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Subsequent Events
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12 Months Ended |
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Dec. 31, 2011
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| Subsequent Events [Abstract] | |
| Subsequent Events [Text Block] | 9. SUBSEQUENT EVENTS
The Company has evaluated all events that occurred after the balance sheet date through the date these financial statements were issued.
On January 16, 2012, the Company, in connection with the hire of a Chief Operating Officer, issued 1,000,000 warrants, at an exercise price of $1.75 per warrant that vest over a three year period, subject to continued employment.
On January, 17, 2012, the Company, in connection with a consulting agreement, issued 150,000 warrants at an exercise price of $2.25 per warrant and only 100,000 vest immediately.
On February 6, 2012, the Company entered into a stock purchase agreement to sell 1,000,000 shares of Preferred stock, at a per share price of $1.00 along with option to purchase an additional 1,500,000 shares of Preferred stock at an exercise price of $1.00 per Share in return for $1,000,000. The series and terms of the Preferred stock have yet to be determined. As part of the stock purchase agreement, the Company will receive consulting services in developing business relationships and obtaining charging station locations in Romania in exchange for 2% of the total outstanding common stock in a Company subsidiary, Car Charging Europe. This subsidiary is in the process of being formed. Additionally, if the Purchaser exercises their options in the initial stock purchase agreement, they will receive additional payment for their consulting services for developing business relationships and obtaining charging station locations in Greece in the form of 3% of the total outstanding common stock of Car Charging Europe, upon formation of the Company.
On February 27, 2012, the Company, in connection with the hire of an interim Chief Financial Officer and Director, issued 75,000 shares of restricted common stock.
On February 27, 2012, the Company entered into a stock purchase agreement for 500,000 shares of restricted common stock in exchange for $500,000 cash.
On February 29, 2012, the Company issued 250,000 shares of common stock in connection with a consulting agreement. In addition, on February 29, the Company converted the remainder of its convertible notes payable and accrued interest into 1,529,036 shares of common stock. There are currently no outstanding convertible notes.
In March and April 2012, a former officer and director of the Company filed declaratory actions against the Company relating to compensatory matters, certain warrant exercise rights and the termination of his employment. No determination can be made as to the outcome of this matter at this time. Management believes these suits to be without merit and intends to vigorously defend itself.
In April, 2011, the Company was awarded a $1,000,000 grant from the Commonwealth of Pennsylvania’s Department of Environmental Protection to help develop electric vehicle infrastructure on the Pennsylvania Turnpike. The grant is subject to the finalization of certain documentation. Under the terms of the grant, the Company will be subject to certain limitations in the spending of the grant funds and will have certain funding obligations. |