10-Q 1 v202713_10q.htm 10-Q Unassociated Document
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
(Mark One)
 
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: September 30, 2010

¨ 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. Empl. Ident. No.) 
incorporation or organization) 
  

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 Exchange Act during the past 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 x         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 x 
(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 x
 
The number of shares outstanding of each of the issuer’s classes of common equity, as of November 11, 2010 is as follows:
 
Class of Securities 
Shares Outstanding 
   
Common Stock, $0.001 par value
323,245,261

Transitional Small Business Disclosure Format (check one):  Yes ¨             No x
 
 
 

 
 
ITEM 1. FINANCIAL STATEMENTS
 
ALTERNATE ENERGY HOLDINGS, INC.
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
TABLE OF CONTENTS
 
 
 
 

 
 
(A Development Stage Company)
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30,  2010 (Unaudited) AND DECEMBER 31, 2009

   
September 30
       
   
2010
   
December 31,
 
   
Unaudited
   
2009
 
ASSETS
           
CURRENT ASSETS:
           
Cash and Cash Equivalents
  $ 8,055,875     $ 597,577  
Short-Term Investments
    -       -  
Deposit
    100,000       100,000  
Prepaid Expenses
    54,000       11,220  
                 
Total Current Assets
    8,209,875       708,797  
                 
PROPERTY AND EQUIPMENT - Net
    66,824       -  
                 
OTHER ASSETS:
               
Asset held for Sale
    312,666       -  
Security Deposit
    3,000       3,000  
Total Other Assets
    315,666       3,000  
                 
TOTAL ASSETS
  $ 8,592,365     $ 711,797  
                 
LIABILITY AND STOCKHOLDERS' EQUITY
               
                 
CURRENT LIABILITIES:
               
Accounts Payable
  $ 48,467     $ 5,472  
Short-Term Borrowings
    -       -  
                 
Total Current Liabilities
    48,467       5,472  
                 
NON-CONTROLLING INTEREST
    -       -  
                 
STOCKHOLDERS' EQUITY:
               
Common Stock, par value $.001, 500,000,000 shares authorized; 323,064,756 issued and 322,664,756 outstanding and 136,150,108 issued and 135,750,108 outstanding, respectively
    323,065       136,150  
Additional Paid in Capital
    25,313,710       11,677,947  
Accumulated Other Comprehensive Income
    -       -  
Treasury Stock (400,000 shares at cost)
    (20,000 )     (20,000 )
Deficit Accumulated During Development Stage
    (17,072,877 )     (11,087,772 )
                 
Total Stockholders' Equity
    8,543,898       706,325  
                 
TOTAL LIABILITY AND STOCKHOLDERS' EQUITY
  $ 8,592,365     $ 711,797  
 
The accompanying notes are an integral part of these financial statements.

 
2

 
 
(A Development Stage Company)
CONSOLIDATED INCOME STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009
AND THE PERIOD FROM INCEPTION (AUGUST 29, 2005) THROUGH SEPTEMBER 30, 2010 (Unaudited)

   
Three Months
   
Nine Months
   
Inception to
 
   
September
   
September
   
September
 
   
2010
   
2010
   
2010
 
                   
REVENUES
  $ -     $ -     $ -  
                         
OPERATING EXPENSES:
                       
General and Administrative Expenses
    1,860,245       6,224,818       18,348,371  
                         
NET LOSS FROM OPERATIONS
    (1,860,245 )     (6,224,818 )     (18,348,371 )
                         
OTHER INCOME (EXPENSE)
                       
Investment Income
    75,042       87,344       119,531  
Miscellaneous Income
    -       3,707       9,186  
Gain on Sales of Investments
    149,136       149,136       150,763  
Interest Expense
    (392 )     (474 )     (3,986 )
Total Other Expense
    223,786       239,713       275,494  
                         
LOSS BEFORE NON-CONTROLLING INTEREST IN VARIABLE INTEREST ENTITY
    (1,636,459 )     (5,985,105 )     (18,072,877 )
                         
Non-Controlling Interest in Variable Interest Entity
    -       -       1,000,000  
                         
Net Loss
  $ (1,636,459 )   $ (5,985,105 )   $ (17,072,877 )
                         
BASIC AND DILUTED
                       
NET LOSS PER COMMON STOCK
  $ (0.01 )   $ (0.02 )        
                         
WEIGHTED AVERAGE SHARES OUTSTANDING
    320,823,389       264,348,882          

The accompanying notes are an integral part of these financial statements.

 
3

 

ALTERNATE ENERGY HOLDINGS, INC.
(A Development Stage Company)
CONSOLIDATED INCOME STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009
AND THE PERIOD FROM INCEPTION (AUGUST 29, 2005) THROUGH SEPTEMBER 30, 2010 (Unaudited)

   
Three Months
   
Nine Months
 
   
September 30
   
September 30
 
   
2009
   
2009
 
             
REVENUES
  $ -     $ -  
                 
OPERATING EXPENSES:
               
General and Administrative Expenses
    397,423       1,861,003  
                 
NET LOSS FROM OPERATIONS
    (397,423 )     (1,861,003 )
                 
OTHER INCOME (EXPENSE)
               
Interest Income
    11       100  
Miscellaneous Income
    -       5,479  
Gain on Sales of Investments
    -       -  
Interest Expense
    -       -  
Total Other Expense
    11       5,579  
                 
LOSS BEFORE NON-CONTROLLING INTEREST IN VARIABLE INTEREST ENTITY
    (397,412 )     (1,855,424 )
                 
Non-Controlling Interest in Variable Interest Entity
    -       -  
                 
Net Loss
  $ (397,412 )   $ (1,855,424 )
                 
BASIC AND DILUTED
               
NET LOSS PER COMMON STOCK
  $ (0.00 )   $ (0.02 )
                 
WEIGHTED AVERAGE SHARES OUTSTANDING
    108,638,264       99,955,948  

The accompanying notes are an integral part of these financial statements.

 
4

 

(A Development Stage Company)
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010
AND THE PERIOD FROM INCEPTION (AUGUST 29, 2005) THROUGH SEPTEMBER 30, 2010 (Unaudited)

                                       
Deficit
       
                                 
Accumulated
   
Accumulated
       
   
Average
   
Number of
         
Additional
         
Other
   
During
       
   
Price per
   
Common
   
Common
   
Paid in
   
Treasury
   
Comprehensive
   
Development
       
   
Share
   
Shares Issued
   
Stock
   
Capital
   
Stock
   
Income
   
Stage
   
Total
 
Founder Shares issued August 29, 2005
    0.00       14,800,000     $ 14,800     $ (14,800 )   $ -     $ -     $ -     $ -  
Issuance of Common Stock for Services
                                                               
October
    0.05       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 Receivable:
                                                               
September
    0.04       600,000       600       24,400       -       -       -       25,000  
November
    0.05       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  
Nussential Holdings Inc. shareholders
                                                               
prior to merger
    0.00       4,252,088       4,252       (4,252 )     -       -       -       -  
Issuance of Common Stock for Services
                                                               
September
    1.01       1,149,999       1,150       1,157,599       -       -       -       1,158,749  
November
    0.90       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
    0.05       1,000,000       1,000       49,000       -       -       -       50,000  
May
    0.05       400,000       400       19,600       -       -       -       20,000  
June
    0.05       100,000       100       4,900       -       -       -       5,000  
October
    0.65       273,000       273       176,227       -       -       -       176,500  
November
    0.33       116,000       116       38,550       -       -       -       38,666  
December
    0.42       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  
Issuance of Common Stock for Services
                                                               
February
    0.50       920,000       920       459,080       -       -       -       460,000  
March
    0.50       300,000       300       149,700       -       -       -       150,000  
April
    0.25       100,000       100       24,900       -       -       -       25,000  
June
    0.25       550,000       550       136,950       -       -       -       137,500  
August
    0.40       531,552       532       212,089       -       -       -       212,621  
September
    0.11       4,583,200       4,583       478,697       -       -       -       483,280  
October
    0.40       366,400       366       146,194       -       -       -       146,560  
November
    0.15       457,000       457       65,943       -       -       -       66,400  
December
    0.10       57,500       58       5,692       -       -       -       5,750  
Issuance of Common Stock for Cash
                                                               
January
    0.53       23,000       23       12,227       -       -       -       12,250  
February
    0.50       55,000       55       27,445       -       -       -       27,500  
March
    0.50       10,000       10       4,990       -       -       -       5,000  
April
    0.40       25,000       25       9,975       -       -       -       10,000  
May
    0.25       206,000       206       51,294       -       -       -       51,500  
June
    0.24       180,000       180       42,820       -       -       -       43,000  
July
    0.25       2,591,000       2,591       645,159       -       -       -       647,750  
August
    0.25       2,521,036       2,521       626,238       -       -       -       628,759  
September
    0.25       64,000       64       15,936       -       -       -       16,000  
October
    0.25       20,000       20       4,980       -       -       -       5,000  
November
    0.20       287,500       287       57,213       -       -       -       57,500  
December
    0.10       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 financial statements.

 
5

 

ALTERNATE ENERGY HOLDINGS, INC.
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010
AND THE PERIOD FROM INCEPTION (AUGUST 29, 2005) THROUGH SEPTEMBER 30, 2010

                                       
Deficit
       
                                 
Accumulated
   
Accumulated
       
   
Average
   
Number of
         
Additional
         
Other
   
During
       
   
Price per
   
Common
   
Common
   
Paid in
   
Treasury
   
Comprehensive
   
Development
       
   
Share
   
Shares Issued
   
Stock
   
Capital
   
Stock
   
Income
   
Stage
   
Total
 
Issuance of Common Stock for Services
                                               
January
    0.10       1,312,250       1,312       129,913       -       -       -       131,225  
February
    0.10       70,000       70       6,930       -       -       -       7,000  
March
    0.10       183,250       183       18,142       -       -       -       18,325  
April
    0.10       20,000       20       1,980       -       -       -       2,000  
May
    0.10       14,556,875       14,557       1,441,131       -       -       -       1,455,688  
June
    0.10       4,365,342       4,365       432,169       -       -       -       436,534  
July
    0.20       798,625       798       158,927       -       -       -       159,725  
August
    0.20       71,500       72       14,228       -       -       -       14,300  
September
    0.20       25,430       25       5,061       -       -       -       5,086  
October
    0.20       207,147       207       41,222       -       -       -       41,429  
November
    0.20       10,853       11       2,160       -       -       -       2,171  
December
    0.10       3,140,777       3,141       310,934       -       -       -       314,075  
Issuance of Common Stock for Cash
                                                            -  
January
    0.10       7,720,000       7,720       764,280       -       -       -       772,000  
February
    0.10       1,120,750       1,121       110,954       -       -       -       112,075  
March
    0.10       225,000       225       22,275       -       -       -       22,500  
April
    0.10       250,000       250       24,750       -       -       -       25,000  
May
    0.10       50,000       50       4,950       -       -       -       5,000  
June
    0.10       576,000       576       57,024       -       -       -       57,600  
July
    0.10       307,301       308       31,072       -       -       -       31,380  
August
    0.15       182,000       182       28,018       -       -       -       28,200  
September
    0.20       153,666       154       39,946       -       -       -       40,100  
December
    0.10       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  
                                                                 
Issuance of Common Stock for Services
                                                               
January
    0.10       395,290       395       39,134       -       -       -       39,529  
March
    0.05       138,065       138       6,765       -       -       -       6,903  
April
    0.05       18,425,000       18,425       902,825       -       -       -       921,250  
May
    0.05       945,400       945       46,325       -       -       -       47,270  
June
    0.05       718,500       719       35,206       -       -       -       35,925  
July
    0.05       755,000       755       36,995       -       -       -       37,750  
August
    0.05       1,567,957       1,568       76,830       -       -       -       78,398  
September
    0.05       1,431,340       1,431       70,136       -       -       -       71,567  
October
    0.05       50,000       50       2,450       -       -       -       2,500  
November
    0.05       441,580       442       21,637       -       -       -       22,079  
December
    0.05       3,914,400       3,915       191,805       -       -       -       195,720  
Issuance of Common Stock for Contract Option Fee December
    0.05       500,000       500       24,500       -       -       -       25,000  
Issuance of Common Stock for Cash
                                                               
January
    0.10       25,000       25       2,475       -       -       -       2,500  
February
    0.05       800,000       800       39,200       -       -       -       40,000  
March
    0.05       330,600       330       16,200       -       -       -       16,530  
April
    0.05       1,745,000       1,745       85,505       -       -       -       87,250  
May
    0.05       700,000       700       34,300       -       -       -       35,000  
June
    0.05       4,345,000       4,345       212,905       -       -       -       217,250  
August
    0.05       440,000       440       21,560       -       -       -       22,000  
September
    0.05       2,470,000       2,470       121,030       -       -       -       123,500  
October
    0.05       3,509,000       3,509       171,941       -       -       -       175,450  
November
    0.05       5,338,700       5,339       261,596       -       -       -       266,935  
December
    0.05       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
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010
AND THE PERIOD FROM INCEPTION (AUGUST 29, 2005) THROUGH SEPTEMBER 30, 2010 (Unaudited)

                                       
Deficit
       
                                 
Accumulated
   
Accumulated
       
   
Average
   
Number of
         
Additional
         
Other
   
During
       
   
Price per
   
Common
   
Common
   
Paid in
   
Treasury
   
Comprehensive
   
Development
       
   
Share
   
Shares Issued
   
Stock
   
Capital
   
Stock
   
Income
   
Stage
   
Total
 
                                                 
                                                 
Issuance of Common Stock for Services
                                               
January
    0.05       17,500,000       17,500       857,500       -       -       -       875,000  
February
    0.05       20,475,200       20,475       1,003,285       -       -       -       1,023,760  
March
    0.05       1,307,546       1,308       64,069       -       -       -       65,377  
April
    0.05       735,800       735       36,055       -       -       -       36,790  
May
    0.10       100,000       100       9,900       -       -       -       10,000  
June
    0.10       5,500,000       5,500       544,500       -       -       -       550,000  
July
    0.15       6,254,465       6,254       929,133       -       -       -       935,387  
August
    0.50       662,000       662       332,138       -       -       -       332,800  
Issuance of Common Stock for Contract Option Fee
                                                               
August
    0.40       500,000       500       199,500       -       -       -       200,000  
September
    0.70       250,000       250       174,750       -       -       -       175,000  
Issuance of Common Stock for Cash
                                                               
January
    0.05       4,691,240       4,691       229,871       -       -       -       234,562  
February
    0.05       42,188,960       42,189       2,067,259       -       -       -       2,109,448  
March
    0.05       30,048,710       30,049       1,472,387       -       -       -       1,502,436  
April
    0.05       4,610,000       4,610       225,890       -       -       -