PINX:AEHI Alternate Energy Holdings, Inc. Quarterly Report 10-Q Filing - 6/30/2012

Effective Date 6/30/2012

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 

FORM 10-Q


x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2012
OR
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from                             to                              
 
Commission file number: 000-53451
 
ALTERNATE ENERGY HOLDINGS, INC.
(Exact name of Registrant as specified in its charter)
 
 
Nevada
20-5689191
 
(State or other jurisdiction of
(I.R.S. Employer
 
incorporation or organization)
Identification No.)
     
 
911 E. Winding Creek Dr., Suite 150, Eagle, Idaho
83616
 
(Address of principal executive offices)
(Zip Code)

(208) 939-9311
(Registrant’s telephone number, including area code)

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 ý                   No o
Indicate by check mark whether the registrant has submitted electronically and where 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes ý               No  o
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. (Check one)
 
Large Accelerated Filer  o                                                                                            Accelerated Filer  o
 
Non- Accelerated Filer  o                                                                                            Smaller reporting company ý
(Do not check if a smaller reporting company)
 
Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yeso    No  ý
 
As of August 13, 2012, there were 326,562,791 shares of common stock, $0.001 par value per share, outstanding.
 
 
 

 
 
ALTERNATE ENERGY HOLDINGS, INC.
 
TABLE OF CONTENTS
 
 
Page No.
 PART I - FINANCIAL INFORMATION
     
Item 1.
Consolidated Financial Statements.
3
Item 2.
Management’s Discussion and Analysis of Financial Condition And Results of Operations.
19
Item 3.
Quantitative and Qualitative Disclosures About Market Risk.
23
Item 4.
Controls And Procedures.
23
 
PART II - OTHER INFORMATION
Item 1.
Legal Proceedings.
23
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds.
24
Item 3.
Defaults Upon Senior Securities.
24
Item 4.
Mine Safety Disclosures
24
Item 5.
Other Information.
24
Item 6.
Exhibits.
24
SIGNATURES
 
25
 
the terms “we”, “us”, “our”, “Company” , “AEHI” and “Alternate Energy Holdings” refer to Alternate Energy Holdings, Inc. and our wholly owned subsidiaries.
 
 
2

 

PART I - FINANCIAL INFORMATION
 
 
ALTERNATE ENERGY HOLDINGS, INC.
(A Development Stage Company)
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2012 (Unaudited) AND DECEMBER 31, 2011
 
ASSETS
 
June 30
2012
Unaudited
   
December 31
2011
 
CURRENT ASSETS:
           
Cash and Cash Equivalents
  $ 332,341     $ 268,691  
Cash - Escrow
    2,001,500       2,018,500  
Prepaid Expenses
    5,730       5,604  
Short-Term Investments
    -       1,540,655  
                 
Total Current Assets
    2,339,571       3,833,450  
                 
PROPERTY AND EQUIPMENT - Net
    53,772       61,099  
                 
OTHER ASSET
               
Payette County - Site Work
    9,297       -  
                 
Total Other Asset
    9,297       -  
                 
                 
TOTAL ASSETS
  $ 2,402,640     $ 3,894,549  
                 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY        
                 
CURRENT LIABILITY
               
Accounts Payable
  $ 1,117,366     $ 102,782  
                 
Total Current Liabilities
    1,117,366       102,782  
                 
STOCKHOLDERS' EQUITY:
               
Common Stock, par value $.001, 500,000,000 shares authorized; 326,562,791 issued and 326,162,791 outstanding and 325,962,791 issued and 325,562,791 outstanding, respectively
    326,563       325,963  
Additional Paid in Capital
    27,285,303       27,255,903  
Accumulated Other Comprehensive Income(Loss)
    -       (102,439 )
Treasury Stock (400,000 shares at cost)
    (20,000 )     (20,000 )
Deficit Accumulated During Development Stage
    (26,306,592 )     (23,667,660 )
                 
Total Stockholders' Equity
    1,285,274       3,791,767  
                 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  $ 2,402,640     $ 3,894,549  
 
The accompanying notes are an integral part of these consolidated financial statements.
 
 
3

 
 
ALTERNATE ENERGY HOLDINGS, INC.
(A Development Stage Company)
CONSOLIDATED INCOME STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2012 AND 2011
AND THE PERIOD FROM INCEPTION (AUGUST 29, 2005) THROUGH JUNE 30, 2012 (Unaudited)
 
   
Three Months
June
2012
   
Three Months
June
2011
   
Six Months
June
2012
   
Six Months
June
2011
   
Inception to
June 30
2012
 
                               
REVENUES
  $ -     $ 373,900     $ -     $ 542,900     $ 923,650  
                                         
COST OF SALES
    -       360,219       -       521,806       929,237  
                                         
GROSS PROFIT
    -       13,681       -       21,094       (5,587 )
                                         
OPERATING EXPENSES:
                                       
General and Administrative Expenses
    1,775,664       972,428       2,441,452       1,633,084       27,117,690  
                                         
NET LOSS FROM OPERATIONS
    (1,775,664 )     (958,747 )     (2,441,452 )     (1,611,990 )     (27,123,277 )
                                         
OTHER INCOME (EXPENSE)
                                       
Investment Income
    392       67,816       25,236       145,064       466,853  
Miscellaneous Income
    -       -       -       -       9,186  
(Loss) Gain on Sales of Investments
    (16,403 )     (27,736 )     (222,716 )     (118,720 )     (516,901 )
Impairment on Deposit
    -       -                       (100,000 )
Impairment on Asset Held for Sale
    -       -       -       -       (38,419 )
Interest Expense
    -       (7 )     -       (48 )     (4,034 )
Total Other Income
    (16,011 )     40,073       (197,480 )     26,296       (183,315 )
                                         
LOSS BEFORE NON-CONTROLLING INTEREST IN VARIABLE INTEREST ENTITY
    (1,791,675 )     (918,674 )     (2,638,932 )     (1,585,694 )     (27,306,592 )
                                         
Non-Controlling Interest in Variable Interest Entity
    -       -       -       -       1,000,000  
                                         
Net Loss before Income Tax
    (1,791,675 )     (918,674 )     (2,638,932 )     (1,585,694 )     (26,306,592 )
                                         
Income Tax Expense
    -       -       -       -       -  
                                         
NET LOSS
  $ (1,791,675 )   $ (918,674 )   $ (2,638,932 )   $ (1,585,694 )   $ (26,306,592 )
                                         
OTHER COMPREHENSIVE INCOME, NET OF TAX
                         
Unrealized Holding (Loss) Gain Arising During the Period
    (1,302 )     17,862       102,439       62,605       -  
                                         
COMPREHENSIVE LOSS
  $ (1,790,373 )   $ (936,536 )   $ (2,741,371 )   $ (1,648,299 )   $ (26,306,592 )
                                         
BASIC AND DILUTED
                                       
NET LOSS PER COMMON STOCK
  $ (0.01 )   $ (0.00 )   $ (0.01 )   $ (0.00 )        
                                         
WEIGHTED AVERAGE SHARES OUTSTANDING
    326,562,791       325,923,208       326,437,791       325,710,708          
 
The accompanying notes are an integral part of these consolidated financial statements.
 
 
4

 

ALTERNATE ENERGY HOLDINGS, INC.
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
AND THE PERIOD FROM INCEPTION (AUGUST 29, 2005) THROUGH JUNE 30, 2012 (Unaudited)
 
2005
 
Price per
Share
   
Number of
Common
Shares Issued
   
Common
Stock
   
Additional
Paid in
Capital
   
Treasury
Stock
   
Accumulated
Other
Comprehensive
Income
   
Net
Loss
   
Total
 
Founder Shares issued August 29, 2005
    -       14,800,000     $ 14,800     $ (14,800 )   $ -     $ -     $ -     $ -  
Issuance of Common Stock for Services
                                                               
October
    0.0176       3,249,999       3,250       54,250       -       -       -       57,500  
Amortization of common stock for services
                                                               
October
            -       -       8,750       -       -       -       8,750  
November
            -       -       8,750       -       -       -       8,750  
December
            -       -       8,750       -       -       -       8,750  
Issuance of Common Stock for Payables:
                                                               
September
    0.0417       600,000       600       24,400       -       -       -       25,000  
November
    0.0500       300,000       300       14,700       -       -       -       15,000  
Net Loss
            -       -       -       -       -       (100,692 )     (100,692 )
Balances, December 31, 2005
            18,949,999       18,950       104,800       -       -       (100,692 )     23,058  
2006
                                                               
Nussential Holdings Inc. shareholders prior to merger
    -       4,252,088       4,252       (4,252 )     -       -       -       -  
Issuance of Common Stock for Services
                                                               
September
    1.0077       1,149,999       1,150       1,157,599       -       -       -       1,158,749  
November
    0.9000       100,000       100       89,900       -       -       -       90,000  
Amortization of common stock for services
                                                               
January
            -       -       8,750       -       -       -       8,750  
February
            -       -       8,750       -       -       -       8,750  
March
            -       -       8,750       -       -       -       8,750  
April
            -       -       8,750       -       -       -       8,750  
May
            -       -       8,750       -       -       -       8,750  
June
            -       -       8,750       -       -       -       8,750  
July
            -       -       8,750       -       -       -       8,750  
August
            -       -       8,750       -       -       -       8,750  
Issuance of Common Stock for Cash
                                                               
March
    0.0500       1,000,000       1,000       49,000       -       -       -       50,000  
May
    0.0500       400,000       400       19,600       -       -       -       20,000  
June
    0.0500       100,000       100       4,900       -       -       -       5,000  
October
    0.6465       273,000       273       176,227       -       -       -       176,500  
November
    0.3333       116,000       116       38,550       -       -       -       38,666  
December
    0.4244       75,000       75       31,758       -       -       -       31,833  
Purchase of Treasury Stock
            -       -       -       (20,000 )     -       -       (20,000 )
Net Loss
            -       -       -       -       -       (1,394,711 )     (1,394,711 )
Balances, December 31, 2006
            26,416,086       26,416       1,738,082       (20,000 )     -       (1,495,403 )     249,095  
2007
                                                               
Issuance of Common Stock for Services
                                                               
February
    0.5000       920,000       920       459,080       -       -       -       460,000  
March
    0.5000       300,000       300       149,700       -       -       -       150,000  
April
    0.2500       100,000       100       24,900       -       -       -       25,000  
June
    0.2500       550,000       550       136,950       -       -       -       137,500  
August
    0.4000       531,552       532       212,089       -       -       -       212,621  
September
    0.1055       4,583,200       4,583       478,697       -       -       -       483,280  
October
    0.4000       366,400       366       146,194       -       -       -       146,560  
November
    0.1453       457,000       457       65,943       -       -       -       66,400  
December
    0.1000       57,500       58       5,692       -       -       -       5,750  
Issuance of Common Stock for Cash
                                                               
January
    0.5300       23,000       23       12,227       -       -       -       12,250  
February
    0.5000       55,000       55       27,445       -       -       -       27,500  
March
    0.5000       10,000       10       4,990       -       -       -       5,000  
April
    0.4000       25,000       25       9,975       -       -       -       10,000  
May
    0.2500       206,000       206       51,294       -       -       -       51,500  
June
    0.2389       180,000       180       42,820       -       -       -       43,000  
July
    0.2500       2,591,000       2,591       645,159       -       -       -       647,750  
August
    0.2494       2,521,036       2,521       626,238       -       -       -       628,759  
September
    0.2500       64,000       64       15,936       -       -       -       16,000  
October
    0.2500       20,000       20       4,980       -       -       -       5,000  
November
    0.2000       287,500       287       57,213       -       -       -       57,500  
December
    0.1000       2,451,000       2,451       242,649       -       -       -       245,100  
Net Loss
            -       -       -       -       -       (3,394,200 )     (3,394,200 )
Balances, December 31, 2007
            42,715,274     $ 42,715     $ 5,158,253     $ (20,000 )   $ -     $ (4,889,603 )   $ 291,365  
 
The accompanying notes are an integral part of these consolidated financial statements.
 
5

 
ALTERNATE ENERGY HOLDINGS, INC.
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
AND THE PERIOD FROM INCEPTION (AUGUST 29, 2005) THROUGH JUNE 30, 2012 (Unaudited)
 
2008
 
Price per
Share
   
Number of
Common
Shares Issued
   
Common
Stock
   
Additional
Paid in
Capital
   
Treasury
Stock
   
Accumulated
Other
Comprehensive
Income
   
Net
Loss
   
Total
 
Issuance of Common Stock for Services
                                               
January
    0.1000       1,312,250       1,312       129,913       -       -       -       131,225  
February
    0.1000       70,000       70       6,930       -       -       -       7,000  
March
    0.1000       183,250       183       18,142       -       -       -       18,325  
April
    0.1000       20,000       20       1,980       -       -       -       2,000  
May
    0.1000       14,556,875       14,557       1,441,131       -       -       -       1,455,688  
June
    0.1000       4,365,342       4,365       432,169       -       -       -       436,534  
July
    0.2000       798,625       798       158,927       -       -       -       159,725  
August
    0.2000       71,500       72       14,228       -       -       -       14,300  
September
    0.2000       25,430       25       5,061       -       -       -       5,086  
October
    0.2000       207,147       207       41,222       -       -       -       41,429  
November
    0.2000       10,853       11       2,160       -       -               2,171  
December
    0.1000       3,140,777       3,141       310,934       -       -               314,075  
Issuance of Common Stock for Cash
                                                               
January
    0.1000       7,720,000       7,720       764,280       -       -       -       772,000  
February
    0.1000       1,120,750       1,121       110,954       -       -       -       112,075  
March
    0.1000       225,000       225       22,275       -       -       -       22,500  
April
    0.1000       250,000       250       24,750       -       -       -       25,000  
May
    0.1000       50,000       50       4,950       -       -       -       5,000  
June
    0.1000       576,000       576       57,024       -       -       -       57,600  
July
    0.1021       307,301       308       31,072       -       -       -       31,380  
August
    0.1549       182,000       182       28,018       -       -       -       28,200  
September
    0.2609       153,666       154       39,946       -       -       -       40,100  
December
    0.1000       125,000       125       12,375       -       -       -       12,500  
Net Loss
            -       -       -       -       -       (3,820,601 )     (3,820,601 )
Balances, December 31, 2008
            78,187,040       78,187       8,816,694       (20,000 )     -       (8,710,204 )     164,677  
2009
                                                               
Issuance of Common Stock for Services
                                                               
January
    0.1000       395,290       395       39,134       -       -       -       39,529  
March
    0.0500       138,065       138       6,765       -       -       -       6,903  
April
    0.0500       18,425,000       18,425       902,825       -       -       -       921,250  
May
    0.0500       945,400       945       46,325       -       -       -       47,270  
June
    0.0500       718,500       719       35,206       -       -       -       35,925  
July
    0.0500       755,000       755       36,995       -       -       -       37,750  
August
    0.0500       1,567,957       1,568       76,830       -       -       -       78,398  
September
    0.0500       1,431,340       1,431       70,136       -       -       -       71,567  
October
    0.0500       50,000       50       2,450       -       -       -       2,500  
November
    0.0500       441,580       442       21,637       -       -       -       22,079  
December
    0.0500       3,914,400       3,915       191,805       -       -       -       195,720  
Issuance of Common Stock for Contract Option Fee
                                                               
December
    0.0500       500,000       500       24,500       -       -       -       25,000  
Issuance of Common Stock for Cash
                                                               
January
    0.1000       25,000       25       2,475       -       -       -       2,500  
February
    0.0500       800,000       800       39,200       -       -       -       40,000  
March
    0.0500       330,600       330       16,200       -       -       -       16,530  
April
    0.0500       1,745,000       1,745       85,505       -       -       -       87,250  
May
    0.0500       700,000       700       34,300       -       -       -       35,000  
June
    0.0500       4,345,000       4,345       212,905       -       -       -       217,250  
August
    0.0500       440,000       440       21,560       -       -       -       22,000  
September
    0.0500       2,470,000       2,470       121,030       -       -       -       123,500  
October
    0.0500       3,509,000       3,509       171,941       -       -       -       175,450  
November
    0.0500       5,338,700       5,339       261,596       -       -       -       266,935  
December
    0.0500       8,977,236       8,977       439,933       -       -       -       448,910  
Net Loss
            -       -       -       -       -       (2,377,568 )     (2,377,568 )
Balances, December 31, 2009
            136,150,108       136,150       11,677,947       (20,000 )     -       (11,087,772 )     706,325  
The accompanying notes are an integral part of these consolidated financial statements.
 
6

 
 
ALTERNATE ENERGY HOLDINGS, INC.
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
AND THE PERIOD FROM INCEPTION (AUGUST 29, 2005) THROUGH JUNE 30, 2012 (Unaudited)
 
2010
 
Price per
Share
   
Number of
Common
Shares Issued
   
Common
Stock
   
Additional
Paid in
Capital
   
Treasury
Stock
   
Accumulated
Other
Comprehensive
Income
   
Net
Loss
   
Total
 
Issuance of Common Stock for Services
                                               
January
    0.0500       17,500,000       17,500       857,500       -       -       -       875,000  
February
    0.0500       20,475,200       20,475       1,003,285       -       -       -       1,023,760  
March
    0.0500       1,307,546       1,308       64,069       -       -       -       65,377  
April
    0.0500       735,800       735       36,055       -       -       -       36,790  
May
    0.1000       100,000       100       9,900       -       -       -       10,000  
June
    0.1000       5,500,000       5,500       544,500       -       -       -       550,000  
July
    0.1500       5,854,465       5,854       872,316       -       -       -       878,170  
August
    0.5000       462,000       462       230,538       -       -       -       231,000  
October
    0.7000       145,000       145       101,355       -       -       -       101,500  
November
    0.7365       2,056,030       2,056       1,512,124       -       -       -       1,514,180  
Issuance of Common Stock for Contract Option Fee
                                                               
August
    0.4000       500,000       500       199,500       -       -       -       200,000  
September
    0.7000       250,000       250       174,750       -       -       -       175,000  
Issuance of Common Stock for Cash
                                                               
January
    0.0500       4,691,240       4,691       229,871       -       -       -       234,562  
February
    0.0500       42,188,960       42,189       2,067,259       -       -       -       2,109,448  
March
    0.0500       30,048,710       30,049       1,472,387       -       -       -       1,502,436  
April
    0.0500       4,610,000       4,610       225,890       -       -       -       230,500  
May
    0.1000       44,028,600       44,029       4,358,831       -       -       -       4,402,860  
June
    0.1000       7,348,580       7,349       727,509       -       -       -       734,858  
July
    0.4000       65,000       65       25,935       -       -       -       26,000  
August
    0.5000       425,000       425       212,075       -       -       -       212,500  
September
    0.7400       223,547       224       165,200       -       -       -       165,424  
October
    0.7000       279,145       279       195,123       -       -       -       195,402  
November
    0.7000       142,860       143       99,859       -       -       -       100,002  
Net Loss
            -       -       -       -