regulation D, Rule 506. As of September 30, 2015 the Partnership has raised $485,350 from thirteen limited Partners. These limited partners will have the right to convert their partnership capital to shares of NGFC at $0.30 cents per share by September 30, 2016. In the event all limited partners converted 100% of their current capital to shares of NGFC it would amount to NGFC issuing 1,617,250 additional shares for $485,175. Following is a summary of the terms of the Partnership Agreement: · · · · · |
Note 7 - Formation of ECI-LATAM
Note 7 - Formation of ECI-LATAM Animal Healh Division and La Veles Inc | 12 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 7 - Formation of ECI-LATAM Animal Healh Division and La Veles Inc | NOTE 7 FORMATION OF ECI-LATAM ANIMAL HEALH DIVISION AND LA VELES INC The Company filed an 8k with the SEC on May 7, 2015, to announce the following: On May 6, 2015 ECI-LATAM Inc. 55% owned subsidiary of NGFC Equities, Inc. set up a new division entitled Animal Health division appointing Dragana Jovic as the Vice President of that division. Also ECI-LATAM Inc. appointed Bo Engberg and Dr. Marco S Dragic as the directors of the Board of Directors on May 6, 2015. Further to forming the Animal Health Division we formed a new corporation on August 5, 2015 entitled La Veles Inc. to conduct business of Animal Health Division through this new corporation and an 8k was filed on August 6, 2015 to clarify this event. When we began, we planned to have it as a 55% owned subsidiary with our joint venture partners in Serbia owning 45%. But as of the reporting date, we own 80.49% of La Veles Inc. We formed La Veles Inc. to focus on manufacturing and distribution of a natural cream to cure certain animal diseases by manufacturing certain anti-infections cream in Serbia, but due to discussions we had with our joint venture partners in Serbia we are currently considering to focus only on distribution and not on manufacturing. La Veles accounts has been consolidated with the financial statements of the Company and we have recorded $200 of capital as owned by minority owners as of September 30, 2015. |
Note 8 - Formation of Vanguard
Note 8 - Formation of Vanguard Energy Inc | 12 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 8 - Formation of Vanguard Energy Inc | NOTE 8 FORMATION OF VANGUARD ENERGY INC As described on the 8k the Company filed with the SEC on May 19, 2015, the Company formed a 55% owned subsidiary entitled Vanguard Energy Inc, (VE) a California corporation with an individual Michael Alexander Laub as the 45% owner. Vanguard Energy Inc. will be based at 924 Calle Negocio Unit B, San Clemente, CA 92673. Mr. Laub currently is the Chief Executive Officer of CNG United LLC that he founded in 2008. CNG United is in the business of Alternative Fuels safety & education. CNG United, conducts vehicle conversions and safety training classes nationally on a regular basis. CNG United also sells conversion systems, CNG parts & accessories to CNG United national network of CNG technician graduates, as well as corporate fleets and municipalities. Vanguard Energy Inc. will focus on buying established gasoline stations and adding Natural Gas (NG) bays along with conversion garages to convert vehicles to run on NG. VE plans to expand that operation nationwide in joint venture Franchise opportunity with mechanics that Mr. Laub already has built relationships. Also VE will look into setting up used car sales lots where VE plans to sell converted hybrid NG vehicles. As of the date of these financial statements VE had no major business activities except setting up a bank account that we have consolidated with our financial statements. The accounts of VE is consolidated with the accounts of the Company and an amount of $450 has been recorded as owned by minority owners as of September 30, 2015. |
Note 9 - Repurchase of Common S
Note 9 - Repurchase of Common Stock of Founder At Par | 12 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 9 - Repurchase of Common Stock of Founder At Par | NOTE 9 REPURCHASE OF COMMON STOCK OF FOUNDER AT PAR On May 13, 2015 ITMM Consulting LLC (ITMM) returned 150,000 Class A Common Stock of the Company that ITMM bought as a founding stockholder back to the Company at their purchase price of $.0001 per share, since ITMM is not able to perform certain consulting work that ITMM agreed to perform due to lack of time. The Company sold ITMM 200,000 shares as a founding member at the par value of $.0001. ITMM will continue to hold 50,000 of the 200,000 shares ITMM bought at par value as a founding shareholder on October 2, 2013. The Company has retired the 150,000 shares. |
Note 10 - Equity
Note 10 - Equity | 12 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 10 - Equity | NOTE 10 EQUITY We have 300,000,000 authorized shares of capital stock, which consists of (i) 230,000,000 shares of Class A common stock, par value $0.0001 per share; (ii) 60,000,000 shares of Class B common stock, par value $0.0001 per share; and (iii) 10,000,000 shares of blank-check preferred stock, par value of $0.0001 per share. The holders of Class A common stock shall be entitled to one vote per share and shall be entitled to dividends as shall be declared by our Board of Directors from time to time. Each share of Class B common stock shall entitle the holder thereof to 10 votes for each one vote per share of Class A common stock, and with respect to such vote, shall be entitled, notwithstanding any provision hereof, to notice of any stockholders meeting in accordance with the bylaws of this corporation, and shall be entitled to vote, together as a single class with holders of Class A common stock with respect to any question or matter upon which holders of Class A common stock have the right to vote. Class B common stock shall also entitle the holders thereof to vote as a separate class as set forth herein and as required by law. Holders of Class B common stock shall be entitled to dividends as shall be declared by our Board of Directors from time to time at the same rate per share as the Class A common stock. The holders of the Class B common stock shall have the right to convert each one of their shares to one share of Class A common stock automatically by surrendering the shares of Class B common stock to us. As of September 30, 2015 we have 7,000,000 Class B common stock outstanding and 18,042,674 Class A common stock outstanding. |
Note 11 - Sale of Common Stock
Note 11 - Sale of Common Stock | 12 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 11 - Sale of Common Stock | NOTE 11 SALE OF COMMON STOCK In February 2015, we began selling Class A Common Stock of our Company for $0.15 cents per share through our Direct Public Offering registered with the Security and Exchange Commission that we terminated as of June 30, 2015. We sold 964,674 Class A Common Stock of our Company for a value of $144,701 and gave to 14 associates 875,000 Class A Common Stock of our Company for an aggregate value of $131,250 for certain work performed and to be performed for us. We have recorded them as consulting fee expenses of the Company. |
Note 12 - Sale of Unregistered
Note 12 - Sale of Unregistered Securities | 12 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 12 - Sale of Unregistered Securities | NOTE 12 SALE OF UNREGISTERED SECURITIES On September 1, 2015 we sold 10,000 Class A restricted Common Stock of our Company at $0.15 cents in a private exempt offering to one state of Florida resident. Also in the month of September we issued additional 743,000 Class A restricted Common Stock with an aggregate value of $111,450 to the following individuals and a corporation as fees for various services: Clifford Hunt Esq 45,000 0.15 6,750 Lynx mgt 18,000 0.15 2,700 Kazuko Kusunoki 50,000 0.15 7,500 Eugene Nichols 100,000 0.15 15,000 James New 10,000 0.15 1,500 Bo Engberg 10,000 0.15 1,500 High Tech Fueling, Service and Distribution Inc. 510,000 0.15 76,500 743,000 111,450 High Tech Fueling, Service and Distribution Inc (HFSD) is a related entity that provided services to NGFC since its inception and thus NGFC Board agreed to give HFSD 510,000 shares valued at $0.15 cents per share plus $1,000 in cash that added up to a total value of $77,500 as management fees. These shares were issued on September 28, 2015 and the Company filed the required insider forms (Form 4) with the Security and Exchange Commission to disclose this to the public also on September 28, 2015. |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 12 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 13 - Related Party Transactions | NOTE 13 RELATED PARTY TRANSACTIONS On September 28, 2015, the Company issued High Tech Fueling, Service and Distribution Inc (HFSD) 510,000 restricted Class A Common Stock priced at $0.15 cents per share for a total value of $76,500 and $1,000 in cash as Management Fee. HFSD began as a US based corporation to set up Natural Gas fueling stations in China in joint venture with a Chinese corporation that led to the inception of NGFC Equities, Inc. in the USA first to focus on setting up similar NG stations in the USA and then changing its strategy to become a holding company yet focus on setting up NG stations through its energy division. The major shareholders of HFSD are also major shareholders of NGFC. HFSD also has certain minority shareholders who helped the inception and formation of HFSD that led to the formation of NGFC and thus the Board of Directors of NGFC decided to give HFSD a one time management fee in return for the work HFSD did to conceive NGFC that NGFC will record as organization cost. Also the Company gave its President Eugene Nichols 100,000 shares valued at $15,000 in total and gave two of the directors Bo Engberg and James New 10,000 shares each with a valuation of $1,500 each. On October 28, 2014 Goran Antic the Majority shareholder and the Chief Executive Officer of ECIL loaned to ECIL $30,000 at 5% per annum interest. As of the date of the Company acquired 55% of ECI L the balance was $23,625. For the year ending September 30, 2015 ECIL paid interest expenses of $1,271 and $5,051of principal payments on that loan and the balance of the loan payable to Mr. Antic as of September 30, 2015 is $18,554. This is an unsecured note with interest at 5% per annum accruing quarterly and with the principal paid back only when cash flow is available. |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 14 - Income Taxes | NOTE 14 INCOME TAXES As of September 30, 2015, the Company had net operating loss carry forwards of $173,708 that may be available to reduce future years taxable income through 2032. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. Components of net deferred tax assets, including a valuation allowance, are as follows at September 30, 2015. Net Operating loss carry-forward $ 444,455 Net adjustments to taxes 270,747 Adjusted NOL carry-forward 173,708 Total deferred tax assets 60,798 Less valuation allowances (60,798) Net deferred tax asset $ 0 As of September 30, 2014, the Company had net operating loss carry forwards of $81,551 that may be available to reduce future years taxable income through 2032. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. Components of net deferred tax assets, including a valuation allowance, are as follows at September 30, 2014. Net Operating loss carry-forward $ 81,551 Total deferred tax assets $ 28,543 Less valuation allowances $ (28,543) Net deferred tax asset $ 0 In assessing the recovery of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. As a result, management determined it was more likely than not the deferred tax assets would not be realized as of September 30, 2014. |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 15 - Subsequent Events | NOTE 15 SUBSEQUENT EVENTS On November 15, 2015 we gave 50,000 shares of Class A Common Stock to Mr. Nihal Goonewardene, a resident of Maryland, valued at $0.15 cents per share with a total value of $7,500 as consulting fees. Mr. Goonewardene will be involved in seeking out global businesses for us to acquire for cash and stock of our company and also promoting our company with foreign investors. |
Note 2 - Significant Accounti22
Note 2 - Significant Accounting Policies: Note 2 - Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2015 | |
Policies | |
Note 2 - Significant Accounting Policies | NOTE 2 SIGNIFICANT ACCOUNTING POLICIES a. Basis of Presentation The consolidated financial statements include the accounts of the Company and its controlled affiliates. Intercompany transactions, profits and balances are eliminated in consolidation. We have consolidated the financial statements of ECI-LATAM Inc.(ECIL) and Vanguard Energy Inc. (VE) that we own 55% of and La Veles Inc. (LVI) of that we own 80.49% of with the financial statements of our Company. Both VE and LVI that began in FY 2015 have had minimal operations. 100% of the revenue of ECLI for the fiscal year September 30, 2015, came from a single customer. b. Cash and Cash Equivalents Cash consists of cash balances on deposit on bank and cash at investment bankers account that has been not invested in stocks. The Company believes no significant concentration of credit risk exists with respect to these cash balances. The Company considers all highly liquid instruments purchased with a maturity of three months or less and money market accounts to be cash equivalents. The Company had no cash equivalents at September 30, 2015 or at September 30, 2014. c. Inventory ECI-LATAM Inc. (ECIL) the 55% owned subsidiary of the Company, has $4,156 in inventory as at September 30, 2015. The inventories are accounted for under (FIFO) and stated at the lower of cost or market (net realizable value). The Company establishes provisions for inventory that is obsolete or when quantities on hand are in excess of estimated forecasted demand. The creation of such provisions results in a write-down of inventory to net realizable value and a charge to cost of sales. The ECIL inventory consists of spare parts that will be sold to its major clients when maintaining their equipment. d. Property and Equipment Property and equipment is capitalized at cost and is stated at cost less accumulated depreciation and amortization. Depreciation and amortization is determined using the straight line method over the estimated useful lives of the various asset classes. Software has been amortized over 5 years. Amortization cost of fiscal year 2015 on software was $1,000. e. Long-lived assets Management evaluates the recoverability of the Companys identifiable intangible assets and other long-lived assets in accordance with ASC Topic 360, which generally requires the assessment of these assets for recoverability when events or circumstances indicate a potential impairment exists. Events and circumstances considered by the Company in determining whether the carrying value of identifiable intangible assets and other long-lived assets may not be recoverable include, but are not limited to: significant changes in performance relative to expected operating results, significant changes in the use of the assets, significant negative industry or economic trends, a significant decline in the Companys stock price for a sustained period of time, and changes in the Companys business strategy. In determining if impairment exists, the Company estimates the undiscounted cash flows to be generated from the use and ultimate disposition of these assets. If impairment is indicated based on a comparison of the assets carrying values and the undiscounted cash flows, the impairment loss is measured as the amount by which the carrying amount of the assets exceeds the fair market value of the assets. f. Goodwill and Intangible Assets The Company evaluates goodwill and other finite-lived intangible assets in accordance with FASB ASC Topic 350, Intangibles Goodwill and Other. Goodwill is recorded at the time of an acquisition and is calculated as the difference between the total consideration paid for an acquisition and the fair value of the net tangible and intangible assets acquired. Accounting for acquisitions requires extensive use of accounting estimates and judgments to allocate the purchase price to the fair value of the net tangible and intangible assets acquired. Goodwill is deemed to have an indefinite life and is not amortized, but is subject to annual impairment tests. If the assumptions and estimates used to allocate the purchase price are not correct, or if business conditions change, purchase price adjustments or future asset impairment charges could be required. The value of our goodwill could be impacted by future adverse changes such as: (i) any future declines in our operating results, (ii) a decline in the valuation of customers, including the valuation of our common stock, (iii) a significant slowdown in the worldwide economy or (iv) any failure to meet the performance projections included in our forecasts of future operating results. In accordance with FASB ASC Topic 350, the Company tests goodwill for impairment on an annual basis or more frequently if the Company believes indicators of impairment exist. Impairment evaluations involve management estimates of asset useful lives and future cash flows. Significant management judgment is required in the forecasts of future operating results that are used in the evaluations. It is possible, however, that the plans and estimates used may be incorrect. If our actual results, or the plans and estimates used in future impairment analysis, are lower than the original estimates used to assess the recoverability of these assets, we could incur additional impairment charges in a future period. The Company performs its annual impairment review of goodwill in September, and when a triggering event occurs between annual impairment tests for both goodwill and other intangible assets. The Company recorded no impairment loss for the year ended September 30, 2015. The Company acquired ECI-LATAM Inc. in February 2015 and recorded Customer List as an intangible asset at a value of $150,000 to be amortized in 3 years. The net balance of the customer list as of September 30, 2015 is $120,833. The amortization expenses in financial year 2015 is $29,167. g. Income taxes The Company accounts for income taxes in accordance with accounting guidanc e now codified as FASB ASC Topic 740, Income Taxes, which requires that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance is recorded when it is more likely than not that some or all deferred tax assets will not be realized. h. Basic and Diluted Net Loss Per Share The Company computes loss per share in accordance with ASC-260, Earnings per Share, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of September 30, 2015, the Company had no potential dilutive shares outstanding. i. Stock Based Compensation The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation Stock Compensation which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. The fair value of the equity instrument is charged directly to compensation expense and additional paid-in capital over the period during which services are rendered. There has been no stock-based compensation issued to employees. The Company follows ASC Topic 505-50, formerly EITF 96-18, Accounting for Equity Instruments that are Issued to Other than Employees for Acquiring, or in Conjunction with Selling Goods and Services, for share-based awards issued to consultants and other non-employees. In accordance with ASC Topic 505-50, these share-based awards issued as compensation for services provided to the Company are accounted for based upon the fair value of the services provided or the estimated fair market value of the award, whichever can be more clearly determined. Total stock-based compensation expense, related to all of the Companys stock-based awards, recognized for the years ended September 30, 2015 was $242,700 all of which were for non-employee compensation including the shares given to the President and the Directors of the Company as fees. For September 30, 2014 there was no stock based compensation. j. Related Party Transactions We consider all who own more than 5% shares and equity method investments to be related parties and record any transactions between them and the Company to be related party transactions and disclose such transactions on notes to the Financial Statements. Under ASC 850, examples of related party transactions also include those between: - A parent entity and its subsidiaries - Subsidiaries of a common parent, an entity and trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management - An entity and its principal owners, management, or members of their immediate families and affiliates Transactions between related parties commonly occur in the normal course of business. Examples of common transactions with related parties are: - Sales, purchases, and transfers of real and personal property - Services received or furnished, such as accounting, management, engineering, and legal services - Use of property and equipment by lease or otherwise - Borrowings, lendings, and guarantees - Maintenance of compensating bank balances for the benefit of a related party - Intra-entity billings based on allocations of common costs - Filings of consolidated tax returns - Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. For example, an entity may receive services from a related party without charge and not record receipt of the services. While not providing accounting or measurement guidance for such transactions, this Topic requires their disclosure nonetheless. k. Fair Value Measurement The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. l. Noncontrolling Interest We record the minority ownership of entities that we effectively control but own less than 100% of as noncontrolling interest. As at September 30, 2015 we recorded a total of $540,468 of noncontrolling interest and there were none as of September 30, 2014. These noncontrolling interest were related to NGFC Limited Partnership, ECI-LATAM Inc., Vanguard Energy Inc., and La Veles Inc. m. Marketable Securities The Company has a trading and investment account for its own account and also for NGFC Limited Partnership. The Companys policy is to acquire various stocks after doing fundamental analysis and hold for long term but trade options to hedge them. Most of these stocks could be sold out if these options get assigned. We record these shares at market price at the end of the day. n. Revenue Recognition Generally, we recognize revenue when persuasive evidence of an arrangement with the customer exists, the product has been delivered and title has passed, provided that we do not have significant post delivery obligations, the amount due from the customer is fixed or determinable, and collectability is reasonably assured. Usually our prices are listed on a price list we give to the customer and we give a discount if they buy large volumes. 95% of the times the customer will issue a purchase order to us (5% of the times customer does not send a PO but requests us to send an invoice). Based on PO, we send the customer an invoice. The term includes The invoice date starts when the material title is under customers name. No cancellation, No return. Almost all our sales are made simultaneously as the client sends us payment and such sales are also booked as sales on the date of delivery. We record any revenues collected but not earned as of the financial statement date as deferred revenue. This is primarily composed of revenue our 55% owned subsidiary ECIL receive from their clients in advance of sending and parts or doing the services. As of September 30, 2015 we had deferred revenue of $33,953. There was no deferred revenue as September 30, 2014. |
Note 3 - Investments in Marke23
Note 3 - Investments in Marketable Securities: Investments in Marketable Securities (Policies) | 12 Months Ended |
Sep. 30, 2015 | |
Policies | |
Investments in Marketable Securities | Marketable securities are classified as and are presented in the consolidated balance sheets at fair value. Per Accounting Standards Codification 820 Fair Value Measurement, fair values defined establishes a framework for measuring fair value under generally accepted accounting principles and expands disclosures about fair value measurements. ASC 820 does not require any new fair value measurements. ASC 820 establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs that are not corroborated by market data The Company has classified these marketable securities at level 1 in NGFC Equities, Inc. with a fair value of $27,561 as of September 30, 2014 and $50,862 as of September 30, 2015. In NGFC Limited Partnership (that began in April 2015) the fair value of securities at level 1 is $144,599 as of September 30, 2015. |
Note 6 - Formation of NGFC Li24
Note 6 - Formation of NGFC Limited Partnership: Formation of NGFC Limited Partnership (Policies) | 12 Months Ended |
Sep. 30, 2015 | |
Policies | |
Formation of NGFC Limited Partnership | As disclosed in the 8K the Company filed with the Security and Exchange Commission on March 24, 2015, the Company set up NGFC Limited Partnership (the Partnership) with the Company acting as the General Partner. The purpose of the Partnership is to raise funds in the private market to acquire gasoline stations that the Partnership would lease back to the Company. The Partnership also will invest its funds in the financial markets. As of September 30, 2015, the Company has contributed $35,000 as capital to the Partnership. The Partnership financial statements are consolidated with the financial statements of NGFC Equities, Inc. recording the ownership of the minority owners as noncontrolling interest. At the end of September 30, 2015, $486,935 of the capital of NGLP is owned by minority owners. NGFC Limited Partnership located at 7135 Collins Ave, Miami Beach, FL 33141, plans to raise up to a maximum of $1,000,000 pursuant to the private transaction exemption in Securities and Exchange Commission (SEC) Regulation D, Rule 506. As of September 30, 2015 the Partnership has raised $485,350 from thirteen limited Partners. These limited partners will have the right to convert their partnership capital to shares of NGFC at $0.30 cents per share by September 30, 2016. In the event all limited partners converted 100% of their current capital to shares of NGFC it would amount to NGFC issuing 1,617,250 additional shares for $485,175. Following is a summary of the terms of the Partnership Agreement: · · · · · |
Note 5 - Acquisitions_ Acquisit
Note 5 - Acquisitions: Acquisition Price Breakdown (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Tables/Schedules | |
Acquisition Price Breakdown | Consideration 3,000,0000 Class A Common Stock of NGFC Equities, Inc. at $0.15 cents $450,000 Recognized amounts of assets acquired Customer List $150,000 Net assets of ECIL 11,730 161,730 Noncontrolling interest in ECIL (72,779) Goodwill 361,049 $450,000 |
Note 5 - Acquisitions_ Subsidia
Note 5 - Acquisitions: Subsidiary Proforma (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Tables/Schedules | |
Subsidiary Proforma | Year Ended Year Ended Sept 30, 2015 Sept 30, 2014 Revenue 151,597 146,011 Net Income (loss) (435,776) (63,516) Net loss per share (0.00) (0.00) |
Note 12 - Sale of Unregistere27
Note 12 - Sale of Unregistered Securities: List of Unregistered Secuities Sold (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Tables/Schedules | |
List of Unregistered Secuities Sold | Clifford Hunt Esq 45,000 0.15 6,750 Lynx mgt 18,000 0.15 2,700 Kazuko Kusunoki 50,000 0.15 7,500 Eugene Nichols 100,000 0.15 15,000 James New 10,000 0.15 1,500 Bo Engberg 10,000 0.15 1,500 High Tech Fueling, Service and Distribution Inc. 510,000 0.15 76,500 743,000 111,450 |