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Alliance Membership
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Do you want to live in a state powered by clean and renewable energy, and free from the threat of nuclear waste, weapons, and power? If the answer's yes, then you should join the Snake River Alliance. We have 29 years of experience watchdogging the Department of Energy and an active campaign to develop a sustainable energy future for Idaho. Every voice counts, so make a difference today and join us!
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| Thursday, July 03, 2008 |
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AEHI's Finances Hit New Low
By Liz Woodruff @ 4:00 PM :: 1093 Views :: Nuclear Power, Action Alert!
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Nuke Plant Developer’s Finances Continue to Worsen
Less than a week after Alternate Energy Holdings Inc. filed an alarming audited financial statement that showed the would-be nuclear reactor developer in grim financial shape, AEHI on Monday filed yet another unaudited statement that shows things are even worse – losing more than $2.8 million so far this year alone.
A report made public last week revealed AEHI had racked up $3,394,200 in losses by the end of 2007, for a total of $4,889,603 since the company’s inception about 18 months ago. But the latest statement, which covers the period ending June 30, 2008, reveals another $2,209,515 in net losses for the three months ending June 30. That brings the total so far this year to $2,861,157 in losses, or a grand total since the company’s inception of $7,750,761. The company claimed total assets of just $489,757 as of June 30.
The reports are posted on the “Pink Sheets” website. Pink Sheets is a stock trading venue for securities that can’t meet traditional requirement of major trading markets. Last week, the company filed an audited set of financials by New York-based Rotenberg & Corp., which was dated July 22. In a letter to AEHI’s Board of Directors and shareholders, auditors wrote: “The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 5 to the consolidated financial statements, the Company’s significant operating losses raise substantial doubt about its ability to continue as a going concern.”
Since 2006, AEHI has touted plans to build a 1,600 nuclear reactor in Idaho, first in Owyhee County and now in Elmore County. The company has also told Idahoans it has lined up three separate investment entities to finance the massive cost of the multibillion-dollar plant and assorted regulatory applications, although so far no company has stepped up with the cash.
The unaudited financials can be found on the Pink Sheets website and by clicking “Filings.”
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Thanks to our members, major donors, and these foundations for making our work possible: Bullitt, Lightfoot, Ploughshares, Patagonia, and New Belgium Brewing.
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