Nevada
|
03-0608147
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S Employee Identification No.)
|
Large Accelerated Filer o
|
Accelerated Filer o
|
Non-Accelerated Filer o (Do not check if smaller reporting company)
|
Smaller Reporting Company x
|
Item 1.
|
Financial Statements
|
1
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
2
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
7
|
Item 4.
|
Control and Procedures
|
7
|
PART II-- OTHER INFORMATION
|
||
Item 1.
|
Legal Proceedings
|
8
|
Item 1A.
|
Risk Factors
|
8
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
8
|
Item 3.
|
Defaults Upon Senior Securities
|
10
|
Item 4.
|
Mine Safety Disclosures
|
10
|
Item 5.
|
Other Information
|
10
|
Item 6.
|
Exhibits
|
10
|
|
||
SIGNATURES
|
11
|
FINANCIAL STATEMENTS
|
Page #
|
Condensed Consolidated Balance Sheets as of March 31, 2013 (Unaudited) and December 31, 2012
|
F-1
|
Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2013 and 2012 and for the Period from September 3, 2009 (Inception) through March 31, 2013 (Unaudited)
|
F-2
|
Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the Period from September 3, 2009 (Inception) through March 31, 2013 (Unaudited)
|
F-3
|
Condensed Consolidated Statements of Cash flows for the Three Months Ended March 31, 2013 and 2012 and for the Period from September 3, 2009 (Inception) through March 31, 2013 (Unaudited)
|
F-4
|
Notes to the Condensed Consolidated Financial Statements (Unaudited)
|
F-5
|
CAR CHARGING GROUP, INC.
|
||||||||
(A Development Stage Company)
|
||||||||
Condensed Consolidated Balance Sheets
|
MARCH 31,
|
DECEMBER 31,
|
|||||||
2013
|
2012
|
|||||||
(UNAUDITED)
|
||||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$
|
1,020,189
|
$
|
13,416
|
||||
Advanced commissions
|
319,250
|
300,750
|
||||||
Prepaid expenses and other current assets
|
792,091
|
357,312
|
||||||
Total current assets
|
2,131,530
|
671,478
|
||||||
FIXED ASSETS
|
||||||||
EV charging stations, net of accumulated depreciation of $614,579 and $363,918, respectively
|
2,181,431
|
960,234
|
||||||
Automobiles, net of accumulated depreciation of $21,027 and $15,292 respectively
|
93,666,
|
99,400
|
||||||
Office and computer equipment, net of accumulated depreciation of $50,399 and $26,604, respectively
|
45,746
|
36,717
|
||||||
Total fixed assets, net
|
2,320,843
|
1,096,351
|
||||||
DEPOSITS
|
42,265
|
42,265
|
||||||
INTANGIBLE ASSETS
|
1,460,094
|
-
|
||||||
GOODWILL
|
1,271,871
|
-
|
|
|||||
OTHER ASSETS
|
439,580
|
232,727
|
||||||
TOTAL ASSETS
|
$
|
7,666,183
|
$
|
2,042,821
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable and accrued expenses
|
$
|
1,237,720
|
$
|
547,874
|
||||
Accrued interest- related party
|
-
|
5
|
||||||
Convertible note payable-related party, net of discount of $0 and $4,918
|
-
|
82
|
||||||
Convertible note, net of discount of $8,791 and $168,567 respectively
|
141,209
|
122,433
|
||||||
Warrants payable
|
135,000
|
- | ||||||
Current portion of deferred revenue
|
85,236
|
19,996
|
||||||
Current portion of deferred rent
|
10,647
|
9,731
|
||||||
Current portion of note payable
|
483,402
|
12,105
|
||||||
Total current liabilities
|
2,093,214
|
712,226
|
||||||
DEFERRED REVENUE
|
747,038
|
34,747
|
||||||
DEFERRED RENT
|
17,630
|
20,445
|
||||||
NOTE PAYABLE
|
41,717
|
44,836
|
||||||
TOTAL LIABILITIES
|
2,899,599
|
812,254
|
||||||
STOCKHOLDERS' EQUITY
|
||||||||
Series A Convertible Preferred Stock, $0.001 par value; 10,000,000 shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively
|
10,000
|
10,000
|
||||||
Series B Convertible Preferred Stock, $0.001 par value; 1,000,000 issued and outstanding at March 31, 2013 and December 31, 2012, respectively
|
1,000
|
1,000
|
||||||
Common Stock, 500,000,000 shares authorized at $0.001 par value; 49,419,424 and 42,434,705 shares issued and outstanding as of March 31, 2013 and December 31, 2012, respectively
|
49,419
|
42,435
|
||||||
Additional paid-in capital
|
25,869,653
|
20,117,559
|
||||||
Deficit accumulated during development stage
|
(21,163,488
|
)
|
(18,940,427
|
)
|
||||
TOTAL STOCKHOLDERS' EQUITY
|
4,766,584
|
1,230,567
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
7,666,183
|
$
|
2,042,821
|
CAR CHARGING GROUP, INC
|
||||||||||||
(A Development Stage Company)
|
||||||||||||
Condensed Consolidated Statements of Operations
|
||||||||||||
(UNAUDITED)
|
For the Period
|
||||||||||||
From
|
||||||||||||
For the Three
|
For the Three
|
September 3, 2009
|
||||||||||
Months Ended
|
Months Ended
|
(Inception) to
|
||||||||||
March 31, 2013
|
March 31, 2012
|
March 31, 2013
|
||||||||||
Revenues
|
||||||||||||
Service fees
|
$
|
10,576
|
$
|
2,605
|
$
|
30,118
|
||||||
Grant revenue
|
4,999
|
-
|
10,594
|
|||||||||
Sales
|
-
|
-
|
295,216
|
|||||||||
TOTAL REVENUE
|
15,575
|
2,605
|
335,928
|
|||||||||
Costs
|
||||||||||||
Cost of services
|
4,409
|
408
|
10,662
|
|||||||||
Cost of sales
|
-
|
-
|
254,886
|
|||||||||
TOTAL COST OF REVENUE
|
4,409
|
408
|
265,548
|
|||||||||
Gross profit (loss)
|
11,166
|
2,197
|
70,380
|
|||||||||
Operating expenses
|
||||||||||||
Compensation
|
1,018,053
|
528,779
|
12,241,806
|
|||||||||
Other operating expenses
|
132,850
|
124,808
|
1,411,526
|
|||||||||
General and administrative
|
860,525
|
881,383
|
6,914,130
|
|||||||||
TOTAL OPERATING EXPENSES
|
2,011,428
|
1,534,970
|
20,567,462
|
|||||||||
Loss from operations
|
(2,000,262
|
)
|
(1,532,773
|
)
|
(20,497,082
|
)
|
||||||
Other income (expense)
|
||||||||||||
Interest expense, net
|
(10,250
|
)
|
(33
|
)
|
(74,248
|
)
|
||||||
Loss on exchange of warrants for common stock
|
-
|
-
|
(485,000
|
)
|
||||||||
Amortization of discount on convertible debt
|
(117,992)
|
(257,818)
|
||||||||||
Loss on settlement of accounts payable for common stock
|
(47,856)
|
(47,856)
|
||||||||||
Loss on payment convertible notes payable
|
(46,701)
|
(46,701)
|
||||||||||
Gain on change in fair value of derivative liability
|
-
|
-
|
245,217
|
|||||||||
Total other income (loss)
|
(222,799
|
)
|
(33)
|
(666,406
|
)
|
|||||||
Income (loss) before income taxes
|
(2,223,061
|
)
|
(1,532,806)
|
(21,163,488
|
)
|
|||||||
Income tax provision
|
-
|
-
|
-
|
|||||||||
Net income (loss)
|
$
|
(2,223,061
|
)
|
$
|
(1,532,806)
|
$
|
(21,163,488
|
)
|
||||
Net loss per share - basic and diluted
|
$
|
(0.05
|
)
|
$
|
(0.04)
|
|||||||
Weighted average number of common shares outstanding – basic & diluted
|
45,575,562
|
38,245,679
|
Deficit Accumulated
|
Total
|
|||||||||||||||||||||||||||||||||||
Preferred
- A
|
Preferred
-A
|
Preferred
-B
|
Preferred
-B
|
Common
|
Common
|
Additional
Paid-in
|
during the Development
|
Stock Subscriptions
|
Stockholders
Equity
|
|||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stage
|
Receivable
|
(Deficit)
|
|||||||||||||||||||||||||||
Balance at September 3, 2009 (Inception)
|
-
|
$
|
-
|
-
|
-
|
$
|
1,000,000
|
$
|
50,000
|
$
|
(50,000
|
)
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||||||
Reverse acquisition adjustment
|
10,000,000
|
10,000
|
395,150
|
19,758
|
(70,515
|
)
|
(40,757
|
)
|
||||||||||||||||||||||||||||
Sale of common (net of derivative liability of warrants $586,535)
|
61,333
|
3,067
|
295,398
|
298,465
|
||||||||||||||||||||||||||||||||
Effect of 1:50 reverse split
|
(71,369
|
)
|
71,369
|
-
|
||||||||||||||||||||||||||||||||
Net loss
|
(6,801,183
|
)
|
||||||||||||||||||||||||||||||||||
Balance at December 31, 2009
|
10,000,000
|
$
|
10,000
|
-
|
-
|
$
|
1,456,483
|
$
|
1,456
|
$
|
246,252
|
$
|
(6,801,183
|
)
|
$
|
-
|
$
|
(6,543,475
|
)
|
|||||||||||||||||
Common stock issued for debt to founders
|
92,000
|
4,600
|
4,600
|
|||||||||||||||||||||||||||||||||
Common stock issued for services
|
21,167
|
1,058
|
432,441
|
433,499
|
||||||||||||||||||||||||||||||||
Common stock issued for conversion of convertible notes (net of derivative liability for conversion feature of $552,872)
|
120,000
|
6,000
|
561,872
|
567,872
|
||||||||||||||||||||||||||||||||
Sale of common stock with warrants attached (net of derivative liability on 3,833 warrants of $75,839)
|
3,834
|
191
|
(18,531
|
)
|
(18,340
|
)
|
||||||||||||||||||||||||||||||
Common stock issued for cash
|
103,333
|
5,167
|
1,385,380
|
1,390,547
|
||||||||||||||||||||||||||||||||
Warrants issued for services
|
6,995,084
|
6,995,084
|
||||||||||||||||||||||||||||||||||
Effect of 1:50 reverse split
|
(16,675
|
)
|
16,675
|
-
|
||||||||||||||||||||||||||||||||
Net loss 2010
|
(5,709,559
|
)
|
(5,709,559
|
)
|
||||||||||||||||||||||||||||||||
Balance at December 31, 2010
|
10,000,000
|
$
|
10,000
|
-
|
-
|
$
|
1,796,817
|
$
|
1,797
|
$
|
9,619,173
|
$
|
(12,510,742
|
)
|
$
|
-
|
$
|
(2,879,772
|
)
|
|||||||||||||||||
Common stock issued for conversion of convertible notes and accrued interest
|
32,708,544
|
32,709
|
52,982
|
85,691
|
||||||||||||||||||||||||||||||||
Common stock issued in exchange for extinguishment of warrants
|
565,000
|
565
|
484,435
|
485,000
|
||||||||||||||||||||||||||||||||
Common stock issued for settlement of accounts payable
|
17,482
|
17
|
24,983
|
25,000
|
||||||||||||||||||||||||||||||||
Common stock issued in connection with debt issuance
|
5,000
|
5
|
5,995
|
6,000
|
||||||||||||||||||||||||||||||||
Common stock issued for services
|
458,238
|
458
|
701,042
|
701,500
|
||||||||||||||||||||||||||||||||
Sales of common stock
|
1,833,333
|
1,833
|
3,497,166
|
(999,000
|
)
|
2,499,999
|
||||||||||||||||||||||||||||||
Warrants issued for services
|
1,171,320
|
1,171,320
|
||||||||||||||||||||||||||||||||||
Net loss 2011
|
(1,140,075
|
)
|
(1,140,075
|
)
|
||||||||||||||||||||||||||||||||
Balance at December 31, 2011
|
10,000,000
|
$
|
10,000
|
-
|
-
|
$
|
37,384,414
|
$
|
37,384
|
$
|
15,557,096
|
$
|
(13,650,817
|
)
|
$
|
(999,000
|
)
|
$
|
954,663
|
|||||||||||||||||
Sale of common stock
|
2,075,000
|
2,075
|
481,228
|
999,000
|
1,482,303
|
|||||||||||||||||||||||||||||||
Issuance of Preferred Shares
|
1,000,000
|
1,000
|
899,000
|
900,000
|
||||||||||||||||||||||||||||||||
Common stock issued for conversion of convertible notes and accrued interest
|
1,529,036
|
1,529
|
2,294
|
3,823
|
||||||||||||||||||||||||||||||||
Common stock issued for compensation and services
|
1,171,255
|
1,172
|
1,595141
|
1,596,313
|
||||||||||||||||||||||||||||||||
Common stock issued for director compensation
|
275,000
|
275
|
461,975
|
462,250
|
||||||||||||||||||||||||||||||||
Warrants issued for compensation and services
|
843,899
|
843,899
|
||||||||||||||||||||||||||||||||||
Warrants issued with convertible debt
|
276,926
|
276,926
|
||||||||||||||||||||||||||||||||||
Net loss
|
(5,289,610
|
)
|
(5,289,610
|
)
|
||||||||||||||||||||||||||||||||
Balance at December 31, 2012
|
10,000,000
|
$
|
10,000
|
1,000,000
|
$
|
1,000
|
42,434,705
|
$
|
42,435
|
$
|
20,117,559
|
$
|
(18,940,427
|
)
|
$
|
-
|
$
|
1,230,567
|
||||||||||||||||||
Sale of common stock
|
4,790,000
|
4,790
|
247,408
|
252,198
|
||||||||||||||||||||||||||||||||
Issuance of warrants in conjunction with sale of common stock
|
1,705,871
|
1,705,871
|
||||||||||||||||||||||||||||||||||
Common stock issued for compensation and services
|
765,261
|
765
|
1,050,581
|
1,051,346
|
||||||||||||||||||||||||||||||||
Common stock issued for director compensation
|
50,000
|
50
|
74,450
|
74,500
|
||||||||||||||||||||||||||||||||
Common stock issued for software development
|
113,636
|
114
|
149,886
|
150,000
|
||||||||||||||||||||||||||||||||
Warrants issued for compensation and services
|
525,163
|
525,163
|
||||||||||||||||||||||||||||||||||
Common stock issued for acquisition
|
1,265,822
|
1,265
|
1,998,735
|
2,000,000
|
||||||||||||||||||||||||||||||||
Net loss
|
(2,223,061
|
)
|
(2,223,061
|
)
|
||||||||||||||||||||||||||||||||
Balance at March 31, 2013
|
10,000,000
|
$
|
10,000
|
1,000,000
|
$
|
1,000
|
49,419,424
|
$
|
49,419
|
$
|
25,869,653
|
$
|
(21,163,488
|
)
|
$
|
-
|
$
|
4,766,584
|
CAR CHARGING GROUP, INC.
|
||||||||||||
(A Development Stage Company)
|
||||||||||||
Condensed Consolidated Statements of Cash Flows
|
For the
Period from
|
||||||||||||
September 3, 2009
|
||||||||||||
For the Three Months Ended
|
(Inception) to
|
|||||||||||
March 31,
|
March 31,
|
March 31,
|
||||||||||
2013
|
2012
|
2013
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net Income (loss)
|
$
|
(2,223,061
|
)
|
$
|
(1,532,806)
|
$
|
(21,163,488
|
)
|
||||
Adjustments to reconcile net income (loss) to net cash (used in) operating activities:
|
||||||||||||
Depreciation and amortization
|
133,381
|
31,088
|
551,866
|
|||||||||
Amortization of discount on convertible notes payable
|
117,992
|
-
|
291,599
|
|||||||||
Loss on common stock issued in exchange for extinguishment of warrants
|
-
|
-
|
485,000
|
|||||||||
Gain on change in fair value of derivative liability
|
-
|
-
|
(245,217
|
)
|
||||||||
Common stock issued for services and incentive fees
|
461,392
|
450,000
|
11,357,850
|
|||||||||
Warrants and options issued for services and incentive fees
|
525,163
|
240,037
|
1,369,062
|
|||||||||
Loss on settlement of accounts payable for stock
|
47,856
|
-
|
47,856
|
|||||||||
Loss on repayment of convertible notes payable
|
46,701
|
-
|
46,701
|
|||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Inventory
|
-
|
-
|
(72,768
|
)
|
||||||||
Advanced commissions
|
(18,500
|
)
|
(38,000)
|
(319,250
|
)
|
|||||||
Deposits
|
-
|
(6,908)
|
(33,957
|
)
|
||||||||
Prepaid expenses and other current assets
|
51,152
|
(170,963
|
)
|
16,051
|
||||||||
Other assets
|
34,016
|
(12,063
|
)
|
(5,280)
|
||||||||
Accounts payable and accrued expenses
|
276,579
|
2,961
|
849,488
|
|||||||||
Deferred rent
|
(1,899)
|
-
|
28,277
|
|||||||||
Deferred revenue
|
777,531
|
-
|
832,274
|
|||||||||
Accrued interest-related party
|
(5
|
)
|
(40
|
)
|
4,480
|
|||||||
Net Cash Provided/(Used) by Operating Activities
|
228,298
|
(1,036,694
|
)
|
(5,991,556
|
)
|
|||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Purchase of office and computer equipment
|
-
|
(8,291
|
)
|
(63,321
|
)
|
|||||||
Purchase of automobile
|
-
|
50,000
|
(50,000
|
)
|
||||||||
Purchase of electric charging stations, net
|
(859,547
|
)
|
(141,207
|
)
|
(2,116,552
|
)
|
||||||
Cash paid for acquisition
|
(171,075
|
)
|
-
|
(171,075)
|
||||||||
Net Cash Used in Investing Activities
|
(1,030,622
|
)
|
(199,498
|
)
|
(2,400,948
|
)
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Proceeds from issuance of notes payable
|
-
|
-
|
396,000
|
|||||||||
Proceeds from sale of preferred stock
|
-
|
1,000,000
|
900,000
|
|||||||||
Sale of common stock, net of issuance costs
|
1,958,069
|
500,000
|
8,273,417
|
|||||||||
Payment of convertible notes payable
|
(146,000)
|
-
|
(146,000)
|
|||||||||
Payment of notes payable
|
(2,972
|
)
|
-
|
(10,724
|
)
|
|||||||
Net Cash Provided by Financing Activities
|
1,809,097
|
1,500,000
|
9,412,693
|
|||||||||
NET INCREASE IN CASH
|
1,006,773
|
263,808
|
1,020,189
|
|||||||||
CASH AT THE BEGINNING OF PERIOD
|
13,416
|
406,859
|
-
|
|||||||||
CASH AT END OF PERIOD
|
$
|
1,020,189
|
$
|
670,667
|
$
|
1,020,189
|
||||||
SUPPLEMENTAL SCHEDULE OF CASH FLOW ACTIVITIES
|
||||||||||||
Cash Paid For:
|
||||||||||||
Interest expenses
|
$
|
3,310
|
$
|
-
|
$
|
5,345
|
||||||
Income taxes
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
NONCASH INVESTING AND FINANCING ACTIVITIES
|
||||||||||||
Common stock issued for debt and accrued interest
|
$
|
-
|
$
|
3,823
|
$
|
577,695
|
||||||
Beneficial conversion feature of notes payable and related warrants issued
|
$
|
-
|
$
|
-
|
$
|
276,926
|
||||||
Inventory reclassified to electric car charging stations
|
$
|
-
|
$
|
-
|
$
|
72,768
|
||||||
Issuance of warrants in consideration of equity investment
|
$
|
-
|
$ | - |
$
|
273,697
|
||||||
Debt and accrued interest converted to common stock
|
$
|
-
|
$
|
-
|
$
|
100,691
|
||||||
Common stock issued for settlement of accounts payable
|
$
|
85,390
|
$
|
-
|
$
|
110,390
|
||||||
Note payable for purchase of automobile
|
$
|
-
|
$
|
57,050
|
$
|
64,693
|
||||||
Purchase of software development for common stock
|
$
|
150,000
|
$ | - |
$
|
150,000
|
||||||
Issuance of common stock for acquisition
|
$
|
2,000,000
|
$ | - |
$
|
2,000,000
|
||||||
Issuance of note payable for acquisition
|
$
|
461,150
|
$ | - |
$
|
461,150
|
1. ORGANIZATION |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Three Months Ended March 31,
|
||||||||
2013
|
2012
|
|||||||
Convertible Notes
|
251,989
|
-
|
||||||
Preferred Stock
|
25,000,000
|
25,000,000
|
||||||
Options
|
3,370,000
|
-
|
||||||
Warrants
|
13,237,301
|
11,933,169
|
||||||
Total Potential Dilutive Shares
|
41,859,290
|
36,933,169
|
February 26, 2013
|
||||
Cash
|
$
|
69
|
||
Fixed assets, net
|
489,155
|
|||
Amortizable intangible assets
|
1,467,000
|
|||
Current liabilities
|
(631,945
|
)
|
||
Net identifiable assets
|
1,324,279
|
|||
Goodwill
|
1,271,871
|
|||
Total consideration given
|
$
|
2,596,150
|
March 31, 2013
|
||||
Provider agreements for locations awaiting installation of EV charging stations
|
$ | 829,000 | ||
Awarded government grants for installation of EV charging stations
|
638,000 | |||
$ | 1,467,000 | |||
Less: Accumulated amortization
|
(6,906 | ) | ||
Balance at March 31, 2013
|
$ | 1,460,094 |
Car Charging
Group, Inc.
|
Beam
|
Combined
|
||||||||||
Revenue
|
$ | 14,542 | $ | 1,033 | $ | 15,575 | ||||||
Net Loss
|
$ | 2,194,751 | $ |
28,310
|
$ |
2,223,061
|
Car Charging
Group, Inc.
|
Beam
|
Combined
|
||||||||||
Revenue
|
$ | 14,542 | $ |
1,733
|
$ |
16,275
|
||||||
Net Loss
|
$ | 2,194,751 | $ |
65,221
|
$ |
2,259,972
|
Car Charging
Group, Inc.
|
Beam
|
Combined
|
||||||||||
Revenue
|
$
|
2,605
|
$
|
844
|
$
|
3,449
|
||||||
Net Loss
|
$
|
1,532,806
|
$
|
67,570
|
$
|
1,600,376
|
March 31,
2013
|
December 31,
2012
|
|||||||
Prepaid consulting fees
|
$
|
565,308
|
$
|
181,849
|
||||
Prepaid compensation
|
425,242
|
311,090
|
||||||
Receivable from 350Green LLC
|
45,175
|
34,475
|
||||||
Sundry prepaid expenses and other current assets
|
27,775
|
43,695
|
||||||
Subtotal
|
1,063,500
|
571,109
|
||||||
Less: non current portion
|
(271,409
|
)
|
(213,797
|
)
|
||||
Prepaid and other current assets
|
$
|
792,091
|
$
|
357,312
|
March 31,
2012
|
December 31,
2012
|
|||||||
Accounts payable
|
$
|
888,565
|
$
|
370,675
|
||||
Accrued wages
|
10,891
|
97,961
|
||||||
Accrued fees
|
327,313
|
72,038
|
||||||
Accrued interest expense
|
10,951
|
7,200
|
||||||
Total
|
$
|
1,237,720
|
$
|
547,874
|
6. NOTES PAYABLE |