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ASSETS AND LIABILITIES HELD FOR TRANSFER TO TRUST MORTGAGE - 350 GREEN (Tables)
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9 Months Ended |
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Sep. 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 September 30, 2014 and as of December 31, 2013. | | | September 30,
2014 | | December
31,
2013 | | | Cash | | $ | 114 | | $ | 2,189 | | | Accounts receivable | | | — | | | 11,459 | | | Fixed assets, net of accumulated depreciation of $0 and $685,543, respectively | | | — | | | 1,482,766 | | | Intercompany receivable | | | 119,903 | | | — | | | Goodwill | | | — | | | 3,299,379 | | | Total assets | | $ | 120,017 | | $ | 4,795,793 | | | | | | | | | | | | Accounts payable | | $ | (4,164,662) | | $ | (4,343,140) | | | Accrued expenses | | | (339,828) | | | (331,112) | | | Intercompany payable | | | — | | | (353,381) | | | Notes payable | | | — | | | (40,000) | | | Deferred revenue | | | — | | | (15,630) | | | Total liabilities | | | (4,504,490) | | | (5,083,263) | | | Net liabilities | | $ | (4,384,473) | | $ | (287,470) | |
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| Schedule of accrued expenses |
Accrued expenses as of September 30, 2014 and December 31, 2013 consisted of the following | | | September 30, 2014 | | December 31, 2013 | | | Accrued taxes | | $ | 240,132 | | $ | 240,571 | | | Accrued host fees | | | 89,318 | | | 77,841 | | | Accrued network fees | | | 10,378 | | | — | | | Accrued interest | | | — | | | 2,700 | | | Accrued legal expenses | | | — | | | 10,000 | | | Total | | $ | 339,828 | | $ | 331,112 | |
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| Schedule of Intercompany Loss on Sale of Assets - Eliminated in Consolidation |
consisting of the following: | Secured debt to fund the operations and activities of the trustee since formation of the Trust Mortgage from Car Charging, Inc. | | $ | 200,000 | | | Secured claims held by Car Charging Inc. prior to the formation of the Trust Mortgage against 350 Green | | | 293,049 | | | Related party debt-issuance of note payable (1) | | | 314,598 | | | Cash | | | 53,189 | | | Total consideration given | | | 860,836 | | | Net book value of assets acquired | | | 909,263 | | | Intercompany loss on sale of assets- eliminated in consolidation | | $ | 48,427 | | (1) In July 2014, $31,760 was paid and the remaining $283,138 payable in four equal installments on the four succeeding anniversary dates of the Agreement. Interest on the unpaid portion of the debt accrues at the rate of 100 basis points above the prime rate published by Bank of America on the date of the agreement and is payable with the last anniversary payment and (c) cash of $53,189. The $200,000 paid to the trustee is recorded as general and administrative expenses-professional fees as the trustee incurred expenses of said amount as of September 30, 2014.
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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 three and nine months ended September 30, 2014, respectively, are as follows: | | | For the Three Months Ended
September 30, 2014 | | For the Nine Months Ended
September 30, 2014 | | | Revenues | | $ | — | | $ | 26,908 | | | Cost of revenues-depreciation | | | — | | | (502,466) | | | Cost of revenues-other | | | 13,287 | | | (15,255) | | | Total cost of revenues | | | 13,287 | | | (517,721) | | | Gross profit (loss) | | | 13,287 | | | (490,813) | | | Operating expenses | | | (244,167) | | | (265,767) | | | Gain (Loss) on sale of fixed assets | | | 53,189 | | | (48,427) | | | Impairment of goodwill | | | — | | | (3,299,379) | | | Operating income (loss) | | | (177,691) | | | (4,104,386) | | | Other income | | | 7,643 | | | 7,383 | | | Net (loss) | | $ | (170,048) | | $ | (4,097,003) | |
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