AEHI Quarterly Report: First Revenue of $169K; $660K Admin Expenses; Net Loss of $653K; $20.2M Net Loss Since Inception

Alternate Energy Holdings, Inc., led by priority-impaired CEO Don Gillispie, filed its SEC 10-Q for the first quarter of 2011 today, after previously announcing they would not be able to file by the deadline of the 16th due to not being able to file by the deadline of the 16th.
At least they had a good reason.

Highlights:

Turning Lemonade into Lemons

First ever revenue:  $169,000, Cost of Sales 161,588; gross profits (drumroll please)........ $7,412!
Wow.
Till you see the Operating Expenses of $660,656.

Let's see:  They were able to sell $161,588 worth of bullshit for $169,000 and it only cost them $660,656 to keep the doors open and lights on to facilitate generating profits that will somehow rival Exxon Mobil?. 

And since inception, AEHI's management has managed, in not quite six years, to generate a net loss of 20.2 Million Dollars to finally show a whopping $7,412 profit!

$7412/$161,588=  4.5%.  Shitty profit margin. 
Here's the consolidated income statement from the late(est)-filed AEHI 10-Q:

Ouch.

Interesting apparent contradiction:

On page 13, "Notes To Consolidated Financial Statements", the Company says: 

"During 2011, Alternate Energy Holdings, Inc. -Did not issue any common stock for services or cash."

However, on page 20, the Company says:

Financing Activities
Net cash used in financing activities increased by $3,906,446 for the three months ended March 31, 2011 as compared to the same period in 2010.  The increase in funds used by our financing activities was primarily due to issuance of shares of stock for cash during the three months ended March 31, 2011.

Which is it?  Did they or did they not issue common stock during the three months ending March 31, 2011?

Spent nearly a quarter million dollars in legal fees in three months:

Lawyer Up!