Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.6
Condensed Consolidated Statements of Cash Flows (USD $)
 9 Months Ended 37 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income (loss) $ (3,597,551) $ 71,807 $ (17,248,368)
Adjustments to reconcile net income (loss) to net cash (used in) operating activities:      
Depreciation and amortization 174,387 83,700 324,373
Amortization of discount on convertible notes payable 5,318 16,421 75,484
Loss on common stock issued in exchange for extinguishment of warrants       485,000
Gain on change in fair value of derivative liability    (3,372,543) (245,217)
Non-cash compensation 379,514    379,514
Common stock and warrants issued for services and incentive fees 1,141,183 1,788,828 10,472,016
Changes in operating assets and liabilities:      
Accounts receivable    (562)   
Inventory       (72,768)
Advanced commissions (102,000)    (274,250)
Deposits (35,821) 31,411 (33,957)
Prepaid expenses and other current assets (232,678) (87,246) (392,284)
Accounts payable and accrued expenses 205,963 105,721 596,039
Deferred rent 32,073    32,073
Accrued interest-related party (40) 2,340 4,480
Net Cash Used in Operating Activities (2,029,652) (1,360,123) (5,897,865)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of office and computer equipment (12,654) (15,102) (63,322)
Purchase of automobile (50,000)    (50,000)
Purchase of electric charging stations, net (583,771) (170,531) (1,191,076)
Purchase of other assets (31,003)    (31,003)
Net Cash Used in Investing Activities (677,428) (185,633) (1,335,401)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from notes payable 65,000    65,000
Proceeds from notes payable to stockholder    220,000 100,000
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 (4,816)    (4,816)
Net Cash Provided by Financing Activities 2,320,184 1,219,999 7,253,229
NET INCREASE (DECREASE) IN CASH (386,896) (325,757) 19,963
CASH AT THE BEGINNING OF PERIOD 406,859 373,868   
CASH AT END OF PERIOD 19,963 48,111 19,963
Cash Paid For:      
Interest expenses 1,263    1,263
Income taxes         
NONCASH INVESTING AND FINANCING ACTIVITIES      
Common stock issued for debt and accrued interest 3,823 81,250 577,695
Beneficial conversion feature of notes payable and related warrants issued 63,818    63,818
Inventory reclassified to electric car charging stations       72,768
Issuance of warrants in consideration of equity investment 273,697    273,697
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