Document and Entity Information - shares |
3 Months Ended | |
|---|---|---|
Mar. 31, 2017 |
May 18, 2017 |
|
| Document and Entity Information [Abstract] | ||
| Entity Registrant Name | Next Graphite, Inc. | |
| Entity Central Index Key | 0001563315 | |
| Trading Symbol | GPNE | |
| Amendment Flag | true | |
| Amendment Description |
Subsequent to filing its Quarterly Report on Form 10-Q for the period ended March 31, 2017 (the “Form 10-Q”) with the Securities and Exchange Commission (the “SEC”) on May 22, 2017, Next Graphite, Inc. (the “Company”) determined that a account classification error occurred in its gain recognition of the sale of subsidiary for the period ended March 31, 2017.
In accounting for the Company’s gain on the sale of 52% interest of subsidiary Gazania Investments Two Hundred and Forty Two (Proprietary) Limited for the period ended March 31, 2017, the Company reclass the deposit from investment into additional paid in capital which the joint venture partner fulfilled and achieved the certain milestone for the period ended March 31, 2017. Upon correcting for the previously used additional paid in capital, the Company should recognize the gain on the sales of subsidiary as income and has been $177,493 higher than previously reported.
As a result, to correct this classification error, the Company is filing this Amendment No. 1 to the Form 10-Q (“Amendment No. 1”) for the purpose of restating its condensed financial statements for the three months ended March 31, 2017 included in Part I, “Item 1. Financial Statements.” See Note 13 to the condensed consolidated financial statements included in this Amendment No. 1 for further information relating to the restatements. Conforming changes have been made to Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
In accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we have included the entire text of Part I, Items 1 and 2 and Part II, Item 6 of the Form 10-Q in this Amendment No. 1.
This Amendment No. 1 includes new certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 as Exhibits 31.1 and 32.1.
Except as expressly set forth above, this Amendment No. 1 does not, and does not purport to, amend, update or restate the information in any other Item of the Form 10-Q or reflect any events that have occurred after the filing of the Form 10-Q. Accordingly, this Amendment No. 1 should be read in conjunction with the Form 10-Q and the Company’s filings with the SEC subsequent to the filing of the Form 10-Q on May 22, 2017. |
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| Current Fiscal Year End Date | --12-31 | |
| Document Type | 10-Q | |
| Document Period End Date | Mar. 31, 2017 | |
| Document Fiscal Period Focus | Q1 | |
| Document Fiscal Year Focus | 2017 | |
| Entity Filer Category | Smaller Reporting Company | |
| Entity Common Stock, Shares Outstanding | 51,411,443 |