UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

[X]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~ ~~30,~~March ~~2016~~31, 2017

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________.

Commission file number: 000-28562

EXELED HOLDINGS INC.

(Exact name of ~~registrant~~Registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization)	94-2857548 (I.R.S. Employer Identification No.)
4885 Ward Road, Suite 300, Wheat Ridge, CO (Address of principal executive offices)	80033 (Zip Code)
5310 Ward Road, Suite 106, Arvada, CO (Address of principal executive offices)	80002 (Zip Code)

Registrant’s telephone number, including area code: (720) ~~963~~361-~~8055~~2056

Indicate by check mark whether the ~~registrant~~Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the ~~registrant~~Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No __

Indicate by check mark whether the ~~registrant~~Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes X No __

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, ~~or a~~ smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, ~~and~~ “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one)

Large accelerated filer __[ ] Accelerated filer __[ ] Non-accelerated filer __[ ] Smaller reporting company X[ ~~(Do~~] ~~not~~Emerging ~~check~~growth ~~if a smaller reporting~~ company) x

~~Indicate~~If an emerging growth company, indicate by check mark ~~whether~~if the registrant has iselected anot ~~shell~~to ~~company~~use ~~(as~~the ~~defined~~extended intransition ~~Rule~~period ~~12b-2~~for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act). [ ]

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes __ No X

As of ~~November 16~~May 18, ~~2016~~2017, there were 249,447,433 shares of common stock, $0.0001 par value, issued and outstanding.

EXELED HOLDINGS INC.

Table of Contents

Part I – FINANCIAL INFORMATION
Item 1.	Financial Statements	12
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	910
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	1214
Item 4.	Controls and Procedures	1314
Part II – OTHER INFORMATION
Item 1.	Legal Proceedings	1315
Item 1A.	Risk Factors	1415
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	1415
Item 3.	Defaults upon Senior Securities	1415
Item 4.	Mine Safety Disclosures	14
Item 5.	Other Information	15
Item 5.	Other Information	14
Item 6.	Exhibits	16
Item 6.	Exhibits	14

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

This Quarterly Report on Form 10-Q (this “Report”) contains “forward-looking statements”. within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based upon our current assumptions, expectations and beliefs concerning future developments and their potential effect on our business. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “approximately,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although the absence of these words does not necessarily mean that a statement is not forward-looking. This information may involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by any forward-looking statements.

Factors that may cause or contribute actual results to differ from these forward-looking statements include, but are not limited to, for example:

• adverse economic conditions;

• risks related to the construction market;

• risks related to the U.S. import market;

• the inability to attract and retain qualified senior management and technical personnel;

• other risks and uncertainties related to the changing lighting market and our business strategy.

All forward-looking statements speak only as of the date of this Report. We undertake no obligation to update any forward-looking statements or other information contained herein, except as may be required under applicable securities laws. Stockholders and potential investors should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements in this report are reasonable, we cannot assure stockholders and potential investors that these plans, intentions or expectations will be achieved.

These forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors. Many of those factors are outside of our control and could cause actual results to differ materially from the results expressed or implied by those forward-looking statements. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of the Quarterly Report on Form 10-Q. All subsequent written and oral forward-looking statements concerning other matters addressed in this Quarterly Report on Form 10-Q and attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this Quarterly Report on Form 10-Q.

PART I. Financial Information

Item 1. Financial Statements

EXELED HOLDINGS INC.

Condensed Consolidated Balance Sheets

	September 30, 2016 (Unaudited)			December 31, 2015
	March 31, 2017 (Unaudited)			December 31, 2016
ASSETS
Current assets:
Cash and cash equivalents	$	553,~~012~~398		$	175,~~987~~454
Accounts receivable, net		121,~~263~~011			~~8,551~~31
Inventory		~~171~~151,~~154~~414			~~190~~157,~~151~~178
Prepaid expenses and other		5347,~~023~~071			5248,~~759~~307
Total current assets		~~230~~272,~~452~~894			~~269~~210,~~448~~970
Noncurrent assets:
Deposits		116,~~695~~450			126,~~345~~450
Total assets	$	~~242~~279,~~147~~344		$	~~281~~217,~~793~~420
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	3,~~268~~006,~~848~~586		$	2,~~505~~988,~~397~~439
Accrued liabilities		12,~~568~~082,~~667~~630			1,~~076~~858,~~040~~127
Debt, current portion, net of discount and debt issuance costs		79,~~255~~117,~~538~~972			58,~~156~~451,~~305~~781
Total current liabilities		1214,~~093~~207,~~053~~188			813,~~737~~298,~~742~~347
Debt, long-term portion		~~570~~190,~~316~~000			1220,~~593,003~~000
Total liabilities		1214,~~663~~397,~~369~~188			1013,~~330~~518,~~745~~347
Commitments and contingencies (Note 5)		—			—
Equity:
Preferred stock, $.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding at September 30, 2016 or December 31, 2015		—			—
Preferred stock, $.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding at March 31, 2017 or December 31, 2016		—			—
Common stock, $.0001 par value; 250,000,000 shares authorized; 249,447,433 and 113,914,718 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively		24,743			11,191
Common stock, $.0001 par value; 250,000,000 shares authorized; 249,447,433 shares issued and outstanding at March 31, 2017 and December 31, 2016		24,743			24,743
Additional paid-in capital		2,635,896			2,~~446~~635,~~196~~896
Accumulated deficit		(1516,~~081~~778,~~861~~483	)		(1215,~~506~~961,~~339~~566	)
Total deficit		(1214,~~421~~117,~~222~~844	)		(1013,~~048~~300,~~952~~927	)
Total liabilities and equity	$	~~242~~279,~~147~~344		$	~~281~~217,~~793~~420

See accompanying notes to condensed consolidated financial statements.

Table Of Contents 12

EXELED HOLDINGS INC.

Condensed Consolidated Statements of Operations

(Unaudited)

	Three months ended September 30,						Nine months ended September 30,
	Three months ended March 31,
	2016			2015			2016			2015
	2017			2016
Sales revenue	$	2637,~~836~~275		$	~~117~~98,~~002~~555		$	~~331,983~~		$	~~421,636~~
Cost of goods sold		(1817,~~785~~319	)		(6652,~~767~~054	)		~~(176,792~~	)		~~(212,759~~	)
Gross profit		819,~~051~~956			5046,~~235~~501			~~155,191~~			~~208,877~~
Operating expenses:
Research and development		68,~~560~~604			6472,~~715~~991			~~212,166~~			~~192,087~~
Sales and marketing		~~6,168~~999			2812,~~882~~715			~~45,479~~			~~98,784~~
General and administrative		~~359~~178,~~877~~112			~~275~~350,~~301~~775			~~967,079~~			~~1,060,021~~
Total operating expenses		~~434~~247,~~605~~715			~~368~~436,~~898~~481			~~1,224,724~~			~~1,350,892~~
Loss from operations		(~~426~~227,~~554~~759	)		(~~318~~389,~~663~~980	)		~~(1,069,533~~	)		~~(1,142,015~~	)
Other income (expense):
Interest expense		(~~475~~543,~~981~~412	)		(~~365~~463,~~861~~449	)		~~(1,357,481~~	)		~~(856,817~~	)
Other income		(73,457	)		(10,041	)		(148,508	)		(27,571	)
Other		(45,746	)		(37,157	)
Other income (expense), net		(~~549~~589,~~438~~158	)		(~~375~~500,~~902~~606	)		~~(1,505,989~~	)		~~(884,388~~	)
Net loss	$	(~~975~~816,~~992~~917	)	$	(~~694~~890,~~565~~586	)	$	~~(2,575,522~~	)	$	~~(2,026,403~~	)
Net loss per common share:
Basic and diluted	$	(0.0100	)	$	(0.01	)	$	~~(0.02~~	)	$	~~(0.03~~	)
Weighted average common shares outstanding:
Basic and diluted		~~168~~249,~~604~~447,~~321~~433			70118,~~112~~049,~~403~~387			~~151,814,179~~			~~64,985,322~~

See accompanying notes to condensed consolidated financial statements

Table Of Contents 23

EXELED HOLDINGS INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Nine months ended September 30,
	Three months ended March 31,
	2016			2015
	2017			2016
Operating Activities:
Net loss	$	(2816,~~575,522~~917	)	$	(2890,~~026,403~~586	)
Adjustments to reconcile net loss to net cash used in operating
activities:
Amortization of debt issuance costs and debt discount		~~274~~140,~~625~~639			~~132~~125,~~564~~357
Common stock issued for services		—			40,400
Loss on conversion of debt		—			15,940
Loss on conversion of debt		114,791			—
Changes in operating assets and liabilities:
Changes in operating assets and liabilities (net of Share Exchange):
Accounts receivable		(20,980	)		803
Accounts receivable		7,288			12,087
Inventory		5,764			9,796
Inventory		18,997			15,240
Prepaid expenses and other		1,236			359
Prepaid expenses and other		(264	)		17,960
Accounts payable		18,147			300,836
Deposits		650			(650	)
Accrued liabilities		224,503			182,840
Accounts payable		763,451			785,683
Net cash used in operating activities		(447,608	)		(254,655	)
Accrued liabilities		498,288			400,156
Net cash used in operating activities		(897,696	)		(622,963	)
Financing Activities:
Proceeds from debt		1642,~~253,921~~878			1351,~~287,112~~685
Payments of debt		(~~369~~147,~~200~~326	)		(~~704~~94,~~601~~530	)
Net cash provided by financing activities		~~884~~495,~~721~~552			~~582~~257,~~511~~155
Net change in cash		~~(12~~47,~~975~~944	)		~~(40~~2,~~452~~500	)
Cash, beginning of period		175,~~987~~454			4317,~~879~~987
Cash, end of period	$	553,~~012~~398		$	320,~~427~~487
Cash paid for:
Interest	$	~~420~~178,~~949~~473		$	~~279~~155,~~060~~799
Taxes		—			—
Non-cash transactions:
Debt and accrued interest converted to common stock	$	82,800		$	99,307
Debt converted to common stock	$	—		$	9,500
Accounts payable and accrued interest converted to debt	$	—		$	706,229
Accrued liabilities converted to common stock		—			371
Debt issuance costs		211,000			50,000

See accompanying notes to condensed consolidated financial statements.

Table Of Contents 34

EXELED HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements

~~Note~~For 1the —Three ~~Description~~Month ~~of Business~~Periods ~~and~~Ended ~~Summary~~March 31, of2017 ~~Significant~~and ~~Accounting Policies~~2016

~~ExeLED~~Note ~~Holdings~~1 ~~Inc.~~— ~~was~~Description ~~incorporated in the State~~ of ~~Delaware~~Business ~~on October 20, 1986 under the name “Verilink Corporation.” We have also been known as Energie Holdings, Inc.~~ and ~~Alas~~Summary ~~Aviation~~of ~~Corp. We have two wholly-owned subsidiaries, Energie LLC (hereinafter referred to as “Energie”),~~Significant ~~and~~Accounting ~~OELC, LLC.~~Policies

~~All~~ExeLED ~~references~~Holdings, ~~herein~~Inc. towas incorporated in the State of Delaware on October 20, 1986 under the name “usVerilink Corporation.” We have also been known as Energie Holdings, Inc. and Alas Aviation Corp. On December 31, 2013, we entered into a Share Exchange Agreement (the “Share Exchange Agreement”) with OELC, LLC, a Delaware limited liability company, and its wholly-owned subsidiary, Énergie LLC (hereinafter referred to as, “Énergie”). The Share Exchange Agreement was not effective until July 2, 2014 due to a variety of conditions subsequent that needed to be met, which are described below. Upon effectiveness, we issued 33,”000,000 “restricted” shares of our common stock,” ~~“Holdings~~representing approximately 65% of our then issued and outstanding voting securities,” orin exchange for all of the ~~“Company”~~issued ~~refer~~and tooutstanding ~~ExeLED~~member ~~Holdings~~interests ~~Inc~~of Énergie. ~~and~~The ~~its~~accounting is identical to that resulting from a reverse ~~subsidiaries~~acquisition, except that no goodwill or other intangible is recorded.

~~Description~~Thereafter, on January 27, 2014, we entered into an Agreement and Plan of ~~Business~~Merger (the “Merger Agreement”) with two of our then wholly owned subsidiaries, Energie Holdings, Inc. and Alas Acquisition Company. The net effect of the Merger Agreement was to effectuate a name change from Alas Aviation Corp., to Energie Holdings, Inc. in order to provide a better understanding to investors of our entry into the LED lighting industry. Our management also changed.

WeAll ~~are~~references ~~focused~~herein onto ~~acquiring~~“us,” ~~and~~“we,” ~~growing~~“our,” ~~specialized~~“Holdings,” ~~LED~~or ~~lighting companies for~~ the ~~architecture~~“Company” ~~and~~refer ~~interior~~to ~~design~~ExeLED ~~markets~~Holdings, ~~for~~Inc. ~~both commercial~~ and ~~residential~~its ~~applications. Our~~subsidiaries, ~~lighting products include both conventional fixtures~~ and ~~advanced~~their ~~solid-state~~respective business ~~technology~~following ~~that~~the ~~can~~consummation ~~integrate~~of ~~with~~the ~~digital~~Merger ~~controls~~ and ~~day-lighting~~Share toExchange ~~create energy efficiencies and a better visual environment. Our objective is to grow~~Agreements, ~~innovate,~~unless ~~and fully capture~~ the ~~rapidly~~context ~~growing~~otherwise ~~lighting market opportunities associated with solid state lighting~~requires.

~~Énergie~~Description ~~was founded in 2001 and is engaged in the import and sale~~ of specialized interior lighting solutions to the architecture and interior design markets in North America. Our headquarters is located in Wheat Ridge, Colorado, and we also maintain a production and assembly facility in Zeeland, Michigan.Business

~~Basis~~We ofare ~~Presentation~~focused on acquiring and growing specialized LED lighting companies for the architecture and interior design markets for both commercial and residential applications. Our lighting products include both conventional fixtures and advanced solid-state technology that can integrate with digital controls and day-lighting to create energy efficiencies and a better visual environment. Our objective is to grow, innovate, and fully capture the rapidly growing lighting market opportunities associated with solid state lighting.

~~The~~Énergie ~~accompanying~~was ~~condensed~~founded ~~consolidated balance~~in ~~sheet~~2001 as of December 31, 2015, has been derived from audited financial statements. The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual audited financial statements and in ~~accordance~~is ~~with~~engaged ~~accounting principles generally accepted~~ in the ~~United States (“GAAP”) for interim financial information~~import and ~~the~~sale ~~rules and regulations~~ of ~~the~~specialized ~~Securities~~interior ~~and~~lighting ~~Exchange~~solutions ~~Commission~~to ~~(“SEC”) for interim financial statements. In~~ the ~~opinion~~architecture ofand ~~management,~~interior ~~such~~design ~~unaudited~~markets ~~information~~in ~~includes~~North ~~all~~America. ~~adjustments~~Our ~~(consisting only of normal recurring accruals)~~headquarters ~~necessary~~is ~~for~~located ~~a fair presentation of this interim information. All intercompany transactions have been eliminated~~ in ~~consolidation. Operating~~Arvada, ~~results~~Colorado, and ~~cash~~we ~~flows~~also ~~for~~maintain ~~interim~~a ~~periods~~production ~~are not necessarily indicative of results that can be expected for the entire year. The information included in this report should be read in conjunction with our audited financial statements~~ and ~~notes~~assembly ~~thereto included~~facility in ~~our Annual Report on Form 10-K for the year ended December 31~~Zeeland, ~~2015~~Michigan.

~~Significant~~Basis ~~Accounting~~of ~~Policies~~Presentation

InThe ~~accordance~~accompanying ~~with the~~condensed ~~FASB’s~~consolidated ~~issuance~~balance ofsheet ~~ASU~~as ~~No.~~of ~~2015-03~~December 31, ~~Interest-Imputation~~ ~~of Interest (Subtopic 835-30)~~2016, ~~Simplifying~~has ~~the~~been ~~Presentation of~~derived ~~Debt~~from ~~Issuance~~audited ~~Costs~~financial ~~(ASU~~statements. ~~2015-03)~~The ~~and~~accompanying ~~ASU~~unaudited ~~No.~~interim ~~2015-15, Interest—Imputation~~condensed ofconsolidated ~~Interest (Subtopic 835-30):~~financial ~~Presentation~~statements ~~and~~have ~~Subsequent~~been ~~Measurement~~prepared ofon ~~Debt~~the ~~Issuance~~same ~~Costs~~basis ~~Associated~~as ~~with~~the ~~Line-of-Credit~~annual ~~Arrangements—Amendments~~audited ~~to SEC~~financial ~~Paragraphs~~statements ~~Pursuant~~and toin ~~Staff~~accordance ~~Announcement~~with ataccounting ~~June~~principles generally ~~18,~~accepted ~~2015~~in ~~EITF~~the ~~Meeting~~United ~~(SEC~~States ~~Update)~~ (~~ASU 2015-15~~“GAAP”), wefor ~~have~~interim ~~changed~~financial ~~our presentation~~information ofand ~~debt~~the ~~issuance~~rules ~~costs.~~and ~~Consistent~~regulations ~~with~~ of the ~~application~~Securities ~~of ASU 2015-03~~ and ~~2015-15,~~Exchange weCommission ~~now~~(“SEC”) ~~present~~for ~~debt~~interim ~~issuance costs~~financial asstatements. aIn ~~direct deduction from~~ the ~~carrying~~opinion ~~amount~~ of ~~that~~management, ~~debt~~such unaudited ~~rather~~information ~~than~~includes asall anadjustments ~~asset~~(consisting ononly ~~the condensed consolidated balance sheet. The impact~~ of ~~this~~normal ~~change~~recurring onaccruals) ~~the~~necessary ~~condensed~~for ~~consolidated~~a ~~financial~~fair ~~statements~~presentation of ~~for~~this ~~the~~interim ~~nine~~information. ~~months~~All ~~ended~~intercompany ~~September~~transactions ~~30,~~have ~~2016, was~~been aeliminated ~~decrease~~in ofconsolidation. ~~total~~Operating ~~assets~~results and acash ~~decrease~~flows for ofinterim ~~debt~~periods ~~and~~are ~~total~~not ~~liabilities~~necessarily ofindicative ~~$236,017. The impact~~ of ~~this~~results ~~change~~that oncan ~~the~~be ~~condensed consolidated~~expected ~~financial statements~~ for the entire year. ~~ended~~The ~~December~~information ~~31,~~included in ~~2015~~this ~~was~~report ashould ~~decrease~~be ofread ~~total~~in ~~assets~~conjunction ~~and~~with aour ~~decrease~~audited offinancial ~~debt~~statements and ~~total~~ ~~liabilities~~notes ofthereto ~~$101,358.~~included ~~The~~in ~~change~~our ~~had~~Annual ~~no impact~~ Report on ~~shareholders’~~Form ~~equity~~10-K ~~(deficit)~~for orthe ~~net~~period ~~loss~~ended inDecember ~~either~~31, ~~period~~2016.

Table Of Contents 45

Going Concern

As shown in the accompanying condensed consolidated financial statements, we had an equity deficit of $1214,~~421~~117,~~222~~844 and a working capital deficit of $1113,~~862~~934,~~601~~294 as of ~~September~~ 30March 31, ~~2016~~2017, and have reported net losses of $2816,~~575,522~~917 and $2890,~~026,403~~586 for the ~~nine~~three months ended ~~September~~March 3031, ~~2016~~2017 and ~~2015~~ 2016, respectively. These factors raise substantial doubt regarding our ability to continue as a going concern.

Our ability to continue as a going concern is dependent on our ability to further implement our business plan, attract additional capital and, ultimately, upon our ability to develop future profitable operations. We intend to fund our business development, acquisition endeavors and operations through equity and debt financing arrangements. However, there can be no assurance that these arrangements will be sufficient to fund our ongoing capital expenditures, working capital, and other cash requirements. The outcome of these matters cannot be predicted at this time. These matters raise substantial doubt about our ability to continue as a going concern. The ~~condensed~~ consolidated financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern. Additionally, current economic conditions in the United States and globally create significant challenges attaining sufficient funding.

~~Reclassifications~~Some of our debt agreements are due on demand. If demand for payment is made by one or multiple vendors, we would experience a liquidity issue as we do not currently have the funds available to pay off these debts. While we have entered into extensions with several of our lenders, there can be no assurances that any of the lenders will be cooperative or that if they are willing to provide extensions or forbearances, that the terms under which they may be willing to provide them will be favorable to us.

~~Certain prior year amounts have been reclassified to conform with the current year presentation.~~Reclassifications

~~Recently~~Certain ~~Issued~~prior ~~Accounting~~year amounts have been reclassified to conform with ~~Pronouncements~~the current year presentation.

InRecently ~~August~~Issued ~~2016, the Financial~~ Accounting ~~Standards~~ Board (“FASB”) issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (ASU 2016-10). Stakeholders indicated that there is a diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU 2016-15 is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. Adoption of ASU 2016-15 will not have a significant impact on our statement of cash flows.Pronouncements

In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business (Topic 805) (ASU 2017-01). ASU 2017-01 changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. ASU 2017-01 also requires a business to include at least one substantive process and narrows the definition of outputs by more closely aligning it with how outputs are described in ASC 606. ASU 2017-01 is effective for annual reporting periods beginning after December 15, 2017, and for interim periods within those years. We do not expect this ASU to have a significant impact on our consolidated financial statements and related disclosures. Note 2 — Accounts receivable

The following is a summary of accounts receivable:

	September 30, 2016			December 31, 2015
	March 31, 2017			December 31, 2016
Customer receivables	$	1535,~~664~~412		$	2114,~~431~~432
Less: Allowance for uncollectible accounts		(14,401	)		(1214,~~880~~401	)
	$	121,~~263~~011		$	~~8,551~~31

~~Note~~Table 3Of —Contents ~~Inventory~~6

~~The~~Note ~~following~~3 is— ~~a summary of inventory:~~Inventory

	September 30, 2016			December 31, 2015
Raw materials	$	329,345		$	348,342
Less: reserve		(158,191	)		(158,191	)
	$	171,154		$	190,151

The following is a summary of inventory:

Table Of Contents 5

	March 31, 2017			December 31, 2016

Raw materials	$	326,848		$	332,612
Less: reserve		(175,434	)		(175,434	)
	$	151,414		$	157,178

Note 4 — Debt

Debt is comprised of the following:

Description

Note

~~September~~March 3031, ~~2016~~2017

December 31, ~~2015~~2016

Line of credit

47,000

Note payable to distribution partner

550,000

Investor debt

371,507

~~267~~371,~~787~~507

Related party debt

67,~~773~~352,~~443~~979

56,~~632~~719,~~543~~979

Other notes payable

84980,~~230~~837

66981,~~786~~137

Cash draw notes

~~164~~297,~~054~~628

~~204~~211,~~423~~076

Convertible promissory notes

7158,~~637~~937

~~154~~71,~~437~~637

Total

89,~~061~~658,~~871~~888

68,~~922~~952,~~976~~336

Less: unamortized discount and debt issuance costs

(~~236~~350,~~017~~916

)

(~~173~~280,~~668~~555

)

Debt, net of unamortized discount and debt issuance costs

79,~~825~~307,~~854~~972

68,~~749~~671,~~308~~781

Less: current portion

(79,~~255~~117,~~538~~972

)

(58,~~156~~451,~~305~~781

)

Debt, long-term portion

~~570~~190,~~316~~000

1220,~~593,003~~000

A – Line of Credit – We utilized this entire bank line of credit for working capital purposes. The outstanding obligation is due on demand, has a stated initial interest rate of 10.5% that is subject to adjustment, and is guaranteed by our majority shareholder/CEO. ~~Energie~~Énergie and our CEO (collectively, “the “defendants”) were served with a summons and complaint, wherein the bank brought an action to collect the amount due, including interest, costs and attorney’s fees. ~~The~~On ~~parties~~April 4, 2016, the parties to this action ~~have~~ entered into a settlement agreement whereby the defendants agreed to pay to the bank the sum of $59,177 on or before April 30, 2016. This payment was not made and the bank requested and received a judgment ~~against~~(the “judgment”) against both defendants jointly and severally for $61,502 plus interest of 5.25% per annum plus 9.90% per annum on the default margin. On ~~Energie~~May is10, ~~currently~~2017, ~~making~~the ~~payments~~bank agreed to ~~resolve~~stay further execution on the judgment so long as the defendants pay the balance of the judgment in monthly payments of $5,000 per month on the fifteenth of each month, commencing on May 15, 2017. Under this ~~obligation~~agreement, interest will continue to accrue at the judgment interest rate.

B – Note payable to distribution partner – Note payable to a significant European distribution partner, entered into in October 2014, bearing interest at 5% payable quarterly, with principal payable monthly through September 2019. ~~The 2014 note payable aggregated the 2007 promissory note, accrued interest and accounts payable.~~

C – Investor Debt – Notes payable to lenders having an ownership interest in Holdings at ~~September~~March 3031, ~~2016~~2017 and December 31, ~~2015~~2016. ~~These~~ These loans are not collateralized. The following summarizes the terms and balances of the investor debt:

September 30, 2016	December 31, 2015	Interest Rate
$ 87,787	$ 87,787	24%
50,000	50,000	24%
50,000	50,000	24%
25,000	25,000	8%
25,000	25,000	8%
20,000	20,000	2%
113,720	10,000	various
$ 371,507	$ 267,787

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D –Related Party Debt – The following summarizes notes payable to related parties:


March 31, 2017		December 31, 2016		Interest Rate
$	87,787	$	87,787		24	%
	50,000		50,000		24	%
	50,000		50,000		24	%
	25,000		25,000		8	%
	25,000		25,000		8	%
	20,000		20,000		2	%
	113,720		113,720		various
$	371,507	$	371,507

	September 30, 2016	December 31, 2015	Interest Rate
D1	$ 4,635,865	$ 4,120,465	various
D2	528,214	528,214	various
D3	34,888	34,888	12%
D4	316,800	280,800	various
D5	668,176	668,176	18%
D6	589,500	--	6%
Total	$ 6,773,443	$ 5,632,543

D –Related Parties Debt – The following summarizes notes payable to related parties:

Table Of Contents 6

	March 31, 2017		December 31, 2016		Interest Rate
D1	$	4,635,865	$	4,635,865		various
D3		34,888		34,888		12	%
D4		365,550		365,550		various
D5		668,176		668,176		18	%
D6		1,648,500		1,024,500		6	%
Total	$	7,352,979	$	6,719,979

D1 – Notes payable to Symbiote, Inc. (“Symbiote”), entered into from December 2014 to June 2016, with monthly principal and interest payable through November 2017. Symbiote ~~holds~~is aan ~~large~~owner ~~ownership~~of ~~percentage~~the incommon stock of Holdings, is the lessor of our manufacturing facility, and ~~provides~~the provider of our payroll services. We also owe Symbiote $351,900 in accounts payable.

D2D3 – ~~Notes~~Note payable to anour ~~executive~~Chief ~~vice~~Executive ~~president~~Officer (“CEO”), entered into ~~from~~in December 2014 ~~through December 2015~~, with monthly principal and interest payable through ~~November~~December ~~2017~~2016. We also owe Hal $718,941 in accrued compensation and expenses incurred on behalf of the Company.

D3D4 – ~~Note~~Notes payable to ~~our~~the ~~chief~~spouse ~~executive~~of ~~officer~~our (“CEO”), entered into infrom ~~December~~September ~~2014~~2013 to March 2017, with ~~monthly~~ principal and interest payments due upon ~~payable~~a ~~through~~specific ~~December~~event ~~2016~~or upon demand.

D4 D5 – ~~Notes~~ Notes payable to the ~~spouse~~consulting offirm that employs our ~~CEO~~Chief Financial Officer, entered into from ~~September~~June ~~2013~~2015 to ~~April~~December 2015,. ~~with~~These notes ~~principal~~aggregated the previous accounts payable and accrued interest ~~payments~~ due ~~upon~~to the consulting firm at the time the notes were made. As of January 1, 2016, the notes are convertible into shares of our common stock at a ~~specific~~conversion ~~event~~rate orof ~~upon~~75% ~~demand~~of the volume weighted average market price of our stock over the 20 days preceding the notification of conversion. We determined that this conversion feature does not meet the requirements to be treated as a derivative; however, we did determine it was a beneficial conversion feature. Accordingly, we recorded a debt discount of $217,725, which was amortized through interest expense over the life of the notes. We also owe NOW CFO $462,099 in accounts payable.

D5D6 – Notes payable to the ~~consulting~~principal ~~firm~~shareholders ~~that~~of ~~employs our Chief Financial Officer~~Symbiote, entered into infrom ~~June~~April ~~2015.~~to ~~These~~March ~~notes~~2017, ~~aggregated the~~with ~~previous~~principal ~~accounts payable~~ and ~~accrued~~ interest payments due toupon ~~the consulting firm. Beginning January 1, 2016, the notes are convertible into shares of our common stock at~~ a ~~conversion~~specific ~~rate~~event ofor ~~75%~~upon ~~of the volume weighted average market price of our stock over the 20 days preceding the notification of conversion~~demand. We determined that this conversion feature did not meet the requirements to be treated as a derivative; however, we did determine it was a beneficial conversion feature. Accordingly, we recorded a debt discount of $217,725, which was amortized through interest expense.

D6E – ~~Notes~~Other ~~payable~~Notes toPayable – Represents the outstanding principal ~~shareholders~~balance on four separate notes bearing interest at between 6% and 24% annually. In the event we receive proceeds as the beneficiary of ~~Symbiote,~~a ~~entered~~life ~~into~~insurance ~~from~~policy ~~April~~covering toour ~~September~~majority ~~2016~~shareholder/CEO, repayment ~~with~~of principal and interest ~~payments~~ is due ~~upon~~on aone ~~specific~~of ~~event~~these ornotes ~~upon~~prior ~~demand~~to using the proceeds for any other purpose.

EF – ~~Other~~Cash draw ~~Notes~~agreements ~~Payable~~ – ~~Represents~~Under ~~the~~these ~~outstanding~~agreements, ~~principal~~the ~~balance~~lender onadvances ~~four~~us ~~separate~~the ~~notes~~principal ~~bearing~~balance ~~interest~~and atthen 6automatically -withdraws ~~18% annually.~~a Instated ~~the~~amount ~~event~~each webusiness ~~receive~~day. ~~proceeds~~Accordingly, asthere ~~the~~is ~~beneficiary~~no ofstated ainterest ~~life~~rate. ~~insurance~~The ~~policy~~total ~~covering~~remaining ~~our~~daily ~~majority~~payments ~~shareholder/CEO,~~due ~~repayment~~under these ofarrangements ~~principal~~was ~~and~~$424,341 ~~interest~~as isof ~~due~~March on31, ~~these~~2017. ~~notes~~The ~~prior~~maturity todates ~~using~~of the ~~proceeds~~agreements ~~for~~range ~~any~~from ~~other~~June ~~purpose~~to September 2017.

FTable –Of ~~Cash~~Contents draw agreements – Under these agreements, the lender advances us the principal balance and then automatically withdraws a stated amount each business day. Accordingly, there is no stated interest rate. The total remaining daily payments due under these arrangements was $205,563 as of September 30, 2016. The maturity dates of the agreements range from October to December 2016.8

G – Convertible promissory notes – Represents the outstanding principal balance on ~~two~~a ~~separate~~ convertible promissory note payable to an entity with interest of 8% annually, that were due in August 2016. ~~During the third quarter of 2015, the current holder of the notes purchased all of our similar outstanding convertible notes from another entity and consolidated those notes into two new notes.~~ At the option of the holder, the notes may be settled in cash or converted into shares of our common stock at any time beginning 180 days from the date of the notes at a price equal to 61% of the average closing bid price of our common stock during the 10 trading days immediately preceding the date of conversion. As we have failed to pay the ~~notes~~note when ~~they~~it became due, the balance due ~~under~~incurs ~~the notes is now incurring~~ interest at the rate of 22% per annum. The ~~notes~~note ~~contain~~contains additional terms and conditions normally included in instruments of this kind, including a right of first refusal wherein we have granted the holders the right to match the terms of any future financing in which we engage on the same terms and contemplated in such future financing. We estimate that the fair value of the conversion feature is minimal, so no value has been assigned to the beneficial conversion feature. During the nine months ended September 30, 2016, $82,800 of principal and $5,661 of accrued interest was converted into 135,532,715 shares of common stock. We also recorded a loss on conversion of debt of $114,793 related to these transactions.

Debt issuance costs of $~~236~~350,~~017~~916 are being amortized over the life of the respective notes.

~~Table~~Note Of5 ~~Contents~~— 7Commitments and Contingencies

~~Note~~To 5the —best ~~Commitments~~of the Company’s knowledge and ~~Contingencies~~belief, no legal proceedings of merit are currently pending or threatened against the Company, other than those described in Note 4.

ToNote ~~the~~6 ~~best~~— ofSubsequent ~~the Company’s knowledge and belief, no legal proceedings of merit are currently pending or threatened against the Company, other than those described in Note 4.~~Events

~~Note~~There 6are —no ~~Subsequent~~events ~~Events~~subsequent to March 31, 2017 and up to the date of this filing that would require disclosure.

~~There~~Note ~~are~~7 no— ~~events~~Net ~~subsequent~~Loss ~~to September~~Per ~~30, 2016 and up to the date of this filing that would require disclosure.~~Share

~~Note~~Basic 7net —loss per ~~Net~~share ~~Loss~~is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted net loss per ~~Share~~share is computed similarly to basic net loss per share, except that it includes the potential dilution that could occur if dilutive securities are exercised. In a net loss position, however, potential securities are excluded, because they are considered anti-dilutive.

~~Basic~~There ~~net~~are ~~loss per share is computed~~no bydilutive ~~dividing~~instruments ~~net income by the weighted-average number of common shares~~ outstanding during the ~~reporting~~three ~~period.~~months ~~Diluted~~ended ~~net~~March ~~loss per share is computed similarly to basic net loss per share~~31, ~~except~~2017 ~~that~~and ~~it includes the potential dilution that could occur if dilutive securities are exercised~~2016. ~~In a net loss position, however, potential securities are excluded, because they are considered anti-dilutive.~~

~~There~~Table ~~are~~Of noContents ~~dilutive instruments outstanding during the nine months ended September 30, 2016 and 2015.~~9

~~Table~~Item Of2. ~~Contents~~Management’s 8Discussion and Analysis of Financial Condition and Results of Operations

~~Item~~The 2following discussion should be read in conjunction with our consolidated financial statements and notes thereto included herein. ~~Management’s~~We ~~Discussion~~caution readers regarding certain forward looking statements in the following discussion and ~~Analysis~~elsewhere in this report and in any other statement made by, or on our behalf, whether or not in future filings with the Securities and Exchange Commission. Forward looking statements are statements not based on historical information and which relate to future operations, strategies, financial results or other developments. Forward looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of ~~Financial~~which ~~Condition~~are beyond our control and ~~Results~~many of ~~Operations~~which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward looking statements made by, or on our behalf. We disclaim any obligation to update forward looking statements except as may be required under applicable securities laws.

The following discussion should be read in conjunction with our consolidated financial statements and notes thereto included herein. We caution readers regarding certain forward looking statements in the following discussion and elsewhere in this report and in any other statement made by, or on our behalf, whether or not in future filings with the Securities and Exchange Commission. Forward looking statements are statements not based on historical information and which relate to future operations, strategies, financial results or other developments. Forward looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control and many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward looking statements made by, or on our behalf. We disclaim any obligation to update forward looking statements except as may be required under applicable securities laws.Overview

~~Overview~~ExeLED Holdings Inc. was incorporated in the State of Delaware on October 20, 1986 under the name “Verilink Corporation.” We have also been known as Energie Holdings, Inc. and Alas Aviation Corp. On November 30, 2015, we filed a Certificate of Amendment to our Certificate of Incorporation with the State of Delaware to change our name from “Energie Holdings, Inc.” to “ExeLED Holdings Inc.” We have two wholly-owned subsidiaries, Énergie LLC (hereinafter referred to as “Énergie”), and OELC, LLC. All references herein to “us,” “we,” “our,” “Holdings,” or the “Company” refer to ExeLED Holdings Inc. and its subsidiaries, and their respective business following the consummation of the Merger and Share Exchange Agreements, unless the context otherwise requires.

~~ExeLED~~We ~~Holdings~~are ~~Inc.~~a ~~was incorporated~~holding company engaged in the ~~State~~business of ~~Delaware~~the onimport ~~October~~and ~~20,~~sale ~~1986~~of ~~under~~specialized ~~the~~interior ~~name~~lighting ~~“Verilink~~solutions ~~Corporation.”~~to Wethe ~~have~~architecture ~~also~~and ~~been~~interior design ~~known~~markets asin ~~Energie Holdings,~~North ~~Inc~~America. ~~and~~Our ~~Alas~~current ~~Aviation~~business ~~Corp.~~objective Onis ~~November~~to ~~30,~~become ~~2015,~~a weleading ~~filed~~provider ~~a Certificate~~ of ~~Amendment~~advanced toLED ~~our~~lighting ~~Certificate~~solutions by ofacquiring ~~Incorporation~~and ~~with~~growing ~~the~~complementary ~~State~~LED ofbased ~~Delaware~~lighting tofixture ~~change~~companies. ~~our~~We ~~name~~are ~~from~~focused ~~“Energie~~on ~~Holdings,~~acquiring ~~Inc.”~~specialized LED lighting tocompanies ~~“ExeLED~~for ~~Holdings~~the ~~Inc.”~~architecture Weand ~~have~~interior ~~two~~design ~~wholly-owned~~markets ~~subsidiaries,~~for ~~Énergie~~both ~~LLC~~commercial ~~(hereinafter~~and ~~referred~~residential applications, with the intention to asgrow, ~~“Énergie”)~~innovate, and ~~OELC,~~fully ~~LLC.~~capture ~~All~~the ~~references~~rapidly ~~herein~~growing tolighting ~~“us,”~~market ~~“we,”~~opportunities ~~“our,”~~associated ~~“Holdings,”~~with orsolid ~~the “Company”~~state ~~refer~~lighting. toThe lighting ~~ExeLED~~products ~~Holdings~~will ~~Inc.~~include ~~and~~both ~~its~~conventional ~~subsidiaries,~~fixtures and ~~their~~advanced ~~respective~~solid-state ~~business~~technology ~~following~~that ~~the~~can ~~consummation~~integrate with digital ofcontrols ~~the~~and ~~Merger~~day-lighting to create energy efficiencies and ~~Share~~a ~~Exchange~~better ~~Agreements~~visual environment. These objectives are subject to our obtaining additional financing, ~~unless~~of ~~the~~which ~~context~~there ~~otherwise~~can ~~requires~~be no assurance.

WeOur ~~are a holding company engaged~~management inteam ~~the business of the import~~ and ~~sale~~advisory ofboard ~~specialized interior lighting solutions to the architecture and interior design markets in North America. Our current business objective~~ is tocomprised ~~become a leading provider~~ of ~~advanced~~experienced ~~LED~~executives ~~lighting~~in ~~solutions~~the ~~by acquiring and growing complementary LED based~~ lighting ~~fixture~~industry ~~companies.~~with Werecent ~~are~~specific ~~focused~~focus on ~~acquiring~~the ~~specialized~~ LED ~~lighting companies~~ ~~for the architecture and interior design markets for both commercial and residential applications, with the intention to grow, innovate, and fully capture the rapidly growing~~ lighting ~~market opportunities associated with solid state lighting~~industry. The ~~lighting products~~group ~~will~~has ~~include~~over ~~both~~300 ~~conventional~~years fixtures and advanced solid-state technology that can integrate with digital controls and day-lighting to create energy efficiencies and a better visual environment. These objectives are subject to our obtaining additional financing, of ~~which~~combined ~~there~~experience ~~can~~in bethis ~~no assurance~~industry.

Our ~~management~~principal ~~team~~place ~~and~~of ~~advisory board~~business is located ~~comprised~~at of5310 ~~experienced~~Ward ~~executives~~Road, inSuite ~~the~~106, ~~lighting~~Arvada, ~~industry~~Colorado, ~~with~~80002. ~~recent~~Our ~~specific~~telephone ~~focus~~number onis ~~the~~(720) ~~LED~~361-2056. ~~lighting~~We ~~industry. The~~also ~~group~~maintain ~~has~~a ~~over~~production and ~~300~~assembly ~~years~~facility ofin ~~combined~~Zeeland, ~~experience~~Michigan. inOur ~~this~~website ~~industry~~is www.exeledholdings.com.

Énergie acts as our operating subsidiary. Our ~~principal~~creative ~~place~~lighting ofproducts ~~business~~include ~~is located~~both atconventional ~~4885~~fixtures ~~Ward~~and ~~Road,~~advanced ~~Suite~~solid-state ~~300,~~technology ~~Wheat~~that ~~Ridge,~~can ~~Colorado,~~integrate with ~~telephone~~digital ~~(720)~~controls ~~963~~and day-~~8055~~lighting to create energy efficiencies and a better visual environment. ~~Our~~Énergie ~~website~~was founded in 2001 and is ~~www.exeledholdings.com.~~engaged in the import and sale of specialized interior lighting solutions to the architecture and interior design ~~Énergie~~markets ~~also~~in ~~maintains~~North aAmerica. We have developed an end-to-end production and ~~assembly~~distribution ~~facility~~platform infor ~~Zeeland~~imported lighting products featuring HID, ~~Michigan~~fluorescent, and LED technologies. ~~Énergie’s~~Long ~~website~~term iscontracts ~~www~~with five European manufacturers and one in Taiwan provide us with exclusive North American distribution rights to over 270 total products in 37 categories.~~energielighting~~ After processing any modifications necessary to meet UL standards and building code requirements, the products are sold to customers through a network of over 60 independent lighting sales agents.~~com~~ In addition to a highly competitive commission structure, we provide our sales force with promotional materials, product training, and technical support.

~~Énergie~~Table ~~acts~~Of asContents our operating subsidiary. Our creative lighting products include both conventional fixtures and advanced solid-state technology that can integrate with digital controls and day-lighting to create energy efficiencies and a better visual environment. Énergie was founded in 2001and is engaged in the import and sale of specialized interior lighting solutions to the architecture and interior design markets in North America. We have developed an end-to-end production and distribution platform for imported lighting products featuring HID, fluorescent, and LED technologies. Long term contracts with five European manufacturers and one in Taiwan provide us with exclusive North American distribution rights to over 270 total products in 37 categories. After processing any modifications necessary to meet UL standards and building code requirements, the products are sold to customers through a network of over 60 independent lighting sales agents. In addition to a highly competitive commission structure, we provide our sales force with promotional materials, product training, and technical support.10

~~Table~~Our Ofcondensed ~~Contents~~consolidated 9financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The condensed consolidated financial statements do not include any adjustment that might result from the outcome of this uncertainty.

~~Our~~Results independent accountants have expressed a “going concern” opinion. Our condensed consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The condensed consolidated financial statements do not include any adjustment that might result from the outcome of this uncertainty.Operations

~~Results~~Comparison of ~~Operations~~results of operations for the three months ended March 31, 2017 and 2016

	Three months ended September 30,
	Three months ended March 31,
	2016			2015			Change			%
	2017			2016			Change			%
Sales revenue	$	2637,~~836~~275		$	~~117~~98,~~002~~555		$	(9061,~~166~~280	)		(7762	)%
Cost of revenue		(1817,~~785~~319	)		(6652,~~767~~054	)		4734,~~982~~735			7267	%
Gross profit		819,~~051~~956			5046,~~235~~501			(4226,~~184~~545	)		(8457	)%
Total operating expenses		~~434~~247,~~605~~715			~~368~~436,~~898~~481			~~(65~~188,~~707~~766	)		~~(18~~43	)%
Interest expense		(~~475~~543,~~981~~412	)		(~~365~~463,~~861~~449	)		(~~110~~79,~~120~~963	)		3017	%
Other income (expense)		(73,457	)		(10,041	)		(63,416	)		632	%
Other		(45,746	)		(37,157	)		(8,589	)		23	%
Net loss	$	(~~975~~816,~~992~~917	)	$	(~~694~~890,~~565~~586	)	$	~~(281~~73,~~427~~669	)		41(8	)%

	Nine months ended September 30,
	2016			2015			Change			%
Sales revenue	$	331,983		$	421,636		$	(89,653	)		(21	)%
Cost of revenue		(176,792	)		(212,759	)		35,967			17	%
Gross profit		155,191			208,877			(53,686	)		(26	)%
Total operating expenses		1,224,724			1,350,892			126,168			9	%
Interest expense		(1,357,481	)		(856,817	)		(500,664	)		58	%
Other income (expense)		(148,508	)		(27,571	)		(120,937	)		439	%
Net loss	$	(2,575,522	)	$	(2,026,403	)	$	(549,119	)		27	%

Sales Revenue, Cost of Revenue and Gross Profit

Sales ~~Revenue~~revenue decreased during the three months ended March 31, ~~Cost~~2017 compared to 2016 due to an overall lack of ~~Revenue~~funding necessary for development and product launch costs. While we are continuing to seek out and ~~Gross~~discuss ~~Profit~~external financing, no assurances can be made that we will be successful in our efforts. Cost of revenue decreased proportionally to the decrease in revenues.

~~Sales~~Operating ~~revenue decreased in 2016 compared to 2015 due to an overall lack of funding necessary for development and product launch costs. Cost of revenue decreased proportionally to the decrease in revenues.~~expenses

Other

	Three months ended March 31,
	2017		2016		Change			%
Research and development	$	68,604	$	72,991	$	(4,387	)		(6	)%
Sales and marketing		999		12,715		(11,716	)		(92	)%
General and administrative		178,112		350,775		(172,663	)		(49	)%
	$	247,715	$	436,481	$	(188,766	)		(43	)%

~~Interest~~The ~~expense~~decrease ~~increased~~in ~~due~~operating toexpenses ~~additional~~was ~~gross~~driven ~~debt~~by ofour ~~approximately~~controlling ~~$1,450,000~~spending ~~over~~due ~~the~~to ~~same~~a ~~period~~lack inof ~~2015~~operating capital.

Other ~~income (expense) consists primarily of expenses related to costs associated with debt and conversions of debt.~~

~~Operating~~During ~~expenses~~the three months ended March 31, 2017, interest expense increased due to additional debt of approximately $2,200,000

	Three months ended September 30,
	2016		2015		Change			%
Research and development	$	68,560	$	64,715	$	3,845			6	%
Sales and marketing		6,168		28,882		(22,714	)		(79	)%
General and administrative		359,877		275,301		84,576			31	%
	$	434,605	$	368,898	$	65,707			18	%

Other income (expense) consists primarily of other fees expenses related to seeking and securing debt and other external financing.

Table Of Contents 1011

	Nine months ended September 30,
	2016		2015		Change			%
Research and development	$	212,166	$	192,087	$	20,079			10	%
Sales and marketing		45,479		98,784		(53,305	)		(54	)%
General and administrative		967,079		1,060,021		(92,942	)		(9	)%
	$	1,224,724	$	1,350,892	$	(126,168	)		(9	)%

Liquidity and Capital Resources

~~The~~At ~~increase~~March ~~in operating expenses during the three months ended September 30~~31, ~~2016~~2017 ~~compared~~we tohad ~~2015 was driven by our payments for professional fees in an attempt~~$53,398 ~~to secure external funding. The decrease~~ in ~~operating~~cash ~~expenses~~and ~~during~~cash ~~the nine months ended September 30, 2016 was driven by controlling our spending due to a limitation of funding~~equivalents.

~~Liquidity~~We have not generated positive cash flows from operations in any year since our inception. Accordingly, our sources of liquidity may include potential debt and/or equity ~~Capital~~offerings. ~~Resources~~We believe that our principal difficulty in our inability to successfully generate positive cash flows has been the lack of available working capital to operate and expand our business. We believe we need a minimum of approximately $2,000,000 in additional working capital to be utilized for development and launching of new products for Énergie. In addition, we believe we need approximately $10,000,000 to pay off a significant portion of our debt and to begin funding the business development efforts to identify, qualify and acquire other LED lighting companies, with the balance for working capital and general and administrative expense. While we are in discussions with various potential financing groups, other than as disclosed below, we have no other commitments from any investor or investment-banking firm to provide us with the necessary funding and there can be no assurances we will obtain such funding in the future. Failure to obtain this additional financing will have a material negative impact on our ability to generate profits in the future and continue operations.

AtTo ~~September~~fund ~~30,~~our ~~2016,~~acquisition weplan ~~had $5,012~~and infund ~~cash.~~working Wecapital ~~have~~for ~~not~~our ~~generated~~continuing ~~positive~~operations ~~cash~~we ~~flows~~will ~~from~~require ~~operations.~~and ~~Accordingly,~~are ~~our~~continuing ~~sources~~to ofseek ~~liquidity~~out ~~may~~and ~~include~~discuss financing with potential ~~debt~~partners ~~and~~or ~~equity offerings~~lenders. WeThese ~~believe~~efforts ~~that~~have ~~our~~been ~~principal~~unsuccessful ~~difficulty~~thus infar ~~our~~and ~~inability~~there toare ~~successfully~~no ~~generate~~assurances ~~positive~~that ~~cash~~they ~~flows has~~will ~~been~~be successful in the ~~lack~~future. ofFailure ~~available~~to ~~capital~~obtain tothe ~~operate~~financing ~~and~~necessary ~~expand~~will ~~our~~have ~~business.~~a Wesignificant ~~believe~~negative weimpact ~~need~~on aour ~~minimum~~Company ofand ~~approximately~~our ~~$2,000,000~~ability to remain in ~~additional~~business. ~~working~~We ~~capital~~have toidentified bemultiple ~~utilized~~potential ~~for~~funding ~~(i)~~sources ~~development~~ and ~~launching~~have ofdiligently ~~new~~pursued ~~products~~receiving ~~for~~financing ~~Energie;~~from these ~~(ii)~~sources ~~funding~~for ~~the~~varying ~~business development~~lengths ~~efforts~~of totime. ~~identify,~~Management ~~qualify~~believes ~~and~~that ~~acquire~~these ~~other~~efforts ~~LED~~will ~~lighting~~be ~~companies;~~coming ~~and~~to ~~(iii)~~a ~~the~~conclusion ~~balance~~in ~~for~~the ~~working~~near ~~capital,~~future and ~~general~~will ~~and~~either ~~administrative~~result ~~expense.~~in ~~Other~~significant ~~than~~funding asfor ~~disclosed~~us ~~below,~~or wein ~~have~~ no ~~other commitments from any investor or investment-banking firm to provide us with the necessary~~ funding ~~and~~at ~~there~~all. ~~can~~There beare no assurances wethat ~~will~~these ~~obtain~~pursuits ~~such~~will be ~~funding~~successful inand, ~~the~~if ~~future.~~none ~~Failure to~~of ~~obtain~~them ~~this~~are ~~additional~~successful, ~~financing~~we will not have athe ~~material~~financial ~~negative~~resources ~~impact~~to oncontinue ~~our~~operations ~~ability~~and tomay ~~generate~~require relief ~~profits~~from inbankruptcy ~~the future~~court.

ToIn ~~fund~~August ~~our~~2015, ~~acquisition~~we ~~plan~~entered ~~and~~into two ~~fund~~new ~~working~~convertible ~~capital~~notes ~~for~~with ~~our~~LG ~~continuing~~Capital ~~operations~~Funding LLC, (“LG”) under a Securities Purchase Agreement, Convertible Notes and other ancillary documents. Under these agreements, we ~~continue~~agreed to ~~seek~~issue ~~out~~8% ~~and~~convertible ~~discuss~~promissory ~~financing~~notes ~~with~~in ~~potential~~the ~~partners~~principal oramount of ~~lenders~~$188,684. These notes are convertible into shares of our common stock at a price ranging from 58% - 65% of the lowest closing ~~While~~bid noprice ~~assurances~~of ~~can~~our becommon ~~provided~~stock during the 15 trading days immediately preceding the date of conversion. The notes contain additional terms and conditions normally included in instruments of this kind. During the three months ended March 31, 2017, we ~~expect~~paid ~~that~~off the remaining $12,700 of principal on one of the notes leaving only one convertible note outstanding. Per the terms of a settlement agreement reached with LG, we will bepay ~~able~~$75,000 to ~~obtain~~settle ~~financing~~all tooutstanding ~~implement~~principal ~~our~~and ~~plans~~interest on the outstanding note once we have the funds to do so.

InWorking ~~August 2015, LG~~ Capital Funding LLC, (“LG”) purchased from KBM Worldwide, Inc., (“KBM”) all outstanding convertible notes and accrued interest payable to KBM under previous agreements with KBM. The outstanding amount due to KBM was restructured into two new convertible notes under a Securities Purchase Agreement, Convertible Notes and other ancillary documents. Under these agreements, we issued 8% convertible promissory notes in the principal amount of $188,684. These notes are convertible into shares of our common stock at a price ranging from 58% - 65% of the lowest closing bid price of our common stock during the 15 trading days immediately preceding the date of conversion. The notes contain additional terms and conditions normally included in instruments of this kind. During the nine months ended September 30, 2016, LG converted $82,800 of principal and $5,661 of accrued interest into 135,532,715 shares of common stock.

OnWorking ~~July~~capital ~~16,~~is ~~2014~~the weamount ~~entered into~~by anwhich ~~Investment~~current ~~Agreement~~assets ~~and~~exceed ~~Registration~~current ~~Rights Agreement with Dutchess Opportunity Fund, II, LP (“Dutchess”)~~liabilities. ~~Pursuant to~~We ~~the~~had ~~Investment~~negative ~~Agreement,~~working ~~Dutchess~~capital ~~committed~~of ~~to purchase~~$13,934,294 ~~subject to certain restrictions~~ and ~~conditions~~$13,087,377, ~~up to $5 million~~respectively, ofas ~~our common stock upon issuance by us~~ of aMarch ~~put~~31, to2017 Dutchess at a price equal to ninety-four percent (94%) of the lowest daily VWAP (volume weighted average price) of our common stock during the five (5) consecutive Trading Days beginning on the Put Notice Date and ~~ending~~December on31, ~~and including the date that is four (4) Trading Days after such Put Notice Date~~2016. The ~~Put~~increase ~~Amount~~in ~~shall~~negative beworking ~~equal to~~capital upis due to ~~either 1) two hundred percent (200%) of~~ the ~~average~~increase ~~daily~~in ~~volume~~debt ~~(U.S. market only)~~ of ~~the common stock for the three~~approximately ~~(3)~~$635,000 ~~Trading~~and ~~Days~~a ~~prior~~resulting toincrease ~~the~~in ~~applicable~~accrued ~~Put~~liabilities ~~Notice Date, multiplied by the average~~ of ~~the~~approximately ~~three (3) daily closing prices immediately preceding the Put Date or 2) one hundred thousand dollars (~~$~~100~~225,000). ~~The~~from ~~obligation~~interest ofexpense. ~~Dutchess~~We toalso ~~purchase~~currently ~~our shares is contingent~~have ~~upon~~insufficient ~~our~~cash ~~filing~~flow ofto ameet ~~registration statement registering the shares of~~ our ~~common~~debt ~~stock~~obligations. ~~with~~This ~~the~~raises USsubstantial ~~Securities~~doubt ~~and~~about ~~Exchange Commission and such registration statement being declared effective, as well as~~ our ~~common~~ability ~~stock continuing~~ to becontinue ~~listed~~as ~~for trading, among other things. We filed such~~ a ~~registration~~going ~~statement with the SEC on October 6, 2014 and it became effective on November 7, 2014~~concern.

11Table Of Contents 12

~~Working~~Cash ~~Capital~~Flows

~~Working~~Our ~~capital~~cash isflows ~~the~~from ~~amount by which current assets exceed current liabilities. We had negative working capital of $11~~operating,~~862,601~~ ~~and $8,468,294, respectively,~~investing ~~as of September 30, 2016~~ and ~~December~~financing ~~31,~~activities ~~2015.~~were The increase in negative working capital is due to the increase in gross debt of approximately $1,140,000 since December 31, 2015, and a resulting increase in accrued liabilities of approximately $490,000 from interest expense. We also currently have insufficient cash flow to meet our debt obligations. This raises substantial doubt about our ability to continue as ~~a going concern.~~follows:

Cash Flows

	Three months ended March 31,
	2017			2016
Net cash used in operating activities	$	(447,608	)	$	(254,655	)
Net cash provided by financing activities		495,552			257,155

~~Our~~Net cash ~~flows~~used in ~~from~~ operating activities increased in 2017 by $192,953 ~~investing~~compared to 2016. We relied heavily on increased debt, accounts payable, and ~~financing~~accrued liabilities to keep our operations running. We anticipate that overhead costs in current operations will ~~activities~~increase ~~were~~in asthe ~~follows:~~future if we are successful in raising the capital described herein as a result of our anticipated increased marketing and operating activities.

	Nine months ended September 30,
	2016			2015
Net cash used in operating activities	$	(897,686	)	$	(622,963	)
Net cash provided by financing activities		884,721			582,511

During 2017, we relied on additional borrowings under both new and existing debt agreements. In 2017, net cash flows provided by financing activities were composed of $642,878 of additional borrowings and $147,326 of debt pay down. In 2016, we borrowed $351,685 of additional debt and paid down $94,530 of debt.

~~Net~~We ~~cash~~believe ~~used~~that our principal difficulty in ~~operating~~our ~~activities~~inability to successfully generate profits has been the lack of available capital to operate and ~~increased~~expand inour ~~2016~~business. We bybelieve we need a minimum of approximately $~~274~~2,~~733~~000,000 ~~compared~~in additional working capital to be ~~2015~~utilized for development and launching of new products for Énergie. We ~~relied~~In ~~heavily~~addition, onwe ~~increased~~believe we need approximately $10,000,000 to pay off a significant portion of our debt and to begin funding the business development efforts to identify, ~~accounts~~qualify ~~payable~~and acquire other LED lighting companies, with the balance for working capital and ~~accrued~~general and administrative expense. As of the ~~liabilities~~date of this report, other than as disclosed below, we have no other commitment from any investor or investment-banking firm to provide ~~keep~~us ~~our~~with ~~operations~~the ~~running.~~necessary Wefunding ~~anticipate~~and ~~that~~there ~~overhead~~can ~~costs~~be inno ~~current~~assurances ~~operations~~we will ~~increase~~obtain such funding in the future. Failure ifto weobtain ~~are~~this ~~successful~~additional infinancing ~~raising~~will ~~the~~have ~~capital~~a ~~described~~material ~~herein as~~negative aimpact ~~result~~on of our ~~anticipated~~ability ~~increased~~to ~~marketing~~generate ~~and~~profits ~~operating activities~~in the future.

During 2016, we relied on additional borrowings under both new and existing debt agreements. In 2016, net cash flows provided by financing activities were composed of $1,253,921 of additional cash borrowings and $369,200 of debt pay down. In 2015, we borrowed $1,287,112 of additional debt and paid down $704,601 of debt.Inflation

~~Inflation~~Although our operations are influenced by general economic conditions, we do not believe that inflation had a material effect on our results of operations during the three-month period ended March 31, 2017.

~~Although~~Off-Balance ~~our operations~~Sheet ~~are influenced by general economic conditions, we do not believe that inflation had a material effect on our results of operations during the nine month period ended September 30, 2016.~~Arrangements

~~Off~~We had no off-~~Balance~~balance ~~Sheet~~sheet ~~Arrangements~~arrangements as of March 31, 2017 and December 31, 2016.

WeCritical ~~had~~Accounting ~~no off-balance sheet arrangements as of September 30, 2016 and December 31, 2015.~~Estimates

Our condensed consolidated financial statements and accompanying notes have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management to make estimates, judgments and assumptions that affect reported amounts of assets, liabilities, revenues and expenses. We continually evaluate the accounting policies and estimates used to prepare the condensed consolidated financial statements. The estimates are based on historical experience and assumptions believed to be reasonable under current facts and circumstances. Actual amounts and results could differ from these estimates made by management. Certain accounting policies that require significant management estimates and are deemed critical to our results of operations or financial position are discussed in our Annual Report on Form 10-K for the year ended December 31, 2016 in the Critical Accounting ~~Estimates~~Policies section of Management’s Discussion and Analysis of Financial Condition and Results of Operations.

~~Our~~Table ~~condensed~~Of ~~consolidated~~Contents financial statements and accompanying notes have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management to make estimates, judgments and assumptions that affect reported amounts of assets, liabilities, revenues and expenses. We continually evaluate the accounting policies and estimates used to prepare the condensed consolidated financial statements. The estimates are based on historical experience and assumptions believed to be reasonable under current facts and circumstances. Actual amounts and results could differ from these estimates made by management. Certain accounting policies that require significant management estimates and are deemed critical to our results of operations or financial position are discussed in our Annual Report on Form 10-K for the year ended December 31, 2015 in the Critical Accounting Policies section of Management’s Discussion and Analysis of Financial Condition and Results of Operations.13

Item 3. Quantitative and Qualitative Disclosures about Market Risk

As a smaller reporting company, as that term is defined in Item 10(f)(1) of Regulation S-K, we are not required to provide information required by this Item.

12Item 4. Controls and Procedures

~~Item~~Evaluation 4.of ~~Controls~~Disclosure Controls and Procedures

~~Evaluation~~As required by Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of ~~Disclosure~~1934, ~~Controls~~as amended (the “Exchange Act”), we have carried out an evaluation of the effectiveness of the design and ~~Procedures~~operation of our disclosure controls and procedures as of March 31, 2017. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer.

AsBased ~~required~~on bythis ~~Rules~~evaluation, ~~13a-15(e)~~our ~~and~~CEO ~~15d-15(e)~~and ~~under~~CFO ~~the~~have ~~Securities~~concluded ~~Exchange~~that ~~Act~~our ofdisclosure ~~1934,~~controls and procedures were not effective as ~~amended~~of ~~(the~~March ~~“Exchange~~31, ~~Act”)~~2017, because (a) we have limited ~~carried~~entity-level ~~out~~controls, anbecause ~~evaluation~~ of the ~~effectiveness~~time ofconstraints ~~the~~for ~~design~~our ~~and~~management ~~operation~~team; (b) we have a lack of ~~our~~segregation ~~disclosure~~of ~~controls~~duties due to limited personnel; and ~~procedures~~(c) aswe ofhave ~~September~~not ~~30,~~implemented ~~2016~~adequate system-based and manual controls. ~~This~~ We have engaged consultants ~~evaluation~~to ~~was~~evaluate ~~carried~~our ~~out~~processes ~~under~~and ~~the~~procedures, ~~supervision~~and to implement, document and ~~with~~test ~~the~~additional ~~participation~~internal ofcontrols. We can provide no assurance, however, that our ~~Chief~~internal ~~Executive~~controls ~~Officer~~will ~~and~~be ~~Chief~~effective ~~Financial Officer~~in the near future.

~~Based~~Changes ~~on this evaluation, our CEO~~in ~~and~~Internal ~~CFO~~Control ~~have~~over ~~concluded~~Financial that our disclosure controls and procedures were not effective as of September 30, 2016, because (a) we have limited entity-level controls, because of the time constraints for our management team; (b) we have a lack of segregation of duties due to limited personnel; and (c) we have not implemented adequate system-based and manual controls. We have engaged consultants to evaluate our processes and procedures, and to implement, document and test additional internal controls. We can provide no assurance, however, that our disclosure controls will be effective in the near future.Reporting

~~Changes~~There have been no changes in our internal control over financial reporting during the last quarterly period covered by this report that have ~~Internal~~materially ~~Control~~affected, or are reasonably likely to affect, our internal control over ~~Financial~~financial ~~Reporting~~reporting.

~~There~~Table ~~have~~Of ~~been no~~Contents changes in our internal control over financial reporting during the last quarterly period covered by this report that have materially affected, or are reasonably likely to affect, our internal control over financial reporting.14

PART II. Other Information

Item 1. Legal Proceedings

In July 2015, Énergie ~~Energie~~ LLC and Harold Hansen, our CEO (collectively, “the ~~defendants~~Defendants”), were served with a summons and complaint wherein Vectra Bank Colorado, National Association brought an action to collect monies due pursuant to a promissory note in the current principal balance of $47,000, plus interest, costs, and attorneys’ fees. The action was brought in the District Court for the City and County of Denver, Colorado (the “Court”). On April 4, 2016, the parties to this action entered into a settlement agreement whereby the ~~defendants~~Defendants agreed to pay to Vectra Bank the sum of $59,177 on or before April 30, 2016. This payment was not made and the bank requested and received a judgment against both ~~defendants~~Defendants jointly and severally for $61,502 plus interest of 5.25% per annum plus 9.90% per annum on the default margin. ~~Energie~~On isMay ~~currently~~10, ~~making~~2017, ~~payments~~Vectra Bank agreed to ~~resolve~~stay further execution on the judgment so long as the defendants pay the balance of the judgment in monthly payments of $5,000 per month on the fifteenth of each month, commencing on May 15, 2017. Under this ~~obligation~~agreement, interest will continue to accrue at the judgment interest rate.

~~Other~~As ~~than~~a result ~~the~~of ~~above,~~our lack of available capital we are ~~not~~unable ~~party~~ to ~~any~~pay ~~material~~many ~~legal~~of ~~proceedings,~~our ~~nor~~bills ~~have~~and ~~any~~outstanding ~~such~~promissory ~~actions~~notes when they become due. While we have not been threatened specifically with litigation, it is impractical to believe or assume that our creditors will not pursue actions against us to collect balances due. Many of these obligations and agreements contain provisions requiring us to pay costs of collection and attorneys’ fees over and above the principal amounts due, which may increase these outstanding balances.

13Item 1A. Risk Factors

As a smaller reporting company, as that term is defined in Item ~~1A.~~10(f)(1) ~~Risk~~of ~~Factors~~Regulation S-K, we are not required to provide information required by this Item.

AsItem ~~a smaller reporting company, as~~2. Unregistered ~~that~~Sales ~~term~~of isEquity ~~defined~~Securities inand ~~Item~~Use ~~10(f)(1)~~ of ~~Regulation S-K, we are not required to provide information required by this Item.~~Proceeds

~~Item 2~~None. ~~Unregistered Sales of Equity Securities and Use of Proceeds~~

~~During~~Item ~~the three months ended September 30, 2016, one of our lenders converted $49,632 of principal and interest on convertible promissory notes into 91,473,671 of our common shares~~3. ~~This~~Defaults ~~issuance was completed in accordance with Section 3(a)(9) of the Securities Act, as amended, in an offering~~upon ~~without~~Senior ~~any public offering or distribution. These shares are restricted securities and include an appropriate restrictive legend.~~Securities

~~Item 3~~None. ~~Defaults upon Senior Securities~~

~~None~~Item 5. Other Information

~~Item 4~~None. ~~Mine Safety Disclosures~~

~~Not~~Table ~~applicable.~~Of Contents 15

Item 56. ~~Other Information~~Exhibits

None.

31.1		Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

31.2		Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer

32		Certifications of the Chief Executive and Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Item 6. Exhibits

101.INS		XBRL Instance Document*
101.SCH		XBRL Schema Document*
101.CAL		XBRL Calculation Linkbase Document*
101.DEF		XBRL Definition Linkbase Document*
101.LAB		XBRL Label Linkbase Document*
101.PRE		XBRL Presentation Linkbase Document*

31.1		Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
31.2		Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
32		Certifications of the Chief Executive and Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

______________________

~~Table~~* OfPursuant ~~Contents~~to Rule 14406T of Regulation S-T, these interactive data files are not deemed filed or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act or Section 18 of the Securities Exchange Act and otherwise not subject to liability.

~~SIGNATURES~~Table Of Contents 16

~~Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.~~SIGNATURES

Date: November 18, 2016	By:	/s/ Harold Hansen
		Harold Hansen
		Chief Executive Officer (Principal Executive Officer)
	By:	/s/ Richard Cole Dennard
		Richard Cole Dennard
		Chief Financial Officer (Principal Financial and Accounting Officer)

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Table Of Contents 15


Date: May 22, 2017	By:	/s/ Harold Hansen
		Harold Hansen
		Chief Executive Officer (Principal Executive Officer)

	By:	/s/ Richard Cole Dennard
		Richard Cole Dennard
		Chief Financial Officer (Principal Financial and Accounting Officer)

Table Of Contents

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