10-Q/A

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________

FORM 10-Q/A

þ Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended July 31, 2012

o Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File No. 001-32044

_____________________________________

TODAYS ALTERNATIVE ENERGY CORPORATION

(Exact name of registrant as specified in its charter)

Nevada	16-1576984
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

191 Post Road West, Westport, Connecticut (Address of principal executive offices)	06880 (Zip Code)
(888) 880-0994 (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 requirement for the past 90 days. Yes þ No o

Indicate by check mark whether the 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 þ  No o

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

Large accelerated filer o	Accelerated filer o
Non-accelerated filer o	Smaller reporting company þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 2(b)-2 of the Exchange Act). Yes o No þ

At September 19, 2012, the registrant had outstanding 28,132,026 shares of common stock.

Explanatory Note

The purpose of this Amendment No. 1 to Todays Alternative Energy Corporation Quarterly Report on Form 10-Q for the quarterly period ended July 31, 2012, filed with the Securities and Exchange Commission on September 19, 2012  (the “Form 10-Q”), is solely to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T. Exhibit 101 to this report provides the consolidated financial statements and related notes from the Form 10-Q formatted in XBRL (eXtensible Business Reporting Language).

No other changes have been made to the Form 10-Q. This Amendment No. 1 to the Form 10-Q speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-Q.

Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

ITEM 6 - EXHIBITS

Exhibit No.	Identification of Exhibit
10.1*	Form of Convertible Promissory Note dated as of March 15, 2012.
10.2*	Form of Convertible Promissory Note dated as of May 4, 2012.
31.1*	Certification of Albertus Hendrik van Leiden, Chief Executive Officer of TODAYS ALTERNATIVE ENERGY CORPORATION, pursuant to 18 U.S.C. §1350, as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Albertus Hendrik van Leiden, Chief Financial Officer and Principal Accounting Officer of TODAYS ALTERNATIVE ENERGY CORPORATION, pursuant to 18 U.S.C. §1350, as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of Albertus Hendrik van Leiden, Chief Executive Officer of TODAYS ALTERNATIVE ENERGY CORPORATION, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002.
32.2*	Certification of Albertus Hendrik van Leiden, Chief Financial Officer and Principal Accounting Officer of TODAYS ALTERNATIVE ENERGY CORPORATION, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002.

101.INS	XBRL INSTANCE DOCUMENT **
101.SCH	XBRL TAXONOMY EXTENSION SCHEMA **
101.CAL	XBRL TAXONOMY EXTENSION CALCULATION LINKBASE **
101.DEF	XBRL TAXONOMY EXTENSION DEFINITION LINKBASE **
101.LAB	XBRL TAXONOMY EXTENSION LABEL LINKBASE **
101.PRE	XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE **

_____________

*           previously filed.

**           In accordance with Regulation S-T, the XBRL-formatted interactive data files that comprise Exhibit 101 in this report on Form 10-K shall be deemed “furnished” and not “filed”.

SIGNATURES

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TODAYS ALTERNATIVE ENERGY CORPORATION
Date: September 19, 2012	By:	/s/ Albertus Hendrik van Leiden
		Albertus Hendrik van Leiden, Chief Executive Officer
	By:	/s/ Albertus Hendrik van Leiden
		Albertus Hendrik van Leiden, Chief Financial Officer and Principal Accounting Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/s/ Albertus Hendrik van Leiden	Chief Executive Officer and Director	September 19, 2012
/s/ Albertus Hendrik van Leiden	Chief Financial Officer, Principal Accounting Officer, and Director	September 19, 2012

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3. ADVANCES PAYABLE

9 Months Ended

Jul. 31, 2012

Notes to Financial Statements

3. ADVANCES PAYABLE

In June 2012, two existing note holders and an unrelated third party paid a total of $23,500 to certain vendors on behalf of the Company.  The company has an agreement with the lenders to start accruing interest as of October 2012.  As of October 31, 2011, there was a balance of $111,000 of advances from an existing note holder. The balance was satisfied with a cash payment and a conversion of the remainder of Advance Payable to a Convertible Promissory Note.

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2. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

9 Months Ended

Jul. 31, 2012

Payables and Accruals [Abstract]

2. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses are comprised of the following:

	July 31, 2012		October 31, 2011
	(unaudited)
Accounts payable	$	7,805	$	5,053
Salaries		59,298		59,298
Interest		616,280		514,512
Payroll taxes		49,251		49,251
Professional fees		247,767		174,590
Old accounts payable		255,607		296,908
Others		4,516		19,298
Total	$	1,240,524	$	1,118,910

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Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Jul. 31, 2012	Oct. 31, 2011
Current assets:
Cash and cash equivalents	$ 324	$ 44,245
Stock subscription receivable		50,000
Total current assets	324	94,245
Other assets:
Security deposit		7,478
Other deposit		41,522
Total other assets		49,000
Total assets	324	143,245
Current liabilities:
Accounts payable and accrued expenses	1,240,524	1,118,910
Advances payable	23,500	111,000
Legal settlement payable	87,500
Convertible notes payable (net of debt discount of $34,195 and $0 as of July 31, 2012 and October 31, 2011, respectively)	1,494,350	1,429,965
Total current liabilities	2,845,874	2,659,875
Long term portion of convertible notes payable (net of debt discount of $74,047 and $61,765 as of July 31, 2012 and October 31, 2011, respectively)	26,953	38,130
Total liabilities	2,872,827	2,698,005
Stockholders' deficit:
Preferred stock, $0.00001 par value, 10,000,000 shares authorized,10,000 shares of Series A issued and outstanding as of July 31, 2012 and October 31, 2011 and 69,000 shares of Series B	1	1
Common stock, $0.00001 par value, 1,000,000,000 shares authorized, 28,132,026 and 25,782,081 shares issued and outstanding as of July 31, 2012 and October 31, 2011, respectively	281	258
Common stock to be issued	1	1
Additional paid-in capital	8,116,934	8,014,642
Deficit accumulated from November 1, 2007 (inception of development stage)	(3,481,399)	(3,061,341)
Accumulated deficit	(7,508,321)	(7,508,321)
Total stockholders' deficit	(2,872,503)	(2,554,760)
Total liabilities and stockholders' deficit	$ 324	$ 143,245

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended		57 Months Ended
	Jul. 31, 2012	Jul. 31, 2011	Jul. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (420,058)	$ (564,491)	$ (3,481,399)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			3,570
Loss on disposition of fixed assets			3,320
Beneficial conversion feature expense	54,523	99,132	712,033
Loss on Legal Settlement	53,578		53,578
Shares issued for services rendered		95,111	598,534
Shares issued for legal settlement			92,000
Shares to be issued for officer's compensation			1
Shares issued for interest payment			68,250
Write off of other assets	49,000		49,000
Changes in operating assets and liabilities:
Prepaid expenses		1,463	2,000
Other assets		(49,000)	(49,000)
Increase in due to officer
Accounts payable and accrued expenses	68,036	153,335	789,129
Legal settlement payable	87,500		87,500
Net cash used in operating activities	(107,421)	(264,450)	(1,071,484)
Net cash used in investing activities
Cash flows from financing activities:
Proceeds from advance payable	23,500	87,500	134,500
Proceeds from notes payable	10,000	174,500	901,194
Proceeds from sale of stock	50,000		100,000
Payments of notes payable	(20,000)		(68,922)
Net cash provided by financing activities	63,500	262,000	1,066,772
Net (decrease) increase in cash and cash equivalents	(43,921)	(2,450)	(4,712)
Cash and cash equivalents - beginning of period	44,245	4,446	5,036
Cash and cash equivalents - end of period	324	1,996	324
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid
Income taxes paid
NON CASH INVESTING AND FINANCING ACTIVITIES:
Contribution of accrued salaries by former officers			394,679
Common stock issued for services to be rendered			2,500
Exchange of advances payable for convertible note payable	91,000		91,000
Accrued expenses forgiven by former officer			1,666
Debt converted to equity	$ 1,315	$ 7,550	$ 175,185

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6. COMMITMENTS AND CONTINGENCIES (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
	Jul. 31, 2012	Jul. 31, 2011	Jul. 31, 2012	Jul. 31, 2011
Commitments And Contingencies Details Narrative
Rent expense	$ 798	$ 0	$ 2,001	$ 0
Amount owed to Indeglia & Carney	87,500		87,500
Delinquent with remitting payroll taxes	$ 70,182		$ 70,182

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1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Jul. 31, 2012

Accounting Policies [Abstract]

1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Todays Alternative Energy Corporation (the “Company”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2011 filed with the SEC on January 30, 2012. Certain information and note disclosures normally included in annual consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the unaudited condensed consolidated financial statements which would substantially duplicate the disclosure contained in the audited consolidated financial statements for the fiscal year ended October 31, 2011 as reported in the 10-K have been omitted.

Principles of Consolidation

The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Guaranteed Enzyme Miracle Corporation (“GEM”) and Bio-Extraction Services, Inc. (“BESI”). Significant inter-company accounts and transactions have been eliminated.

Nature of Business and History of Company

The Company’s business has two primary opportunities that it is developing. The Company has a green cleaning products business that uses its scientific formulations to manufacture and sell a new line of industrial strength, environmentally friendly, and biodegradable cleaning products that contain natural non-toxic ingredients. The Company has a biodiesel business that uses its extraction technology to convert waste cooking oil and grease into a biodiesel fuel ingredient that it intends to sell to biodiesel fuel producers. The Company’s biodiesel business is designed to reduce environmental issues associated with disposing of waste cooking oil and grease.

Corporate Changes

On April 19, 2010, holders of the majority of the voting power of the Company’s outstanding stock as of April 16, 2010, voted in favor of changing the Company’s name to Todays Alternative Energy Corporation.  On June 9, 2010, the Company filed a certificate of amendment with the Secretary of State of Nevada in order to effect the name change.

On May 20, 2011, the Company filed a certificate of amendment to its Articles of Incorporation with the Secretary of State of Nevada to effectuate a reverse stock split of the Company’s outstanding common stock on a 1 to 20 basis.  Each holder of common stock received 1 share of the Company’s common stock for each 20 shares of the Company’s common stock held.  Fractional shares were rounded up to the nearest whole share. All per share numbers quoted herein are reflective of the 1:20 reverse split. All common stock and related information have been retroactively restated.

On March 22, 2012, the board of directors appointed Albertus Hendrik van Leiden as a director of the Company.

Development Stage Company

As a result of impairing the value of the Company’s intangible assets, at October 31, 2007, the Company began implementing new plans to enter the biodiesel fuel market on November 1, 2007. As a result, the Company is a development stage enterprise, as defined by Accounting Standards Codification (the “Codification” or “ASC”) 915-10. The Company is devoting all of its present efforts in securing and establishing a new business, and its planned principle operations have not commenced, and, accordingly, no revenue has been derived during the organization period. From its inception of development stage through the date of these unaudited condensed consolidated financial statements, the Company has not generated any revenues and has incurred significant operating expenses. Consequently, its operations are subject to all risks inherent in the establishment of a new business enterprise. For the period from November 1, 2007 (the inception of development stage) through July 31, 2012, the Company has accumulated losses of $3,481,399.

Use of Estimates

The preparation of the unaudited condensed consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Loss per Share

Basic and diluted loss per share amounts are computed based on net loss divided by the weighted average number of common shares outstanding. Potentially dilutive shares of common stock realizable from the conversion of our convertible debentures of 4,217,348,755 and 2,904,888,118 respectively at July 31, 2012 and 2011, are excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive.

Reclassifications

Certain reclassifications have been made in prior periods’ unaudited condensed consolidated financial statements to conform to classifications used in the current period.

Recent Accounting Pronouncements

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its unaudited condensed consolidated financial condition or the results of its operations.

Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Going concern contemplates the realization of assets and the satisfaction of liabilities in the normal course of business over a reasonable length of time. The Company has incurred losses since inception and has negative cash flows from operations. For the three and nine months ended July 31, 2012, the Company has incurred net losses of $126,403 and $420,058, respectively and has a stockholders’ deficit of $2,872,503 as of July 31, 2012. The future of the Company is dependent upon its ability to obtain additional equity or debt financing and upon future successful development and marketing of the Company’s products and services. Although the Company may pursue additional financing, there can be no assurance that the Company will be able to secure such financing or obtain financing on terms beneficial to the Company. Failure to secure such financing may result in the Company’s inability to continue as a going concern.

The Company continues to need to borrow cash from time to time in order to pay its operating costs and may need to pursue additional financing arrangements in order to generate sales from its Biodiesel Division and Cleaning Division. The Company anticipates future losses from operations as a result of ongoing overhead expenses incurred while it attempts to resume selling activities.

These unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classifications of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence.

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Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jul. 31, 2012	Oct. 31, 2011	Oct. 31, 2012 Series A Preferred Stock	Jul. 31, 2012 Series A Preferred Stock	Oct. 31, 2012 Series B Preferred Stock	Jul. 31, 2012 Series B Preferred Stock
Convertible notes payable, debt discount	$ 34,195	$ 0
Long term portion of convertible notes payable, debt discount	$ 74,047	$ 61,765
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, issued			10,000	10,000	69,000	69,000
Preferred stock, outstanding			10,000	10,000	69,000	69,000
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	28,132,026	25,782,081
Common stock, shares outstanding	28,132,026	25,782,081

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2. ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) (USD $)	Jul. 31, 2012	Oct. 31, 2011
Accounts Payable And Accrued Expenses Details
Accounts payable	$ 7,805	$ 5,053
Salaries	59,298	59,298
Interest	616,280	514,512
Payroll taxes	49,251	49,251
Professional fees	247,767	174,590
Old accounts payable	255,607	296,908
Others	4,516	19,298
Total	$ 1,240,524	$ 1,118,910

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Document and Entity Information	9 Months Ended
	Jul. 31, 2012	Sep. 19, 2012
Document And Entity Information
Entity Registrant Name	Todays Alternative Energy Corp
Entity Central Index Key	0001128581
Document Type	10-Q
Document Period End Date	Jul. 31, 2012
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		28,132,026
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2012

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4. CONVERTIBLE NOTES PAYABLE (Details) (USD $)	Jul. 31, 2012	Oct. 31, 2011
Convertible notes payable	$ 1,629,545	$ 1,529,860
Less: unamortized discount on debt	(108,242)	(61,765)
Convertible notes payable less unamortized discount	1,521,303	1,468,095
Less: current portion	(1,494,350)	(1,429,965)
Long term debt	26,953	38,130
Convertible promissory note A
Convertible notes payable	1,199,020	1,199,020
Convertible promissory note B
Convertible notes payable	400	400
Convertible promissory note C
Convertible notes payable	32,445	33,645
Convertible promissory note D
Convertible notes payable	29,780	29,895
Convertible promissory note E
Convertible notes payable	40,000	40,000
Convertible promissory note F
Convertible notes payable	30,000	30,000
Convertible promissory note G
Convertible notes payable	196,900	196,900
Convertible promissory note H
Convertible notes payable	91,000
Convertible promissory note I
Convertible notes payable	$ 10,000

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Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended		57 Months Ended
	Jul. 31, 2012	Jul. 31, 2011	Jul. 31, 2012	Jul. 31, 2011	Jul. 31, 2012
Expenses:
General and administrative expenses	$ 14,617	$ 127,239	$ 210,189	$ 372,547	$ 2,182,994
Total expenses	14,617	127,239	210,189	372,547	2,182,994
Loss from operations	(14,617)	(127,239)	(210,189)	(372,547)	(2,182,994)
Other expenses:
Loss on Settlement	(53,578)		(53,578)		(53,578)
Interest expense	(58,208)	(45,553)	(156,291)	(191,944)	(1,244,827)
Total other expenses	(111,786)	(45,553)	(209,869)	(191,944)	(1,298,405)
Net loss before provision for income taxes	(126,403)	(172,792)	(420,058)	(564,491)	(3,481,399)
Provision for income taxes
Net loss	$ (126,403)	$ (172,792)	$ (420,058)	$ (564,491)	$ (3,481,399)
Net loss per weighted average share - basic and diluted		$ (0.05)	$ (0.01)	$ (0.20)
Weighted average number of shares - basic and diluted	28,132,081	3,579,908	28,028,614	2,879,690

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6. COMMITMENTS AND CONTINGENCIES

9 Months Ended

Jul. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

6. COMMITMENTS AND CONTINGENCIES

Operating Leases

In October 2010, the Company negotiated a 64 month lease agreement for a 14,833 square foot facility in San Antonio, Texas. The lease contains real estate tax and operating escalations and a termination option after the third year. Monthly rental payments start five months after completion of leasehold improvements to the facility and receipt of a certificate of occupancy. In June 2011, the landlord informed the Company of an approximately $100,000 increase in anticipated costs to build the manufacturing facility.  The Company rejected the landlord’s revised plans and does not plan to go forward with the lease on the present terms. The landlord objects to the Company’s rejection of the new lease terms and seeks to go forward with the lease.  In connection with terminating the facility project, the Company wrote off a $7,478 security deposit and a $41,522 development cost deposit. The Company is currently reviewing other options on how to proceed with growing the GEM products business.

Rent expense for the three and nine months ended July 31, 2012 was $798 and $2,001, respectively. Rent expense for the three and nine months ended July 31, 2011 was $0.

Lawsuit

On October 20, 2011, Indeglia & Carney commenced an action in the Superior Court of California against the Company alleging causes of actions for breach of contract and account stated arising from legal fees allegedly owed Indeglia & Carney by the Company. The Company has agreed to pay Indeglia & Carney a total of $87,500 as part of a settlement agreement. This agreement represents the entire amount owed to Indeglia & Carney as of July 31, 2012.

Payroll taxes

At July 31, 2012, the Company is delinquent with remitting payroll taxes of $70,182, including estimated penalties and interest. The Company has recorded the delinquent payroll taxes, which are included in accrued expenses on the balance sheet. Although the Company has not entered into any formal repayment agreements with the respective tax authorities, management plans to make payment as funds become available. Penalties and interest amounts are subject to increase based on a number of factors that can cause the estimated liability to increase further.

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5. EQUITY TRANSACTIONS

9 Months Ended

Jul. 31, 2012

Equity [Abstract]

5. EQUITY TRANSACTIONS

Common Stock

During the nine months ended July 31, 2012, the Company issued 2,350,000 shares of common stock upon conversion of convertible promissory notes in the amount of $1,315. The conversions were done within the within the terms of the note. No gain or loss was recognized.

As of July 31, 2012 and October 31, 2011, there were 28,132,026 and 25,782,081 shares of Company common stock issued and outstanding, respectively.

Warrants and Options

During the nine months ended July 31, 2012 and 2011, the Company did not issue any stock warrants or options.  As of July 31, 2012, no warrants or options are outstanding.

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1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	9 Months Ended
	Jul. 31, 2012	Jul. 31, 2011
Description Of Business And Summary Of Significant Accounting Policies Details Narrative
Potentially dilutive shares of common stock	4,217,348,755	2,904,888,118

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2. ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

9 Months Ended

Jul. 31, 2012

Payables and Accruals [Abstract]

Accounts payable and accrued expenses

	July 31, 2012		October 31, 2011
	(unaudited)
Accounts payable	$	7,805	$	5,053
Salaries		59,298		59,298
Interest		616,280		514,512
Payroll taxes		49,251		49,251
Professional fees		247,767		174,590
Old accounts payable		255,607		296,908
Others		4,516		19,298
Total	$	1,240,524	$	1,118,910

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7. SUBSEQUENT EVENTS

9 Months Ended

Jul. 31, 2012

Subsequent Events [Abstract]

7. SUBSEQUENT EVENTS

On August 2, 2012, Leonard Amato resigned from his positions as President, Chief Executive Officer, Principal Accounting Officer (CFO), Treasurer and Secretary.

On August 2, 2012, the board of directors appointed Albertus Hendrik van Leiden Chief Executive Officer, Principal Accounting Officer (CFO), Treasurer and Secretary.

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1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Jul. 31, 2012

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Todays Alternative Energy Corporation (the “Company”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2011 filed with the SEC on January 30, 2012. Certain information and note disclosures normally included in annual consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the unaudited condensed consolidated financial statements which would substantially duplicate the disclosure contained in the audited consolidated financial statements for the fiscal year ended October 31, 2011 as reported in the 10-K have been omitted.

Principles of Consolidation

Principles of Consolidation

The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Guaranteed Enzyme Miracle Corporation (“GEM”) and Bio-Extraction Services, Inc. (“BESI”). Significant inter-company accounts and transactions have been eliminated.

Development Stage Company

Development Stage Company

As a result of impairing the value of the Company’s intangible assets, at October 31, 2007, the Company began implementing new plans to enter the biodiesel fuel market on November 1, 2007. As a result, the Company is a development stage enterprise, as defined by Accounting Standards Codification (the “Codification” or “ASC”) 915-10. The Company is devoting all of its present efforts in securing and establishing a new business, and its planned principle operations have not commenced, and, accordingly, no revenue has been derived during the organization period. From its inception of development stage through the date of these unaudited condensed consolidated financial statements, the Company has not generated any revenues and has incurred significant operating expenses. Consequently, its operations are subject to all risks inherent in the establishment of a new business enterprise. For the period from November 1, 2007 (the inception of development stage) through July 31, 2012, the Company has accumulated losses of $3,481,399.

Use of Estimates

Use of Estimates

The preparation of the unaudited condensed consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Loss per Share

Loss per Share

Basic and diluted loss per share amounts are computed based on net loss divided by the weighted average number of common shares outstanding. Potentially dilutive shares of common stock realizable from the conversion of our convertible debentures of 4,217,348,755 and 2,904,888,118 respectively at July 31, 2012 and 2011, are excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive.

Reclassifications

Reclassifications

Certain reclassifications have been made in prior periods’ unaudited condensed consolidated financial statements to conform to classifications used in the current period.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its unaudited condensed consolidated financial condition or the results of its operations.

Going Concern

Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Going concern contemplates the realization of assets and the satisfaction of liabilities in the normal course of business over a reasonable length of time. The Company has incurred losses since inception and has negative cash flows from operations. For the three and nine months ended July 31, 2012, the Company has incurred net losses of $126,403 and $420,058, respectively and has a stockholders’ deficit of $2,872,503 as of July 31, 2012. The future of the Company is dependent upon its ability to obtain additional equity or debt financing and upon future successful development and marketing of the Company’s products and services. Although the Company may pursue additional financing, there can be no assurance that the Company will be able to secure such financing or obtain financing on terms beneficial to the Company. Failure to secure such financing may result in the Company’s inability to continue as a going concern.

The Company continues to need to borrow cash from time to time in order to pay its operating costs and may need to pursue additional financing arrangements in order to generate sales from its Biodiesel Division and Cleaning Division. The Company anticipates future losses from operations as a result of ongoing overhead expenses incurred while it attempts to resume selling activities.

These unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classifications of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence.

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4. CONVERTIBLE NOTES PAYABLE (Tables)

9 Months Ended

Jul. 31, 2012

Debt Disclosure [Abstract]

CONVERTIBLE NOTES PAYABLE

	July 31, 2012 (unaudited)			October 31, 2011
Convertible notes payable:
Convertible promissory note (a)	$	1,199,020		$	1,199,020
Convertible promissory note (b)		400			400
Convertible promissory note (c)		32,445			33,645
Convertible promissory note (d)		29,780			29,895
Convertible promissory note (e)		40,000			40,000
Convertible promissory note (f)		30,000			30,000
Convertible promissory note (g)		196,900			196,900
Convertible promissory note (h)		91,000			-
Convertible promissory note (i)		10,000
		1,629,545			1,529,860
Less: unamortized discount on debt		(108,242	)		(61,765	)
		1,521,303			1,468,095
Less: current portion		(1,494,350	)		(1,429,965	)
Long term debt	$	26,9532		$	38,130

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5. EQUITY TRANSACTIONS (Details Narrative) (USD $)	9 Months Ended
	Jul. 31, 2012
Equity Transactions Details Narrative
Common stock issued upon conversion of convertible promissory notes	2,350,000
Value of convertible promissory notes converted	$ 1,315
Stock warrants and options issued	0
Warrants and options outstanding	0

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Condensed Consolidated Statement of Stockholders Deficit (Unaudited) (USD $)	Preferred Stock Series A and B	Common Stock	Common Stock to be Issued	Additional Paid-In Capital	Deficit Accumulated During the Development Stage	Accumulated Deficit	Total
Beginning Balance at Oct. 31, 2007				$ 5,866,870		$ (7,508,321)	$ (1,641,451)
Beginning Balance (in shares) at Oct. 31, 2007		2,318
Debt converted for shares (in shares)		800
Debt converted for shares				106,560			106,560
Shares issued for services (in shares)	10,000	1,336
Shares issued for services	10			285,312			285,322
Beneficial conversion feature				(55,990)			(55,990)
Reclassification as a result of reincorporation	(10)			10
Net loss					(592,439)		(592,439)
Ending Balance at Oct. 31, 2008				6,202,762	(592,439)	(7,508,321)	(1,897,998)
Ending Balance (in shares) at Oct. 31, 2008	10,000	4,454
Debt converted for shares (in shares)		1,319,750
Debt converted for shares		13		113,937			113,950
Shares issued for services		6,555
Shares issued (in shares)				66,818			66,818
Beneficial conversion feature				331,157			331,157
Shares issued in satisfaction of fraction shares resulting from reverse stock split		101
Series B shares issued for legal settlement (in shares)	$ 92,000
Series B shares issued for legal settlement	1			91,999			92,000
Net loss					(927,207)		(927,207)
Ending Balance at Oct. 31, 2009	1	13		6,806,673	(1,519,646)	(7,508,321)	(2,221,280)
Ending Balance (in shares) at Oct. 31, 2009	102	1,330,860
Debt converted for shares (in shares)		400,250
Debt converted for shares		4		8,001			8,005
Shares issued for services (in shares)		385,455
Shares issued for services		4		134,996			135,000
Beneficial conversion feature				269,608			269,608
Contributed services by former officers				394,679			394,679
Accrued expenses forgiven by former officer				1,666			1,666
15 shares of common stock to be issued to former officer			1				1
Conversion of Series B shares for common shares (in shares)	(12,000)	51,989
Conversion of Series B shares for common shares		1		(1)
Net loss					(833,129)		(833,129)
Ending Balance at Oct. 31, 2010	1	22	1	7,615,622	(2,352,775)	(7,508,321)	(2,245,450)
Ending Balance (in shares) at Oct. 31, 2010	90,000	2,168,554
Debt converted for shares (in shares)		5,577,500
Debt converted for shares		56		11,749			11,805
Shares issued for services (in shares)		1,175,752
Shares issued for services		12		112,939			112,951
Common stock issued for cash and subscription receivable (in shares)		16,406,915
Common stock issued for cash and subscription receivable		164		99,836			100,000
Beneficial conversion feature				174,500			174,500
Shares issued in satisfaction of fraction shares resulting from reverse stock split		1,782
Conversion of Series B shares for common shares (in shares)	(11,000)	451,578
Conversion of Series B shares for common shares		4		(4)
Net loss					(708,566)		(708,566)
Ending Balance at Oct. 31, 2011	1	258	1	8,014,642	(3,061,341)	(7,508,321)	(2,554,760)
Ending Balance (in shares) at Oct. 31, 2011	79,000	25,782,081
Debt converted for shares (in shares)		2,350,000
Debt converted for shares		23		1,292			1,315
Shares issued for services
Beneficial conversion feature				101,000			101,000
Net loss					(420,058)		(420,058)
Ending Balance at Jul. 31, 2012	$ 1	$ 281	$ 1	$ 8,116,934	$ (3,481,399)	$ (7,508,321)	$ (2,872,503)
Ending Balance (in shares) at Jul. 31, 2012	79,000	28,132,081

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4. CONVERTIBLE NOTES PAYABLE

9 Months Ended

Jul. 31, 2012

Debt Disclosure [Abstract]

4. CONVERTIBLE NOTES PAYABLE

	July 31, 2012 (unaudited)			October 31, 2011
Convertible notes payable:
Convertible promissory note (a)	$	1,199,020		$	1,199,020
Convertible promissory note (b)		400			400
Convertible promissory note (c)		32,445			33,645
Convertible promissory note (d)		29,780			29,895
Convertible promissory note (e)		40,000			40,000
Convertible promissory note (f)		30,000			30,000
Convertible promissory note (g)		196,900			196,900
Convertible promissory note (h)		91,000			-
Convertible promissory note (i)		10,000
		1,629,545			1,529,860
Less: unamortized discount on debt		(108,242	)		(61,765	)
		1,521,303			1,468,095
Less: current portion		(1,494,350	)		(1,429,965	)
Long term debt	$	26,953		$	38,130

a) Under loan agreements and corresponding secured convertible promissory notes dated November 29, 2006, the third party lender may, in its sole and absolute discretion, loan the Company up to an aggregate total of $2,000,000. In May 2008, the conversion price was amended to provide a fixed conversion price of $0.001 per share. In addition, the note holder cannot convert any principal or interest under the notes to the extent that such conversion would require the Company to issue shares of its common stock in excess of its authorized and unissued shares of common stock. Each note accrues interest at an annual rate of eight percent (8%) and is payable on demand.

b)	On July 14, 2009, an unrelated third party investor acquired an interest in the November 29, 2006 loan agreement from the existing lender, since which time the investor has made various conversions to the principal and interest outstanding.
c)	On May 26, 2010, unrelated third party investors acquired an interest in the November 29, 2006 loan agreement from the existing lender, since which time the investors have made various conversions to the principal and interest outstanding. During the nine months ended July 31, 2012, the note holder converted $1,200 of note principal into 1,200,000 shares of Company common stock valued at $0.001 per share.
d)	On December 24, 2010, the Company sold and issued a convertible promissory note in the aggregate principal amount of $30,000 to an unrelated third party. The note matures on December 24, 2012 and accrues interest at an annual rate of ten percent (10%). The note is payable in full on the maturity date unless previously converted into shares of Company common stock at a conversion price of $0.0001 per share. The Company recognized and measured an aggregate of $30,000 of the proceeds, which is equal to the intrinsic value of the imbedded beneficial conversion feature, to additional paid in capital and a discount against the note issued, with the discount being amortized over the note’s two-year term. During the nine months ended July 31, 2012, the note holder converted $115 of note principal into 1,150,000 shares of Company common stock valued at $0.0001 per share.

e)	On January 25, 2011, the Company sold and issued a convertible promissory note in the aggregate principal amount of $40,000 to an unrelated third party. The note matures on January 25, 2013 and accrues interest at an annual rate of ten percent (10%). The note is payable in full on the maturity date unless previously converted into shares of Company common stock at a conversion price of $0.0001 per share. The Company recognized and measured an aggregate of $40,000 of the proceeds, which is equal to the intrinsic value of the imbedded beneficial conversion feature, to additional paid in capital and a discount against the note issued, with the discount being amortized over the note’s two-year term.
f)	On February 25, 2011, the Company sold and issued a convertible promissory note in the aggregate principal amount of $30,000 to an unrelated third party. The note matures on February 25, 2013 and accrues interest at an annual rate of ten percent (10%). The note is payable in full on the maturity date unless previously converted into shares of Company common stock at a conversion price of $0.0001 per share. The Company recognized and measured an aggregate of $30,000 of the proceeds, which is equal to the intrinsic value of the imbedded beneficial conversion feature, to additional paid in capital and a discount against the note issued, with the discount being amortized over the note’s two-year term.
g)	On October 7, 2011, unrelated third party investors acquired an interest in the November 29, 2006 loan agreement from the existing lender, since which an investor has converted $3,100 of note principal outstanding into 3,100,000 shares of Company common stock.

h) On March 15, 2012, an unrelated third party investor acquired an interest in the Company’s advances payable from the existing lender and the Company converted $91,000 of the advances payable into a convertible note.  The note matures on March 15, 2014 and accrues interest at an annual rate of ten percent (10%). The note is payable in full on the maturity date unless previously converted into shares of Company common stock at a conversion price of $0.0001 per share. The Company recognized and measured an aggregate of $91,000 of the convertible notes payable, which is equal to the intrinsic value of the imbedded amended beneficial conversion feature, to additional paid in capital and a debt discount against the note issued, with the discount being amortized over the note’s two-year term.  

i)

On May 4, 2012, the Company sold and issued a convertible promissory note in the aggregate principal amount of $10,000 to an existing investor. The note matures on May 4, 2014 and accrues interest at an annual rate of ten percent (10%). The note is payable in full on the maturity date unless previously converted into shares of Company common stock at a conversion price of $0.0001 per share. The Company recognized and measured an aggregate of $10,000 of the convertible note payable, which is equal to the intrinsic value of the imbedded beneficial conversion feature, to additional paid in capital and a debt discount against the note issued, with the discount being amortized over notes two-year term.

Beneficial conversion feature expenses of $23,878 and $54,523 were recorded in the three and nine months ended July 31, 2012, respectively and $712,033 was recorded from November 1, 2007 (the inception of development stage) through July 31, 2012, all of which were attributed to these loan agreements. Beneficial conversion feature expenses of $12,742 and $99,132 were recorded in the three and nine months ended July 31, 2011, respectively and $657,510 was recorded from November 1, 2007 (the inception of development stage) through July 31, 2011, all of which were attributed to these loan agreements.

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4. CONVERTIBLE NOTES PAYABLE (Details Narrative) (USD $)	3 Months Ended		9 Months Ended		57 Months Ended
	Jul. 31, 2012	Jul. 31, 2011	Jul. 31, 2012	Jul. 31, 2011	Jul. 31, 2012
Convertible Notes Payable Details Narrative
Beneficial conversion feature expenses	$ 23,878	$ 12,742	$ 54,523	$ 99,132	$ 712,033