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ASSETS AND LIABILITIES HELD FOR TRANSFER TO TRUST MORTGAGE - 350 GREEN (Tables)
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6 Months Ended |
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Jun. 30, 2014
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| Business Combinations [Abstract] |
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| Summary of fair value of assets and liabilities |
The following table summarizes the assets and liabilities of 350 Green as of June 30, 2014 and as of December 31, 2013.
| | | June 30,
2014 | | December
31,
2013 | |
| Cash | | $ | — | | $ | 2,189 | |
| Accounts receivable | | | — | | | 11,459 | |
| Fixed assets, net of accumulated depreciation of $0 and $685,543, respectively | | | — | | | 1,482,766 | |
| Goodwill | | | — | | | 3,299,379 | |
| Intercompany receivable | | | 360,511 | | | — | |
| Total assets | | $ | 360,511 | | $ | 4,795,793 | |
| | | | | | | | |
| Accounts payable and accrued expenses | | $ | (4,196,864) | | $ | (4,343,140) | |
| Accrued expenses | | | (363,072) | | | (331,112) | |
| Notes payable | | | (15,000) | | | (40,000) | |
| Deferred revenue | | | — | | | (15,630) | |
| Intercompany payable | | | — | | | (353,381) | |
| Total liabilities | | | (4,574,936) | | | (5,083,263) | |
| Net liabilities | | $ | (4,214,425) | | $ | (287,470) | |
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| Schedule of accrued expenses |
Accrued expenses as of June 30, 2014 and December 31, 2013 consisted of the following
| | | June 30, 2014 | | December 31, 2013 | |
| Accrued taxes | | $ | 240,132 | | $ | 240,571 | |
| Accrued host fees | | | 89,318 | | | 77,841 | |
| Accrued network fees | | | 24,526 | | | — | |
| Accrued interest | | | 9,096 | | | 2,700 | |
| Accrued legal expenses | | | — | | | 10,000 | |
| Total | | $ | 363,072 | | $ | 331,112 | |
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| Schedule of consolidated statements of operations |
The amounts included in the condensed consolidated statement of operations pertaining to 350 Green for the six months ended June 30, 2014 are as follows:
| Revenues | | $ | 26,908 | |
| Cost of revenues-depreciation | | | 502,466 | |
| Cost of revenues-other | | | 28,542 | |
| Total cost of revenues | | | 531,008 | |
| Gross loss | | | (504,100) | |
| Operating expenses | | | 21,600 | |
| Loss on sale of fixed assets | | | 101,616 | |
| Impairment of Goodwill | | | 3,299,379 | |
| Operating loss | | | (3,926,695) | |
| Other expense | | | 260 | |
| Net loss | | $ | (3,926,955) | |
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