Assets and Liabilities Transferred To Trust Mortgage-350 Green (Tables)
|
12 Months Ended |
Dec. 31, 2014 |
|---|
| Business Combinations [Abstract] |
|
| Schedule of Consolidated Statements of Operations |
The following amounts pertaining to
350 Green are included in the consolidated statement of operations for the period from April 17, 2014 to December 31, 2014:
| |
|
For The Period From |
|
| |
|
April 17, 2014 |
|
| |
|
to December 31, 2014 |
|
| Revenues |
|
$ |
2,723 |
|
| |
|
|
|
|
| Cost of Revenues |
|
|
97,988 |
|
| |
|
|
|
|
| Gross Loss |
|
|
(95,265 |
) |
| |
|
|
|
|
| Operating Expenses: |
|
|
|
|
| Other operating expenses |
|
|
254,036 |
|
| General and administrative expenses |
|
|
166,273 |
|
| Loss on sale/replacement of EV charging stations |
|
|
48,427 |
|
| Total Operating Expenses |
|
|
468,736 |
|
| |
|
|
|
|
| Loss From Operations |
|
|
(564,001 |
) |
| |
|
|
|
|
| Other Income: |
|
|
|
|
| Interest income |
|
|
32,699 |
|
| |
|
|
|
|
| Total Other Income |
|
|
32,699 |
|
| |
|
|
|
|
| Net Loss |
|
$ |
(531,302 |
) |
|
| Schedule of Non-controlling Interest |
The following represents the change
in the balance of the non-controlling interest:
| Balance - December 31, 2013 |
|
$ |
- |
|
| |
|
|
|
|
| Net liabilities of 350 Green on April 17, 2014 (date of loss of control) |
|
|
(3,869,428 |
) |
| Net loss of 350 Green for the period from April 17, 2014 to December 31, 2014 |
|
|
(531,302 |
) |
| |
|
|
|
|
| Balance - December 31, 2014 |
|
$ |
(4,400,730 |
) |
|
| Schedule of Accrued Expenses |
Accrued expenses pertaining to 350 Green
consisted of the following:
| |
|
December 31, 2014 |
|
| Accrued taxes |
|
$ |
113,531 |
|
| Accrued host fees |
|
|
51,064 |
|
| Accrued fees |
|
|
158,021 |
|
| Accrued interest |
|
|
- |
|
| Accrued legal expenses |
|
|
- |
|
| Total |
|
$ |
322,616 |
|
|
| Schedule of Intercompany Loss On Sale of Assets - Eliminated in Consolidation |
| Secured debt to fund the operations and activities of the trustee since formation of the Trust Mortgage from Car Charging, Inc. (1) |
|
$ |
200,000 |
|
| Secured claims held by Car Charging, Inc. prior to the formation of the Trust Mortgage against 350 Green |
|
|
293,049 |
|
| Related party debt - issuance of note payable (2) |
|
|
314,598 |
|
| Cash |
|
|
53,189 |
|
| Total consideration given |
|
|
860,836 |
|
| Net book value of assets acquired |
|
|
909,263 |
|
| Intercompany loss on sale of assets - eliminated in consolidation |
|
$ |
48,427 |
|
| |
(1) |
The $200,000 paid to the trustee is recorded as general and administrative expenses during the year ended December 31, 2014. |
| |
|
|
| |
(2) |
In July 2014, $31,760 was paid and the remaining $283,138 is payable in four equal installments on the four succeeding anniversary dates of the Agreement. Interest on the unpaid portion of the debt accrues at the rate of 100 basis points above the prime rate published by Bank of America on the date of the agreement and is payable with the last anniversary payment and (c) cash of $53,189. On July 8, 2015, the Company and the trustee agreed to settle the remaining outstanding debt for $25,000 and additionally, the trustee would relinquish his lien on the assets sold. |
|