Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Sep. 30, 2016 | Mar. 31, 2016 | |
Entity Registrant Name | NGFC Equities, Inc. | |
Document Type | 10-K | |
Document Period End Date | Sep. 30, 2016 | |
Trading Symbol | ngff | |
Amendment Flag | false | |
Entity Central Index Key | 1,590,715 | |
Current Fiscal Year End Date | --09-30 | |
Entity Public Float | $ 1,839,674 | |
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 | 2,016 | |
Document Fiscal Period Focus | FY | |
Common Stock Class A | ||
Entity Common Stock, Shares Outstanding | 18,206,799 | |
Common Stock Class B | ||
Entity Common Stock, Shares Outstanding | 7,000,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 |
Current assets | |||
Cash and cash equivalent | $ 48,787 | $ 87,983 | $ 82,819 |
Marketable securities | 35,020 | 50,862 | |
Accounts receivable | 2,210 | ||
Inventory | 4,959 | 4,156 | |
Assets of discontinued operations | 501,391 | ||
Total current assets | 90,976 | 644,392 | |
Fixed assets | |||
Software, net | 5,995 | 3,995 | |
Other assets | |||
Goodwill | 361,049 | ||
Customer list-net of amortization | 120,833 | ||
Total other assets | 481,882 | ||
Total assets | 96,971 | 1,130,269 | |
Current liabilities | |||
Accrued expenses | 72,992 | 1,200 | |
Other payable | 10,171 | 14,387 | |
Deferred revenue | 35,335 | 33,953 | |
Loan related party | 18,554 | ||
Loan payable Southridge | 50,000 | ||
Total current liabilities | 168,498 | 68,094 | |
Stockholders' equity (deficit) | |||
Class A Common stock: $.0001 par value; 230,000,000 shares authorized, 18,206,799 and 18,042,674 shares issued and outstanding | 1,821 | 1,804 | |
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 | 1,085,825 | 1,032,692 | |
Retained deficit | (1,231,162) | (513,489) | |
Total NGFC stockholders' equity (deficit) | (142,816) | 521,707 | |
Non Controlling Interest | 71,289 | 540,468 | |
Total Equity (deficit) | (71,527) | 1,062,175 | |
Total liabilities and stockholders' equity (deficit) | $ 96,971 | $ 1,130,269 |
Statement of Financial Position
Statement of Financial Position - Parenthetical | Sep. 30, 2016$ / 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 | 18,206,799 |
Common Stock, Shares Outstanding | 18,206,799 |
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 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue | ||
Sales | $ 147,282 | $ 62,429 |
Cost of good sold | ||
Purchases - Parts and Materials | 80,922 | 60,222 |
Total Cost of Good Sold | 80,922 | 60,222 |
Gross profits | 66,360 | 2,207 |
Operating expenses | ||
Legal fees | 10,922 | 18,957 |
Accounting fees | 22,012 | 12,550 |
Officer compensation | 74,249 | 62,754 |
Depreciation and amortization | 38,500 | 30,167 |
Impairment expenses | 444,382 | |
Consulting fees | 38,115 | 166,250 |
General and administrative | 193,086 | 113,514 |
Total operating expenses | 821,266 | 404,192 |
Loss from operations | (754,906) | (401,985) |
Other income/(loss) | ||
Long term capital loss | (550) | |
Realized gain on marketable securities | 25,608 | 7,008 |
Unrealized loss on marketable securities | 9,796 | (28,352) |
Dividends received | 889 | 333 |
Total other income/(loss) | 35,743 | (21,011) |
Income (loss) from continuing operations | (719,163) | (422,996) |
Income (loss) from discontinued operations | 75,790 | (21,459) |
Net income (loss) | (643,373) | (444,455) |
Less: Net income (loss) attributable to the Non Controlling Interest | (74,300) | 19,896 |
Net income (loss) attributable to NGFC Shareholders | $ (717,673) | $ (424,559) |
Basic and diluted loss per common share continuing operations | $ (0.03) | $ (0.02) |
Basic and diluted income (loss) per common share discontinued operations | 0 | 0 |
Basic and diluted income (loss) per common share | $ (0.03) | $ (0.02) |
Basic and diluted weighted average number of common shares outstanding | 25,099,112 | 22,137,706 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net loss including non controlling interest | $ (643,373) | $ (444,455) |
Adjustments to reconcile net loss from continuing operations to cash used in operating activities: | ||
Unrealized loss on marketable securities | 39,947 | 57,176 |
Realized gain on marketable securities | (151,712) | (17,274) |
Dividends received | 2,718 | (333) |
Depreciation and amortization | 38,500 | 30,167 |
Impairment expenses | 444,382 | |
Stock based compensation | 53,150 | 242,700 |
Equity offerings expenses settled with note payable | 50,000 | |
Changes in operating assets and liabilities: | ||
Inventory | (803) | (4,156) |
Other assets | (2,210) | 2,000 |
Deferred revenue | 1,382 | 33,953 |
Accounts payable | 14,387 | |
Accrued Expenses | 67,576 | (1,800) |
Net cash used in operating activities | (100,443) | (87,635) |
Investing activities: | ||
Purchase of investments | (207,469) | |
Sale of investments | 39,947 | |
Cash received from purchase of ECIL | 33,335 | |
Purchase of software | (3,000) | (4,995) |
Net cash used in investing activities | 36,947 | (179,129) |
Financing activities: | ||
Common stock bought back, value | (15) | |
Contribution from minority owners | 50,000 | |
Distribution to minority owners | (21,366) | |
Payments on loan to related party | (18,554) | (5,051) |
Sale of subsidiary ownership interest for cash | 487,585 | |
Cash of deconsolidated subsidiary | (342,572) | |
Proceeds from sale of common stock | 146,201 | |
Net cash provided by financing activities | (332,492) | 628,720 |
Net increase (decrease) in cash | (395,988) | 361,956 |
Cash at beginning of period | 444,775 | 82,819 |
Cash flow ending balance | 48,787 | 444,775 |
Cash paid for: | ||
Interest | 2,655 | 1,271 |
Non cash investing and financing activity | ||
Net assets purchased from ECIL | 489,444 | |
Class A shares issued to ECIL | $ 450,000 | |
Non-cash assets of deconsolidated subsidiary | $ (229,541) |
Statement of Stockholders' Equi
Statement of Stockholders' Equity - 12 months ended Sep. 30, 2016 - USD ($) | Total | Common Stock Class A | Common Stock Class B | Additional Paid-In Capital | Accumulated Deficit | Noncontrolling Interest | Total Stockholders' Equity (Deficit) |
Minority ownership NGLP at Sep. 30, 2015 | $ 540,468 | ||||||
Balance Value at October 1, 2014 at Sep. 30, 2016 | $ 1,260 | $ 700 | $ 194,350 | $ (88,930) | $ 107,380 | ||
Balance Shares at October 1, 2014 at Sep. 30, 2016 | 12,600,000 | 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 cash, value | $ 97 | 146,104 | 146,201 | ||||
Common stock issued for cash, shares at Sep. 30, 2016 | 974,674 | ||||||
Common stock issued for as consulting fees, value 2015 | $ 162 | 242,538 | 242,700 | ||||
Common stock issued for as consulting fees, shares 2015 | 1,618,000 | ||||||
Common stock bought back, value | $ (15) | (15) | |||||
Common stock bought back, shares | (150,000) | ||||||
Minority ownership NGLP at Sep. 30, 2016 | 71,289 | 486,935 | 486,935 | ||||
Minority ownership VE Inc. | 450 | 450 | |||||
Minority ownership La Veles Inc. | 200 | 200 | |||||
Net loss Sep 30, 2015 | (424,559) | (19,896) | (444,455) | ||||
Balance Value at September 30, 2015 at Sep. 30, 2016 | $ 1,804 | $ 700 | 1,032,692 | (513,489) | 540,468 | 1,062,175 | |
Balance Shares at September 30, 2015 at Sep. 30, 2016 | 18,042,674 | 7,000,000 | |||||
Common stock issued for as consulting fees, value | $ 17 | 53,133 | 53,150 | ||||
Common stock issued for as consulting fees, shares | 164,125 | ||||||
Contribution from minority owners | 50,000 | 50,000 | 50,000 | ||||
Distribution to minority owners | (21,366) | (21,366) | (21,366) | ||||
Investment in deconsolidated subsidiary | (572,113) | (572,113) | |||||
Net loss | $ (643,373) | (717,673) | 74,300 | (643,373) | |||
Balance Value at September 30, 2016 at Sep. 30, 2016 | $ 1,821 | $ 700 | $ 1,085,825 | $ (1,231,162) | $ 71,289 | $ (71,527) | |
Balance Shares at September 30, 2016 at Sep. 30, 2016 | 18,206,799 | 7,000,000 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Sep. 30, 2016 | |
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) 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. However, as of the reporting date we have not begun any activities with our original business strategy due to our inability to get the funding needed to implement our plans. 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. However, we have not been able to expand our business into these divisions thus far except the healthcare division due to our inability raise funds needed to expand into those divisions. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2016 | |
Notes | |
Note 2 - Significant Accounting Policies | NOTE 2 SIGNIFICANT ACCOUNTING POLICIES a. Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its controlled affiliates. Intercompany transactions, profits and balances are eliminated in consolidation. For the year ending September 2015 we have consolidated the financial statements of ECI-LATAM Inc. and Vanguard Energy Inc. (VE) that we own 55% of and La Veles Inc. (LVI) of that we own 80.49% of and NGFC Limited Partnership for which we acted as the General Partner in exchange for 30% of any gains from its activities with the financial statements of our Company Both VE and LVI that began in FY 2015 have had minimal operations. For the year ending September 2016 we have consolidated the 55% ownership of financial statements of ECI-LATAM Inc and included the activities on NGFC Limited Partnership because we were the general partner of NGLP until we deconsolidated that on May 20, 2016. We deconsolidated NGLP from NGFC because we resigned as the general partner of NGLP on May 20, 2016. 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, 2016 or at September 30, 2015. On our cash flow statements we chose the option to Combine cash flows from discontinued operations with cash flows from continuing operations within each cash flow category and add the cash and cash equivalents included in assets held for sale at the beginning and end of the period to the respective balances in the cash line item from the balance sheet and have reconciled the cash balance per cash flow statements with the cash balance per balance sheet as of September 30, 201 on a note to the financial statements. Following table shows reconciliation of ending cash balance on the cash flow statement with the cash balance on the balance sheet: Period Ended Sept 30, 2015 Reconciliation of Cash flow ending cash balance with cash balance in balance sheets Cash balance per cash flow statement $ 444,775 Cash portion held by deconsolidated entity (356,792) Cash balance per balance sheet $ 87,983 c. Inventory ECI-LATAM Inc. (ECIL) the 55% owned subsidiary of the Company, has $4,959 and $4,156 in inventory as at September 30, 2016 and 2015 respectively. The inventories are accounted for under (FIFO) 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 is $1,000 each for both fiscal years ending September 2016 and 2015. 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. For the year ending September 30, 2016 the Company chose to write off the $361,049 of goodwill recognized at the acquisition of ECI Latam Inc. since the performance of ECIL for the year and the future projections do not warrant having the goodwill on account. 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 was $ ,833. The amortization expenses in financial year 2015 were $29,167. In the fiscal year ending September 30, 2016 we amortized $37,500 for the first three quarters of 2016 and in the last quarter after an evaluation of prospects of ECIL the company chose to write off $83, 33 of the customer list bringing the balance of the list to 0 and recorded the $83,333 as impairment expenses.. 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. We recognize interest and penalties related to unrecognized tax benefits in operating expenses. As of September 30, 2016 and 2015, there were no unrecognized tax benefits nor interest or penalties accrued related to unrecognized tax benefits, nor were any interest and penalties recognized during the years ended September 30, 2015 and 2016. 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, 2016 and 2015, the Company had no potential dilutive shares outstanding. i. Research and Development Costs incurred in connection with the development of new products and manufacturing methods are charged to selling, general and administrative expenses as incurred. j. 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 stock options and warrants issued to consultants and other non-employees. In accordance with ASC Topic 505-50, these stock options and warrants 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 option or warrant, 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, 2016 and 2015 were $53,149 and $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. k. 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 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. l. 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. m. Noncontrolling Interest We record the minority ownership of entities that we effective control but own less than 100% of as noncontrolling interest. As at September 30, 2016 and 2015 we recorded a total of $71,289 and $540,468 of noncontrolling interest respectively. These noncontrolling interests was related only to ECI-LATAM Inc. and NGFC Limited Partnership in 2016 and were related to NGFC Limited Partnership, ECI-LATAM Inc ,Vanguard Energy Inc., and La Veles Inc in 2015. n. Marketable Securities In accordance with Accounting Standards Codification 825 an entity is permitted to irrevocably elect fair value on a contract-by-contract basis for new assets or liabilities within the scope of ASC 825 as the initial and subsequent measurement attribute for those financial assets and liabilities and certain other items including property and casualty insurance contracts. Entities electing the fair value option are required to (i) recognize changes in fair value in earnings and (ii) expense any upfront costs and fees associated with the item for which the fair value option is elected. Entities electing the fair value option are required to distinguish, on the face of the statement of financial position, the fair value of assets and liabilities for which it has elected the fair value option, and similar assets and liabilities measured using another measurement attribute. An entity can accomplish this either by reporting the fair value and non-fair-value carrying amounts as separate line items or by aggregating those amounts and disclosing parenthetically the amount of fair value included in the aggregate amount. The Company elected the fair value option for all their marketable securities. Management has elected the fair value option as management believes it best reflects the true market value of the securities at the date of valuation. The Company reports the change in value of the securities as realized or unrealized gains or losses on a quarterly basis against earnings. The gain or loss is calculated as the difference between the acquiring value and the closing market value at the end of the reporting period. For securities purchased, the acquiring value is the fair value of the securities on the date they are acquired. o. Revenue Recognition Generally, we recognize revenue when persuasive evidence of an arrangement with the customer exists, the product has been shipped 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, 2016 we had deferred revenue of $35,335. As of September 30, 2015 we had deferred revenue of $33,953. p. Major Customer Approximately 90% of the revenue of the consolidated entity for the years ended September 30, 2016 and 2015, came from a single customer q. Concern Issue The financial statements has been prepared on the going concern basis which assumes the company and consolidated entity will have sufficient cash to pay its debts as and when they become payable for a period of at least 12 months from the date the financial report was authorized for issue. The Company incurred a net loss of $ during the year ended September 30, 2016, and as of that date, the Companys current liabilities exceeded its current asset and its total liabilities exceeded its total assets Those factors, as well as the uncertain conditions that the Company faces regarding its loan agreements, create an uncertainty about the Companys ability to continue as a going concern. Management of the Company has executed a merger agreement with a private business that we believe may generate adequate cash flow or would be able to raise adequate funds to resolve this issue. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern . |
Note 3 - Investments in Marketa
Note 3 - Investments in Marketable Securities | 12 Months Ended |
Sep. 30, 2016 | |
Notes | |
Note 3 - Investments in Marketable Securities | NOTE 3 INVESTMENTS IN MARKETABLE SECURITIES Marketable securities are classified as available-for-sale and are presented in the balance sheet 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 $35,0 as of September 30, 2016 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 NGLP was deconsolidated as of June 30, 2016. In June 2014, the Company opened an investment and trading 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. We have withdrawn some of that capital from the investment account as needed and of the remaining initial capital $22,135 and $5,733 remains in cash as of September 30, 2016 and 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 $520,175 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 ash paid for available securities as of September 30, 2015 $207,469. As stated elsewhere in these financial statements during the fiscal year ending September 30, 2016 NGLP has been deconsolidated from the financial statements of NGFC on May 20, 2016. Realized gains in our consolidated financial statements from sale of securities for the year ended September 30, 2016 and 2015 respectively were $25,608 and $7,008. Unrealized gain from the same for September 30, 2016 was $9,796 and there was a unrealized loss of $28,352 for the financial year 2015. We had dividend income of $889 and $333 respectively, for the same financial years. Our cash flow statement that included the deconsolidated entity had realized gains of $151,712 and $17,274 for the financial years ending September 30, 2016 and 2015 respectively and had $39,947 and $57,176 as unrealized gains for the same fiscal years respectively. |
Note 4 - Commitments
Note 4 - Commitments | 12 Months Ended |
Sep. 30, 2016 | |
Notes | |
Note 4 - Commitments | NOTE 4 COMMITMENTS 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 we valued at $0.15 cents per share at the time. We extended the lease for another year. On September 1, 2015 we paid the lessor 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 for the period of lease commitments to March 31, 2015. We have accrued $1,200 related to unpaid rent for period from April 1, 2015 through September 30, 2015. In September 2016 we paid the lessor Lynx Management 7,500 restricted Class A Common Shares valued at $0 .40 cents per share or a value of $3,000 as rental expenses for the period of April 1, 2015 to June 30, 2016. We have accrued $600 as the rental expenses for the year ending 2016. We terminated the lease agreement with Lynx management as of December 30, 2016 and will be using the office at the residence of its CEO at 7135 Collins Ave, Miami Beach, FL 33141 as the head office from January 1, 2017. The Company will not pay any rental expense for that space. We issued Lynx Management another 7,500 restricted Class A Common Shares on September 30, 2016 and 3,000 restricted Class A Common Shares on November 21, 2016 in full payment of the rental expenses till December 30, 2016. |
Note 5 - Acquisitions
Note 5 - Acquisitions | 12 Months Ended |
Sep. 30, 2016 | |
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. 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 Sub Total 161,730 Noncontrolling interest in ECIL (72,779) Goodwill 361,049 Total $450,000 The Customer List was 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 Sept 30, 2015 Revenue 151,597 Net Income (loss) (435,776) Net loss per share (0.00) |
Note 6 - Formation and Deconsol
Note 6 - Formation and Deconsolidation of NGFC Limited Partnership | 12 Months Ended |
Sep. 30, 2016 | |
Notes | |
Note 6 - Formation and Deconsolidation of NGFC Limited Partnership | NOTE 6 FORMATION AND DECONSOLIDATION 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 was to raise funds in the private market to acquire gasoline stations that the Partnership would lease back to the Company. The Partnership also invested 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. In our September 30, 2015 Cash Flow Statement we have shown contribution to NGLP for the year $487,585 as cash inflow under financing activities. 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 $485,175 from thirteen limited Partners. These limited partners will have the right to convert their partnership capital to shares of NGFC at .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 $485,175. Following is a summary of the terms of the Partnership Agreement: · The General Partner will not charge any management fee to manage the Partnership. · At the end of each calendar quarter the Partnership will calculate the Net Asset Value (NAV) and any excess of NAV will be distributed 70% to the Limited Partners and 30% to the General Partner. · Net Asset Value (NAV) of the Partnership means the Partnership's assets, at fair value(marked to market), less liabilities, including any accrued but unpaid expenses and reserves for certain circumstances. The Net Asset Value per Interest means the Net Asset Value of the Partnership divided by the number of Interests then outstanding. The term marked to market is an accounting term used to describe the adjustment of the valuation of a security or portfolio to reflect current market values. The Partnership will mark all positions, to market at the close of each quarterly trading period in order to calculate performance, taking into account both realized and unrealized profits and losses. · The Partnership will grant all Limited Partners the option to convert one hundred percent of the capital they have contributed to the Partnership to shares of the General Partner, NGFC Equities, Inc. at the strike price of thirty cents ($.30 cents) per Share prior to September 30, 2016. · Fiscal Year of the Partnership shall end on September 30th of each year (to coincide with the fiscal year of the General Partner), which fiscal year may be changed by the General Partner, in its sole and absolute discretion. On May 20, 2016 we filed an 8k deconsolidating NGLP from NGFC because in the event the investment by NGLP in public company stocks to be more than 40% of the total assets, that may require us to register NGFC under the Investment Company Act of 1940, that we would like to avoid since the purpose of NGFC is to acquire companies to operate through subsidiaries and not be a passive investor while it is more practical for NGLP to make a better return on the money NGLP is holding by investing in any alternative investments while NGLP still consider acquiring land and building that house operating gasoline stations to rent to Energy and Retail division of NGFC to get a fixed return on their money. NGFC gave 30-day written notice to all limited partners of NGLP on July 19, 2016 informing NGFCs intention to resign as the general partner of NGFC effective August 19, 2016. Concurrently Andrew Weeraratne the CEO of NGFC was appointed as the general partner of NGLP. Also the Board, on the meeting held on May 20, 2016 approved to keep the option the current Limited Partners of NGLP have as of May 20, 2016 to convert 100% of their capital to NGFC shares at $0.30 per shares by March 31, 2017 effective even after deconsolidation of NGLP. If this conversion feature was executed by all 14 limited partners then their total capital (if any of them did not withdraw prior to March 31, 2017) of $535,350 could be converted at $0.30 cents per share to 1,784,500 shares of Class A Common Stock of NGFC. In our September 30, 2016 Cash Flow Statement we have shown both the $50,000 contribution a non-controlling owner of NGLP made to NGLP as cash contribution to deconsolidated entity and profits we distributed to non-controlling partner of $21,366 as cash in and out of financing activities. On the date of NGLP deconsolidation the net assets of NGLP was $ and had made $75,790 in net earnings. On our cash flow statements we chose the option to Combine cash flows from discontinued operations with cash flows from continuing operations within each cash flow category and add the cash and cash equivalents included in assets held for sale at the beginning and end of the period to the respective balances in the cash line item from the balance sheet and have reconciled the cash balance per cash flow statements with the cash balance per balance sheet The following table presents the carrying value of the major classes of assets included in our discontinued operations as presented on our Consolidated Balance Sheet as of September 31, 201 . There were no liabilities in our discontinued operations. There were not remaining on our Consolidated Balance Sheets as of September 30, 201 related to discontinued operations. Year ended September 30, 2015 Cash $ 356,792 Marketable securities 144,599 Total Current Assets 501,391 Total discontinued assets $ 501,391 The following table presents the amounts of the major items that are included in discontinued operations that are presented on our Consolidated Income Statements: Year ended Sept 30, 2016 Year ended Sept 30, 2015 Operating Expenses Professional fees $ 2,400 $ 2,500 General and administrative - 401 Total Operating Expenses 2,400 2,901 Other Income Realized gain marketable securities 126,104 10,266 Unrealized loss on marketable securities (49,743) (28,824) Dividends received 1,829 - Total Other Income 78,190 (18,558) Taxable Gain (Loss) 75,790 (21,459) Income (loss) from discontinued operations $ 75,790 $ (21,459) |
Note 7 - Formation and Terminat
Note 7 - Formation and Termination of ECI-Latam Animal Healh Division and La Veles Inc | 12 Months Ended |
Sep. 30, 2016 | |
Notes | |
Note 7 - Formation and Termination of ECI-Latam Animal Healh Division and La Veles Inc | NOTE 7 FORMATION AND TERMINATION 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 owned 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. On January 23rd, 2016 decided to be involved only with distribution of this anti-infection cream and also let ECIL directly handle the work through ECIL and not get La Veles Inc. be involved with it. ECIL currently has no formal agreement with the manufacturer of this Cream to distribute it. As we terminated the business involving La Veles we paid out the minority shareholder $125 to buy back his ownership and closed the bank account. Currently LVI remains an inactive 100% owned subsidiary of NGFC. The cost of setting up LVI and making it inactive had been minimal for us due to the expertise of our staff in forming the corporation, handling most administrative and filing obligations through our internal team |
Note 8 - Formation and Terminat
Note 8 - Formation and Termination of Vanguard Energy Inc | 12 Months Ended |
Sep. 30, 2016 | |
Notes | |
Note 8 - Formation and Termination of Vanguard Energy Inc | NOTE 8 FORMATION AND TERMINATION 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. to be based at 924 Calle Negocio Unit B, San Clemente, CA 92673. Mr. Laub 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. was formed to focus on buying established gasoline stations and adding Natural Gas (NG) bays along with conversion garages to convert vehicles to run on NG. VE planned to expand that operation nationwide in joint venture Franchise opportunity with mechanics that Mr. Laub had built relationships. The accounts of VE are 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. On the 23rd of January 2016, the Board of Directors decided to discontinue the operation of VE, due to recent price decline in gasoline and until we assess the cost benefit of the vehicle conversion division, and have Mr. Laub who currently manages CNG United LLC work as a consultant for NGFC. Subsequently we dissolved VE California corporation. The financial cost of setting up and discontinuing VE had been minimal for us due to the expertise of our staff in forming the corporation, handling most administrative and filing obligations through our internal team. |
Note 9 - Repurchase of Common S
Note 9 - Repurchase of Common Stock of Founder At Par | 12 Months Ended |
Sep. 30, 2016 | |
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, 2016 | |
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. As of September 30, 2016 we have 7,000,000 Class B common stock outstanding and 18,206,799 Class A common stock outstanding. |
Note 11- Equity Line With and N
Note 11- Equity Line With and Note Payable To Southridge | 12 Months Ended |
Sep. 30, 2016 | |
Notes | |
Note 11- Equity Line With and Note Payable To Southridge | NOTE 11 EQUITY LINE WITH AND NOTE PAYABLE TO SOUTHRIDGE At a Board of Directors meeting held on February 29, 2016 the Board approved an Equity Line sale of $3,000,000 worth of NGFC shares to Southridge Partners II LP at a 90% discount on $0.40 cents per share, the price at which our shares were sold last on OTCPink. Pursuant to this equity line we filed an S-1 and subsequently a S-1/A (Amendment Number 1) to get SEC effectiveness for Southridge to sell 7,500,000 shares of our Class A Common Stock on March 29, 2016. Our prospectus filed with the SEC to register the stock we plan to sell to Southridge was made effective August 9, 2016. We made a Put Notice to Southridge to purchase $360,000 worth of our shares on August 11, 2016 with reference to this Equity Line offering but Southridge did not buy our shares since there was no market for our shares during the put period. We issued a note for $50,000 to Southridge on March 23, 2016 at 7% interest per annum as payment with reference to the equity purchase agreement. This note was made to be payable in total on December 31, 2016 with accrued interest. Consequently Southridge introduced us to a private Energy company, as referred to under Note ___ Subsequent Events who began merger talks with us. As part of such merger discussions, this potential merger partner has made an agreement with Southridge to accept this $50,000 note payable and accrued interest as part of a potential merger between us. Originally we recorded that amount as Loan payable to Southridge on our balance sheet and have charged additional-paid-in-capital account correspondingly since this is considered a cost of the equity financing and therefore can be treated as a reduction of the proceeds received from the sale of equity to Southridge. In the September 2016 quarter the Company chose to write off this cost as an expense . |
Note 12 - Sale of Common Stock
Note 12 - Sale of Common Stock | 12 Months Ended |
Sep. 30, 2016 | |
Notes | |
Note 12 - Sale of Common Stock | NOTE 12 SALE OF COMMON STOCK In February 2015, we began selling Class A Common Stock of our Company for .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 $ 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 13 - Sale of Unregistered
Note 13 - Sale of Unregistered Securities | 12 Months Ended |
Sep. 30, 2016 | |
Notes | |
Note 13 - Sale of Unregistered Securities | NOTE 13 SALE OF UNREGISTERED SECURITIES On September 1, 2015 we sold 10,000 Class A restricted Common Stock of our Company at .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: Stockholder Name No. of Shares Price Amount 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 TOTAL 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 .15 cents per share plus $1,000 in cash that added up to a total value of $77,500 as management fees. For the fiscal year ending September 30, 2016 we issued the following shares as fees to the following persons at $0.40 per share. This price was based on the last price at which our stock was traded on the OTC PINK. We have not received any proceeds from our equity line. Date Stockholder Name No. of Shares Price Amount 11/15/15 Nihal Goonewardana 50,000 0.15 7,500 8/15/16 Stockvest 100,000 0.40 40,000 9/30/16 Clifford Hunt 6,625 0.40 2,650 9/30/16 Lynx management 7,500 0.40 3,000 - TOTAL 164,125 - 53,150 |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Sep. 30, 2016 | |
Notes | |
Note 14 - Related Party Transactions | NOTE 14 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. During the fiscal year 2016 this loan was fully paid off along with interest of $333. Under the sale of unregistered securities above we have shown the stock we gave Our Company directors James New, Gene Nichols and Bo Engberg. as fees for their services for the fiscal year September 30, 2016: |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Sep. 30, 2016 | |
Notes | |
Note 15 - Income Taxes | NOTE 15 INCOME TAXES As of September 30, 2016, the Company had net operating loss carry forwards of $ hat may be available to reduce future years taxable income through 2033. 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 September 30, 2016. Net Operating loss carry-forward $ 643,373 Net adjustments to taxes Adjusted NOL carry-forward Total deferred tax assets Less valuation allowances ( ) Net deferred tax asset $ 0 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 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 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, 2016. |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Sep. 30, 2016 | |
Notes | |
Note 16 - Subsequent Events | NOTE 16 SUBSEQUENT EVENTS We have signed a merger agreement, that can be construed as a reverse merger agreement on January 5, 2017, with Quest Energy Inc. (a Corporation incorporated in the State of Indiana) to issue 4,817,792 Class A Preferred Stock with the right to convert one such Class A Preferred Stock to one hundred shares of Common stock to 100% shareholders of Quest Energy Inc. in exchange for these individuals selling 100% ownership of Quest Energy Inc. to the Company. We filed a Form 14C PRE with the SEC on Jan 5- 2017, to announce the following: 1. To amend the Articles of Incorporation to increase the number of authorized shares of the Company to one billion shares of which nine hundred and ninety million would be Class A Common Stock and eliminate Class B Common Stock and To designate five million (5,000,000) of the ten million (10,000,000) authorized Preferred Stock as Series A Preferred Stock with one thousand votes for each Preferred Stock and keep the other five million (5,000,000) authorized Preferred Stock as blank check Preferred Stock. 2. To issue 4,817,792 Class A Preferred Stock with the right to convert one such Class A Preferred Stock to one hundred shares of Common stock to 100% shareholders of Quest Energy Inc. (a Corporation incorporated in the State of Indiana) in exchange for these individuals selling 100% ownership of Quest Energy Inc. to the Company. We plan to follow the Form 14C DEF around January 16, 2017 and also additionally file a Form 8k announcing the details of this merger agreement. We issued the following as fees on November 2016 as fees: Date Stockholder Name No. of Shares Price Amount 11/21/16 Kazuko Kusunoki 50,000 0.4 20,000.00 11/21/16 James New 25,000 0.4 10,000.00 11/21/16 Bo Engberg 25,000 0.4 10,000.00 11/21/16 Gene Nichols 50,000 0.4 20,000.00 11/21/16 Lynx management 3,000 0.4 1,200.00 - TOTAL 153,000 - 61,200.00 We accrued $60,000 as expenses for September 30, 2016 since our Board granted them to the directors and the employee of the company those shares prior to the year ending September 30, 2016. The $1,200 is the payment is for the rental expenses from June 30, 2016 to December 31, 2016. |
Note 2 - Significant Accounti23
Note 2 - Significant Accounting Policies: Note 2 - Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2016 | |
Policies | |
Note 2 - Significant Accounting Policies | NOTE 2 SIGNIFICANT ACCOUNTING POLICIES a. Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its controlled affiliates. Intercompany transactions, profits and balances are eliminated in consolidation. For the year ending September 2015 we have consolidated the financial statements of ECI-LATAM Inc. and Vanguard Energy Inc. (VE) that we own 55% of and La Veles Inc. (LVI) of that we own 80.49% of and NGFC Limited Partnership for which we acted as the General Partner in exchange for 30% of any gains from its activities with the financial statements of our Company Both VE and LVI that began in FY 2015 have had minimal operations. For the year ending September 2016 we have consolidated the 55% ownership of financial statements of ECI-LATAM Inc and included the activities on NGFC Limited Partnership because we were the general partner of NGLP until we deconsolidated that on May 20, 2016. We deconsolidated NGLP from NGFC because we resigned as the general partner of NGLP on May 20, 2016. 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, 2016 or at September 30, 2015. On our cash flow statements we chose the option to Combine cash flows from discontinued operations with cash flows from continuing operations within each cash flow category and add the cash and cash equivalents included in assets held for sale at the beginning and end of the period to the respective balances in the cash line item from the balance sheet and have reconciled the cash balance per cash flow statements with the cash balance per balance sheet as of September 30, 201 on a note to the financial statements. Following table shows reconciliation of ending cash balance on the cash flow statement with the cash balance on the balance sheet: Period Ended Sept 30, 2015 Reconciliation of Cash flow ending cash balance with cash balance in balance sheets Cash balance per cash flow statement $ 444,775 Cash portion held by deconsolidated entity (356,792) Cash balance per balance sheet $ 87,983 c. Inventory ECI-LATAM Inc. (ECIL) the 55% owned subsidiary of the Company, has $4,959 and $4,156 in inventory as at September 30, 2016 and 2015 respectively. The inventories are accounted for under (FIFO) 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 is $1,000 each for both fiscal years ending September 2016 and 2015. 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. For the year ending September 30, 2016 the Company chose to write off the $361,049 of goodwill recognized at the acquisition of ECI Latam Inc. since the performance of ECIL for the year and the future projections do not warrant having the goodwill on account. 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 was $ ,833. The amortization expenses in financial year 2015 were $29,167. In the fiscal year ending September 30, 2016 we amortized $37,500 for the first three quarters of 2016 and in the last quarter after an evaluation of prospects of ECIL the company chose to write off $83, 33 of the customer list bringing the balance of the list to 0 and recorded the $83,333 as impairment expenses.. 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. We recognize interest and penalties related to unrecognized tax benefits in operating expenses. As of September 30, 2016 and 2015, there were no unrecognized tax benefits nor interest or penalties accrued related to unrecognized tax benefits, nor were any interest and penalties recognized during the years ended September 30, 2015 and 2016. 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, 2016 and 2015, the Company had no potential dilutive shares outstanding. i. Research and Development Costs incurred in connection with the development of new products and manufacturing methods are charged to selling, general and administrative expenses as incurred. j. 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 stock options and warrants issued to consultants and other non-employees. In accordance with ASC Topic 505-50, these stock options and warrants 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 option or warrant, 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, 2016 and 2015 were $53,149 and $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. k. 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 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. l. 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. m. Noncontrolling Interest We record the minority ownership of entities that we effective control but own less than 100% of as noncontrolling interest. As at September 30, 2016 and 2015 we recorded a total of $71,289 and $540,468 of noncontrolling interest respectively. These noncontrolling interests was related only to ECI-LATAM Inc. and NGFC Limited Partnership in 2016 and were related to NGFC Limited Partnership, ECI-LATAM Inc ,Vanguard Energy Inc., and La Veles Inc in 2015. n. Marketable Securities In accordance with Accounting Standards Codification 825 an entity is permitted to irrevocably elect fair value on a contract-by-contract basis for new assets or liabilities within the scope of ASC 825 as the initial and subsequent measurement attribute for those financial assets and liabilities and certain other items including property and casualty insurance contracts. Entities electing the fair value option are required to (i) recognize changes in fair value in earnings and (ii) expense any upfront costs and fees associated with the item for which the fair value option is elected. Entities electing the fair value option are required to distinguish, on the face of the statement of financial position, the fair value of assets and liabilities for which it has elected the fair value option, and similar assets and liabilities measured using another measurement attribute. An entity can accomplish this either by reporting the fair value and non-fair-value carrying amounts as separate line items or by aggregating those amounts and disclosing parenthetically the amount of fair value included in the aggregate amount. The Company elected the fair value option for all their marketable securities. Management has elected the fair value option as management believes it best reflects the true market value of the securities at the date of valuation. The Company reports the change in value of the securities as realized or unrealized gains or losses on a quarterly basis against earnings. The gain or loss is calculated as the difference between the acquiring value and the closing market value at the end of the reporting period. For securities purchased, the acquiring value is the fair value of the securities on the date they are acquired. o. Revenue Recognition Generally, we recognize revenue when persuasive evidence of an arrangement with the customer exists, the product has been shipped 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, 2016 we had deferred revenue of $35,335. As of September 30, 2015 we had deferred revenue of $33,953. p. Major Customer Approximately 90% of the revenue of the consolidated entity for the years ended September 30, 2016 and 2015, came from a single customer q. Concern Issue The financial statements has been prepared on the going concern basis which assumes the company and consolidated entity will have sufficient cash to pay its debts as and when they become payable for a period of at least 12 months from the date the financial report was authorized for issue. The Company incurred a net loss of $ during the year ended September 30, 2016, and as of that date, the Companys current liabilities exceeded its current asset and its total liabilities exceeded its total assets Those factors, as well as the uncertain conditions that the Company faces regarding its loan agreements, create an uncertainty about the Companys ability to continue as a going concern. Management of the Company has executed a merger agreement with a private business that we believe may generate adequate cash flow or would be able to raise adequate funds to resolve this issue. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern . |
Note 3 - Investments in Marke24
Note 3 - Investments in Marketable Securities: Investments in Marketalbe Securities (Policies) | 12 Months Ended |
Sep. 30, 2016 | |
Policies | |
Investments in Marketalbe Securities | Marketable securities are classified as available-for-sale and are presented in the balance sheet 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 $35,0 as of September 30, 2016 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 NGLP was deconsolidated as of June 30, 2016. |
Note 6 - Formation and Decons25
Note 6 - Formation and Deconsolidation of NGFC Limited Partnership: Formation of NGFC Limited Partnership (Policies) | 12 Months Ended |
Sep. 30, 2016 | |
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 was to raise funds in the private market to acquire gasoline stations that the Partnership would lease back to the Company. The Partnership also invested 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. In our September 30, 2015 Cash Flow Statement we have shown contribution to NGLP for the year $487,585 as cash inflow under financing activities. 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 $485,175 from thirteen limited Partners. These limited partners will have the right to convert their partnership capital to shares of NGFC at .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 $485,175. Following is a summary of the terms of the Partnership Agreement: · The General Partner will not charge any management fee to manage the Partnership. · At the end of each calendar quarter the Partnership will calculate the Net Asset Value (NAV) and any excess of NAV will be distributed 70% to the Limited Partners and 30% to the General Partner. · Net Asset Value (NAV) of the Partnership means the Partnership's assets, at fair value(marked to market), less liabilities, including any accrued but unpaid expenses and reserves for certain circumstances. The Net Asset Value per Interest means the Net Asset Value of the Partnership divided by the number of Interests then outstanding. The term marked to market is an accounting term used to describe the adjustment of the valuation of a security or portfolio to reflect current market values. The Partnership will mark all positions, to market at the close of each quarterly trading period in order to calculate performance, taking into account both realized and unrealized profits and losses. · The Partnership will grant all Limited Partners the option to convert one hundred percent of the capital they have contributed to the Partnership to shares of the General Partner, NGFC Equities, Inc. at the strike price of thirty cents ($.30 cents) per Share prior to September 30, 2016. · Fiscal Year of the Partnership shall end on September 30th of each year (to coincide with the fiscal year of the General Partner), which fiscal year may be changed by the General Partner, in its sole and absolute discretion. |
Note 2 - Significant Accounti26
Note 2 - Significant Accounting Policies: Note 2 - Significant Accounting Policies: Cash Flow Reconciliation (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Cash Flow Reconciliation | Period Ended Sept 30, 2015 Reconciliation of Cash flow ending cash balance with cash balance in balance sheets Cash balance per cash flow statement $ 444,775 Cash portion held by deconsolidated entity (356,792) Cash balance per balance sheet $ 87,983 |
Note 5 - Acquisitions_ Acquisit
Note 5 - Acquisitions: Acquisition Price Breakdown (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
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 Sub Total 161,730 Noncontrolling interest in ECIL (72,779) Goodwill 361,049 Total $450,000 |
Note 5 - Acquisitions_ Subsidia
Note 5 - Acquisitions: Subsidiary Proforma 2015 (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Subsidiary Proforma 2015 | Year Ended Sept 30, 2015 Revenue 151,597 Net Income (loss) (435,776) Net loss per share (0.00) |
Note 6 - Formation and Decons29
Note 6 - Formation and Deconsolidation of NGFC Limited Partnership: Assets-discontinued operation (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Assets-discontinued operation | Year ended September 30, 2015 Cash $ 356,792 Marketable securities 144,599 Total Current Assets 501,391 Total discontinued assets $ 501,391 |
Note 6 - Formation and Decons30
Note 6 - Formation and Deconsolidation of NGFC Limited Partnership: Earning Summary of Discontinued Operations (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Earning Summary of Discontinued Operations | Year ended Sept 30, 2016 Year ended Sept 30, 2015 Operating Expenses Professional fees $ 2,400 $ 2,500 General and administrative - 401 Total Operating Expenses 2,400 2,901 Other Income Realized gain marketable securities 126,104 10,266 Unrealized loss on marketable securities (49,743) (28,824) Dividends received 1,829 - Total Other Income 78,190 (18,558) Taxable Gain (Loss) 75,790 (21,459) Income (loss) from discontinued operations $ 75,790 $ (21,459) |
Note 13 - Sale of Unregistere31
Note 13 - Sale of Unregistered Securities: List of Unregistered Securities Sold (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
List of Unregistered Securities Sold | Stockholder Name No. of Shares Price Amount 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 TOTAL 743,000 $111,450 |
Note 13 - Sale of Unregistere32
Note 13 - Sale of Unregistered Securities: Stock for Consulting 2016 (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Stock for Consulting 2016 | Date Stockholder Name No. of Shares Price Amount 11/15/15 Nihal Goonewardana 50,000 0.15 7,500 8/15/16 Stockvest 100,000 0.40 40,000 9/30/16 Clifford Hunt 6,625 0.40 2,650 9/30/16 Lynx management 7,500 0.40 3,000 - TOTAL 164,125 - 53,150 |
Note 16 - Subsequent Events_ St
Note 16 - Subsequent Events: Stock as Fee Nov 2016 (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Stock as Fee Nov 2016 | Date Stockholder Name No. of Shares Price Amount 11/21/16 Kazuko Kusunoki 50,000 0.4 20,000.00 11/21/16 James New 25,000 0.4 10,000.00 11/21/16 Bo Engberg 25,000 0.4 10,000.00 11/21/16 Gene Nichols 50,000 0.4 20,000.00 11/21/16 Lynx management 3,000 0.4 1,200.00 - TOTAL 153,000 - 61,200.00 |