Annual report pursuant to section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.3.0.11
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended 28 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Loss $ (1,140,075) $ (5,709,559) $ (13,650,817)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation 133,371 16,174 149,986
Amortization of discount on convertible notes payable 36,365 27,634 70,166
Common stock issued in exchange for extinguishment of warrants 485,000 0 485,000
Change in fair value of derivative liability (3,488,615) (3,211,356) (245,217)
Common stock and warrants issued for services and incentive 1,872,820 7,458,013 9,330,833
Changes in operating assets and liabilities:      
Inventory 0 0 (72,768)
Prepaid expenses and other current assets (81,602) 17,690 (159,606)
Deposits (100,690) (33,439) (170,386)
Accounts payable and accrued expenses 285,681 (74,033) 390,076
Accrued interest-related party (2,748) 5,368 4,520
Net Cash Used in Operating Activities (2,000,493) (1,503,508) (3,868,213)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of office and computer equipment (14,300) (18,736) (50,668)
Purchase of electric charging stations (452,215) (155,090) (607,305)
Net Cash Used in Investing Activities (466,515) (173,826) (657,973)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from convertible notes payable 0 0 100,000
Sale of common stock, net of issuing cost 2,499,999 1,448,046 4,833,045
Net Cash Provided by Financing Activities 2,499,999 1,448,046 4,933,045
NET CHANGE IN CASH 32,991 (229,288) 406,859
CASH AT THE BEGINNING OF PERIOD 373,868 603,156 0
CASH AT END OF PERIOD 406,859 373,868 406,859
Cash Paid For:      
Interest expenses 0 0 0
Income taxes 0 0 0
NONCASH INVESTING AND FINANCING ACTIVITIES:      
Common stock issued for debt 6,000 567,871 573,871
Inventory reclassified to Property and Equipment 0 72,768 72,768
Debt and accrued interest converted to common stock 85,691 15,000 100,691
Common stock issued in exchange for extinguishment of warrants 485,000 0 485,000
Common stock issued for settlement of accounts payable 25,000 0 25,000
Common stock issued for services 701,500 433,499 1,134,999
Warrants issued for services $ 1,171,320 $ 6,995,084 $ 8,166,404