UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
☒
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30,
2014
OR
☐
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_____________ to
_____________.
Commission file number 000-54049
Green
Automotive Company
(Exact name of registrant as specified in
its charter)
Nevada |
22-3680581 |
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
|
|
2618 San Miguel, Suite 203
Newport Beach, California 92660 |
(Address of principal executive offices) (Zip Code) |
(310) 884 - 3332
Registrant’s telephone number, including
area code
5495 Wilson Street
Riverside, California 92509
(Former address, if changed
since last report)
(Former fiscal year, if changed since last report)
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes ☒
No ☐
Indicate by check
mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File
required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files). Yes
☒ No ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2
of the Exchange Act.
Large accelerated filer ☐ |
Accelerated filer ☐ |
Non-accelerated filer ☐ |
Smaller reporting company ☒ |
(Do not check if a smaller reporting company) |
|
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o☐
No ☒
Applicable only to issuers involved in bankruptcy
proceedings during the preceding five years:
Indicate by check mark whether the registrant filed all documents
and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act of 1934 subsequent to the distribution of securities
under a plan confirmed by a court. Yes ☐ No ☐
Applicable only to corporate issuers:
Indicate the number of shares outstanding of
each of the issuer’s classes of common stock, as of the latest practicable date. As of January 15, 2016, there were 747,837,198
shares of common stock, $0.001 par value, issued and outstanding.
GREEN AUTOMOTIVE COMPANY
PART I – FINANCIAL INFORMATION
This Quarterly Report includes forward-looking
statements within the meaning of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements
are based on management’s beliefs and assumptions, and on information currently available to management. Forward-looking
statements include the information concerning our possible or assumed future results of operations set forth under the heading
“Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Forward-looking statements
also include statements in which words such as “expect,” “anticipate,” “intend,” “plan,”
“believe,” “estimate,” “consider,” or similar expressions are used.
Forward-looking statements are not guarantees
of future performance. They involve risks, uncertainties, and assumptions. Our future results and shareholder values may differ
materially from those expressed in these forward-looking statements. Readers are cautioned not to put undue reliance on any forward-looking
statements.
ITEM 1. Financial Statements
The unaudited condensed
consolidated financial statements of registrant for the three and nine months ended September 30, 2014 and 2013 are below. The
condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair
statement of the results for the interim periods presented. All such adjustments are of a normal and recurring nature.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
Index to Financial Statements
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
September 30, 2014 and December 31, 2013
| |
September 30, | |
December 31, |
| |
2014 | |
2013 |
| |
| |
|
Current Assets | |
| | | |
| | |
Cash | |
$ | 44,135 | | |
$ | 2,902 | |
Accounts receivable | |
| 800 | | |
| — | |
Inventories | |
| 599,657 | | |
| 177,346 | |
Prepaid expenses and deposits | |
| — | | |
| 545,409 | |
Other | |
| 5,138 | | |
| — | |
Current assets from non-continuing operations | |
| — | | |
| 492,806 | |
Total Current Assets | |
| 649,730 | | |
| 1,218,463 | |
| |
| | | |
| | |
Non-Current Assets | |
| | | |
| | |
Property and equipment, net | |
| 372,219 | | |
| 455,287 | |
Non-current assets from non-continuing operations | |
| — | | |
| 153,118 | |
Total Non-Current Assets | |
| 372,219 | | |
| 608,405 | |
| |
| | | |
| | |
Other Assets | |
| | | |
| | |
Deferred financing cost | |
| — | | |
| 60,000 | |
Total Other Assets | |
| — | | |
| 60,000 | |
| |
| | | |
| | |
Total Assets | |
$ | 1,021,949 | | |
$ | 1,886,868 | |
| |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 554,127 | | |
$ | 197,179 | |
Current portion of notes payable | |
| 1,067,426 | | |
| 845,396 | |
Credit facility and other advances | |
| 14,134 | | |
| — | |
Derivative liability | |
| 12,814,383 | | |
| 71,752,773 | |
Funds received not converted into equity (net of discount) | |
| — | | |
| 215,000 | |
Sums due to Global Trade Finance | |
| 25,000 | | |
| 25,000 | |
Sums due to Global Market Advisors | |
| 170,889 | | |
| 170,889 | |
Other payables | |
| — | | |
| 176,836 | |
Current liabilities from discontinued operations | |
| 2,954,051 | | |
| 1,962,611 | |
Total Current Liabilities | |
| 17,600,010 | | |
| 75,345,683 | |
| |
| | | |
| | |
Long-term Liabilities | |
| | | |
| | |
Loans payable, net of current maturities | |
| 22,500 | | |
| 203,946 | |
Total Long-term Liabilities | |
| 22,500 | | |
| 203,946 | |
| |
| | | |
| | |
Total Liabilities | |
| 17,622,510 | | |
| 75,549,629 | |
| |
| | | |
| | |
Contingencies | |
| — | | |
| — | |
| |
| | | |
| | |
Stockholder's Deficit | |
| | | |
| | |
Preferred stock, Class A Convertible Preferred Stock | |
| | | |
| | |
100,000,000 shares authorized at September 30, 2014 | |
| | | |
| | |
and December 31, 2013, $.001 par value, 782,701 and 924,366 shares | |
| | | |
| | |
issued and outstanding at September 30, 2014 and December 31, 2013, respectively | |
| 783 | | |
| 924 | |
Preferred stock, Class Y Convertible Preferred Stock | |
| | | |
| | |
40,000,000 shares authorized at September 30, 2014 | |
| | | |
| | |
$.001 par value, 35,561,651 shares issued and outstanding | |
| | | |
| | |
at September 30, 2014 and 0 at December 31, 2013, respectively | |
| 35,563 | | |
| | |
Common stock, 900,000,000 shares authorized, | |
| | | |
| | |
$.001 par value 639,988,456 and 405,043,436 shares issued | |
| | | |
| | |
and outstanding at September 30, 2014 and December 31, 2013, respectively | |
| 639,988 | | |
| 405,043 | |
Additional paid-in capital | |
| 47,312,340 | | |
| 37,019,643 | |
Accumulated other comprehensive loss | |
| (186,617 | ) | |
| (198,424 | ) |
Accumulated deficit | |
| (64,402,618 | ) | |
| (110,889,947 | ) |
| |
| | | |
| | |
Total Stockholder's Deficit | |
| (16,600,562 | ) | |
| (73,662,761 | ) |
| |
| | | |
| | |
Total Liabilities and Stockholders' Deficit | |
$ | 1,021,949 | | |
$ | 1,886,868 | |
The accompanying notes are an integral part of
the unaudited condensed consolidated financial statements
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
For The Three and Nine Months Ended September
30, 2014 and 2013
(Unaudited)
| |
For the three months ended | |
For the nine months ended |
| |
September 30, | |
September 30, |
| |
2014 | |
2013 | |
2014 | |
2013 |
| |
| |
(restated) | |
| |
(restated) |
| |
| |
| |
| |
|
Revenues | |
$ | 1,662,918 | | |
$ | 644,624 | | |
$ | 3,459,607 | | |
$ | 828,888 | |
Costs of goods sold | |
| 1,281,116 | | |
| 483,938 | | |
| 3,281,507 | | |
| 630,462 | |
Gross profit | |
| 381,802 | | |
| 160,686 | | |
| 178,099 | | |
| 198,426 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| 38,697 | | |
| 18,384 | | |
| 87,069 | | |
| 19,705 | |
Loss on disposal of assets | |
| — | | |
| 12,516 | | |
| — | | |
| — | |
Impairment of assets | |
| 373,060 | | |
| — | | |
| 373,060 | | |
| — | |
General and administrative | |
| 341,361 | | |
| 5,166,470 | | |
| 6,815,927 | | |
| 6,927,683 | |
| |
| 753,118 | | |
| 5,197,370 | | |
| 7,276,056 | | |
| 6,947,388 | |
| |
| | | |
| | | |
| | | |
| | |
Operational income/ (loss) | |
| (371,316 | ) | |
| (5,036,684 | ) | |
| (7,097,957 | ) | |
| (6,748,962 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income/(expenses) | |
| | | |
| | | |
| | | |
| | |
Change in fair value of derivative liability | |
| (361,135 | ) | |
| (18,766,197 | ) | |
| 57,095,577 | | |
| 18,850,333 | |
Stock issued for settlements | |
| — | | |
| (1,237,200 | ) | |
| — | | |
| (1,237,200 | ) |
Gain (loss) on settlement of debt | |
| — | | |
| — | | |
| (484,028 | ) | |
| — | |
Loss on conversion of preferred shares | |
| — | | |
| (16,116 | ) | |
| — | | |
| (36,490 | ) |
Other income/(expense) | |
| 660,296 | | |
| — | | |
| 460,296 | | |
| — | |
Interest income/(expense) | |
| 194,581 | | |
| (28,929 | ) | |
| (1,642,960 | ) | |
| (194,673 | ) |
| |
| 493,742 | | |
| (20,048,442 | ) | |
| 55,428,885 | | |
| 17,381,970 | |
| |
| | | |
| | | |
| | | |
| | |
Income/(Loss) from continuing operations | |
| 122,427 | | |
| (25,085,126 | ) | |
| 48,330,929 | | |
| 10,633,008 | |
| |
| | | |
| | | |
| | | |
| | |
Income/(Loss) from discontinued operations | |
| (4,347,499 | ) | |
| (325,262 | ) | |
| (1,843,600 | ) | |
| (962,421 | ) |
| |
| | | |
| | | |
| | | |
| | |
Earnings before income tax | |
| (4,225,072 | ) | |
| (25,410,387 | ) | |
| 46,487,329 | | |
| 9,670,587 | |
| |
| | | |
| | | |
| | | |
| | |
Income taxes | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | (4,225,072 | ) | |
$ | (25,410,387 | ) | |
$ | 46,487,329 | | |
$ | 9,670,587 | |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) per share (Basic) | |
$ | (0.01 | ) | |
$ | (0.07 | ) | |
$ | 0.08 | | |
$ | 0.03 | |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) per share (Diluted) | |
$ | (0.01 | ) | |
$ | (0.07 | ) | |
$ | 0.04 | | |
$ | 0.01 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding (Basic) | |
| 659,999,514 | | |
| 384,197,678 | | |
| 573,312,300 | | |
| 356,544,473 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding (Diluted) | |
| 659,999,514 | | |
| 384,197,678 | | |
| 1,245,719,364 | | |
| 735,405,168 | |
The accompanying notes are an integral part of
the unaudited condensed consolidated financial statements
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive
Income / (Loss)
For The Three and Nine Months Ended September
30, 2014 and 2013
(Unaudited)
| |
For the three months ended | |
For the nine months ended |
| |
September 30, | |
September 30, |
| |
2014 | |
2013 | |
2014 | |
2013 |
| |
| |
(restated) | |
| |
(restated) |
Net income (loss) | |
$ | (4,225,072 | ) | |
$ | (25,410,387 | ) | |
$ | 46,487,329 | | |
$ | 9,670,587 | |
| |
| | | |
| | | |
| | | |
| | |
Other comprehensive loss, net of tax: | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation | |
| (51,526 | ) | |
| (137,095 | ) | |
| 11,808 | | |
| (52,289 | ) |
| |
| | | |
| | | |
| | | |
| | |
Comprehensive income (loss) | |
| (4,276,598 | ) | |
| (25,547,482 | ) | |
| 46,499,137 | | |
| 9,618,298 | |
The accompanying notes are an integral part of
the unaudited condensed consolidated financial statements
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Cash
Flows
For The Nine Months Ended September 30, 2014
and 2013
(Unaudited)
| |
September 30, |
| |
2014 | |
2013 |
| |
| |
(restated) |
OPERATING ACTIVITIES: | |
| | | |
| | |
Net income | |
$ | 46,487,329 | | |
$ | 9,670,588 | |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 147,069 | | |
| 45,494 | |
Debt discount | |
| | | |
| | |
Amortization of debt discounts | |
| 1,671,252 | | |
| 14,119 | |
Loss on disposal of assets | |
| 200,000 | | |
| 25,876 | |
Shares issued for settlement of agreement | |
| 226,797 | | |
| 1,237,200 | |
Loss on conversion of preferred shares | |
| | | |
| 36,490 | |
(Gain)/loss on settlement of debt | |
| 484,028 | | |
| | |
Shares issued for services | |
| 92,000 | | |
| | |
Change in fair value of derivative liability | |
| (57,095,577 | ) | |
| (18,850,333 | ) |
Share based compensation | |
| 5,717,015 | | |
| 6,191,202 | |
Stock Options | |
| 523,905 | | |
| | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (800 | ) | |
| 143,975 | |
Inventories | |
| (422,311 | ) | |
| (215,942 | ) |
Other assets | |
| (5,138 | ) | |
| (3,703 | ) |
Assets in discontinuing operations | |
| 658,923 | | |
| | |
Liabilities in discontinuing operations | |
| (1,962,611 | ) | |
| | |
Prepaid expenses | |
| 545,409 | | |
| (17,331 | ) |
Accounts payable and accrued expenses | |
| 1,775,678 | | |
| 661,155 | |
Deferred revenue | |
| — | | |
| 207,846 | |
Other liabilities | |
| | | |
| 115,412 | |
Net cash used in operating activities | |
| (957,033 | ) | |
| (737,952 | ) |
| |
| | | |
| | |
INVESTING ACTIVITIES: | |
| | | |
| | |
Proceeds from disposal of vehicles | |
| | | |
| 28,126 | |
Cash received from acquisition | |
| | | |
| 14,896 | |
Purchase of property and equipment | |
| (17,000 | ) | |
| (587,411 | ) |
Net cash used in investing activities | |
| (17,000 | ) | |
| (544,389 | ) |
| |
| | | |
| | |
FINANCING ACTIVITIES: | |
| | | |
| | |
Proceeds from funds received from FMS | |
| | | |
| 907,839 | |
Proceeds from issuance of common stock | |
| 13,500 | | |
| | |
Borrowings on line of credit, net | |
| 14,134 | | |
| | |
Payments to reduce line of credit | |
| | | |
| (69,628 | ) |
Proceeds from notes payable | |
| 1,085,682 | | |
| 467,406 | |
Payments to notes payable | |
| (109,860 | ) | |
| | |
Net cash provided by financing activities | |
| 1,003,456 | | |
| 1,305,617 | |
| |
| | | |
| | |
Effect of change in exchange rate on cash | |
| 11,808 | | |
| (48,418 | ) |
| |
| | | |
| | |
Net (decrease) / increase in cash | |
| 41,231 | | |
| (25,142 | ) |
| |
| | | |
| | |
CASH AT BEGINNING PERIOD | |
| 2,902 | | |
| 87,325 | |
CASH AT END OF PERIOD | |
$ | 44,133 | | |
$ | 62,183 | |
| |
| | | |
| | |
SUPPLEMENTAL CASH FLOW INFORMATION: | |
| | | |
| | |
Cash paid for interest | |
| | | |
| | |
Cash paid for income taxes | |
| | | |
| | |
| |
| | | |
| | |
NON-CASH INVESTING AND FINANCING TRANSACTIONS | |
| | | |
| | |
Share based compensation | |
| | | |
$ | 214,286 | |
Common shares issued in exchange for preferred shares | |
$ | 2,468,841 | | |
$ | 11,278,686 | |
Common shares issued to settle liabilities | |
$ | 5,010,110 | | |
$ | 268,142 | |
Common shares issued in relation to investment in a JV | |
$ | 378,792 | | |
$ | 335,895 | |
Common shares issued in relation to acquisition | |
| | | |
$ | 6,755,290 | |
Common shares issued for debt conversion | |
$ | 2,244,708 | | |
| | |
Preferred shares converted to ordinary | |
| | | |
$ | (105 | ) |
Preferred shares issued to settle debt | |
$ | 210,000 | | |
$ | 800,932 | |
The accompanying notes are an integral part
of the unaudited condensed consolidated financial statements
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
1. DESCRIPTION OF BUSINESS
We are involved in the development, manufacturing and sale of diesel,
gas, CNG and electric buses. We plan to move forward with the production of all-electric buses, as well as begin converting other
mass transit vehicles into electric powered vehicles. We expect this to be the core focus of our business activities going forward.
We recently introduced a prototype electric bus, which we named the E-Patriot line. The E-Patriot seats 15-23 passengers, depending
on configuration and is expected to have a hundred mile range in-between charges when it is ready for market.
We are a corporation originally organized under the laws of the
State of Delaware in 1996, but re-incorporated in Nevada effective June 3, 2011. We formerly operated under the name GANAS Corp.
(“GANAS”). Prior to November 2009, GANAS’ objective was to obtain through acquisition and/or merger transactions,
assets, which could benefit our shareholders. Effective November 4, 2009, GANAS acquired Go Green USA LLC, a Nevada limited liability
company organized on April 28, 2009 (“Go”), in a share exchange transaction pursuant to which newly issued shares of
GANAS common stock were issued in exchange for all of the issued and outstanding membership interests of Go (the “Go Merger”).
The Go Merger resulted in GANAS issuing 1,436,202 shares of its common stock with par value $0.001 for each 1% membership interest
in Go, following which GANAS changed its name to Green Automotive Company Corporation. Effective September 30, 2011, we effected
a Change of Domicile, re-incorporating in Nevada and simplifying our name to Green Automotive Company, among other things (the
“Re-Incorporation”).
Matter of Time Merger
On September 1, 2011, Green Automotive Company entered into a Stock
Purchase Agreement and Escrow Agreement with Mark E. Crone (“Crone”) and Bosch Equities, L.P. (“Bosch”),
under which we purchased 100% of the outstanding equity of Matter of Time I Co., a Nevada corporation (“MOT”), and
extinguished a repayment obligation of MOT totaling $6,000, all in exchange for $30,000.
On February 10, 2012, Green Automotive Company entered into a Merger
Agreement and Plan of Reorganization with Matter of Time I Co., a Nevada corporation (“MOT”) (the “MOT Agreement”).
Under the MOT Agreement, at the closing of the transaction contemplated by the MOT Agreement, MOT dissolved into and became a part
of Green Automotive Company, with Green Automotive Company being the surviving corporation and assuming MOT’s status as a
reporting issuer under the Securities Exchange Act of 1934, as amended. On December 14, 2012 the transactions contemplated by the
MOT Agreement closed (the “Closing”). As a result of the Closing, MOT was merged out of existence and Green Automotive
Company became a reporting issuer under the Securities Exchange Act of 1934, as amended.
Liberty Transaction
On June 28, 2012, we entered into a Stock Exchange Agreement (the
“Liberty Agreement”) with Liberty Electric Cars Limited., an England and Wales private company limited (“LEC”),
and its wholly-owned subsidiary LEC 2 Limited, an England and Wales private company limited (“LEC2” and together with
LEC, the “LEC Entities”), under which our wholly-owned subsidiary, Liberty Automotive Group, Inc. (formerly GAC EV
Motors Inc.), a Nevada corporation (“LAG”) agreed to purchase 100% of the issued and outstanding securities of LEC
(the “LEC Shares”), that owns 100% of the issued and outstanding securities of LEC2 (the “LEC2 Shares”)
(collectively the “LEC Securities”) in exchange for the transfer of Thirty Nine Million Seven Hundred Forty Two Thousand
One Hundred Seventy Eight (39,742,178) shares of our common stock held by LAG to the LEC Shareholders. The value of these shares
at the close of trading on the day of issuance was $17,486,558. These shares represented approximately 8.19% of our outstanding
voting control at the time. We also issued to Mr. West and Mr. Hobday, the executives of LEC, a total of 300,000 shares of our
Series A Preferred Stock (subject to forfeiture on a pro rata basis over a three year period) in exchange for the non-competition
provisions in their independent contractor agreements. This transaction closed on July 23, 2012. Subsequently, on or about August
15, 2014, LEC, along with each of LEC’s wholly owned subsidiaries, ceased business operations.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
As a result of the Liberty Transaction, we acquired Liberty Electric
Company (LEC), a company that designed and developed electric vehicle drive solutions for use in its own converted vehicles and
for sale to original equipment manufacturers (OEMs) for incorporation into their production. LEC’s engineers contributed
to the invention of innovative EV drive train technologies that was believed to be employable in a wide variety of vehicle platforms.
LEC was also a contributing member of a number of advanced research programs for developing next generation electric vehicle (“EV”)
solutions. These programs included the “Deliver” project where LEC collaborated with “tier one” automotive
companies to develop a pure electric commercial vehicle, and the “Motore” project in which LEC collaborated with “tier
one” automotive companies and universities to develop a “rare earth” free electric motor technology. Additionally,
LEC created after sales support for EVs including the Modec truck and the G-Wiz car, by developing a comprehensive aftermarket
maintenance program throughout Europe for its customers’ electric trucks and cars.
Due to its experience in EV technologies and in servicing EVs, LEC
had an agreement with a large U.S. truck manufacturer for the on-going support of electric vehicles run by its key clients in Europe.
LEC continued to take care of all warranty support when required by these customers, all of whom run fleets of electric commercial
vehicles across Europe. This truck manufacturer’s customers include major companies such as FedEx, UPS and Veolia, who are
using the first “ground up” electric trucks known as the “Modec” that were launched some four years ago
for the purpose of making pollution free deliveries in urban areas.
Pursuant to the Liberty Agreement, we also issued to GAC Automotive
Services, Inc., a Nevada corporation and one of our wholly-owned subsidiaries (“GAC Auto”) Ten Million (10,000,000)
shares of Series B Convertible Preferred Stock (the “Series B Shares”). The issuance of the Series B shares to GAC
Auto was not part of the purchase price of the LEC Entities and was not compensation to the LEC Entities or LEC Shareholders, but
was reserved for issuance to shareholders of certain entities that LEC and/or LEC2 have been in negotiations with at the time of
execution of the Liberty Agreement if those entities and/or assets were purchased by us or our subsidiaries. Subsequently, instead
of issuing the B shares, we agreed to issue 59,000,000 GACR shares to the former shareholders for LEC’s acquisitions of OEC
International Limited (OEC) and Footloose 4x4 Limited (Footloose). However, the 59,000,000 shares were never issued and we have
never consolidated OEC nor Footloose into our financial statements. Subsequently, LEC and its subsidiaries, excluding Footloose,
ceased operations on or about August 15, 2014, and are in liquidation under a voluntary liquidation in accordance with Section
98 of the United Kingdom’s Insolvency Act of 1986. LEC began to wind down Footloose in late 2013. A formal petition to liquidate
Footloose was presented on 3 July 2014 and a formal Resolution for Voluntary Winding-up was granted August 27, 2014. Legal representation
of the liquidation was facilitated by Everys Solicitors, Taunton, United Kingdom.
To date, all of the Series B Shares are still held by GAC Auto.
For reporting purposes, the Series B Preferred Stock is eliminated upon consolidation.
Newport Coachworks Transaction
On October 12, 2012, we entered into an Acquisition and Stock Exchange
Agreement (the “NCWI Agreement”) with Newport Coachworks, Inc., a California corporation (“NCWI”), under
which we agreed to purchase 100% of the issued and outstanding securities of NCWI (the “NCWI Shares”) from Mr. Carter
Read, NCWI’s sole shareholder, in exchange for the transfer of Five Million (5,000,000) shares of our common stock due at
the closing of the transaction (the “GAC Closing Shares”), and up to an additional Twenty Two Million (22,000,000)
shares of our common stock (the “GAC Additional Shares” and together with the GAC Closing Shares, the “GAC Shares”)
to vest as follows: upon NCWI obtaining bona fide, binding purchase orders, with cash down payment standard in the industry to
NCWI, from third party purchasers requiring NCWI to manufacturer Sixty (60) buses with compressed natural gas engines at NCWI’s
manufacturing facility (each a “Qualified Purchase Order”) within the first twelve (12) months following the payment
of one-half of the initial forecasted funding of $500,000. This transaction closed on October 12, 2012. On or by July 18, 2013,
27,000,000 GAC shares were issued to Mr. Read.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
1. DESCRIPTION OF BUSINESS (continued)
Going Green Transaction
On January 31, 2013, the Company signed a binding agreement to buy
U.K.-based electric vehicle distributor Going Green Limited, which operated under the brand name “GoingGreen.” Founded
in 2002, it sold over 1,400 G-Wiz vehicles, an electric vehicle manufactured in India by the Indo-Reva Electric Car Company. The
acquisition was completed on or about April 1, 2013 when 1,562,498 shares of GAC common stock were authorized for exchange for
100% of the issued and outstanding securities of Going Green Limited and 150,501 shares of GAC common stock for issuance to former
creditors of Going Green. Due to a temporary restraining order in an unrelated litigation in Utah by us against a former stockholder
the shares were not released by our transfer agent until June 24, 2013. Ian Hobday, our then CEO, and Daren West, our former CFO,
served as directors of Going Green prior to the acquisition. On or about August 15, 2014, Going Green ceased operations and is
in liquidation under a voluntary liquidation in accordance with Section 98 of the United Kingdom’s Insolvency Act of 1986.
With creditors’ approval, on or about August 27, 2014, former
LEC and Going Green staff members, led by Clive Southwell, a director of the U.K. businesses at the time LEC and Going Green ceased
operations, along with financial support from former GAC director Nicholas Hewson and our then CEO Ian Hobday, purchased the assets
of Going Green through a company they organized, Clean Transport and Technology Limited (“CTT”) for a purchase price
of £22,800 (£19,000 plus £3,280 value added tax (VAT)) and the assets of LEC2 for £7,200 (£6,000
plus £1,200 VAT) for a total of £30,000. The assets of LEC2 consisted primarily of spare parts and batteries, and the
assets of Going Green consist primarily of parts, equipment and used vehicles. The sale proceeds were paid to Lameys and the sales
were approved at the respective creditors’ committee meetings when they were held.
Viridian Motor Corporation Transaction
On or about January 9, 2014 we acquired 21.63% of Viridian Motor
Corporation (VMC), a US-based electric truck manufacturer. VMC was a company devoted to advancing twenty-first century transportation
technology using alternative fuels and propulsion systems to build fully electric, light duty trucks, which included their own
electric drive train and unique battery packs. In February 2014 we acquired an additional 1.5% of the company. On January 6, 2014,
we issued 1,292,270 shares to Burton Neil and Dale Nyhus for an obligation of $173,060 related to the acquisition. The value of
the issued shares on the day of issuance was $206,763. For the period ending September 30, 2014, we impaired the value of the investment
in VMC by 100%.
2. BASIS OF PRESENTATION
The accompanying unaudited condensed interim consolidated financial
statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) as promulgated in
the United States of America.
The unaudited condensed interim consolidated financial statements
at September 30, 2014 and for the three and nine-month periods ended September 30, 2014 and 2013 are unaudited, but include all
adjustments, consisting of normal recurring entries, which our management believes to be necessary for a fair presentation of the
periods presented. Interim results are not necessarily indicative of results for a full year.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The summary of significant accounting policies presented below is
designed to assist in understanding the Company’s condensed consolidated financial statements. Such condensed consolidated
financial statements and accompanying notes are the representations of the Company’s management, who is responsible for their
integrity and objectivity. These accounting policies conform to GAAP in all material respects, and have been consistently applied
in preparing the accompanying condensed consolidated financial statements.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Principles of Consolidation
The Company’s unaudited condensed consolidated financial statements
include the assets, liabilities and operating results of majority-owned subsidiaries. The Company does not hold significant variable
interests in any variable interest entities. All significant intercompany accounts and transactions have been eliminated.
Reverse Merger Accounting
The MOT Merger was accounted for as a reverse-merger and recapitalization
in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Green Automotive
Company was the acquirer for financial reporting purposes and MOT was the acquired company. Consequently, the assets and liabilities
and operations that are reflected in the historical financial statements prior to the Merger will be those of Green Automotive
Company and will be recorded at the historical cost basis of the Company. The consolidated financial statements after completion
of the Merger include the assets and liabilities of Green Automotive Company. Common stock and the corresponding capital amounts
of the Company pre-merger have been retroactively restated as capital stock shares reflecting the exchange ratio in the Merger.
Going Concern
Our condensed consolidated financial statements have been prepared
assuming the Company will continue as a going concern. However, as of September 30, 2014, we have sustained recurring operating
losses, have outstanding payables, a stockholders’ deficit of $16,600,561, have ceased operations in the United Kingdom and
have insufficient operating capital. These conditions, among others, give rise to substantial doubt about our ability to continue
as a going concern and increase the likelihood of bankruptcy. Management is continuing to seek additional capital to fund our ongoing
business and improve the profitability of existing operations. Until such time, our working capital needs must be funded through
the issuance of additional debt and equity instruments; however, there can be no assurance that we will receive the sums required
at the times and in the amounts needed, or that any funding will not be accompanied by conditions unfavorable to us. Management
believes these steps may provide us with adequate funds to sustain our continuing existence. There is, however, no assurance that
the steps taken by management will meet all of our needs or that we can continue as a going concern. The accompanying condensed
consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty or from
bankruptcy.
Use of Estimates
The preparation of the condensed consolidated
financial statements requires our management to make a number of estimates and assumptions relating to the reported amount of assets
and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements
and the reported amounts of revenues and expenses during the reporting period. The assumptions used by management in future estimates
could change significantly due to changes in circumstances, including, but not limited to, challenging economic conditions. Accordingly,
future estimates may differ significantly. Significant
estimates and assumptions included in our condensed consolidated financial statements relate to the valuation of long-lived assets,
inventory reserves, accruals for potential liabilities, and valuation assumptions related to derivative liability, equity instruments
and share based compensation.
Cash and Cash Equivalents
Cash and cash equivalents consist of amounts held as bank deposits
and highly liquid debt instruments purchased with an original maturity of three months or less. The Company had no cash equivalents
as of September 30, 2014 and December 31, 2013.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Discontinued Operations
On or about August 15, 2014, our United Kingdom based subsidiaries,
including Going Green Limited and Liberty Electric Cars Limited (LEC), along with each of LEC’s wholly owned subsidiaries
(collectively, the U.K. Companies), ceased business operations. As a result, we are reporting the operational results of the U.K.
Companies under Discontinued Operations. Operational results under Discontinued Operations includes a 100% impairment of all U.K.
Companies’ assets, a full write down of the value of each company’s equity (or deficit), and the net earnings or losses
incurred by each. We will continue to carry each company’s liabilities on our books under liabilities from discontinued operations
until such time as the voluntary liquidations currently underway are finalized. Additionally, comparative periods, within our financial
statements and accompanying notes, have been reclassified to show financial data for our former U.K. Companies under discontinued
operations. Such reclassifications had no impact on previously reported net losses.
Recent Accounting Pronouncements
Adopted
In February 2013, Financial Accounting Standards Board (“FASB”)
issued Accounting Standards Update (“ASU”) 2013-04, Obligations Resulting from Joint and Several Liability
Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date. The objective of the amendments in
this update is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several
liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting
date, except for those obligations addressed within existing guidance in U.S. GAAP. The amendment requires an entity to measure
obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope
of this guidance is fixed at the reporting date as the sum of the amount the reporting entity agreed to pay on the basis of its
arrangement among its co-obligors and an additional amount the reporting entity expects to pay on behalf of its co-obligors. The
entity is required to disclose the nature and amount of the obligation as well as other information about those obligations. The
Company adopted this ASU as of January 1, 2014.
On July 18, 2013, the FASB issued ASU 2013-11, Income Taxes (Topic
740): Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward
Exists. Topic 740 does not include explicit guidance on the financial statement presentation of an unrecognized tax benefit
when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The objective of the amendments
in this update is to eliminate that diversity in practice. The Company adopted this ASU as of January 1, 2014. This ASU did not
have an effect on our financial statements.
Not Adopted
Other recent pronouncements issued by FASB (including its Emerging
Task Force), the American Institute of Certified Public Accountants, and the United States Securities and Exchange Commission did
not or are not believed by management to have a material impact on the Company’s present or future financial statements.
Reclassifications
Certain prior year amounts have been reclassified to conform to
the current year presentation for discontinued operations in all UK entities. Such reclassifications had no impact on previously
reported net losses.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Accounts Receivable
Accounts receivable consists of trade receivables, which are recorded
at the invoiced amount, net of taxes, allowances for doubtful accounts and prompt payment discounts. Trade receivables do not carry
interest. The allowance for doubtful accounts represents management’s estimate of the amount of probable credit losses in
existing accounts receivable, as determined from a review of past due balances and other specific account data. Account balances
are written off against the allowance when management determines the receivable is uncollectible.
Investments in Joint Ventures
The Company applies the equity method for the 30% investment to
its joint venture interest in Powabyke, a privately-held UK company held by our wholly owned subsidiary Liberty Electric Company
Limited, and our 23.13% investment in Viridian Motor, a Virginia corporation, since quoted market prices are not available and
we have the ability to exercise influence over operating and financial policies of the joint venture. Significant influence is
generally defined as 20% to 50% ownership in the voting stock of an investee. Under the equity method, we initially record such
investments at cost and then adjust the carrying value of the investments to recognize the proportional share of the equity-accounted
affiliate’s net income (loss) including changes in capital of the affiliates. In addition, dividends received from the equity-accounted
company reduce the carrying value of our investment. If there is an other-than-temporary decline in the market value of the investment,
an impairment charge is recorded. For the period ending September 30, 2014, we impaired the value of the investment in Viridian
Motor by 100%. Our investment in Powabyke was sold during the period ending September 30, 2014.
Inventories
The Company’s inventories are valued at cost, as determined
by the first-in, first out (FIFO) method; in aggregate such valuations are not in excess of market.
Concentrations
The Company currently maintains substantially all of its cash with
major financial institutions. At times, cash balances may be in excess of the amounts insured by the Federal Deposit Insurance
Corporation.
Comprehensive Income (Loss)
In June 2011, the Financial Accounting Standards Board (“FASB”)
issued Accounting Standards Update (“ASU”) No. 2011-05, Presentation of Comprehensive Income (“ASU 2011-05”),
which amends FASB Codification Topic 220 on comprehensive income disclosures. The new guidance allows an entity to present components
of net income and other comprehensive income in one continuous statement, referred to as the statement of comprehensive income,
or in two separate, but consecutive statements, while eliminating the option to report other comprehensive income and its components
in the statement of changes in shareholders’ equity. The provisions of ASU 2011-05 were adopted in 2012. The adoption of
ASU 2011-05 did not impact the Company’s consolidated financial position, results of operations or cash flows as it required
only a change in the format of presentation.
Property and Equipment
Property and equipment consisting of leasehold improvements, furniture
and fixtures, equipment and vehicles are stated at cost. Property and equipment are depreciated using the straight-line method
over the estimated service lives ranging from three to seven years. Maintenance and repairs are expensed as incurred and improvements
are capitalized. Gains or losses on the disposition of fixed assets are recorded upon disposal.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Impairment of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held
and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to
be generated by the asset.
If the carrying amount of an asset exceeds its undiscounted estimated
future cash flows, an impairment review is performed. An impairment charge is recognized in the amount by which the carrying amount
of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and
reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities
of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of
the balance sheet. The Company determined that there was an indicator of impairment in goodwill and other intangibles during the
year ended December 31, 2013 because of the lowered revenue and cash flow projections. The Company uses the present value technique
for impairment testing. At September 30, 2014, we fully impaired our investment of $173,060 in Viridian Motors and the full carrying
value of $200,000 of our investment in World Energy Asset Management. Additionally, we fully impaired the investment values and
assets of our U.K. Companies, the expense thereof was then reclassified and presented under discontinued operations.
Derivative Instruments
The fair value of derivative instruments is recorded and shown separately
under current liabilities. Changes in the fair value are recorded in the condensed consolidated statement of income under other
income (expense).
The Company evaluates all of its financial instruments to determine
if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments
that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued
at each reporting date, with changes in the fair value reported in the consolidated statements of operations. For stock-based derivative
financial instruments, the Company uses a weighted average Black-Scholes-Merton option pricing model to value the derivative instruments
at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments
should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities
are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument
could be required within 12 months of the balance sheet date.
Fair Value Measurements
ASC 820, “Fair Value Measurements”, requires
an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820
establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure
fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input
that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure
fair value: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities;
Level 2, inputs other than level one that are either directly or indirectly observable such as quoted prices for identical or similar
assets or liabilities on markets that are not active; and Level 3, defined as unobservable inputs in which little or no market
data exists, therefore requiring an entity to develop its own assumptions.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Income Taxes
We account for income taxes under the asset and liability method.
Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial
statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected
to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income
in the period that includes the enactment date. Valuation allowances are recorded, when necessary, to reduce deferred tax assets
to the amount expected to be realized.
As a result of the implementation of certain provisions of ASC 740,
Income Taxes (“ASC 740”), which clarifies the accounting and disclosure for uncertainty in tax positions, as defined,
ASC 740 seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to
accounting for income taxes. We adopted the provisions of ASC 740 as of January 1, 2007, and have analyzed filing positions in
each of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years in
these jurisdictions. We have identified the U.S. federal and California as our "major" tax jurisdictions. Generally,
we remain subject to Internal Revenue Service examination of our 2007 through 2013 U.S. federal income tax returns, and remain
subject to California Franchise Tax Board examination of our 2007 through 2013 California Franchise Tax Returns. However, we have
certain tax attribute carry forwards which will remain subject to review and adjustment by the relevant tax authorities until the
statute of limitations closes with respect to the year in which such attributes are utilized.
We believe that our income tax filing positions and deductions will
be sustained on audit and do not anticipate any adjustments that will result in a material change to our financial position. Therefore,
no reserves for uncertain income tax positions have been recorded pursuant to ASC 740. In addition, we did not record a cumulative
effect adjustment related to the adoption of ASC 740. Our policy for recording interest and penalties associated with income-based
tax audits is to record such items as a component of income taxes.
Revenue Recognition
We recognize revenues related to annual membership income and service
of electric vehicles in accordance with Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”)
No. 605, Revenue Recognition. Revenue is recognized when we have evidence of an arrangement, a determinable fee, and when
collection is considered to be probable and services are provided. In the event that final acceptance of our product by the customer
is uncertain, revenue is deferred until all acceptance criteria have been met. In the event we have amounts billed or collected
in accordance with contractual terms in advance of when the work is performed we treat these as deferred revenues. For us, such
advance payments primarily relate to the Company's grant project and E-Care membership scheme through our U.K. Companies. Due to
the liquidation of the U.K. Companies, advance payments received for the current and comparative periods have been reclassified
under discontinuing operations. Historically, our deferred revenue has included the following:
Grant Income
Grant income - not recognized until a grant claim has been submitted
and approved by Government representatives.
E-tech services
Revenues from consultancy services - recognized only when all services
have been rendered and collectability is reasonably assured.
E-Care services
Revenues from maintenance, repair, and overhaul services - recognized
only when all services have been rendered and collectability is reasonably assured.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Earnings per Common Share (as Restated)
The Company computes net income per share in accordance with
ASC 260, "Earnings per Share." ASC 260 requires presentation of both basic and diluted earnings (loss) per share
(EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common
shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS gives effect to all
dilutive potential common shares outstanding during the period including 632,701 Series A Convertible Preferred Stock for
September 30, 2014 (net of 150,000 forfeit shares) and 608,475 for September 2013 (net of 300,000 forfeit shares), using the
if-converted method, 0 stock options for September 30, 2014, and 18,000,000 for September 30, 2013 using the treasury stock
method, 35,562,651 Series Y Convertible Preferred Stock for September 30, 2014, and 0 for September 30, 2013 using the
if-converted method, and 231,923,077 shares for September 30, 2014 and 2,013,070 shares for September 30, 2013 for
convertible loan notes, using the if-converted method. In computing diluted EPS, the average stock price for the period is
used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS
excludes all dilutive potential common shares if their effect is anti-dilutive.
Share-Based Payment Arrangements
Generally, all forms of share-based payments, including stock option
grants, restricted stock grants and stock appreciation rights are measured at their fair value on the awards’ grant date,
based on the estimated number of awards that are ultimately expected to vest. Share-based compensation awards issued to non-employees
for services rendered are recorded at either the fair value of the services rendered or the fair value of the share-based payment,
whichever is more readily determinable. The expenses resulting from share-based payments are recorded in operating expenses in
the condensed consolidated statement of operations.
4. ACQUISITIONS
On January 31, 2013, the Company signed a binding agreement to buy
UK-based electric vehicle distributor Going Green Limited. Trading under the brand name, “GoinGreen,” it sold over
1,400 G-Wiz electric vehicles, making it one of Europe’s largest single retailers of electric vehicles. Going Green Limited
was founded in 2002 and in the early days, set itself the mission to minimize the effects of climate change by encouraging carbon-neutral
motoring. The company pioneered electric vehicles in the UK with the G-Wiz vehicle, an electric vehicle manufactured in India by
the Indo-Reva Electric Car Company. The deal was completed on April 1, 2013 when 1,562,498 shares of GAC common stock was authorized
for exchange for 100% of the issued and outstanding securities of Going Green Limited plus 150,501 shares of GAC common stock was
authorized for issuance to former creditors of Going Green. Due to a temporary restraining order in an unrelated litigation in
Utah by us against a former stockholder the shares were not released by our transfer agent until June 24, 2013.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
4. ACQUISITIONS (continued)
The allocation of the purchase price and the estimated fair market
values of the assets acquired and liabilities assumed of Going Green Limited are shown below.
| |
|
Cash | |
$ | 14,896 | |
Accounts receivable | |
| 29,379 | |
Prepayments | |
| 19,623 | |
Inventories | |
| 75,693 | |
Other current assets | |
| 27,845 | |
Property and equipment, net of accumulated depreciation | |
| 14,653 | |
Goodwill | |
| 769,890 | |
Total assets acquired | |
| 951,979 | |
| |
| | |
Credit Line | |
| 1,584 | |
Accounts payable and accrued expenses | |
| 81,313 | |
Deferred revenue | |
| 34,983 | |
Income Tax payable | |
| 62,345 | |
Other | |
| 206,464 | |
Total liabilities assumed | |
| 386,689 | |
| |
| | |
Purchase Price | |
$ | 565,290 | |
| |
| | |
Final Consideration | |
| | |
1,562,498 of common stock issued @ $0.33 in exchange for equity | |
| 515,625 | |
150,501 of common stock issued @ $0.33 to settle debt | |
| 49,665 | |
The acquisition method of accounting is based on ASC Subtopic 805-10,
“Business Combinations,” and uses the fair value concepts defined in ASC Subtopic 820-10, “Fair Value Measurements
and Disclosures”. The purchase price for Going Green businesses was allocated to the net tangible and intangible assets based
upon their fair values as of the respective acquisition dates. The allocation of the purchase price was based upon a valuation
and the estimates and assumptions were subject to change within the measurement period. The excess of the purchase price over the
fair values of the net tangible assets and intangible assets, if any, was recorded as goodwill and is generally driven by our expectations
of our ability to realize synergies and achieve our strategic growth objectives.
The goodwill recorded in connection with the Going Green acquisitions
was $769,890, on the transaction acquisition date. In accordance with U.S. GAAP, impairment testing for goodwill is performed at
least annually. The Company performs its annual impairment test as of December 31. Goodwill is tested for impairment between
annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit
below its carrying value.
The impairment test for goodwill uses a two-step approach, which
is performed at the entity level as the Company has one reporting unit. Step 1 compares the fair value of the reporting unit to
its carrying value including goodwill. If the carrying value exceeds the fair value, there is a potential impairment and Step 2
must be performed. Step 2 compares the carrying value of the reporting unit’s goodwill to its implied fair value (i.e., the
fair value of the reporting unit less the fair value of the unit’s assets and liabilities, including identifiable intangible
assets). If the carrying value of goodwill exceeds its implied fair value, the excess is recorded as an impairment.
The Company performed its annual test of goodwill as of December
31, 2013. The Company determined the fair value of the reporting unit exceeded the carrying value of the reporting unit.
For the year ended December 31, 2013, the Company concluded there
were indicators of potential goodwill impairment, including the decline in the value of the Company’s revenue recognition.
As a result of identifying indicators of impairment, the Company performed an impairment test of goodwill as of December 31,
2013.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
4. ACQUISITIONS (continued)
In performing Step 1 of the impairment test, the Company estimated
the fair value of the reporting unit using the market approach for purposes of estimating the total enterprise value for the Company.
The market approach is based on the guideline publicly traded company
method to determine the fair value of the reporting unit. Under this method, market multiples ratios were applied to the reporting
unit’s earnings with consideration given to the Company’s size, product offerings, growth, and other relevant factors
compared to those of the guideline companies. The guideline companies selected were engaged in the same or a similar line of business
as the Company. Market multiples were then selected based on consideration of risk, growth, and profitability differences between
the Company and the guideline companies. The selected market multiples were then multiplied by the Company’s earnings streams
for the twelve months ended December, 2013.
Based on the above analysis, it was determined that the carrying
value of the reporting unit including goodwill exceeded the fair value of the reporting unit, requiring the Company to perform
Step 2 of the goodwill impairment test to measure the amount of impairment loss, if any.
In performing Step 2 of the goodwill impairment test, the Company
compared the implied fair value of the reporting unit’s goodwill to its carrying value of goodwill. This test resulted in
a non-cash, goodwill impairment charge of $769,890 which was recognized during the year ended December 31, 2013. This charge had
no impact on our cash flows or our compliance with debt covenants.
The following table sets forth the balance of the Company’s
goodwill as of December 31, 2013:
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|
|
|
|
December 31,
2012 |
|
Additions |
|
Impairments |
|
December 31,
2013 |
Goodwill, gross |
|
$ |
- |
|
$ |
769,890 |
|
$ |
(769,890) |
|
$ |
- |
Accumulated impairment losses |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Total goodwill, net |
|
$ |
- |
|
$ |
769,890 |
|
$ |
(769,890) |
|
$ |
- |
The following are unaudited pro-forma results of operations as if
the acquisition has occurred at the beginning of the period for the three and nine months ended September 30, 2014 and 2013. Additionally,
the financial data herein have been reclassified to show revenues and expenses for Going Green, as well as Liberty Electric Company
and its subsidiaries, under Income/(Loss) from discontinued operations.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
Pro-forma (unaudited)
For The Three and Nine Months Ended September
30, 2014 and 2013
| |
For the three months ended | |
For the nine months ended |
| |
September 30, | |
September 30, |
| |
2014 | |
2013 | |
2014 | |
2013 |
| |
| |
(restated) | |
| |
(restated) |
Revenues | |
$ | 1,662,918 | | |
$ | 644,624 | | |
$ | 3,459,607 | | |
$ | 828,888 | |
Costs of goods sold | |
| 1,281,116 | | |
| 483,938 | | |
| 3,281,507 | | |
| 630,462 | |
Gross profit | |
| 381,802 | | |
| 160,686 | | |
| 178,099 | | |
| 198,426 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| 38,697 | | |
| 18,384 | | |
| 87,069 | | |
| 19,705 | |
Loss on disposal of assets | |
| — | | |
| 12,516 | | |
| — | | |
| — | |
Impairment of assets | |
| 373,060 | | |
| — | | |
| 373,060 | | |
| — | |
General and administrative | |
| 341,361 | | |
| 5,166,470 | | |
| 6,815,927 | | |
| 6,927,683 | |
| |
| 753,118 | | |
| 5,197,370 | | |
| 7,276,056 | | |
| 6,947,388 | |
| |
| | | |
| | | |
| | | |
| | |
Operational income/ (loss) | |
| (371,316 | ) | |
| (5,036,684 | ) | |
| (7,097,957 | ) | |
| (6,748,962 | ) |
| |
| — | | |
| | | |
| | | |
| | |
Other income/(expenses) | |
| | | |
| | | |
| | | |
| | |
Change in fair value of derivative liability | |
| (361,135 | ) | |
| (18,766,197 | ) | |
| 57,095,577 | | |
| 18,850,333 | |
Stock issued for settlements | |
| — | | |
| (1,237,200 | ) | |
| — | | |
| (1,237,200 | ) |
Gain (loss) on settlement of debt | |
| — | | |
| — | | |
| (484,028 | ) | |
| — | |
Loss on conversion of preferred shares | |
| — | | |
| (16,116 | ) | |
| — | | |
| (36,490 | ) |
Loss on conversion of preferred shares | |
| 660,296 | | |
| — | | |
| 460,296 | | |
| — | |
Other income/(expense) | |
| 194,581 | | |
| (28,929 | ) | |
| (1,642,960 | ) | |
| (194,673 | ) |
| |
| 493,742 | | |
| (20,048,442 | ) | |
| 55,428,885 | | |
| 17,381,970 | |
| |
| | | |
| | | |
| | | |
| | |
Income/(Loss) from continuing operations | |
| 122,427 | | |
| (25,085,126 | ) | |
| 48,330,929 | | |
| 10,633,008 | |
| |
| — | | |
| | | |
| — | | |
| | |
Income/(Loss) from discontinued operations | |
| (4,347,499 | ) | |
| (325,261 | ) | |
| (1,843,600 | ) | |
| (1,004,407 | ) |
| |
| — | | |
| | | |
| — | | |
| | |
Earnings before income tax | |
| (4,225,072 | ) | |
| (25,410,387 | ) | |
| 46,487,329 | | |
| 9,628,601 | |
| |
| | | |
| | | |
| | | |
| | |
Income taxes | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | (4,225,072 | ) | |
$ | (25,410,387 | ) | |
$ | 46,487,329 | | |
$ | 9,628,601 | |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) per share (Basic) | |
$ | (0.01 | ) | |
$ | (0.07 | ) | |
$ | 0.08 | | |
$ | 0.03 | |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) per share (Diluted) | |
$ | (0.01 | ) | |
$ | (0.07 | ) | |
$ | 0.04 | | |
$ | 0.01 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding (Basic) | |
| 659,999,514 | | |
| 384,197,678 | | |
| 573,312,300 | | |
| 356,544,473 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding (Diluted) | |
| 659,999,514 | | |
| 384,197,678 | | |
| 1,245,719,364 | | |
| 735,405,168 | |
On or about August 15, 2014, Going Green ceased operations and is
in liquidation under a voluntary liquidation in accordance with Section 98 of the United Kingdom’s Insolvency Act of 1986.
On or about January 9, 2014 we acquired 21.63% of Viridian Motor
Corporation (VMC), a US-based electric truck manufacturer. VMC was a company devoted to advancing twenty-first century transportation
technology using alternative fuels and propulsion systems to build fully electric, light duty trucks, which included their own
electric drive train and unique battery packs. In February 2014 we acquired an additional 1.5% of the company. On January 6, 2014,
we issued 1,292,270 shares to Burton Neil and Dale Nyhus for an obligation of $173,060 related to the acquisition. The value of
the issued shares on the day of issuance was $206,763. For the period ending September 30, 2014, we impaired the value of the investment
in VMC by 100%.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
5. ACCOUNTS RECEIVABLE
Accounts receivable consists of the following: as of September 30,
2014 and December 31, 2013:
|
|
|
|
|
|
Accounts Receivables |
September 30,
2014 |
|
December 31.
2013 |
Trade receivables |
$ |
800 |
|
$ |
0 |
Grant monies receivable |
|
- |
|
|
0 |
|
$ |
800 |
|
$ |
0 |
Due to the liquidation of the U.K. Companies, accounts receivable
for the comparative period for our U.K. Companies have been reclassified as assets under discontinuing operations in our balance
sheet presentation. Without the reclassification for the comparative period December 31, 2013, trade receivables were $123,254
and grant monies receivable was $31,024, both of which were receivables for the U.K. Companies.
6. INVENTORIES
Inventories consist of raw materials and work in progress. These
pertain to the Bus production in the Newport Coachworks facility. The Company’s inventories are valued at cost, as determined
by the first-in, first out (FIFO) method; in aggregate such valuations are not in excess of market and consisted of the following
as of September 30, 2014 and December 31, 2013 (reclassified).
|
|
|
|
|
|
|
September 30,
2014 |
|
December 31,
2013 |
Raw materials |
$ |
104,882 |
|
$ |
31,922 |
Goods in transit |
|
- |
|
|
|
Work in progress |
|
494,775 |
|
|
145,424 |
Finished Goods |
|
- |
|
|
|
|
$ |
599,657 |
|
$ |
177,346 |
Due to the liquidation of the U.K. Companies, inventory for the
comparative period for our U.K. Companies has been reclassified as assets under discontinuing operations in our balance sheet presentation.
Without the reclassification for the comparative period December 31, 2013, the inventory total would have been $412,312, of which
$234,966 was inventory for the U.K. Companies.
7. PROPERTY AND EQUIPMENT
Property and equipment consists of the following: as of September
30, 2014 and December 31, 2013:
|
|
|
|
|
|
|
September 30,
2014 |
|
December 31,
2013 |
Leasehold improvements |
$ |
4,000 |
|
$ |
|
Furniture and fixtures |
|
|
|
|
|
Equipment |
|
492,475 |
|
|
492,475 |
Computer hardware and software |
|
6,347 |
|
|
6,347 |
Vehicles |
|
|
|
|
|
|
|
502,822 |
|
|
498,822 |
Less accumulated depreciation |
|
(130,603) |
|
|
(43,534) |
|
|
|
|
|
|
|
$ |
372,219 |
|
$ |
455,287 |
Our property and equipment as of September 30, 2014 are
located in California. As of September 30, 2014 and December 31, 2013 (reclassified), depreciation expense was $87,069 and
$19,705 respectively. Due to the liquidation of the U.K. Companies, our U.K. Companies’ property and equipment for the
comparative period, which totaled $143,118 (net of accumulated depreciation) has been reclassified as assets under
discontinuing operations in our balance sheet presentation.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
STATEMENTS
(UNAUDITED)
8. GOODWILL & INTANGIBLE ASSETS
Intangible assets consist of the following and were mainly related
to the LEC and Going Green acquisitions:
| |
| |
|
| |
September 30, 2014 | |
December 31, 2013 |
Goodwill on purchase of Going Green | |
$ | 769,890 | | |
$ | 769,890 | |
Go License | |
| 500,000 | | |
| 500,000 | |
Crash test homologation costs | |
| 228,912 | | |
| 228,912 | |
Liberty acquired technology | |
| 619,462 | | |
| 619,462 | |
Assembled workforce | |
| 689,000 | | |
| 689,000 | |
Trade name and website | |
| 45,000 | | |
| 45,000 | |
Non-compete agreement | |
| 1,500,000 | | |
| 1,500,000 | |
| |
| 4,352,264 | | |
| 4,352,264 | |
Less amortization and impairment | |
| (4,352,264 | ) | |
| (4,352,264 | ) |
| |
| | | |
| | |
| |
$ | — | | |
$ | — | |
Amortization expense was $0 for the nine
months ended September 30, 2014 and the year ended December 31, 2013. The Company impaired the remaining basis in the intangibles
during the year ended December 31, 2012 as management revised its sales forecast for the product which impaired the goodwill as
of December 31, 2012. There was no impairment of goodwill for the nine months ended September 30, 2013.
9. DEFERRED REVENUE
Deferred revenue consists of the following: as of September 30,
2014 and December 31, 2013:
|
|
|
|
|
|
Deferred Revenues |
September 30,
2014 |
|
December 31.
2013 |
Deferred Grant Income |
$ |
|
|
$ |
- |
Deferred membership fees |
|
|
|
|
- |
|
$ |
|
|
$ |
- |
As all of our deferred revenue was derived from our U.K. Companies’
operations for both periods, all of our deferred revenue for the period ending December 31, 2013 has been reclassified under discontinued
operations.
10. FUNDS RECEIVED NOT CONVERTED INTO EQUITY (NET OF DISCOUNT)
We received advances during the year ended December 31, 2013 in
the amount of $215,000. These advances were made directly from the shareholders. The Company issued common shares during the first
six months of 2014 to settle these advances.
11. SUMS DUE TO GLOBAL MARKET ADVISORS
On July 19, 2010, we entered into an Advisory Agreement (the “Advisory
Agreement’) with Global Market Advisors, Inc., a Nevada corporation (“GMAI”). Under the Advisory Agreement, GMAI
was retained by us to assist with a variety of services, including, but not limited to, assisting us with our filings as a public
company, making the public aware of us and our business, and provide general advice to our management in order to execute our business
plan and strategy. The agreement was terminated with effect on July 31, 2013. In exchange for the services rendered, we agreed
to compensate GMAI in the amount of $170,889. This amount remained outstanding as of December 31, 2013 and as of September 30,
2014.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
12. SUMS DUE TO GLOBAL TRADE FINANCE
On January 1, 2012 the Company made and entered into a credit facility
with Global Trade Finance (“GTF”) to provide credit up to $250,000. The Company had drawn down $79,000 of the facility
through the second quarter of 2012. The effective rate of interest is 8% on the facility, and the facility was to be secured by
5,000,000 shares of Green Auto common stock, and the advances made to the Company under the credit facility were not reduced to
Convertible Notes. The facility was to be due January 1, 2013, or up to twenty four months if demand for repayment is not made,
however, effective September 30, 2012, the $79,000 was converted into 1,500,000 shares of the Company’s common stock. The
Company recorded $4,000 gain on settlement of debt. The Company also borrowed another $25,000 on this facility that it still owes
under the same terms listed above as of September 30, 2014 and December 31, 2013.
13. NOTES PAYABLE, NET OF DISCOUNTS
As a result of our inability to file our Form 10-Q for the period
ended September 30, 2014 within the time period required under the Securities Exchange Act of 1934, as amended, we have defaulted
on certain covenants under various loan documents with our note holders regarding timely filings with the SEC. Additionally, we
no longer have sufficient authorized shares for convertible note holders to convert their notes. We currently are in discussions
to revise the note agreements, including waivers of default remedies. Because we believe we will achieve waivers of the default
remedies, the values stated for the convertible notes do not include remuneration for default remedies.
Notes Payable | |
September 30, | |
December 31, |
| |
2014 | |
2013 |
Blue Citi - Convertible Note Payable, 0% interest, convertible at 40% discount to market price, unsecured | |
$ | 277,500 | | |
$ | — | |
R Knight £38,500 Note Payable, Nil Interest, when funds permit, unsecured | |
| — | | |
| 63,487 | |
P Beitl £109,576 Note Payable, Nil Interest, when funds permit, unsecured | |
| 180,691 | | |
| | |
David Voss Note Payable, 15% Interest, unsecured, convertible at fixed 00.5 cents per share | |
| 15,000 | | |
| — | |
Black Mountain - Convertible Note Payable, 10% interest, convertible at 35% discount to market price, unsecured | |
| 62,000 | | |
| — | |
Union Capital Note Payable, 8% Interest, unsecured, convertible at 42% discount to market price after 180 days | |
| 45,000 | | |
| — | |
N Jones £10,053 Note Payable, Nil Interest, unsecured | |
| 16,577 | | |
| | |
I Hobday – Note payable, Nil interest, unsecured | |
| 24,419 | | |
| 5,813 | |
P Lilley £700 Note Payable, Nil Interest, unsecured | |
| 1,191 | | |
| 1,154 | |
L G Capital Note payable, 8% Interest, unsecured, convertible at 50% discount to market price after 180 days | |
| 27,000 | | |
| 76,500 | |
Auctus Note Payable, 8% Interest, unsecured, convertible at 42% discount to market price after 180 days | |
| — | | |
| 37,750 | |
JMJ Financial Note Payable, interest 12% after 90 days, unsecured, convertible at 40% discount to market price | |
| 142,566 | | |
| 82,000 | |
Louis Klein Note Payable, 15% Interest, unsecured, convertible at fixed 10.5 cents per share | |
| 50,000 | | |
| 50,000 | |
Linda Singer Note Payable, 15% Interest, unsecured, convertible at fixed 10.5 cents per share | |
| 100,000 | | |
| 100,000 | |
David Hopkins Note Payable, 15% Interest, unsecured , a conversion price of 50% of close price on date of notification | |
| 20,000 | | |
| 20,000 | |
Gel Properties Note Payable, 6% Interest, unsecured, convertible at 40% discount to market price | |
| — | | |
| 25,000 | |
Redwood Fund II Note Payable ,10% Interest, unsecured, convertible at 50% discount to market price | |
| — | | |
| 100,000 | |
Redwood Management LLC Note Payable, Nil Interest, unsecured, convertible at 50% discount to market price | |
| — | | |
| 336,376 | |
Bizloan Note payable, 36% Interest, secured | |
| 16,802 | | |
| 219,691 | |
Typenex Note Payable, 8% Interest, unsecured, convertible at 60% discount to market price after 180 days | |
| 142,500 | | |
| — | |
WEAM/WFC payable, 0% interest convertible at 20% discount to market price after 180 days | |
| 200,000 | | |
| — | |
Auctus Note Payable, 8% Interest, unsecured, convertible at 42% discount to market price after 180 days | |
| 56,250 | | |
| — | |
Blue Citi. 8% Interest, unsecured, convertible at 38.5% discount to market price after 180 days | |
| 26,500 | | |
| — | |
LG Capital, 8% Interest, unsecured, convertible at 35% discount to market price after 180 days | |
| 94,050 | | |
| — | |
Union Capital, 8% Interest, unsecured, convertible at 50% discount to market price after 180 days | |
| 50,000 | | |
| — | |
Accrued interest | |
| — | | |
| 8,080 | |
| |
| 1,350,778 | | |
| 1,323,119 | |
Debt Discount | |
| (300,153 | ) | |
| (273,777 | ) |
| |
$ | 1,050,625 | | |
$ | 1,049,342 | |
Current Portion | |
$ | 1,050,625 | | |
$ | 845,396 | |
Long Term | |
| | | |
| 203,946 | |
| |
$ | 1,050,625 | | |
$ | 1,049,342 | |
13. NOTES PAYABLE, NET OF DISCOUNTS (continued)
In connection with the Black Mountain convertible notes issued on
February 13, 2014, the Company issued a five year warrant to the note holder to purchase an additional 1,200,000 common shares
at an exercise price of $0.15. As of September 30, 2014, the adjusted number of issuable shares equaled 69,230,769 shares and the
strike price was $0.0026. Using the Black-Scholes model and the following inputs: $0.006 market price, 1 year estimated term, 0.13%
risk free rate and expected volatility of 178%, the warrant’s value was $ 318,318. The warrant has anti-dilution provisions,
including adjustable provisions for the exercise price. Additionally, if the warrant is exercised on a cashless basis, the market
price would reset to $0.0523, which would negatively impact the number of shares to be issued. We are currently negotiating a settlement
of the note with Black Mountain, which would include eliminating this warrant.
In connection with the Blue Citi convertible notes issued on
March 21, 2014, the Company issued a three year warrant to the note holder to purchase an additional 15,218,579 common shares
at an exercise price of $0.0183. The warrant has anti-dilution provisions, including adjustable provisions for the exercise
price and the number of shares. As of September 30, 2014, the adjusted number of issuable shares equaled 107,115,385 shares
and the strike price was $0.0026. Using the Black-Scholes model and the following inputs: $0.006 market price, 1 year
estimated term, 0.13% risk free rate and expected volatility of 178%, the warrant’s value was $492,508.
In connection with a funding transaction between the Company and
Typenex Co-Investment, LLC, in June 2014 the Company issued a $665,000 secured convertible promissory note to Typenex payable 17
months after the issuance date and bearing interest at the rate of 10% per annum. The loan will be funded in six installments of
which the first installment was for $142,500 and the remainders are for $110,000 each, except the last which is for $82,500. The
Typenex transaction had an original issue discount of $60,000 and transaction expenses of $5,000. As the lender, Typenex is secured
by a first priority security interest on the assets of the Company. The Typenex Note is convertible into shares of the Company’s
common stock beginning on the date which is six months after each respective installment of the loan is received by the Company.
The conversion formula is the amount of the loan being converted divided by the conversion price, which is 60% of the average of
the three lowest Closing Bid Prices in the proceeding twenty trading days. In connection with the Typenex transaction, the Company
issued a five year warrant to Typenex to purchase common stock that includes anti-dilution provisions. The number of shares issuable
under the warrant equal $332,500 divided by the greater of the market price per share at the issue date of the warrant ($0.0205)
or the average trading price per share calculated on the two days prior to the date of notice of conversion. The purchase price
per share is determined by using the lower of the conversion price and the market price. As of September 30, 2014, the adjusted
number of issuable shares equaled 127,884,615 and the strike price was $0.0026. Using the Black-Scholes model and the following
inputs: $0.0026 market price, 1 year estimated term, 0.13% risk free rate and expected volatility of 178%, the warrant’s
value was $588,004.
14. STOCK INCENTIVE PLAN
On May 30, 2011, the Company adopted the 2011 Non-Qualified Stock
Incentive Plan (the “Plan”). Under the Plan, participants, including both employees and nonemployees of the Company,
have the opportunity to acquire common units of the Company. For awards made under the Plan, participants purchase common units
at the time the award is made at (i) a stated value, or (ii) a percentage that is not less than 50% of the current fair market
value of the stock. Award agreements with employees have a term of ten years and typically have a graded vesting terms over five
years. If a participant ceases to be employed with the Company prior to the end of the vesting period, the participant forfeits
his/her rights to any unvested units at the date of the termination.
During the nine month period ending September 20, 2014,
the Company granted 10,100,000 options and recorded a stock option expense of $523,905. No options were granted during the
year ended December 31, 2014.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
14. STOCK INCENTIVE PLAN (continued)
The fair value of each option award is estimated on the date of
grant using the Black-Scholes option valuation model that uses the assumptions noted in the following table. Because the Black-Scholes
option valuation model incorporate ranges of assumptions for inputs, those ranges are disclosed. Expected volatilities are based
on historical volatilities of the Company’s stock. The Company uses historical data to estimate option exercise and employee
termination within the valuation model. The expected term of options granted is derived from estimates and represents the period
of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the
option is based on the U.S. Treasury yield curve in effect at the time of grant.
| |
| |
|
| |
September 30, 2014 | |
December 31, 2014 |
Expected Volatility | |
| 178 | % | |
| 170 | % |
Expected dividends | |
| — | | |
| — | |
Expected terms (in years) | |
| 1 | | |
| 1 | |
Risk-free rate | |
| 0.13 | % | |
| 0.13 | % |
Forfeiture rate | |
| — | | |
| — | |
A summary of option activity as of September 30, 2014 and
December 31, 2013, and changes during the periods then ended is presented below:
| |
| |
| |
| |
|
| |
| |
Weighted- | |
Average | |
|
| |
| |
Average | |
Remaining | |
Aggregate |
| |
| |
Exercise | |
Contractual | |
Intrinsic |
| |
Options | |
Price | |
Life (Years) | |
Value |
Outstanding at January 1, 2013 | |
| 22,000,000 | | |
$ | 0.34 | | |
| 9.44 | | |
$ | 191,500 | |
Granted | |
| — | | |
| — | | |
| — | | |
| — | |
Exercised | |
| — | | |
| — | | |
| — | | |
| — | |
Forfeited or expired | |
| — | | |
| — | | |
| — | | |
| — | |
Outstanding at December 31, 2013 | |
| 22,000,000 | | |
$ | 0.34 | | |
| 8.44 | | |
$ | 191,500 | |
Exercisable at December 31, 2013 | |
| 18,000,000 | | |
$ | 0.42 | | |
| 8.42 | | |
$ | — | |
| |
| |
| |
| |
|
| |
| |
Weighted- | |
Average | |
|
| |
| |
Average | |
Remaining | |
Aggregate |
| |
| |
Exercise | |
Contractual | |
Intrinsic |
| |
Options | |
Price | |
Life (Years) | |
Value |
Outstanding at January 1, 2014 | |
| 22,000,000 | | |
$ | 0.34 | | |
| 8.44 | | |
$ | 112,000 | |
Granted | |
| 10,100,000 | | |
| 0.06 | | |
| 9.30 | | |
| 523,905 | |
Exercised | |
| — | | |
| — | | |
| — | | |
| — | |
Forfeited or expired | |
| — | | |
| — | | |
| — | | |
| — | |
Outstanding at September 30, 2014 | |
| 32,100,000 | | |
$ | 0.30 | | |
| 8.20 | | |
$ | 635,905 | |
Exercisable at September 30, 2014 | |
| 29,700,000 | | |
$ | 0.24 | | |
| 8.22 | | |
$ | 0 | |
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
15. STOCKHOLDERS’
DEFICIT
Series Y Preferred Stock
On September 2, 2014, we filed a Certificate
of Designation with the Nevada Secretary of State in connection with the creation of a class of shares designated by our Board
of Directors as the “Series Y Preferred Shares” with the characteristics described below. The purpose of the Series
Y Preferred Shares is to create additional authorized shares of common stock by permitting the return of issued and outstanding
shares of common stock held our management and others to the treasury for cancellation and to be available for original issuance.
In return for the submission of the shares of common stock for cancellation, each participating shareholder shall receive an identical
number of restricted Series Y Preferred Shares. The total number of issued and outstanding shares of common stock that may be subject
to this arrangement is forty million (40,000,000) shares of common stock and an equivalent number of Series Y Preferred Shares.
A total of 35,415,592 shares of common stock have been returned for cancellation and an equivalent number of restricted shares
of Series Y Preferred Stock have been issued to the participants.
Series A Convertible Preferred Stock (“CPS”) and
Derivative Liability
On July 23, 2012 and in relation with the Liberty Electric Car Limited
(“LEC”) Acquisition (Note 4), the Company issued 300,000 shares of restricted preferred stock to two LEC Directors,
Darren West and Ian Hobday, as a covenant not to compete. These preferred shares were valued at $5.00 per share and were recorded
as part of the purchase price.
On or about September 29, 2012, the Company issued an additional
30,000 CPS to FMS to settle $150,000 of advances owed to FMS (see Note 4) at a conversion rate of $5.00 per CPS.
On or about December 26, 2012, the Company issued an additional
53,680 CPS to FMS for cash at a price of $5.00 per CPS.
On or about December 26, 2012, the Company issued an additional
12,121 CPS to FMS for cash at a price of $8.25 per CPS.
On or about February 15, 2013, FMS converted 62,500 Series A preferred
shares into 20,437,331 shares of our common stock.
On or about March 6, 2013, the Company issued an additional 21,841
CPS to FMS for cash at a price of $8.25 per CPS in settlement of $180,188 advances from related party.
On or about July 26, 2013, the Company issued an additional 95,485
CPS to FMS for cash, 51,387 at a price of $5 per CPS and 44,098 at a price of $8.25 per CPS in settlement of $620,743 advances
from related party.
On or about July 29, 2013, 42,152 Series A Preferred Shares were
converted into 16,156,335 shares of our common stock.
On or about November 27, 2013 the Company issued an additional 15,891
CPS to FMS for cash, 2,800 at a price of $5 per CPS and 13,091 at a price of $8.25 per CPS in settlement of $122,001 advances from
related party.
On January 7, 2014 the Company issued 27,000 CPS to two investors
for settlement of liability, these shares were valued at $210,000.
During the period from January 9, 2014 to March 31, 2014, 38,665
shares of CPS were converted into 19,386,464 common shares.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
15. STOCKHOLDERS’
DEFICIT (continued)
On or about April 11, 2014 a holder of Series A Preferred shares
of the Company converted 125,000 Series A Preferred Stock into 66,875,000 restricted shares of the Company’s common stock.
The shares issued for the Series A Preferred stock represented 11.05% of the Company’s shares issued and outstanding as of
April 11, 2014.
On or about May 28, 2014 the Company converted 5,000 Series A Preferred
Stock into 2,289,220 shares of its common stock.
Conversion Formula
The CPS is convertible into Company’s common stock in accordance
with the following formula:
Number of common shares to be issued upon conversion of CPS =
Number of common stock outstanding on date of conversion x 0.000001
x Number of preferred stock being converted.
Due to there being no explicit limit to the number of shares to
be delivered upon settlement of the above conversion option embedded in the CPS, the conversion feature is classified as derivative
liabilities and recorded at fair value. At the time of this filing, the Company does not have sufficient issuable common shares
remaining from its authorized common shares for any of the CPS holders to convert into common shares.
Pursuant to ASC 815, “Derivatives and Hedging,” the
Company initially recognized the fair value of the embedded conversion feature of the CPS on date of issuance and was charged to
operations. On September 30, 2014, the Company recorded a mark-to-market adjustment based on the fair value of the derivative liability
on that date which resulted in a gain of $57,095,577. The fair value of the derivative liability was determined using the Black
Scholes option pricing model with a quoted market price of $0.006, a conversion price of $0.0026, expected volatility of 178%,
no expected dividends, an expected term of one year and a risk-free interest rate of 0.13%. As of September 30, 2014, the number
of common shares that could be potentially issued to settle the conversion of the preferred stock is 372,921,913 common shares.
The following table sets forth by level with the fair value hierarchy
the Company’s financial assets and liabilities measured at fair value on September 30, 2014.
| |
| |
| |
| |
|
| |
Level 1 | |
Level 2 | |
Level 3 | |
Total |
Assets | |
| | | |
| | | |
| | | |
| | |
None | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Derivative Financial instruments | |
$ | — | | |
$ | — | | |
$ | 12,814,383 | | |
$ | 12,814,383 | |
The following table summarizes the derivative liabilities included
in the condensed consolidated balance sheet at September 30, 2014:
| |
|
Balance at January 1, 2014 | |
$ | 71,752,773 | |
Derivative liability related to new issuance and conversion, net | |
| 1,842,812 | |
Change in Value of Historic Derivatives | |
| (57,095,577 | ) |
Balance at September 30, 2014 (unaudited) | |
$ | 12,814,383 | |
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
15. STOCKHOLDERS’
DEFICIT (continued)
Common Stock
On or about February 15, 2013 FMS converted 62,500 Preferred A shares
into 20,437,331 shares of our common stock.
On or about February 15, 2013, we issued 375,000 shares of our common stock to Kodiak
Capital Group LLC worth $150,000 as part of the Kodiak Funding Agreement. The issuance was exempt from registration pursuant to
Section 4(2) of the Securities Act of 1933, and the investor was either accredited or sophisticated and familiar with our operations.
On or about February 15, 2013, we issued 160,715 shares of our common
stock to Colin Manners (part of Kodiak Capital Group LLC) worth $64,286 as part of the Kodiak Funding Agreement. The issuance was
exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, and the investor was either accredited or sophisticated
and familiar with our operations.
On March 18, 2013, the Company entered into a funding agreement
for up to $3 million with Kodiak Capital Group LLC, a Newport Beach-based institutional investor. The Company has agreed to file
a registration statement with the U.S. Securities & Exchange Commission (“SEC”) covering the shares that may be
issued to Kodiak under the terms of the common stock purchase agreement. As a result of the current market price for the Company’s
common stock, the Company intends to withdraw the registration statement filing.
On or about April 1, 2013, the Company issued 1,712,999 shares to
the owners of Going Green Limited (a UK company) to acquire 100% of the business. Due to the TRO the shares were not released by
our transfer agent until June 24, 2013.
On or about March 22, 2013, the Company issued 1,050,000 shares
of its common stock to Metro-Electric PLC to secure a 30% investment in the Powabyke brand of Electric Bikes owned by Metro-Electric
PLC.
On or about May 9, 2013, the Company issued 1,500,000 shares of
its common stock each to Gary Spaniak Sr. and Ron Davis to compensate them for Liberty Electric Cars Limited withdrawing from the
Merger with ELCR in order to be acquired by GAC.
On or about July 18, 2013, the Company issued 27,000,000 shares
of its common stock to Carter Read of which 5,000,000 was in relation to the purchase of Newport Coachworks, Inc. and 22,000,000
was in relation to Mr. Read securing purchase orders in excess of sixty (60) units.
On or about July 29, 2013, the Company converted 42,152 Series A
Preferred Stock into 16,156,335 shares of its common stock.
On or about September 20, 2013, the Company issued 1,188,603 shares
of its common stock. Of those shares, 1,046,618 were issued in connection with convertible debt, 27,939 were issued to a member
of staff to retain their services, and 114,046 were issued in lieu of rent payments.
On or about October 16, 2013, the Company issued 500,000 shares
of its common stock in connection with advisory services provided.
On or about November 8, 2013, the Company issued 625,461 shares
of its common stock in connection with advisory services provided.
On or about November 18, 2013, the Company issued 50,000 shares
of its common stock in connection with advisory services provided.
On or about December 11, 2013, the Company issued 7,700,000 shares
of its common stock in connection with a 3(a)(10) arrangement with Ironridge.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
15. STOCKHOLDERS’
DEFICIT (continued)
On or about December 23, 2013, the Company issued 297,429 shares
of its common stock to Redwood Management in connection with the repayment of convertible debt in the amount of $33,460.73.
On or about December 31, 2013, the Company issued 238,095 shares
of its common stock to Redwood Management in connection with the repayment of convertible debt in the amount of $25,000.
During the three months ended March 31, 2014, the Company issued
19,644,299 shares in connection with debt conversion valued at approximately $555,490, mainly related to the LEC debt that was
assumed by Redwood.
During the three months ended March 31, 2014, the Company issued
32,051 shares for $5,000 in cash to unrelated party.
During the three months ended March 31, 2014, the Company issued
278,133 shares as additional interest and penalties valued at $24,038.
During the three months ended March 31, 2014, the Company issued
78,792,270 shares in connection with liability settlements valued at approximately $4,993,110, which included the Ironridge settlement
agreement and other liabilities related to consultants and two officers for accrued salary.
During the three months ended March 31, 2014, the Company issued
872,569 shares in connection with services provided to the company by outside consultants valued at approximately $64,000.
On or about April 2, 2014 the Company issued 1,200,000 shares of
its common stock to JMJ Financial in connection with the repayment of convertible debt in the amount of $16,920.
On or about April 2, 2014 the Company issued 4,821,925 shares
of its common stock to LG Capital in connection with the repayment of convertible debt in the amount of $51,500 plus $2,746
in accrued interest.
On or about April 9, 2014 the Company issued 1,631,280 shares of
its common stock to Auctus Private Equity Fund in connection with the repayment of convertible debt in the amount of $17,750 plus
$1,646 in accrued interest.
On or about April 9, 2014 the Company issued 1,600,000 shares of
its common stock to JMJ Financial in connection with the repayment of convertible debt in the amount of $22,560.
On or about April 11, 2014 the Company converted 125,000 Series
A Preferred Stock into 66,875,000 shares of its common stock.
On or about April 14, 2014, the Company issued 212,500 shares of
common stock in exchange to investor Maurice Graham Oates at $0.0400 per share for a total of $8,500.
On or about April 22, 2014 the Company issued 1,585,930 shares of
its common stock to JMJ Financial in connection with the repayment of convertible debt in the amount of $22,742.23.
On or about May 23, 2014 the Company issued 540,000 shares of its
common stock to Gel Properties in connection with the repayment of convertible debt in the amount of $4,472.
On or about May 28, 2014 the Company converted 5,000 Series A Preferred
Stock into 2,289,220 shares of its common stock.
On or about May 30, 2014 the Company issued 900,000 shares of its
common stock to Gel Properties in connection with the repayment of convertible debt in the amount of $7,453.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
15. STOCKHOLDERS’
DEFICIT (continued)
On or about June 3, 2014 the Company issued 1,578,767 shares of
its common stock to Gel Properties in connection with the repayment of convertible debt in the amount of $13,075.
On or about June 5, 2014 the Company issued 4,262,943 shares of
its common stock to Redwood Management in connection with the payment of accrued interest in the amount of $29,841.
On or about June 6, 2014 the Company issued 3,474,337 shares
of its common stock to LG Capital Funding in connection with the repayment of convertible debt in the amount of $26,058 plus
$1,058 in accrued interest.
On or about June 10, 2014 the Company issued 2,000,000 shares of
its common stock to Gel Properties in connection with the repayment of convertible debt in the amount of $21,827.
On or about June 12, 2014 the Company issued 1,700,000 shares of
its common stock to JMJ Financial in connection with the repayment of convertible debt in the amount of $15,810.
On or about June 17, 2014 the Company issued 290,753 shares of its
common stock to Gel Properties in connection with the of repayment convertible debt in the amount of $3,173.
On or about June 17, 2014 the Company issued 400,000 shares of its
common stock to a creditor of former CFO Darren West. In exchange, the accrued salary due Darren West was reduced $17,000.
On or about June 18, 2014 the Company issued 3,342,831 shares
of its common stock to LG Capital Funding in connection with the repayment of convertible debt in the amount of $25,000 plus
$71 in accrued interest.
On or about June 18, 2014 the Company issued 2,200,000 shares of
its common stock to Gel Properties in connection with the repayment of convertible debt in the amount of $19,361.
On or about June 19, 2014 the Company issued 8,571,428 shares of
its common stock to Redwood Fund III in connection with the repayment of convertible debt in the amount of $60,000.
On or about June 24, 2014 the Company issued 2,000,000 shares of
its common stock for advisory services rendered in 2013 at $0.014 per share.
On or about June 27, 2014 the Company issued 7,462,686 shares of
its common stock to Redwood Fund III in connection with the repayment of convertible debt in the amount of $40,000 plus $10,000
in accrued interest.
On or about June 27, 2014 the Company issued 640,736 shares of its
common stock to Gel Properties in connection with the repayment of convertible debt in the amount of $5,639.
On or about July 10, 2014, the Company issued 2,818,337 shares of
its common stock to JMJ Financial in connection with the repayment of convertible debt in the amount of $24,012.
On or about July 14, 2014, the Company issued 8,608,322 shares of
its common stock to Redwood Fund II, LLC in connection with the repayment of convertible debt in the amount of $60,000.
On or about July 15, 2014, the Company issued 2,500,000 shares of
its common stock to GEL Properties, LLC in connection with the repayment of convertible debt in the amount of $ $20,459.
On or about July 21, 2014, the Company issued 7,246,377 shares of
its common stock to Redwood Fund II, LLC in connection with the repayment of convertible debt in the amount of $50,000, of which
$10,000 was for accrued interest.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
15. STOCKHOLDERS’
DEFICIT (continued)
On or about July 29, 2014, the Company issued 554,820 shares of
its common stock to GEL Properties, LLC in connection with the repayment of convertible debt in the amount of $ 4,541.
On or about September 12, 2014, the Company issued 3,894,867 shares
of its common stock to Black Mountain Equities in connection with the repayment of convertible debt in the amount of $30,653, of
which $1,653 was for accrued interest.
On or about September 23, 2014, the Company issued 912,569 shares
of its common stock to Union Capital, LLC in connection with the repayment of convertible debt in the amount of $5,201, of which
$202 was for accrued interest.
On or about September 26, 2014, the Company issued 384,615 shares
of its common stock to Blue Citi in connection with the repayment of convertible debt in the amount of $1,000.
On or about September 30, 2014, the Company issued 5,044,110 shares
of its common stock to Black Mountain Equities in connection with the repayment of convertible debt in the amount of $20,176, of
which 1,176 was for accrued interest.
16. CONTINGENCIES
Our predecessor, Go Green USA, LLC (“Go Green”) was
a party defendant, along with other defendants in a civil action filed in Marshall County, West Virginia by Glen Dale Motor Co.
and Tomsic Motor Co, Civil Action No. 11-C-104 H. This undefended and previously unknown action resulted in a default judgment
and related judgment order in the amount of $3,717,615 with interest accruing at 7% per annum from and after February 13, 2012.
There is no active effort to enforce this action against Go Green and we believe there are numerous defenses to the asserted judgment
and any such enforcement effort. Moreover, the existence of the liability pre-existed our acquisition of Go Green and its existence
was not disclosed as a part of the acquisition.
Management has not accrued for this event in the financial statements
as it is not determinable whether the Company is liable for this judgment. The Company expects that if efforts are made to enforce
the judgment the expected loss could be from $0 to $3,717,615 not including additional accrued post-judgment interest.
In December 2013 we entered in to an arrangement with Ironridge
Global Equity IV, Ltd. under Section 3(a)(10) of the Securities Act of 1933 that was approved by a Superior Court Judge in Los
Angeles, California pursuant to which we agreed to settle approximately $543,000 of trade debt claims purchased by Ironridge in
exchange for the issuance by the Company of free-trading shares of our common stock under a calculation negotiated between Ironridge
and the Company (the “Stipulation”). As of December 31, 2013, we had issued 7,700,000 free trading shares of our common
stock to cover the Newport Coachworks liabilities assigned to Ironridge under the Stipulation The 3(a)(10) agreement specifies
a $6m “calculation period” which determines the final number of shares to be issued to Ironridge in settlement of the
loan they made to the Company by purchasing Company third party debt.
After the initial issuance GAC issued a total of 27,000,000 additional
free trading shares to Ironridge under the Stipulation formula. On or about March 28, 2014, however, Ironridge demanded GAC issue
an additional 43,000,000 free-trading shares based on Ironridge’s calculations under the Stipulation. Ironridge’s calculation
depends on its interpretation of certain clauses in the Stipulation and the allegation that GAC delayed the timely issuance of
shares to which Ironridge was entitled and has thus increased the base amount of shares owed under the Stipulation. The initial
Ironridge demand for 43,000,000 shares was increased to 55,000,000 additional shares (the “Additional Shares”).
On April 16, 2014, Ironridge brought an ex parte proceeding before
Hon. Deirdre Hill, J. (“Judge Hill”) to compel GAC to issue the Additional Shares under the Stipulation. GAC filed
its answering papers in opposition to the Ironridge motion, and the Court held a hearing on May 14, 2014. At the conclusion of
the hearing, the Court denied Ironridge’s request for the issuance of the Additional Shares without prejudice. Since the
date of the May 14 hearing Ironridge has not filed any other court papers, nor has GAC had any further communications from Ironridge.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
17. SUBSEQUENT EVENTS
After the period ending September 30, 2014, we reached our limit
of available and issuable shares (as calculated by the following formula: total shares authorized minus total shares issued and
outstanding minus total share reserved for convertible note holders). As a result, we have no further shares to issue as a means
of raising capital. Further, our Preferred A stockholders cannot convert their preferred shares for common shares and our convertible
noteholders cannot convert their notes for common shares. As a result, we are in breach of our agreements with the Preferred A
Shareholders and Convertible Note Holders. Although our Board of Directors has passed a resolution to increase the number of authorized
common shares to 2,500,000,000 from 900,000,000, the amount of the increase in authorized shares to be requested of the Company’s
shareholders is subject to our ability to negotiate a resolution on the conversion of our Preferred A Stock to common shares and
the settlement of our outstanding liabilities, including GAC and Newport Coachwork’s payables and GAC’s outstanding
convertible notes. If a reasonable resolution is not achieved, the number of common shares needed to fully satisfy all parties
could exceed 20 billion shares (based on all factors present on or about December 31, 2014). An increase to our authorized issuable
share ceiling is subject to approval by our shareholders and will not be effective until the filing of an amendment to our Articles
of Incorporation.
On September 8, 2014, a consultant to the company serving as Controller
and Senior Vice President, Global Corporate Finance, Donald Murray, submitted a notice of “Termination of Agreement with
Cause” effective October 8, 2014. Causes referenced by Mr. Murray included breach of agreement by the Company, failure by
the Company to pay agreed upon compensation, the Company’s insolvency and the Company and CEO’s failure to properly
disclose material information. We have not refuted Mr. Murray’s assertions. Penalties that we had previously agreed to in
our agreement with Mr. Murray if he were to terminate his consulting agreement for cause included full and immediate vesting of
6,000,000 shares and 2,000,000 options (with an average strike price of $0.05), payment of accrued and unpaid consulting fees,
which totaled $23,333 as of October 8, 2014, and six months consulting fees equaling $75,000, together totaling $98,333. The cash
fees, shares and options were to have been issued by us to Mr. Murray on or before October 8, 2014. However, Mr. Murray elected
to defer receipt of the shares and options until January 2015. As of the date of this filing, only $2,500 of the unpaid, accrued
and penalty fees has been paid to Mr. Murray, leaving the cash balance due to him by us at $95,833. Likewise, our obligation to
issue the shares and options as described above remains outstanding as we do not have any available shares from which to issue
shares owed to Mr. Murray.
Effective October 8, 2014, upon the request of Carter Read, Board
Director and President of Newport Coachworks, Ian Hobday resigned as our CEO and Company Director. Although Mr. Hobday had previously
been awarded 150,000 of the Company’s Preferred A Shares for his acceptance of a three year non-compete agreement, the agreement
included a pro rata forfeiture provision if Mr. Hobday did not complete three years of service. As Mr. Hobday had not yet completed
three years of service at the time of his resignation, he forfeited 50,000 of the Preferred A Shares he had been issued. Additionally,
since Mr. Hobday worked with at least two companies outside the GAC organization, OEC International Limited and Footloose 4X4 Limited,
both U.K. companies acquired by Liberty Electric Company, but not consolidated into the GAC group, during his service to us as
CEO, we are investigating whether these activities breached Mr. Hobday’s non-compete agreement, which could mean that Mr.
Hobday would forfeit all of the Preferred A shares that had previously been issued to him.
Prior to his departure, CEO Ian Hobday appointed Mr. Alan J. Bailey
as our Chief Financial Officer, effective October 8, 2014.
On October 10, 2014, our Board of Directors appointed Mr. Carter
Read, President of Newport Coachworks, Inc., our remaining operating subsidiary, to the positions of interim President (our Principal
Executive Officer) and Secretary of the Company.
In December 2014, Mr. Read re-engaged Mr. Murray as a consultant
to assist the Company.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
17. SUBSEQUENT EVENTS (continued)
On May 18, 2015, we announced the appointment of Ben Rainwater as
the Company's CEO and member of the Board and the appointment of Agnes Cha as Senior Vice President, Corporate Affairs and member
of the Board. Under the terms of their respective agreements with us, both Mr. Rainwater and Ms. Cha were each issued 150,000 shares
of our Series A Convertible Preferred Stock, subject to certain forfeiture and voting conditions, and are to receive 5,000,000
shares of our common stock after the Company increases its authorized common stock sufficient to permit such issuance. Additionally,
each was to receive $5,000 per week for any month in which Newport Coachworks, Inc. (NCI), the Company’s wholly-owned subsidiary,
produced an average of 3 buses per week in a calendar month and $7,500 per week for any month in which NCI produced an average
of 4 or more buses per week in any calendar month. However, no compensation was to be paid, owed, earned or accrued for any month
in which NCI does not average at least 3 buses per week. On or about November 31, 2015, both Mr. Rainwater and Ms. Cha each forfeited
75,000 shares (collectively 150,000) when NCI failed to achieve an average production of three buses per week by the end of November
2015. Further, neither has received any cash remuneration (nor accrued remuneration) as of the date of this filing, as neither
the Company nor NCI have reached the thresholds under which cash remuneration would be awarded. Further, no shares of our common
stock have been issued to either Mr. Rainwater or Ms. Cha as we have not yet, as of the date of this filing, increased our authorized
limit for common stock issuance.
On or about May 15, 2015, our subsidiary, Newport Coachworks, Inc.
(NCI) ceased production and laid off its workers as it had depleted its working capital and no longer had the means to purchase
parts nor pay its staff nor workers. As a result, NCI’s revenue in the second quarter of 2015 and onwards will be minimal.
On July 13, 2015, Carter Read resigned his
positions as our interim President, Secretary and as a member of our Board of Directors. On July 20, 2015, Mr. Read resigned from
his position with Newport Coachworks.
On or about July 21, 2015, we became aware that the landlord of
Newport Coachworks’ warehouse and manufacturing facility located on Wilson Street in Riverside, California, had locked our
personnel out of the facility due to failure by NCI to pay the rent. At the time we were locked out of the facility, certain assets
of Newport Coachworks remained inside. We also became aware that the facility may have been leased to a different shuttle bus manufacturing
company, unrelated to us. We believed that at some point prior to Mr. Read’s departure, Mr. Read may have arranged for NCI
to be released from the Wilson Street lease, which involved a lease being issued to a new tenant introduced by Mr. Read. As part
of this transaction, we believed that assets belonging to NCI may have been surrendered to the landlord, and/or sold or assigned
to the new tenant to compensate the landlord for amounts owed, and possibly, to release Mr. Read from a personal guarantee he had
issued when the lease was signed originally. We began negotiating with the landlord of the Wilson Street facility, as well as the
new tenant, regarding the facility and Newport Coachworks’ assets. These efforts led to the formation of an Outsourcing Agreement
with Executive Bus (see below).
On August 12, 2015, our Board of Directors
appointed Fred Luke as our President and Secretary. Mr. Luke’s appointment to President and Secretary did not include an
assignment of remuneration. As of the date of this filing, Mr. Luke has received a total of $10,000 in remuneration for his services
as President.
On August 12, 2015, our Board of Directors
appointed Agnes Cha as our Treasurer. Ms. Cha’s appointment to Treasurer did not include remuneration. Ms. Cha has not received
any cash nor equity remuneration (nor accrued remuneration) for this appointment as of the date of this filing.
On or about August 13, 2015, our Board began a formal investigation
into the circumstances leading up to the alleged surrender of assets and transfer of the NCI lease of the Wilson Street facility
by Mr. Read prior to his departure.
GREEN AUTOMOTIVE COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
17. SUBSEQUENT EVENTS (continued)
On September 30, 2015, we signed an Outsourcing Agreement (Outsourcing
Agreement) with Executive Bus Builders Inc. (Executive Bus). Executive Bus is an affiliate
of Executive Coach Builders Inc. based in Springfield, Missouri (Executive Coach). Executive Coach is known as one of the
of the top SUV limousine manufacturers in the U.S., and is one of the largest limousine builders in the world. The Outsourcing
Agreement eliminates our remaining existing manufacturing overhead in the production of buses and significantly reduces our related
general and administrative costs, while still allowing us to participate in the manufacturing of shuttle buses. Additionally, this
allows us to refocus on our primary goal of manufacturing all-electric powered buses as well as the conversion of other mass transit
vehicles.
Pursuant to the Outsourcing Agreement, Executive Bus agreed to 1)
manufacture buses for our clients based in California, and to build customized buses, which are to be converted into all-electric
vehicles and convert other mass transit vehicles for our clients into all-electric drive vehicles, 2) purchase certain of the tool
and die equipment, and certain molds located in the Wilson Avenue facility from us for $100,000, 3) to pay us approximately $25,000
for the first five buses manufactured for the our customers by Executive Bus, and 4) to assume all of the obligations and responsibilities
as a sub-lessor under NCI’s original lease for the duration of the original lease.
We believe that going forward the net revenue to us per bus sale
through Executive Bus will be approximately the same as the net earnings we had projected to generate once NCI had reached scale
(without the administrative and operative burden). As of this filing, NCI remains non-operational and does not have any employees.
Mr. Alan J. Bailey, our Chief Financial Officer (CFO), tendered
his resignation effective November 2, 2015. During his service as our CFO, Mr. Baily did not receive any compensation, nor is any
compensation owed.
On November 4, 2015, a default arbitration judgement against us
was awarded to Typenex Co-Investment, LLC, a creditor of the Company in the amount of $679,894 for damages, with 22% interest accruing
commencing as of October 19, 2015. We intend to challenge this award based on Typenex’s failure to properly serve notice;
and to negotiate a settlement more favorable to us.
ITEM 2. Management’s Discussion and
Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
This Quarterly Report on Form 10-Q of Green Automotive Company for
the period ended September 30, 2014 contains forward-looking statements, principally in this Section and in “Business.”
Generally, you can identify these statements because they use words like “anticipates,” “believes,” “expects,”
“future,” “intends,” “plans” and similar terms. These statements reflect only our current expectations.
Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee
their accuracy and actual results may differ materially from those we anticipated due to a number of uncertainties, many of which
are unforeseen, including, among others, the risks we face as described in this filing. You should not place undue reliance on
these forward-looking statements which apply only as of the date of this annual report. To the extent that such statements are
not recitations of historical fact, such statements constitute forward-looking statements that, by definition, involve risks and
uncertainties. In any forward-looking statement where we express an expectation or belief as to future results or events, such
expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the
statement of expectation of belief will be accomplished.
We believe it is important to communicate our expectations to our
investors. There may be events in the future; however, that we are unable to predict accurately or over which we have no control.
The risk factors listed in this filing, as well as any cautionary language in this annual report, provide examples of risks, uncertainties
and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements.
Factors that could cause actual results or events to differ materially from those anticipated, include, but are not limited to:
our ability to successfully obtain financing for product acquisition; changes in product strategies; general economic, financial
and business conditions; changes in and compliance with governmental regulations; changes in various tax laws; and the availability
of key management and other personnel.
Overview
We are involved in the development, manufacturing and sale of diesel,
gas, CNG and electric buses. We plan to move forward with the production of all-electric buses, as well as begin converting other
mass transit vehicles into electric powered vehicles. We expect this to be the core focus of our business activities going forward.
We recently introduced a prototype electric bus, which we named the E-Patriot line. The E-Patriot seats 15-23 passengers, depending
on configuration and is expected to have a hundred mile range in-between charges when it is ready for market.
History and Development of the Company
We are a corporation originally organized under the laws of the
State of Delaware in 1996, but re-incorporated in Nevada effective June 3, 2011. We formerly operated under the name GANAS Corp.
(“GANAS”). Prior to November 2009, GANAS’ objective was to obtain through acquisition and/or merger transactions,
assets, which could benefit our shareholders. Effective November 4, 2009, GANAS acquired Go Green USA LLC, a Nevada limited liability
company organized on April 28, 2009 (“Go”), in a share exchange transaction pursuant to which newly issued shares of
GANAS common stock were issued in exchange for all of the issued and outstanding membership interests of Go (the “Go Merger”).
The Go Merger resulted in GANAS issuing 1,436,202.25 shares of its common stock with par value $0.001 for each 1% membership interest
in Go, following which GANAS changed its name to Green Automotive Company Corporation. Effective September 30, 2011, we effected
a Change of Domicile, re-incorporating in Nevada and simplifying our name to Green Automotive Company, among other things (the
“Re-Incorporation”).
In August 2009, prior to the Go Merger, Go entered into a Memorandum
of Understanding with a subsidiary of Zotye Holding Group, a Chinese automotive manufacturer (collectively, “Zotye”)
which, on January 29, 2010, was reduced to a definitive Exclusive Agreement of Distribution and Service between the Issuer and
Zotye (the “Zotye Agreement”). On July 20, 2010, the Zotye Agreement was amended and restated “between the Issuer
and Yongkang Titan Imp. & Exp. Co., Ltd., a reported subsidiary of Zotye,” and then on December 21, 2010, the Zotye Agreement
was further amended and restated between the Issuer and Zhejiang Titan Imp. & Exp. Co., Ltd., another reported Zotye subsidiary.
On January 29, 2010, following the execution of the Zotye Agreement
we changed our primary SIC Code to 5012 for automobiles.
Following the Go Merger, and throughout the 2010 and 2011 fiscal
years, we devoted all of our resources to the homologation of the all-electric Zotye Sport Utility Vehicle (“SUV”)
with the intent to import and distribute the SUV throughout the U.S. pursuant to the Zotye Agreement. However, after taking several
SUVs through the required tests to comply with the standard safety benchmarks required by the U.S. Department of Transportation
(“DOT”) and the U.S. Federal Motor Vehicle Safety Standards (“FMVSS”), we elected to modify our business
plan so as to not be dependent upon one supplier, one product and only one segment of the new all-electric automotive industry,
and instead to be involved in two areas of the industry: the import, testing and distribution of foreign and domestic manufactured
eco- friendly passenger vehicles (“Passenger Vehicles”), Municipal Transit Buses, School Buses, Limousines and Airport
and Hotel Shuttle Vans (collectively, “Mass-Transit Vehicles”), and the conversion of conventional internal combustion
engine driven vehicles into all-electric powered vehicles (“Conversion Vehicles”), with the medium term goal of becoming
one of the first manufacturers of all-electric Mass-Transit Vehicles and Conversion Vehicles.
As an enticement to enter into the Zotye agreement, we issued Gao
Xiang, a senior member of the Zotye management team, 5,000,000 of our common stock. Since the Zotye agreement was never finalized,
we requested the return of these shares from Gao Xiang. Despite our best efforts to procure the return of the issued share certificate,
Goa Xiang has not relinquished the share certificate. To ensure the shares cannot be traded, we placed an administrative stop on
the certificate. This stop remains in place as of the date of this filing.
On September 1, 2011, Green Automotive Company entered into a Stock
Purchase Agreement and Escrow Agreement with Mark E. Crone (“Crone”) and Bosch Equities, L.P. (“Bosch”),
under which we purchased 100% of the outstanding equity of Matter of Time I Co., a Nevada corporation (“MOT”), and
extinguished a repayment obligation of MOT totaling $6,000, all in exchange for $30,000.
On February 10, 2012, we entered into a Merger Agreement and Plan
of Reorganization with Matter of Time I Co., a Nevada corporation (“MOT”) (the “MOT Agreement”). The MOT
Agreement provided that, at the closing of the transaction contemplated by the MOT Agreement, MOT would dissolve into and became
a part of Green Automotive Company, with Green Automotive Company being the surviving corporation and assuming MOT’s status
as a reporting issuer under the Securities Exchange Act of 1934, as amended. On December 14, 2012 the transactions contemplated
by the MOT Agreement closed (the “Closing”). As a result of the Closing, MOT was merged out of existence and
Green Automotive Company became a reporting issuer under the Securities Exchange Act of 1934, as amended.
On June 28, 2012, we entered into a Stock Exchange Agreement (the
“Liberty Agreement”) with Liberty Electric Cars Limited., an England and Wales private company limited (“LEC”),
and its wholly-owned subsidiary LEC 2 Limited, an England and Wales private company limited (“LEC2” and together with
LEC, the “LEC Entities”), under which our wholly-owned subsidiary, Liberty Automotive Group, Inc. (formerly GAC EV
Motors Inc.), a Nevada corporation (“LAG”) agreed to purchase 100% of the issued and outstanding securities of LEC
(the “LEC Shares”), that owns 100% of the issued and outstanding securities of LEC2 (the “LEC2 Shares”)
(collectively the “LEC Securities”) in exchange for the transfer of Thirty Nine Million Seven Hundred Forty Two Thousand
One Hundred Seventy Eight (39,742,178) shares of our common stock held by LAG to the LEC Shareholders. These shares represented
approximately 8.19% of our outstanding voting control. We also issued to Mr. West and Mr. Hobday, the executives of LEC, a total
of 300,000 shares of our Series A Preferred Stock (subject to forfeiture on a pro rata basis over a three year period) in exchange
for the non-competition provisions in their independent contractor agreements. This transaction closed on July 23, 2012.
As a result of the Liberty Transaction, we acquired LEC, a company
that designed and developed electric vehicle drive solutions for use in its own converted vehicles and for sale to original equipment
manufacturers (OEMs) for incorporation into their production. LEC’s engineers contributed to the invention of innovative
EV drive train technologies that was believed to be employable in a wide variety of vehicle platforms. LEC was also a contributing
member of a number of advanced research programs for developing next generation electric vehicle (“EV”) solutions.
These programs included the “Deliver” project where LEC collaborated with “tier one” automotive companies
to develop a pure electric commercial vehicle, and the “Motore” project in which LEC collaborated with “tier
one” automotive companies and universities to develop a “rare earth” free electric motor technology. Additionally,
LEC created after sales support for EVs including the Modec truck and the G-Wiz car, by developing a comprehensive aftermarket
maintenance program throughout Europe for its customers’ electric trucks and cars.
Due to its experience in EV technologies and in servicing EVs, LEC
had an agreement with a large U.S. truck manufacturer for the on-going support of electric vehicles run by its key clients in Europe.
LEC continued to take care of all warranty support when required by these customers, all of whom run fleets of electric commercial
vehicles across Europe. This truck manufacturer’s customers include major companies such as FedEx, UPS and Veolia, who are
using the first “ground up” electric trucks known as the “Modec” that were launched approximately five
years ago for the purpose of making pollution free deliveries in urban areas.
Pursuant to the Liberty Agreement, we also issued to GAC Automotive
Services, Inc., a Nevada corporation and one of our wholly-owned subsidiaries (“GAC Auto”) Ten Million (10,000,000)
shares of Series B Convertible Preferred Stock (the “Series B Shares”). The issuance of the Series B shares to GAC
Auto was not part of the purchase price of the LEC Entities and was not compensation to the LEC Entities or LEC Shareholders, but
was reserved for issuance to shareholders of certain entities that LEC and/or LEC2 have been in negotiations with at the time of
execution of the Liberty Agreement if those entities and/or assets were purchased by us or our subsidiaries. Subsequently, instead
of issuing the B shares, we agreed to issue 59,000,000 GAC shares to the former shareholders for LEC’s acquisitions of OEC
International Limited (OEC) and Footloose 4x4 Limited (Footloose). However, the 59,000,000 shares were never issued and we have
never consolidated OEC nor Footloose into our financial statements. LEC and its subsidiaries, excluding Footloose, ceased operations
on or about August 15, 2014, and went into liquidation under a voluntary liquidation in accordance with Section 98 of the United
Kingdom’s Insolvency Act of 1986. LEC began to wind down Footloose in late 2013. A formal petition to liquidate Footloose
was presented on July 3, 2014 and a formal Resolution for Voluntary Winding-up Footloose was granted August 27, 2014. Legal representation
of the Footloose liquidation was facilitated by Everys Solicitors, Taunton, United Kingdom.
To date, all of the Series B Shares are still held by GAC Auto.
For reporting purposes, the Series B Preferred Stock is eliminated upon consolidation.
On October 12, 2012, we entered into an Acquisition and Stock Exchange
Agreement (the “NCI Agreement”) with Newport Coachworks, Inc., a California corporation (“NCI”), under
which we agreed to purchase 100% of the issued and outstanding securities of NCI (the “NCI Shares”) from Mr. Carter
Read, NCI’s sole shareholder, in exchange for the transfer of Five Million (5,000,000) shares of our common stock due at
the closing of the transaction (the “GAC Closing Shares”), and up to an additional Twenty Two Million (22,000,000)
shares of our common stock (the “GAC Additional Shares” and together with the GACR Closing Shares, the “GAC Shares”)
to vest as follows: upon NCI obtaining bona fide, binding purchase orders, with a cash down payment (or provides a truck
chassis in lieu of cash deposit), standard in the industry, to NCI from third party purchasers requiring NCI to manufacturer Sixty
(60) buses with diesel or compressed natural gas engines at NCI’s manufacturing facility (each a “Qualified Purchase
Order”) within the first twelve (12) months following the payment of one-half of the initial forecasted funding of $500,000.
This transaction closed on October 12, 2012. On July 18, 2013 following Board approval, we issued to Mr. Read all of the GAC Additional
Shares as a consequence of receiving orders for 232 buses from Don Brown Bus Sales (“Don Brown”) to be delivered over
a 2-year period. The GAC Shares, when issued on or about July 18, 2013, represented approximately 6.8% of our then outstanding
common stock and based on our share price. At the close of trading on the day of issuance the stock’s value was $6,480,000.
The terms of the Don Brown contract were subsequently revised during the reporting period ending September 30, 2014, with NCI
regaining the right to sell buses inside a region formerly assigned
exclusively to Don Brown, and Don Brown being released from its commitment to purchase 232 buses. As of September 30, 2014, Don
Brown had completed net purchases of approximately 33 buses from NCI.
On or about October 29, 2012, Liberty Electric Cars (LEC) agreed
to acquire a 30% interest in Powabyke EV Limited from Metroelectric PLC (Metroelectric) of Stanstead Abbotts, Hertfordshire, United
Kingdom under a Purchase and Management Agreement. The consideration paid was 1,050,000 restricted ordinary Green Automotive shares
with an estimated value of £300,000 or $480,870. On or about March 22, 2013, we issued the shares to Metroelectric, with
a market value of $335,895 on the day of issuance. Subsequently, on or about July 22, 2014, we agreed to sell our interest to Flare
Capital Limited under a share purchase agreement signed August 21, 2014 for £15,000 ($24,344.50 in U.S. dollars on the day
funds were received on September 2, 2014).
On January 31, 2013, the Company signed a binding agreement to buy
U.K.-based electric vehicle distributor Going Green Limited (“Going Green”) which operated under the brand name “GoinGreen.”
Founded in 2002, it sold over 1,400 G-Wiz vehicles, an electric vehicle manufactured in India by the Indo-Reva Electric Car Company.
The acquisition was completed on or about April 1, 2013 when 1,562,498 shares of GAC common stock were authorized in exchange for
100% of the issued and outstanding securities of Going Green Limited and 150,501 shares of GAC common stock for issuance to former
creditors of Going Green. Due to a temporary restraining order in an unrelated litigation in Utah by us against a former stockholder
the shares were not released by our transfer agent until June 24, 2013. Ian Hobday, our CEO, and Daren West, our former CFO, served
as directors of Going Green prior to the acquisition.
On or about December 12, 2013, we entered into an agreement with
World Energy Asset Management Inc. (WEAM), an oil and gas company that reportedly develops both onshore and offshore oil and gas
assets, wherein we purchased 1,000,000 WEAM shares. In conjunction with this transaction, we issued a $400,000 convertible note
to WEAM (the “WEAM Note”), $200,000 of which was consideration for the purchase of the shares, with the remaining $200,000
to be lent to us by WEAM at an unstated future date. Management at the time believed that WEAM would be going public shortly and
that this construct would effectively give GAC substantial increased value as WEAM was expected to trade at a significantly higher
value. WEAM was also in discussions with us at that time to drill a well on the Blackhawk property, a company with whom we would
enter into an acquisition agreement the following month (see below), to provide us with revenues from oil production. The Blackhawk
acquisition did not occur, nor did drilling on the Blackhawk property. In the quarter ending June 30, 2014 we impaired 100% of
WEAM share’s value. However, the impairment was mistakenly recorded as a loss from other income, which was corrected in the
period ending September 30, 2014. On June 2, 2014, World Financial Capital Holdings, Inc. (WFC) caused the WEAM Note to be assigned
to WFC. Principals of WFC and WEAM are related. As of the period ending September 30, 2014, the additional $200,000 that was to
be lent to us has not been received and the $200,000 note to WFC remains outstanding.
On or about January 9, 2014 we acquired 21.63% of Viridian Motor
Corporation (VMC), a US-based electric truck manufacturer. VMC was a company devoted to advancing twenty-first century transportation
technology using alternative fuels and propulsion systems to build fully electric, light duty trucks, which included their own
electric drive train and unique battery packs. In February 2014, we acquired an additional 1.5% of the company. On January 6, 2014,
we issued 1,292,270 shares to Burton Neil and Dale Nyhus for an obligation of $173,060 related to the acquisition. The value of
the issued shares on the day of issuance was $206,763. Other than a recording of the stock issuance, the acquisition was not recorded
in our books until the period ending September 30, 2014. Additionally, for the period ending September 30, 2014, we impaired the
value of the investment in VMC by 100%.
On February 17, 2014, we entered into an Acquisition and Stock Exchange
Agreement (the “Blackhawk Agreement”) with Blackhawk Manufacturing, Inc., a California corporation (“Blackhawk”),
Sanders, Larios, Larios & Luevanos LLC, a California limited liability company (“SLLL”), Alan Servicios S de R.I.
de C.V., a Mexican corporation (“Servicios”), Lalusa Investments, a Mexican corporation (“Lalusa”), and
Shelmado Transporte, a Mexican corporation (“Shelmado”) (Blackhawk, SLLL, Servicos, Lalusa and Shelmado together are
referred to herein as the “BMI Entities”), and the individuals identified on the signature page of the Blackhawk Agreement
as shareholders of the BMI Entities (the “BMI Entity Shareholders”), under which we agreed to purchase 100% of the
issued and outstanding securities of the BMI Entities (the “BMI
Shares”), in exchange for that number of shares of our common stock that was to have a fair market value of Six Million Dollars
($6,000,000), with the fair market value being the price per share as of February 15, 2014, which was $0.05 cents per share and
therefore equaled approximately 120,000,000 shares of our common stock (the “Purchase Price”).
Subsequent to the closing, but prior to the issuance of the Blackhawk
Shares to the BMI Entity Shareholders, certain of the BMI Entity Shareholders met with our management and presented information
about Blackhawk’s financial condition that was materially different from the financial representations and warranties in
the Blackhawk Agreement. These related to, among other matters, Blackhawk’s operating income for the year ended December
31, 2013, its projections for calendar year 2014, its secured and unsecured debt and trade payables, and other issues concerning
its cash flow, environmental concerns and its ability to operate the ongoing business. As a result of these disclosures, on May
21, 2014 we informed Blackhawk that we rescinded the Blackhawk Agreement and all related transaction documents, effective immediately,
and all such agreements were terminated. We did not issue and shall not issue the 120 million shares of our common stock for the
Purchase Price. We have reserved all other rights and remedies we may have in connection with these former transactions.
On or about September 9, 2103, we entered into an acquisition and
stock exchange agreement to purchase Transhock Distribution Limited (“Transhock”) and AutoParts Warehouse Limited (“AutoParts”),
incorporated in England and Wales, U.K. for cash and stock. Terms of the agreement were modified in December 2013 and again on
February 25, 2014. Terms include twenty six million (26,000,000) shares of our common stock to be issued to Derek Neale and David
Peter Davies, each 50% owners of Transhock and AutoParts (the “Closing Shares”). Neale and Davies are to each receive
three million five hundred thousand (3,500,000) GAC shares upon the two (2) year anniversary, and another three million five hundred
thousand (3,500,000) GAC shares each at three (3) years anniversary of the closing, conditionally, if they are still actively engaged
with the business operations of Transhock and Autoparts (the “Earnout Shares”). Additionally, Neale and Davies are
to each be issued options to purchase 500,000 shares of GAC shares at an exercise price equal to the market price on the day the
transaction is closed (the “Closing Options”). Cash consideration: Davies and Neale are to receive a Directors
and Spouse Salary and Dividend package of seven thousand one hundred twenty five pounds sterling (£7,125) each to be paid
up and until the GAC shares can be freely traded on either NASDAQ or the Dow Jones Indexes whereupon the package will be reviewed
in the light of business performance and the number of hours the directors will commit to working in the business going forward.
Both Neale and Davies are to have seats on to the Liberty Electric Company Board of Directors. An additional condition of closing
is that GAC must meet the requirement to reduce certain Transhock liabilities in relation to (a) a government business expansion
loan which needs to be paid down in the event of a sale and (b) a lower level of invoice financing available in the event
the personal guarantees of the two owners are removed. The total amount of cash required is approximately $750,000. In
the event the acquisition and stock exchange agreement is not closed, Neale and Davies are to receive the 26,000,000 Closing Shares.
The closing was to take place on April 25, 2014. On or about June 17, 2014, we signed a Deed of Addendum with Neale and Davies
to extend the agreement until July 31, 2014. On or about July 3, 2014, we sought and gained a verbal commitment to delay the acquisition
of Transhock and AutoParts, until later in 2014, subject to (a) completion of the disposition of our U.K. subsidiaries, (b) the
determination of the amount of funding required upon closing, the owners having renegotiated their invoice financing terms,
and (c) the availability of funds to close the deal. As of the date of this filing, we are unaware of any further material discussions
or modifications to this transaction.
On July 31, 2014, our Board of Directors passed a resolution to
increase the number of authorized common shares to two billion five hundred million (2,500,000,000) from nine hundred million (900,000,000).
The increase is subject to approval by our shareholders and will not be effective until the filing of an amendment to our Articles
of Incorporation. The amount of the increase in authorized shares to be requested of the Company’s shareholders is subject
to our ability to negotiate, if possible, a favorable resolution on the conversion of Preferred A Stock to common shares and the
settlement of outstanding liabilities, including GAC and Newport Coachwork’s payables and GAC’s outstanding convertible
notes. If a favorable resolution is not achieved, the number of common shares needed to fully satisfy all parties could exceed
20 billion (based on conditions in effect as of December 31, 2014).
On or about August 15, 2014, the Company’s subsidiaries based
in the United Kingdom, including Going Green Limited and Liberty Electric Cars Limited (LEC), along with each of LEC’s wholly
owned subsidiaries, ceased business operations. On or about August 26, 2014, we arranged for the disposition of the assets and
liabilities of these subsidiaries under the circumstances and terms and conditions described in PART II – OTHER INFORMATION,
Item 5, below.
Overview of Luxury Shuttle and Electric Vehicle and Bus Market
The luxury shuttle bus market represents the top 20% of the overall
market for shuttle buses. Typical customers include Five Star hotels and resorts; luxury touring companies; limo buses and other
high end transport providers. The vehicles in this sector range in capacity from 15 through 52 passengers, and can be powered by
Gas, Diesel, CNG, and as a recent development, by both electric and hydrogen fuel cells. The buses are constructed on a variety
of major OEM chassis (including but not limited to Ford, Freightliner, GM, Mercedes and Navistar). Sales opportunities for these
bus types exist not only in America, but also in Canada and a number of export markets, including South America, Caribbean, Middle
East and South Africa). Typically the buses feature a high number of operator specified options and additions, ranging from large
screen TVs to bars, bathrooms and luxury seating. Limo buses, which have begun replacing the more traditional stretched limo, feature
even more extravagant interiors, including DJ-style music systems, multiple bar installations and bench style seating. Limo buses
currently account for 10% of the luxury shuttle bus segment but this is growing as traditional stretched limos are replaced.
The market for electric vehicles is expected to grow rapidly, driven
primarily by government incentives and the fuel costs for traditional vehicles. With major OEMs now launching electric vehicles
(EV), there is a growing opinion that EVs could eventually replace traditional fossil fuel vehicles. Industry analysts Frost and
Sullivan’s 2010 research stated that approximately 20% of the market for EVs will be satisfied by new entrants rather than
traditional automotive OEMs. Electric cars in all categories are forecasted to reach sales of 3.8m units annually by 2020 (Pike
Research 2012), with electric trucks forecasted to reach annual sales of 100,000 units globally (Pike Research 2011) (excluding
buses and coaches). The development of infrastructure for charging EVs lags the introduction of vehicles, and as such, the main
initial market will be for EVs that regularly drive the same or similar routes (delivery vehicles, school buses, shuttle buses
etc.). These vehicles, which return to base regularly, and can therefore be charged easily, represent the vanguard of EV adoption. Adoption
of EVs in the business-to-business segment is driven by a number of factors: pollution and emission reduction; lower fuel costs;
legislation; incentives; health issues; driver satisfaction; noise reduction and total cost of ownership benefits.
Results of Operations for the Three Months Ended September 30,
2014 and September 30, 2013
Summary of Results of Operations
(Unaudited)
| |
For the three months ended |
| |
September 30, |
| |
2014 | |
2013 |
| |
| |
(restated) |
Revenues | |
$ | 1,662,918 | | |
$ | 644,624 | |
Costs of goods sold | |
| 1,281,116 | | |
| 483,938 | |
Gross profit | |
| 381,802 | | |
| 160,686 | |
Operating expenses | |
| | | |
| | |
Depreciation and amortization | |
| 38,697 | | |
| 18,384 | |
Impairment of assets | |
| 373,060 | | |
| — | |
General and administrative | |
| 341,361 | | |
| 5,166,470 | |
| |
| 753,118 | | |
| 5,197,370 | |
Operational income/ (loss) | |
| (371,316 | ) | |
| (5,036,684 | ) |
Other income/(expenses) | |
| | | |
| | |
Change in fair value of derivative liability | |
| (361,135 | ) | |
| (18,766,197 | ) |
Stock issued for settlements | |
| — | | |
| (1,237,200 | ) |
Gain (loss) on settlement of debt | |
| — | | |
| — | |
Loss on conversion of preferred shares | |
| — | | |
| (16,116 | ) |
Other income/(expense) | |
| 660,296 | | |
| — | |
Interest income/(expense) | |
| 194,581 | | |
| (28,929 | ) |
| |
| 493,742 | | |
| (20,048,442 | ) |
Income/(Loss) from continuing operations | |
| 122,427 | | |
| (25,085,126 | ) |
Income/(Loss) from discontinued operations | |
| (4,347,499 | ) | |
| (325,262 | ) |
Earnings before income tax | |
| (4,225,072 | ) | |
| (25,410,387 | ) |
Income taxes | |
| — | | |
| — | |
Net income | |
$ | (4,225,072 | ) | |
$ | (25,410,387 | ) |
On or about August 15, 2014, our United Kingdom based subsidiaries,
including Going Green Limited and Liberty Electric Cars Limited (LEC), along with each of LEC’s wholly owned subsidiaries
(collectively, the U.K. Companies), ceased business operations. As a result, we are reporting the operational results of the U.K.
Companies under discontinued operations. Operational results under discontinued operations includes a 100% impairment of all U.K.
Companies’ assets, a full write down of the value of each company’s equity (or deficit), and the net earnings or losses
incurred by each. We will continue to carry each company’s liabilities on our books under liabilities from discontinued operations
until such time as the voluntary liquidations currently underway are finalized. Additionally, comparative periods, within our financial
statements and accompanying notes, have been reclassified to show financial data for our former U.K. Companies under discontinued
operations. Such reclassifications have no impact on our previously reported net losses.
Operating Loss; Net Income
Our net loss was $4,225,072 for the three months ended September
30, 2014 compared to a net loss of $25,410,387 for the three months ended September 30, 2013. The net loss for the three months
ended September 30, 2014 was primarily due to a loss from discontinuing operations of $4,347,499. Our net income from continuing
operations for the three months ended September 30, 2014 was $122,427. The net loss for the three months ended September 30, 2013
was the result of $5,036,684 in operating losses from continuing operations (reclassified) and an $18,766,197 non-cash expense
due to the change in the fair value of derivative liabilities for the period primarily related to our convertible preferred stock,
as well as our convertible notes and warrants. The reclassification of financial data for our former U.K. Companies as discontinued
operations had no impact on our previously reported net losses.
Revenue
Our revenue from the three months ended September 30, 2014 was $1,662,918
compared to $644,624 for the three months ended September 30, 2013 (reclassified). Our revenue was derived from the operations
of our subsidiary Newport Coachworks, Inc. and no longer includes the results of our subsidiaries Liberty Electric Cars Limited
(LEC) and LEC’s subsidiaries, and Going Green Limited, the results of which are recorded as a loss from discontinued operations
for the three months ended September 30, 2014. The growth in Newport Coachwork’s revenue for the three months ended September
30, 2014 was due to an increase in bus sales.
Cost of Goods Sold
Our cost of goods sold for the three months ended September 30,
2014 were $1,281,116 compared to $483,938 for the same period in 2013 (reclassified). The cost of goods sold for the three months
ended September 30, 2014 and September 30, 2013 corresponds with the revenues generated from the operations of our subsidiary Newport
Coachworks, Inc.
Depreciation and Amortization
Expenses related to depreciation and amortization were $38,697 for
the three months ended September 30, 2014, compared to $18,384 for the three months ended September 30, 2013 (reclassified). The
increase was attributable to investments in plant and equipment related to the continuing growth of Newport Coachworks.
General and Administrative
Expenses related to general and administrative were $331,361 for
the three months ended September 30, 2014, compared to $5,166,470 for the three months ended September 30, 2013. For the three
months ended September 30, 2013, $4,739,716 of the expense was for stock based compensation. Expenses related to stock based compensation
were $0 for the three months ended September 30, 2014.
Impairment of Assets
Expenses related to Asset Impairment were $373,060 for the three
months ended September 30, 2014, compared to $0 for the three months ended September 30, 2013. This expense includes a 100%
impairment of our $173,060 investment in Viridian Motors and 100% of our $200,000 investment in World Energy Asset Management.
Change in Fair Value of Derivative Liability
During the three months ended September 30, 2014, we had a change
in fair value of derivative liability of $361,135 compared to a loss of $18,766,197 for the three months ended September 30, 2013,
with the significant difference primarily related to the change in the fair value of our common stock, and the issuance of additional
convertible debt and preferred stock during the three months ended September 30, 2014.
Loss on Settlement of Debt
During the three months ended September 30, 2014, we had a loss
on settlement of debt of $0 compared to a gain of $0 for the three months ended September 30, 2013.
Interest Expense
During the three months ended September 30, 2014, we had interest
income of $194,581, compared to an interest expense of $28,929 for the three months ended September 30, 2013 (reclassified). The
main interest expense in 2014 stemmed from the amortization and reversal of debt discount related to convertible debt issued and
converted.
Loss from Discontinued Operations
On or about August 15, 2014, our United Kingdom based subsidiaries,
including Going Green Limited and Liberty Electric Cars Limited (LEC), along with each of LEC’s wholly owned subsidiaries,
(collectively, the U.K. Companies) ceased business operations. As a result, we are reporting the operational results of these subsidiaries
under discontinued operations for the three month period ending September 30, 2014. During the three months ended September 30,
2014, we incurred net losses from discontinued operations of $4,347,499. These losses are attributable to a 100% impairment of
all UK-based subsidiary companies’ assets, a full write off of the value of each companies’ equity (or deficit), and
the net earnings or losses incurred by each. We will continue carrying each company’s liabilities on our books until such
time as the voluntary liquidation currently underway is finalized. For the three months ended September 30, 2013, we reclassified
the operating results for the U.K. Companies under discontinued operations, which was a net loss of $325,262.
Results of Operations for the Nine Months Ended September 30,
2014 and September 30, 2013
Summary of Results of Operations
(Unaudited)
| |
For the nine months ended |
| |
September 30, |
| |
2014 | |
2013 |
| |
| | | |
| (restated) | |
| |
| | | |
| | |
Revenues | |
$ | 3,459,607 | | |
$ | 828,888 | |
Costs of goods sold | |
| 3,281,507 | | |
| 630,462 | |
Gross profit | |
| 178,099 | | |
| 198,426 | |
| |
| | | |
| | |
Operating expenses | |
| | | |
| | |
Depreciation and amortization | |
| 87,069 | | |
| 19,705 | |
Impairment of assets | |
| 373,060 | | |
| — | |
General and administrative | |
| 6,815,927 | | |
| 6,927,683 | |
| |
| 7,276,056 | | |
| 6,947,388 | |
| |
| | | |
| | |
Operational income/ (loss) | |
| (7,097,957 | ) | |
| (6,748,962 | ) |
| |
| | | |
| | |
Other income/(expenses) | |
| | | |
| | |
Change in fair value of derivative liability | |
| 57,095,577 | | |
| 18,850,333 | |
Stock issued for settlements | |
| — | | |
| (1,237,200 | ) |
Gain (loss) on settlement of debt | |
| (484,028 | ) | |
| — | |
Loss on conversion of preferred shares | |
| — | | |
| (36,490 | ) |
Other income/(expense) | |
| 460,296 | | |
| — | |
Interest income/(expense) | |
| (1,642,960 | ) | |
| (194,673 | ) |
| |
| 55,428,885 | | |
| 17,381,970 | |
| |
| | | |
| | |
Income/(Loss) from continuing operations | |
| 48,330,929 | | |
| 10,633,008 | |
| |
| | | |
| | |
Income/(Loss) from discontinued operations | |
| (1,843,600 | ) | |
| (962,421 | ) |
| |
| | | |
| | |
Earnings before income tax | |
| 46,487,329 | | |
| 9,670,587 | |
| |
| | | |
| | |
Income taxes | |
| — | | |
| — | |
| |
| | | |
| | |
Net Income | |
$ | 49,487,329 | | |
$ | 9,670,587 | |
On or about August 15, 2014, our United Kingdom based subsidiaries,
including Going Green Limited and Liberty Electric Cars Limited (LEC), along with each of LEC’s wholly owned subsidiaries
(collectively, the U.K. Companies), ceased business operations. As a result, we are reporting the operational results of the U.K.
Companies under discontinued operations. Operational results under discontinued operations includes a 100% impairment of all U.K.
Companies’ assets, a full write down of the value of each company’s equity (or deficit), and the net earnings or losses
incurred by each. We will continue to carry each company’s liabilities on our books under liabilities from discontinued operations
until such time as the voluntary liquidations currently underway are finalized. Additionally, comparative periods, within our financial
statements and accompanying notes, have been reclassified to show financial data for our former U.K. Companies under discontinued
operations. Such reclassifications had no impact on our previously reported net losses.
Operating Loss; Net Income
Our net income was $46,487,329 for the nine months ended September
30, 2014 compared to net income of $9,670,587 for the nine months ended September 30, 2013 (reclassified). These net income figures
were largely a result of non-cash income due to a change in the fair value of derivative liabilities primarily related to our convertible
preferred stock, as well as our convertible notes and warrants. Our net loss from discontinued operations was $1,843,600 for the
nine months ended September 30, 2014 and $962,421 for the nine months ended September 30, 2013 (reclassified). The reclassification
of financial data for our former U.K. Companies as discontinued operations had no impact on our previously reported net losses.
Revenue
Our revenue from the nine months ended September 30, 2014 was $3,459,607compared
to $828,888 for the nine months ended September 30, 2013 (reclassified). Our revenue was derived from the operations of our subsidiary
Newport Coachworks, Inc. and no longer includes the results of our subsidiaries Liberty Electric Cars Limited and its subsidiaries,
and Going Green Limited, which are now recorded under discontinued operations. The growth of Newport Coachwork’s revenue
was due to the increase in bus sales.
Cost of Goods Sold
Our cost of goods sold for the nine months ended September 30, 2014
were $3,281,507 compared to $630,462 for the same period in 2013 (reclassified). The cost of goods sold for the nine month periods
was derived from the operations of our subsidiary Newport Coachworks, Inc. and no longer includes the results of our subsidiaries
LEC and its subsidiaries, and Going Green, which are now recorded under discontinued operations.
Depreciation and Amortization
Expenses related to depreciation and amortization were $87,069 for
the nine months ended September 30, 2014, compared to $19,705 for the nine months ended September 30, 2013 (reclassified). The
increase was attributable to investments in plant and equipment related to the continuing growth of Newport Coachworks.
General and Administrative Expenses
General and administrative expenses were $6,815,927 for the nine
months ended September 30, 2014, compared to $6,191,202 for the nine months ended September 30, 2013 (reclassified). The largest
component of these expenses are stock-based compensation of $5,717,015 for the nine months ended September 30, 2014 and $6,191,202
for the nine months ended September 30, 2013 (reclassified). The 2014 stock expense is due to the issuance of 78,792,270 common
shares to settle liabilities and current and accrued consulting expenses, including 4,000,000 shares for $160,000 in accrued fees
to our former CEO Ian Hobday, 2,500,000 shares for $100,000 in accrued fees due to Carter Read, President of Newport Coachworks,7,000,000
shares to Big Wave Stock, valued at $280,000 on the issuance date, to settle an outstanding payable of $3,500 for service rendered,
two issuances totaling 16,000,000 shares to Bill Hiney, valued at $1,860,000 on their issuance dates, to settle two outstanding
payables totaling $8,000 for services rendered, 13,500,000 shares valued at $1,425,000 on the issuance dates to Surf Financial
Group to settle outstanding payables of $6,750 for services rendered, 5,000,000 shares, valued at $200,000 on the
issuance date, to Silverton SA to settle a $2,500 payment on an
outstanding debt to Roger Knight, an individual, 7,500,000 shares valued at $450,000 on the issuance date to MAFX, Inc. to settle
an outstanding payable of $3,750 for services rendered, 27,000,000 shares to settle a $545,049 debt with Ironridge, a lender, and
1,292,270 shares to Burton Neil and Dale Nyhus in connection with GAC’s acquisition of approximately 23% of Virdian Motor
Corporation valued at $173,06.
Impairment of Assets
Expenses related to asset impairment were $373,060 for the nine
months ended September 30, 2014, compared to $0 for the nine months ended September 30, 2013. This expense includes a 100%
impairment of our $173,060 investment in Viridian Motors and 100% impairment of our $200,000 investment in World Energy Asset Management.
Not included in Impairment of Assets for the three months ended September 30, 2014, is the $679,163 in asset impairments related
to the cessation of business and liquidation of LEC and its subsidiaries, and Going Green, which are recorded under Loss from Discontinued
Operations.
Change in Fair Value of Derivative Liability
During the nine months ended September 30, 2014, we had a change
in fair value of derivative liability of $57,095,577 compared to $18,850,333 for the nine months ended September 30, 2013, with
the significant difference primarily related to the change in the fair value of our common stock and the issuance of additional
convertible debt and preferred stock during the nine months ended September 30, 2014.
Loss on Settlement of Debt
During the nine months ended September 30, 2014, we had loss on
settlement of debt of $484,028, compared to $0 for the nine months ended September 30, 2013. The loss in 2014 is primarily related
to a settlement of a note payable by issuing a new note that includes a conversion feature or by issuing stock with a fair value
higher than the face amount of the note. The conversion feature was accounted for as a derivative liability, which resulted in
a higher fair value of the note exchanged.
Interest Expense
During the nine months ended September 30, 2014, we had interest
expense of $1,642,960, compared to $190,673 for the nine months ended September 30, 2013 (reclassified). The main interest expense
in 2014 stemmed from the amortization and reversal of debt discount related to convertible debt issued and converted.
Loss from Discontinued Operations
On or about August 15, 2014, our United Kingdom based subsidiaries,
including Going Green Limited and Liberty Electric Cars Limited (LEC), along with each of LEC’s wholly owned subsidiaries,
ceased business operations. As a result, we are reporting the operational results of these subsidiaries under discontinued operations
for the nine month period ending September 30, 2014. During the nine months ended September 30, 2014, we incurred net losses from
discontinued operations of $1,843,600. These losses are attributable to a 100% impairment of all UK-based subsidiary companies’
assets, a full write off of the value of each companies’ equity (or deficit), and the net earnings or losses incurred by
each. We will continue carrying each company’s liabilities on our books until such time as the voluntary liquidation currently
underway is finalized. For the nine months ended September 30, 2013 (reclassified), the loss from discontinuing operations was
$962,421.
Liquidity and Capital Resources for the Nine Months Ended
September 30, 2014 and 2013
Introduction
During the nine months ended September 30, 2014 and 2013, because
of our operating losses, we did not generate positive operating cash flows. Our cash on hand as of September 30, 2014 was
$44,135 As a result, we have significant short term cash needs. In the past, these needs have been satisfied by generating proceeds
from the sales of our securities, primarily through the issuance of convertible notes and our Convertible Preferred Series A Stock.
Such means are not currently available to us, as we have fully committed all remaining authorized, but not yet issued shares, through
the issuance of irrevocable reserves for some of the issuers of our convertible debt. We currently do not have sufficient capital
to satisfy our cash needs for operational purposes, but are actively seeking solutions to secure financing, recapitalize our existing
debt and shareholder structures, raise our authorized share limit, and implement a reverse stock split. All of which, will be subject
to shareholder approval at a special shareholder meeting, the date of which has not yet been determined.
Our cash, current assets, total assets, current liabilities, and
total liabilities as of September 30, 2014 compared to December 31, 2013 (reclassified), respectively, are as follows:
| |
September 30, 2014 | |
December 31, 2013 (Reclassified) | |
Change |
Cash | |
$ | 44,135 | | |
$ | 2,902 | | |
$ | 41,233 | |
Total Current Assets | |
| 649,730 | | |
| 1,218,463 | | |
| (568,733 | ) |
Total Assets | |
| 1,021,949 | | |
| 1,886,868 | | |
| (864,919 | ) |
Total Current Liabilities | |
| 17,600,010 | | |
| 75,345,683 | | |
| (57,745,673 | ) |
Total Liabilities | |
$ | 17,622,510 | | |
$ | 75,549,629 | | |
$ | (57,927,119 | ) |
Cash Requirements
We had cash available as of September 30, 2014
of $44,135 and $2,902 on December 31, 2013 (reclassified). Based on our revenues, earnings, cash on hand and operational needs,
we will need to continue borrowing from our shareholders and other related parties, and/or raise capital from the sales of our
securities, to fund operations.
Sources and Uses of Cash
Operations
We had net cash used by operating activities of $957,033 for the
nine months ended September 30, 2014, as compared to $737,952 for the nine months ended September 30, 2013 (reclassified). For
the period in 2014, the net cash used in operating activities consisted primarily of our net income of $46,487,329, adjusted by
the change in fair value of derivative liability of ($57,095,577), share based compensation of $5,717,015, depreciation and amortization
of $147,069, amortization of debt discount of $1,671,252, and changes in operating assets and liabilities, consisting of: other
assets of ($5,138), prepaid expenses $545,409, accounts payable and accrued expenses of $1,775,678, accounts receivable of ($800),
and inventory of ($422,311).
Investments
We had net cash used in investing activities of $17,000 for the
nine months ended September 30, 2014 (reclassified), compared to $544,389 for the nine months ended September 30, 2013. In the
nine months ended September 30, 2013, the net cash used in investing activities related mainly to purchase of property and equipment
of $587,411, offset by proceeds from disposal of vehicles of $28,126 and proceeds from acquisition of $14,896.
Financing
Our net cash provided by financing activities for the nine months
ended September 30, 2014 was $1,003,456 compared to $1,305,617 for the nine months ended September 30, 2013. For the period in
2014, our financing activities consisted primarily of $1,085,682 from proceeds from notes payable, $14,134 from borrowings on line
of credit and $109,860 as payments on notes payable. For the period in 2013, proceeds from funds received from FMS amounted to
$907,839, our financing activities consisted of $467,406 proceeds from notes payable, offset by $69,628 in payments to reduce our
line of credit
Off Balance Sheet Arrangements
We have no off balance sheet arrangements.
ITEM 3. Quantitative and Qualitative Disclosures About Market
Risk
As a smaller reporting company, we are not required to provide the
information required by this Item.
ITEM 4. Controls and Procedures
(a) Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as defined in Rule
13a-l5(e) under the Exchange Act) that are designed to ensure that information that would be required to be disclosed in Exchange
Act reports is recorded, processed, summarized and reported within the time period specified in the SEC’s rules and forms,
and that such information is accumulated and communicated to our management, including to our Chief Executive Officer and Chief
Financial Officer (our Principal Accounting Officer), as appropriate, to allow timely decisions regarding required disclosure.
As required by Rule 13a-15 under the Exchange Act, our management,
including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our
disclosure controls and procedures as of September 30, 2014. Based on that evaluation, our Chief Executive Officer and Chief Financial
Officer concluded that as of September 30, 2014, and as of the date that the evaluation of the effectiveness of our disclosure
controls and procedures was completed, our disclosure controls and procedures were not effective to satisfy the objectives for
which they are intended.
(b) Management’s Report on Internal Controls over Financial
Reporting
Our management is responsible for establishing and maintaining effective
internal control over financial reporting (as defined in Rule 13a-l5(f) of the Securities Exchange Act). Management assessed the
effectiveness of the Company’s internal control over financial reporting as of September 30, 2014. In making this assessment,
management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on
that assessment, management believes that, as of September 30, 2014, the Company’s internal control over financial reporting
was ineffective based on the COSO criteria, due to the following material weaknesses listed below.
Insufficient segregation of duties in our finance and accounting
functions due to limited personnel. We internally performed all aspects of our financial reporting process, including, but
not limited to, access to the underlying accounting records and systems, the ability to post and record journal entries and responsibility
for the preparation of the financial statements. Due to the fact these duties were performed by limited personnel (one person),
a lack of review was created over the financial reporting process that might result in a failure to detect errors in spreadsheets,
calculations, or assumptions used to compile the financial statements and related disclosures as filed with the SEC.
Insufficient corporate governance policies. We have not documented
our internal controls. We have limited policies and procedures that cover the recording and reporting of financial transactions
and accounting provisions. As a result, we may be delayed in our ability to calculate certain accounting provisions. While we believe
these provisions are accounted for correctly in the attached audited financial statements our lack of internal controls could lead
to a delay in our reporting obligations. We were required to provide written documentation of key internal controls over financial
reporting beginning with our fiscal year ending December 31, 2009. Management evaluated the impact of our failure to have written
documentation of our internal controls and procedures on our assessment of our disclosure controls and procedures and has concluded
that the control deficiency that resulted represented a material weakness.
Effective controls over the control environment were not maintained.
Specifically, a formally adopted written code of business conduct and ethics that governs our employees, officers, and directors
was not in place. Additionally, management has not developed and effectively communicated to our employees its accounting policies
and procedures. This has resulted in inconsistent practices. Further, our Board of Directors does not currently have a director
that qualifies as an audit committee financial expert as defined in Item 407(d)(5)(ii) of Regulation S-K. Since these entity level
programs have a pervasive effect across the organization, management has determined that these circumstances constitute a material
weakness.
These control deficiencies could result in a material misstatement
to our interim or annual financial statements that possibly would not be prevented or detected.
When we are financially able, we intend to take appropriate and
reasonable steps to make the necessary improvements to remediate these deficiencies and we intend to consider the results of our
remediation efforts and related testing as part of our next assessment of the effectiveness of our internal control over financial
reporting.
(c) Changes in Internal Control over Financial Reporting
There were no material changes in our internal controls over financial
reporting during the three months ended September 30, 2014.
(d) Officer’s Certifications
Appearing as an exhibit to this quarterly report on Form 10-Q are
“Certifications” of our Chief Executive and Financial Officer. The Certifications are required pursuant to Sections
302 of the Sarbanes-Oxley Act of 2002 (the “Section 302 Certifications”). This section of the quarterly report on Form
10-Q contains information concerning the Controls Evaluation referred to in the Section 302 Certifications. This information should
be read in conjunction with the Section 302 Certifications for a more complete understanding of the topics presented.
PART II – OTHER INFORMATION
ITEM 1. Legal Proceedings
Our predecessor, Go Green USA,
LLC (“Go Green”) was a party defendant, along with other defendants in a civil action filed in Marshall County, West
Virginia by Glen Dale Motor Co. and Tomsic Motor Co, Civil Action No. 11-C-104 H. The basis for this action was a claim by the
plaintiffs that the defendants breached a dealer agreement entered into by and between the plaintiffs and the defendants by accepting
a franchise fee and payment for vehicles (totaling approximately $250,000) from the plaintiffs but failing to deliver any of the
purchased vehicles to the plaintiffs. This undefended and previously unknown action resulted in a default judgment and related
judgment order in the amount of $3,717,615 with interest accruing at 7% per annum from and after February 13, 2012. There is no
active effort to enforce this action against Go Green or GAC. We have not accrued for this event in the financial statements. However,
we believe that if we are properly served and are a proper party to the litigation, that a pay out from the judgement could be
up to $3,717,615, plus accumulative interest.
On February 10, 2014, Mr. Ray
Mariorenzi filed a lawsuit against alleging breach of an oral contract. The lawsuit is entitled Ray Mariorenzi v. Global Market
Advisors, Inc. and Green Automotive Company Corporation, Superior Court of the State of California for the County of Orange, Central
Justice Center - Case No. 30-2014-00704187, and in the complaint Mr. Mariorenzi alleges that at meeting in March, 2012, he made
an oral agreement with an officer and director of Global Market Services, Inc. for the purpose of Mr. Mariorenzi performing consulting
services to benefit Green Automotive Company and that such services would be provided from March 2012 through end of 2013. In the
Complaint, Mr. Mariorenzi alleges he performed the services but has not been completely compensated for such services and, as a
result, claims he is owed $123,500 and 5,750,000 shares of our common stock from the defendants. We were served on or about February
27, 2014. Pursuant to an arrangement with Plaintiff’s counsel, we filed an Answer, with a general denial, on April 16, 2014.
We began to wind down Footloose 4X4 Limited (“Footloose”),
based in Newton Abbot, Devon, United Kingdom. Footloose, a subsidiary of Liberty Electric Company Limited (“LEC”),
was never a part of the GAC group, thus its financial operations were not consolidated into our financials. A formal petition to
liquidate Footloose was presented on July 3, 2014 and a formal Resolution for Voluntary Winding-up was granted August 27, 2014.
Legal representation of the s was facilitated by Everys Solicitors, an insolvency practitioner firm based in the United Kingdom
(U.K.).
On or about July 28, 2014, we contacted Lameys, an insolvency practitioner
firm based in the United Kingdom (U.K.), for advice on the disposition of the liabilities and assets of our subsidiaries organized
and operated in the U.K. Lameys was subsequently retained.
On or about August 15, 2014, the Company’s subsidiaries based
in the U.K., including Going Green Limited and Liberty Electric Cars Limited (LEC), along with each of LEC’s wholly owned
subsidiaries, ceased business operations.
Between August 26 and September 11, 2014, Lameys caused notices
of a creditors committee meeting to be sent to the following subsidiaries of GAC: Going Green Limited and Liberty Electric Cars
Limited (LEC), and to LEC’s subsidiaries LEC 2 Limited (LEC2), LEC Europe Limited (LEC-EU) and OEC International Limited
(OEC). OEC is wholly owned by LEC, but was consolidated into the GAC group as the transaction was never completed.
The purpose of the meetings held in late September 2014 was to conduct
voluntary liquidations of these companies in accordance with Section 98 of the U.K. Insolvency Act of 1986. At the meetings, a
creditors’ voluntary liquidation of these companies was agreed upon. Under the procedure, Lameys supervised and conducted
a sale, or other dispositions, of the assets of the U.K. subsidiaries. Lameys then uses the proceeds from asset dispositions to
pay outstanding liabilities of the subsidiaries in a manner determined and approved by the creditors. As a result, we expect the
U.K. subsidiaries to be released of all financial liabilities to their creditors, through proceeds from the liquidated assets or
elimination as permitted by operation of U.K. law, subject to a final review by U.K.’s Insolvency Services anticipated to
be completed two to three months after each company’s files are presented to Insolvency Services by Lameys.
On or about September 10, 2014, we entered into a settlement agreement
with the SEC, wherein we agreed to pay a penalty fine of $50,000 for failing to disclose certain issuances of unregistered securities
between December 2013 and July 2014, and to disclose the existence of the related financing agreements. As of the date of this
filing, $40,000 of the penalty payable remains outstanding.
In the ordinary course of business,
we are from time to time involved in various pending or threatened legal actions. The litigation process is inherently uncertain
and it is possible that the resolution of such matters might have a material adverse effect upon our financial condition and/or
results of operations. However, in the opinion of our management, other than as set forth herein, matters currently pending or
threatened against us are not expected to have a material adverse effect on our financial position or results of operations.
ITEM 1A. Risk Factors
As a smaller reporting company, we are not required to provide the
information required by this Item.
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
During the three months ended September 30, 2014, we issued the
following unregistered securities:
Common Stock
On or about July 10, 2014, we issued 2,818,337 shares of our common
stock to JMJ Financial in connection with the repayment of convertible debt in the amount of $24,012.23. These shares were issued
without a restrictive legend under Rule 144 of Section 4(1) of the Securities Act of 1933, as amended, since the debt being converted
was more than six months old. These issuance of the shares were exempt from registration under Section 4(a)(2) of the Securities
Act of 1933, as amended (the “Securities Act”) as transactions by an issuer not involving a public offering.
On or about July 14, 2014, we issued 8,608,322 shares of our common
stock to Redwood Fund II, LLC in connection with the repayment of convertible debt in the amount of $60,000. These shares were
issued without a restrictive legend under Rule 144 of Section 4(1) of the Securities Act of 1933, as amended, since the debt being
converted was more than six months old. These issuance of the shares were exempt from registration under Section 4(a)(2) of the
Securities Act of 1933, as amended (the “Securities Act”) as transactions by an issuer not involving a public offering.
On or about July 15, 2014, we issued 2,500,000 shares of our common
stock to GEL Properties, LLC in connection with the repayment of convertible debt in the amount of $ $20,459. These shares were
issued without a restrictive legend under Rule 144 of Section 4(1) of the Securities Act of 1933, as amended, since the debt being
converted was more than six months old. These issuance of the shares were exempt from registration under Section 4(a)(2) of the
Securities Act of 1933, as amended (the “Securities Act”) as transactions by an issuer not involving a public offering.
On or about July 21, 2014, we issued 7,246,377 shares of our common
stock to Redwood Fund II, LLC in connection with the repayment of convertible debt in the amount of $50,000, of which $10,000 was
for accrued interest. These shares were issued without a restrictive legend under Rule 144 of Section 4(1) of the Securities Act
of 1933, as amended, since the debt being converted was more than six months old. These issuance of the shares were exempt from
registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”) as transactions
by an issuer not involving a public offering.
On or about July 29, 2014, we issued 554,820 shares of our common
stock to GEL Properties, LLC in connection with the repayment of convertible debt in the amount of $ 4,541. These shares were issued
without a restrictive legend under Rule 144 of Section 4(1) of the Securities Act of 1933, as amended, since the debt being converted
was more than six months old. These issuance of the shares were exempt from registration under Section 4(a)(2) of the Securities
Act of 1933, as amended (the “Securities Act”) as transactions by an issuer not involving a public offering.
On or about September 12, 2014, we issued 3,894,867 shares of our
common stock to Black Mountain Equities in connection with the repayment of convertible debt in the amount of $30,653, of which
$1,653 was for accrued interest. These shares were issued without a restrictive legend under Rule 144 of Section 4(1) of the Securities
Act of 1933, as amended, since the debt being converted was more than six months old. These issuance of the shares were exempt
from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”) as transactions
by an issuer not involving a public offering.
On or about September 23, 2014, we issued 912,569 shares of our
common stock to Union Capital, LLC in connection with the repayment of convertible debt in the amount of $5,201, of which $202
was for accrued interest. These shares were issued without a restrictive legend under Rule 144 of Section 4(1) of the Securities
Act of 1933, as amended, since the debt being converted was more than six months old. These issuance of the shares were exempt
from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”) as transactions
by an issuer not involving a public offering.
On or about September 26,
2014, we issued 384,615 shares of our common stock to Blue Citi in connection with the repayment of convertible debt in the amount
of $1,000. These shares were issued without a restrictive legend under Rule 144 of Section 4(1) of the Securities Act of 1933,
as amended, since the debt being converted was more than six months old. These issuance of the shares were exempt from registration
under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”) as transactions by an issuer
not involving a public offering.
On or about September 30, 2014, we issued 5,044,110 shares of our
common stock to Black Mountain Equities in connection with the repayment of convertible debt in the amount of $20,176, of which
1,176 was for accrued interest. These shares were issued without a restrictive legend under Rule 144 of Section 4(1) of the Securities
Act of 1933, as amended, since the debt being converted was more than six months old. These issuance of the shares were exempt
from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”) as transactions
by an issuer not involving a public offering.
Preferred Stock
On September 11, 2014, we issued an aggregate of 35,562,651 shares
of our Series Y Convertible Preferred Stock to eight different individuals and entities in exchange for the same individuals and
entities cancelling an aggregate of 35,605,119 shares of our common stock, pursuant to a board resolution on August 21, 2014. Series
Y Convertible Preferred shares are convertible into common shares of the company’s common stock on a one for one basis, at
such time as the Company’s authorization limit is increased and sufficient shares are available. The exchange of the 35,562,651
common shares into the same number of Series Y Convertible Preferred Stock was executed so that we could increase the number of
issuable shares available to us, as all of our common shares that were not issued and outstanding at the time the time of the exchange,
were reserved for convertible note holders.
The Series Y Convertible Preferred Shares issued went to certain
of our officers and directors, family members of one of the directors, and one acquaintance of one of the directors, namely: Ian
Hobday (4,000,000 shares of Series Y Preferred Stock in exchange for cancelling 4,000,000 shares of our common stock), Hobbers
Inc. (an entity controlled by Ian Hobday, 6,438,823 shares of Series Y Preferred Stock in exchange for cancelling 6,438,823 shares
of our common stock),Peter Leeds (3,280,392 shares of Series Y Preferred Stock in exchange for cancelling 3,280,392 shares of our
common stock, of which 400,000 were issued to Anita Corey at Peter Leeds request; the difference 2,880,392 was issued to Peter
Leeds), Anita Corey, 63,436 shares of Series Y Preferred Stock in exchange for 63,436 shares of our common stock), Beatrice G.
Leeds (a relative of Peter Leed’s, 200,000 shares of Series Y Preferred Stock in exchange for cancelling 200,000 shares of
our common stock), Phillip C. Leeds (a relative of Peter Leed’s, 290,000 shares of Series Y Preferred Stock in exchange for
cancelling200,000 shares of our common stock), David Leeds (a relative of Peter Leed’s, 290,000 shares of Series Y Preferred
Stock in exchange for cancelling 290,000 shares of our common stock),and Carter Read (21,000,000 shares of Series Y Preferred Stock
in exchange for cancelling 21,000,000 shares of our common stock). The shares were restricted in accordance with Rule 144.The issuances
were exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933 since the investor was either accredited
or sophisticated and familiar with our operations.
ITEM 3. Defaults Upon Senior Securities
As a September 30, 2014 and currently, at the time of filing this
report, we are in default of covenants of our Series A Preferred Shares and covenants of our outstanding convertible notes, both
of which stipulate that we must maintain sufficient shares for both to convert their securities into common shares under the conversion
terms specified by their respective agreements. As of September 30, 2014, and as of the date of filing, we have insufficient authorized
shares from which to satisfy Preferred A stockholders and convertible note holders’ conversion rights. Other defaults include
the late filing of our SEC Form 10-Q for the period ending September 30,2014, the late filing of our SEC Form 10-K for the period
ending December 31, 2014, and the late filing of our SEC Form 10-Q for the periods ending March 31, 2015 and June 30, 2015.
ITEM 4. Mine Safety Disclosures
During the period covered by this report there were no events which
are required to be reported under this Item.
ITEM 5. Other Information
Disposition of Our United Kingdom-based Subsidiaries’
Assets, Liabilities and Operations
We began to wind down Footloose 4X4 Limited (Footloose), a subsidiary
of Liberty Electric Company Limited (LEC), based in Newton Abbot, Devon, United Kingdom at the end of 2013. A formal petition to
liquidate Footloose was presented on July 3, 2014 and a formal Resolution for Voluntary Winding-up was granted August 27, 2014.
Legal representation of the liquidation was facilitated by Everys Solicitors, an insolvency practitioner firm based in the United
Kingdom (U.K.). As Footloose was never formalized as part of the GAC group, its financial operations were never consolidated into
our financials.
On or about July 28, 2014, we contacted Lameys, an insolvency practitioner
firm based in the United Kingdom (U.K.), for advice on the disposition of the liabilities and assets of Going Green Limited and
Liberty Electric Cars Limited (LEC), along with each of LEC’s wholly owned subsidiaries, excluding Footloose, each organized
and operated in the U.K. Lameys was subsequently retained under the terms and conditions described below.
The decision to pursue liquidation for each of these companies was
based on management’s assessment of its U.K. operations and the working capital requirements to maintain these operations.
On or about August 15, 2014, the Company’s subsidiaries based
in the U.K., including Going Green Limited and Liberty Electric Cars Limited (LEC), along with each of LEC’s wholly owned
subsidiaries, ceased business operations.
On August 21, 2014 Director Nicholas Hewson resigned as a director
of Green Automotive with his resignation effective that day. Mr. Hewson’s resignation was not related to any disagreement
with us on any matter relating to our operations, policies and practices. Mr. Hewson, who resides in the United Kingdom and is
retired, informed the board that the geographic separation caused by our decision to liquidate the U.K. businesses and resulting
shift of focus to U.S. operations – namely Newport Coachworks, made Mr. Hewson’s ability to devote the time required
to perform his oversight functions as a director more difficult. We accepted Mr. Hewson’s resignation and expressed appreciation
for the services he performed as a director.
Between August 26 and September 11, 2014, Lameys caused notices
of creditors committee meetings to be sent to the following subsidiaries of GAC: Going Green Limited and Liberty Electric Cars
Limited (LEC), and to LEC’s subsidiaries LEC 2 Limited (LEC2), LEC Europe Limited (LEC-EU) and OEC International Limited
(OEC). OEC is wholly owned by LEC, but was never included within the GAC group of companies.
The purpose of the creditors committee meetings held in late September
2014 was to conduct voluntary liquidations of these companies in accordance with Section 98 of the U.K. Insolvency Act of 1986.
At the meetings, a creditors’ voluntary liquidation of these companies was agreed upon. Under the procedure, Lameys supervised
and conducted a sale, or other dispositions, of the assets of the U.K. subsidiaries. Lameys will use the proceeds from these asset
dispositions to pay outstanding liabilities of the subsidiaries in a manner determined and approved by the creditors. As a result,
we believe the U.K. subsidiaries will be released of all financial liabilities to their creditors, through proceeds from the liquidated
assets or elimination as permitted by operation of U.K. law, subject to a final review by U.K.’s Insolvency Services anticipated
to be completed two to three months after each company’s files are presented to Insolvency Services by Lameys.
Included in the liabilities summarized by Lameys, were payables
due to former CFO Darren West (deceased) and CEO Ian Hobday in the amounts of £198,106 and £145,949, respectively.
As their working relationship with us was governed by consulting agreements with Liberty Electric Company, and not GAC, our liability
to them ended with the voluntary insolvency of LEC, which was initiated by Mr. Hobday. A claimed payable of $260,898 due to
Petra Beitl, as stated in our 10-Q filed for the period ending June 30, 2014, was not listed amongst LEC’s creditors by Lameys.
However, as Ms. Beitl’s consulting agreement was with LEC, any outstanding payable to her ended with the voluntary insolvency
of LEC.
With creditors’ approval, on or about August 27, 2014, former
LEC and Going Green staff members, led by Clive Southwell, a director of the U.K. businesses at the time LEC and Going Green ceased
operations, along with financial support from former GAC director Nicholas Hewson and our then CEO Ian Hobday, purchased the assets
of Going Green through a company they organized, Clean Transport and Technology Limited (CTT) for a purchase price of £22,800
(£19,000 plus £3,280 value added tax (VAT)) and the assets of LEC2 for £7,200 (£6,000 plus £1,200
VAT) for a total of £30,000. The assets of LEC2 consisted primarily of spare parts and batteries, and the assets of Going
Green consist primarily of parts, equipment and used vehicles. The sale proceeds were paid to Lameys and the sales were approved
at the respective creditors’ committee meetings when they were held. The proceeds are to be distributed to the creditors
of the respective subsidiaries upon or before final settlement of the liquidation procedures. We were advised by Lameys that the
likelihood of an objection to this transaction was minimal since the value of the transaction was supported by independent valuation
of the assets obtained by Lameys prior to accepting the purchase price into escrow.
Ian G. Hobday, our then CEO and a director of LEC, LEC2 and LEC-EU
at the time these companies ceased operations, made an investment of £5,000 in CTT in the form of a loan to assist CIT in
the acquisition of the assets. Mr. Hobday’s investment comprised 16.67% of the liquidated assets’ purchase price. Similarly,
Mr. Nicholas Hewson, a former director of GAC (Mr. Hewson resigned as one of our directors effective August 21, 2014), made an
equity investment of £5,000 in CTT. Mr. Hewson’s investment comprised 16.67% of the liquidated assets’ purchase
price. Collectively, the investments by Mr. Hobday and Mr. Hewson comprised 33.33% of the liquidated assets’ purchase price
(including Value Added Tax (VAT)). The terms and exact dates of Mr. Hobday and Mr. Hewson’s investments were not disclosed
to us.
Lameys commenced final documentation and submitted its recommendations
to the U.K.’s “Insolvency Services” for final review and approval. Insolvency Services then conducted both an
investigative and administrative review process.
The final disposition of LEC is subject to receiving payment of
£15,000 (approximately $24,350) from us. The payment amount is for funds received by GAC when we sold LEC’s investment
in Powabyke. The proceeds of that sale should have gone to LEC, but instead we received those funds. Because LEC was in liquidation
at the time Powabyke was sold, all LEC funds (and all funds owed LEC) were under the control of the liquidator and should have
been forwarded to LEC. Thus, GAC must return the received proceeds (£15,000) by rendering payment to the liquidator.
Series Y Preferred Stock
On September 2, 2014, we filed a Certificate of Designation with
the Nevada Secretary of State in connection with the creation of a class of shares designated by our Board of Directors as the
“Series Y Preferred Shares” with the characteristics described below. The purpose of the Series Y Preferred Shares
is to create additional authorized shares of common stock by permitting the return of issued and outstanding shares of common stock
held our management and others to the treasury for cancellation and to be available for original issuance. In return for the submission
of the shares of common stock for cancellation, each participating shareholder shall receive an identical number of restricted
Series Y Preferred Shares. The total number of issued and outstanding shares of common stock that may be subject to this arrangement
is forty million (40,000,000) shares of common stock and an equivalent number of Series Y Preferred Shares. A total of 35,415,592
shares of common stock have been returned for cancellation and an equivalent number of restricted shares of Series Y Preferred
Stock have been issued to the participants.
ITEM 6, Exhibits
3.1 (1) |
|
Articles of Incorporation of Green Automotive Company, filed June 3, 2011 |
3.2 (1) |
|
Articles of Merger of Green Automotive Company, filed October 19, 2011 |
3.3 (1) |
|
Articles of Merger between Green Automotive Company and Matter of Time I Co., filed December 13, 2012 |
3.4 (1) |
|
Amended and Restated Bylaws of Green Automotive Company |
10.1 (1) |
|
Advisory Agreement by and between Green Automotive Company and Global Market Advisors, Inc. dated July 19, 2010 |
10.2 (1) |
|
Credit Agreement by and between Green Automotive Company and Global Trade Finance, Inc. dated January 1, 2012 |
10.3 (1) |
|
Settlement, General Release and Conversion Agreement by and between Green Automotive Company and Global Trade Finance, Inc. dated June 30, 2012 |
10.4 (1) |
|
Assignment Agreement by an between Green Automotive Company and Investment Finance IFC Ltd. Dated January 27, 2012 |
10.5 (1) |
|
Merger Agreement and Plan of Reorganization by and between Green Automotive Company and Matter of Time I Co. dated February 10, 2012 and completed December 12, 2012. |
10.6 (1) |
|
Stock Exchange Agreement by and between Green Automotive Company and Liberty Electric Cars Ltd. Dated June 28, 2012 |
10.7 (1) |
|
Amendment No. 1 to Stock Exchange Agreement by and between Green Automotive Company and Liberty Electric Cars Ltd. Dated December 4, 2012 |
10.8 (1) |
|
Stock Purchase Agreement by and between Green Automotive Company and First Market Services dated June 29, 2012 |
10.9 (1) |
|
Acquisition and Stock Exchange Agreement by and between Green Automotive Company and Newport Coachworks, Inc. dated October 12, 2012 |
10.10 (1) |
|
Amended and Restated Independent Contractor Agreement by and between Liberty Electric Cars Ltd. And Ian Hobday dated December 4, 2012 |
10.11 (1) |
|
Amended and Restated Independent Contractor Agreement by and between Liberty Electric Cars Ltd. And Darren West dated December 4, 2012 |
10.12 (1) |
|
Employment Agreement by and between Newport Coachworks, Inc. and Carter Read dated October 2012 |
10.13 (1) |
|
Distribution Agreement by and between Newport Coachworks, Inc. and Don Brown Bus Sales, Inc. dated November 1, 2012 |
10.14 (1) |
|
Employment Agreement with Mark Aubry dated December 17, 2012 |
10.15 (1) |
|
Stock Purchase Agreement by and between Green Automotive Company and First Market Services dated November 20, 2012 |
10.16 (1) |
|
Stock Purchase Agreement by and between Green Automotive Company and Mark E. Crone and Bosch Equities, LP dated September 1, 2011 |
10.17 (1) |
|
Exchange Agreement by and between Green Automotive Company and Investment Finance Company IFC Limited dated September 30, 2012 |
10.18 (2) |
|
Investment Agreement with Kodiak Capital Group, LLC dated March 14, 2013 |
10.19 (2) |
|
Registration Rights Agreement with Kodiak Capital Group, LLC dated March 14, 2013 |
10.20 (3) |
|
Acquisition and Stock Exchange Agreement by and between Green Automotive Company, Liberty Electric Cars Ltd. and Going Green Limited dated February 28, 2013 |
10.21 (4) |
|
Securities Purchase Agreement with Auctus Private Equity Fund, LLC, dated August 26, 2013 |
10.22 (4) |
|
Promissory Note issued to Auctus Private Equity Fund LLC, dated August 26, 2013 |
10.23 (4) |
|
Securities Purchase Agreement with LG Capital Funding, LLC, dated August 21, 2013 |
10.24 (4) |
|
Promissory Note issued to LG Capital Funding, LLC, dated August 21, 2013 |
10.25 (5) |
|
Services Agreement by and between Navistar, Inc. and Liberty Electric Cars Ltd. dated May 3, 2011 |
10.26 (6) |
|
Summary of Amendment to D Distribution Agreement by and between Newport Coachworks, Inc. and Don Brown Bus Sales, Inc. dated November 1, 2012 |
10.27 (7) |
|
Acquisition and Stock Exchange Agreement by and between Green Automotive Company, the BMI Entities and the BMI Entity Shareholders dated February 17, 2014 |
10.28 (7) |
|
Amendment No. 1 to the Blackhawk Agreement dated February 20, 2014 |
10.29 (7) |
|
Amendment No. 2 to the Blackhawk Agreement dated March 4, 2014 |
10.30 (7) |
|
Amendment No. 3 to the Blackhawk Agreement dated March 17, 2014 |
10.31 (7) |
|
Amendment No. 4 to the Blackhawk Agreement dated April 14, 2014 |
10.32 (7) |
|
Consulting Agreement with Floyd Sanders dated April 8, 2014 |
10.33 (7) |
|
Consulting Agreement with Sergio Larios dated April 8, 2014 |
10.34 (7) |
|
Consulting Agreement with Carlos Larios dated April 8, 2014 |
10.35 (7) |
|
Consulting Agreement with Lin Austin dated April 8, 2014 |
* Filed herewith.
**
XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus
for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18
of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
(1)
Incorporated by reference from our Current Report on Form 8-K filed with the Commission on
December 20, 2012.
(2)
Incorporated by reference from our Current Report on Form 8-K filed with the Commission on
March 19, 2013.
(3)
Incorporated by reference from our Current Report on Form 8-K filed with the Commission on
August 15, 2013.
(4)
Incorporated by reference from our Registration Statement on Form S-1/A filed with the Commission
on November 12, 2013.
(5)
Incorporated by reference from our Amended Current Report on Form 8-K/A filed with the Commission
on June 17, 2013.
(6)
Incorporated by reference from our Amended Current Report on Form 8-K/A filed with the Commission
on November 29, 2013.
(7)
Incorporated by reference from our Current Report on Form 8-K filed with the Commission on
April 17, 2014.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
Green Automotive Company
a Nevada corporation |
|
|
|
|
|
|
Dated: January 15, 2016 |
|
/s/ Ben Rainwater |
|
By: |
Ben Rainwater |
|
Its: |
CEO |
EXHIBIT 31.1
Rule 13a-14(a)/15d-14(a)
Certification of Chief Executive Officer
I, Ben Rainwater, certify that:
| 1. | I have reviewed this Quarterly Report on Form 10-Q of Green Automotive Company; |
| 2. | Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial
information included in this report fairly present in all material respects the financial condition, results of operations and
cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exhibit Act Rules 13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
| (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared; |
| (b) | Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered
by this report based on such evaluation; and |
| (d) | Disclosed in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case
of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; and |
| 5. | The registrant’s other certifying officer(s) and I have disclosed,
based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit
committee of the registrant’s board of directors (or persons performing the equivalent functions): |
| (a) | All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize,
and report financial information; and |
| (b) | Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
Dated: January 15, 2016 |
|
/s/ Ben Rainwater |
|
|
By: Ben Rainwater |
|
|
Its: CEO |
EXHIBIT 31.2
Rule 13a-14(a)/15d-14(a)
Certification of Chief Accounting Officer
I, Agnes Cha, certify that:
| 1. | I have reviewed this Quarterly Report on Form 10-Q of Green Automotive Company; |
| 2. | Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial
information included in this report fairly present in all material respects the financial condition, results of operations and
cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exhibit Act Rules 13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
| (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared; |
| (b) | Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered
by this report based on such evaluation; and |
| (d) | Disclosed in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case
of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; and |
| 5. | The registrant’s other certifying officer(s) and I have disclosed,
based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit
committee of the registrant’s board of directors (or persons performing the equivalent functions): |
| (a) | All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize
and report financial information; and |
| (b) | Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
Dated: January 15, 2016 |
|
/s/
Agnes Cha |
|
|
By: Agnes Cha |
|
|
Its: Chief
Accounting Officer |
EXHIBIT 32.1
CERTIFICATION PURSUANT TO 18 USC, SECTION
1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of
Green Automotive Company (the “Company”) on Form 10-Q for the quarter ended September 30, 2014, as filed with the Securities
and Exchange Commission on or about the date hereof (the “Report”), I, Fred G. Luke, President of the Company, certify,
pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:
| (1) | The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange
Act of 1934; and |
| (2) | Information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company. |
Dated: January 15, 2016 |
|
/s/
Ben Rainwater |
|
|
By: Ben Rainwater |
|
|
Its: CEO |
A signed original of this written statement
required by Section 906 has been provided to Green Automotive Company and will be retained by Green Automotive Company and furnished
to the Securities and Exchange Commission or its staff upon request.
EXHIBIT 32.2
CERTIFICATION PURSUANT TO 18 USC, SECTION
1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY
ACT OF 2002
In connection with the Quarterly Report of
Green Automotive Company (the “Company”) on Form 10-Q for the quarter ended September 30, 2014, as filed with the Securities
and Exchange Commission on or about the date hereof (the “Report”), I, Agnes Cha, Chief Accounting Officer of the Company,
certify, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:
| (1) | The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange
Act of 1934; and |
| (2) | Information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company. |
Dated: January 15, 2016 |
|
/s/
Agnes Cha |
|
|
By: Agnes Cha |
|
|
Its: Chief
Accounting Officer |
A signed original of this written statement
required by Section 906 has been provided to Green Automotive Company and will be retained by Green Automotive Company and furnished
to the Securities and Exchange Commission or its staff upon request.
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v3.3.1.900
Consolidated Balance Sheets (Unaudited) - USD ($)
|
Sep. 30, 2014 |
Dec. 31, 2013 |
Current Assets |
|
|
Cash |
$ 44,135
|
$ 2,902
|
Accounts receivable |
800
|
|
Inventories |
$ 599,657
|
$ 177,346
|
Prepaid expenses and deposits |
|
$ 545,409
|
Other |
$ 5,138
|
|
Current assets from non-continuing operations |
|
$ 492,806
|
Total Current Assets |
$ 649,730
|
1,218,463
|
Non-Current Assets |
|
|
Property and equipment, net |
$ 372,219
|
455,287
|
Non-current assets from non-continuing operations |
|
153,118
|
Total Non-Current Assets |
$ 372,219
|
608,405
|
Other Assets |
|
|
Deferred financing cost |
|
60,000
|
Total Other Assets |
|
60,000
|
Total Assets |
$ 1,021,949
|
1,886,868
|
Current Liabilities |
|
|
Accounts payable and accrued expenses |
554,127
|
197,179
|
Current portion of notes payable |
1,067,426
|
$ 845,396
|
Credit facility and other advances |
14,134
|
|
Derivative liability |
$ 12,814,383
|
$ 71,752,773
|
Funds received not converted into equity (net of discount) |
|
215,000
|
Sums due to Global Trade Finance |
$ 25,000
|
25,000
|
Sums due to Global Market Advisors |
$ 170,889
|
170,889
|
Other payables |
|
176,836
|
Current liabilities from discontinued operations |
$ 2,954,051
|
1,962,611
|
Total Current Liabilities |
17,600,010
|
75,345,683
|
Long-term Liabilities |
|
|
Loans payable, net of current maturities |
22,500
|
203,946
|
Total Long-term Liabilities |
22,500
|
203,946
|
Total Liabilities |
$ 17,622,510
|
$ 75,549,629
|
Contingencies |
|
|
Stockholder's Deficit |
|
|
Common stock |
$ 639,988
|
$ 405,043
|
Additional paid-in capital |
47,312,340
|
37,019,643
|
Accumulated other comprehensive loss |
(186,617)
|
(198,424)
|
Accumulated deficit |
(64,402,618)
|
(110,889,947)
|
Total Stockholder's Deficit |
(16,600,562)
|
(73,662,761)
|
Total Liabilities and Stockholders' Deficit |
1,021,949
|
1,886,868
|
Class A Convertible Preferred Stock |
|
|
Stockholder's Deficit |
|
|
Preferred stock |
783
|
$ 924
|
Class Y Convertible Preferred Stock |
|
|
Stockholder's Deficit |
|
|
Preferred stock |
$ 35,563
|
|
X |
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v3.3.1.900
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2014 |
Dec. 31, 2013 |
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
900,000,000
|
900,000,000
|
Common stock , shares issued |
639,988,456
|
405,043,436
|
Common stock, shares outstanding |
639,988,456
|
405,043,436
|
Class A Convertible Preferred Stock |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
100,000,000
|
100,000,000
|
Preferred stock, shares issued |
782,701
|
924,366
|
Preferred stock, shares outstanding |
782,701
|
924,366
|
Class Y Convertible Preferred Stock |
|
|
Preferred stock, par value |
$ 0.001
|
|
Preferred stock, shares authorized |
40,000,000
|
|
Preferred stock, shares issued |
35,561,651
|
|
Preferred stock, shares outstanding |
35,561,651
|
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.3.1.900
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2014 |
Sep. 30, 2013 |
Sep. 30, 2014 |
Sep. 30, 2013 |
Income Statement [Abstract] |
|
|
|
|
Revenues |
$ 1,662,918
|
$ 644,624
|
$ 3,459,607
|
$ 828,888
|
Costs of goods sold |
1,281,116
|
483,938
|
3,281,507
|
630,462
|
Gross profit |
381,802
|
160,686
|
178,099
|
198,426
|
Operating expenses |
|
|
|
|
Depreciation and amortization |
$ 38,697
|
18,384
|
$ 87,069
|
$ 19,705
|
Loss on disposal of assets |
|
$ 12,516
|
|
|
Impairment of assets |
$ 373,060
|
|
$ 373,060
|
|
General and administrative |
341,361
|
$ 5,166,470
|
6,815,927
|
$ 6,927,683
|
Total Operating expenses |
753,118
|
5,197,370
|
7,276,056
|
6,947,388
|
Operational income/ (loss) |
(371,316)
|
(5,036,684)
|
(7,097,957)
|
(6,748,962)
|
Other income/(expenses) |
|
|
|
|
Change in fair value of derivative liability |
$ (361,135)
|
(18,766,197)
|
$ 57,095,577
|
18,850,333
|
Stock issued for settlements |
|
$ (1,237,200)
|
|
$ (1,237,200)
|
Gain (loss) on settlement of debt |
|
|
$ (484,028)
|
|
Loss on conversion of preferred shares |
|
$ (16,116)
|
|
$ (36,490)
|
Other income/(expense) |
$ 660,296
|
|
$ 460,296
|
|
Interest income/(expense) |
194,581
|
$ (28,929)
|
(1,642,960)
|
$ (194,673)
|
Total Other income/expenses |
493,742
|
(20,048,442)
|
55,428,885
|
17,381,970
|
Income/(Loss) from continuing operations |
122,427
|
(25,085,126)
|
48,330,929
|
10,633,008
|
Income/(Loss) from discontinued operations |
(4,347,499)
|
(325,262)
|
(1,843,600)
|
(962,421)
|
Earnings before income tax |
$ (4,225,072)
|
$ (25,410,387)
|
$ 46,487,329
|
$ 9,670,587
|
Income taxes |
|
|
|
|
Net income |
$ (4,225,072)
|
$ (25,410,387)
|
$ 46,487,329
|
$ 9,670,587
|
Income (loss) per share (Basic) |
$ (0.01)
|
$ (0.07)
|
$ 0.08
|
$ 0.03
|
Income (loss) per share (Diluted) |
$ (0.01)
|
$ (0.07)
|
$ 0.04
|
$ 0.01
|
Weighted average shares outstanding (Basic) |
659,999,514
|
384,197,678
|
573,312,300
|
356,544,473
|
Weighted average shares outstanding (Diluted) |
659,999,514
|
384,197,678
|
1,245,719,364
|
735,405,168
|
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v3.3.1.900
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2014 |
Sep. 30, 2013 |
Sep. 30, 2014 |
Sep. 30, 2013 |
Condensed Consolidated Statements Of Comprehensive Income Loss |
|
|
|
|
Net income / (loss) |
$ (4,225,072)
|
$ (25,410,387)
|
$ 46,487,329
|
$ 9,670,587
|
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|
|
|
|
Foreign currency translation |
(51,526)
|
(137,095)
|
11,808
|
(52,289)
|
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$ (4,276,598)
|
$ (25,547,482)
|
$ 46,499,137
|
$ 9,618,298
|
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v3.3.1.900
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2014 |
Sep. 30, 2013 |
Statement of Cash Flows [Abstract] |
|
|
Effect of change in exchange rate on cash |
$ 11,808
|
$ (48,418)
|
OPERATING ACTIVITIES: |
|
|
Net income |
(46,487,329)
|
(9,670,587)
|
Debt discount |
|
|
Amortization of debt discounts |
1,671,252
|
14,119
|
Loss on disposal of assets |
200,000
|
25,876
|
Shares issued for settlement of agreement |
|
1,237,200
|
Loss on conversion of preferred shares |
|
36,490
|
(Gain)/loss on settlement of debt |
484,028
|
|
Change in fair value of derivative liability |
(57,095,577)
|
(18,850,333)
|
Share based compensation |
5,717,015
|
6,191,202
|
Stock Options |
523,905
|
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
147,069
|
45,494
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(800)
|
143,975
|
Inventories |
(422,311)
|
(215,942)
|
Other assets |
(5,138)
|
(3,703)
|
Assets in discontinuing operations |
658,923
|
|
Liabilities in discontinuing operations |
(1,962,611)
|
|
Prepaid expenses |
545,409
|
(17,331)
|
Accounts payable and accrued expenses |
$ 1,775,678
|
661,155
|
Deferred revenue |
|
207,846
|
Other liabilities |
|
115,412
|
Net cash used in operating activities |
$ (957,033)
|
(737,952)
|
INVESTING ACTIVITIES: |
|
|
Proceeds from disposal of vehicles |
|
28,126
|
Cash received from acquisition |
|
14,896
|
Purchase of property and equipment |
(17,000)
|
(587,411)
|
Net cash used in investing activities |
(17,000)
|
(544,389)
|
FINANCING ACTIVITIES: |
|
|
Proceeds from funds received from FMS |
|
907,839
|
Proceeds from issuance of common stock |
13,500
|
|
Borrowings on line of credit, net |
14,134
|
|
Payments to reduce line of credit |
|
(69,628)
|
Proceeds from notes payable |
1,085,682
|
467,406
|
Payments to notes payable |
(109,860)
|
|
Net cash provided by financing activities |
1,003,456
|
1,305,617
|
Net (decrease) / increase in cash |
41,231
|
(25,142)
|
CASH AT BEGINNING PERIOD |
2,902
|
87,325
|
CASH AT END OF PERIOD |
44,135
|
62,183
|
NON-CASH INVESTING AND FINANCING TRANSACTIONS |
|
|
Share based compensation |
523,905
|
214,286
|
Common shares issued in exchange for preferred shares |
2,468,841
|
11,278,686
|
Common shares issued to settle liabilities |
5,010,110
|
268,142
|
Common shares issued in relation to investment in a JV |
378,792
|
335,895
|
Common shares issued in relation to acquisition |
|
6,755,290
|
Common shares issued for debt conversion |
2,244,708
|
|
Preferred shares converted to ordinary |
|
(105)
|
Preferred shares issued to settle debt |
$ 210,000
|
$ 800,932
|
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v3.3.1.900
1. Description of Business
|
9 Months Ended |
Sep. 30, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Description of Business |
1. DESCRIPTION OF BUSINESS
We are involved in the development, manufacturing and sale of diesel,
gas, CNG and electric buses. We plan to move forward with the production of all-electric buses, as well as begin converting other
mass transit vehicles into electric powered vehicles. We expect this to be the core focus of our business activities going forward.
We recently introduced a prototype electric bus, which we named the E-Patriot line. The E-Patriot seats 15-23 passengers, depending
on configuration and is expected to have a hundred mile range in-between charges when it is ready for market.
We are a corporation originally organized under the laws of the
State of Delaware in 1996, but re-incorporated in Nevada effective June 3, 2011. We formerly operated under the name GANAS Corp.
(GANAS). Prior to November 2009, GANAS objective was to obtain through acquisition and/or merger transactions,
assets, which could benefit our shareholders. Effective November 4, 2009, GANAS acquired Go Green USA LLC, a Nevada limited liability
company organized on April 28, 2009 (Go), in a share exchange transaction pursuant to which newly issued shares of
GANAS common stock were issued in exchange for all of the issued and outstanding membership interests of Go (the Go Merger).
The Go Merger resulted in GANAS issuing 1,436,202 shares of its common stock with par value $0.001 for each 1% membership interest
in Go, following which GANAS changed its name to Green Automotive Company Corporation. Effective September 30, 2011, we effected
a Change of Domicile, re-incorporating in Nevada and simplifying our name to Green Automotive Company, among other things (the
Re-Incorporation).
Matter of Time Merger
On September 1, 2011, Green Automotive Company entered into a Stock
Purchase Agreement and Escrow Agreement with Mark E. Crone (Crone) and Bosch Equities, L.P. (Bosch),
under which we purchased 100% of the outstanding equity of Matter of Time I Co., a Nevada corporation (MOT), and
extinguished a repayment obligation of MOT totaling $6,000, all in exchange for $30,000.
On February 10, 2012, Green Automotive Company entered into a Merger
Agreement and Plan of Reorganization with Matter of Time I Co., a Nevada corporation (MOT) (the MOT Agreement).
Under the MOT Agreement, at the closing of the transaction contemplated by the MOT Agreement, MOT dissolved into and became a part
of Green Automotive Company, with Green Automotive Company being the surviving corporation and assuming MOTs status as a
reporting issuer under the Securities Exchange Act of 1934, as amended. On December 14, 2012 the transactions contemplated by the
MOT Agreement closed (the Closing). As a result of the Closing, MOT was merged out of existence and Green Automotive
Company became a reporting issuer under the Securities Exchange Act of 1934, as amended.
Liberty Transaction
On June 28, 2012, we entered into a Stock Exchange Agreement (the
Liberty Agreement) with Liberty Electric Cars Limited., an England and Wales private company limited (LEC),
and its wholly-owned subsidiary LEC 2 Limited, an England and Wales private company limited (LEC2 and together with
LEC, the LEC Entities), under which our wholly-owned subsidiary, Liberty Automotive Group, Inc. (formerly GAC EV
Motors Inc.), a Nevada corporation (LAG) agreed to purchase 100% of the issued and outstanding securities of LEC
(the LEC Shares), that owns 100% of the issued and outstanding securities of LEC2 (the LEC2 Shares)
(collectively the LEC Securities) in exchange for the transfer of Thirty Nine Million Seven Hundred Forty Two Thousand
One Hundred Seventy Eight (39,742,178) shares of our common stock held by LAG to the LEC Shareholders. The value of these shares
at the close of trading on the day of issuance was $17,486,558. These shares represented approximately 8.19% of our outstanding
voting control at the time. We also issued to Mr. West and Mr. Hobday, the executives of LEC, a total of 300,000 shares of our
Series A Preferred Stock (subject to forfeiture on a pro rata basis over a three year period) in exchange for the non-competition
provisions in their independent contractor agreements. This transaction closed on July 23, 2012. Subsequently, on or about August
15, 2014, LEC, along with each of LECs wholly owned subsidiaries, ceased business operations.
As a result of the Liberty Transaction, we acquired Liberty Electric
Company (LEC), a company that designed and developed electric vehicle drive solutions for use in its own converted vehicles and
for sale to original equipment manufacturers (OEMs) for incorporation into their production. LECs engineers contributed
to the invention of innovative EV drive train technologies that was believed to be employable in a wide variety of vehicle platforms.
LEC was also a contributing member of a number of advanced research programs for developing next generation electric vehicle (EV)
solutions. These programs included the Deliver project where LEC collaborated with tier one automotive
companies to develop a pure electric commercial vehicle, and the Motore project in which LEC collaborated with tier
one automotive companies and universities to develop a rare earth free electric motor technology. Additionally,
LEC created after sales support for EVs including the Modec truck and the G-Wiz car, by developing a comprehensive aftermarket
maintenance program throughout Europe for its customers electric trucks and cars.
Due to its experience in EV technologies and in servicing EVs, LEC
had an agreement with a large U.S. truck manufacturer for the on-going support of electric vehicles run by its key clients in Europe.
LEC continued to take care of all warranty support when required by these customers, all of whom run fleets of electric commercial
vehicles across Europe. This truck manufacturers customers include major companies such as FedEx, UPS and Veolia, who are
using the first ground up electric trucks known as the Modec that were launched some four years ago
for the purpose of making pollution free deliveries in urban areas.
Pursuant to the Liberty Agreement, we also issued to GAC Automotive
Services, Inc., a Nevada corporation and one of our wholly-owned subsidiaries (GAC Auto) Ten Million (10,000,000)
shares of Series B Convertible Preferred Stock (the Series B Shares). The issuance of the Series B shares to GAC
Auto was not part of the purchase price of the LEC Entities and was not compensation to the LEC Entities or LEC Shareholders, but
was reserved for issuance to shareholders of certain entities that LEC and/or LEC2 have been in negotiations with at the time of
execution of the Liberty Agreement if those entities and/or assets were purchased by us or our subsidiaries. Subsequently, instead
of issuing the B shares, we agreed to issue 59,000,000 GACR shares to the former shareholders for LECs acquisitions of OEC
International Limited (OEC) and Footloose 4x4 Limited (Footloose). However, the 59,000,000 shares were never issued and we have
never consolidated OEC nor Footloose into our financial statements. Subsequently, LEC and its subsidiaries, excluding Footloose,
ceased operations on or about August 15, 2014, and are in liquidation under a voluntary liquidation in accordance with Section
98 of the United Kingdoms Insolvency Act of 1986. LEC began to wind down Footloose in late 2013. A formal petition to liquidate
Footloose was presented on 3 July 2014 and a formal Resolution for Voluntary Winding-up was granted August 27, 2014. Legal representation
of the liquidation was facilitated by Everys Solicitors, Taunton, United Kingdom.
To date, all of the Series B Shares are still held by GAC Auto.
For reporting purposes, the Series B Preferred Stock is eliminated upon consolidation.
Newport Coachworks Transaction
On October 12, 2012, we entered into an Acquisition and Stock Exchange
Agreement (the NCWI Agreement) with Newport Coachworks, Inc., a California corporation (NCWI), under
which we agreed to purchase 100% of the issued and outstanding securities of NCWI (the NCWI Shares) from Mr. Carter
Read, NCWIs sole shareholder, in exchange for the transfer of Five Million (5,000,000) shares of our common stock due at
the closing of the transaction (the GAC Closing Shares), and up to an additional Twenty Two Million (22,000,000)
shares of our common stock (the GAC Additional Shares and together with the GAC Closing Shares, the GAC Shares)
to vest as follows: upon NCWI obtaining bona fide, binding purchase orders, with cash down payment standard in the industry to
NCWI, from third party purchasers requiring NCWI to manufacturer Sixty (60) buses with compressed natural gas engines at NCWIs
manufacturing facility (each a Qualified Purchase Order) within the first twelve (12) months following the payment
of one-half of the initial forecasted funding of $500,000. This transaction closed on October 12, 2012. On or by July 18, 2013,
27,000,000 GAC shares were issued to Mr. Read.
Going Green Transaction
On January 31, 2013, the Company signed a binding agreement to buy
U.K.-based electric vehicle distributor Going Green Limited, which operated under the brand name GoingGreen. Founded
in 2002, it sold over 1,400 G-Wiz vehicles, an electric vehicle manufactured in India by the Indo-Reva Electric Car Company. The
acquisition was completed on or about April 1, 2013 when 1,562,498 shares of GAC common stock were authorized for exchange for
100% of the issued and outstanding securities of Going Green Limited and 150,501 shares of GAC common stock for issuance to former
creditors of Going Green. Due to a temporary restraining order in an unrelated litigation in Utah by us against a former stockholder
the shares were not released by our transfer agent until June 24, 2013. Ian Hobday, our then CEO, and Daren West, our former CFO,
served as directors of Going Green prior to the acquisition. On or about August 15, 2014, Going Green ceased operations and is
in liquidation under a voluntary liquidation in accordance with Section 98 of the United Kingdoms Insolvency Act of 1986.
With creditors approval, on or about August 27, 2014, former
LEC and Going Green staff members, led by Clive Southwell, a director of the U.K. businesses at the time LEC and Going Green ceased
operations, along with financial support from former GAC director Nicholas Hewson and our then CEO Ian Hobday, purchased the assets
of Going Green through a company they organized, Clean Transport and Technology Limited (CTT) for a purchase price
of £22,800 (£19,000 plus £3,280 value added tax (VAT)) and the assets of LEC2 for £7,200 (£6,000
plus £1,200 VAT) for a total of £30,000. The assets of LEC2 consisted primarily of spare parts and batteries, and the
assets of Going Green consist primarily of parts, equipment and used vehicles. The sale proceeds were paid to Lameys and the sales
were approved at the respective creditors committee meetings when they were held.
Viridian Motor Corporation Transaction
On or about January 9, 2014 we acquired 21.63% of Viridian Motor
Corporation (VMC), a US-based electric truck manufacturer. VMC was a company devoted to advancing twenty-first century transportation
technology using alternative fuels and propulsion systems to build fully electric, light duty trucks, which included their own
electric drive train and unique battery packs. In February 2014 we acquired an additional 1.5% of the company. On January 6, 2014,
we issued 1,292,270 shares to Burton Neil and Dale Nyhus for an obligation of $173,060 related to the acquisition. The value of
the issued shares on the day of issuance was $206,763. For the period ending September 30, 2014, we impaired the value of the investment
in VMC by 100%.
|
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v3.3.1.900
2. Basis of Presentation
|
9 Months Ended |
Sep. 30, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation |
2. BASIS OF PRESENTATION
The accompanying unaudited condensed interim consolidated financial
statements have been prepared in accordance with generally accepted accounting principles (GAAP) as promulgated in
the United States of America.
The unaudited condensed interim consolidated financial statements
at September 30, 2014 and for the three and nine-month periods ended September 30, 2014 and 2013 are unaudited, but include all
adjustments, consisting of normal recurring entries, which our management believes to be necessary for a fair presentation of the
periods presented. Interim results are not necessarily indicative of results for a full year.
|
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- DefinitionThe entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.3.1.900
3. Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2014 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The summary of significant accounting policies presented below is
designed to assist in understanding the Companys condensed consolidated financial statements. Such condensed consolidated
financial statements and accompanying notes are the representations of the Companys management, who is responsible for their
integrity and objectivity. These accounting policies conform to GAAP in all material respects, and have been consistently applied
in preparing the accompanying condensed consolidated financial statements.
Principles of Consolidation
The Companys unaudited condensed consolidated financial statements
include the assets, liabilities and operating results of majority-owned subsidiaries. The Company does not hold significant variable
interests in any variable interest entities. All significant intercompany accounts and transactions have been eliminated.
Reverse Merger Accounting
The MOT Merger was accounted for as a reverse-merger and recapitalization
in accordance with accounting principles generally accepted in the United States of America (GAAP). Green Automotive
Company was the acquirer for financial reporting purposes and MOT was the acquired company. Consequently, the assets and liabilities
and operations that are reflected in the historical financial statements prior to the Merger will be those of Green Automotive
Company and will be recorded at the historical cost basis of the Company. The consolidated financial statements after completion
of the Merger include the assets and liabilities of Green Automotive Company. Common stock and the corresponding capital amounts
of the Company pre-merger have been retroactively restated as capital stock shares reflecting the exchange ratio in the Merger.
Going Concern
Our condensed consolidated financial statements have been prepared
assuming the Company will continue as a going concern. However, as of September 30, 2014, we have sustained recurring operating
losses, have outstanding payables, a stockholders deficit of $16,600,561, have ceased operations in the United Kingdom and
have insufficient operating capital. These conditions, among others, give rise to substantial doubt about our ability to continue
as a going concern and increase the likelihood of bankruptcy. Management is continuing to seek additional capital to fund our ongoing
business and improve the profitability of existing operations. Until such time, our working capital needs must be funded through
the issuance of additional debt and equity instruments; however, there can be no assurance that we will receive the sums required
at the times and in the amounts needed, or that any funding will not be accompanied by conditions unfavorable to us. Management
believes these steps may provide us with adequate funds to sustain our continuing existence. There is, however, no assurance that
the steps taken by management will meet all of our needs or that we can continue as a going concern. The accompanying condensed
consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty or from
bankruptcy.
Use of Estimates
The preparation of the condensed consolidated
financial statements requires our management to make a number of estimates and assumptions relating to the reported amount of assets
and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements
and the reported amounts of revenues and expenses during the reporting period. The assumptions used by management in future estimates
could change significantly due to changes in circumstances, including, but not limited to, challenging economic conditions. Accordingly,
future estimates may differ significantly. Significant
estimates and assumptions included in our condensed consolidated financial statements relate to the valuation of long-lived assets,
inventory reserves, accruals for potential liabilities, and valuation assumptions related to derivative liability, equity instruments
and share based compensation.
Cash and Cash Equivalents
Cash and cash equivalents consist of amounts held as bank deposits
and highly liquid debt instruments purchased with an original maturity of three months or less. The Company had no cash equivalents
as of September 30, 2014 and December 31, 2013.
Discontinued Operations
On or about August 15, 2014, our United Kingdom based subsidiaries,
including Going Green Limited and Liberty Electric Cars Limited (LEC), along with each of LECs wholly owned subsidiaries
(collectively, the U.K. Companies), ceased business operations. As a result, we are reporting the operational results of the U.K.
Companies under Discontinued Operations. Operational results under Discontinued Operations includes a 100% impairment of all U.K.
Companies assets, a full write down of the value of each companys equity (or deficit), and the net earnings or losses
incurred by each. We will continue to carry each companys liabilities on our books under liabilities from discontinued operations
until such time as the voluntary liquidations currently underway are finalized. Additionally, comparative periods, within our financial
statements and accompanying notes, have been reclassified to show financial data for our former U.K. Companies under discontinued
operations. Such reclassifications had no impact on previously reported net losses.
Recent Accounting Pronouncements
Adopted
In February 2013, Financial Accounting Standards Board (FASB)
issued Accounting Standards Update (ASU) 2013-04, Obligations Resulting from Joint and Several Liability
Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date. The objective of the amendments in
this update is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several
liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting
date, except for those obligations addressed within existing guidance in U.S. GAAP. The amendment requires an entity to measure
obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope
of this guidance is fixed at the reporting date as the sum of the amount the reporting entity agreed to pay on the basis of its
arrangement among its co-obligors and an additional amount the reporting entity expects to pay on behalf of its co-obligors. The
entity is required to disclose the nature and amount of the obligation as well as other information about those obligations. The
Company adopted this ASU as of January 1, 2014.
On July 18, 2013, the FASB issued ASU 2013-11, Income Taxes (Topic
740): Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward
Exists. Topic 740 does not include explicit guidance on the financial statement presentation of an unrecognized tax benefit
when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The objective of the amendments
in this update is to eliminate that diversity in practice. The Company adopted this ASU as of January 1, 2014. This ASU did not
have an effect on our financial statements.
Not Adopted
Other recent pronouncements issued by FASB (including its Emerging
Task Force), the American Institute of Certified Public Accountants, and the United States Securities and Exchange Commission did
not or are not believed by management to have a material impact on the Companys present or future financial statements.
Reclassifications
Certain prior year amounts have been reclassified to conform to
the current year presentation for discontinued operations in all UK entities. Such reclassifications had no impact on previously
reported net losses.
Accounts Receivable
Accounts receivable consists of trade receivables, which are recorded
at the invoiced amount, net of taxes, allowances for doubtful accounts and prompt payment discounts. Trade receivables do not carry
interest. The allowance for doubtful accounts represents managements estimate of the amount of probable credit losses in
existing accounts receivable, as determined from a review of past due balances and other specific account data. Account balances
are written off against the allowance when management determines the receivable is uncollectible.
Investments in Joint Ventures
The Company applies the equity method for the 30% investment to
its joint venture interest in Powabyke, a privately-held UK company held by our wholly owned subsidiary Liberty Electric Company
Limited, and our 23.13% investment in Viridian Motor, a Virginia corporation, since quoted market prices are not available and
we have the ability to exercise influence over operating and financial policies of the joint venture. Significant influence is
generally defined as 20% to 50% ownership in the voting stock of an investee. Under the equity method, we initially record such
investments at cost and then adjust the carrying value of the investments to recognize the proportional share of the equity-accounted
affiliates net income (loss) including changes in capital of the affiliates. In addition, dividends received from the equity-accounted
company reduce the carrying value of our investment. If there is an other-than-temporary decline in the market value of the investment,
an impairment charge is recorded. For the period ending September 30, 2014, we impaired the value of the investment in Viridian
Motor by 100%. Our investment in Powabyke was sold during the period ending September 30, 2014.
Inventories
The Companys inventories are valued at cost, as determined
by the first-in, first out (FIFO) method; in aggregate such valuations are not in excess of market.
Concentrations
The Company currently maintains substantially all of its cash with
major financial institutions. At times, cash balances may be in excess of the amounts insured by the Federal Deposit Insurance
Corporation.
Comprehensive Income (Loss)
In June 2011, the Financial Accounting Standards Board (FASB)
issued Accounting Standards Update (ASU) No. 2011-05, Presentation of Comprehensive Income (ASU 2011-05),
which amends FASB Codification Topic 220 on comprehensive income disclosures. The new guidance allows an entity to present components
of net income and other comprehensive income in one continuous statement, referred to as the statement of comprehensive income,
or in two separate, but consecutive statements, while eliminating the option to report other comprehensive income and its components
in the statement of changes in shareholders equity. The provisions of ASU 2011-05 were adopted in 2012. The adoption of
ASU 2011-05 did not impact the Companys consolidated financial position, results of operations or cash flows as it required
only a change in the format of presentation.
Property and Equipment
Property and equipment consisting of leasehold improvements, furniture
and fixtures, equipment and vehicles are stated at cost. Property and equipment are depreciated using the straight-line method
over the estimated service lives ranging from three to seven years. Maintenance and repairs are expensed as incurred and improvements
are capitalized. Gains or losses on the disposition of fixed assets are recorded upon disposal.
Impairment of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held
and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to
be generated by the asset.
If the carrying amount of an asset exceeds its undiscounted estimated
future cash flows, an impairment review is performed. An impairment charge is recognized in the amount by which the carrying amount
of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and
reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities
of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of
the balance sheet. The Company determined that there was an indicator of impairment in goodwill and other intangibles during the
year ended December 31, 2013 because of the lowered revenue and cash flow projections. The Company uses the present value technique
for impairment testing. At September 30, 2014, we fully impaired our investment of $173,060 in Viridian Motors and the full carrying
value of $200,000 of our investment in World Energy Asset Management. Additionally, we fully impaired the investment values and
assets of our U.K. Companies, the expense thereof was then reclassified and presented under discontinued operations.
Derivative Instruments
The fair value of derivative instruments is recorded and shown separately
under current liabilities. Changes in the fair value are recorded in the condensed consolidated statement of income under other
income (expense).
The Company evaluates all of its financial instruments to determine
if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments
that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued
at each reporting date, with changes in the fair value reported in the consolidated statements of operations. For stock-based derivative
financial instruments, the Company uses a weighted average Black-Scholes-Merton option pricing model to value the derivative instruments
at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments
should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities
are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument
could be required within 12 months of the balance sheet date.
Fair Value Measurements
ASC 820, Fair Value Measurements, requires
an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC
820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure
fair value. A financial instruments categorization within the fair value hierarchy is based upon the lowest level of input
that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure
fair value: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities;
Level 2, inputs other than level one that are either directly or indirectly observable such as quoted prices for identical or
similar assets or liabilities on markets that are not active; and Level 3, defined as unobservable inputs in which little or no
market data exists, therefore requiring an entity to develop its own assumptions.
Income Taxes
We account for income taxes under the asset and liability method.
Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial
statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected
to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income
in the period that includes the enactment date. Valuation allowances are recorded, when necessary, to reduce deferred tax assets
to the amount expected to be realized.
As a result of the implementation of certain provisions of ASC 740,
Income Taxes (ASC 740), which clarifies the accounting and disclosure for uncertainty in tax positions, as defined,
ASC 740 seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to
accounting for income taxes. We adopted the provisions of ASC 740 as of January 1, 2007, and have analyzed filing positions in
each of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years in
these jurisdictions. We have identified the U.S. federal and California as our "major" tax jurisdictions. Generally,
we remain subject to Internal Revenue Service examination of our 2007 through 2013 U.S. federal income tax returns, and remain
subject to California Franchise Tax Board examination of our 2007 through 2013 California Franchise Tax Returns. However, we have
certain tax attribute carry forwards which will remain subject to review and adjustment by the relevant tax authorities until the
statute of limitations closes with respect to the year in which such attributes are utilized.
We believe that our income tax filing positions and deductions will
be sustained on audit and do not anticipate any adjustments that will result in a material change to our financial position. Therefore,
no reserves for uncertain income tax positions have been recorded pursuant to ASC 740. In addition, we did not record a cumulative
effect adjustment related to the adoption of ASC 740. Our policy for recording interest and penalties associated with income-based
tax audits is to record such items as a component of income taxes.
Revenue Recognition
We recognize revenues related to annual membership income and service
of electric vehicles in accordance with Financial Accounting Standards Board Accounting Standards Codification (FASB ASC)
No. 605, Revenue Recognition. Revenue is recognized when we have evidence of an arrangement, a determinable fee, and when
collection is considered to be probable and services are provided. In the event that final acceptance of our product by the customer
is uncertain, revenue is deferred until all acceptance criteria have been met. In the event we have amounts billed or collected
in accordance with contractual terms in advance of when the work is performed we treat these as deferred revenues. For us, such
advance payments primarily relate to the Company's grant project and E-Care membership scheme through our U.K. Companies. Due to
the liquidation of the U.K. Companies, advance payments received for the current and comparative periods have been reclassified
under discontinuing operations. Historically, our deferred revenue has included the following:
Grant Income
Grant income - not recognized until a grant claim has been submitted
and approved by Government representatives.
E-tech services
Revenues from consultancy services - recognized only when all services
have been rendered and collectability is reasonably assured.
E-Care services
Revenues from maintenance, repair, and overhaul services - recognized
only when all services have been rendered and collectability is reasonably assured.
Earnings per Common Share (as Restated)
The Company computes net income per share in accordance with
ASC 260, "Earnings per Share." ASC 260 requires presentation of both basic and diluted earnings (loss) per share
(EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common
shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS gives effect to all
dilutive potential common shares outstanding during the period including 632,701 Series A Convertible Preferred Stock for
September 30, 2014 (net of 150,000 forfeit shares) and 608,475 for September 2013 (net of 300,000 forfeit shares), using the
if-converted method, 0 stock options for September 30, 2014, and 18,000,000 for September 30, 2013 using the treasury stock
method, 35,562,651 Series Y Convertible Preferred Stock for September 30, 2014, and 0 for September 30, 2013 using the
if-converted method, and 231,923,077 shares for September 30, 2014 and 2,013,070 shares for September 30, 2013 for
convertible loan notes, using the if-converted method. In computing diluted EPS, the average stock price for the period is
used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS
excludes all dilutive potential common shares if their effect is anti-dilutive.
Share-Based Payment Arrangements
Generally, all forms of share-based payments, including stock option
grants, restricted stock grants and stock appreciation rights are measured at their fair value on the awards grant date,
based on the estimated number of awards that are ultimately expected to vest. Share-based compensation awards issued to non-employees
for services rendered are recorded at either the fair value of the services rendered or the fair value of the share-based payment,
whichever is more readily determinable. The expenses resulting from share-based payments are recorded in operating expenses in
the condensed consolidated statement of operations.
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v3.3.1.900
4. Acquisitions
|
9 Months Ended |
Sep. 30, 2014 |
Business Combinations [Abstract] |
|
Acquisitions |
4. ACQUISITIONS
On January 31, 2013, the Company signed a binding agreement to buy
UK-based electric vehicle distributor Going Green Limited. Trading under the brand name, GoinGreen, it sold over
1,400 G-Wiz electric vehicles, making it one of Europes largest single retailers of electric vehicles. Going Green Limited
was founded in 2002 and in the early days, set itself the mission to minimize the effects of climate change by encouraging carbon-neutral
motoring. The company pioneered electric vehicles in the UK with the G-Wiz vehicle, an electric vehicle manufactured in India by
the Indo-Reva Electric Car Company. The deal was completed on April 1, 2013 when 1,562,498 shares of GAC common stock was authorized
for exchange for 100% of the issued and outstanding securities of Going Green Limited plus 150,501 shares of GAC common stock was
authorized for issuance to former creditors of Going Green. Due to a temporary restraining order in an unrelated litigation in
Utah by us against a former stockholder the shares were not released by our transfer agent until June 24, 2013.
The allocation of the purchase price and the estimated fair market
values of the assets acquired and liabilities assumed of Going Green Limited are shown below.
| |
|
Cash | |
$ | 14,896 | |
Accounts receivable | |
| 29,379 | |
Prepayments | |
| 19,623 | |
Inventories | |
| 75,693 | |
Other current assets | |
| 27,845 | |
Property and equipment,
net of accumulated depreciation | |
| 14,653 | |
Goodwill | |
| 769,890 | |
Total
assets acquired | |
| 951,979 | |
| |
| | |
Credit Line | |
| 1,584 | |
Accounts payable and
accrued expenses | |
| 81,313 | |
Deferred revenue | |
| 34,983 | |
Income Tax payable | |
| 62,345 | |
Other | |
| 206,464 | |
Total
liabilities assumed | |
| 386,689 | |
| |
| | |
Purchase Price | |
$ | 565,290 | |
| |
| | |
Final
Consideration | |
| | |
1,562,498 of common
stock issued @ $0.33 in exchange for equity | |
| 515,625 | |
150,501
of common stock issued @ $0.33 to settle debt | |
| 49,665 | |
The acquisition method of accounting is based on ASC Subtopic 805-10,
Business Combinations, and uses the fair value concepts defined in ASC Subtopic 820-10, Fair Value Measurements
and Disclosures. The purchase price for Going Green businesses was allocated to the net tangible and intangible assets based
upon their fair values as of the respective acquisition dates. The allocation of the purchase price was based upon a valuation
and the estimates and assumptions were subject to change within the measurement period. The excess of the purchase price over the
fair values of the net tangible assets and intangible assets, if any, was recorded as goodwill and is generally driven by our expectations
of our ability to realize synergies and achieve our strategic growth objectives.
The goodwill recorded in connection with the Going Green acquisitions
was $769,890, on the transaction acquisition date. In accordance with U.S. GAAP, impairment testing for goodwill is performed at
least annually. The Company performs its annual impairment test as of December 31. Goodwill is tested for impairment between
annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit
below its carrying value.
The impairment test for goodwill uses a two-step approach, which
is performed at the entity level as the Company has one reporting unit. Step 1 compares the fair value of the reporting unit to
its carrying value including goodwill. If the carrying value exceeds the fair value, there is a potential impairment and Step 2
must be performed. Step 2 compares the carrying value of the reporting units goodwill to its implied fair value (i.e., the
fair value of the reporting unit less the fair value of the units assets and liabilities, including identifiable intangible
assets). If the carrying value of goodwill exceeds its implied fair value, the excess is recorded as an impairment.
The Company performed its annual test of goodwill as of December
31, 2013. The Company determined the fair value of the reporting unit exceeded the carrying value of the reporting unit.
For the year ended December 31, 2013, the Company concluded there
were indicators of potential goodwill impairment, including the decline in the value of the Companys revenue recognition.
As a result of identifying indicators of impairment, the Company performed an impairment test of goodwill as of December 31,
2013.
In performing Step 1 of the impairment test, the Company estimated
the fair value of the reporting unit using the market approach for purposes of estimating the total enterprise value for the Company.
The market approach is based on the guideline publicly traded company
method to determine the fair value of the reporting unit. Under this method, market multiples ratios were applied to the reporting
units earnings with consideration given to the Companys size, product offerings, growth, and other relevant factors
compared to those of the guideline companies. The guideline companies selected were engaged in the same or a similar line of business
as the Company. Market multiples were then selected based on consideration of risk, growth, and profitability differences between
the Company and the guideline companies. The selected market multiples were then multiplied by the Companys earnings streams
for the twelve months ended December, 2013.
Based on the above analysis, it was determined that the carrying
value of the reporting unit including goodwill exceeded the fair value of the reporting unit, requiring the Company to perform
Step 2 of the goodwill impairment test to measure the amount of impairment loss, if any.
In performing Step 2 of the goodwill impairment test, the Company
compared the implied fair value of the reporting units goodwill to its carrying value of goodwill. This test resulted in
a non-cash, goodwill impairment charge of $769,890 which was recognized during the year ended December 31, 2013. This charge had
no impact on our cash flows or our compliance with debt covenants.
The following table sets forth the balance of the Companys
goodwill as of December 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012 |
|
Additions |
|
Impairments |
|
December 31,
2013 |
Goodwill, gross |
|
$ |
- |
|
$ |
769,890 |
|
$ |
(769,890) |
|
$ |
- |
Accumulated impairment losses |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Total goodwill, net |
|
$ |
- |
|
$ |
769,890 |
|
$ |
(769,890) |
|
$ |
- |
The following are unaudited pro-forma results of operations as if
the acquisition has occurred at the beginning of the period for the three and nine months ended September 30, 2014 and 2013. Additionally,
the financial data herein have been reclassified to show revenues and expenses for Going Green, as well as Liberty Electric Company
and its subsidiaries, under Income/(Loss) from discontinued operations.
Pro-forma (unaudited)
For The Three and Nine Months Ended September
30, 2014 and 2013
| |
For the three months ended | |
For the nine months ended |
| |
September 30, | |
September 30, |
| |
2014 | |
2013 | |
2014 | |
2013 |
| |
| |
(restated) | |
| |
(restated) |
Revenues | |
$ | 1,662,918 | | |
$ | 644,624 | | |
$ | 3,459,607 | | |
$ | 828,888 | |
Costs of goods sold | |
| 1,281,116 | | |
| 483,938 | | |
| 3,281,507 | | |
| 630,462 | |
Gross profit | |
| 381,802 | | |
| 160,686 | | |
| 178,099 | | |
| 198,426 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| 38,697 | | |
| 18,384 | | |
| 87,069 | | |
| 19,705 | |
Loss on disposal of assets | |
| | | |
| 12,516 | | |
| | | |
| | |
Impairment of assets | |
| 373,060 | | |
| | | |
| 373,060 | | |
| | |
General and administrative | |
| 341,361 | | |
| 5,166,470 | | |
| 6,815,927 | | |
| 6,927,683 | |
| |
| 753,118 | | |
| 5,197,370 | | |
| 7,276,056 | | |
| 6,947,388 | |
| |
| | | |
| | | |
| | | |
| | |
Operational income/ (loss) | |
| (371,316 | ) | |
| (5,036,684 | ) | |
| (7,097,957 | ) | |
| (6,748,962 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income/(expenses) | |
| | | |
| | | |
| | | |
| | |
Change in fair value of derivative liability | |
| (361,135 | ) | |
| (18,766,197 | ) | |
| 57,095,577 | | |
| 18,850,333 | |
Stock issued for settlements | |
| | | |
| (1,237,200 | ) | |
| | | |
| (1,237,200 | ) |
Gain (loss) on settlement of debt | |
| | | |
| | | |
| (484,028 | ) | |
| | |
Loss on conversion of preferred shares | |
| | | |
| (16,116 | ) | |
| | | |
| (36,490 | ) |
Loss on conversion of preferred shares | |
| 660,296 | | |
| | | |
| 460,296 | | |
| | |
Other income/(expense) | |
| 194,581 | | |
| (28,929 | ) | |
| (1,642,960 | ) | |
| (194,673 | ) |
| |
| 493,742 | | |
| (20,048,442 | ) | |
| 55,428,885 | | |
| 17,381,970 | |
| |
| | | |
| | | |
| | | |
| | |
Income/(Loss) from continuing operations | |
| 122,427 | | |
| (25,085,126 | ) | |
| 48,330,929 | | |
| 10,633,008 | |
| |
| | | |
| | | |
| | | |
| | |
Income/(Loss) from discontinued operations | |
| (4,347,499 | ) | |
| (325,261 | ) | |
| (1,843,600 | ) | |
| (1,004,407 | ) |
| |
| | | |
| | | |
| | | |
| | |
Earnings before income tax | |
| (4,225,072 | ) | |
| (25,410,387 | ) | |
| 46,487,329 | | |
| 9,628,601 | |
| |
| | | |
| | | |
| | | |
| | |
Income taxes | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | (4,225,072 | ) | |
$ | (25,410,387 | ) | |
$ | 46,487,329 | | |
$ | 9,628,601 | |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) per share (Basic) | |
$ | (0.01 | ) | |
$ | (0.07 | ) | |
$ | 0.08 | | |
$ | 0.03 | |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) per share (Diluted) | |
$ | (0.01 | ) | |
$ | (0.07 | ) | |
$ | 0.04 | | |
$ | 0.01 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding (Basic) | |
| 659,999,514 | | |
| 384,197,678 | | |
| 573,312,300 | | |
| 356,544,473 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding (Diluted) | |
| 659,999,514 | | |
| 384,197,678 | | |
| 1,245,719,364 | | |
| 735,405,168 | |
On or about August 15, 2014, Going Green ceased operations and is
in liquidation under a voluntary liquidation in accordance with Section 98 of the United Kingdoms Insolvency Act of 1986.
On or about January 9, 2014 we acquired 21.63% of Viridian Motor
Corporation (VMC), a US-based electric truck manufacturer. VMC was a company devoted to advancing twenty-first century transportation
technology using alternative fuels and propulsion systems to build fully electric, light duty trucks, which included their own
electric drive train and unique battery packs. In February 2014 we acquired an additional 1.5% of the company. On January 6, 2014,
we issued 1,292,270 shares to Burton Neil and Dale Nyhus for an obligation of $173,060 related to the acquisition. The value of
the issued shares on the day of issuance was $206,763. For the period ending September 30, 2014, we impaired the value of the investment
in VMC by 100%.
|
X |
- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.3.1.900
5. Accounts Receivable
|
9 Months Ended |
Sep. 30, 2014 |
Receivables [Abstract] |
|
Accounts Receivable |
5. ACCOUNTS RECEIVABLE
Accounts receivable consists of the following: as of September 30,
2014 and December 31, 2013:
|
|
|
|
|
|
Accounts Receivables |
September 30,
2014 |
|
December 31.
2013 |
Trade receivables |
$ |
800 |
|
$ |
0 |
Grant monies receivable |
|
- |
|
|
0 |
|
$ |
800 |
|
$ |
0 |
Due to the liquidation of the U.K. Companies, accounts receivable
for the comparative period for our U.K. Companies have been reclassified as assets under discontinuing operations in our balance
sheet presentation. Without the reclassification for the comparative period December 31, 2013, trade receivables were $123,254
and grant monies receivable was $31,024, both of which were receivables for the U.K. Companies.
|
X |
- DefinitionThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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v3.3.1.900
6. Inventories
|
9 Months Ended |
Sep. 30, 2014 |
Inventory Disclosure [Abstract] |
|
Inventories |
6. INVENTORIES
Inventories consist of raw materials and work in progress. These
pertain to the Bus production in the Newport Coachworks facility. The Companys inventories are valued at cost, as determined
by the first-in, first out (FIFO) method; in aggregate such valuations are not in excess of market and consisted of the following
as of September 30, 2014 and December 31, 2013 (reclassified).
|
|
|
|
|
|
|
September 30,
2014 |
|
December 31,
2013 |
Raw materials |
$ |
104,882 |
|
$ |
31,922 |
Goods in transit |
|
- |
|
|
|
Work in progress |
|
494,775 |
|
|
145,424 |
Finished Goods |
|
- |
|
|
|
|
$ |
599,657 |
|
$ |
177,346 |
Due to the liquidation of the U.K. Companies, inventory for the
comparative period for our U.K. Companies has been reclassified as assets under discontinuing operations in our balance sheet presentation.
Without the reclassification for the comparative period December 31, 2013, the inventory total would have been $412,312, of which
$234,966 was inventory for the U.K. Companies.
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v3.3.1.900
7. Property and Equipment
|
9 Months Ended |
Sep. 30, 2014 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
7. PROPERTY AND EQUIPMENT
Property and equipment consists of the following: as of September
30, 2014 and December 31, 2013:
|
|
|
|
|
|
|
September 30,
2014 |
|
December 31,
2013 |
Leasehold improvements |
$ |
4,000 |
|
$ |
|
Furniture and fixtures |
|
|
|
|
|
Equipment |
|
492,475 |
|
|
492,475 |
Computer hardware and software |
|
6,347 |
|
|
6,347 |
Vehicles |
|
|
|
|
|
|
|
502,822 |
|
|
498,822 |
Less accumulated depreciation |
|
(130,603) |
|
|
(43,534) |
|
|
|
|
|
|
|
$ |
372,219 |
|
$ |
455,287 |
Our property and equipment as of September 30, 2014 are
located in California. As of September 30, 2014 and December 31, 2013 (reclassified), depreciation expense was $87,069 and
$19,705 respectively. Due to the liquidation of the U.K. Companies, our U.K. Companies property and equipment for the
comparative period, which totaled $143,118 (net of accumulated depreciation) has been reclassified as assets under
discontinuing operations in our balance sheet presentation.
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- DefinitionThe entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.
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v3.3.1.900
8. Goodwill and Intangible Assets
|
9 Months Ended |
Sep. 30, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill and Intangible Assets |
8. GOODWILL & INTANGIBLE ASSETS
Intangible assets consist of the following and were mainly related
to the LEC and Going Green acquisitions:
| |
| |
|
| |
September 30, 2014 | |
December 31, 2013 |
Goodwill on purchase of Going Green | |
$ | 789,890 | | |
$ | 789,890 | |
Go License | |
| 500,000 | | |
| 500,000 | |
Crash test homologation costs | |
| 228,912 | | |
| 228,912 | |
Liberty acquired technology | |
| 619,462 | | |
| 619,462 | |
Assembled workforce | |
| 689,000 | | |
| 689,000 | |
Trade name and website | |
| 45,000 | | |
| 45,000 | |
Non-compete agreement | |
| 1,500,000 | | |
| 1,500,000 | |
| |
| 4,352,264 | | |
| 4,352,264 | |
Less amortization and impairment | |
| (4,352,264 | ) | |
| (4,352,264 | ) |
| |
| | | |
| | |
| |
$ | | | |
$ | | |
Amortization expense was $0 for the nine
months ended September 30, 2014 and the year ended December 31, 2013. The Company impaired the remaining basis in the intangibles
during the year ended December 31, 2012 as management revised its sales forecast for the product which impaired the goodwill as
of December 31, 2012. There was no impairment of goodwill for the nine months ended September 30, 2013.
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v3.3.1.900
9. Deferred Revenue
|
9 Months Ended |
Sep. 30, 2014 |
Deferred Revenue Disclosure [Abstract] |
|
Deferred Revenue |
9. DEFERRED REVENUE
Deferred revenue consists of the following: as of September 30,
2014 and December 31, 2013:
|
|
|
|
|
|
Deferred Revenues |
September 30,
2014 |
|
December 31.
2013 |
Deferred Grant Income |
$ |
|
|
$ |
- |
Deferred membership fees |
|
|
|
|
- |
|
$ |
|
|
$ |
- |
As all of our deferred revenue was derived from our U.K. Companies
operations for both periods, all of our deferred revenue for the period ending December 31, 2013 has been reclassified under discontinued
operations.
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v3.3.1.900
10. Funds Received Not Converted Into Equity (Net of Discount)
|
9 Months Ended |
Sep. 30, 2014 |
Funds Received Not Converted Into Equity Net Of Discount |
|
Funds Received Not Converted Into Equity |
10. FUNDS RECEIVED NOT CONVERTED INTO EQUITY (NET OF DISCOUNT)
We received advances during the year ended December 31, 2013 in
the amount of $215,000. These advances were made directly from the shareholders. The Company issued common shares during the first
six months of 2014 to settle these advances.
|
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v3.3.1.900
11. Sums Due To Global Market Advisors
|
9 Months Ended |
Sep. 30, 2014 |
Sums Due To Global Market Advisors |
|
Sums Due To Global Market Advisors |
11. SUMS DUE TO GLOBAL MARKET ADVISORS
On July 19, 2010, we entered into an Advisory Agreement (the Advisory
Agreement) with Global Market Advisors, Inc., a Nevada corporation (GMAI). Under the Advisory Agreement, GMAI
was retained by us to assist with a variety of services, including, but not limited to, assisting us with our filings as a public
company, making the public aware of us and our business, and provide general advice to our management in order to execute our business
plan and strategy. The agreement was terminated with effect on July 31, 2013. In exchange for the services rendered, we agreed
to compensate GMAI in the amount of $170,889. This amount remained outstanding as of December 31, 2013 and as of September 30,
2014.
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v3.3.1.900
12. Sums Due To Global Trade Finance
|
9 Months Ended |
Sep. 30, 2014 |
Sums Due To Global Trade Finance |
|
Sums Due To Global Trade Finance |
12. SUMS DUE TO GLOBAL TRADE FINANCE
On January 1, 2012 the Company made and entered into a credit facility
with Global Trade Finance (GTF) to provide credit up to $250,000. The Company had drawn down $79,000 of the facility
through the second quarter of 2012. The effective rate of interest is 8% on the facility, and the facility was to be secured by
5,000,000 shares of Green Auto common stock, and the advances made to the Company under the credit facility were not reduced to
Convertible Notes. The facility was to be due January 1, 2013, or up to twenty four months if demand for repayment is not made,
however, effective September 30, 2012, the $79,000 was converted into 1,500,000 shares of the Companys common stock. The
Company recorded $4,000 gain on settlement of debt. The Company also borrowed another $25,000 on this facility that it still owes
under the same terms listed above as of September 30, 2014 and December 31, 2013.
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v3.3.1.900
13. Notes Payable, Net of Discounts
|
9 Months Ended |
Sep. 30, 2014 |
Debt Disclosure [Abstract] |
|
Notes Payable, Net of Discounts |
13. NOTES PAYABLE, NET OF DISCOUNTS
As a result of our inability to file our Form 10-Q for the period
ended September 30, 2014 within the time period required under the Securities Exchange Act of 1934, as amended, we have defaulted
on certain covenants under various loan documents with our note holders regarding timely filings with the SEC. Additionally, we
no longer have sufficient authorized shares for convertible note holders to convert their notes. We currently are in discussions
to revise the note agreements, including waivers of default remedies. Because we believe we will achieve waivers of the default
remedies, the values stated for the convertible notes do not include remuneration for default remedies.
Notes Payable | |
September 30, | |
December 31, |
| |
2014 | |
2013 |
Blue Citi - Convertible Note Payable, 0% interest, convertible at 40% discount to market price, unsecured | |
$ | 277,500 | | |
$ | | |
R Knight £38,500 Note Payable, Nil Interest, when funds permit, unsecured | |
| | | |
| 63,487 | |
P Beitl £109,576 Note Payable, Nil Interest, when funds permit, unsecured | |
| 180,691 | | |
| | |
David Voss Note Payable, 15% Interest, unsecured, convertible at fixed 00.5 cents per share | |
| 15,000 | | |
| | |
Black Mountain - Convertible Note Payable, 10% interest, convertible at 35% discount to market price, unsecured | |
| 62,000 | | |
| | |
Union Capital Note Payable, 8% Interest, unsecured, convertible at 42% discount to market price after 180 days | |
| 45,000 | | |
| | |
N Jones £10,053 Note Payable, Nil Interest, unsecured | |
| 16,577 | | |
| | |
I Hobday Note payable, Nil interest, unsecured | |
| 24,419 | | |
| 5,813 | |
P Lilley £700 Note Payable, Nil Interest, unsecured | |
| 1,191 | | |
| 1,154 | |
L G Capital Note payable, 8% Interest, unsecured, convertible at 50% discount to market price after 180 days | |
| 27,000 | | |
| 76,500 | |
Auctus Note Payable, 8% Interest, unsecured, convertible at 42% discount to market price after 180 days | |
| | | |
| 37,750 | |
JMJ Financial Note Payable, interest 12% after 90 days, unsecured, convertible at 40% discount to market price | |
| 142,566 | | |
| 82,000 | |
Louis Klein Note Payable, 15% Interest, unsecured, convertible at fixed 10.5 cents per share | |
| 50,000 | | |
| 50,000 | |
Linda Singer Note Payable, 15% Interest, unsecured, convertible at fixed 10.5 cents per share | |
| 100,000 | | |
| 100,000 | |
David Hopkins Note Payable, 15% Interest, unsecured , a conversion price of 50% of close price on date of notification | |
| 20,000 | | |
| 20,000 | |
Gel Properties Note Payable, 6% Interest, unsecured, convertible at 40% discount to market price | |
| | | |
| 25,000 | |
Redwood Fund II Note Payable ,10% Interest, unsecured, convertible at 50% discount to market price | |
| | | |
| 100,000 | |
Redwood Management LLC Note Payable, Nil Interest, unsecured, convertible at 50% discount to market price | |
| | | |
| 336,376 | |
Bizloan Note payable, 36% Interest, secured | |
| 16,802 | | |
| 219,691 | |
Typenex Note Payable, 8% Interest, unsecured, convertible at 60% discount to market price after 180 days | |
| 142,500 | | |
| | |
WEAM/WFC payable, 0% interest convertible at 20% discount to market price after 180 days | |
| 200,000 | | |
| | |
Auctus Note Payable, 8% Interest, unsecured, convertible at 42% discount to market price after 180 days | |
| 56,250 | | |
| | |
Blue Citi. 8% Interest, unsecured, convertible at 38.5% discount to market price after 180 days | |
| 26,500 | | |
| | |
LG Capital, 8% Interest, unsecured, convertible at 35% discount to market price after 180 days | |
| 94,050 | | |
| | |
Union Capital, 8% Interest, unsecured, convertible at 50% discount to market price after 180 days | |
| 50,000 | | |
| | |
Accrued interest | |
| | | |
| 8,080 | |
| |
| 1,350,778 | | |
| 1,323,119 | |
Debt Discount | |
| (300,153 | ) | |
| (273,777 | ) |
| |
$ | 1,050,625 | | |
$ | 1,049,342 | |
Current Portion | |
$ | 1,050,625 | | |
$ | 845,396 | |
Long Term | |
| | | |
| 203,946 | |
| |
$ | 1,050,625 | | |
$ | 1,049,342 | |
In connection with the Black Mountain convertible notes issued on
February 13, 2014, the Company issued a five year warrant to the note holder to purchase an additional 1,200,000 common shares
at an exercise price of $0.15. As of September 30, 2014, the adjusted number of issuable shares equaled 69,230,769 shares and the
strike price was $0.0026. Using the Black-Scholes model and the following inputs: $0.006 market price, 1 year estimated term, 0.13%
risk free rate and expected volatility of 178%, the warrants value was $ 318,318. The warrant has anti-dilution provisions,
including adjustable provisions for the exercise price. Additionally, if the warrant is exercised on a cashless basis, the market
price would reset to $0.0523, which would negatively impact the number of shares to be issued. We are currently negotiating a settlement
of the note with Black Mountain, which would include eliminating this warrant.
In connection with the Blue Citi convertible notes issued on
March 21, 2014, the Company issued a three year warrant to the note holder to purchase an additional 15,218,579 common shares
at an exercise price of $0.0183. The warrant has anti-dilution provisions, including adjustable provisions for the exercise
price and the number of shares. As of September 30, 2014, the adjusted number of issuable shares equaled 107,115,385 shares
and the strike price was $0.0026. Using the Black-Scholes model and the following inputs: $0.006 market price, 1 year
estimated term, 0.13% risk free rate and expected volatility of 178%, the warrants value was $492,508.
In connection with a funding transaction between the Company and
Typenex Co-Investment, LLC, in June 2014 the Company issued a $665,000 secured convertible promissory note to Typenex payable 17
months after the issuance date and bearing interest at the rate of 10% per annum. The loan will be funded in six installments of
which the first installment was for $142,500 and the remainders are for $110,000 each, except the last which is for $82,500. The
Typenex transaction had an original issue discount of $60,000 and transaction expenses of $5,000. As the lender, Typenex is secured
by a first priority security interest on the assets of the Company. The Typenex Note is convertible into shares of the Companys
common stock beginning on the date which is six months after each respective installment of the loan is received by the Company.
The conversion formula is the amount of the loan being converted divided by the conversion price, which is 60% of the average of
the three lowest Closing Bid Prices in the proceeding twenty trading days. In connection with the Typenex transaction, the Company
issued a five year warrant to Typenex to purchase common stock that includes anti-dilution provisions. The number of shares issuable
under the warrant equal $332,500 divided by the greater of the market price per share at the issue date of the warrant ($0.0205)
or the average trading price per share calculated on the two days prior to the date of notice of conversion. The purchase price
per share is determined by using the lower of the conversion price and the market price. As of September 30, 2014, the adjusted
number of issuable shares equaled 127,884,615 and the strike price was $0.0026. Using the Black-Scholes model and the following
inputs: $0.0026 market price, 1 year estimated term, 0.13% risk free rate and expected volatility of 178%, the warrants
value was $588,004.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.3.1.900
14. Stock Incentive Plan
|
9 Months Ended |
Sep. 30, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Stock Incentive Plan |
14. STOCK INCENTIVE PLAN
On May 30, 2011, the Company adopted the 2011 Non-Qualified Stock
Incentive Plan (the Plan). Under the Plan, participants, including both employees and nonemployees of the Company,
have the opportunity to acquire common units of the Company. For awards made under the Plan, participants purchase common units
at the time the award is made at (i) a stated value, or (ii) a percentage that is not less than 50% of the current fair market
value of the stock. Award agreements with employees have a term of ten years and typically have a graded vesting terms over five
years. If a participant ceases to be employed with the Company prior to the end of the vesting period, the participant forfeits
his/her rights to any unvested units at the date of the termination.
During the nine month period ending September 20, 2014,
the Company granted 10,100,000 options and recorded a stock option expense of $523,905. No options were granted during the
year ended December 31, 2014.
The fair value of each option award is estimated on the date of
grant using the Black-Scholes option valuation model that uses the assumptions noted in the following table. Because the Black-Scholes
option valuation model incorporate ranges of assumptions for inputs, those ranges are disclosed. Expected volatilities are based
on historical volatilities of the Companys stock. The Company uses historical data to estimate option exercise and employee
termination within the valuation model. The expected term of options granted is derived from estimates and represents the period
of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the
option is based on the U.S. Treasury yield curve in effect at the time of grant.
| |
| |
|
| |
September 30, 2014 | |
December 31, 2014 |
Expected Volatility | |
| 178 | % | |
| 170 | % |
Expected dividends | |
| | | |
| | |
Expected terms (in years) | |
| 1 | | |
| 1 | |
Risk-free rate | |
| 0.13 | % | |
| 0.13 | % |
Forfeiture rate | |
| | | |
| | |
A summary of option activity as of September 30, 2014 and
December 31, 2013, and changes during the periods then ended is presented below:
| |
| |
| |
| |
|
| |
| |
Weighted- | |
Average | |
|
| |
| |
Average | |
Remaining | |
Aggregate |
| |
| |
Exercise | |
Contractual | |
Intrinsic |
| |
Options | |
Price | |
Life (Years) | |
Value |
Outstanding at January 1, 2013 | |
| 22,000,000 | | |
$ | 0.34 | | |
| 9.44 | | |
$ | 191,500 | |
Granted | |
| | | |
| | | |
| | | |
| | |
Exercised | |
| | | |
| | | |
| | | |
| | |
Forfeited or expired | |
| | | |
| | | |
| | | |
| | |
Outstanding at December 31, 2013 | |
| 22,000,000 | | |
$ | 0.34 | | |
| 8.44 | | |
$ | 191,500 | |
Exercisable at December 31, 2013 | |
| 18,000,000 | | |
$ | 0.42 | | |
| 8.42 | | |
$ | | |
| |
| |
| |
| |
|
| |
| |
Weighted- | |
Average | |
|
| |
| |
Average | |
Remaining | |
Aggregate |
| |
| |
Exercise | |
Contractual | |
Intrinsic |
| |
Options | |
Price | |
Life (Years) | |
Value |
Outstanding at January 1, 2014 | |
| 22,000,000 | | |
$ | 0.34 | | |
| 8.44 | | |
$ | 112,000 | |
Granted | |
| 10,100,000 | | |
| 0.06 | | |
| 9.30 | | |
| 523,905 | |
Exercised | |
| | | |
| | | |
| | | |
| | |
Forfeited or expired | |
| | | |
| | | |
| | | |
| | |
Outstanding at September 30, 2014 | |
| 32,100,000 | | |
$ | 0.30 | | |
| 8.20 | | |
$ | 635,905 | |
Exercisable at September 30, 2014 | |
| 29,700,000 | | |
$ | 0.24 | | |
| 8.22 | | |
$ | 0 | |
|
X |
- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
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v3.3.1.900
15. Stockholders' Deficit
|
9 Months Ended |
Sep. 30, 2014 |
Equity [Abstract] |
|
Stockholders' Deficit |
15. STOCKHOLDERS
DEFICIT
Series Y Preferred Stock
On September 2, 2014, we filed a Certificate
of Designation with the Nevada Secretary of State in connection with the creation of a class of shares designated by our Board
of Directors as the Series Y Preferred Shares with the characteristics described below. The purpose of the Series
Y Preferred Shares is to create additional authorized shares of common stock by permitting the return of issued and outstanding
shares of common stock held our management and others to the treasury for cancellation and to be available for original issuance.
In return for the submission of the shares of common stock for cancellation, each participating shareholder shall receive an identical
number of restricted Series Y Preferred Shares. The total number of issued and outstanding shares of common stock that may be subject
to this arrangement is forty million (40,000,000) shares of common stock and an equivalent number of Series Y Preferred Shares.
A total of 35,415,592 shares of common stock have been returned for cancellation and an equivalent number of restricted shares
of Series Y Preferred Stock have been issued to the participants.
Series A Convertible Preferred Stock (CPS) and
Derivative Liability
On July 23, 2012 and in relation with the Liberty Electric Car Limited
(LEC) Acquisition (Note 4), the Company issued 300,000 shares of restricted preferred stock to two LEC Directors,
Darren West and Ian Hobday, as a covenant not to compete. These preferred shares were valued at $5.00 per share and were recorded
as part of the purchase price.
On or about September 29, 2012, the Company issued an additional
30,000 CPS to FMS to settle $150,000 of advances owed to FMS (see Note 4) at a conversion rate of $5.00 per CPS.
On or about December 26, 2012, the Company issued an additional
53,680 CPS to FMS for cash at a price of $5.00 per CPS.
On or about December 26, 2012, the Company issued an additional
12,121 CPS to FMS for cash at a price of $8.25 per CPS.
On or about February 15, 2013, FMS converted 62,500 Series A preferred
shares into 20,437,331 shares of our common stock.
On or about March 6, 2013, the Company issued an additional 21,841
CPS to FMS for cash at a price of $8.25 per CPS in settlement of $180,188 advances from related party.
On or about July 26, 2013, the Company issued an additional 95,485
CPS to FMS for cash, 51,387 at a price of $5 per CPS and 44,098 at a price of $8.25 per CPS in settlement of $620,743 advances
from related party.
On or about July 29, 2013, 42,152 Series A Preferred Shares were
converted into 16,156,335 shares of our common stock.
On or about November 27, 2013 the Company issued an additional 15,891
CPS to FMS for cash, 2,800 at a price of $5 per CPS and 13,091 at a price of $8.25 per CPS in settlement of $122,001 advances from
related party.
On January 7, 2014 the Company issued 27,000 CPS to two investors
for settlement of liability, these shares were valued at $210,000.
During the period from January 9, 2014 to March 31, 2014, 38,665
shares of CPS were converted into 19,386,464 common shares.
On or about April 11, 2014 a holder of Series A Preferred shares
of the Company converted 125,000 Series A Preferred Stock into 66,875,000 restricted shares of the Companys common stock.
The shares issued for the Series A Preferred stock represented 11.05% of the Companys shares issued and outstanding as of
April 11, 2014.
On or about May 28, 2014 the Company converted 5,000 Series A Preferred
Stock into 2,289,220 shares of its common stock.
Conversion Formula
The CPS is convertible into Companys common stock in accordance
with the following formula:
Number of common shares to be issued upon conversion of CPS =
Number of common stock outstanding on date of conversion x 0.000001
x Number of preferred stock being converted.
Due to there being no explicit limit to the number of shares to
be delivered upon settlement of the above conversion option embedded in the CPS, the conversion feature is classified as derivative
liabilities and recorded at fair value. At the time of this filing, the Company does not have sufficient issuable common shares
remaining from its authorized common shares for any of the CPS holders to convert into common shares.
Pursuant to ASC 815, Derivatives and Hedging, the
Company initially recognized the fair value of the embedded conversion feature of the CPS on date of issuance and was charged to
operations. On September 30, 2014, the Company recorded a mark-to-market adjustment based on the fair value of the derivative liability
on that date which resulted in a gain of $57,095,577. The fair value of the derivative liability was determined using the Black
Scholes option pricing model with a quoted market price of $0.006, a conversion price of $0.0026, expected volatility of 178%,
no expected dividends, an expected term of one year and a risk-free interest rate of 0.13%. As of September 30, 2014, the number
of common shares that could be potentially issued to settle the conversion of the preferred stock is 372,921,913 common shares.
The following table sets forth by level with the fair value hierarchy
the Companys financial assets and liabilities measured at fair value on September 30, 2014.
| |
| |
| |
| |
|
| |
Level 1 | |
Level 2 | |
Level 3 | |
Total |
Assets | |
| | | |
| | | |
| | | |
| | |
None | |
$ | | | |
$ | | | |
$ | | | |
$ | | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Derivative Financial instruments | |
$ | | | |
$ | | | |
$ | 12,814,383 | | |
$ | 12,814,383 | |
The following table summarizes the derivative liabilities included
in the condensed consolidated balance sheet at September 30, 2014:
| |
|
Balance at January 1, 2014 | |
$ | 71,752,773 | |
Derivative liability related to new issuance and conversion, net | |
| 1,842,812 | |
Change in Value of Historic Derivatives | |
| (57,095,577 | ) |
Balance at September 30, 2014 (unaudited) | |
$ | 12,814,383 | |
Common Stock
On or about February 15, 2013 FMS converted 62,500 Preferred A shares
into 20,437,331 shares of our common stock.
On or about February 15, 2013, we issued 375,000 shares of our common stock to Kodiak
Capital Group LLC worth $150,000 as part of the Kodiak Funding Agreement. The issuance was exempt from registration pursuant to
Section 4(2) of the Securities Act of 1933, and the investor was either accredited or sophisticated and familiar with our operations.
On or about February 15, 2013, we issued 160,715 shares of our common
stock to Colin Manners (part of Kodiak Capital Group LLC) worth $64,286 as part of the Kodiak Funding Agreement. The issuance was
exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, and the investor was either accredited or sophisticated
and familiar with our operations.
On March 18, 2013, the Company entered into a funding agreement
for up to $3 million with Kodiak Capital Group LLC, a Newport Beach-based institutional investor. The Company has agreed to file
a registration statement with the U.S. Securities & Exchange Commission (SEC) covering the shares that may be
issued to Kodiak under the terms of the common stock purchase agreement. As a result of the current market price for the Companys
common stock, the Company intends to withdraw the registration statement filing.
On or about April 1, 2013, the Company issued 1,712,999 shares to
the owners of Going Green Limited (a UK company) to acquire 100% of the business. Due to the TRO the shares were not released by
our transfer agent until June 24, 2013.
On or about March 22, 2013, the Company issued 1,050,000 shares
of its common stock to Metro-Electric PLC to secure a 30% investment in the Powabyke brand of Electric Bikes owned by Metro-Electric
PLC.
On or about May 9, 2013, the Company issued 1,500,000 shares of
its common stock each to Gary Spaniak Sr. and Ron Davis to compensate them for Liberty Electric Cars Limited withdrawing from the
Merger with ELCR in order to be acquired by GAC.
On or about July 18, 2013, the Company issued 27,000,000 shares
of its common stock to Carter Read of which 5,000,000 was in relation to the purchase of Newport Coachworks, Inc. and 22,000,000
was in relation to Mr. Read securing purchase orders in excess of sixty (60) units.
On or about July 29, 2013, the Company converted 42,152 Series A
Preferred Stock into 16,156,335 shares of its common stock.
On or about September 20, 2013, the Company issued 1,188,603 shares
of its common stock. Of those shares, 1,046,618 were issued in connection with convertible debt, 27,939 were issued to a member
of staff to retain their services, and 114,046 were issued in lieu of rent payments.
On or about October 16, 2013, the Company issued 500,000 shares
of its common stock in connection with advisory services provided.
On or about November 8, 2013, the Company issued 625,461 shares
of its common stock in connection with advisory services provided.
On or about November 18, 2013, the Company issued 50,000 shares
of its common stock in connection with advisory services provided.
On or about December 11, 2013, the Company issued 7,700,000 shares
of its common stock in connection with a 3(a)(10) arrangement with Ironridge.
On or about December 23, 2013, the Company issued 297,429 shares
of its common stock to Redwood Management in connection with the repayment of convertible debt in the amount of $33,460.73.
On or about December 31, 2013, the Company issued 238,095 shares
of its common stock to Redwood Management in connection with the repayment of convertible debt in the amount of $25,000.
During the three months ended March 31, 2014, the Company issued
19,644,299 shares in connection with debt conversion valued at approximately $555,490, mainly related to the LEC debt that was
assumed by Redwood.
During the three months ended March 31, 2014, the Company issued
32,051 shares for $5,000 in cash to unrelated party.
During the three months ended March 31, 2014, the Company issued
278,133 shares as additional interest and penalties valued at $24,038.
During the three months ended March 31, 2014, the Company issued
78,792,270 shares in connection with liability settlements valued at approximately $4,993,110, which included the Ironridge settlement
agreement and other liabilities related to consultants and two officers for accrued salary.
During the three months ended March 31, 2014, the Company issued
872,569 shares in connection with services provided to the company by outside consultants valued at approximately $64,000.
On or about April 2, 2014 the Company issued 1,200,000 shares of
its common stock to JMJ Financial in connection with the repayment of convertible debt in the amount of $16,920.
On or about April 2, 2014 the Company issued 4,821,925 shares
of its common stock to LG Capital in connection with the repayment of convertible debt in the amount of $51,500 plus $2,746
in accrued interest.
On or about April 9, 2014 the Company issued 1,631,280 shares of
its common stock to Auctus Private Equity Fund in connection with the repayment of convertible debt in the amount of $17,750 plus
$1,646 in accrued interest.
On or about April 9, 2014 the Company issued 1,600,000 shares of
its common stock to JMJ Financial in connection with the repayment of convertible debt in the amount of $22,560.
On or about April 11, 2014 the Company converted 125,000 Series
A Preferred Stock into 66,875,000 shares of its common stock.
On or about April 14, 2014, the Company issued 212,500 shares of
common stock in exchange to investor Maurice Graham Oates at $0.0400 per share for a total of $8,500.
On or about April 22, 2014 the Company issued 1,585,930 shares of
its common stock to JMJ Financial in connection with the repayment of convertible debt in the amount of $22,742.23.
On or about May 23, 2014 the Company issued 540,000 shares of its
common stock to Gel Properties in connection with the repayment of convertible debt in the amount of $4,472.
On or about May 28, 2014 the Company converted 5,000 Series A Preferred
Stock into 2,289,220 shares of its common stock.
On or about May 30, 2014 the Company issued 900,000 shares of its
common stock to Gel Properties in connection with the repayment of convertible debt in the amount of $7,453.
On or about June 3, 2014 the Company issued 1,578,767 shares of
its common stock to Gel Properties in connection with the repayment of convertible debt in the amount of $13,075.
On or about June 5, 2014 the Company issued 4,262,943 shares of
its common stock to Redwood Management in connection with the payment of accrued interest in the amount of $29,841.
On or about June 6, 2014 the Company issued 3,474,337 shares
of its common stock to LG Capital Funding in connection with the repayment of convertible debt in the amount of $26,058 plus
$1,058 in accrued interest.
On or about June 10, 2014 the Company issued 2,000,000 shares of
its common stock to Gel Properties in connection with the repayment of convertible debt in the amount of $21,827.
On or about June 12, 2014 the Company issued 1,700,000 shares of
its common stock to JMJ Financial in connection with the repayment of convertible debt in the amount of $15,810.
On or about June 17, 2014 the Company issued 290,753 shares of its
common stock to Gel Properties in connection with the of repayment convertible debt in the amount of $3,173.
On or about June 17, 2014 the Company issued 400,000 shares of its
common stock to a creditor of former CFO Darren West. In exchange, the accrued salary due Darren West was reduced $17,000.
On or about June 18, 2014 the Company issued 3,342,831 shares
of its common stock to LG Capital Funding in connection with the repayment of convertible debt in the amount of $25,000 plus
$71 in accrued interest.
On or about June 18, 2014 the Company issued 2,200,000 shares of
its common stock to Gel Properties in connection with the repayment of convertible debt in the amount of $19,361.
On or about June 19, 2014 the Company issued 8,571,428 shares of
its common stock to Redwood Fund III in connection with the repayment of convertible debt in the amount of $60,000.
On or about June 24, 2014 the Company issued 2,000,000 shares of
its common stock for advisory services rendered in 2013 at $0.014 per share.
On or about June 27, 2014 the Company issued 7,462,686 shares of
its common stock to Redwood Fund III in connection with the repayment of convertible debt in the amount of $40,000 plus $10,000
in accrued interest.
On or about June 27, 2014 the Company issued 640,736 shares of its
common stock to Gel Properties in connection with the repayment of convertible debt in the amount of $5,639.
On or about July 10, 2014, the Company issued 2,818,337 shares of
its common stock to JMJ Financial in connection with the repayment of convertible debt in the amount of $24,012.
On or about July 14, 2014, the Company issued 8,608,322 shares of
its common stock to Redwood Fund II, LLC in connection with the repayment of convertible debt in the amount of $60,000.
On or about July 15, 2014, the Company issued 2,500,000 shares of
its common stock to GEL Properties, LLC in connection with the repayment of convertible debt in the amount of $ $20,459.
On or about July 21, 2014, the Company issued 7,246,377 shares of
its common stock to Redwood Fund II, LLC in connection with the repayment of convertible debt in the amount of $50,000, of which
$10,000 was for accrued interest.
On or about July 29, 2014, the Company issued 554,820 shares of
its common stock to GEL Properties, LLC in connection with the repayment of convertible debt in the amount of $ 4,541.
On or about September 12, 2014, the Company issued 3,894,867 shares
of its common stock to Black Mountain Equities in connection with the repayment of convertible debt in the amount of $30,653, of
which $1,653 was for accrued interest.
On or about September 23, 2014, the Company issued 912,569 shares
of its common stock to Union Capital, LLC in connection with the repayment of convertible debt in the amount of $5,201, of which
$202 was for accrued interest.
On or about September 26, 2014, the Company issued 384,615 shares
of its common stock to Blue Citi in connection with the repayment of convertible debt in the amount of $1,000.
On or about September 30, 2014, the Company issued 5,044,110 shares
of its common stock to Black Mountain Equities in connection with the repayment of convertible debt in the amount of $20,176, of
which 1,176 was for accrued interest.
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- DefinitionThe entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
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v3.3.1.900
16. Contingencies
|
9 Months Ended |
Sep. 30, 2014 |
Commitments and Contingencies Disclosure [Abstract] |
|
Contingencies |
16. CONTINGENCIES
Our predecessor, Go Green USA, LLC (Go Green) was
a party defendant, along with other defendants in a civil action filed in Marshall County, West Virginia by Glen Dale Motor Co.
and Tomsic Motor Co, Civil Action No. 11-C-104 H. This undefended and previously unknown action resulted in a default judgment
and related judgment order in the amount of $3,717,615 with interest accruing at 7% per annum from and after February 13, 2012.
There is no active effort to enforce this action against Go Green and we believe there are numerous defenses to the asserted judgment
and any such enforcement effort. Moreover, the existence of the liability pre-existed our acquisition of Go Green and its existence
was not disclosed as a part of the acquisition.
Management has not accrued for this event in the financial statements
as it is not determinable whether the Company is liable for this judgment. The Company expects that if efforts are made to enforce
the judgment the expected loss could be from $0 to $3,717,615 not including additional accrued post-judgment interest.
In December 2013 we entered in to an arrangement with Ironridge
Global Equity IV, Ltd. under Section 3(a)(10) of the Securities Act of 1933 that was approved by a Superior Court Judge in Los
Angeles, California pursuant to which we agreed to settle approximately $543,000 of trade debt claims purchased by Ironridge in
exchange for the issuance by the Company of free-trading shares of our common stock under a calculation negotiated between Ironridge
and the Company (the Stipulation). As of December 31, 2013, we had issued 7,700,000 free trading shares of our common
stock to cover the Newport Coachworks liabilities assigned to Ironridge under the Stipulation The 3(a)(10) agreement specifies
a $6m calculation period which determines the final number of shares to be issued to Ironridge in settlement of the
loan they made to the Company by purchasing Company third party debt.
After the initial issuance GAC issued a total of 27,000,000 additional
free trading shares to Ironridge under the Stipulation formula. On or about March 28, 2014, however, Ironridge demanded GAC issue
an additional 43,000,000 free-trading shares based on Ironridges calculations under the Stipulation. Ironridges calculation
depends on its interpretation of certain clauses in the Stipulation and the allegation that GAC delayed the timely issuance of
shares to which Ironridge was entitled and has thus increased the base amount of shares owed under the Stipulation. The initial
Ironridge demand for 43,000,000 shares was increased to 55,000,000 additional shares (the Additional Shares).
On April 16, 2014, Ironridge brought an ex parte proceeding before
Hon. Deirdre Hill, J. (Judge Hill) to compel GAC to issue the Additional Shares under the Stipulation. GAC filed
its answering papers in opposition to the Ironridge motion, and the Court held a hearing on May 14, 2014. At the conclusion of
the hearing, the Court denied Ironridges request for the issuance of the Additional Shares without prejudice. Since the
date of the May 14 hearing Ironridge has not filed any other court papers, nor has GAC had any further communications from Ironridge.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.3.1.900
17. Subsequent Events
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9 Months Ended |
Sep. 30, 2014 |
Subsequent Events [Abstract] |
|
Subsequent Events |
17. SUBSEQUENT EVENTS
After the period ending September 30, 2014, we reached our limit
of available and issuable shares (as calculated by the following formula: total shares authorized minus total shares issued and
outstanding minus total share reserved for convertible note holders). As a result, we have no further shares to issue as a means
of raising capital. Further, our Preferred A stockholders cannot convert their preferred shares for common shares and our convertible
noteholders cannot convert their notes for common shares. As a result, we are in breach of our agreements with the Preferred A
Shareholders and Convertible Note Holders. Although our Board of Directors has passed a resolution to increase the number of authorized
common shares to 2,500,000,000 from 900,000,000, the amount of the increase in authorized shares to be requested of the Companys
shareholders is subject to our ability to negotiate a resolution on the conversion of our Preferred A Stock to common shares and
the settlement of our outstanding liabilities, including GAC and Newport Coachworks payables and GACs outstanding
convertible notes. If a reasonable resolution is not achieved, the number of common shares needed to fully satisfy all parties
could exceed 20 billion shares (based on all factors present on or about December 31, 2014). An increase to our authorized issuable
share ceiling is subject to approval by our shareholders and will not be effective until the filing of an amendment to our Articles
of Incorporation.
On September 8, 2014, a consultant to the company serving as Controller
and Senior Vice President, Global Corporate Finance, Donald Murray, submitted a notice of Termination of Agreement with
Cause effective October 8, 2014. Causes referenced by Mr. Murray included breach of agreement by the Company, failure by
the Company to pay agreed upon compensation, the Companys insolvency and the Company and CEOs failure to properly
disclose material information. We have not refuted Mr. Murrays assertions. Penalties that we had previously agreed to in
our agreement with Mr. Murray if he were to terminate his consulting agreement for cause included full and immediate vesting of
6,000,000 shares and 2,000,000 options (with an average strike price of $0.05), payment of accrued and unpaid consulting fees,
which totaled $23,333 as of October 8, 2014, and six months consulting fees equaling $75,000, together totaling $98,333. The cash
fees, shares and options were to have been issued by us to Mr. Murray on or before October 8, 2014. However, Mr. Murray elected
to defer receipt of the shares and options until January 2015. As of the date of this filing, only $2,500 of the unpaid, accrued
and penalty fees has been paid to Mr. Murray, leaving the cash balance due to him by us at $95,833. Likewise, our obligation to
issue the shares and options as described above remains outstanding as we do not have any available shares from which to issue
shares owed to Mr. Murray.
Effective October 8, 2014, upon the request of Carter Read, Board
Director and President of Newport Coachworks, Ian Hobday resigned as our CEO and Company Director. Although Mr. Hobday had previously
been awarded 150,000 of the Companys Preferred A Shares for his acceptance of a three year non-compete agreement, the agreement
included a pro rata forfeiture provision if Mr. Hobday did not complete three years of service. As Mr. Hobday had not yet completed
three years of service at the time of his resignation, he forfeited 50,000 of the Preferred A Shares he had been issued. Additionally,
since Mr. Hobday worked with at least two companies outside the GAC organization, OEC International Limited and Footloose 4X4 Limited,
both U.K. companies acquired by Liberty Electric Company, but not consolidated into the GAC group, during his service to us as
CEO, we are investigating whether these activities breached Mr. Hobdays non-compete agreement, which could mean that Mr.
Hobday would forfeit all of the Preferred A shares that had previously been issued to him.
Prior to his departure, CEO Ian Hobday appointed Mr. Alan J. Bailey
as our Chief Financial Officer, effective October 8, 2014.
On October 10, 2014, our Board of Directors appointed Mr. Carter
Read, President of Newport Coachworks, Inc., our remaining operating subsidiary, to the positions of interim President (our Principal
Executive Officer) and Secretary of the Company.
In December 2014, Mr. Read re-engaged Mr. Murray as a consultant
to assist the Company.
On May 18, 2015, we announced the appointment of Ben Rainwater as
the Company's CEO and member of the Board and the appointment of Agnes Cha as Senior Vice President, Corporate Affairs and member
of the Board. Under the terms of their respective agreements with us, both Mr. Rainwater and Ms. Cha were each issued 150,000 shares
of our Series A Convertible Preferred Stock, subject to certain forfeiture and voting conditions, and are to receive 5,000,000
shares of our common stock after the Company increases its authorized common stock sufficient to permit such issuance. Additionally,
each was to receive $5,000 per week for any month in which Newport Coachworks, Inc. (NCI), the Companys wholly-owned subsidiary,
produced an average of 3 buses per week in a calendar month and $7,500 per week for any month in which NCI produced an average
of 4 or more buses per week in any calendar month. However, no compensation was to be paid, owed, earned or accrued for any month
in which NCI does not average at least 3 buses per week. On or about November 31, 2015, both Mr. Rainwater and Ms. Cha each forfeited
75,000 shares (collectively 150,000) when NCI failed to achieve an average production of three buses per week by the end of November
2015. Further, neither has received any cash remuneration (nor accrued remuneration) as of the date of this filing, as neither
the Company nor NCI have reached the thresholds under which cash remuneration would be awarded. Further, no shares of our common
stock have been issued to either Mr. Rainwater or Ms. Cha as we have not yet, as of the date of this filing, increased our authorized
limit for common stock issuance.
On or about May 15, 2015, our subsidiary, Newport Coachworks, Inc.
(NCI) ceased production and laid off its workers as it had depleted its working capital and no longer had the means to purchase
parts nor pay its staff nor workers. As a result, NCIs revenue in the second quarter of 2015 and onwards will be minimal.
On July 13, 2015, Carter Read resigned his
positions as our interim President, Secretary and as a member of our Board of Directors. On July 20, 2015, Mr. Read resigned from
his position with Newport Coachworks.
On or about July 21, 2015, we became aware that the landlord of
Newport Coachworks warehouse and manufacturing facility located on Wilson Street in Riverside, California, had locked our
personnel out of the facility due to failure by NCI to pay the rent. At the time we were locked out of the facility, certain assets
of Newport Coachworks remained inside. We also became aware that the facility may have been leased to a different shuttle bus manufacturing
company, unrelated to us. We believed that at some point prior to Mr. Reads departure, Mr. Read may have arranged for NCI
to be released from the Wilson Street lease, which involved a lease being issued to a new tenant introduced by Mr. Read. As part
of this transaction, we believed that assets belonging to NCI may have been surrendered to the landlord, and/or sold or assigned
to the new tenant to compensate the landlord for amounts owed, and possibly, to release Mr. Read from a personal guarantee he had
issued when the lease was signed originally. We began negotiating with the landlord of the Wilson Street facility, as well as the
new tenant, regarding the facility and Newport Coachworks assets. These efforts led to the formation of an Outsourcing Agreement
with Executive Bus (see below).
On August 12, 2015, our Board of Directors
appointed Fred Luke as our President and Secretary. Mr. Lukes appointment to President and Secretary did not include an
assignment of remuneration. As of the date of this filing, Mr. Luke has received a total of $10,000 in remuneration for his services
as President.
On August 12, 2015, our Board of Directors
appointed Agnes Cha as our Treasurer. Ms. Chas appointment to Treasurer did not include remuneration. Ms. Cha has not received
any cash nor equity remuneration (nor accrued remuneration) for this appointment as of the date of this filing.
On or about August 13, 2015, our Board began a formal investigation
into the circumstances leading up to the alleged surrender of assets and transfer of the NCI lease of the Wilson Street facility
by Mr. Read prior to his departure.
On September 30, 2015, we signed an Outsourcing Agreement (Outsourcing
Agreement) with Executive Bus Builders Inc. (Executive Bus). Executive Bus is an affiliate
of Executive Coach Builders Inc. based in Springfield, Missouri (Executive Coach). Executive Coach is known as one of the
of the top SUV limousine manufacturers in the U.S., and is one of the largest limousine builders in the world. The Outsourcing
Agreement eliminates our remaining existing manufacturing overhead in the production of buses and significantly reduces our related
general and administrative costs, while still allowing us to participate in the manufacturing of shuttle buses. Additionally, this
allows us to refocus on our primary goal of manufacturing all-electric powered buses as well as the conversion of other mass transit
vehicles.
Pursuant to the Outsourcing Agreement, Executive Bus agreed to 1)
manufacture buses for our clients based in California, and to build customized buses, which are to be converted into all-electric
vehicles and convert other mass transit vehicles for our clients into all-electric drive vehicles, 2) purchase certain of the tool
and die equipment, and certain molds located in the Wilson Avenue facility from us for $100,000, 3) to pay us approximately $25,000
for the first five buses manufactured for the our customers by Executive Bus, and 4) to assume all of the obligations and responsibilities
as a sub-lessor under NCIs original lease for the duration of the original lease.
We believe that going forward the net revenue to us per bus sale
through Executive Bus will be approximately the same as the net earnings we had projected to generate once NCI had reached scale
(without the administrative and operative burden). As of this filing, NCI remains non-operational and does not have any employees.
Mr. Alan J. Bailey, our Chief Financial Officer (CFO), tendered
his resignation effective November 2, 2015. During his service as our CFO, Mr. Baily did not receive any compensation, nor is any
compensation owed.
On November 4, 2015, a default arbitration judgement against us
was awarded to Typenex Co-Investment, LLC, a creditor of the Company in the amount of $679,894 for damages, with 22% interest accruing
commencing as of October 19, 2015. We intend to challenge this award based on Typenexs failure to properly serve notice;
and to negotiate a settlement more favorable to us.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.3.1.900
3. Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2014 |
Accounting Policies [Abstract] |
|
Principles of Consolidation |
Principles of Consolidation
The Companys unaudited condensed consolidated financial statements
include the assets, liabilities and operating results of majority-owned subsidiaries. The Company does not hold significant variable
interests in any variable interest entities. All significant intercompany accounts and transactions have been eliminated.
|
Reverse Merger Accounting |
Reverse Merger Accounting
The MOT Merger was accounted for as a reverse-merger and recapitalization
in accordance with accounting principles generally accepted in the United States of America (GAAP). Green Automotive
Company was the acquirer for financial reporting purposes and MOT was the acquired company. Consequently, the assets and liabilities
and operations that are reflected in the historical financial statements prior to the Merger will be those of Green Automotive
Company and will be recorded at the historical cost basis of the Company. The consolidated financial statements after completion
of the Merger include the assets and liabilities of Green Automotive Company. Common stock and the corresponding capital amounts
of the Company pre-merger have been retroactively restated as capital stock shares reflecting the exchange ratio in the Merger.
|
Going Concern |
Going Concern
Our condensed consolidated financial statements have been prepared
assuming the Company will continue as a going concern. However, as of September 30, 2014, we have sustained recurring operating
losses, have outstanding payables, a stockholders deficit of $16,600,561, have ceased operations in the United Kingdom and
have insufficient operating capital. These conditions, among others, give rise to substantial doubt about our ability to continue
as a going concern and increase the likelihood of bankruptcy. Management is continuing to seek additional capital to fund our ongoing
business and improve the profitability of existing operations. Until such time, our working capital needs must be funded through
the issuance of additional debt and equity instruments; however, there can be no assurance that we will receive the sums required
at the times and in the amounts needed, or that any funding will not be accompanied by conditions unfavorable to us. Management
believes these steps may provide us with adequate funds to sustain our continuing existence. There is, however, no assurance that
the steps taken by management will meet all of our needs or that we can continue as a going concern. The accompanying condensed
consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty or from
bankruptcy.
|
Use of Estimates |
Use of Estimates
The preparation of the condensed consolidated
financial statements requires our management to make a number of estimates and assumptions relating to the reported amount of assets
and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements
and the reported amounts of revenues and expenses during the reporting period. The assumptions used by management in future estimates
could change significantly due to changes in circumstances, including, but not limited to, challenging economic conditions. Accordingly,
future estimates may differ significantly. Significant
estimates and assumptions included in our condensed consolidated financial statements relate to the valuation of long-lived assets,
inventory reserves, accruals for potential liabilities, and valuation assumptions related to derivative liability, equity instruments
and share based compensation.
|
Cash and Cash Equivalents |
Cash and Cash Equivalents
Cash and cash equivalents consist of amounts held as bank deposits
and highly liquid debt instruments purchased with an original maturity of three months or less. The Company had no cash equivalents
as of September 30, 2014 and December 31, 2013.
|
Discontinued Operations |
Discontinued Operations
On or about August 15, 2014, our United Kingdom based subsidiaries,
including Going Green Limited and Liberty Electric Cars Limited (LEC), along with each of LECs wholly owned subsidiaries
(collectively, the U.K. Companies), ceased business operations. As a result, we are reporting the operational results of the U.K.
Companies under Discontinued Operations. Operational results under Discontinued Operations includes a 100% impairment of all U.K.
Companies assets, a full write down of the value of each companys equity (or deficit), and the net earnings or losses
incurred by each. We will continue to carry each companys liabilities on our books under liabilities from discontinued operations
until such time as the voluntary liquidations currently underway are finalized. Additionally, comparative periods, within our financial
statements and accompanying notes, have been reclassified to show financial data for our former U.K. Companies under discontinued
operations. Such reclassifications had no impact on previously reported net losses.
|
Accounts receivable |
Accounts Receivable
Accounts receivable consists of trade receivables, which are recorded
at the invoiced amount, net of taxes, allowances for doubtful accounts and prompt payment discounts. Trade receivables do not carry
interest. The allowance for doubtful accounts represents managements estimate of the amount of probable credit losses in
existing accounts receivable, as determined from a review of past due balances and other specific account data. Account balances
are written off against the allowance when management determines the receivable is uncollectible.
|
Investment in Joint Venture |
Investments in Joint Ventures
The Company applies the equity method for the 30% investment to
its joint venture interest in Powabyke, a privately-held UK company held by our wholly owned subsidiary Liberty Electric Company
Limited, and our 23.13% investment in Viridian Motor, a Virginia corporation, since quoted market prices are not available and
we have the ability to exercise influence over operating and financial policies of the joint venture. Significant influence is
generally defined as 20% to 50% ownership in the voting stock of an investee. Under the equity method, we initially record such
investments at cost and then adjust the carrying value of the investments to recognize the proportional share of the equity-accounted
affiliates net income (loss) including changes in capital of the affiliates. In addition, dividends received from the equity-accounted
company reduce the carrying value of our investment. If there is an other-than-temporary decline in the market value of the investment,
an impairment charge is recorded. For the period ending September 30, 2014, we impaired the value of the investment in Viridian
Motor by 100%. Our investment in Powabyke was sold during the period ending September 30, 2014.
|
Inventories |
Inventories
The Companys inventories are valued at cost, as determined
by the first-in, first out (FIFO) method; in aggregate such valuations are not in excess of market.
|
Concentrations |
Concentrations
The Company currently maintains substantially all of its cash with
major financial institutions. At times, cash balances may be in excess of the amounts insured by the Federal Deposit Insurance
Corporation.
|
Comprehensive Income (Loss) |
Comprehensive Income (Loss)
In June 2011, the Financial Accounting Standards Board (FASB)
issued Accounting Standards Update (ASU) No. 2011-05, Presentation of Comprehensive Income (ASU 2011-05),
which amends FASB Codification Topic 220 on comprehensive income disclosures. The new guidance allows an entity to present components
of net income and other comprehensive income in one continuous statement, referred to as the statement of comprehensive income,
or in two separate, but consecutive statements, while eliminating the option to report other comprehensive income and its components
in the statement of changes in shareholders equity. The provisions of ASU 2011-05 were adopted in 2012. The adoption of
ASU 2011-05 did not impact the Companys consolidated financial position, results of operations or cash flows as it required
only a change in the format of presentation.
|
Property and Equipment |
Property and Equipment
Property and equipment consisting of leasehold improvements, furniture
and fixtures, equipment and vehicles are stated at cost. Property and equipment are depreciated using the straight-line method
over the estimated service lives ranging from three to seven years. Maintenance and repairs are expensed as incurred and improvements
are capitalized. Gains or losses on the disposition of fixed assets are recorded upon disposal.
|
Impairment of Long-Lived Assets |
Impairment of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held
and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to
be generated by the asset.
If the carrying amount of an asset exceeds its undiscounted estimated
future cash flows, an impairment review is performed. An impairment charge is recognized in the amount by which the carrying amount
of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and
reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities
of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of
the balance sheet. The Company determined that there was an indicator of impairment in goodwill and other intangibles during the
year ended December 31, 2013 because of the lowered revenue and cash flow projections. The Company uses the present value technique
for impairment testing. At September 30, 2014, we fully impaired our investment of $173,060 in Viridian Motors and the full carrying
value of $200,000 of our investment in World Energy Asset Management. Additionally, we fully impaired the investment values and
assets of our U.K. Companies, the expense thereof was then reclassified and presented under discontinued operations.
|
Derivative Instruments |
Derivative Instruments
The fair value of derivative instruments is recorded and shown separately
under current liabilities. Changes in the fair value are recorded in the condensed consolidated statement of income under other
income (expense).
The Company evaluates all of its financial instruments to determine
if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments
that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued
at each reporting date, with changes in the fair value reported in the consolidated statements of operations. For stock-based derivative
financial instruments, the Company uses a weighted average Black-Scholes-Merton option pricing model to value the derivative instruments
at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments
should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities
are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument
could be required within 12 months of the balance sheet date.
|
Fair Value Measurements |
Fair Value Measurements
ASC 820, Fair Value Measurements, requires
an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820
establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure
fair value. A financial instruments categorization within the fair value hierarchy is based upon the lowest level of input
that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure
fair value: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities;
Level 2, inputs other than level one that are either directly or indirectly observable such as quoted prices for identical or similar
assets or liabilities on markets that are not active; and Level 3, defined as unobservable inputs in which little or no market
data exists, therefore requiring an entity to develop its own assumptions.
|
Income Taxes |
Income Taxes
We account for income taxes under the asset and liability method.
Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial
statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected
to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income
in the period that includes the enactment date. Valuation allowances are recorded, when necessary, to reduce deferred tax assets
to the amount expected to be realized.
As a result of the implementation of certain provisions of ASC 740,
Income Taxes (ASC 740), which clarifies the accounting and disclosure for uncertainty in tax positions, as defined,
ASC 740 seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to
accounting for income taxes. We adopted the provisions of ASC 740 as of January 1, 2007, and have analyzed filing positions in
each of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years in
these jurisdictions. We have identified the U.S. federal and California as our "major" tax jurisdictions. Generally,
we remain subject to Internal Revenue Service examination of our 2007 through 2013 U.S. federal income tax returns, and remain
subject to California Franchise Tax Board examination of our 2007 through 2013 California Franchise Tax Returns. However, we have
certain tax attribute carry forwards which will remain subject to review and adjustment by the relevant tax authorities until the
statute of limitations closes with respect to the year in which such attributes are utilized.
We believe that our income tax filing positions and deductions will
be sustained on audit and do not anticipate any adjustments that will result in a material change to our financial position. Therefore,
no reserves for uncertain income tax positions have been recorded pursuant to ASC 740. In addition, we did not record a cumulative
effect adjustment related to the adoption of ASC 740. Our policy for recording interest and penalties associated with income-based
tax audits is to record such items as a component of income taxes.
|
Revenue Recognition |
Revenue Recognition
We recognize revenues related to annual membership income and service
of electric vehicles in accordance with Financial Accounting Standards Board Accounting Standards Codification (FASB ASC)
No. 605, Revenue Recognition. Revenue is recognized when we have evidence of an arrangement, a determinable fee, and when
collection is considered to be probable and services are provided. In the event that final acceptance of our product by the customer
is uncertain, revenue is deferred until all acceptance criteria have been met. In the event we have amounts billed or collected
in accordance with contractual terms in advance of when the work is performed we treat these as deferred revenues. For us, such
advance payments primarily relate to the Company's grant project and E-Care membership scheme through our U.K. Companies. Due to
the liquidation of the U.K. Companies, advance payments received for the current and comparative periods have been reclassified
under discontinuing operations. Historically, our deferred revenue has included the following:
Grant Income
Grant income - not recognized until a grant claim has been submitted
and approved by Government representatives.
E-tech services
Revenues from consultancy services - recognized only when all services
have been rendered and collectability is reasonably assured.
E-Care services
Revenues from maintenance, repair, and overhaul services - recognized
only when all services have been rendered and collectability is reasonably assured.
|
Earnings per Common Share (as Restated) |
Earnings per Common Share (as Restated)
The Company computes net income per share in accordance with
ASC 260, "Earnings per Share." ASC 260 requires presentation of both basic and diluted earnings (loss) per share
(EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common
shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS gives effect to all
dilutive potential common shares outstanding during the period including 632,701 Series A Convertible Preferred Stock for
September 30, 2014 (net of 150,000 forfeit shares) and 608,475 for September 2013 (net of 300,000 forfeit shares), using the
if-converted method, 0 stock options for September 30, 2014, and 18,000,000 for September 30, 2013 using the treasury stock
method, 35,562,651 Series Y Convertible Preferred Stock for September 30, 2014, and 0 for September 30, 2013 using the
if-converted method, and 231,923,077 shares for September 30, 2014 and 2,013,070 shares for September 30, 2013 for
convertible loan notes, using the if-converted method. In computing diluted EPS, the average stock price for the period is
used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS
excludes all dilutive potential common shares if their effect is anti-dilutive.
|
Share-Based Payment Arrangements |
Share-Based Payment Arrangements
Generally, all forms of share-based payments, including stock option
grants, restricted stock grants and stock appreciation rights are measured at their fair value on the awards grant date,
based on the estimated number of awards that are ultimately expected to vest. Share-based compensation awards issued to non-employees
for services rendered are recorded at either the fair value of the services rendered or the fair value of the share-based payment,
whichever is more readily determinable. The expenses resulting from share-based payments are recorded in operating expenses in
the condensed consolidated statement of operations.
|
Reclassifications |
Reclassifications
Certain prior year amounts have been reclassified to conform to
the current year presentation for discontinued operations in all UK entities. Such reclassifications had no impact on previously
reported net losses.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements
Adopted
In February 2013, Financial Accounting Standards Board (FASB)
issued Accounting Standards Update (ASU) 2013-04, Obligations Resulting from Joint and Several Liability
Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date. The objective of the amendments in
this update is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several
liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting
date, except for those obligations addressed within existing guidance in U.S. GAAP. The amendment requires an entity to measure
obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope
of this guidance is fixed at the reporting date as the sum of the amount the reporting entity agreed to pay on the basis of its
arrangement among its co-obligors and an additional amount the reporting entity expects to pay on behalf of its co-obligors. The
entity is required to disclose the nature and amount of the obligation as well as other information about those obligations. The
Company adopted this ASU as of January 1, 2014.
On July 18, 2013, the FASB issued ASU 2013-11, Income Taxes (Topic
740): Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward
Exists. Topic 740 does not include explicit guidance on the financial statement presentation of an unrecognized tax benefit
when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The objective of the amendments
in this update is to eliminate that diversity in practice. The Company adopted this ASU as of January 1, 2014. This ASU did not
have an effect on our financial statements.
Not Adopted
Other recent pronouncements issued by FASB (including its Emerging
Task Force), the American Institute of Certified Public Accountants, and the United States Securities and Exchange Commission did
not or are not believed by management to have a material impact on the Companys present or future financial statements.
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v3.3.1.900
4. Acquisitions (Tables)
|
9 Months Ended |
Sep. 30, 2014 |
Business Combinations [Abstract] |
|
Schedule of Purchase Price Allocation |
| |
|
Cash | |
$ | 14,896 | |
Accounts receivable | |
| 29,379 | |
Prepayments | |
| 19,623 | |
Inventories | |
| 75,693 | |
Other current assets | |
| 27,845 | |
Property and equipment,
net of accumulated depreciation | |
| 14,653 | |
Goodwill | |
| 769,890 | |
Total
assets acquired | |
| 951,979 | |
| |
| | |
Credit Line | |
| 1,584 | |
Accounts payable and
accrued expenses | |
| 81,313 | |
Deferred revenue | |
| 34,983 | |
Income Tax payable | |
| 62,345 | |
Other | |
| 206,464 | |
Total
liabilities assumed | |
| 386,689 | |
| |
| | |
Purchase Price | |
$ | 565,290 | |
| |
| | |
Final
Consideration | |
| | |
1,562,498 of common
stock issued @ $0.33 in exchange for equity | |
| 515,625 | |
150,501
of common stock issued @ $0.33 to settle debt | |
| 49,665 | |
|
Schedule of Goodwill |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012 |
|
Additions |
|
Impairments |
|
December 31,
2013 |
Goodwill, gross |
|
$ |
- |
|
$ |
769,890 |
|
$ |
(769,890) |
|
$ |
- |
Accumulated impairment losses |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Total goodwill, net |
|
$ |
- |
|
$ |
769,890 |
|
$ |
(769,890) |
|
$ |
- |
|
Schedule of Unaudited Pro-forma Results |
| |
For the three months ended | |
For the nine months ended |
| |
September 30, | |
September 30, |
| |
2014 | |
2013 | |
2014 | |
2013 |
| |
| |
(restated) | |
| |
(restated) |
Revenues | |
$ | 1,662,918 | | |
$ | 644,624 | | |
$ | 3,459,607 | | |
$ | 828,888 | |
Costs of goods sold | |
| 1,281,116 | | |
| 483,938 | | |
| 3,281,507 | | |
| 630,462 | |
Gross profit | |
| 381,802 | | |
| 160,686 | | |
| 178,099 | | |
| 198,426 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| 38,697 | | |
| 18,384 | | |
| 87,069 | | |
| 19,705 | |
Loss on disposal of assets | |
| | | |
| 12,516 | | |
| | | |
| | |
Impairment of assets | |
| 373,060 | | |
| | | |
| 373,060 | | |
| | |
General and administrative | |
| 341,361 | | |
| 5,166,470 | | |
| 6,815,927 | | |
| 6,927,683 | |
| |
| 753,118 | | |
| 5,197,370 | | |
| 7,276,056 | | |
| 6,947,388 | |
| |
| | | |
| | | |
| | | |
| | |
Operational income/ (loss) | |
| (371,316 | ) | |
| (5,036,684 | ) | |
| (7,097,957 | ) | |
| (6,748,962 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income/(expenses) | |
| | | |
| | | |
| | | |
| | |
Change in fair value of derivative liability | |
| (361,135 | ) | |
| (18,766,197 | ) | |
| 57,095,577 | | |
| 18,850,333 | |
Stock issued for settlements | |
| | | |
| (1,237,200 | ) | |
| | | |
| (1,237,200 | ) |
Gain (loss) on settlement of debt | |
| | | |
| | | |
| (484,028 | ) | |
| | |
Loss on conversion of preferred shares | |
| | | |
| (16,116 | ) | |
| | | |
| (36,490 | ) |
Loss on conversion of preferred shares | |
| 660,296 | | |
| | | |
| 460,296 | | |
| | |
Other income/(expense) | |
| 194,581 | | |
| (28,929 | ) | |
| (1,642,960 | ) | |
| (194,673 | ) |
| |
| 493,742 | | |
| (20,048,442 | ) | |
| 55,428,885 | | |
| 17,381,970 | |
| |
| | | |
| | | |
| | | |
| | |
Income/(Loss) from continuing operations | |
| 122,427 | | |
| (25,085,126 | ) | |
| 48,330,929 | | |
| 10,633,008 | |
| |
| | | |
| | | |
| | | |
| | |
Income/(Loss) from discontinued operations | |
| (4,347,499 | ) | |
| (325,261 | ) | |
| (1,843,600 | ) | |
| (1,004,407 | ) |
| |
| | | |
| | | |
| | | |
| | |
Earnings before income tax | |
| (4,225,072 | ) | |
| (25,410,387 | ) | |
| 46,487,329 | | |
| 9,628,601 | |
| |
| | | |
| | | |
| | | |
| | |
Income taxes | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | (4,225,072 | ) | |
$ | (25,410,387 | ) | |
$ | 46,487,329 | | |
$ | 9,628,601 | |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) per share (Basic) | |
$ | (0.01 | ) | |
$ | (0.07 | ) | |
$ | 0.08 | | |
$ | 0.03 | |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) per share (Diluted) | |
$ | (0.01 | ) | |
$ | (0.07 | ) | |
$ | 0.04 | | |
$ | 0.01 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding (Basic) | |
| 659,999,514 | | |
| 384,197,678 | | |
| 573,312,300 | | |
| 356,544,473 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding (Diluted) | |
| 659,999,514 | | |
| 384,197,678 | | |
| 1,245,719,364 | | |
| 735,405,168 | |
|
X |
- DefinitionTabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.
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v3.3.1.900
6. Inventories (Tables)
|
9 Months Ended |
Sep. 30, 2014 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventory |
|
|
|
|
|
|
|
September 30,
2014 |
|
December 31,
2013 |
Raw materials |
$ |
104,882 |
|
$ |
31,922 |
Goods in transit |
|
- |
|
|
|
Work in progress |
|
494,775 |
|
|
145,424 |
Finished Goods |
|
- |
|
|
|
|
$ |
599,657 |
|
$ |
177,346 |
|
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v3.3.1.900
7. Property and Equipment (Tables)
|
9 Months Ended |
Sep. 30, 2014 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
|
|
|
|
|
|
|
September 30,
2014 |
|
December 31,
2013 |
Leasehold improvements |
$ |
4,000 |
|
$ |
|
Furniture and fixtures |
|
|
|
|
|
Equipment |
|
492,475 |
|
|
492,475 |
Computer hardware and software |
|
6,347 |
|
|
6,347 |
Vehicles |
|
|
|
|
|
|
|
502,822 |
|
|
498,822 |
Less accumulated depreciation |
|
(130,603) |
|
|
(43,534) |
|
|
|
|
|
|
|
$ |
372,219 |
|
$ |
455,287 |
|
X |
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v3.3.1.900
8. Goodwill and Intangible Assets (Tables)
|
9 Months Ended |
Sep. 30, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Goodwill and Intangible Assets |
| |
| |
|
| |
September 30, 2014 | |
December 31, 2013 |
Goodwill on purchase of Going Green | |
$ | 789,890 | | |
$ | 789,890 | |
Go License | |
| 500,000 | | |
| 500,000 | |
Crash test homologation costs | |
| 228,912 | | |
| 228,912 | |
Liberty acquired technology | |
| 619,462 | | |
| 619,462 | |
Assembled workforce | |
| 689,000 | | |
| 689,000 | |
Trade name and website | |
| 45,000 | | |
| 45,000 | |
Non-compete agreement | |
| 1,500,000 | | |
| 1,500,000 | |
| |
| 4,352,264 | | |
| 4,352,264 | |
Less amortization and impairment | |
| (4,352,264 | ) | |
| (4,352,264 | ) |
| |
| | | |
| | |
| |
$ | | | |
$ | | |
|
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- DefinitionTabular disclosure of the type of arrangements and the corresponding amounts that comprise the current and noncurrent balance of deferred revenue as of the balance sheet date.
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v3.3.1.900
13. Notes Payable, Net of Discounts (Tables)
|
9 Months Ended |
Sep. 30, 2014 |
Debt Disclosure [Abstract] |
|
Schedule of Debt |
Notes Payable | |
September 30, | |
December 31, |
| |
2014 | |
2013 |
Blue Citi - Convertible Note Payable, 0% interest, convertible at 40% discount to market price, unsecured | |
$ | 277,500 | | |
$ | | |
R Knight £38,500 Note Payable, Nil Interest, when funds permit, unsecured | |
| | | |
| 63,487 | |
P Beitl £109,576 Note Payable, Nil Interest, when funds permit, unsecured | |
| 180,691 | | |
| | |
David Voss Note Payable, 15% Interest, unsecured, convertible at fixed 00.5 cents per share | |
| 15,000 | | |
| | |
Black Mountain - Convertible Note Payable, 10% interest, convertible at 35% discount to market price, unsecured | |
| 62,000 | | |
| | |
Union Capital Note Payable, 8% Interest, unsecured, convertible at 42% discount to market price after 180 days | |
| 45,000 | | |
| | |
N Jones £10,053 Note Payable, Nil Interest, unsecured | |
| 16,577 | | |
| | |
I Hobday Note payable, Nil interest, unsecured | |
| 24,419 | | |
| 5,813 | |
P Lilley £700 Note Payable, Nil Interest, unsecured | |
| 1,191 | | |
| 1,154 | |
L G Capital Note payable, 8% Interest, unsecured, convertible at 50% discount to market price after 180 days | |
| 27,000 | | |
| 76,500 | |
Auctus Note Payable, 8% Interest, unsecured, convertible at 42% discount to market price after 180 days | |
| | | |
| 37,750 | |
JMJ Financial Note Payable, interest 12% after 90 days, unsecured, convertible at 40% discount to market price | |
| 142,566 | | |
| 82,000 | |
Louis Klein Note Payable, 15% Interest, unsecured, convertible at fixed 10.5 cents per share | |
| 50,000 | | |
| 50,000 | |
Linda Singer Note Payable, 15% Interest, unsecured, convertible at fixed 10.5 cents per share | |
| 100,000 | | |
| 100,000 | |
David Hopkins Note Payable, 15% Interest, unsecured , a conversion price of 50% of close price on date of notification | |
| 20,000 | | |
| 20,000 | |
Gel Properties Note Payable, 6% Interest, unsecured, convertible at 40% discount to market price | |
| | | |
| 25,000 | |
Redwood Fund II Note Payable ,10% Interest, unsecured, convertible at 50% discount to market price | |
| | | |
| 100,000 | |
Redwood Management LLC Note Payable, Nil Interest, unsecured, convertible at 50% discount to market price | |
| | | |
| 336,376 | |
Bizloan Note payable, 36% Interest, secured | |
| 16,802 | | |
| 219,691 | |
Typenex Note Payable, 8% Interest, unsecured, convertible at 60% discount to market price after 180 days | |
| 142,500 | | |
| | |
WEAM/WFC payable, 0% interest convertible at 20% discount to market price after 180 days | |
| 200,000 | | |
| | |
Auctus Note Payable, 8% Interest, unsecured, convertible at 42% discount to market price after 180 days | |
| 56,250 | | |
| | |
Blue Citi. 8% Interest, unsecured, convertible at 38.5% discount to market price after 180 days | |
| 26,500 | | |
| | |
LG Capital, 8% Interest, unsecured, convertible at 35% discount to market price after 180 days | |
| 94,050 | | |
| | |
Union Capital, 8% Interest, unsecured, convertible at 50% discount to market price after 180 days | |
| 50,000 | | |
| | |
Accrued interest | |
| | | |
| 8,080 | |
| |
| 1,350,778 | | |
| 1,323,119 | |
Debt Discount | |
| (300,153 | ) | |
| (273,777 | ) |
| |
$ | 1,050,625 | | |
$ | 1,049,342 | |
Current Portion | |
$ | 1,050,625 | | |
$ | 845,396 | |
Long Term | |
| | | |
| 203,946 | |
| |
$ | 1,050,625 | | |
$ | 1,049,342 | |
|
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v3.3.1.900
14. Stock Incentive Plan (Tables)
|
9 Months Ended |
Sep. 30, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Schedule of Share-Based Payment Award Stock Options Valuation Assumptions |
| |
| |
|
| |
September 30, 2014 | |
December 31, 2014 |
Expected Volatility | |
| 178 | % | |
| 170 | % |
Expected dividends | |
| | | |
| | |
Expected terms (in years) | |
| 1 | | |
| 1 | |
Risk-free rate | |
| 0.13 | % | |
| 0.13 | % |
Forfeiture rate | |
| | | |
| | |
|
Schedule of Share-Based Compensation Stock Options Activity |
| |
| |
| |
| |
|
| |
| |
Weighted- | |
Average | |
|
| |
| |
Average | |
Remaining | |
Aggregate |
| |
| |
Exercise | |
Contractual | |
Intrinsic |
| |
Options | |
Price | |
Life (Years) | |
Value |
Outstanding at January 1, 2013 | |
| 22,000,000 | | |
$ | 0.34 | | |
| 9.44 | | |
$ | 191,500 | |
Granted | |
| | | |
| | | |
| | | |
| | |
Exercised | |
| | | |
| | | |
| | | |
| | |
Forfeited or expired | |
| | | |
| | | |
| | | |
| | |
Outstanding at December 31, 2013 | |
| 22,000,000 | | |
$ | 0.34 | | |
| 8.44 | | |
$ | 191,500 | |
Exercisable at December 31, 2013 | |
| 18,000,000 | | |
$ | 0.42 | | |
| 8.42 | | |
$ | | |
| |
| |
| |
| |
|
| |
| |
Weighted- | |
Average | |
|
| |
| |
Average | |
Remaining | |
Aggregate |
| |
| |
Exercise | |
Contractual | |
Intrinsic |
| |
Options | |
Price | |
Life (Years) | |
Value |
Outstanding at January 1, 2014 | |
| 22,000,000 | | |
$ | 0.34 | | |
| 8.44 | | |
$ | 112,000 | |
Granted | |
| 10,100,000 | | |
| 0.06 | | |
| 9.30 | | |
| 523,905 | |
Exercised | |
| | | |
| | | |
| | | |
| | |
Forfeited or expired | |
| | | |
| | | |
| | | |
| | |
Outstanding at September 30, 2014 | |
| 32,100,000 | | |
$ | 0.30 | | |
| 8.20 | | |
$ | 635,905 | |
Exercisable at September 30, 2014 | |
| 29,700,000 | | |
$ | 0.24 | | |
| 8.22 | | |
$ | 0 | |
|
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v3.3.1.900
15. Stockholders' Deficit (Tables)
|
9 Months Ended |
Sep. 30, 2014 |
Equity [Abstract] |
|
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis |
| |
| |
| |
| |
|
| |
Level 1 | |
Level 2 | |
Level 3 | |
Total |
Assets | |
| | | |
| | | |
| | | |
| | |
None | |
$ | | | |
$ | | | |
$ | | | |
$ | | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Derivative Financial instruments | |
$ | | | |
$ | | | |
$ | 12,814,383 | | |
$ | 12,814,383 | |
|
Schedule of Derivative Liabilities at Fair Value |
| |
|
Balance at January 1, 2014 | |
$ | 71,752,773 | |
Derivative liability related to new issuance and conversion, net | |
| 1,842,812 | |
Change in Value of Historic Derivatives | |
| (57,095,577 | ) |
Balance at September 30, 2014 (unaudited) | |
$ | 12,814,383 | |
|
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4. Acquisitions - Schedule of Goodwill (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2014 |
Sep. 30, 2013 |
Sep. 30, 2014 |
Sep. 30, 2013 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Goodwill [RollForward] |
|
|
|
|
|
|
Goodwill, beginning balance |
|
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
Goodwill additions, gross |
|
|
|
|
769,890
|
769,890
|
Goodwill impairments, gross |
$ 373,060
|
|
$ 373,060
|
|
(769,890)
|
(769,890)
|
Goodwill, ending balance |
|
|
|
|
$ 0
|
$ 0
|
X |
- DefinitionAmount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
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v3.3.1.900
4. Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
|
Sep. 30, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
Business Acquisition [Line Items] |
|
|
|
|
Goodwill |
|
$ 0
|
$ 0
|
$ 0
|
Final consideration, common stock issued, value |
$ 639,988
|
405,043
|
|
|
Going Green Limited |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Cash |
|
14,896
|
|
|
Accounts receivable |
|
29,379
|
|
|
Prepayments |
|
19,623
|
|
|
Inventories |
|
75,693
|
|
|
Other current assets |
|
27,845
|
|
|
Property and equipment, net |
|
14,653
|
|
|
Goodwill |
|
769,890
|
|
|
Total assets acquired |
|
951,979
|
|
|
Credit Line |
|
1,584
|
|
|
Accounts payable and accrued expenses |
|
81,313
|
|
|
Deferred revenue |
|
34,983
|
|
|
Income Tax payable |
|
62,345
|
|
|
Other |
|
206,464
|
|
|
Total liabilities assumed |
|
386,689
|
|
|
Net assets acquired |
|
565,290
|
|
|
Final consideration, common stock issued, value |
|
515,625
|
|
|
Final consideration, common stock issued to settle debt |
|
$ 49,665
|
|
|
X |
- DefinitionValue of equity interests (such as common shares, preferred shares, or partnership interest) issued or issuable to acquire the entity.
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v3.3.1.900
4. Acquisitions - Proforma Statement of Operations (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2014 |
Sep. 30, 2013 |
Sep. 30, 2014 |
Sep. 30, 2013 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] |
|
|
|
|
Cost of goods sold |
$ 1,281,116
|
$ 483,938
|
$ 3,281,507
|
$ 630,462
|
Gross profit |
381,802
|
160,686
|
178,099
|
198,426
|
Operating Expenses |
|
|
|
|
Depreciation and amortization |
$ 38,697
|
18,384
|
$ 87,069
|
$ 19,705
|
Loss on disposal of equipment |
|
(12,516)
|
|
|
General and administrative |
$ 341,361
|
5,166,470
|
$ 6,815,927
|
$ 6,927,683
|
Total Operating Expenses |
753,118
|
5,197,370
|
7,276,056
|
6,947,388
|
Operational Income (loss) |
(371,316)
|
(5,036,684)
|
(7,097,957)
|
(6,748,962)
|
Other income (expenses) |
|
|
|
|
Change in fair value of derivative liability |
$ (361,135)
|
(18,766,197)
|
$ 57,095,577
|
18,850,333
|
Stock issued for settlement |
|
$ 1,237,200
|
|
$ 1,237,200
|
Gain (loss) on settlement of debt |
|
|
$ (484,028)
|
|
Loss on conversion of preferred shares |
|
$ (16,116)
|
|
$ (36,490)
|
Total Other income (expense) |
$ 660,296
|
|
$ 460,296
|
|
Income (Loss) from continuing operations |
122,427
|
$ (25,085,126)
|
48,330,929
|
$ 10,633,008
|
Income (Loss) from discontinued operations |
(4,347,499)
|
(325,262)
|
(1,843,600)
|
(962,421)
|
Acquisition Proforma Statement of Operations |
|
|
|
|
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] |
|
|
|
|
Revenues |
1,662,918
|
644,624
|
3,459,607
|
828,888
|
Cost of goods sold |
1,281,116
|
483,938
|
3,281,507
|
630,462
|
Gross profit |
381,802
|
160,686
|
178,099
|
198,426
|
Operating Expenses |
|
|
|
|
Depreciation and amortization |
38,697
|
18,384
|
87,069
|
19,705
|
Loss on disposal of equipment |
0
|
12,516
|
0
|
0
|
Impairment of assets |
373,060
|
0
|
373,060
|
0
|
General and administrative |
341,361
|
5,166,470
|
6,815,927
|
6,927,683
|
Total Operating Expenses |
753,118
|
5,197,370
|
7,276,056
|
6,947,388
|
Operational Income (loss) |
(371,316)
|
(5,036,684)
|
(7,097,957)
|
(6,748,962)
|
Other income (expenses) |
|
|
|
|
Change in fair value of derivative liability |
(361,135)
|
(18,766,197)
|
57,095,577
|
18,850,333
|
Stock issued for settlement |
0
|
(1,237,200)
|
0
|
(1,237,200)
|
Gain (loss) on settlement of debt |
0
|
0
|
(484,028)
|
0
|
Loss on conversion of preferred shares |
493,742
|
(20,048,442)
|
55,428,885
|
17,381,970
|
Other income/(expense) |
194,581
|
(28,929)
|
(1,642,960)
|
(194,673)
|
Total Other income (expense) |
493,742
|
(20,048,442)
|
55,428,885
|
17,381,970
|
Income (Loss) from continuing operations |
122,427
|
(25,085,126)
|
48,330,929
|
10,633,008
|
Income (Loss) from discontinued operations |
(4,347,499)
|
(325,261)
|
(1,843,600)
|
(1,004,407)
|
Earnings before income tax |
(4,225,072)
|
(25,410,387)
|
46,487,329
|
9,628,601
|
Income taxes |
0
|
0
|
0
|
0
|
Net income |
$ (4,225,072)
|
$ (25,410,387)
|
$ 46,487,329
|
$ 9,628,601
|
Income (loss) per share (Basic) |
$ (0.01)
|
$ (0.07)
|
$ 0.08
|
$ 0.03
|
Income (loss) per share (Diluted) |
$ (0.01)
|
$ (0.07)
|
$ 0.04
|
$ 0.01
|
Weighted average shares outstanding (Basic) |
659,999,514
|
384,197,678
|
573,312,300
|
356,544,473
|
Weighted average shares outstanding (Diluted) |
659,999,514
|
384,197,678
|
1,245,719,364
|
735,405,168
|
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v3.3.1.900
7. Property and Equipment (Details) - USD ($)
|
Sep. 30, 2014 |
Dec. 31, 2013 |
Property, Plant and Equipment [Abstract] |
|
|
Leasehold improvements |
$ 4,000
|
$ 0
|
Furniture and fixtures |
0
|
0
|
Equipment |
492,475
|
492,475
|
Computer hardware and software |
6,347
|
6,347
|
Vehicles |
0
|
0
|
Less accumulated depreciation |
(130,603)
|
(43,534)
|
Property and equipment |
$ 372,219
|
$ 455,287
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.3.1.900
8. Goodwill and Intangible Assets (Details) - USD ($)
|
Sep. 30, 2014 |
Dec. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
Goodwill on purchase of Going Green |
$ 769,890
|
$ 769,890
|
Go License |
500,000
|
500,000
|
Crash test homologation costs |
228,912
|
228,912
|
Liberty acquired technology |
619,462
|
619,462
|
Assembled workforce |
689,000
|
689,000
|
Trade name and website |
45,000
|
45,000
|
Non-compete agreement |
1,500,000
|
1,500,000
|
Less amortization |
(4,352,264)
|
(4,352,264)
|
Total intangible assets |
$ 0
|
$ 0
|
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v3.3.1.900
13. Notes Payable, Net of Discounts (Details) - USD ($)
|
Sep. 30, 2014 |
Dec. 31, 2013 |
Sep. 30, 2013 |
Debt Instrument [Line Items] |
|
|
|
Note payable, current |
$ 1,050,625
|
$ 845,396
|
|
Note payable, net of current maturities |
0
|
203,946
|
|
Notes payable accrued interest |
0
|
8,080
|
|
Note Payable - Blue Citi (1) |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
277,500
|
0
|
|
Stock issued FMS for advance owed September 29, 2012 |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
0
|
63,487
|
|
Note Payable - P. Beitl |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
0
|
180,691
|
|
Note Payable - D. Voss |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
15,000
|
0
|
|
Note Payable - Black Mountain |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
62,000
|
0
|
|
Note Payable - Union Capital |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
45,000
|
0
|
|
Note Payable - N. Jones |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
0
|
16,577
|
|
Note Payable - I. Hobday |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
24,419
|
5,813
|
|
Note Payable - P. Lilley |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
1,191
|
1,154
|
|
Note Payable - L G Capital (1) |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
27,000
|
76,500
|
|
Note Payable - Auctus (1) |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
0
|
37,750
|
|
Note Payable - JMJ Financial |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
142,566
|
82,000
|
|
Note Payable - Louis Klein |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
50,000
|
50,000
|
|
Note Payable - Linda Singer |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
100,000
|
100,000
|
|
Notes Payable - David Hopkins |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
20,000
|
20,000
|
|
Note Payable - Gel Properties |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
0
|
25,000
|
|
Note Payable - Redwood Fund II |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
0
|
100,000
|
|
Note Payable - Redwood Management |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
0
|
336,376
|
|
Note Payable - Bizloan |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
16,802
|
219,691
|
|
Note Payable - Typenex |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
142,500
|
0
|
|
Note Payable - WEAM/WFC |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
$ 200,000
|
$ 0
|
|
Note payable, interest rate |
0.00%
|
|
|
Note Payable - Auctus (2) |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
$ 56,250
|
|
$ 0
|
Note payable, interest rate |
8.00%
|
|
|
Note Payable - Blue Citi (2) |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
$ 26,500
|
|
0
|
Note payable, interest rate |
8.00%
|
|
|
Note Payable - L G Capital (2) |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
$ 94,050
|
|
0
|
Note payable, interest rate |
8.00%
|
|
|
Notes Payable - Union Capital |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Note payable |
$ 50,000
|
|
$ 0
|
Note payable, interest rate |
8.00%
|
|
|
X |
- DefinitionContractual interest rate for funds borrowed, under the debt agreement.
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14. Stock Incentive Plan - Schedule of Share-Based Compensation Stock Options Activity (Details) - USD ($)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2014 |
Dec. 31, 2013 |
Share-Based Compensation Arrangement By Share-Based Payment Award Options Outstanding [Roll Forward] |
|
|
Stock options outstanding, beginning of period |
22,000,000
|
22,000,000
|
Stock options, granted |
10,100,000
|
0
|
Stock options, exercised |
0
|
0
|
Stock options, forfeited |
0
|
0
|
Stock options outstanding, end of period |
32,100,000
|
22,000,000
|
Stock options exercisable, end of period |
29,700,000
|
18,000,000
|
Weighted average exercise price outstanding, beginning of period |
$ 0.34
|
$ 0.34
|
Weighted average exercise price, granted |
0.06
|
0
|
Weighted average exercise price, exercised |
0
|
0
|
Weighted average exercise priced, forfeited |
0
|
0
|
Weighted average exercise price outstanding, end of period |
0.30
|
0.34
|
Weighted average exercise price exercisable, end of period |
$ 0.24
|
$ 0.42
|
Average remaining contractual life (years) outstanding, beginning of period |
2 years 5 months
|
2 years 5 months
|
Average remaining contractual life (years), granted |
9 years 10 months
|
|
Average remaining contractual life (years) outstanding, end of period |
8 years 9 months
|
1 year 5 months
|
Average remaining contractual life exercisable, end of period |
8 years 9 months
|
2 years
|
Aggregate intrinsic value outstanding, beginning of period |
$ 112,000
|
$ 191,500
|
Aggregate intrinsic value, granted |
0
|
523,905
|
Aggregate intrinsic value, exercised |
0
|
0
|
Aggregate intrinsic value, forfeited |
0
|
0
|
Aggregate intrinsic value outstanding, end of period |
635,905
|
112,000
|
Aggregate intrinsic value exercisable, end of period |
$ 0
|
$ 0
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15. Stockholders' Deficit - Schedule of Derivative Liabilities at Fair Value (Details)
|
9 Months Ended |
Sep. 30, 2014
USD ($)
|
Summary of Derivative Liabilities [Roll Forward] |
|
Derivative liability, beginning of period |
$ 71,752,773
|
Derivative liability, related to new issuance and conversion feature, net |
1,842,812
|
Change in value of historic derivatives |
(57,095,577)
|
Derivative liability, end of period |
$ 12,814,383
|
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v3.3.1.900
1. Description of Business (Details Narrative) - USD ($)
|
1 Months Ended |
2 Months Ended |
9 Months Ended |
12 Months Ended |
27 Months Ended |
|
Oct. 31, 2012 |
Sep. 30, 2011 |
Jul. 31, 2012 |
Sep. 30, 2013 |
Dec. 31, 2013 |
Mar. 31, 2016 |
Jan. 09, 2016 |
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Business acquisition, extinguishment of obligation |
|
|
|
$ 1,237,200
|
|
|
|
Matter of Time I Co. |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Business acquisition, purchase price |
|
$ 30,000
|
|
|
|
|
|
Business acquisition, extinguishment of obligation |
|
$ 6,000
|
|
|
|
|
|
Liberty Electric Cars Ltd. |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Business acquisition, shares issued |
|
|
(39,742,178)
|
|
|
|
|
Business acquisition, shares value |
|
|
$ 17,486,558
|
|
|
|
|
Business acquisition, convertible preferred stock issued |
|
|
300,000
|
|
|
|
|
Percent of voting shares |
|
|
8.19%
|
|
|
|
|
Newport Coachworks |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Business acquisition, shares issued |
27,000,000
|
|
|
|
|
|
|
Business acquisition, vesting terms |
upon NCWI obtaining bona fide, binding purchase orders, with cash down payment standard in the industry to
NCWI, from third party purchasers requiring NCWI to manufacturer Sixty (60) buses with compressed natural gas engines at NCWIs
manufacturing facility (each a Qualified Purchase Order) within the first twelve (12) months following the payment
of one-half of the initial forecasted funding of $500,000. This transaction closed on October 12, 2012.
|
|
|
|
|
|
|
Going Green Limited |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Business acquisition, shares issued |
|
|
|
|
1,712,999
|
|
|
Viridian Motor Corporation |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Business acquisition, shares issued |
|
|
|
|
|
1,292,270
|
|
Business acquisition, shares value |
|
|
|
|
|
|
$ 173,060
|
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v3.3.1.900
3. Summary of Significant Accounting Policies (Details Narrative)
|
9 Months Ended |
Sep. 30, 2014 |
Earnings Per Share Diluted Other Disclosures |
|
Impact of Conversion of Contingently Convertible Securities on Diluted Earnings Per Share |
Diluted EPS gives effect to all
dilutive potential common shares outstanding during the period including 632,701 Series A Convertible Preferred Stock for
September 30, 2014 (net of 150,000 forfeit shares) and 608,475 for September 2013 (net of 300,000 forfeit shares), using the
if-converted method, 0 stock options for September 30, 2014, and 18,000,000 for September 30, 2013 using the treasury stock
method, 35,562,651 Series Y Convertible Preferred Stock for September 30, 2014, and 0 for September 30, 2013 using the
if-converted method, and 231,923,077 shares for September 30, 2014 and 2,013,070 shares for September 30, 2013 for
convertible loan notes, using the if-converted method.
|
Property and Equipment |
|
Estimated useful lives |
Ranging from 3 to 7 years
|
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v3.3.1.900
4. Acquisitions (Details Narrative) - shares
|
1 Months Ended |
12 Months Ended |
Jan. 31, 2013 |
Dec. 31, 2013 |
Business Combinations [Abstract] |
|
|
Business acquisition, equity interest issued or issuable, description |
On January 31, 2013, the Company signed a binding agreement to buy UK-based electric vehicle distributor. The deal was
completed on April 1, 2013 when 1,562,498 shares of GAC common stock was authorized for exchange for 100% of the issued and
outstanding securities of Going Green Limited plus 150,501 shares of GAC common stock was authorized for issuance to former
creditors of Going Green. Due to a temporary restraining order in an unrelated litigation in Utah by us against a former
stockholder the shares were not released by our transfer agent until June 24, 2013. Going Green Limited.
|
|
Stock issued during period |
|
1,562,498
|
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- DefinitionThe amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.
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v3.3.1.900
12. Sums Due To Global Trade Finance (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
|
|
Sep. 30, 2012 |
Sep. 30, 2012 |
Sep. 30, 2014 |
Dec. 31, 2013 |
Jan. 31, 2012 |
Sums Due To Global Trade Finance |
|
|
|
|
|
Credit facilities, maximum borrowing capacity |
|
|
|
|
$ 250,000
|
Credit facilities, interest rate during period |
8.00%
|
|
|
|
|
Credit facilities, gain / loss on recourse of debt |
|
$ 4,000
|
|
|
|
Credit facilities, borrowed amounts payable |
|
|
$ 25,000
|
$ 25,000
|
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v3.3.1.900
13. Notes Payable, Net of Discounts (Details Narrative) - Convertible Notes Payable
|
9 Months Ended |
Sep. 30, 2014
USD ($)
$ / shares
$ / Units
shares
|
Typenex |
|
Debt Conversion [Line Items] |
|
Warrant exercise price | $ / shares |
$ 0.0205
|
Adjusted number of issuable shares | shares |
49,626,866
|
Strike price | $ / Units |
0.00670
|
Original issue discount | $ |
$ 60,000
|
Transaction expense | $ |
$ 5,000
|
Market price | $ / shares |
$ 0.0205
|
Estimated term |
1 year
|
Risk free rate |
0.11%
|
Expected volatility |
176.00%
|
Warrant value | $ |
$ 817,799
|
Convertible promissory note issued | $ |
$ 665,000
|
Convertible promissory note, interest rate |
10.00%
|
Convertible, Terms of Conversion Feature |
The conversion formula is the amount of the loan being converted divided by the conversion price, which is 60% of the average of
the three lowest Closing Bid Prices in the proceeding twenty trading days.
|
Debt instrument, description |
The loan will be funded in six installments of
which the first installment was for $142,500 and the remainders are for $110,000 each, except the last which is for $82,500. The
Typenex transaction had an original issue discount of $60,000 and transaction expenses of $5,000. As the lender, Typenex is secured
by a first priority security interest on the assets of the Company. The Typenex Note is convertible into shares of the Companys
common stock beginning on the date which is six months after each respective installment of the loan is received by the Company.
|
Blue Citi |
|
Debt Conversion [Line Items] |
|
Stock issued, convertible debt, shares | shares |
15,218,579
|
Warrant exercise price | $ / shares |
$ 0.0183
|
Adjusted number of issuable shares | shares |
107,115,385
|
Strike price | $ / Units |
0.0026
|
Market price | $ / shares |
$ 0.006
|
Estimated term |
1 year
|
Risk free rate |
0.13%
|
Expected volatility |
178.00%
|
Warrant value | $ |
$ 492,508
|
Black Mountain |
|
Debt Conversion [Line Items] |
|
Stock issued, convertible debt, shares | shares |
1,200,000
|
Warrant exercise price | $ / shares |
$ 0.15
|
Adjusted number of issuable shares | shares |
69,230,769
|
Strike price | $ / Units |
0.0026
|
Market price | $ / shares |
$ 0.006
|
Estimated term |
1 year
|
Risk free rate |
0.13%
|
Expected volatility |
178.00%
|
Warrant value | $ |
$ 318,318
|
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- DefinitionAmount of noncash expense included in interest expense to allocate debt discount and premium, and the costs to issue debt and obtain financing over the related debt instruments. Alternate captions include noncash interest expense.
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v3.3.1.900
14. Stock Incentive Plan (Details Narrative) - USD ($)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2014 |
Sep. 30, 2013 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
|
|
|
Unvested stock options |
|
|
4,000,000
|
4,000,000
|
Unvested stock options, grants |
1,303,949
|
|
0
|
18,000,000
|
Share based compensation expense |
$ 41,498
|
|
$ 331,894
|
|
Stock options granted |
10,100,000
|
|
0
|
|
Stock option expense |
$ 523,905
|
$ 214,286
|
|
|
X |
- DefinitionRepresents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.
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v3.3.1.900
15. Stockholders' Deficit (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sep. 30, 2014 |
Sep. 30, 2013 |
Sep. 30, 2014 |
Sep. 30, 2013 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Sep. 23, 2014 |
Sep. 12, 2014 |
Jul. 21, 2014 |
Jun. 27, 2014 |
Jun. 24, 2014 |
Jun. 18, 2014 |
Jun. 06, 2014 |
Jun. 05, 2014 |
Apr. 14, 2014 |
Apr. 09, 2014 |
Apr. 02, 2014 |
Mar. 06, 2013 |
Dec. 26, 2012 |
Conversion of debt for preferred stock, value |
|
|
|
$ (105)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, value |
|
$ 1,237,200
|
|
$ 1,237,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock value per share |
$ 0.001
|
|
$ 0.001
|
|
|
$ 0.001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series Y Preferred Stock September 2, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of debt for preferred stock, shares |
|
|
|
|
35,415,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A Convertible Preferred Stock and Derivative Liability July 23, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted preferred stock issued to directors, shares |
|
|
|
|
|
|
300,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted preferred stock issued to directors, price per share |
|
|
|
|
|
|
$ 5.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued FMS for advance owed September 29, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of debt for preferred stock, value |
|
|
|
|
|
|
$ 150,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of debt for preferred stock, shares |
|
|
|
|
|
|
30,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted preferred stock issued to directors, price per share |
|
|
|
|
|
|
$ 5.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to FMS December 26, 2012 (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for cash, shares |
|
|
|
|
|
|
53,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to FMS December 26, 2012 (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock issued, price per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 5.00
|
Stock issued to FMS December 26, 2012 (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock issued, price per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 8.25
|
Stock issued for cash, shares |
|
|
|
|
|
|
12,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock converted by FMS February 15, 2013 (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of preferred stock for common stock, shares converted |
|
|
|
|
|
|
62,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued upon conversion of preferred stock |
|
|
|
|
|
|
20,437,331
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to FMS March 6, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for cash, shares |
|
|
|
|
|
21,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for cash, value |
|
|
|
|
|
$ 180,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued FMS March 6, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock issued, price per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 8.25
|
|
Stock issued to FMS July 26, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for cash, shares |
|
|
|
|
|
95,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for cash, value |
|
|
|
|
|
$ 620,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock converted July 29, 2013 (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of preferred stock for common stock, shares converted |
|
|
|
|
|
42,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued upon conversion of preferred stock |
|
|
|
|
|
16,156,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to FMS November 27, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for cash, shares |
|
|
|
|
|
15,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for cash, value |
|
|
|
|
|
$ 122,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to two investors for settlement of liability January 7, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of debt for preferred stock, value |
|
|
|
|
$ 210,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of debt for preferred stock, shares |
|
|
|
|
27,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock converted between January 9, 2014 and March 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of preferred stock for common stock, shares converted |
|
|
|
|
38,665
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued upon conversion of preferred stock |
|
|
|
|
19,386,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock converted April 11, 2014 (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of preferred stock for common stock, shares converted |
|
|
|
|
125,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted shares issued |
|
|
|
|
66,875,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock converted May 28, 2014 (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of preferred stock for common stock, shares converted |
|
|
|
|
5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued upon conversion of preferred stock |
|
|
|
|
2,289,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion Formula |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark to market adjustment on embedded conversion feature |
|
|
|
|
$ 57,095,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value assumptions, market price |
0.006
|
|
0.006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value assumptions, conversion price |
$ 0.0026
|
|
$ 0.0026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value assumptions, expected volatility |
|
|
|
|
178.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value assumptions, risk-free rate |
|
|
|
|
0.13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares potentially convertible |
|
|
|
|
372,921,913
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock converted for FMS February 15, 2013 (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of preferred stock for common stock, shares converted |
|
|
|
|
|
62,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued upon conversion of preferred stock |
|
|
|
|
|
20,437,331
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock converted for Kodiak Capital Group LLC February 15, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, shares |
|
|
|
|
|
375,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, value |
|
|
|
|
|
$ 150,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Colin Manners February 15, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, shares |
|
|
|
|
|
160,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, value |
|
|
|
|
|
$ 64,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Going Green Limited April 1, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, shares |
|
|
|
|
|
1,712,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Metro-Electric PLC March 22, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, shares |
|
|
|
|
|
1,050,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Gary Spaniak May 9, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, shares |
|
|
|
|
|
1,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued Ron Davis May 9 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, shares |
|
|
|
|
|
1,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Carter Read July 18, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, shares |
|
|
|
|
|
27,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock converted July 29, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of preferred stock for common stock, shares converted |
|
|
|
|
|
42,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued upon conversion of preferred stock |
|
|
|
|
|
16,156,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued for convertible debt, services and in lieu of rent September 20, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, shares |
|
|
|
|
|
1,188,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued October 16, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued November 8, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
625,461
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued November 18, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued in connection with Ironridge agreement December 11, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, shares |
|
|
|
|
|
7,700,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Redwood Management December 23, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
|
$ 33,461
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
|
297,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Redwood Management December 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
|
238,095
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued March 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 555,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
19,644,299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for cash March 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, shares |
|
|
|
|
32,051
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, value |
|
|
|
|
$ 5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for interest and penalties March 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, shares |
|
|
|
|
278,133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, value |
|
|
|
|
$ 24,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for liabilities and accrued salary March 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, shares |
|
|
|
|
78,792,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, value |
|
|
|
|
$ 4,993,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to consultants March 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
64,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services, value |
|
|
|
|
$ 872,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to JMJ Financial April 2, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 16,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
1,200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to LG Capital April 2, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 51,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
4,821,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to LG Capital April 2, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,746
|
|
|
Stock issued to Auctus Private Equity Fund April 9, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 17,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
1,631,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,646
|
|
|
|
Stock issued to JMJ Financial April 9, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 22,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
1,600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock converted April 11, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of preferred stock for common stock, shares converted |
|
|
|
|
125,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued upon conversion of preferred stock |
|
|
|
|
66,875,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to investor April 14, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, shares |
|
|
|
|
212,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, value |
|
|
|
|
$ 8,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock value per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.0400
|
|
|
|
|
Stock issued to JMJ Financial April 22, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, shares |
|
|
|
|
1,585,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, value |
|
|
|
|
$ 22,742
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Gel Properties May 23, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 4,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
540,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock converted May 28, 2014 (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of preferred stock for common stock, shares converted |
|
|
|
|
5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued upon conversion of preferred stock |
|
|
|
|
2,289,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Gel Properties May 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 7,453
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
900,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Gel Properties June 3, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 13,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
1,578,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Redwood Management June 5, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, shares |
|
|
|
|
4,262,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 29,841
|
|
|
|
|
|
Stock issued to LG Capital Funding June 6, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 3,474,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
26,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,058
|
|
|
|
|
|
|
Stock issued to Gel Properties June 10, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 21,827
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to JMJ Financial June 12, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 15,810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
1,700,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Gel Properties June 17, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 3,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
290,753
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to a creditor of former CFO June 17, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, shares |
|
|
|
|
400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued, value |
|
|
|
|
$ 17,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to LG Capital Funding June 18, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
3,342,831
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
|
|
|
|
|
|
$ 71
|
|
|
|
|
|
|
|
Stock issued to Gel Properties June 18, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 19,361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
2,200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Redwood Fund III June 19, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 60,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
8,571,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued June 24, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock value per share |
|
|
|
|
|
|
|
|
|
|
|
$ 0.014
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Redwood Fund III June 27, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 40,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
7,462,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
|
|
|
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
Stock issued to Gel Properties June 27, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 5,639
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
640,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to JMJ Financial July 10, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 24,012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
2,818,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Redwood Fund II, LLC July 14, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 60,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
8,608,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Gel Properties July 15, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 20,459
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
2,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Redwood Fund II, LLC July 21, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
7,246,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
|
|
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Gel Properties, LLC July 29, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 4,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
554,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Black Mountain September 12, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 30,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
3,894,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
|
|
$ 1,653
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Union Capital, LLC September 23, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 5,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
912,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
|
$ 202
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Blue Citi September 26, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 1,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
384,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
$ 1,176
|
|
$ 1,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to Black Mountain September 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares, value |
|
|
|
|
$ 20,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted into common shares |
|
|
|
|
5,044,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.3.1.900
16. Contingencies (Details Narrative) - USD ($)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] |
|
|
|
Loss contingency, management's assessment and process |
After the initial issuance GAC issued a total of 27,000,000 additional
free trading shares to Ironridge under the Stipulation formula. On or about March 28, 2014, however, Ironridge demanded GAC issue
an additional 43,000,000 free-trading shares based on Ironridges calculations under the Stipulation. Ironridges calculation
depends on its interpretation of certain clauses in the Stipulation and the allegation that GAC delayed the timely issuance of
shares to which Ironridge was entitled and has thus increased the base amount of shares owed under the Stipulation. The initial
Ironridge demand for 43,000,000 shares was increased to 55,000,000 additional shares (the Additional Shares).
On April 16, 2014, Ironridge brought an ex parte proceeding before
Hon. Deirdre Hill, J. (Judge Hill) to compel GAC to issue the Additional Shares under the Stipulation. GAC filed
its answering papers in opposition to the Ironridge motion, and the Court held a hearing on May 14, 2014. At the conclusion of
the hearing, the Court denied Ironridges request for the issuance of the Additional Shares without prejudice. Since the
date of the May 14 hearing Ironridge has not filed any other court papers, nor has GAC had any further communications from Ironridge.
|
In December 2013 we entered in to an arrangement with Ironridge
Global Equity IV, Ltd. under Section 3(a)(10) of the Securities Act of 1933 that was approved by a Superior Court Judge in Los
Angeles, California pursuant to which we agreed to settle approximately $543,000 of trade debt claims purchased by Ironridge in
exchange for the issuance by the Company of free-trading shares of our common stock under a calculation negotiated between Ironridge
and the Company (the Stipulation).
|
Our predecessor, Go Green USA, LLC (Go Green) was
a party defendant, along with other defendants in a civil action filed in Marshall County, West Virginia by Glen Dale Motor Co.
and Tomsic Motor Co, Civil Action No. 11-C-104 H. This undefended and previously unknown action resulted in a default judgment
and related judgment order in the amount of $3,717,615 with interest accruing at 7% per annum from and after February 13, 2012.
There is no active effort to enforce this action against Go Green and we believe there are numerous defenses to the asserted judgment
and any such enforcement effort. Moreover, the existence of the liability pre-existed our acquisition of Go Green and its existence
was not disclosed as a part of the acquisition.
|
Loss contingency, range of possible loss, maximum |
|
|
$ 3,717,615
|
Loss Contingency, settlement agreement, terms |
|
As of December 31, 2013, we had issued 7,700,000 free trading shares
of our common stock to cover the Newport Coachworks liabilities assigned to Ironridge under the Stipulation The 3(a)(10) agreement
specifies a $6m calculation period which determines the final number of shares to be issued to Ironridge in settlement
of the loan they made to the Company by purchasing Company third party debt.
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v3.3.1.900
17. Subsequent Events (Details Narrative) - USD ($)
|
12 Months Ended |
|
|
|
|
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Nov. 04, 2015 |
Sep. 30, 2015 |
Oct. 08, 2014 |
Sep. 30, 2014 |
Dec. 31, 2013 |
Common stock, authorized |
|
|
|
|
|
900,000,000
|
900,000,000
|
Subsequent Event Termination of Agreement with Cause September 30, 2014 |
|
|
|
|
|
|
|
Common stock, authorized |
|
|
|
2,500,000,000
|
|
|
|
Common stock conversion terms |
|
Although our Board of Directors has passed a resolution to increase the number of authorized
common shares to 2,500,000,000 from 900,000,000, the amount of the increase in authorized shares to be requested of the Companys
shareholders is subject to our ability to negotiate a resolution on the conversion of our Preferred A Stock to common shares and
the settlement of our outstanding liabilities, including GAC and Newport Coachworks payables and GACs outstanding
convertible notes. If a reasonable resolution is not achieved, the number of common shares needed to fully satisfy all parties
could exceed 20 billion shares (based on all factors present on or about December 31, 2014). An increase to our authorized issuable
share ceiling is subject to approval by our shareholders and will not be effective until the filing of an amendment to our Articles
of Incorporation.
|
|
|
|
|
|
Subsequent Event Termination of Agreement with Cause September 8, 2014 |
|
|
|
|
|
|
|
Stock vested |
|
$ 8,000,000
|
|
|
|
|
|
Accrued and unpaid consulting fees due |
|
|
|
|
$ 95,833
|
|
|
Subsequent Event Outsourcing Agreement with Executive Bus Builders Inc. September 30, 2015 |
|
|
|
|
|
|
|
Outsourcing agreement terms |
Pursuant to the Outsourcing Agreement, Executive Bus agreed
to 1) manufacture buses for our clients based in California, and to build customized buses, which are to be converted into all-electric
vehicles and convert other mass transit vehicles for our clients into all-electric drive vehicles, 2) purchase certain of the
tool and die equipment, and certain molds located in the Wilson Avenue facility from us for $100,000, 3) to pay us approximately
$25,000 for the first five buses manufactured for the our customers by Executive Bus, and 4) to assume all of the obligations
and responsibilities as a sub-lessor under NCIs original lease for the duration of the original lease.
|
|
|
|
|
|
|
Subsequent Event Typenex Co-Investment, LLC November 4, 2015 |
|
|
|
|
|
|
|
Default arbitration judgement |
$ 679,894
|
|
|
|
|
|
|
Subsequent Event Typenex Co-Investment, LLC November 4, 2015 |
|
|
|
|
|
|
|
Interest rate |
|
|
22.00%
|
|
|
|
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