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 ~~March~~June 3130, 2018

[ ] 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 as specified in its charter)

Delaware

(State or other jurisdiction of

incorporation or organization)

94-2857548

(I.R.S. Employer

Identification No.)

5310 Ward Road, Suite 106,

Arvada, CO

(Address of principal executive offices)

80002

(Zip Code)

: (720) 361-2056

Registrant’s telephone number, including area code

Indicate by check mark whether the 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 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 by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every ~~Interactive~~ 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, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “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[X] Emerging growth company x[X]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period 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 ~~May~~ 21November 14, 2018, 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	2
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	15
Item 4.	Controls and Procedures	15
Part II – OTHER INFORMATION
Item 1.	Legal Proceedings	16
Item 1A.	Risk Factors	17
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	17
Item 3.	Defaults upon Senior Securities	17
Item 5.	Other Information	17
Item 6.	Exhibits	17

Part I – FINANCIAL INFORMATION

Item 1.	Financial Statements	2
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	16
Item 4.	Controls and Procedures	16

Part II – OTHER INFORMATION

Item 1.	Legal Proceedings	17
Item 1A.	Risk Factors	18
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	18
Item 3.	Defaults upon Senior Securities	18
Item 4.	Mine Safety Disclosures	18
Item 5.	Other Information	18
Item 6.	Exhibits	18

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

	March 31, 2018 (Unaudited)			December 31, 2017
	June 30, 2018 (Unaudited)			December 31, 2017
ASSETS
Current assets:
Cash and cash equivalents	$	610,~~800~~201		$	—
Accounts receivable, net		—3,649			—
Inventory		6763,~~865~~640			69,498
Prepaid expenses and other		5758,~~000~~592			54,163
Total current assets		~~131~~136,~~665~~082			123,661
Noncurrent assets:
Deposits and other		31,271			14,627
Total assets	$	~~162~~167,~~936~~353		$	138,288
LIABILITIES AND EQUITY
Current liabilities:
Cash overdraft	$	—		$	11,118
Accounts payable		3,~~004~~027,~~479~~399			2,893,614
Accrued liabilities		23,~~850~~465,~~618~~526			2,628,335
Debt, current portion, net of discount and debt issuance costs		1213,~~163~~433,~~005~~228			11,249,083
Total current liabilities		1819,~~018~~926,~~102~~153			16,782,150
Debt, long-term portion		~~641~~607,~~558~~058			676,058
Total liabilities		1820,~~659~~533,~~660~~211			17,458,208
Commitments and contingencies (Note 4)		—			—
Equity:
Preferred stock, $.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding at March 31, 2018 or December 31, 2017		—			—
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding at June 30, 2018 or December 31, 2017		—			—
Common stock, $.0001 par value; 250,000,000 shares authorized; 249,447,433 shares issued and outstanding at March 31, 2018 and December 31, 2017		24,743			24,743
Common stock, $0.0001 par value; 250,000,000 shares authorized; 249,447,433 shares issued and outstanding at June 30, 2018 and December 31, 2017		24,743			24,743
Additional paid-in capital		2,635,896			2,635,896
Accumulated deficit		(2123,~~157~~026,~~363~~497	)		(19,980,559	)
Total deficit		(1820,~~496~~365,~~724~~858	)		(17,319,920	)
Total liabilities and equity	$	~~162~~167,~~936~~353		$	138,288

See accompanying notes to condensed consolidated financial statements.

EXELED HOLDINGS INC.

Condensed Consolidated Statements of Operations

(Unaudited)

	Three months ended March 31,
	Three months ended June 30,						Six months ended June 30,
	2018			2017			2018			2017
Sales revenue	$	518,~~100~~301		$	377,~~275~~279		$	23,401		$	44,554
Cost of goods sold		(46,~~126~~083	)		(173,~~319~~075	)		(10,209	)		(20,394	)
Gross profit		~~974~~12,218			194,~~956~~204			13,192			24,160
Operating expenses:
Research and development		8185,~~022~~362			6875,~~604~~153			166,384			143,757
Sales and marketing		~~647~~3,137			~~999~~1,263			3,784			2,262
General and administrative		~~182~~175,~~484~~740			~~178~~201,~~112~~377			358,224			379,489
Total operating expenses		264,~~153~~239			~~247~~277,~~715~~793			528,392			525,508
Loss from operations		(~~263~~252,~~179~~021	)		(~~227~~273,~~759~~589	)		(515,200	)		(501,348	)
Other income (expense):
Interest expense		(~~702~~1,~~929~~055,367	)		(~~543~~584,~~412~~927	)		(1,758,296	)		(1,128,339	)
Other expenses		(210,696	)		(45,746	)
Other expense		(561,746	)		(9,467	)		(772,442	)		(55,213	)
Other income (expense), net		(~~913~~1,~~625~~617,113	)		(~~589~~594,~~158~~394	)		(2,530,738	)		(1,183,552	)
Net loss	$	(1,176,804	)	$	(816,917	)
Provision for taxes on income		—			—			—			—
Net loss per common share:
Net loss	$	(1,869,134	)	$	(867,983	)	$	(3,045,938	)	$	(1,684,900	)
Basic and diluted	$	(0.00	)	$	(0.00	)
Net loss per common share:
Weighted average common shares outstanding:
Basic and diluted	$	(0.01	)	$	(0.00	)	$	(0.01	)	$	(0.01	)
Basic and diluted		249,447,433			249,447,433
Weighted average common shares outstanding:
Basic and diluted		249,447,433			249,447,433			249,447,433			249,447,433

See accompanying notes to condensed consolidated financial statements

EXELED HOLDINGS INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Three months ended March 31,
	Six months ended June 30,
	2018			2017
Operating Activities:
Net loss	$	(13,~~176~~045,~~804~~938	)	$	(~~816~~1,~~917~~684,900	)
Adjustments to reconcile net loss to net cash used in operating
activities:
Amortization of debt issuance costs and debt discount		~~236~~522,~~940~~485			~~140~~301,~~639~~615
Changes in operating assets and liabilities:
Accounts receivable		—(3,649	)		(20,~~980~~908	)
Inventory		15,~~633~~858			53,~~764~~263
Prepaid expenses and other		(24,~~837~~429	)		~~1,236~~(699	)
Other assets		(16,644	)		—250
Accounts payable		~~110~~133,~~865~~785			18109,~~147~~730
Accrued liabilities		~~222~~469,~~283~~698			~~224~~423,~~503~~078
Net cash used in operating activities		(~~624~~1,~~564~~938,834	)		(~~447~~868,~~608~~571	)
Investing Activities:
Net cash from investing activities		—			—
Financing Activities:
Proceeds from debt		12,~~029~~947,~~970~~521			~~642~~1,~~878~~173,757
Payments of debt		(~~387~~987,~~488~~368	)		(~~147~~303,~~326~~150	)
Net cash provided by financing activities		~~642~~1,~~482~~960,153			~~495~~870,~~552~~607
Net change in cash (overdraft)		1721,~~918~~319			472,~~944~~036
Cash (overdraft), beginning of period		(11,118	)		5,454
Cash, end of period	$	610,~~800~~201		$	537,~~398~~490
Cash paid for:
Interest	$	~~291~~942,~~916~~480		$	~~178~~432,~~473~~032
Taxes		—			—
Non-cash transactions:
Debt issuance costs	$	~~326~~721,~~500~~000		$	~~211~~435,~~000~~500
Debt reclassified as accrued liabilities	$	367,493		$	—

See accompanying notes to condensed consolidated financial statements.

EXELED HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements

For the Three ~~Month~~and Six Months Periods Ended ~~March~~June 3130, 2018 and 2017

Note 1 — Description of Business and Summary of Significant Accounting Policies

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 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. We issued 33,000,000 shares of our common stock, representing approximately 65% of our then issued and outstanding voting securities, in exchange for all of the issued and outstanding member interests of Énergie. The accounting is identical to that resulting from a reverse acquisition, except that no goodwill or other intangible is recorded.

Thereafter, on January 27, 2014, we entered into an Agreement and Plan of 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.

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.

Description of Business

We are 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.

Our headquarters is located in Arvada, Colorado, and we also maintain a production and assembly facility in Zeeland, Michigan.

Basis of Presentation

The accompanying condensed consolidated balance sheet as of ~~December~~June 3130, ~~2017~~2018, has been derived from our 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 with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. In the opinion of management, such unaudited information includes all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of this interim information. All intercompany transactions have been eliminated in consolidation. Operating results and cash flows for interim periods 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 thereto included in our Annual Report on Form 10-K for the year ended December 31, 2017.

Significant Accounting Policy Updates

Revenue Recognition

During the first ~~three~~quarter ~~months~~of ~~ended March 31,~~ 2018, we adopted the following accounting principles related to revenue recognition: (a) FASB ASU 2016-12 “Revenue from Contracts with Customers (Topic 606);” (b) FASB ASU 2016-11 “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815);” and (c) FASB ASU 2016-10 “Revenue from Contracts with Customers (Topic 606).” Due to the nature of our contracts with customers, adopting the new accounting principles did not have a significant impact on our prior period results of operations, cash flows or financial position.

Our revenues arise from contracts with customers and consists of operations segment product sales. The majority of our revenue is derived from distinct performance obligations, such as the delivery of a specific product.

We may also enter into contracts with customers that identify a single, or few, distinct performance obligations, but that also have non-distinct, underlying performance obligations. These contracts are typically fulfilled within one to three months. Only an insignificant portion of our revenue would be assessed for allocation between distinct (contractual) performance obligations and non-distinct deliverables between reporting periods and, accordingly, we do not record a contract asset for completed, non-distinct performance obligations prior to invoicing the customer.

We recognize revenue when the following criteria are met:

Identify the ~~contract(s)~~contracts with the customer – our customary practice is to obtain written evidence, typically in the form of a contract or purchase order.

Identify the performance obligations in the contract – we have rights to payment when custody is transferred to our customers either upon shipment to or receipt at our customers’ locations, with no right of return or further obligations.

Determine the transaction price – prices are typically fixed and no price protections or variables are offered.

Allocate the transaction price to the performance obligations – our contracts disclose exact products and ~~therefore~~therefor allocate the transaction price by individual product.

Recognize revenue when (or as) the performance obligation is satisfied – payment terms are typically zero to fifteen days within delivery of the good.

Customer deposits are contract liabilities with customers that represent our obligation to either transfer goods or services in the future, or refund the amount received. Customer deposits are recognized as revenue as we perform under the contract.

Going Concern

As shown in the accompanying condensed consolidated financial statements, we had an equity deficit of $1820,~~496~~365,~~724~~858 and a working capital deficit of $1719,~~886~~790,~~437~~071 as of ~~March~~June 3130, 2018, and have reported net losses of $13,~~176~~045,~~804~~938 and $~~816~~1,~~917~~684,900 for the ~~three~~six months ended ~~March 31,~~June 30, 2018 and 2017, 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 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.

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.

Prepaid Expenses and Other

We have created a joint venture with Kasper Consulting called Kas-Exe Parking Solutions LLC (“Kas-Exe”). The purpose of the joint venture is to capitalize on attractive business opportunities that present themselves. As of June 30, 2018, we have paid Kasper Consulting $43,148 in order to help launch Kas-Exe. At this point, the joint venture is no longer seen as viable and we are in the process of being refunded the amounts paid to Kasper Consulting. The amount is included as Prepaid expenses and other in accompanying condensed consolidated financial statements.

Reclassifications

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

Recently Issued Accounting Pronouncements

The Financial Accounting Standards Board and other entities have issued other new or modifications to, or interpretations of, existing accounting guidance during 2018. Management has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term.

Note 2 — Accounts receivable, net

The following is a summary of accounts receivable:

	March 31, 2018			December 31, 2017
	June 30, 2018			December 31, 2017
Customer receivables	$	3539,~~821~~470		$	35,821
Less: Allowance for uncollectible accounts		(35,821	)		(35,821	)
	$	—3,649		$	—

Note 3 — Debt, net

Debt is comprised of the following:

Description	Note		~~March~~June 3130, 2018			December 31, 2017
Line of credit		A	$	166,531		$	31,588
Note payable to distribution partner		B		550,000			550,000
Investor debt		C		371,507			371,507
Related party debt		D		1112,~~021~~205,~~537~~037			10,038,037
Other notes payable		E		1,~~017~~012,~~437~~937			1,021,937
Cash draw notes		F		~~343~~886,~~122~~293			338,083
Convertible promissory notes		G		58,937			58,937
Total				1315,~~379~~091,~~071~~242			12,410,089
Less: unamortized discount and debt issuance costs				(~~574~~683,~~508~~463	)		(484,948	)
Debt, net of unamortized discount and debt issuance costs				1214,~~804~~407,~~563~~779			11,925,141
Less: current portion				(1213,~~163~~800,~~005~~721	)		(11,249,083	)
Debt, long-term portion			$	~~641~~607,~~558~~058		$	676,058

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 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. On April 4, 2016, the parties to this action entered into a settlement agreement whereby the 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 jointly and severally for $61,502 plus interest of 5.25% per annum plus 9.90% per annum on the default margin. On May 10, 2017, the bank agreed to 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 agreement, interest continues to accrue at the judgment interest rate. The current principal balance is $166,531.

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.

C – Investor Debt – Notes payable to lenders having an ownership interest in Holdings at ~~March~~June 3130, 2018 and December 31, 2017. These loans are not collateralized. The following summarizes the terms and balances of the investor debt:

March 31, 2018		December 31, 2017		Interest Rate
June 30, 2018		December 31, 2017		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		885	%
	20,000		20,000		2%	%
	113,720		113,720		various
$	371,507	$	371,507

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

	March 31, 2018		December 31, 2017		Interest Rate
	June 30, 2018		December 31, 2017		Interest Rate
D1	$	4,635,865	$	4,635,865		various
D2		34,888		34,888		12	%
D3		366,550		362,550		various
D4		1,205,234		1,205,234		18	%
D5		45,~~779~~962,~~000~~500		3,799,500		6	%
Total	$	1112,~~021~~205,~~537~~037	$	10,038,037

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 is an owner of the common stock of the Company, is the lessor of ~~our~~ our manufacturing facility, and the provider of our payroll services. We also owe Symbiote $1,~~370~~463,~~666~~235 in accounts payable and ~~accrued~~ accrued interest.

D2 – Note payable to our Chief Executive Officer (“CEO”), entered into in December 2014, with monthly principal and interest originally payable through December 2016. We are still continuing to accrue interest on this note payable. We also owe Hal $~~895~~902,~~424~~465 in accrued compensation, accrued interest, and expenses incurred on behalf of the Company.

D3 – Notes payable to the spouse of our CEO, entered into from September 2013 to January 2018, with principal and interest payments due upon a specific event or upon demand. We also owe her $~~214~~229,~~571~~567 in accrued interest.

D4 – Notes payable to the consulting firm that employs our Chief Financial Officer, entered into from June 2015 to December 2017. ~~These~~ These notes aggregated previous accounts payable and accrued interest due to the consulting firm at the time the notes were made. These ~~As of January 1, 2016, three of the~~ notes ~~are convertible into shares of our common stock~~ mature at avarious ~~conversion~~dates rate of 75% 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 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~~December ~~expense over the life of the notes~~2019. We also owe this firm $~~347~~401,~~905~~992 in accrued interest.

D5 – Notes payable to the principal shareholders of Symbiote, entered into from April 2016 to ~~March~~June 2018, with principal and ~~interest~~ interest payments due upon a specific event or upon demand. We also owe them $~~147~~201,~~562~~218 in accrued interest.

E – Other Notes Payable – Represents the outstanding principal balance on six separate notes bearing interest at between 6% and 24% annually. In the event we receive proceeds as the beneficiary of a life insurance policy covering our majority shareholder/CEO, repayment of principal and interest is due on one of these notes prior to using the proceeds for any other purpose. During November 2017, one of these noteholders requested a summary judgment for a note that is in default as principal and interest payments were not made in accordance with the note. The note had consolidated past due rent amounts and interest to one of our former landlords. In January 2018, a summary judgment in the amount of $475,832, which represents the total principal and interest outstanding on the note as of October 31, 2017 was granted by the court.

F – Cash 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 of principal and interest due under these arrangements was $~~465~~1,~~887~~189,437 as of ~~March~~June 3130, 2018. The maturity dates of the agreements range from ~~April~~July to ~~June~~October 2018.

G – Convertible promissory notes – Represents the outstanding principal balance related to a convertible promissory note entered into during October 2014. In May 2017, LG Capital Funding LLC (“LG”), filed a complaint against us in the U.S. District Court for the Southern District of New York, Civil Action No. 17-cv-4006-(RJS), alleging that we owed LG the principal balance of $75,000 plus interest, costs and attorneys’ fees, arising out of two convertible notes issued to LG. LG amended its complaint in July 2017 and we filed our answer a week later denying any liability and affirmatively stating that LG had been repaid many times over. LG then immediately filed a pre-discovery motion for summary judgment. We submitted our opposition to the motion on September 25, 2017. LG filed reply papers in further support on October 5, 2017. LG asserts that no factual issues exist and that summary judgment is therefore appropriate. Our opposition asserts that summary judgment, as to both liability and damages, is woefully premature and unwarranted given the many factual issues that exist regarding, among other things, LG’s failure to disclose material facts, potential short selling and fraudulent concealment, usury, and fraud on the market. The motion remains pending before the Court.

Our defense in this matter is based in part on a separate action filed by the Securities and Exchange Commission against unrelated defendants in the U.S. District Court for the Southern District of Florida alleging that the defendant there, which follows the same business model as LG, has violated federal securities laws by not registering as a dealer. We understand that LG also was not and is not registered as a dealer even though it too should be given it too trades securities for its own account as part of its business. The SEC asserts that all gains reaped by defendants in the attached complaint should be disgorged due to the ill-gotten gains received. LG has, admittedly, likewise received substantial profits trading our stock for its own account.

As a result, we have filed an amended answer, alleging that LG is entitled to no recovery, and that it should disgorge to us all gains unlawfully received from selling our shares of common stock.

Debt issuance costs of $574,508 are being amortized over the life of the respective notes.

As a result, we have filed an amended answer, alleging that LG is entitled to no recovery, and that it should disgorge to us all gains unlawfully received from selling our shares of common stock.

Debt issuance costs of $683,463 are being amortized over the life of the respective notes.

Note 4 — Commitments and Contingencies

To the best of the Company’s knowledge and belief, no current legal proceedings of merit are currently pending or threatened against the Company, other than those described in the paragraph below as well as in Note 3 (E) and 3 (G).

During November 2017, Autumnwood Investments, LLC requested a summary judgment for a note that was in default as principal and interest payments were not made in accordance with the note. The note had consolidated past due rent amounts and interest due to Autumwood. In January 2018, a summary judgment in the amount of $475,832, which represents the total principal and interest outstanding on the note as of October 31, 2017, was granted by the court. The principal balance of the note has been reclassified from debt to accrued liabilities. The interest that had accrued on the note was already included in accrued liabilities.

Note 5 — Net Loss Per Share

Basic net loss per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted net loss per 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.

There are no dilutive instruments outstanding during the ~~three~~six months ended ~~March~~June 3130, 2018 and 2017.

Note 6 — Subsequent Events

There are no events subsequent to ~~March~~June 3130, 2018 and up to the date of this filing that require disclosure.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

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

ExeLED Holdings Inc. (“we,” “us,” “our”) 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, unless the context otherwise requires.

We are a holding company engaged in the business of the import and sale of specialized interior lighting solutions to the architecture and interior design markets in North America. Our current business objective is to become a leading provider of advanced LED lighting solutions by acquiring and growing complementary LED based lighting fixture companies. We are focused on acquiring 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. The lighting products will 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. These objectives are subject to our obtaining additional financing, of which there can be no assurance.

Our management team and advisory board is comprised of experienced executives in the lighting industry with recent specific focus on the LED lighting industry. The group has over 300 years of combined experience in this industry.

Our principal place of business is located at 5310 Ward Road, Suite 106, Arvada, Colorado, 80002. Our telephone number is (720) 361-2056. We also maintain a production and assembly facility in Zeeland, Michigan. Our website is www.exeledholdings.com.

Énergie acts as 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 2001 and 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.

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.

Results of Operations

Comparison of results of operations for the three months ended ~~March~~June 3130, 2018 and 2017

	Three months ended March 31,
	Three months ended June 30,
	2018			2017			Change			%
Sales revenue	$	518,~~100~~301		$	377,~~275~~279		$	~~(32~~11,~~175~~022	)		~~(86~~151	)%
Cost of revenue		(46,~~126~~083	)		(173,~~319~~075	)		~~(13~~3,~~193~~008	)		~~(76~~98	)%
Gross profit		~~974~~12,218			194,~~956~~204			~~(18~~8,~~982~~014	)		~~(95~~191	)%
Total operating expenses		264,~~153~~239			~~247~~277,~~715~~793			16(13,~~438~~554	)		7(5	)%
Interest expense		(~~702~~1,~~929~~055,367	)		(~~543~~584,~~412~~927	)		(~~159~~470,~~517~~440	)		2980	%
Other		(~~210~~561,~~696~~746	)		(459,~~746~~467	)		(~~164~~552,~~950~~279	)		~~361~~5834	%
Net loss	$	(1,~~176~~869,~~804~~134	)	$	(~~816~~867,~~917~~983	)	$	(~~359~~1,~~887~~001,151	)		44115	%

Sales Revenue, Cost of Revenue and Gross Profit

Sales revenue ~~decreased~~increased during the three months ended ~~March~~June 3130, 2018 compared to the same period in 2017 due to ana ~~overall~~large ~~lack~~order ofwe ~~funding~~received ~~necessary~~in ~~for~~the ~~development~~second ~~and~~quarter. ~~product~~However, ~~launch~~current sales are not sufficient to cover our operating costs. While we are continuing to seek out and discuss external financing, no assurances can be made that we will be successful in our efforts. Cost of revenue ~~decreased~~also ~~proportionally~~increased as toa result of the ~~decrease~~large order in ~~revenues~~the second quarter.

Operating expenses

	Three months ended March 31,
	Three months ended June 30,
	2018		2017		Change			%
Research and development	$	8185,~~022~~362	$	6875,~~604~~153	$	1210,~~418~~209			1814	%
Sales and marketing		~~647~~3,137		~~999~~1,263		~~(352~~1,874	)		~~(35~~148	)%
General and administrative		~~182~~175,~~484~~740		~~178~~201,~~112~~377		4(25,~~372~~637	)		2(13	)%
	$	264,~~153~~239	$	~~247~~277,~~715~~793	$	16(13,~~438~~554	)		7(5	)%

~~Operating~~Overall, operating costs stayed fairly consistent during the three months ended ~~March~~June 3130, 2018 compared to the same period in 2017 as we have reduced costs as much as possible and continue to operate on a reduced budget.

Other

During the three months ended ~~March~~June 3130, 2018, interest expense increased from $~~543~~584,~~412~~927 incurred during the three months ended ~~March~~June 3130, 2017, to $~~702~~1,~~929~~055,367, an increase of $~~159~~470,~~517~~440, due to additional debt of approximately $35,~~500~~300,000 over some point in 2017.

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

As a result, we incurred a net loss of $1,869,134 during the three month period ended June 30, 2018 (approximately $0.01 per share), compared to a net loss of $867,983 during the three month period ended June 30, 2017.

AsComparison aof ~~result, we~~results ~~incurred a net loss~~ of ~~$1,176,804~~operations for ~~during~~ the ~~three~~six ~~month~~months ~~period~~ ended ~~March~~June 3130, 2018 ~~(approximately~~and ~~$0.00 per share), compared to a net loss of $816,917 during the three month period ended March 31,~~ 2017.

	Six months ended June 30,
	2018			2017			Change			%
Sales revenue	$	23,401		$	44,554		$	(21,153	)		(47	)%
Cost of revenue		(10,209	)		(20,394	)		(10,185	)		(50	)%
Gross profit		13,192			24,160			(10,968	)		(45	)%

Total operating expenses		528,392			525,508			2,884			1	%

Interest expense		(1,758,296	)		(1,128,339	)		(629,957	)		56	%
Other income (expense)		(772,442	)		(55,213	)		(717,229	)		1299	%

Net loss	$	(3,045,938	)	$	(1,684,900	)	$	(1,361,038	)		81	%

Sales Revenue, Cost of Revenue and Gross Profit

Sales revenue during the six months ended June 30, 2018 was $23,401, compared to revenue of $44,554 generated during the six months ended June 30, 2017, a decrease of $21,153. This decrease was attributable to our lack of available capital in which to generate sales in 2018. Cost of revenue and gross profit each decreased proportionately to the decrease in sales revenue for the six months ended June 30, 2018.

Operating expenses

	Six months ended June 30,
	2018		2017		Change			%
Research and development	$	166,384	$	143,757	$	22,627			16	%
Sales and marketing		3,784		2,262		1,522			67	%
General and administrative		358,224		379,489		(21,265	)		(6	)%
	$	528,392	$	525,508	$	2,884			1	%

The decrease in operating expenses was driven by our controlling spending due to a limitation of funding.

Other

During the six months ended June 30, 2018, interest expense increased due to additional debt of approximately $5,300,000 over the same period in 2017.

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

As a result, we incurred a net loss of $3,045,938 during the six month period ended June 30, 2018 (approximately $0.01 per share), compared to a net loss of $1,684,900 during the six month period ended June 30, 2017.

We have created a joint venture with Kasper Consulting called Kas-Exe Parking Solutions LLC (“Kas-Exe”). The purpose of the joint venture is to capitalize on attractive business opportunities that present themselves. As of June 30, 2018, we have paid Kasper Consulting $43,148 in order to help launch Kas-Exe. At this point, the joint venture no longer seen as viable and we are in the process of being refunded the amounts paid to Kasper Consulting. The amount is included as Prepaid expenses and other in the accompanying condensed consolidated financial statements.

Liquidity and Capital Resources

At ~~March~~June 3130, 2018, we had $610,~~800~~201 in cash and cash equivalents.

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 offerings. We believe that our principal difficulty in our inability to successfully implement our business plan and generate positive cash flows has been and continues to be the lack of available working capital to operate and expand our business. 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.

To fund our acquisition plan and fund working capital for our continuing operations we will require and are continuing to seek out and discuss financing with potential partners or lenders. These efforts have been unsuccessful thus far and there are no assurances that they will be successful in the future. Failure to obtain the financing necessary will have a significant negative impact on our Company and our ability to remain in business. We have identified multiple potential funding sources and have diligently pursued receiving financing from these sources for varying lengths of time. Management believes that these efforts will be coming to a conclusion in the near future and will either result in significant funding for us or in no funding at all. There are no assurances that these pursuits will be successful and, if none of them are successful, we will not have the financial resources to continue operations and may require relief from bankruptcy court.

Working Capital

Working capital is the amount by which current assets exceed current liabilities. We had negative working capital of $1719,~~886~~790,~~437~~071 and $16,658,489, respectively, as of ~~March~~June 3130, 2018 and December 31, 2017. The increase in negative working capital is due to the increase in debt of approximately $~~875~~2,500,000 and a resulting increase in accrued liabilities of approximately $~~225~~470,000 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.

Cash Flows

Our cash flows from operating, investing and financing activities were as follows:

	Three months ended March 31,
	Six months ended June 30,
	2018			2017
Net cash used in operating activities	$	(~~624~~1,~~564~~938,834	)	$	(~~447~~868,~~608~~571	)
Net cash from investing activities		—			—
Net cash provided by financing activities		~~642~~1,~~482~~960,153			~~495~~870,~~552~~607

Net cash used in operating activities increased in 2018 by $~~176~~1,~~956~~070,263 compared to 2017. We relied heavily on increased debt, accounts payable, and accrued liabilities to keep our operations running. We anticipate that overhead costs in current operations will increase in the future if we are successful in raising the capital described herein as a result of our anticipated increased marketing and operating activities.

During 2018, we relied on additional borrowings under both new and existing debt agreements. In 2018, net cash flows provided by financing activities were composed of $12,~~029~~947,~~970~~521 of additional borrowings and $~~387~~987,~~488~~368 of debt pay down. In 2017, we borrowed $~~642~~1,~~878 of~~173,757 of additional debt and paid down $~~147~~303,~~326~~150 of debt.

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We believe that our principal difficulty in our inability to successfully generate revenues and corresponding profits has been the lack of available capital to implement our business plan. We believe that Energie will need a minimum of approximately $2,000,000 in additional working capital to be utilized for a) development and launching of new products; b) funding the business development efforts to identify, qualify and acquire other LED lighting companies; and c) the balance for working capital, and general and administrative expenses. In addition, we believe we need more than $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. As of the date of this report, other than as disclosed below, we have no other commitment 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 and to stay in business in the future.

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~~six month period ended ~~March~~June 3130, 2018.

Off-Balance Sheet Arrangements

We had no off-balance sheet arrangements as of ~~March~~June 3130, 2018 and December 31, 2017.

Critical Accounting 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, 2017 in the Critical Accounting Policies section of Management’s Discussion and Analysis of Financial Condition and Results of Operations.

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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.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As required by Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we have carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of ~~March~~June 3130, 2018. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer.

Based on this evaluation, our CEO and CFO have concluded that our disclosure controls and procedures were not effective as of ~~March~~June 3130, 2018, 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 internal controls will be effective in the near future.

Our Board of Directors has assigned a priority to the short-term and long-term improvement of our internal control over financial reporting. We are reviewing various potential solutions to remedy the processes that would eliminate the issues that may arise due to the absence of separation of duties within the financial reporting functions. Additionally, the Board of Directors will work with management to continuously review controls and procedures to identified deficiencies and implement remediation within our internal controls over financial reporting and our disclosure controls and procedures.

We believe that our financial statements presented in this quarterly report on Form 10-Q fairly present, in all material respects, our financial position, results of operations, and cash flows for all periods presented herein.

Inherent Limitations – Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdown can occur because of simple error or mistake. In particular, many of our current processes rely upon manual reviews and processes to ensure that neither human error nor system weakness has resulted in erroneous reporting of financial data.

Changes in Internal Control over Financial Reporting

There have been no 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.

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PART II. Other Information

Item 1. Legal Proceedings

In July 2015, Energie LLC and Harold Hansen, our CEO (collectively, the “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 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 jointly and severally for $61,502 plus interest of 5.25% per annum plus 9.90% per annum on the default margin. On May 10, 2017, the bank agreed to 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 agreement, interest continues to accrue at the judgment interest rate. The current principal balance is $31,588.

In May 2017, LG Capital Funding LLC (“LG”), filed a complaint against us in the U.S. District Court for the Southern District of New York, Civil Action No. 17-cv-4006-(RJS), alleging that we owed LG the principal balance of $75,000 plus interest, costs and attorneys’ fees, arising out of two convertible notes issued to LG. LG amended its complaint in July 2017 and we filed our answer a week later denying any liability and affirmatively stating that LG had been repaid many times over. LG then immediately filed a pre-discovery motion for summary judgment. We submitted our opposition to the motion on September 25, 2017. LG filed reply papers in further support on October 5, 2017. LG asserts that no factual issues exist and that summary judgment is therefore appropriate. Our opposition asserts that summary judgment, as to both liability and damages, is woefully premature and unwarranted given the many factual issues that exist regarding, among other things, LG’s failure to disclose material facts, potential short selling and fraudulent concealment, usury, and fraud on the market. The motion remains pending before the Court.

As a result, we have filed an amended answer, alleging that LG is entitled to no recovery, and that it should disgorge to us all gains unlawfully received from selling our shares of common stock.

During November 2017, Autumnwood Investments, LLC (a former landlord of ours) requested a summary judgment for a note that is in default as principal and interest payments were not made in accordance with the note. The note had consolidated past due rent amounts and interest due to Autumwood. In January 2018, a summary judgment in the amount of $475,832, which represents the total principal and interest outstanding on the note as of October 31, 2017 was granted by the court.

As a result of our lack of available capital we are unable to pay many of our bills and outstanding promissory 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.

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Item 1A. Risk Factors

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.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

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

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*

______________________

* Pursuant to Rule 406T 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.

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SIGNATURES

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.

Date: May 21, 2018	By:	/s/ Harold Hansen
Date: November 15, 2018	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)

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Filing Compare · ExeLED Holdings Inc.