Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.3.0.11
Condensed Consolidated Statements of Cash Flows (USD $)
 6 Months Ended 34 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income (loss) $ (2,431,022) $ 1,640,739 $ (16,081,839)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 93,637 45,602 243,623
Amortization of discount on convertible notes payable   13,927 70,166
Loss on common stock issued in exchange for extinguishment of warrants     485,000
(Gain) on change in fair value of derivative liability   (3,278,162) (245,217)
Non-cash compensation 236,651   236,651
Common stock and warrants issued for services and incentive fees 620,230 590,584 9,951,064
Changes in operating assets and liabilities:      
Inventory     (72,768)
Advanced commissions (77,000)   (249,250)
Deposits (35,821) 35,802 (33,957)
Prepaid expenses and other current assets 51,385 (140,683) (108,221)
Accounts payable and accrued expenses 100,573 67,224 490,648
Deferred rent 33,972   33,972
Accrued interest-related party (40) 188 4,480
Net Cash Used in Operating Activities (1,407,435) (1,024,779) (5,275,648)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of office and computer equipment (9,139) (15,972) (59,807)
Purchase of automobile (50,000)   (50,000)
Purchase of electric charging stations, net (437,154) (138,817) (1,044,459)
Purchase of other assets (32,257)   (32,257)
Net Cash Used in Investing Activities (528,550) (154,789) (1,186,523)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from notes payable to stockholder     100,000
Proceeds from sale of preferred stock 900,000   900,000
Sale of common stock, net of issuance costs 1,360,000 999,999 6,193,045
Payment of notes payable (1,915)   (1,915)
Net Cash Provided by Financing Activities 2,258,085 999,999 7,191,130
NET INCREASE (DECREASE) IN CASH 322,100 (179,569) 728,959
CASH AT THE BEGINNING OF PERIOD 406,859 373,868  
CASH AT END OF PERIOD 728,959 194,299 728,959
Cash Paid For:      
Interest expenses 517   517
Income taxes      
NONCASH INVESTING AND FINANCING ACTIVITIES      
Common stock issued for debt and accrued interest 3,823 58,441 577,695
Inventory reclassified to electric car charging stations     72,768
Debt and accrued interest converted to common stock     100,691
Common stock issued for settlement of accounts payable     25,000
Note payable for purchase of automobile $ 64,693   $ 64,693