Quarterly report pursuant to Section 13 or 15(d)

Accrued Expenses

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Accrued Expenses
 3 Months Ended
Mar. 31, 2016
Payables and Accruals [Abstract]  
Accrued Expenses

5. ACCRUED EXPENSES

 

SUMMARY

 

Accrued expenses consist of the following:

 

    March 31, 2016     December 31, 2015  
    (unaudited)        
Registration rights penalty   $ 866,250     $ 728,750  
Accrued consulting fees     947,425       916,925  
Accrued host fees     989,125       873,544  
Accrued professional, board and other fees     1,195,974       1,069,341  
Accrued wages     166,847       187,779  
Warranty payable     251,247       223,988  
Accrued taxes payable     383,804       355,950  
Warrants payable     294,299       77,761  
Accrued issuable equity     540,388       324,894  
Accrued interest expense     118,949       83,842  
Dividend payable     -       293,200  
Other accrued expenses     750       10,750  
    $ 5,755,058     $ 5,146,724  

 

REGISTRATION RIGHTS PENALTY

 

In connection with the sale of the Company’s Series C Convertible Preferred Stock, the Company granted the purchasers certain registration rights. As of March 31, 2016 and December 31, 2015, the Company was not in a position to furnish two years of audited financial statements of 350 Green and ECOtality to the SEC, therefore the SEC is unable to review any registration statement, if submitted. As a result, the Company accrued $866,250 and $728,750 of Series C Convertible Preferred Stock registration rights penalties at March 31, 2016 and December 31, 2015, respectively.

 

WARRANTS PAYABLE

 

As of March 31, 2016 and December 31, 2015, the Company accrued $291,713 and $77,735, respectively, related to investment banking fees which were payable in warrants. See Note 8 – Fair Value Measurement – Warrants Payable and Note 9 – Stockholders’ Deficiency – Preferred Stock - Series C Convertible Preferred Stock for additional details.