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

Green Automotive Co 10-Q