Alternate Energy Holdings, Inc., today finally filed their Annual Report, SEC Form 10-K, for the period ending Dec 31, 2010.
Among the highlights:
For the period, still zero revenue, and a cumulative loss pushing twenty million dollars:
Built an "Energy Neutral Home" and lost 38K, almost as much as they spent on cruises and travel:
But the really interesting part was the company's admission of their shitty control and recordkeeping:
Direct quote from page 35 of AEHI's SEC Form 10-K"
"A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. As a result of this evaluation, we concluded that our internal control over financial reporting was not effective as of December 31, 2010 because of the material weaknesses set forth below.
The following is a summary of our material weaknesses as of December 31, 2010:
Appropriate Documentation Not Retained
Controls established to obtain proper authorization and documentation of expenditures, valuation and recording processes for shares issued for services were not operating effectively. Documentation for some shares issued for services was missing.
Also, there are transactions recorded for services provided where an invoice to substantiate the expense could not be located. Invoices have not been retained to support expenditures reported as required by the Company.
As of February 2011, the Company has put an internal policy in place whereas the CFO is now pre-approving all invoices and stock issuances with the proper support of the CEO's approval of the expenditure. As of March 2011, the Company is providing a monthly listing of any new stock issuance to the Board of Directors for their review and authorization. Due to the current SEC investigation we are also providing the SEC, on a monthly basis, all expenditures over $2,500 with the proper documentation to support the expenditure."
So, NOW (As of March, 2011) they are doing what they should have been doing all along?
Why did it take SEC involvement to get them to do what any legitimate company should have been doing from the outset?
An unauthorized collection of the records of Alternate Energy Holdings, inc., its principals and subsidiaries, and their antics, trials, and tribulations
Quick Links and Resources
- Idaho Samizdat Article on Amended SEC Complaint
- Roanoke, VA News on AEHI
- Latest Idaho Samizdat Article on AEHI
- Betsy Russell's Eye On Boise Story on AEHI
- Feb 1, 2011 AP Story in Statesmsan on New SEC Docs
- Randy Stapilus on the Hearing
- Boise Weekly Article
- Streetsweeper- Alternate Energy: Power Stock or Toxic Waste?
- Streetsweeper- AEHI The Story, the Holes, and the Secrets They Hide
- Streetsweeper- Alternate Energy: Another Radioactive Stock Pick?
- Another Blog About AEHI Spin
- OTC Info Page [Link recently removed from AEHI webpage]
- AEHI Facebook Page
- AEHI Documents with Payette P and Z Commission
- Idaho Repository (Court Case Search)
- Securities and Exchange Commission AEHI filings