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v2.4.0.6
Organization, Consolidation and Presentation of Financial Statements
12 Months Ended
Jul. 31, 2012
Organization, Consolidation and Presentation of Financial Statements:  
Nature of Operations

Nature of Operations

 

Alternative Energy Partners, Inc. (the “Company”) was incorporated in the State of Florida on April 28, 2008.

 

The Company is involved in the alternative energy sector.  In addition to its existing subsidiaries, the Company is searching to acquire emerging growth companies to meet growing demands worldwide in the alternative energy sector.

Consolidation, Policy

Principles of Consolidation

 

The accompanying consolidated financial statements include Alternative Energy Partners, Inc. and its wholly-owned subsidiaries, Sunarias Corporation, Shovan, LLC, and Clarrix, Energy, LLC which was acquired in May 2012. All intercompany balances and transactions have been eliminated in consolidation. 

 

Use of Estimates, Policy

Use of Estimates

 

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. A significant estimate in 2012 and 2011 included a 100% valuation allowance for deferred tax assets arising from net operating losses incurred since inception.

 

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ materially from estimates.

 

Development Stage Enterprises

Development Stage

 

The Company's financial statements are presented as those of a development stage enterprise. Activities during the development stage primarily include equity based financing and further implementation of the business plan. The Company has not generated any revenues since inception.

 

Going Concern Note

As reflected in the accompanying financial statements, the Company has not yet emerged from the development stage, has a net loss of $794,300 and net cash used in operations of $100,917 for the year ended July 31, 2012; and negative working capital of $546,851 and an accumulated deficit of $7,125,318 at July 31, 2012.

 

These factors, among others, raise doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments related to recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should the Company be unable to continue as a going concern.

 

In response to these problems, management has taken the following actions:

 

·         the Company is seeking third party debt and/or equity financing;

·         the Company is cutting operating costs, and

·         as described in Notes 6 and 7, the Company has been involved in numerous acquisitions with the intent of beginning operations and achieving a level of profitability