Annual report pursuant to section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended 40 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Loss $ (5,289,610) $ (1,140,075) $ (18,940,427)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 268,499 133,371 418,485
Amortization of discount on convertible notes payable 103,441 36,365 173,607
Loss on common stock issued in exchange for extinguishment of warrants    485,000 485,000
Gain on change in fair value of derivative liability    (3,488,615) (245,217)
Warrant issued for compensation and services 843,899    843,899
Common stock and warrants issued for services and incentive fees 1,565,625 1,872,820 10,896,458
Changes in operating assets and liabilities:      
Inventory       (72,768)
Advanced commissions (128,500) 92,250 (300,750)
Deposits (35,821) 8,440 (33,957)
Prepaid expenses and other current assets 92,403 (81,602) (67,203)
Accounts payable and accrued expenses 182,834 285,681 572,910
Deferred rent 30,176    30,176
Deferred revenue 54,743    54,743
Accrued interest-related party (35) (2,748) 4,485
Net Cash Used in Operating Activities (2,312,346) (2,000,493) (6,180,559)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of office and computer equipment (12,653) (14,300) (63,321)
Purchase of automobile (50,000)    (50,000)
Purchase of electric charging stations, net (649,700) (452,215) (1,257,005)
Purchase of other assets (39,295)    (39,295)
Net Cash Used in Investing Activities (751,648) (466,515) (1,409,621)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from notes payable 296,000    396,000
Proceeds from sale of preferred stock 900,000    900,000
Sale of common stock, net of issuance costs 1,482,303 2,499,999 6,315,348
Payment of notes payable (7,752)    (7,752)
Net Cash Provided by Financing Activities 2,670,551 2,499,999 7,603,596
NET INCREASE (DECREASE) IN CASH (393,443) 32,991 13,416
CASH AT THE BEGINNING OF PERIOD 406,859 373,868   
CASH AT END OF PERIOD 13,416 406,859 13,416
Cash Paid For:      
Interest expenses 2,035    2,035
Income taxes         
NONCASH INVESTING AND FINANCING ACTIVITIES      
Common stock issued for debt and accrued interest 3,823 6,000 577,695
Beneficial conversion feature of notes payable and related warrants issued 276,926    276,926
Inventory reclassified       72,768
Issuance of warrants in consideration of equity investment 273,697    273,697
Debt and accrued interest converted to common stock    85,691 100,691
Common stock issued for settlement of accounts payable    25,000 25,000
Note payable for purchase of automobile $ 64,693    $ 64,693