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Common Stock | 12 Months Ended
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Dec. 31, 2012
Preferred Stock and Common Stock [Abstract] |
COMMON STOCK | NOTE 5 – COMMON STOCK The Board of Directors approved an increase in the number of authorized common shares on December 3, 2012. The Company's authorized capital stock changed to 500,000,000 shares of common stock, par value $0.001 per share. There were 113,853,237 shares issued and outstanding at December 31, 2012. On May 18, 2010, the Company affected a 1 for 1,000 reverse split of its common stock. In lieu of issuing fractional shares resulting from the split, the Company paid cash equal to $18.50 per share to each shareholder that would have received less than one share as a result of the reverse split, and rounded up all other fractional shares to the next whole number. The Company’s principal purpose in effecting a large reverse split was to eliminate many small shareholders to reduce future administrative costs. As a result of the reverse split, the Company cancelled 32,202 pre-split shares and eliminated 586 shareholders, which left the Company with about 100 total shareholders. The purchase price for the fractional shares was equal to the last trading price of the common stock as the date the Company approved the reverse split, adjusted for the 1 for 1,000 reverse split. All share amounts for 2010 have been adjusted to give effect to the reverse split. On May 6, 2010, the Company’s board of directors passed resolutions to amend its Articles of Incorporation to (1) change the Company’s name to “Next Generation Energy Corp.” and (2) increase the authorized shares of common stock back to 50,000,000 shares from the 50,000 shares that resulted from the reverse split described above. The amendments were effective July 23, 2010. During 2011 the Company issued shares of common stock in the following transaction:
| · | In September 2011, we issued 10,000,000 shares of common stock to Darryl Reed, our chief executive officer, in satisfaction of $600,000 of accrued compensation;
| · | In September 2011, we issued 800,000 shares for the exercise of options, of which $47,135 is outstanding as a stock subscription receivable;
| · | In the quarter ended June 30, 2011, we issued 600,000 shares to consultants valued at $172,000;
| · | In September 2011, we issued 10,000,000 shares to Seawright Holdings, Inc. in satisfaction of a note payable to Seawright in the original principal amount of $600,000.
| · | During the fourth quarter of 2011, we issued 150,000 shares valued at $12,000 in exchange for an extension of a convertible note payable.
During 2012 the Company issued shares of common stock in the following transaction:
| · | In the quarter ended March 2012, we issued 1,333,804 shares of common stock upon the conversion of $62,967 of convertible notes;
| · | On December 3, 2012, we issued 70,000,000 shares of common stock to Darryl Reed, our chief executive officer, in payment of any accounts payable or accrued expenses owed. The shares were valued at the market price of $0.0175 for $1,225,000 on the date of approval by the board of directors.
| · | On December 17, 2012, we issued 10,000,000 shares of common stock, valued at $120,000, to Actual Investments in satisfaction of a note payable by the Company to Asher Enterprise.
Options/Warrants Transactions involving options issued in the years ended December 31, 2012 and 2011 are summarized below:
|  | Options/Warrants |  |  | Weighted average Exercise Price |
Outstanding as of December 31, 2010 |  |  | 800,480 |  |  | $ | 0.30 |
Issued |  |  | 800,000 |  |  | 0.167 to 0.40 |
Options exercised |  |  | 800,000 |  |  | 0.167 to 0.40 |
Cancelled/Expired |  |  | 180 |  |  | $ | 500.00 |
Outstanding as of December 31, 2011 |  |  | 800,300 |  |  | $ | 0.30 |
Issued |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |
Cancelled/Expired |  |  | 300 |  |  |  | - |
Outstanding as of December 31, 2012 |  |  | 800,000 |  |  | $ | 0.30 |
Total stock-based compensation expense recognized by for the years ended December 31, 2012 and 2011 attributable to the issuance of options was $0 and $126,590, respectively. The weighted-average significant assumptions used to determine the fair those fair values, using a Black-Scholes option pricing model are as follows: 2011
Significant assumptions (weighted-average): |  | $ | 0.30 |
Risk-free interest rate at grant date |  |  | 0.72 | %
Expected stock price volatility |  |  | 56.03 | %
Expected dividend payout |  |  | 0 | %
Expected option life (in years) |  | 3.8 years |
2012
Significant assumptions (weighted-average): |  | $ | 0.30 |
Risk-free interest rate at grant date |  |  | 0.69 | %
Expected stock price volatility |  |  | 22.79 | %
Expected dividend payout |  |  | 0 | %
Expected option life (in years) |  | 2.8 years |
The weighted average remaining contractual life of the options and warrants issued by the Company as of December 31, 2012 is set forth below.
Date of Issuance |  | Number of Options /Warrants |  | Exercise Price |  | Contractual Life |  | Weighted Average Remaining Contractual Life (Years) |
October 22, 2010 |  |  | 800,000 |  | 0.30 |  | 5 years |  |  | 2.8 |
|  |  | 800,000 |  |  |  |  |  |  | 2.8 |
Stock and Option Plans On October 22, 2010, the Company filed a registration statement on Form S-8 to register up to 2,000,000 shares of common stock for issuance for services rendered or to be rendered the Company under the Company's 2010 Stock Option Plan (the "Option Plan"). During 2010, the Company issued 1,100,000 options under the Option Plan. On October 22, 2010, the Company filed a registration statement on Form S-8 to register up to 1,500,000 shares of common stock for issuance for services rendered or to be rendered under the Company's 2010 Employee, Consultant and Advisor Stock Compensation Plan. During 2010, the Company issued 1,250,000 shares of common stock under the Plan, of which 500,000 were issued to officers and directors of the Company.

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- Definition The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to common stock. + References No definition available. + Details
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