NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
AND
BASIS OF PRESENTATION
Formerly
known as Nevada Legacy Enterprises Corporation and NL One Corporation, Flagship Global Corporation (the
“Company”) was incorporated on October 17, 2007 in the State of Nevada.
Our
focus is to develop and market new and innovative electronic, fiber optic, and information technologies. We currently own
the rights to two patent pending technologies for health care monitoring devices. However, while our current technologies
focus on health care, we plan to expand these technologies into applications for other market segments, and we may also pursue
new technologies in areas not related to the health care industry.
On May 11, 2016, Thomas DeNunzio, the
largest control shareholder at the time of NL One Corporation (the “Company”), entered into a Share Purchase Agreement
(the “Agreement”) with Stansbridge Limited, (“Stansbridge”), a United Kingdom company. Pursuant to the
Agreement, Mr. DeNunzio transferred to Stansbridge 40,501,000 post-split (324,008,000 (presplit)) shares of our common stock,
which represents approximately 92.87% of our issued and outstanding shares.
On May 31, 2016, the Company’s Board
of Directors and majority vote of shareholders approved a one-for-eight stock split of the Company’s issued and outstanding
common stock, par value $.0001 per share and to change the name of the Company from “NL One Corporation” to “Flagship
Global Corporation.” In addition, the board of directors and shareholders approved and voted to change our ticker symbol
from NLLN to FGCN.
Effective as of June 17, 2016, the total outstanding
shares of the Company following the reverse stock split is now 43,611,250 shares of common stock. Our controlling shareholder,
Stansbridge Limited now owns approximately 40,501,000 shares of our common stock. Stansbridge Limited is owned and controlled by
our sole officer and director, Gary Richard Brown. All references to common stock shares amounts have been retroactively adjusted.
The total number of the authorized shares of common stock after the effective date of the reverse split is 500,000,000 common shares
with a par value of $0.0001 per share.
The Company’s accounting and reporting
policies conform to accounting principles generally accepted in the United States of America. The Company’s fiscal year end
is December 31.
The accompanying unaudited interim financial
statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission,
or the SEC, including the instructions to Form 10-Q and Regulation SX. In the opinion of the management of the Company, all adjustments,
which are of a normal recurring nature, necessary for a fair statement of the financial position as of September 30, 2016, and the results
of operations and cash flows for the nine month periods ended September 30, 2016 and 2015. Results for the interim periods presented
are not necessarily indicative of the results that might be expected for the entire fiscal year ending December 31, 2016. When
used in these notes, the terms "Company", "we", "us" or "our" mean the Company. Certain
information and note disclosure normally included in financial statements prepared in accordance with generally accepted accounting
principles in the United States of America has been omitted from these interim financial statements pursuant to such accounting
principles and, accordingly, they do not include all the information and notes necessary for comprehensive interim financial statements
and should be read in conjunction with our audited financial statements for the year ended December 31, 2015.
NOTE 2 - GOING CONCERN
The Company’s interim unaudited
financial statements are prepared using accounting principles generally accepted in the United States of America applicable to
a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The
Company has not established any source of revenue to cover its operating costs. These conditions raise substantial doubt about
the Company’s ability to continue as a going concern. Company will engage in very limited activities without incurring any
liabilities that must be satisfied in cash until a source of funding is secured. The Company will offer noncash consideration and
seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue producing contracts or financing
or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially
curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements
that may dilute the interests of existing stockholders.
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 - RELATED PARTY TRANSACTIONS
Contributed Capital
For the nine months ended September 30, 2016,
there were capital contributions of $5,863 from Frontier Limited LLC, a Company owned by our former majority shareholder, Thomas
DeNunzio. These contributions were for expenses and professional fees.
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