September 30, 2008 As Previously Reported Adjustments As Restated Cash $ 5,446 $ 20,625 $ 26,071 Total Current Assets $ 9,846 $ 20,625 $ 30,471 Total Assets $ 14,183 $ 20,625 $ 34,808 Loan Payable $ - $ 140,625 $ 140,625 Total Current Liabilities $ 898 $ 140,625 $ 141,523 Treasury Stock $ - $ (40,000 ) $ (40,000 ) Deficit Accumulated during the development stage $ (136,965 ) $ (80,000 ) $ (216,965 ) Total Stockholder's Equity $ 13,285 $ (120,000 ) $ (106,715 ) Total Liabilities and Stockholder's Equity $ 14,183 $ 20,625 $ 34,808
Contract Categories:
Business Finance
- Loan Agreements
EX-10.1 2 f8k081709a1ex10_nxtfuel.htm SPREADSHEET f8k081709a1ex10_nxtfuel.htm
Exhibit 10.1
The following tables set forth the effects of the restatement to certain line items within the Company's previously reported balance sheets:
| September 30, 2008 | ||||||||||||
| As Previously | ||||||||||||
| Reported | Adjustments | As Restated | ||||||||||
| Cash | $ | 5,446 | $ | 20,625 | $ | 26,071 | ||||||
| Total Current Assets | $ | 9,846 | $ | 20,625 | $ | 30,471 | ||||||
| Total Assets | $ | 14,183 | $ | 20,625 | $ | 34,808 | ||||||
| Loan Payable | $ | - | $ | 140,625 | $ | 140,625 | ||||||
| Total Current Liabilities | $ | 898 | $ | 140,625 | $ | 141,523 | ||||||
| Treasury Stock | $ | - | $ | (40,000 | ) | $ | (40,000 | ) | ||||
| Deficit Accumulated during the development stage | $ | (136,965 | ) | $ | (80,000 | ) | $ | (216,965 | ) | |||
| Total Stockholder's Equity | $ | 13,285 | $ | (120,000 | ) | $ | (106,715 | ) | ||||
| Total Liabilities and Stockholder's Equity | $ | 14,183 | $ | 20,625 | $ | 34,808 | ||||||
| September 30, 2008 | ||||||||||||
| As Previously | ||||||||||||
| Reported | Adjustments | As Restated | ||||||||||
| Professional Fees | $ | 103,697 | $ | 80,000 | $ | 183,697 | ||||||
| Loss from Operations before Income Taxes | $ | (124,665 | ) | $ | (80,000 | ) | $ | (204,665 | ) | |||
| Provision for Income Taxes | $ | - | $ | - | $ | - | ||||||
| Net Loss | $ | (124,665 | ) | $ | (80,000 | ) | $ | (204,665 | ) | |||
| Net Loss Per Share - Basic and Diluted | $ | (0.02 | ) | - | $ | (0.03 | ) | |||||
| Weighted Average Number of Shares Outstanding | 6,433,210 | - | 6,375,921 | |||||||||
| during the year - Basic and Diluted | ||||||||||||
| December 31, 2008 | ||||||||||||
| As Previously | ||||||||||||
| Reported | Adjustments | As Restated | ||||||||||
| Cash | $ | 815 | $ | 104,425 | $ | 105,240 | ||||||
| Total Current Assets | $ | 2,715 | $ | 104,425 | $ | 107,140 | ||||||
| Total Assets | $ | 6,805 | $ | 104,425 | $ | 111,230 | ||||||
| Loan Payable | $ | - | $ | 242,125 | $ | 242,125 | ||||||
| Total Current Liabilities | $ | 3,617 | $ | 242,125 | $ | 245,742 | ||||||
| Treasury Stock | $ | - | $ | (40,000 | ) | $ | (40,000 | ) | ||||
| Deficit Accumulated during the development stage | $ | (148,362 | ) | $ | (97,700 | ) | $ | (246,062 | ) | |||
| Total Stockholder's Equity | $ | 3,188 | $ | (137,700 | ) | $ | (134,512 | ) | ||||
| Total Liabilities and Stockholder's Equity | $ | 6,805 | $ | 104,425 | $ | 111,230 | ||||||
| December 31, 2008 | ||||||||||||
| As Previously | ||||||||||||
| Reported | Adjustments | As Restated | ||||||||||
| Professional Fees | $ | 5,912 | $ | 17,700 | $ | 23,612 | ||||||
| Loss from Operations before Income Taxes | $ | (11,397 | ) | $ | (17,700 | ) | $ | (29,097 | ) | |||
| Provision for Income Taxes | $ | - | $ | - | $ | - | ||||||
| Net Loss | $ | (11,397 | ) | $ | (17,700 | ) | $ | (29,097 | ) | |||
| Net Loss Per Share - Basic and Diluted | $ | (0.00 | ) | - | $ | (0.01 | ) | |||||
| Weighted Average Number of Shares Outstanding | 6,437,500 | - | 5,362,231 | |||||||||
| during the year - Basic and Diluted | ||||||||||||
| March 31, 2009 | ||||||||||||
| As Previously | ||||||||||||
| Reported | Adjustments | As Restated | ||||||||||
| Cash | $ | 5,423 | $ | 1,850 | $ | 7,273 | ||||||
| Total Current Assets | $ | 5,423 | $ | 1,850 | $ | 7,273 | ||||||
| Total Assets | $ | 9,270 | $ | 1,850 | $ | 11,120 | ||||||
| Loan Payable | $ | - | $ | 230,750 | $ | 230,750 | ||||||
| Total Current Liabilities | $ | 3,630 | $ | 230,750 | $ | 234,380 | ||||||
| Treasury Stock | $ | - | $ | (70,000 | ) | $ | (70,000 | ) | ||||
| Deficit Accumulated during the development stage | $ | (157,210 | ) | $ | (158,900 | ) | $ | (316,110 | ) | |||
| Total Stockholder's Equity | $ | 5,640 | $ | (228,900 | ) | $ | (223,260 | ) | ||||
| Total Liabilities and Stockholder's Equity | $ | 9,270 | $ | 1,850 | $ | 11,120 | ||||||
| For the Three Months ended | For the Six Months ended | |||||||||||||||||||||||
| March 31, 2009 | March 31, 2009 | |||||||||||||||||||||||
| As Previously Reported | Adjustments | As Restated | As Previously Reported | Adjustments | As Restated | |||||||||||||||||||
| Professional Fees | $ | 4,472 | $ | 61,200 | $ | 65,672 | $ | 10,384 | $ | 78,900 | $ | 89,284 | ||||||||||||
| Loss from Operations before Income Taxes | $ | (8,848 | ) | $ | (61,200 | ) | $ | (70,048 | ) | $ | (20,245 | ) | $ | (78,900 | ) | $ | (99,145 | ) | ||||||
| Provision for Income Taxes | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
| Net Loss | $ | (8,848 | ) | $ | (61,200 | ) | $ | (70,048 | ) | $ | (20,245 | ) | $ | (78,900 | ) | $ | (99,145 | ) | ||||||
| Net Loss Per Share - Basic and Diluted | $ | (0.00 | ) | - | $ | (0.01 | ) | $ | (0.00 | ) | - | $ | (0.02 | ) | ||||||||||
| Weighted Average Number of Shares Outstanding | 6,456,111 | - | 4,965,669 | 6,446,703 | - | 5,166,129 | ||||||||||||||||||
| during the year - Basic and Diluted | ||||||||||||||||||||||||
