Date of Report (Date of earliest event reported): October 22, 2010
|
||||
(Exact name of registrant as specified in its charter)
|
||||
Florida
|
333-154894
|
26-2862564
|
||
(State or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
||
1365 N. Courtenay Parkway, Suite A
Merritt Island, FL 32953
321.452.9091
(Address and telephone number of Registrant's principal
executive offices and principal place of business)
|
(a)
|
Financial statements of business acquired.
|
R.L.P. Mechanical Contractors, Inc.
|
||||||||
Balance Sheet
(unaudited)
|
||||||||
Nine Months Ended
|
December 31,
|
|||||||
2010
|
2009
|
2008
|
2007
|
|||||
Assets
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$
|
102,641
|
$
|
70,525
|
-
|
$
|
-
|
|
Contracts Receivable
|
870,232
|
1,505,866
|
913,268
|
2,975,636
|
||||
Deposits
|
620
|
-
|
-
|
1,185
|
||||
Costs and estimated earnings in excess of billing
|
-
|
7,723
|
344,279
|
25,060
|
||||
Total Current Assets
|
973,493
|
1,584,114
|
1,257,547
|
3,001,881
|
||||
Property and Equipment
|
||||||||
Software
|
22,509
|
18,053
|
16,953
|
13,713
|
||||
Buildings
|
263,551
|
262,029
|
95,573
|
95,573
|
||||
Equipment
|
158,455
|
141,756
|
128,122
|
121,378
|
||||
Furniture
|
14,908
|
10,687
|
8,845
|
8,845
|
||||
Office Equipment
|
83,560
|
79,708
|
77,039
|
73,335
|
||||
Vehicles
|
494,988
|
371,821
|
371,821
|
371,821
|
||||
Accumulated depreciation
|
(606,083
|
(569,942
|
(513,021
|
(454,817
|
||||
Land
|
10,000
|
10,000
|
10,000
|
10,000
|
||||
Total Property and Equipment
|
441,888
|
324,112
|
195,332
|
239,848
|
||||
Total Assets
|
$
|
1,415,381
|
$
|
1,908,226
|
$
|
1,452,879
|
$
|
3,241,729
|
Current Liabilities
|
||||||||
Bank over draft
|
$
|
-
|
$
|
-
|
$
|
40,418
|
$
|
845
|
Line of Credit
|
14,000
|
250,000
|
24,006
|
-
|
||||
Notes payable
|
17,284
|
-
|
15,236
|
265,371
|
||||
Accounts payable
|
43,071
|
241,131
|
153,451
|
413,381
|
||||
Sales tax payable
|
2,893
|
11,740
|
1,052
|
5,581
|
||||
Franchise tax payable
|
-
|
7,479
|
12,108
|
12,351
|
||||
Payroll liabilities
|
26,910
|
249
|
-
|
817
|
||||
Billing in excess of costs and estimated earnings on contracts
|
-
|
723,846
|
337,151
|
1,980,319
|
||||
Total Current Liabilities
|
109,488
|
1,234,445
|
583,422
|
2,716,494
|
||||
Stockholders' Equity
|
||||||||
Common stock - $1 par value, 1,000 shares authorized, issued, and outstanding
|
1,000
|
1,000
|
1,000
|
1,000
|
||||
Retained earnings
|
1,304,893
|
672,781
|
868,457
|
524,235
|
||||
Total Stockholders' Equity
|
1,305,893
|
673,781
|
869,457
|
525,235
|
||||
Total Liabilities and Stockholders' Equity
|
$
|
1,415,381
|
$
|
1,908,226
|
$
|
1,452,879
|
$
|
3,241,729
|
R.L.P. Mechanical Contractors, Inc.
|
||||||||||||
Statement of Operations
(unaudited)
|
||||||||||||
Nine Months Ended September 30, 2010
|
December 31,
|
|||||||||||
2009
|
2008
|
2007
|
||||||||||
Revenues
|
$4,147,677
|
$5,743,370
|
$6,691,311
|
$5,786,862
|
||||||||
Cost of sales
|
1,477,986
|
3,966,500
|
3,849,960
|
3,813,985
|
||||||||
Gross profit
|
2,669,691
|
1,776,870
|
2,841,351
|
1,972,877
|
||||||||
General & administrative
|
2,659,004
|
1,972,546
|
2,497,129
|
2,1036,687
|
||||||||
Net Income (Loss)
|
$10,687
|
$(195,676)
|
$344,222
|
$(130,810)
|
R.L.P. Mechanical Contractors, Inc.
|
|||||||||||||||
Statements of Cash Flows
(Unaudited)
|
|||||||||||||||
Nine Months Ended September 30, 2010
|
2009
|
2008
|
2007
|
||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|||||||||||||||
Net income (loss)
|
$
|
10,687
|
$
|
(195,676
|
)
|
$
|
344,222
|
|
$
|
(130,810
|
)
|
||||
Adjustments to reconcile net loss to net cash used in operating activities:
|
|||||||||||||||
Depreciation
|
18,556
|
56,921
|
58,560
|
55,682
|
|||||||||||
Loss on disposal of assets
|
-
|
-
|
539
|
-
|
|||||||||||
Changes in operating assets and liabilities:
|
|||||||||||||||
(Increase) Decrease in contracts receivable
|
456,851
|
(592,598
|
)
|
2,062,368
|
(1,695,197
|
)
|
|||||||||
(Increase) Decrease in deposits
|
-
|
-
|
1,185
|
(1,185
|
)
|
||||||||||
(Increase) Decrease in costs and estimated earnings in excess of billing
|
-
|
336,556
|
(319,219
|
)
|
15,319
|
||||||||||
Increase (Decrease) in accounts payable
|
(198,059
|
)
|
87,680
|
(259,930
|
)
|
279,713
|
|||||||||
Increase (Decrease) in accrued expenses
|
(836
|
)
|
6,308
|
(5,589
|
)
|
2,702
|
|||||||||
Increase (Decrease) in billings in excess of cost and estimated earnings
|
-
|
386,695
|
(1,643,168
|
)
|
1,529,585
|
||||||||||
Net Cash Used In Operating Activities
|
287,199
|
85,886
|
238,968
|
55,809
|
|||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|||||||||||||||
Purchase of property
|
(36,366
|
)
|
(185,701
|
)
|
(15,983
|
)
|
(83,010
|
)
|
|||||||
Proceeds from sale of property
|
-
|
-
|
1,400
|
-
|
|||||||||||
Net Cash Provided By Investing Activities
|
(36,366
|
)
|
(185,701
|
)
|
(14,583
|
)
|
(83,010
|
)
|
|||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|||||||||||||||
Proceeds of note payable
|
-
|
250,000
|
-
|
287,621
|
|||||||||||
Repayment of notes payable
|
(218,717
|
)
|
(39,242
|
)
|
(263,958
|
)
|
(125,019
|
)
|
|||||||
Net Cash Provided By Financing Activities
|
(218,717
|
)
|
210,758
|
(263,958
|
)
|
162,602
|
|||||||||
Net Increase/(Decrease) in Cash
|
32,116
|
110,943
|
(39,573
|
)
|
135,401
|
||||||||||
Cash - Beginning of Year/Period
|
70,525
|
(40,418
|
)
|
(845
|
)
|
(136,246
|
)
|
||||||||
Cash - End of Year/Period
|
$
|
102,641
|
$
|
70,525
|
$
|
(40,418
|
)
|
$
|
(845
|
)
|
|||||
SUPPLEMENTARY CASH FLOW INFORMATION:
|
|||||||||||||||
Cash Paid During the Year/Period for:
|
|||||||||||||||
Interest
|
$
|
-
|
$
|
298
|
$
|
8,332
|
$
|
13,058
|
(b)
|
Pro Forma financial information
|
(c)
|
Not applicable
|
Exhibit No.
|
Description
|
|
99
|
Press release dated October 22, 2010
|
|
10.1
|
Securities Purchase Agreement between Ambrose & Keith Fund, LLC and Alternative Energy Partners, Inc. dated October 1, 2010.
|
|
10.2
|
Registration Rights Agreement dated October 1, 2010 between Ambrose & Keith Fund, LLC and Alternative Energy Partners, Inc.
|
|
ALTERNATIVE ENERGY PARTNERS, INC.
|
|||
Date: November 1, 2010
|
By:
|
/s/ Gary Reed
|
|
Gary Reed
|
|||
Chief Executive Officer
|
|||