0001721868-18-000292.txt : 20180417 0001721868-18-000292.hdr.sgml : 20180417 20180417172229 ACCESSION NUMBER: 0001721868-18-000292 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 46 CONFORMED PERIOD OF REPORT: 20171231 FILED AS OF DATE: 20180417 DATE AS OF CHANGE: 20180417 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ExeLED Holdings Inc. CENTRAL INDEX KEY: 0000774937 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC LIGHTING & WIRING EQUIPMENT [3640] IRS NUMBER: 464897052 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-28562 FILM NUMBER: 18759758 BUSINESS ADDRESS: STREET 1: 5310 WARD ROAD STREET 2: SUITE 106 CITY: ARVADA STATE: CO ZIP: 80002 BUSINESS PHONE: (720) 361-2056 MAIL ADDRESS: STREET 1: 5310 WARD ROAD STREET 2: SUITE 106 CITY: ARVADA STATE: CO ZIP: 80002 FORMER COMPANY: FORMER CONFORMED NAME: Energie Holdings, Inc. DATE OF NAME CHANGE: 20140226 FORMER COMPANY: FORMER CONFORMED NAME: ALAS AVIATION CORP. DATE OF NAME CHANGE: 20130730 FORMER COMPANY: FORMER CONFORMED NAME: LMK Global Resources, Inc. DATE OF NAME CHANGE: 20121030 10-K 1 f2seled10k041218.htm

U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________

FORM 10-K

__________________

(Mark one)

[ x ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF

1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2017

[ ] TRANSITION REPORT UNDER 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

94-2857548

(State or other jurisdiction of

Incorporation or organization)

(I.R.S. Employer Identification No.)

5310 Ward Road, Suite 106,

Arvada, CO 80002

(Address of principal executive offices)

(720) 361-2056

(Issuer’s Telephone Number)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [_] No [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Act. Yes [_] No [X]

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the 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 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 [X] No [_]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ ]

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 definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	[ ]	Accelerated filer	[ ]
Non-accelerated filer	[ ]	Smaller reporting company	[X]
		Emerging growth company	[ ]

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 Act). Yes [_] No [X]

The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant, based upon the closing sale price of the Registrant’s common stock on June 30, 2017 was $2,444,161.

As of April 16, 2018, the Registrant had 249,447,433 shares of common stock issued and outstanding.

TABLE OF CONTENTS

		Page No.

PART I
Item 1.	Business	4
Item 1A.	Risk Factors	11
Item 1B.	Unresolved Staff Comments	11
Item 2	Properties	11
Item 3.	Legal Proceedings	12
Item 4.	Mine Safety Disclosures	12

PART II
Item 5.	Market for the Registrant’s Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities	13
Item 6.	Selected Financial Data	14
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	18
Item 8.	Financial Statements and Supplementary Data	19
Item 9.	Changes in and Disagreements on Accounting and Financial Disclosure	36
Item 9A.	Controls and Procedures	36
Item 9B.	Other Information	37

PART III
Item 10.	Directors, Executive Officers and Corporate Governance	37
Item 11.	Executive Compensation	40
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	41
Item 13.	Certain Relationships and Related Transactions, and Director Independence	41
Item 14.	Principal Accounting Fees and Services	42

PART IV
Item 15.	Exhibits, Financial Statement Schedules	43

	Signatures	45

FORWARD LOOKING STATEMENTS

This Annual Report on Form 10-K contains forward-looking statements. The statements contained in this Report that are not historical in nature, particularly those that utilize terminology such as “may,” “will,” “should,” “likely,” “expects,” “anticipates,” “estimates,” “believes” or “plans,” or comparable terminology, are forward-looking statements based on current expectations and assumptions, and entail various risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements.

We cannot predict all of the risks and uncertainties. Accordingly, such information should not be regarded as representations that the results or conditions described in such statements or that our objectives and plans will be achieved and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. These forward-looking statements are found at various places throughout this Report and include information concerning possible or assumed future results of our operations, including statements about potential acquisition or merger targets; business strategies; future cash flows; financing plans; plans and objectives of management, any other statements regarding future acquisitions, future cash needs, future operations, business plans and future financial results, and any other statements that are not historical facts.

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 this Report. All subsequent written and oral forward-looking statements concerning other matters addressed in this Report 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 Report.

Except to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise.

PART I

ITEM 1.

BUSINESS

History

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, Energie LLC (hereinafter referred to as, “Energie”). The Share Exchange Agreement was not effective until July 2, 2014 due to a variety of conditions subsequent that needed to be met, which are described below. Upon effectiveness, we issued 33,000,000 “restricted” shares of our common stock, representing approximately 65% of our then issued and outstanding voting securities, in exchange for all of the issued and outstanding member interests of Energie. The accounting is identical to that resulting from a reverse acquisition, except that no goodwill or other intangible is recorded.

The closing of the Share Exchange Agreement was conditioned upon certain, limited customary representation and warranties, as well as conditions to close, such as the total shares of Energie Holdings, Inc. issued and outstanding being limited to 51,000,000, and the completion of an audit of Energie’s financial statements. Following the execution of the Share Exchange Agreement, but prior to closing, an additional 400,000 shares were issued and the limitation of 51,000,000 shares was waived, allowing for the issuance.

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 light-emitting diode (“LED”) lighting industry. Our management also changed. 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.”

As a result of these transactions we are now a holding company, with Energie acting as our operating subsidiary, 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 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. 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 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. These objectives are subject to our obtaining additional financing, of which there can be no assurance.

All references herein to “us,” “we,” “our,” “Holdings,” or the “Company” refer to ExeLED Holdings Inc. and its subsidiary, and their respective business following the consummation of the Merger and Share Exchange Agreements, unless the context otherwise requires.

Description of Current Business

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

During the years ended December 31, 2017 and 2016, what success we did have was with unique and LED products in several market segments. The demand that we experienced was in education, commercial office space, large multi-unit luxury residential and health care.

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 Underwriter’s Laboratories™ (“UL/CUL”) standards, and building code requirements, the products are sold to customers through a network of over 50 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.

We intend to capitalize on these European lighting companies’ desire to penetrate North American markets by solving many of the problems these producers encounter when approaching these markets. These obstacles include designs that do not meet UL/CUL standards and building codes, the need to provide appropriate North American oriented marketing and product information and specifications, experience to leverage the lighting industry sales agent network, and market based product supply.

Our business strategy is to enter into exclusive sales agreements with European suppliers that have unique lighting products and to bridge the divide between product desires of North American architects, lighting designers, electrical engineers, and interior designers who wish to access innovative European products and the desires of European manufacturers. As these European partners are continually developing new products, we collaborate in the fixture design process and have the right to launch such products in North America. In many cases, our partners will co-fund the frontend costs associated with launching new products. However, we require additional working capital to embark on our growth strategy. We estimate that we will need up to $2,000,000 in additional working capital to accomplish our initial business objectives of developing and launching new products for Energie, but significantly more capital to effectuate the acquisition campaign we have discussed elsewhere herein. See “Part II, Item 7, Management’s Discussion – Liquidity and Capital Resources”.

We have been, and continue to engage in, the design, development, enhancement, and marketing of advanced commercial grade illumination products that exclusively use LED’s as their light source in the continental United States, Canada and Puerto Rico. Our products include LED hanging and recessed ceiling fixtures, recessed wall fixtures and wall sconces. Our branded products have been installed in a wide variety of settings including commercial office space, financial trading floors, health care facilities, museums, schools, restaurants, retail stores and other public locations.

The latest analysis “2017 Global Lighting Market Outlook” published on November 2, 2016 by LEDinside, a division of TrendForce, finds that the LED lighting market was worth US $29.6 billion in 2016 and is to rise to US $33.1 billion in 2017. Meanwhile, the penetration rate of LED lighting is expected to reach 52%. Thanks to regional lighting development, LED lighting is expected to account for 23% of total lightings in Europe by 2016, which is the highest across the world. The second and third highest regions are to be found in North America and China. However, the Asia-Pacific region is experiencing the fastest growth rate in LED lighting.

According to a recent Freedonia Research report the LED Lighting Fixtures segment of the industry is estimated at $4 billion of architectural, specification-grade lighting fixtures with innovative, differentiated lighting products that exemplify:

Energy efficiency focused on the disruptive LED technology;

High performance with respect to quantity and quality of light through superior optic design; and

Aesthetic design that appeals to the senses while allowing architects and designers to make strong visual statements by accessing European lighting fixture designers.

In order to secure such projects we cultivate relationships and build our brand through marketing and sales efforts aimed at decision-makers responsible for lighting; primarily architects, lighting designers, electrical engineers, interior designers, space planners and other product designators. We maintain a network of over 50 third-party sales agencies across North America to represent our products. Lighting sales agencies in the commercial lighting market are standalone, commission-based, geographically specific companies that represent many different manufacturers and represent only lighting fixtures and lighting control systems. We support our agents with sales and marketing resources to help drive “sell through” of our branded products. All products are assembled to Underwriter’s Laboratory requirements in our factory to control quality and meet lead time requirements of our customers.

Our business model and product strategy is based upon collaboration with leading European lighting manufacturing companies, including Rudolpf Zimmermann, Bamberg Gmbh, Bamberg, Germany, Regent Beleuchtungskorper AG, Basel, Switzerland, Trilux GmbH & Co. KG, Arnsberg, Germany, Multiline Licht NV, Lummen, Belgium, Luxiona-Troll, Canovelles, Spain and Tons Lightogy Inc., New Taipei City, Taiwan. Except for the agreement with RZB and Tons Lightogy, which were executed in 2012, each of these other agreements have been in place for over ten (10) years and are renewable for additional 2 year terms. Each of the agreements contain standard warranties, are either FOB manufacturer or CFR destination, and title and risk of loss passes to us upon delivery, when payment becomes due. Each also includes a list of products that are manufactured by each respective manufacturer. Order cancellation is allowed up until 21 days prior to delivery, except for Trilux, which requires a 6-month written notice. Thereafter, no cancellation is allowed. With the exception of Multiline Licht NV, the agreements are exclusive to us throughout North America.

The North American architectural and design community has long recognized that European lighting manufacturers have distinctive, innovative and technologically advanced product offerings. Arguably, we believe European designs and technology are several years ahead of what is available in North America. However, designers have historically encountered difficulties working with European manufacturers. Typical issues include product designs that do not meet UL/CUL standards and North American building codes, poor marketing collateral and product information, incompatible specification data, long lead times to receive product, poor sales support, limited customer service, and high overall cost and complexity due to exchange rates, freight, duties and other factors.

The European manufacturers have long viewed the North American market for architectural, specification-grade lighting as large and attractive. However, apart from a few isolated examples, attempts to penetrate this market by establishing wholly-owned U.S. operations have been costly and unprofitable and, as a result, many have failed. We believe the challenges the European manufacturers encounter include (a) incomplete understanding of the design and product attributes demanded by North American architects and designers; (b) incomplete understanding of UL/CUL and building code requirements; (c) inexperience working with indirect sales channels such as agents and distributors (European sales strategy is based on company employed direct salespeople); and (d) the overall high cost of “green fielding” and supporting U.S. operations.

To address these issues, we are seeking external financing and intend to expand our operations through the acquisition of related businesses that will complement our current business, should this financing come through. There are many synergistic operations which have expressed an interest in being acquired by us due to our status as a publicly traded company. We believe this makes economic sense, because we can eliminate duplication of general and administrative expense, provide more centralized information marketing and eliminate overlapping of services offered. We are presently evaluating several such businesses as potential acquisition candidates and have engaged in discussions with other acquisition targets. However, as of the date of this report there are no definitive agreements in place relating to our acquiring any such business and there can be no assurances that such agreements will be executed on favorable terms or at all in the future. If we are unable to obtain the external financing that we are targeting, we will not be able execute this plan and will not have the financial resources to continue operations.

Up to this point, our financing efforts have been unsuccessful and we can provide no assurances that they will be in the future. If they are unsuccessful, there will be significant challenges to remain in business. If we are successful in securing external financing and then in executing on our growth strategy, the acquisition of related, complimentary businesses is expected to increase revenues and profits by providing a broader range of services in vertical markets which are consolidated under one parent, thus reducing overhead costs by streamlining operations and eliminating duplicitous efforts and costs. There are no assurances that we will increase profitability if we are successful in acquiring other synergistic companies.

Management intends to seek out and evaluate related, complimentary businesses for acquisition. The integrity and reputation of any potential acquisition candidate will first be thoroughly reviewed to ensure it meets with management’s standards. Once targeted as a potential acquisition candidate, we will enter into negotiations with the potential candidate and commence due diligence evaluation of each business, including its financial statements, cash flow, debt, location and other material aspects of the candidates’ business. We expect to utilize the issuance of our securities as part of the consideration that we will pay for these proposed acquisitions. If we are successful in our attempts to acquire similar companies utilizing our securities as part or all of the consideration to be paid, our current shareholders will incur dilution. We anticipate that we will need additional capital to make these acquisitions. We have had various discussions with investment banking firms and others potential investors but as of the date of this Report there are no definitive agreements to provide us with this funding and there can be no assurances that we will obtain this funding in the future. Failure to obtain this funding will have a material negative affect on our ability to implement our business plan and our anticipated results of operations. We are continuing to seek out and discuss financing with potential partners and lenders. While no assurances can be provided, we expect that many lighting fixture companies will be interested in consolidating with us to capitalize on the application of the disruptive LED technology.

Our 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 lighting companies for the architecture and interior design markets for both commercial and residential applications. Our creative 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. Our intent is to grow, innovate, and fully capture the rapidly growing lighting market opportunities associated with solid state lighting. There are no assurances we will be successful.

Key elements of our business growth strategy include:

LED Technology Leadership: As LED technology increases in the speed at which it is advancing, lighting fixture designs will have to adapt to that rate of change. Our Advisory Team intends to provide access to the best resources to apply LED technology for our subsidiaries. We also intend to provide buying contracts with LED component manufacturers to control cost while staying at the leading edge of the technology.

Access to Investment Capital: The change from conventional lighting technology to LED technology is expensive. The capital needed to understand and apply LED technology is more than most conventional lighting manufactures have or are willing to risk. We intend to provide the appropriate capital to develop and launch LED lighting fixtures through our subsidiaries. As of the date of this Report we do not have sufficient capital to meet this objective and there are no assurances we will obtain this capital in the future.

Best Practices Management Services: The business processes and staffing required to move to solid state lighting are different than those needed for conventional lighting technology. Our Advisory Team intends to provide assistance to our subsidiary teams to help them capitalize on these changes aggressively and cost effectively.

Market Appropriate Education: We believe that educating architects, designers, specifiers and end-users of the benefits of LED lighting is key to growing our market share by shifting their preference from more traditional lighting to LED lighting. There continue to be unique advances in LED engineering and, while no assurances can be provided, we believe the market is rapidly embracing the technology. We also believe our employees have the knowledge and ability to educate both our customer base and, if successful, the personnel in the companies we acquire. We expect that this will drive sales by driving the commercial market towards LED lighting.

Sales and Distribution Network: We maintain a network of over 60 third-party sales agencies across North America to represent our products. These agreements provide for exclusive rights to sell our lighting fixtures for a commission in specific counties as described in each agreement. If and when we successfully consummate acquisitions, each company that we acquire will have their own third-party sales agencies and distribution network. We are targeting acquisitions that will diversify our product portfolio. By carrying a broader selection of LED lighting products, we anticipate that we will be able to not just expand our existing network of sales agencies, but to also become more of a preferred provider of products to select sales agencies.

Expanding our LED Product Portfolio: As our goal is to serve our customers and create a quality experience in both product and service, we will continue to expand these categories and add necessary fixtures and light sources to increase our offering as an LED solution provider.

Developing and Protecting Our Intellectual Property: Securing and defending intellectual property by using the UL Listing process related to the design, manufacture and application of advanced lighting technology is expected to be a key element of our existing and future business. The strength of our intellectual property portfolio is intended to allow us to compete on the basis of our technology, which we believe will give us an advantage over many of our larger competitors.

Capitalizing on Opportunities in Our Target Markets: We believe there is a growing need for unique, advanced lighting solutions across our target markets. Our acquisition strategy is to expand into new production application market segments by focusing on companies with complementary products. Because we have access to the advanced products from our International partners, we expect to continue to introduce innovative advanced lighting products as we believe there exists significant opportunities to grow market share. By introducing new products and expanding sales of existing products we believe that we can significantly improve operational efficiency by reducing our cost of materials, components and manufacturing. Expanding our products and increasing our sales will also allow us to gain additional leverage from sales representatives within our distribution network.

The LED Lighting Industry

The global lighting industry generally is divided between three major market segments: commercial, industrial and residential. Within these three market segments exist two broad product categories: fixtures and light bulbs (referred to as lamps in the lighting industry). The fixtures category includes all apparatuses, luminaires and power/heat-control systems, while lamps consist of the devices that emit light. Conventional lamps typically include incandescent, fluorescent and high-intensity discharge (HID) products. For commercial applications, we believe that the more expensive and long lasting fluorescent and HID lamps and fixtures have had the largest market share. For industrial applications, metal halide and fluorescent have been the primary light source. For residential applications within the general illumination market, inexpensive incandescent bulbs and, to a lesser extent, compact fluorescent (CFL) lamps have been the common choice.

With rapid advancements in the performance, efficiency and cost of energy-efficient lighting, including LED-based solutions, conventional light sources, such as incandescent lamps, are beginning to be replaced by advanced technologies with lower operating costs over their useful lives. LED’s are semiconductor-based devices that generate light. The energy-efficient nature of LED technology makes it an environmentally friendly light source, and the compact size of LEDs has created new possibilities in lighting fixture and lamp design. Product selection is influenced by a number of factors, including overall cost, energy efficiency, product life, lumen output and other product features, as well as regulatory and environmental factors. We believe our unique advanced lighting solutions are well positioned to increasingly displace conventional lighting in each of our targeted markets.

In North America, lighting manufacturers typically sell products through manufacturer’s representatives, electrical supply representatives, or an internal sales force to electrical wholesale distributors. The distributors then market products to electrical contractors and other end-users. Representatives also have direct contact with lighting designers, electrical engineers, architects and general contractors that influence buying decisions. The manufacturer’s representatives often provide value-added services, such as product promotion or design and implementation assistance. The ability of smaller companies to compete against larger, more-established rivals is heavily rooted in their capacity to leverage their unique product portfolios and customer service to garner maximum productivity from each representative.

Historically, large global competitors focused almost exclusively on the general illumination market, because of their advantage in purchasing power, manufacturing volume and distribution efficiency, while smaller industry participants generally competed in niche markets primarily by offering specialized products and superior customer service to their regions. However, the evolution of advanced lighting solutions has enabled smaller companies to penetrate and compete in the larger general illumination market. One of these notable advanced lighting solutions is LED lighting.

Industry Trends

As the cost of LED’s decrease and their performance improves we expect that they will continue to compete more effectively in the general illumination market versus traditional lighting. High-brightness LEDs are the core, light-producing components within an LED lighting system. We believe the LED lighting industry is experiencing the following trends:

Technological Innovations Expand LED Functionality: Since the introduction of the first visible LED in the 1960s, the technology has offered an increasingly wide variety of colored lighting, beginning with red and expanding to green, yellow and orange. Initial rudimentary applications included traffic lights, automotive brake lights and indicator lights. In the mid-1990s, LEDs became capable of emitting blue light. With the advent of blue LEDs, combined with phosphor technology, LEDs made another technological leap by emitting white light. This breakthrough enabled LEDs to compete with traditional lighting solutions for applications in commercial, industrial and residential markets. In an effort to lower energy consumption, lighting companies are focusing on increasing “lumens per watt.” Lumens per watt (often referred to as “efficacy”) is an industry standard that measures the amount of light emitted per watt of electrical power used, meaning the more lumens per watt, the more energy-efficient the product. Traditional incandescent lighting sources can produce between 10 and 35 lumens per watt, while fluorescent and HID light sources can produce output exceeding 100 lumens per watt. Today’s LEDs are currently performing well over 100 lumens per watt at the LED level, making them comparable to, and often better than, fluorescent and HID light sources.

High Energy Costs Drive LED Adoption: As a result of high energy prices and the expectation that prices will continue to rise, businesses and consumers are increasingly adopting new technologies to reduce energy consumption. LED lighting technology is inherently more energy efficient and can result in more than 80% power savings over incandescent solutions. According to The Department of Energy, 22% of all energy consumption in the United States is from lighting applications. This combined rate represents approximately 35% of all energy consumption in commercial buildings as compared to approximately 15% for residential users and 5% for industrial companies. Despite safety issues and concerns, compact fluorescent (CFL) lamps are used for lighting energy conservation. However, recent technological advancements to LED lighting have made it more commercially viable in terms of brightness, efficiency, lamp life, safety and color-rendering (CRI). In addition, competitive pressures, declining LED costs and greater manufacturing efficiencies are driving down LED lamp prices. As a result of these gains and, while there can be no assurances, we believe LED adoption should continue to expand. In support of our belief, in the 2014 report issued by Freedonia, LED fixtures are expected to account for over half of all lighting fixture sales in 2018. Higher value fixtures will account for a dramatically greater share of fixture sales as more fixtures designed specifically for LEDs, advanced fluorescent lamps, and other longer lived, highly efficient light sources are introduced. For instance, sales of LED lighting fixtures are expected to nearly triple through 2018 to account for over half of total fixture sales, up from seven percent in 2008. In many cases, LED fixtures will replace existing fixtures designed for use with less efficient light sources as lamp stocks dwindle following phase out programs. Incandescent, halogen, and fluorescent fixtures will all register declining sales going forward. However, high intensity discharge (HID) fixtures, which are based on an older but relatively energy efficient technology, are expected to grow through 2018.

Legislative Influences Spur Market Adoption of Energy Efficient LED Lighting: LED Lighting has encouraged regulatory agencies to increase the demand for more energy efficiency. Federal law, under the Energy Efficiency Improvement Act of 2015, mandates that commercial buildings use less electricity. After HVAC, lighting consumes the second most electricity in buildings, so it provides a great opportunity to decrease electricity usage. Also, lighting can be more easily retrofitted than HVAC so existing buildings are also a major opportunity.

Competition

We currently face competition from traditional lighting companies that provide general lighting products, including incandescent, fluorescent, high intensity discharge (HID), metal halide (MH) and other traditional light sources. We also have competitors from specialized lighting companies that are engaged in providing LED lighting fixture products. In general, we intend to compete with both groups on the basis of design, innovation, and quality of light, maintenance costs, safety issues, energy consumption, price, product quality and brightness.

In the general illumination market, we compete with traditional lighting companies that include Acuity Brands Lighting, Inc., Eaton’s Cooper Lighting Business (a division of Eaton Corporation), Hubbell Lighting, Inc. (a division of Hubbell Incorporated), Juno Lighting Group (a division of Schneider Electric SA), GE Lighting and Philips Lighting (a division of Koninklijke Philips N.V.). Our LED products should tend to be alternatives to conventional lighting sources for applications within the commercial and residential markets. In these markets, we compete on the basis of unique designs, performance, energy savings, lamp life, and durability.

We believe that we will compete favorably in our markets, based on the following factors:

Breadth and diversity of high-quality LED product offerings;

Our expansive distribution network and developed relationships;

Innovative products at competitive price points;

UL/CUL, DLC and Energy Star certifications;

Ability to offer multiple levels of products;

Value-engineered products producing a fast ROI; and

Responsiveness to customers

We expect our markets to remain competitive and to reflect rapid technological evolution and continuously evolving customer and regulatory requirements. Our ability to remain competitive depends in part upon our success in developing new and advanced LED lighting solutions and introducing these products at competitive prices on a timely basis.

Intellectual Property

UL/CUL Listings

We have over 20 UL files, which include UL Listings for over 14,000 products for sale in the United States and Canada. UL is an independent safety testing laboratory. A UL Listing means that UL has tested representative samples of the product and determined that it meets UL’s requirements. These requirements are based primarily on UL’s published and nationally recognized standards for safety in the US and Canada. UL’s testing certifies the design, construction and assembly of the certified products. UL Listings do not expire as long as the product certified is not materially changed. Ownership of a UL Listing may also be transferred between companies. Most commercial customers in the lighting industry will only buy UL listed products.

Trademarks

We have one registered trademark, “Energie.”

Employees

As of the date of this report we have five (5) full-time employees including our management, consisting of Harold Hansen, our President and Chief Executive Officer, Justin Kerns, our Chief Operating Officer, as well as one additional employee, a bookkeeper, in our Colorado location and one person in production management and a product/production engineer, who work out of our Michigan location. Richard Cole Dennard, our current Chief Financial Officer, works with us as an independent contractor. We also retain additional part and full time employees on a temporary basis as needed to meet production schedules. Depending upon our backlog, we usually employ between 2 and 14 people on a temporary basis. None of our employees are members of any union. We believe our relationship with our employees is good.

If we are able to obtain the necessary capital to implement our business plan and expand our operations, we expect to add additional employees in the areas of production, engineering, sales and acquisitions.

Government Regulation

We are not subject to any extraordinary governmental regulations.

ITEM 1A.

RISK FACTORS

We are a smaller reporting company and not required to include this disclosure in our Annual Report on Form 10-K.

ITEM 1B.

UNRESOLVED STAFF COMMENTS

Not applicable.

ITEM 2.

PROPERTIES

Headquarters – Our principal place of business is located at 5310 Ward Road, Suite 106, Arvada, Colorado 80002. This space consists of approximately 1,550 square feet of executive offices and a conference room. This location is leased pursuant to a month-to-month term at approximately $1,500 base rent. This facility houses our sales, marketing, customer service, product development and accounting activities and is also used to train agents and provide educational seminars for architects, designers and specifiers within a classroom environment and fixture showroom.

Our manufacturing, production, assembly and fulfillment is handled from a 23,000-square foot facility located at 200 E. Garfield Avenue in Zeeland, Michigan. This facility is leased from Symbiote Inc. which became one of our shareholders following the Closing under the Share Exchange Agreement. This facility holds inventory and assembles finished goods to fulfill customer orders. Production engineering, production management and production services are all accomplished from this facility. This facility is under a lease with approximately four months remaining at approximately $6,000 base rent with approximately $2,000 in monthly shared expenses.

ITEM 3.

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.

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.

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.

ITEM 4.

MINE SAFETY DISCLOSURES

Not Applicable.

PART II

ITEM 5.

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

Trading of our common stock commenced on the OTCBB in July 2008, under the trading symbol “ALAS.” In January 2014, our trading symbol became “ELED,” which traded on the OTCBQ until November 29, 2015. We currently trade on “pink sheets.”

The table below sets forth reported high and low bid prices for the periods indicated. The bid prices shown reflect quotations between dealers, without adjustment for markups, markdowns or commissions, and may not represent actual transactions in our common stock.


Quarter Ended	High	Low
March 31, 2016	$ 0.005	$ 0.002
June 30, 2016	$ 0.007	$ 0.001
September 30, 2016	$ 0.002	$ 0.001
December 31, 2016	$ 0.0015	$ 0.0008

March 31, 2017	$ 0.0055	$ 0.0009
June 30, 2017	$ 0.055	$ 0.0034
September 30, 2017	$ 0.010	$ 0.0042
December 31, 2017	$ 0.0059	$ 0.0013

As of April 16, 2018 the closing bid price of our common stock was $0.0034

Trading volume in our common stock has been very limited since we commenced trading. As a result, the trading price of our common stock is subject to significant fluctuations.

The Securities Enforcement and Penny Stock Reform Act of 1990

The Securities and Exchange Commission (“SEC”) has also adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally equity securities with a price of less than $5.00 (other than securities registered on certain national securities exchanges or quoted on the Nasdaq system, provided that current price and volume information with respect to transactions in such securities is provided by the exchange or system).

As of the date of this Report, our common stock is defined as a “penny stock” under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). It is anticipated that our common stock will remain a penny stock for the foreseeable future. The classification of penny stock makes it more difficult for a broker-dealer to sell the stock into a secondary market, which makes it more difficult for a purchaser to liquidate his/her investment. Any broker-dealer engaged by the purchaser for the purpose of selling his or her shares in us will be subject to Rules 15g-1 through 15g-10 of the Exchange Act. Rather than creating a need to comply with those rules, some broker-dealers will refuse to attempt to sell penny stock.

The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from those rules, to deliver a standardized risk disclosure document prepared by the SEC, which:

contains a description of the nature and level of risk in the market for penny stocks in both public offerings and secondary trading;

contains a description of the broker's or dealer's duties to the customer and of the rights and remedies available to the customer with respect to a violation to such duties or other requirements of the Securities Act of 1934, as amended;

contains a brief, clear, narrative description of a dealer market, including “bid” and “ask” prices for penny stocks and the significance of the spread between the bid and ask price;

contains a toll-free telephone number for inquiries on disciplinary actions;

defines significant terms in the disclosure document or in the conduct of trading penny stocks; and

contains such other information and is in such form (including language, type, size and format) as the Securities and Exchange Commission shall require by rule or regulation;

The broker-dealer also must provide, prior to effecting any transaction in a penny stock, to the customer:

the bid and offer quotations for the penny stock;
the compensation of the broker-dealer and its salesperson in the transaction;
the number of shares to which such bid and ask prices apply, or other comparable information relating to the depth and liquidity of the market for such stock; and
monthly account statements showing the market value of each penny stock held in the customer's account.

In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from those rules; the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written acknowledgment of the receipt of a risk disclosure statement, a written agreement to transactions involving penny stocks, and a signed and dated copy of a written suitability statement. These disclosure requirements will have the effect of reducing the trading activity in the secondary market for our stock because it will be subject to these penny stock rules. Therefore, stockholders may have difficulty selling their securities.

Holders

We had approximately 264 holders of record of our common stock as of the date of this Report, not including those persons who hold their shares in “street name.”

Stock Transfer Agent

The stock transfer agent for our securities is Pacific Stock Transfer, Inc. Their address is 6725 Via Austi Pkwy, Suite 300, Las Vegas, NV 89119. Their phone numbers are (702) 361-3033 and (800) 785-PSTC.

Dividends

We have not paid any dividends since our incorporation and do not anticipate the payment of dividends in the foreseeable future. At present, our policy is to retain earnings, if any, to develop and market our products. The payment of dividends in the future will depend upon, among other factors, our earnings, capital requirements, and operating financial conditions.

Reports

We are subject to certain reporting requirements and furnish annual financial reports to our stockholders, certified by our independent accountants, and furnish unaudited quarterly financial reports in our quarterly reports filed electronically with the SEC. All reports and information filed by us can be found at the SEC website, www.sec.gov and on our website, www.exeledholdings.com.

ITEM 6.

SELECTED FINANCIAL DATA

Not required for a smaller reporting company.

ITEM 7.

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 in Item 8. We caution readers regarding certain forward looking statements in the following discussion and elsewhere in this Annual Report on Form 10-K and in any other statement made by, or on our behalf, whether or not in future filings with the Securities and Exchange Commission (the “SEC”). 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.

Overview

We are focused on growing and acquiring specialized LED lighting companies for the architecture and interior design markets for both commercial and residential interiors. 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. Our objective is to grow, innovate, and fully capture the rapidly growing lighting market opportunities associated with solid state lighting. The management team and advisory board is comprised of experienced executives in the lighting industry with recent specific focus on the LED lighting industry. The team has over 300 years of combined experience in this industry.

We are engaged in the import and sale of specialized interior lighting solutions to the architecture and interior design markets in North America. Energie commenced business in 2001.

General Trends and Outlook

In 2017 and in 2016, our focus was on securing funding in order to implement our business plan to grow through acquisition. Accordingly, working capital was at a premium for us, which severely limited our ability to maximize our revenue-generating activities with Energie.

Going Concern

As shown in the accompanying consolidated financial statements, we had an equity deficit of $17,319,920 and a working capital deficit of $16,658,489 as of December 31, 2017, and have reported net losses of $4,018,993 and $3,455,227, respectively, for the years ended December 31, 2017 and 2016. 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.

Results Of Operations

The following selected comparative financial information for the years ended December 31, 2017 and 2016 have been derived from and should be read in conjunction with our consolidated financial statements for the years ended December 31, 2017 and 2016 included in this report.

Comparison of Results of Operations for the Years Ended December 31, 2017 and 2016

	Year ended December 31,
	2016			2017			Change			%
Sales revenue	$	439,278		$	58,835		$	(380,443	)		(87	)%
Cost of revenue		(216,949	)		(32,681	)		184,268			(85	)%
Gross profit		222,329			26,154			(196,175	)		(88	)%

Total operating expenses		1,515,792			1,177,775			(338,017	)		(22	)%

Interest expense		(1,872,684	)		(2,626,783	)		(754,099	)		40	%
Other income (expense)		(289,080	)		(240,589	)		48,491			17	%
Net loss	$	3,455,227		$	4,018,993		$	(563,766	)		16	%

Sales revenue decreased by $380,443 during the year ended December 31, 2017, compared to 2016 due to an overall lack of funding necessary for development and product launch costs. Cost of revenue decreased proportionally more than the decrease in revenues due to an overall effort to keep all costs as low as possible.

Operating expenses

	Year ended December 31,
	2016		2017		Change			%
Research and development	$	249,687	$	269,447	$	19,760			8	%
Sales and marketing		68,130		3,172		(64,958	)		(95	)%
General and administrative		1,197,975		905,156		(292,819	)		(24	)%
	$	1,515,792	$	1,177,775	$	(338,017	)		(22	)%

The decrease in operating expenses was driven by overall decreases in costs as we tried to control spending due to a lack of operating capital.

During the year ended December 31, 2017, interest expense increased by approximately $750,000. This increase is due to additional debt of approximately $3,250,000.

Other income (expense) consists primarily of other expenses related to securing outside financing.

Liquidity and Capital Resources

Capital Resources

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 generate positive cash flows has been the lack of available working capital to operate and expand our business. We believe 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 expense. While we are in discussions with various potential financing groups, other than as disclosed below, we have no other commitments from any investor or investment-banking firm to provide us with the necessary funding and there can be no assurances we will obtain such funding in the future. Failure to obtain this additional financing will have a material negative impact on our ability to generate profits in the future and continue operations.

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. At December 31, 2017, we had current assets, primarily prepaid expenses and inventory, of $123,661, and current liabilities of $16,782,150, resulting in negative working capital of $16,658,489. The increase in negative working capital is due to the increase in debt of approximately $3,250,000 and a resulting increase in accrued liabilities of approximately $800,000 associated with an increase in interest expense.

Cash Flows

At December 31, 2017, we had a cash overdraft in the amount of $11,118.

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

	Year ended December 31,
	2017			2016
Net cash used in operating activities	$	(1,964,267	)	$	(1,260,777	)
Net cash provided by financing activities		1,947,695			1,248,244

Net cash used in operating activities increased in 2017 by $703,490 compared to 2016. 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 2017, we relied on additional borrowings under both new and existing debt agreements. In 2017, net cash flows provided by financing activities were composed of $2,717,446 of additional borrowings and $769,751 of debt pay down. In 2016, we borrowed $1,723,411 of additional debt and paid down $475,167 of debt.

We believe that our principal difficulty in our inability to successfully generate profits has been the lack of available capital to operate and expand our business. We believe we need a minimum of approximately $2,000,000 in additional working capital to be utilized for development and launching of new products for Energie. 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 year ended December 31, 2017.

Off-Balance Sheet Arrangements

We had no off-balance sheet arrangements as of December 31, 2017 and 2016.

Critical Accounting Policies and Estimates

The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

We define critical accounting policies as those that are reflective of significant judgments and uncertainties and which may potentially result in materially different results under different assumptions and conditions. In applying these critical accounting policies, our management uses its judgment to determine the appropriate assumptions to be used in making certain estimates. These estimates are subject to an inherent degree of uncertainty.

Purchase Accounting for Acquisitions

Acquisition of a business requires companies to record assets acquired and liabilities assumed at their respective fair market values at the date of acquisition. Any amount of the purchase price paid that is in excess of the estimated fair value of the net assets acquired is recorded as goodwill. We determine fair value using widely accepted valuation techniques, primarily discounted cash flows and market multiple analyses. These types of analyses require us to make assumptions and estimates regarding industry and economic factors, the profitability of future business strategies, discount rates and cash flow. If actual results are not consistent with our assumptions and estimates, or our assumptions and estimates change due to new information, we may be exposed to an impairment charge in the future.

Impairment of Long-lived Assets

We periodically evaluate whether the carrying value of long-lived assets has been impaired when circumstances indicate the carrying value of those assets may not be recoverable. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the carrying value is not recoverable, the impairment loss is measured as the excess of the asset’s carrying value over its fair value.

Our impairment analyses require management to apply judgment in estimating future cash flows as well as asset fair values, including forecasting useful lives of the assets, assessing the probability of different outcomes, and selecting the discount rate that reflects the risk inherent in future cash flows. If the carrying value is not recoverable, we assess the fair value of long-lived assets using commonly accepted techniques, and may use more than one method, including, but not limited to, recent third party comparable sales and discounted cash flow models. If actual results are not consistent with our assumptions and estimates, or our assumptions and estimates change due to new information, we may be exposed to an impairment charge in the future.

Contingent Liabilities

We accrue a loss for contingencies if it is probable that an asset has been impaired or a liability has been incurred, and when the amount of loss can be reasonably estimable. When no accrual is made because one or both of these conditions does not exist, we disclose the contingency if there is at least a reasonable possibility that a loss may be incurred. We estimate contingent liabilities based on the best information we have available at the time. If we have a range of possible outcomes, we accrue the low end of the range.

Debt with Equity-linked Features

We issue debt that may have separate conversion features or no equity-linked attributes.

When we issue debt with a conversion feature, we must first assess whether the conversion feature meets the requirements to be treated as a derivative. If the conversion feature within convertible debt meets the requirements to be treated as a derivative, we estimate the fair value of the convertible debt derivative using Black-Scholes upon the date of issuance, using the stock price on the date of issuance, the risk free interest rate associated with the life of the debt, and the estimated volatility of our stock. If the conversion feature is not treated as a derivative, we assess whether it is a beneficial conversion feature (“BCF”). A BCF exists if the conversion price of the convertible debt instrument is less than the stock price on the commitment date. This typically occurs when the conversion price is less than the fair value of the stock on the date the instrument was issued. The value of a BCF is equal to the intrinsic value of the feature, the difference between the conversion price and the common stock into which it is convertible.

ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required for a smaller reporting company.

ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Report of Independent Registered Public Accounting Firm	20
Consolidated Balance Sheets	21
Consolidated Statements of Operations	22
Consolidated Statements of Equity	23
Consolidated Statements of Cash Flows	24
Notes to Consolidated Financial Statements	25

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the board of directors of ExeLED Holdings, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of ExeLED Holdings, Inc. and its subsidiary (“the Company”) as of December 31, 2017 and 2016, the related statements of operations, equity and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2017 and 2016, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States.

Going concern uncertainty

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company incurred recurring losses from operations, has net current liabilities and an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ B F Borgers CPA PC

We have served as the Company’s auditor since 2014.

Lakewood, Colorado

April 17, 2018

EXELED HOLDINGS, INC.

Consolidated Balance Sheets

	December 31,
	2017			2016
ASSETS

Current assets:
Cash and cash equivalents	$	—		$	5,454
Receivables, net		—			31
Inventory		69,498			157,178
Prepaid expenses and other		54,163			48,307
Total current assets		123,661			210,970

Noncurrent assets:
Deposits and other		14,627			6,450

Total assets	$	138,288		$	217,420

LIABILITIES AND EQUITY
Current liabilities:
Cash overdraft	$	11,118		$	—
Accounts payable		2,893,614			2,988,439
Accrued liabilities		2,628,335			1,858,127
Debt, current portion, net of discount and debt issuance costs		11,249,083			8,451,781
Total current liabilities		16,782,150			13,298,347

Debt, long-term portion		676,058			220,000
Total liabilities		17,458,208			13,518,347

Commitments and contingencies (Note 6)		—			—

Equity:
Common stock, $.0001 par value; 250,000,000 shares authorized; 249,447,433 shares issued and outstanding at December 31, 2017 and 2016		24,743			24,743
Additional paid-in capital		2,635,896			2,635,896
Accumulated deficit		(19,980,559	)		(15,961,566	)
Total deficit		(17,319,920	)		(13,300,927	)

Total liabilities and equity	$	138,288		$	217,420

See accompanying notes to consolidated financial statements.

EXELED HOLDINGS, INC.

Consolidated Statements of Operations

	Year ended December 31,
	2017			2016

Revenue	$	58,835		$	439,278
Cost of revenue		32,681			216,949
Gross profit		26,154			222,329

Operating expenses:
Research and development		269,447			249,687
Sales and marketing		3,172			68,130
General and administrative		905,370			1,197,975
Total operating expenses		1,177,775			1,515,792

Loss from operations		(1,151,621	)		(1,293,463	)

Other income (expense):
Interest expense		(2,626,783	)		(1,872,684	)
Loss on conversion of debt		—			(114,793	)
Other		(240,589	)		(174,287	)
Other income (expense), net		(2,867,372	)		(2,161,764	)

Net loss	$	(4,018,993	)	$	(3,455,227	)

Net loss per common share
Basic and diluted	$	(0.02	)	$	(0.02	)

Weighted average common shares outstanding:
Basic and diluted		249,447,433			176,839,038

See accompanying notes to consolidated financial statements.

EXELED HOLDINGS, INC.

Consolidated Statements of Equity

	Common Stock Number of Shares		Amount		Additional Paid-in Capital		Retained Deficit			Total
December 31, 2015	113,914,718	$	11,191	$	2,446,196	$	(12,506,339	)	$	(10,048,952	)

Conversion of debt	135,532,715		13,552		189,700		—			203,252

Consolidated net loss	—		—		—		(3,455,227	)		(3,455,227	)

December 31, 2016	249,447,433	$	24,743	$	2,635,896	$	(15,961,566	)	$	(13,300,927	)

Consolidated net loss	—		—		—		(4,018,993	)		(4,018,993	)

December 31, 2017	249,447,433	$	24,743	$	2,635,896	$	(19,980,559	)	$	(17,319,920	)

See accompanying notes to consolidated financial statements.

EXELED HOLDINGS, INC.

Consolidated Statements of Cash Flows

	Year ended December 31,
	2017			2016
Operating Activities:
Net loss	$	(4,018,993	)	$	(3,455,227	)
Adjustments to reconcile net loss to net cash used in
operating activities:
Amortization of debt issuance costs		723,607			316,026
Amortization of debt discount		—			72,310
Loss on conversion of debt		—			114,791
Changes in operating assets and liabilities:
Accounts receivable		31			8,520
Inventory		87,680			32,973
Prepaid expenses		(14,033	)		10,347
Accounts payable		352,071			851,735
Accrued liabilities		905,370			787,748
Net cash used in operating activities		(1,964,267	)		(1,260,777	)

Investing Activities:
Net cash from investing activities		—			—

Financing Activities:
Proceeds from debt		2,717,446			1,723,411
Payments of debt		(769,751	)		(475,167	)
Net cash provided by financing activities		1,947,695			1,248,244

Net change in cash		(16,572	)		(12,533	)

Cash, beginning of period		5,454			17,987

Cash (overdraft), end of period	$	(11,118	)	$	5,454

Cash paid for:
Interest	$	905,927		$	692,661
Income taxes		—			—

Non-cash transactions:
Debt converted to common stock	$	—		$	82,800
Accounts payable converted to debt		446,896			368,693
Accrued liabilities converted to debt		135,162			5,661
Debt issuance costs		928,000			495,223

See accompanying notes to consolidated financial statements.

EXELED HOLDINGS, INC.

Notes to Consolidated Financial Statements

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

Formation of the Company

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, Energie LLC (hereinafter referred to as, “Energie”). The Share Exchange Agreement was not effective until July 2, 2014 due to a variety of conditions subsequent that needed to be met, which are described below. Upon effectiveness, we issued 33,000,000 “restricted” shares of our common stock, representing approximately 65% of our then issued and outstanding voting securities, in exchange for all of the issued and outstanding member interests of Energie. The accounting is identical to that resulting from a reverse acquisition, except that no goodwill or other intangible is recorded.

All references herein to “us,” “we,” “our,” “Holdings,” or the “Company” refer to ExeLED Holdings, Inc. and its subsidiary, 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. The 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.

Basis of Presentation

Our financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The preparation of our financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Furthermore, when testing assets for impairment in future periods, if management uses different assumptions or if different conditions occur, impairment charges may result.

Going Concern

As shown in the accompanying financial statements, we had an equity deficit of $17,319,920 and a working capital deficit of $16,658,489 as of December 31, 2017, and have reported net losses of $4,018,993 and 3,455,227, respectively, for the years ended December 31, 2017 and 2016. These factors raise substantial doubt regarding our ability to continue as a going concern.

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.

Reclassifications

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

Summary of Significant Accounting Policies

Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits with banks, and investments that are highly liquid and have maturities of three months or less at the date of purchase.

Accounts receivable

We record accounts receivable at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any loss anticipated on the accounts receivable balances and is charged to Other income (expense) in the consolidated statements of operations. We calculate this allowance based on our history of write-offs, the level of past-due accounts based on the contractual terms of the receivables, and our relationships with, and the economic status of, our customers.

At our discretion, we may sell our accounts receivable with recourse in order to accelerate the receipt of cash. Upon the sale of selected accounts receivable, title transfers to the counterparty to the factoring agreement, we receive 85% of the face amount sold, and we remove the account receivable from our balance. We pay a commission and, if the balance is not collected by the counterparty within 30 days, a factoring fee. We are responsible for repaying the factoring counterparty for any amounts they are unable to collect. The factoring counterparty retains a reserve in the event the amount they ultimately collect is less than the amount paid to us. Depending on the volume of activity and uncollected accounts, therefore, we may have a receivable from or a liability to the factoring counterparty.

Inventory

Inventory is stated at the lower of cost or net realizable value, using the first-in, first-out method (“FIFO”) to determine cost. We monitor inventory cost compared to selling price in order to determine if a lower of cost or net realizable value mark-down is necessary. Inventory consists only of raw materials.

Intangible assets

Our intangible assets consist of the following:

UL Listings – Energie has over 20 United Laboratories^TM (“UL”) files, which include UL Listings for over 14,000 products for sale in the United States and Canada. UL is an independent safety testing laboratory. A UL Listing means that UL has tested representative samples of the product and determined that it meets UL’s requirements. These requirements are based primarily on UL’s published and nationally recognized standards for safety. UL’s testing certifies the design, construction and assembly of the certified products. UL Listings do not expire as long as the product certified is not materially changed. Ownership of a UL Listing may also be transferred between companies. Most customers in the lighting industry will only buy UL listed products.

Trademarks – Energie is a registered trademark.

Marketing and design – These consist of engineering and marketing materials covering the majority of our product offerings.

Intangible assets are recorded at the cost to acquire the intangible, net of amortization over their estimated useful lives on a straight-line basis. We determine the useful lives of our intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors we consider when determining useful lives include the contractual term of any agreement related to the asset, the historical performance of the asset, our long-term strategy for using the asset, any laws or other local regulations that could impact the useful life of the asset, and other economic factors, including competition and specific market conditions.

Property and equipment

Property and equipment are stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of our assets, which are reviewed periodically.

Impairment of long-lived assets

When facts and circumstances indicate that the carrying value of long-lived assets may not be recoverable, management assesses the recoverability of the carrying value by preparing estimates of revenues and the resulting gross profit and cash flows. These estimated future cash flows are consistent with those we use in our internal planning. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment loss. The impairment loss recognized, if any, is the amount by which the carrying amount of the asset (or asset group) exceeds the fair value. We may use a variety of methods to determine the fair value of these assets, including discounted cash flow models, which are consistent with the assumptions we believe hypothetical marketplace participants would use.

We have the option to perform a qualitative assessment of long-lived assets prior to completing the impairment test described above. We must assess whether it is more likely than not that the fair value of the long-lived assets is less than their carrying amount. If we conclude that this is the case, we must perform the test described above. Otherwise, we do not need to perform any further assessment.

As a result of applying the above procedures, we fully impaired all long-lived assets during the year ended December 31, 2014. Since that time, we have not acquired any long-lived assets.

Warranty reserve

We provide limited product warranty for one year on our products and, accordingly, accrue an estimate of the related warranty expense at the time of sale, included in Accrued liabilities on the consolidated balance sheets.

Convertible debt

We first evaluate our convertible debt to determine whether the conversion feature is an embedded derivative that requires bifurcation and derivative treatment. Based on our analysis, we determined derivative treatment was not required. We then evaluate whether the conversion feature is a beneficial conversion feature. Our convertible debt is treated as a liability and permits settlement in cash. Accordingly, in order to determine the value of the conversion feature, we compared the estimated fair value of the convertible debt to the fair value of debt that did not have the conversion feature. Based on this analysis, we concluded that the value of the conversion feature was immaterial.

Revenue recognition

We recognize revenue when the four revenue recognition criteria are met, as follows:

Persuasive evidence of an arrangement exists – our customary practice is to obtain written evidence, typically in the form of a sales contract or purchase order;

Delivery – 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, such as installation;

The price is fixed or determinable – prices are typically fixed at the time the order is placed and no price protections or variables are offered; and

Collectability is reasonably assured – we typically work with businesses with which we have a long standing relationship, as well as monitoring and evaluating customers’ ability to pay.

Refunds and returns, which are minimal, are recorded as a reduction of revenue. Payments received by customers prior to our satisfying the above criteria are recorded as unearned income in the consolidated balance sheets.

Shipping and handling

Payments by customers to us for shipping and handling costs are included in revenue on the consolidated statements of operations, while our expense is included in cost of revenues. Shipping and handling for inventory and materials purchased by us is included as a component of inventory on the consolidated balance sheets, and in cost of revenues in the consolidated statements of operations when the product is sold.

Research and development costs

Internal costs related to research and development efforts on existing or potential products are expensed as incurred. External costs incurred for intangible assets, such as UL listing costs and attorney fees for patents, are capitalized.

Income taxes

We recognize deferred income tax assets and liabilities for the expected future tax consequences of temporary differences between the income tax and financial reporting carrying amount of our assets and liabilities. We monitor our deferred tax assets and evaluate the need for a valuation allowance based on the estimate of the amount of such deferred tax assets that we believe do not meet the more-likely-than-not recognition criteria. We also evaluate whether we have any uncertain tax positions and would record a reserve if we believe it is more-likely-than-not our position would not prevail with the applicable tax authorities. Our assessment of tax positions as of December 31, 2017 and 2016, determined that there were no material uncertain tax positions.

Concentration of credit risk

Financial instruments that potentially subject us to concentrations of credit risk consist of accounts receivable and the amount due, if any, from our factoring counterparty. For the year ended December 31, 2017 three customers represented more than 52% of our total revenues. As of December 31, 2017, our accounts receivable balance was not material to the overall consolidated financial statements.

Fair value of financial instruments

Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, and long-term debt. The carrying value of these financial instruments is considered to be representative of their fair value due to the short maturity of these instruments. The carrying amount of our long-term debt approximates fair value, because the interest rates on these instruments approximate the interest rate on debt with similar terms available to us.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, as follows:

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities.

Recently Issued Accounting Pronouncements

In May 2017, the FASB issued ASU No. 2017-09 (ASU 2017-09), Scope of Modification Accounting (Topic 718). This guidance clarifies the accounting for when the terms of a share-based award are modified. The ASU is effective for annual reporting periods beginning after December 15, 2017, and for interim periods within those years, with early adoption permitted. We do not currently expect this ASU to have a significant impact on our consolidated financial statements and related disclosures

In May 2016, the FASB issued ASU No. 2016-12 (ASU 2016-12), Revenue from Contracts with Customers (Topic 606). The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-12 provides clarification on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications.

In May 2016, the FASB issued ASU No. 2016-11 (ASU 2016-11), Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815). This ASU clarifies guidance on assessing whether an entity is a principal or an agent in a revenue transaction. This conclusion impacts whether an entity reports revenue on a gross or net basis.

In April 2016, the FASB issued ASU No. 2016-10 (ASU 2016-10), Revenue from Contracts with Customers (Topic 606). This guidance clarifies identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas.

We have reviewed our contracts with customers, identified the rights of the parties, evaluated the payment terms, assessed the commercial substance of the contracts, and estimated the probability of collectability. We have also considered the goods and services we deliver compared to the contractual performance obligations. Our agreements predominantly have a fixed price for the goods or services to be delivered, we do not provide financing, and we settle in cash. Each separate performance obligation within our contracts with customers is priced individually, and we recognize revenue as each good or service is delivered, meaning when the performance obligation is satisfied. Based on this assessment, adoption of the three ASUs immediately above will not have a significant impact on our consolidated results of operations, cash flows or financial position.

Other recent accounting pronouncements issued by the FASB and the SEC did not, or management believes will not, have a material impact on our present or future consolidated financial statements.

Note 2 – Receivables

Receivables consist of the following:

	December 31,
	2017			2016
Customer receivables	$	35,821		$	14,432
Less: Allowance for uncollectible accounts		(35,821	)		(14,401	)
		—		$	31

Note 3 – Debt

Debt consists of the following:

			December 31,
Description	Note		2017			2016
Line of credit		A	$	31,588		$	47,000
Note payable to distribution partner		B		550,000			550,000
Investor debt		C		371,507			371,507
Related party debt		D		10,038,037			6,719,979
Other notes payable		E		1,021,937			981,137
Cash draw agreements		F		338,083			211,076
Convertible promissory notes		G		58,937			71,637
Total				12,410,089			8,952,336
Less: unamortized discount and debt issuance costs				(484,948	)		(280,555	)
Debt, net of unamortized discount and debt issuance costs				11,925,141			8,671,781
Less: current portion				(11,249,083	)		(8,451,781	)
Debt, long-term portion			$	676,058		$	220,000

A – Line of Credit – We utilized this entire bank line of credit for working capital purposes. The outstanding obligation is due on demand, has a stated initial interest rate of 10.5% that is subject to adjustment, and is guaranteed by our majority shareholder/CEO. Energie 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 $31,588.

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 December 31, 2017 and 2016. These loans are not collateralized. The following summarizes the terms and balances of the investor debt:

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

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

	December 31,
	2017		2016		Interest Rate
D1	$	4,635,865	$	4,635,865		various
D2		34,888		34,888		12	%
D3		362,550		356,550		various
D4		1,205,234		668,176		18	%
D5		3,799,500		1,024,500		6	%
Total	$	10,038,037	$	6,719,979

D1 – Notes payable to Symbiote, Inc. (“Symbiote”), entered into from December 2014 to June 2016, with monthly principal and interest payable through November 2017. Symbiote is an owner of the common stock of Holdings, is the lessor of our manufacturing facility, and the provider of our payroll services. We also owe Symbiote $1,285,325 in accounts payable and accrued interest.

D2 – Note payable to our chief executive officer (“CEO”), entered into in December 2014, with monthly principal and interest payable through December 2016. We also owe Hal $879,404 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 March 2017, with principal and interest payments due upon a specific event or upon demand. We also owe her $199,740 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 notes aggregated the previous accounts payable and accrued interest due to the consulting firm at the time the notes were made. As of January 1, 2016, three of the notes are convertible into shares of our common stock at a conversion 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 does not meet the requirements to be treated as a derivative; however, we did determine it was a beneficial conversion feature. Accordingly, we recorded a debt discount of $217,725, which was amortized through interest expense over the life of the notes. We also owe this firm $294,412 in accrued interest.

D5 – Notes payable to the principal shareholders of Symbiote, entered into from April to December 2017, with principal and interest payments due upon a specific event or upon demand. We also owe them $106,154 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 due under these arrangements was $437,529 as of December 31, 2017. The maturity dates of the agreements range from January to April 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.

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 $484,948 are being amortized over the life of their respective notes.

The future maturities of debt are as follows:

Note 4 – Equity

We have authorized 5,000,000 shares of preferred stock at $0.0001 par value, with no shares issued and outstanding as of December 31, 2017. Upon issuing preferred stock, if any, the terms of each tranche of issuance may be determined by our board of directors, including dividends and voting rights.

In July 2014, we entered into an agreement with Dutchess Opportunity Fund, II, LP (“Dutchess”), under which Dutchess has agreed to purchase from us 5,000,000 shares of our common stock, up to $5 million, during a 36 month period commencing on the date a Registration Statement on Form S-1 was declared effective, October 29, 2014. We will sell these shares to Dutchess at a price equal to 94% of the lowest daily volume weighted-average price of our common stock during the five consecutive trading days beginning on the day we make notice to Dutchess and ending on and including the date that is four trading days after such notice. We have the right to withdraw all or any portion of any put before the closing, subject to certain limitations. As part of the agreement with Dutchess, we transferred 2,000,000 shares of our common stock for no proceeds. We will receive proceeds when we make notice to Dutchess to sell these shares. The market price of the 2,000,000 shares was $40,000, based on the trading price on the date of transfer. If we do not make notice to Dutchess, these shares will be returned to us at the end of the 36 month contractual period. As of December 31, 2017, we had not made notice to Dutchess to sell any of these shares. Accordingly, the net impact to our stockholders’ equity is zero.

Note 5 – Commitments and Contingencies

Future minimum rental payments required under all leases that have remaining non-cancelable lease terms in excess of one year as of December 31, 2017, are as follows:

	2018			$	28,890
				$	28,890

Note 6 – Income Taxes

On December 22, 2017, the Tax Reform Act was signed into law which significantly changed U.S. tax law by, among other things, lowering the corporate income tax rate from 35% to 21% effective January 1, 2018, allowing for the acceleration of expensing for certain business assets, requiring companies to pay a one-time transition tax on certain un-remitted earnings of foreign subsidiaries, and eliminating U.S. federal income tax on dividends from foreign subsidiaries. We have no tax provision for any period presented due to history of operating losses. As of December 31, 2017, we had deferred tax assets of $4,746,539, resulting from certain temporary differences and net operating loss (“NOL”) carry-forwards, which are available to offset future taxable income, if any, through 2036. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as management has determined that their realization is not likely to occur and accordingly, we have recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.

The components of the provision for income taxes are as follows:

	Year ended December 31,
	2017			2016
Current tax provision
Federal	$	(1,289,209	)	$	(1,100,820	)
State		(167,508	)		(143,630	)
		(1,456,717	)		(1,244,450	)
Deferred tax provision
Federal		1,289,209			1,100,820
State		167,508			143,630
		1,456,717			1,244,450
	$	—		$	—

The components of net deferred tax assets and liabilities are as follows:

	Year ended December 31,
	2017			2016
Current deferred tax asset (liability):
Inventory reserve	$	97,554		$	67,430
Warranty reserve		7,148			7,148
Net operating loss carryforward		4,641,837			3,185,120
Valuation allowance		(4,746,539	)		(3,259,698	)
		—			—
Long-term deferred tax asset (liability)
Long-lived assets		101,277			112,895
Valuation allowance		(101,277	)		(112,895	)
Net deferred tax asset (liability)	$	—		$	—

A reconciliation of our income tax provision and the amounts computed by applying statutory rates to income before income taxes is as follows:

	Year ended December 31,
	2017			2016
Income tax benefit at statutory rate	$	(1,366,458	)	$	(1,169,297	)
State income tax, net of Federal benefit		(122,812	)		(105,092	)
Amortization of debt discount		—			27,793
Other		14,047			7,130
Valuation allowance		1,475,223			1,239,466
	$	—		$	—

Note 7 – Net Loss Per Share

The following table presents a reconciliation of the denominators used in the computation of net loss per share – basic and diluted:

	Year ended December 31,
	2017			2016
Net loss available for stockholders	$	(4,018,993	)	$	(3,455,227	)
Weighted average outstanding shares of common stock		249,447,443			176,839,038
Dilutive effect of securities		—			—
Common stock and equivalents		249,447,443			176,839,038
Net loss per share – Basic and diluted	$	(0.02	)	$	(0.02	)

There are no dilutive instruments outstanding during the years ended December 31, 2017 and 2016.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None

ITEM 9A.

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

We carried out an evaluation under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2017, the end of the period covered by this Report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective at the reasonable assurance level due to the material weaknesses discussed below.

Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, our principal executive officer and principal financial officer and effected by the Board, management, and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and includes those policies and procedures that:

pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures of are being made only in accordance with authorizations of our management and directors; and

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Because of our inherent limitations, our internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The material weaknesses in internal control over financial reporting were as follows: (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; (c) we have not implemented adequate system-based and manual controls; and (d) we do not have an audit committee.

Our management assessed the effectiveness of internal control over financial reporting as of December 31, 2017. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organization of the Treadway Commission (“COSO”) in Internal Control – Integrated Framework (2013). Based on management’s assessment, management concluded that the above material weaknesses have not been remediated and, accordingly, our internal control over financial reporting is not effective as of December 31, 2017.

Remediation Plan

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 over financial reporting will be effective in the near future.

Changes in Internal Control over Financial Reporting

There were no significant changes to our internal control over financial reporting that occurred during the year ended December 31, 2017, that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

This Annual Report on Form 10-K does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit us to provide only management’s report in this Annual Report on Form 10-K.

ITEM 9B.

OTHER INFORMATION

None.

PART III

ITEM 10.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Following is a list of our officers and directors:

Name	Age	Position
Harold Hansen	69	President, Chief Executive Officer and Director
Richard Cole Dennard	39	Chief Financial Officer
Thomas H. Rockers	70	Corporate Secretary

Our directors serve as directors until our next Annual Meeting of Stockholders and the election and qualification of the director’s respective successor or until the director’s earlier death, removal or resignation.

There are no family relationships between any of our former or current officers and directors.

Following is biographical information of our current management:

Harold (Hal) Hansen: President, Chief Executive Officer and Director. Mr. Hansen was appointed to his positions in April 2014. Since September 2011, he has also been the founder, CEO and Managing Member of Énergie. He has held senior executive-level positions in general management, marketing, sales management, and in product, market, and corporate development for major U. S. companies. Mr. Hansen has experience in international business projects in Canada, Mexico, Western Europe, and in the People's Republic of China. He has a broad background in the development and implementation of strategic and tactical marketing and business plans as well as in the development and delivery of the education, training, and communication programs needed to implement the plans. As a business consultant since 1983, he helped companies (ranging from divisions of large multi-national manufacturers and service organizations to start-ups) increase their sales volume and profitability. Along with a consulting engagement with Peerless Lighting, he has developed international lighting importing projects for Zumtobel/Staff and ERCO before becoming the temporary Vice President of Marketing and Sales for Focal Point Lighting. During these projects, he designed and implemented programs that established and implemented new or expanded entries of international lighting into the US market. Mr. Hansen devotes substantially all of his time to our affairs. Mr. Hansen’s experience as Energie’s founder qualifies him to serve on our board of directors.

Richard Cole Dennard: Chief Financial Officer. Mr. Dennard acts as our Chief Financial Officer on a contract basis since July 2014. He has worked with Énergie, LLC since early 2012. He is a seasoned accounting and finance professional with a diverse background in a variety of industries, including companies in the manufacturing, distribution, energy services, insurance and professional services industries. Mr. Dennard worked in the assurance practice at Deloitte & Touche LLP for seven years. For the last 8 years, Mr. Dennard has been a partner for a regional consulting firm. He devotes only such time as necessary to our business, which does not exceed 20% of his business activities.

Thomas H. Rockers: Corporate Secretary. Mr. Rockers was appointed as our Corporate Secretary in March 2015. Prior to his appointment, from 2003 through July 2012, when he retired, Mr. Rockers was the Chief Executive Officer of St. Anthony’s Medical Center, in St. Louis, MO, where he increased net revenues from $300 million, to $500 million. Mr. Rockers was also CEO of the Alliance in Denver, CO from 1998 to 2002, where he grew that company from $5 million to $40 million. Mr. Rockers received a Master of Health Care Administration from the University of Minnesota in 1972 and a Bachelor of Science degree from South Dakota State University in 1969. He devotes only such time as necessary to our business affairs, which is not expected to exceed 20% of his time.

Business Advisory Group:

Our Business Advisory Group is made up of selected professionals who will provide strategic and operational guidance to our executive team as well as the executives and managers of our subsidiaries. They are not employees, but will be contracted to perform specific projects as needed. We expect to utilize the expertise of this group in the event that we are able to secure external financing as discussed in “Part II, Item 7, Management’s Discussion and Analysis – Liquidity and Capital Resources”.

Philip Mercorella (73) Mr. Mercorella has extensive experience in public and private companies as well as with private equity firms. He served for 22 years with Herman Miller Inc., and is now retired from that company. His positions ranged from Executive Vice- President, Herman Miller, Inc. (Parent Company) to being an Officer and Chief Executive of several subsidiaries. Mr. Mercorella’s private equity/operating partner involvements include Goldner, Hawn, Johnson & Morrison, Minneapolis, MN; Parallel Investment Partners, Dallas, TX; Genuity Capital Partners, Toronto, Canada; and Nicollet Capital Investors, Minneapolis, MN. He is currently serving as Chairman of the Board of Directors and operating partner with Flower Group Inc. (One Floral), Ontario, Canada. He holds degrees from St. Francis College, BBA Management and Pennsylvania State University, MBA Marketing. He has also been a faculty member at Penn State.

Andrew Hurry (49) Mr. Hurry is a senior banker with over 20 years of strategic advisory and transactional experience. His strengths include applying a unique combination of a pragmatic scientific, engineering and finance background to complex situations across environmental, telecom, healthcare and other industries. Mr. Hurry is currently a FINRA Registered Representative with the Denver based investment bank The Yale Group. Prior to joining The Yale Group, Mr. Hurry was a principal at Grayson & Associates, a merchant banking firm focusing on medical related technology investments. Before Grayson, he was a Senior Project Manager in Europe for global environmental consulting firms with his role focusing on business development, environmental due diligence and natural resource development. Mr. Hurry holds an MBA from the University of London, England, an M.Sc. from University College London and a B.Sc. from the University of Glasgow, Scotland.

Mitchell Kohn (63) Mr. Kohn is president of Mitchell B. Kohn Lighting Design, with Chicago area offices in Highland Park, Illinois, specializing in lighting design for corporate, commercial, institutional, and high-end residential environments. With over 30 years of experience, he has successfully completed over 500 projects throughout the world. In addition to consulting to corporations and architectural and design firms world-wide, Mr. Kohn is a frequent lecturer on various lighting subjects with courses registered with both the AIA and IIDA. He has been a consultant to several domestic and international lighting manufacturing companies, applying his expertise to product development and marketing. He has been published extensively on both technical subjects, as well as design projects, that have included discussions on glare control, energy saving techniques, task lighting, sustainability, and visual performance. He has been named a Fellow of both the International Association of Lighting Designers (IALD), and the Illuminating Engineering Society (IES), for which he served as Chairman of their Office Lighting Committee, responsible for developing and maintaining ANSI lighting standards for 15 years. He has served on the Board of Directors of the IALD, the IALD Education Trust, the National Council on Qualifications for the Lighting Professions (NCQLP), and Lightfair International. For his architectural lighting designs, Mr. Kohn has also been the recipient of the International Illumination Design Award of Distinction, and the IES Award of Excellence, their highest design award recognition, a General Electric Edison Award, an IALD Design Citation, and a U.S. Patent for developments in the field of task lighting. He also served as writer and editor of Lighting Focus, a quarterly lighting supplement to Interiors Magazine and Architecture Magazine.

There are no agreements or understandings for any of our executive officers or directors to resign at the request of another person and no officer or director is acting on behalf of nor will any of them act at the direction of any other person. The offices of President, Chief Executive Officer, Treasurer, Chief Financial Officer and Secretary are appointed by our Board of Directors, with other officer’s positions being filled by appointment from our President and Chief Executive Officer. Directors are elected by our shareholders. Vacancies on the Board of Directors may be filled by majority vote from the remaining members of the Board of Directors or by a majority vote of our shareholders; in each case directors serve until their earlier resignation or their successors are duly elected and qualified.

Director Independence

We are not an issuer whose securities are listed on a national securities exchange, or an inter-dealer quotation system, which has requirements that a majority of the board of directors be independent. Under NASDAQ Rule 5605(a)(2)(A), a director is not considered to be independent if he or she also is an executive officer or employee of the corporation. Under such definition, Harold Hansen, our sole director, would not be considered independent.

Board Committees

We presently do not have an audit committee, compensation committee or nominating committee, or committees performing similar functions, as our management believes that until this point it has been premature at the early stage of our management and business development to form committees. However, our new management plans to form an audit, compensation and nominating committee in the near future; the implementation of which is likely to be in connection with our next contemplated acquisition. We envision that the audit committee will be primarily responsible for reviewing the services performed by our independent auditors and evaluating our accounting policies and system of internal controls. We envision that the compensation committee will be primarily responsible for reviewing and approving our salary and benefits policies (including stock options) and other compensation of our executive officers. The nominating committee would be primarily responsible for nominating directors and setting policies and procedures for the nomination of directors. The nominating committee would also be responsible for overseeing the creation and implementation of our corporate governance policies and procedures. Until these committees are established, these decisions will continue to be made by our board. Although our board has not established any minimum qualifications for director candidates, when considering potential director candidates, our board considers the candidate’s character, judgment, skills.

We do not have a charter governing the nominating process. Our sole director will initially perform the functions of a nominating committee, but is not independent because he is also an officer. There has not been any defined policy or procedure requirements for stockholders to submit recommendations or nominations for directors. Our Board does not believe that a defined policy with regard to the consideration of candidates recommended by stockholders is necessary at this time because, given the early stages of our development, a specific nominating policy would be premature and of little assistance until our business operations are at a more advanced level.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Exchange Act requires our officers and directors and persons owning more than ten percent of the common stock, to file initial reports of ownership and changes in ownership with the SEC. Additionally, Item 405 of Regulation S-K under the Exchange Act requires us to identify in our Form 10-K and proxy statement those individuals for whom one of the above referenced reports was not filed on a timely basis during the most recent year or prior years. To our knowledge, based solely upon our review of the copies of such reports furnished to us, during the fiscal year ended December 31, 2017, all Section 16(a) filing requirements applicable to our officers, directors and greater than 10% beneficial owners were complied with.

Code of Ethics

Our board of directors has not adopted a code of ethics but plans to do so in the near future.

ITEM 11.

EXECUTIVE COMPENSATION

The following table provides certain information regarding compensation awarded to, earned by or paid to persons serving as our Chief Executive Officer during the years ended December 31, 2017 and 2016. We had no other highly compensated officers or employees who had total compensation exceeding $100,000 for the year ended December 31, 2017 and 2016 (each a “named executive officer”).

Summary Compensation Table

Salary

Bonus

Option Awards

All Other Compensation

Total

Name and Principal Position

Year

($)

Harold (Hal) Hansen ⁽¹⁾

President, Chief Executive Officer and Director

2016

2017

150,000

75,000

225,000

(1) This compensation has been accrued and remains unpaid as of the date of this Report.

Employment Agreements

Prior to the closing of the Share Exchange and in anticipation of closing, we entered into an employment agreement with Harold Hansen, our President and Chief Executive Officer.

Mr. Hansen’s current employment agreement became effective April 1, 2014. The agreement provides for an annual salary of $150,000 per year with increases each year if trailing twelve-month sales meet or exceed certain levels. Mr. Hansen is subject to 18 month non-compete / non-solicitation provisions following termination of his employment with us. In addition, he is eligible to receive a three-year severance package equal to his current compensation at the time of termination in the event of a termination without cause, as defined therein.

We have entered into an independent contractor agreement with NOW CFO, a Denver, Colorado-based financial consulting firm, to provide our Treasurer and Chief Financial Officer, Richard Cole Dennard. The charges for these services are payable to NOW CFO, the firm that employs Mr. Dennard. We do not pay Mr. Dennard directly and are not directly involved with his compensation as this is agreed to between NOW CFO and Mr. Dennard. For the years ended December 31, 2017 and 2016, respectively, we incurred $64,374 and $217,053 for services provided by NOW CFO, which include Mr. Dennard’s services as well as several other accounting positions. We paid a total of $45,000 and $7,500 to NOW CFO during the years ended December 31, 2017 and 2016, respectively. See “Part III, Item 13. Certain Relationships and Related Party Transactions and Director Independence” for amounts owed to NOW CFO as of December 31, 2017 and 2016.

Equity Compensation Plan

We have adopted the Energie Holdings, Inc. 2014 Stock Option Plan and have reserved 5,100,000 shares of issuance thereunder (the “Plan”). The Plan includes awards that qualify as performance-based compensation that is exempt from the deduction limitation set forth under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”). Subject to certain exceptions, Section 162(m) generally limits the corporate income tax deductions to $1,000,000 annually for compensation paid to each of the Chief Executive Officer and our other six highest paid executive officers required to be reported under the proxy disclosure rules.

As of the date of this report no shares or options to purchase any shares have been granted. We believe that the Plan will be an important factor in attracting, retaining and motivating our employees, consultants, agents, and directors. We believe that we need the flexibility both to have an ongoing reserve of common stock available for future equity-based awards, and to make future awards in a variety of forms.

Outstanding Equity Awards at Fiscal Year-End

None.

Director Compensation

We did not pay any compensation to directors for service on the board of directors during the year ended December 31, 2017.

ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The following table sets forth certain information regarding the ownership of common stock as of the date of this Report, by (i) each person known to us to own more than 5% of our outstanding common stock as of the date of this Report, (ii) each of our directors, (iii) each of our executive officers, and (iv) all of our directors and executive officers as a group. Unless otherwise indicated, all shares are owned directly and the indicated person has sole voting and investment power.

———————

(1)

Officer and/or director of our Company.

ITEM 13.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

Related Party Transactions

The following includes a summary of transactions since the beginning of our 2016 fiscal year, or any currently proposed transaction, in which we were or are to be a participant and the amount involved exceeded or exceeds the lesser of $120,000 or one percent of the average of our total assets at year end for the last two completed fiscal years, and in which any related person had or will have a direct or indirect material interest (other than compensation described under “Executive Compensation”). We believe the terms obtained or consideration that we paid or received, as applicable, in connection with the transactions described below were comparable to terms available or the amounts that would be paid or received, as applicable, in arm’s-length transactions.

Notes Payable to Related Parties

The following summarizes the terms and balances of the related party notes:

	December 31, 2017		December 31, 2016		Interest Rate
D1	$	4,635,865	$	4,635,865		various
D2		34,888		34,888		12	%
D3		362,550		356,550		various
D4		1,205,234		668,176		18	%
D5		3,799,500		1,024,500		6	%
Total	$	10,038,037	$	6,719,979

D1 – Symbiote, Inc. is one of our shareholders. We also incur approximately $150,000 annually for rent expense with them. According to one of the note agreements with them, the note holder may, at its option at any time after default, proceed to convert any remaining balance of the notes to equity at a rate equal to the proportion of the remaining balance of the note divided by $4,000,000 enterprise value. This note was considered to be in default as of December 31, 2017; therefore, the note holder has the right to exercise the conversion option, but has not yet elected to do so. We evaluated this agreement for derivatives and determined that it does not qualify for derivative treatment for financial reporting purposes, because the agreement relates to our own equity and, the debt and the equity are not closely related. We also determined this does not qualify as a beneficial conversion feature. Accordingly, the balance is reported at the carrying amount. In addition, we entered into several additional notes with Symbiote between February 2015 and June 2016 which are included in this amount. We also owe Symbiote $1,285,325 in accounts payable and accrued interest.

D2 – Harold (Hal) Hansen is our chief executive officer (“CEO”). We also owe Hal $879,404 in accrued compensation, accrued interest, and expenses incurred on behalf of the Company.

D3 – Julianne Larsen is the spouse of our CEO. This debt is held by a trust for which Ms. Larsen is the trustee. We also owe the trust $199,740 in accrued interest.

D4 – NOW CFO is the consulting firm that employs our Chief Financial Officer (“CFO”). We also owe NOW CFO $294,412 in accrued interest.

D5 – Travis and Sandra Randolph are the principal shareholders of Symbiote, Inc. We also owe them $106,154 in accrued interest.

There are no other related party transactions that are required to be disclosed pursuant to Regulation S-K promulgated under the Securities Act of 1933, as amended.

ITEM 14.

PRINCIPAL ACCOUNTING FEES AND SERVICES

Fees Paid to Independent Registered Public Accounting Firms

The following table presents fees for professional audit services rendered by B F Borgers CPA PC, our independent accountant, during our fiscal years ended December 31, 2017 and 2016:

	December 31, 2017		December 31, 2016
Audit fees	$	31,789	$	34,119
Audit related fees		—		—
Tax fees		—		—
All other fees		—		—
Total	$	31,789	$	34,119

Audit Fees: Consists of amounts billed for professional services rendered for the audit of our annual financial statements included in our Annual Reports on Forms 10-K for our fiscal years ended December 31, 2017 and 2016 and reviews of our interim financial statements included in our Quarterly Reports on Form 10-Q.

Tax Fees: Consists of amounts billed for professional services rendered for tax return preparation, tax planning and tax advice.

All Other Fees: Consists of amounts billed for services other than those noted above.

We do not have an audit committee and as a result our entire board of directors performs the duties of an audit committee. Our board of directors evaluates the scope and cost of the engagement of an auditor before the auditor renders audit and non-audit services.

PART IV

ITEM 15.

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

The following exhibits are included herewith:

Exhibit No.		Description

21.1		List of Subsidiaries
31.1		Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 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*

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(*) Filed Herewith

The following exhibits have previously been filed with the Securities and Exchange Commission by the Registrant on the dates indicated.

Exhibit Number			Description

2.1			Stock Purchase Agreement by and between the Registrant and The Kennedy Company, dated as of February 5, 2004 (incorporated by reference to Exhibit 2.1 to our Current Report on Form 8-K dated as of February 20, 2004)

2.2			Agreement and Plan of Merger by and between the Registrant, SRI Acquisition Corp. and Larscom Incorporated, dated as of April 28, 2004 (incorporated by reference to Annex A to the Joint Proxy Statement/Prospectus, dated June 24, 2004, forming a part of Verilink’s Registration Statement on Form S-4 (File No. 333-116472)

3.1			Certificate of Incorporation of Energie Holdings, Inc. (incorporated by reference to Current Reports on Form 8-K dated as of June 10, 2014 and July 2, 2014)

3.2			Bylaws of Energie Holdings, Inc. (incorporated by reference to Current Reports on Form 8-K dated as of June 10, 2014 and July 2, 2014)

3.3			Certificate of Amendment to Certificate of Incorporation of Energie Holdings, Inc. filed September 18, 2014

3.4			Articles of Amendment of ExeLED Holdings Inc. filed December 4, 2015

10.38			Share Exchange Agreement dated December 31, 2013 between Alas Aviation Corp. and OELC LLC, and Shareholders of OELC LLC (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K dated as of December 31, 2013)

10.39			Agreement and Plan of Merger dated January 27, 2014 between Alas Aviation Corp., Alas Acquisition Company and Energie Holdings, Inc. (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K and Form 8-K/A dated as of January 27, 2014)

10.40			Investment Agreement dated July 16, 2014 between Energie Holdings, Inc. and Dutchess Opportunity Fund, II, LP (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K dated as of July 16, 2014)

10.41			Registration Rights Agreement dated July 16, 2014 between Energie Holdings, Inc. and Dutchess Opportunity Fund, II, LP (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K dated as of July 16, 2014)

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 thereunder duly authorized.

Dated: April 17, 2018	EXELED HOLDINGS INC. By: __/s/ Harold Hansen________ Harold Hansen, Principal Executive Officer

	By: __/s/ Richard Cole Dennard__ Richard Cole Dennard, Principal Financial and Accounting Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on April 17, 2018.

__/s/ Harold Hansen________

Harold Hansen,

Chief Executive Officer and Director

(principal executive officer)

__/s/ Richard Cole Dennard__

Richard Cole Dennard, Chief Financial Officer (principal financial and accounting officer)

EX-21.1 2 f2seled10k041218ex21_1.htm LIST OF SUBSIDIARIES

Exhibit 21.1

LIST OF SUBSIDIARIES

Set forth below is a list of each of the subsidiaries of ExeLED Holdings Inc.

Name of entity		Jurisdiction
Energie LLC		Delaware

EX-31.1 3 f2seled10k041218ex31_1.htm CERTIFICATION

Exhibit 31.1

CERTIFICATION

I, Harold Hansen, certify that:

1. I have reviewed this Annual Report on Form 10-K of ExeLED Holdings Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15 (f) and 15 (d)-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financing reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over the financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Harold Hansen
	Chief Executive Officer
	(Principal Executive Officer)

Date: April 17, 2018

EX-31.2 4 f2seled10k041218ex31_2.htm CERTIFICATION

Exhibit 31.2

CERTIFICATION

I, Richard Cole Dennard, certify that:

1. I have reviewed this Annual Report on Form 10-K of ExeLED Holdings Inc.;

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Richard Cole Dennard
	Chief Financial Officer
	(Principal Financial Officer)

Date: April 17, 2018

EX-32.1 5 f2seled10k041218ex32_1.htm CERTIFICATION

Exhibit 32.1

Certification

Pursuant to Section 906 of the Sarbanes-Oxley Act Of 2002

(Subsections (A) And (B) Of Section 1350, Chapter 63 of Title 18, United States Code)

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of ExeLED Holdings Inc. (the “Company”), does hereby certify, that:

The Annual Report on Form 10-K for the fiscal year ended December 31, 2017 (the “Form 10-K”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Harold Hansen
Dated: April 17, 2018	Chief Executive Officer
	(Principal Executive Officer)



	/s/ Richard Cole Dennard
Dated: April 17, 2018	Chief Financial Officer (Principal Financial Officer)

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Note 1 – Description of Business and Summary of Significant Accounting Policies   Formation of the Company   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, Energie LLC (hereinafter referred to as, “Energie”). The Share Exchange Agreement was not effective until July 2, 2014 due to a variety of conditions subsequent that needed to be met, which are described below. Upon effectiveness, we issued 33,000,000 “restricted” shares of our common stock, representing approximately 65% of our then issued and outstanding voting securities, in exchange for all of the issued and outstanding member interests of Energie. 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 subsidiary, 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. The 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.   Energie was founded in 2001 and is engaged in the import and sale of specialized interior lighting solutions to the architecture and interior design markets in North America. Our headquarters is located in Arvada, Colorado, and we also maintain a production and assembly facility in Zeeland, Michigan.   Basis of Presentation   Our financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The preparation of our financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Furthermore, when testing assets for impairment in future periods, if management uses different assumptions or if different conditions occur, impairment charges may result.   Going Concern   As shown in the accompanying financial statements, we had an equity deficit of $17,319,920 and a working capital deficit of $16,658,489 as of December 31, 2017, and have reported net losses of $4,018,993 and 3,455,227, respectively, for the years ended December 31, 2017 and 2016.  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.   Reclassifications   Certain prior year amounts have been reclassified to conform with the current year presentation.   Summary of Significant Accounting Policies   Cash and cash equivalents   Cash and cash equivalents include cash on hand, deposits with banks, and investments that are highly liquid and have maturities of three months or less at the date of purchase.   Accounts receivable   We record accounts receivable at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any loss anticipated on the accounts receivable balances and is charged to Other income (expense) in the consolidated statements of operations. We calculate this allowance based on our history of write-offs, the level of past-due accounts based on the contractual terms of the receivables, and our relationships with, and the economic status of, our customers.   At our discretion, we may sell our accounts receivable with recourse in order to accelerate the receipt of cash. Upon the sale of selected accounts receivable, title transfers to the counterparty to the factoring agreement, we receive 85% of the face amount sold, and we remove the account receivable from our balance. We pay a commission and, if the balance is not collected by the counterparty within 30 days, a factoring fee. We are responsible for repaying the factoring counterparty for any amounts they are unable to collect. The factoring counterparty retains a reserve in the event the amount they ultimately collect is less than the amount paid to us. Depending on the volume of activity and uncollected accounts, therefore, we may have a receivable from or a liability to the factoring counterparty.   Inventory   Inventory is stated at the lower of cost or net realizable value, using the first-in, first-out method (“FIFO”) to determine cost. We monitor inventory cost compared to selling price in order to determine if a lower of cost or net realizable value mark-down is necessary. Inventory consists only of raw materials.   Intangible assets   Our intangible assets consist of the following:   UL Listings – Energie has over 20 United LaboratoriesTM (“UL”) files, which include UL Listings for over 14,000 products for sale in the United States and Canada. UL is an independent safety testing laboratory. A UL Listing means that UL has tested representative samples of the product and determined that it meets UL’s requirements. These requirements are based primarily on UL’s published and nationally recognized standards for safety. UL’s testing certifies the design, construction and assembly of the certified products. UL Listings do not expire as long as the product certified is not materially changed. Ownership of a UL Listing may also be transferred between companies. Most customers in the lighting industry will only buy UL listed products.   Trademarks – Energie is a registered trademark.   Marketing and design – These consist of engineering and marketing materials covering the majority of our product offerings.   Intangible assets are recorded at the cost to acquire the intangible, net of amortization over their estimated useful lives on a straight-line basis. We determine the useful lives of our intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors we consider when determining useful lives include the contractual term of any agreement related to the asset, the historical performance of the asset, our long-term strategy for using the asset, any laws or other local regulations that could impact the useful life of the asset, and other economic factors, including competition and specific market conditions.   Property and equipment   Property and equipment are stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of our assets, which are reviewed periodically.   Impairment of long-lived assets   When facts and circumstances indicate that the carrying value of long-lived assets may not be recoverable, management assesses the recoverability of the carrying value by preparing estimates of revenues and the resulting gross profit and cash flows. These estimated future cash flows are consistent with those we use in our internal planning. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment loss. The impairment loss recognized, if any, is the amount by which the carrying amount of the asset (or asset group) exceeds the fair value. We may use a variety of methods to determine the fair value of these assets, including discounted cash flow models, which are consistent with the assumptions we believe hypothetical marketplace participants would use.   We have the option to perform a qualitative assessment of long-lived assets prior to completing the impairment test described above. We must assess whether it is more likely than not that the fair value of the long-lived assets is less than their carrying amount. If we conclude that this is the case, we must perform the test described above. Otherwise, we do not need to perform any further assessment.   As a result of applying the above procedures, we fully impaired all long-lived assets during the year ended December 31, 2014. Since that time, we have not acquired any long-lived assets.   Warranty reserve   We provide limited product warranty for one year on our products and, accordingly, accrue an estimate of the related warranty expense at the time of sale, included in Accrued liabilities on the consolidated balance sheets.   Convertible debt   We first evaluate our convertible debt to determine whether the conversion feature is an embedded derivative that requires bifurcation and derivative treatment. Based on our analysis, we determined derivative treatment was not required. We then evaluate whether the conversion feature is a beneficial conversion feature. Our convertible debt is treated as a liability and permits settlement in cash. Accordingly, in order to determine the value of the conversion feature, we compared the estimated fair value of the convertible debt to the fair value of debt that did not have the conversion feature. Based on this analysis, we concluded that the value of the conversion feature was immaterial.   Revenue recognition   We recognize revenue when the four revenue recognition criteria are met, as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif">·</td> <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">Persuasive evidence of an arrangement exists – our customary practice is to obtain written evidence, typically in the form of a sales contract or purchase order;</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif">·</td> <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">Delivery – 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, such as installation;</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif">·</td> <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">The price is fixed or determinable – prices are typically fixed at the time the order is placed and no price protections or variables are offered; and</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif">·</td> <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">Collectability is reasonably assured – we typically work with businesses with which we have a long standing relationship, as well as monitoring and evaluating customers’ ability to pay.</td></tr> </table>   Refunds and returns, which are minimal, are recorded as a reduction of revenue. Payments received by customers prior to our satisfying the above criteria are recorded as unearned income in the consolidated balance sheets.   Shipping and handling   Payments by customers to us for shipping and handling costs are included in revenue on the consolidated statements of operations, while our expense is included in cost of revenues. Shipping and handling for inventory and materials purchased by us is included as a component of inventory on the consolidated balance sheets, and in cost of revenues in the consolidated statements of operations when the product is sold.   Research and development costs   Internal costs related to research and development efforts on existing or potential products are expensed as incurred. External costs incurred for intangible assets, such as UL listing costs and attorney fees for patents, are capitalized.   Income taxes   We recognize deferred income tax assets and liabilities for the expected future tax consequences of temporary differences between the income tax and financial reporting carrying amount of our assets and liabilities. We monitor our deferred tax assets and evaluate the need for a valuation allowance based on the estimate of the amount of such deferred tax assets that we believe do not meet the more-likely-than-not recognition criteria. We also evaluate whether we have any uncertain tax positions and would record a reserve if we believe it is more-likely-than-not our position would not prevail with the applicable tax authorities. Our assessment of tax positions as of December 31, 2017 and 2016, determined that there were no material uncertain tax positions.   Concentration of credit risk   Financial instruments that potentially subject us to concentrations of credit risk consist of accounts receivable and the amount due, if any, from our factoring counterparty. For the year ended December 31, 2017 three customers represented more than 52% of our total revenues. As of December 31, 2017, our accounts receivable balance was not material to the overall consolidated financial statements.   Fair value of financial instruments   Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, and long-term debt. The carrying value of these financial instruments is considered to be representative of their fair value due to the short maturity of these instruments. The carrying amount of our long-term debt approximates fair value, because the interest rates on these instruments approximate the interest rate on debt with similar terms available to us.   Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, as follows:   Level 1 – Quoted prices in active markets for identical assets or liabilities.   Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.   Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities.   In August 2016, the FASB issued ASU No. 2016-15 (ASU 2016-15), Statement of Cash Flows (Topic 230).  ASU 2016-15 addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice as stakeholders have indicated that there is a diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those fiscal years.  Early adoption is permitted.  Adoption of this ASU will not have a significant impact on our statement of cash flows.   In February 2016, the FASB issued ASU No. 2016-02 (ASU 2016-02), Leases (Topic 842). This guidance will require lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability.  For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines.  Lessor accounting is similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. As of January 1, 2018, we do not have any material leases, so adoption of this ASU will not have a significant impact on our consolidated results of operations, cash flows and financial position.   In November 2015, the FASB issued ASU No. 2015-17 (ASU 2015-17), Income Taxes (Topic 740). This guidance simplifies the presentation of deferred tax assets and liabilities on the balance sheet.  Previous GAAP required an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts on the balance sheet.  The amendment requires that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet.  This ASU is effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018.  Adoption of this ASU is not currently expected to have a significant impact on our consolidated results of operations, cash flows and financial position.   In May 2016, the FASB issued ASU No. 2016-12 (ASU 2016-12), Revenue from Contracts with Customers (Topic 606).  The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-12 provides clarification on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications.   In May 2016, the FASB issued ASU No. 2016-11 (ASU 2016-11), Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815).  This ASU clarifies guidance on assessing whether an entity is a principal or an agent in a revenue transaction. This conclusion impacts whether an entity reports revenue on a gross or net basis.   In April 2016, the FASB issued ASU No. 2016-10 (ASU 2016-10), Revenue from Contracts with Customers (Topic 606). This guidance clarifies identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas.   We have reviewed our contracts with customers, identified the rights of the parties, evaluated the payment terms, assessed the commercial substance of the contracts, and estimated the probability of collectability. We have also considered the goods and services we deliver compared to the contractual performance obligations. Our agreements predominantly have a fixed price for the goods or services to be delivered, we do not provide financing, and we settle in cash. Each separate performance obligation within our contracts with customers is priced individually, and we recognize revenue as each good or service is delivered, meaning when the performance obligation is satisfied. Based on this assessment, adoption of the three ASUs immediately above will not have a significant impact on our consolidated results of operations, cash flows or financial position.   Other recent accounting pronouncements issued by the FASB and the SEC did not, or management believes will not, have a material impact on our present or future consolidated financial statements.

Note 2 – Receivables   Receivables consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="7" style="text-align: center; line-height: 107%">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2016</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; padding-left: 5.4pt; line-height: 107%">Customer receivables</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">35,821</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">14,432</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Less:  Allowance for uncollectible accounts</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(35,821</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(14,401</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">31</td> <td style="line-height: 107%"> </td></tr> </table>

Note 3 – Debt   Debt consists of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="7" style="text-align: center; line-height: 107%">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; line-height: 107%">Description</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Note</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2016</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 46%; padding-left: 5.4pt; line-height: 107%">Line of credit</td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; text-align: center; line-height: 107%"> </td> <td style="width: 11%; text-align: center; line-height: 107%">A</td> <td style="width: 1%; text-align: center; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">31,588</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">47,000</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Note payable to distribution partner</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%">B</td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">550,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">550,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Investor debt</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%">C</td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">371,507</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">371,507</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Related party debt</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%">D</td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">10,038,037</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">6,719,979</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Other notes payable</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%">E</td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,021,937</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">981,137</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Cash draw agreements</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%">F</td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">338,083</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">211,076</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Convertible promissory notes</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%">G</td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">58,937</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">71,637</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">  Total</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">12,410,089</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">8,952,336</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Less:  unamortized discount and debt issuance costs</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(484,948</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(280,555</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Debt, net of unamortized discount and debt issuance costs</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">11,925,141</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">8,671,781</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Less:  current portion</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(11,249,083</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(8,451,781</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Debt, long-term portion</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">676,058</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">220,000</td> <td style="line-height: 107%"> </td></tr> </table>   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 $31,588.   B – Note Payable to Distribution Partner – Note payable to a significant European distribution partner, entered into in October 2014, bearing interest at 5% payable quarterly, with principal payable monthly through September 2019.   C – Investor Debt – Notes payable to lenders having an ownership interest in Holdings at December 31, 2017 and 2016. These loans are not collateralized. The following summarizes the terms and balances of the investor debt:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="7" style="text-align: center; line-height: 107%">December 31,</td> <td style="line-height: 107%"> </td> <td colspan="3" style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2016</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Interest Rate</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 26%; text-align: right; line-height: 107%">87,787</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 26%; text-align: right; line-height: 107%">87,787</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 26%; text-align: right; line-height: 107%">24</td> <td style="width: 1%; line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">50,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">50,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">24</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">50,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">50,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">24</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">25,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">25,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">8</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">25,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">25,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">8</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">20,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">20,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">113,720</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">113,720</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">various</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">371,507</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">371,507</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> </table>     D – Related Party Debt – The following summarizes notes payable to related parties.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="7" style="text-align: center; line-height: 107%">December 31,</td> <td style="line-height: 107%"> </td> <td colspan="3" style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2016</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Interest Rate</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 20%; text-align: right; line-height: 107%">D1</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 19%; text-align: right; line-height: 107%">4,635,865</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 19%; text-align: right; line-height: 107%">4,635,865</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 19%; text-align: right; line-height: 107%">various</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">D2</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">34,888</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">34,888</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">12</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">D3</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">362,550</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">356,550</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">various</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">D4</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,205,234</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">668,176</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">18</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: right; line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">D5</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">3,799,500</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">1,024,500</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">6</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: right; line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">10,038,037</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">6,719,979</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> </table>   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 Holdings, is the lessor of our manufacturing facility, and the provider of our payroll services. We also owe Symbiote $1,285,325 in accounts payable and accrued interest.   D2 – Note payable to our chief executive officer (“CEO”), entered into in December 2014, with monthly principal and interest payable through December 2016. We also owe Hal $879,404 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 March 2017, with principal and interest payments due upon a specific event or upon demand. We also owe her $199,740 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 notes aggregated the previous accounts payable and accrued interest due to the consulting firm at the time the notes were made. As of January 1, 2016, three of the notes are convertible into shares of our common stock at a conversion 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 does not meet the requirements to be treated as a derivative; however, we did determine it was a beneficial conversion feature. Accordingly, we recorded a debt discount of $217,725, which was amortized through interest expense over the life of the notes. We also owe this firm $294,412 in accrued interest.   D5 – Notes payable to the principal shareholders of Symbiote, entered into from April to December 2017, with principal and interest payments due upon a specific event or upon demand. We also owe them $106,154 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 due under these arrangements was $437,529 as of December 31, 2017. The maturity dates of the agreements range from January to April 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 $484,948 are being amortized over the life of their respective notes.   The future maturities of debt are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="line-height: 107%">Year ending December 31,</td> <td style="line-height: 107%"> </td> <td colspan="3" style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 43%; line-height: 107%">2018</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 10%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 43%; text-align: right; line-height: 107%">11,249,083</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%">2019</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">670,058</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="line-height: 107%">2020</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">6,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">11,925,141</td> <td style="line-height: 107%"> </td></tr> </table>

Note 4 – Equity   We have authorized 5,000,000 shares of preferred stock at $0.0001 par value, with no shares issued and outstanding as of December 31, 2017. Upon issuing preferred stock, if any, the terms of each tranche of issuance may be determined by our board of directors, including dividends and voting rights.   In July 2014, we entered into an agreement with Dutchess Opportunity Fund, II, LP (“Dutchess”), under which Dutchess has agreed to purchase from us 5,000,000 shares of our common stock, up to $5 million, during a 36 month period commencing on the date a Registration Statement on Form S-1 was declared effective, October 29, 2014. We will sell these shares to Dutchess at a price equal to 94% of the lowest daily volume weighted-average price of our common stock during the five consecutive trading days beginning on the day we make notice to Dutchess and ending on and including the date that is four trading days after such notice. We have the right to withdraw all or any portion of any put before the closing, subject to certain limitations. As part of the agreement with Dutchess, we transferred 2,000,000 shares of our common stock for no proceeds. We will receive proceeds when we make notice to Dutchess to sell these shares. The market price of the 2,000,000 shares was $40,000, based on the trading price on the date of transfer. If we do not make notice to Dutchess, these shares will be returned to us at the end of the 36 month contractual period. As of December 31, 2017, we had not made notice to Dutchess to sell any of these shares. Accordingly, the net impact to our stockholders’ equity is zero.

Note 5 – Commitments and Contingencies   Future minimum rental payments required under all leases that have remaining non-cancelable lease terms in excess of one year as of December 31, 2017, are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; text-align: right; line-height: 107%"> </td> <td style="width: 43%; line-height: 107%">2018</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 10%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1pt solid; line-height: 107%">$</td> <td style="width: 43%; border-bottom: black 1pt solid; text-align: right; line-height: 107%">28,890</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">28,890</td> <td style="line-height: 107%"> </td></tr> </table>

Note 6 – Income Taxes   On December 22, 2017, the Tax Reform Act was signed into law which significantly changed U.S. tax law by, among other things, lowering the corporate income tax rate from 35% to 21% effective January 1, 2018, allowing for the acceleration of expensing for certain business assets, requiring companies to pay a one-time transition tax on certain un-remitted earnings of foreign subsidiaries, and eliminating U.S. federal income tax on dividends from foreign subsidiaries. We have no tax provision for any period presented due to history of operating losses. As of December 31, 2017, we had deferred tax assets of $4,746,539, resulting from certain temporary differences and net operating loss (“NOL”) carry-forwards, which are available to offset future taxable income, if any, through 2036. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as management has determined that their realization is not likely to occur and accordingly, we have recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.   The components of the provision for income taxes are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="7" style="text-align: center; line-height: 107%">Year ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2016</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Current tax provision</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 58%; padding-left: 5.4pt; line-height: 107%">  Federal</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">(1,289,209</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">(1,100,820</td> <td style="width: 1%; line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">  State</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(167,508</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(143,630</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(1,456,717</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(1,244,450</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Deferred tax provision</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">  Federal</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,289,209</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,100,820</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">  State</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">167,508</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">143,630</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">1,456,717</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">1,244,450</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td></tr> </table>   The components of net deferred tax assets and liabilities are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="7" style="text-align: center; line-height: 107%">Year ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2016</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Current deferred tax asset (liability):</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 58%; padding-left: 5.4pt; line-height: 107%">  Inventory reserve</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">97,554</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">67,430</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">  Warranty reserve</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">7,148</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">7,148</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">  Net operating loss carryforward</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">4,641,837</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3,185,120</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">  Valuation allowance</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(4,746,539</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(3,259,698</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Long-term deferred tax asset (liability)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">  Long-lived assets</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">101,277</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">112,895</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">  Valuation allowance</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(101,277</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(112,895</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Net deferred tax asset (liability)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td></tr> </table>   A reconciliation of our income tax provision and the amounts computed by applying statutory rates to income before income taxes is as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="7" style="text-align: center; line-height: 107%">Year ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2016</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; padding-left: 5.4pt; line-height: 107%">Income tax benefit at statutory rate</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">(1,366,458</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">(1,169,297</td> <td style="width: 1%; line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">State income tax, net of Federal benefit</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(122,812</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(105,092</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Amortization of debt discount</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">27,793</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Other</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">14,047</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">7,130</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Valuation allowance</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">1,475,223</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">1,239,466</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td></tr> </table>

Note 8 – 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. Since Energie, the “predecessor company,” was an LLC, it did not have common shares outstanding prior to the Share Exchange on July 2, 2014. Accordingly, we have prepared the calculation of Net Loss Per Share using the weighted-average number of common shares of Holdings that were outstanding during the years ended December 31, 2017 and 2016.   The following table presents a reconciliation of the denominators used in the computation of net loss per share – basic and diluted:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="line-height: 107%"> </td> <td colspan="7" style="text-align: center; line-height: 107%">Year ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2016</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; padding-left: 5.75pt; line-height: 107%">Net loss available for stockholders</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(4,018,993</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(3,455,227</td> <td style="width: 1%; line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.75pt; line-height: 107%">Weighted average outstanding shares of common stock</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">249,447,443</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">176,839,038</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.75pt; line-height: 107%">Dilutive effect of securities</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.75pt; line-height: 107%">Common stock and equivalents</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">249,447,443</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">176,839,038</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.75pt; line-height: 107%">Net loss per share – Basic and diluted</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">(0.02</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">(0.02</td> <td style="line-height: 107%">)</td></tr> </table>   There are no dilutive instruments outstanding during the years ended December 31, 2017 and 2016.

Formation of the Company   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, Energie LLC (hereinafter referred to as, “Energie”). The Share Exchange Agreement was not effective until July 2, 2014 due to a variety of conditions subsequent that needed to be met, which are described below. Upon effectiveness, we issued 33,000,000 “restricted” shares of our common stock, representing approximately 65% of our then issued and outstanding voting securities, in exchange for all of the issued and outstanding member interests of Energie. 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 subsidiary, 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. The 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.   Energie was founded in 2001 and is engaged in the import and sale of specialized interior lighting solutions to the architecture and interior design markets in North America. Our headquarters is located in Arvada, Colorado, and we also maintain a production and assembly facility in Zeeland, Michigan.

Basis of Presentation   Our financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The preparation of our financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Furthermore, when testing assets for impairment in future periods, if management uses different assumptions or if different conditions occur, impairment charges may result.

Going Concern   As shown in the accompanying financial statements, we had an equity deficit of $17,319,920 and a working capital deficit of $16,658,489 as of December 31, 2017, and have reported net losses of $4,018,993 and 3,455,227, respectively, for the years ended December 31, 2017 and 2016.  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.

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

Cash and cash equivalents   Cash and cash equivalents include cash on hand, deposits with banks, and investments that are highly liquid and have maturities of three months or less at the date of purchase.

Accounts receivable   We record accounts receivable at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any loss anticipated on the accounts receivable balances and is charged to Other income (expense) in the consolidated statements of operations. We calculate this allowance based on our history of write-offs, the level of past-due accounts based on the contractual terms of the receivables, and our relationships with, and the economic status of, our customers.   At our discretion, we may sell our accounts receivable with recourse in order to accelerate the receipt of cash. Upon the sale of selected accounts receivable, title transfers to the counterparty to the factoring agreement, we receive 85% of the face amount sold, and we remove the account receivable from our balance. We pay a commission and, if the balance is not collected by the counterparty within 30 days, a factoring fee. We are responsible for repaying the factoring counterparty for any amounts they are unable to collect. The factoring counterparty retains a reserve in the event the amount they ultimately collect is less than the amount paid to us. Depending on the volume of activity and uncollected accounts, therefore, we may have a receivable from or a liability to the factoring counterparty.

Inventory   Inventory is stated at the lower of cost or net realizable value, using the first-in, first-out method (“FIFO”) to determine cost. We monitor inventory cost compared to selling price in order to determine if a lower of cost or net realizable value mark-down is necessary. Inventory consists only of raw materials.

Intangible assets   Our intangible assets consist of the following:   UL Listings – Energie has over 20 United LaboratoriesTM (“UL”) files, which include UL Listings for over 14,000 products for sale in the United States and Canada. UL is an independent safety testing laboratory. A UL Listing means that UL has tested representative samples of the product and determined that it meets UL’s requirements. These requirements are based primarily on UL’s published and nationally recognized standards for safety. UL’s testing certifies the design, construction and assembly of the certified products. UL Listings do not expire as long as the product certified is not materially changed. Ownership of a UL Listing may also be transferred between companies. Most customers in the lighting industry will only buy UL listed products.   Trademarks – Energie is a registered trademark.   Marketing and design – These consist of engineering and marketing materials covering the majority of our product offerings.   Intangible assets are recorded at the cost to acquire the intangible, net of amortization over their estimated useful lives on a straight-line basis. We determine the useful lives of our intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors we consider when determining useful lives include the contractual term of any agreement related to the asset, the historical performance of the asset, our long-term strategy for using the asset, any laws or other local regulations that could impact the useful life of the asset, and other economic factors, including competition and specific market conditions.

Property and equipment   Property and equipment are stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of our assets, which are reviewed periodically.

Impairment of long-lived assets   When facts and circumstances indicate that the carrying value of long-lived assets may not be recoverable, management assesses the recoverability of the carrying value by preparing estimates of revenues and the resulting gross profit and cash flows. These estimated future cash flows are consistent with those we use in our internal planning. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment loss. The impairment loss recognized, if any, is the amount by which the carrying amount of the asset (or asset group) exceeds the fair value. We may use a variety of methods to determine the fair value of these assets, including discounted cash flow models, which are consistent with the assumptions we believe hypothetical marketplace participants would use.   We have the option to perform a qualitative assessment of long-lived assets prior to completing the impairment test described above. We must assess whether it is more likely than not that the fair value of the long-lived assets is less than their carrying amount. If we conclude that this is the case, we must perform the test described above. Otherwise, we do not need to perform any further assessment.   As a result of applying the above procedures, we fully impaired all long-lived assets during the year ended December 31, 2014. Since that time, we have not acquired any long-lived assets.

Warranty reserve   We provide limited product warranty for one year on our products and, accordingly, accrue an estimate of the related warranty expense at the time of sale, included in Accrued liabilities on the consolidated balance sheets.

Convertible debt   We first evaluate our convertible debt to determine whether the conversion feature is an embedded derivative that requires bifurcation and derivative treatment. Based on our analysis, we determined derivative treatment was not required. We then evaluate whether the conversion feature is a beneficial conversion feature. Our convertible debt is treated as a liability and permits settlement in cash. Accordingly, in order to determine the value of the conversion feature, we compared the estimated fair value of the convertible debt to the fair value of debt that did not have the conversion feature. Based on this analysis, we concluded that the value of the conversion feature was immaterial.

Revenue recognition   We recognize revenue when the four revenue recognition criteria are met, as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif">·</td> <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">Persuasive evidence of an arrangement exists – our customary practice is to obtain written evidence, typically in the form of a sales contract or purchase order;</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif">·</td> <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">Delivery – 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, such as installation;</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif">·</td> <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">The price is fixed or determinable – prices are typically fixed at the time the order is placed and no price protections or variables are offered; and</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif">·</td> <td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify">Collectability is reasonably assured – we typically work with businesses with which we have a long standing relationship, as well as monitoring and evaluating customers’ ability to pay.</td></tr> </table>   Refunds and returns, which are minimal, are recorded as a reduction of revenue. Payments received by customers prior to our satisfying the above criteria are recorded as unearned income in the consolidated balance sheets.

Shipping and handling   Payments by customers to us for shipping and handling costs are included in revenue on the consolidated statements of operations, while our expense is included in cost of revenues. Shipping and handling for inventory and materials purchased by us is included as a component of inventory on the consolidated balance sheets, and in cost of revenues in the consolidated statements of operations when the product is sold.

Research and development costs   Internal costs related to research and development efforts on existing or potential products are expensed as incurred. External costs incurred for intangible assets, such as UL listing costs and attorney fees for patents, are capitalized.

Income taxes   We recognize deferred income tax assets and liabilities for the expected future tax consequences of temporary differences between the income tax and financial reporting carrying amount of our assets and liabilities. We monitor our deferred tax assets and evaluate the need for a valuation allowance based on the estimate of the amount of such deferred tax assets that we believe do not meet the more-likely-than-not recognition criteria. We also evaluate whether we have any uncertain tax positions and would record a reserve if we believe it is more-likely-than-not our position would not prevail with the applicable tax authorities. Our assessment of tax positions as of December 31, 2017 and 2016, determined that there were no material uncertain tax positions.

Concentration of credit risk   Financial instruments that potentially subject us to concentrations of credit risk consist of accounts receivable and the amount due, if any, from our factoring counterparty. For the year ended December 31, 2017 three customers represented more than 52% of our total revenues. As of December 31, 2017, our accounts receivable balance was not material to the overall consolidated financial statements.

Fair value of financial instruments   Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, and long-term debt. The carrying value of these financial instruments is considered to be representative of their fair value due to the short maturity of these instruments. The carrying amount of our long-term debt approximates fair value, because the interest rates on these instruments approximate the interest rate on debt with similar terms available to us.   Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, as follows:   Level 1 – Quoted prices in active markets for identical assets or liabilities.   Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.   Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities.

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="7" style="text-align: center; line-height: 107%">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; line-height: 107%">Description</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Note</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2016</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 46%; padding-left: 5.4pt; line-height: 107%">Line of credit</td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; text-align: center; line-height: 107%"> </td> <td style="width: 11%; text-align: center; line-height: 107%">A</td> <td style="width: 1%; text-align: center; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">31,588</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">47,000</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Note payable to distribution partner</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%">B</td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">550,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">550,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Investor debt</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%">C</td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">371,507</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">371,507</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Related party debt</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%">D</td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">10,038,037</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">6,719,979</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Other notes payable</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%">E</td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,021,937</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">981,137</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Cash draw agreements</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%">F</td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">338,083</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">211,076</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Convertible promissory notes</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%">G</td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">58,937</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">71,637</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">  Total</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">12,410,089</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">8,952,336</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Less:  unamortized discount and debt issuance costs</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(484,948</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(280,555</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Debt, net of unamortized discount and debt issuance costs</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">11,925,141</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">8,671,781</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Less:  current portion</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(11,249,083</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(8,451,781</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Debt, long-term portion</td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">676,058</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">220,000</td> <td style="line-height: 107%"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="7" style="text-align: center; line-height: 107%">December 31,</td> <td style="line-height: 107%"> </td> <td colspan="3" style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2016</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Interest Rate</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 26%; text-align: right; line-height: 107%">87,787</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 26%; text-align: right; line-height: 107%">87,787</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 26%; text-align: right; line-height: 107%">24</td> <td style="width: 1%; line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">50,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">50,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">24</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">50,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">50,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">24</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">25,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">25,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">8</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">25,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">25,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">8</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">20,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">20,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">113,720</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">113,720</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">various</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">371,507</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">371,507</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="line-height: 107%">Year ending December 31,</td> <td style="line-height: 107%"> </td> <td colspan="3" style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 43%; line-height: 107%">2018</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 10%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 43%; text-align: right; line-height: 107%">11,249,083</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%">2019</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">670,058</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="line-height: 107%">2020</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">6,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">11,925,141</td> <td style="line-height: 107%"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="7" style="text-align: center; line-height: 107%">Year ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2016</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Current tax provision</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 58%; padding-left: 5.4pt; line-height: 107%">  Federal</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">(1,289,209</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">(1,100,820</td> <td style="width: 1%; line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">  State</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(167,508</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(143,630</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(1,456,717</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(1,244,450</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Deferred tax provision</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">  Federal</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,289,209</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,100,820</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">  State</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">167,508</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">143,630</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">1,456,717</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">1,244,450</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="7" style="text-align: center; line-height: 107%">Year ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2016</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Current deferred tax asset (liability):</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 58%; padding-left: 5.4pt; line-height: 107%">  Inventory reserve</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">97,554</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">67,430</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">  Warranty reserve</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">7,148</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">7,148</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">  Net operating loss carryforward</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">4,641,837</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3,185,120</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">  Valuation allowance</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(4,746,539</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(3,259,698</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Long-term deferred tax asset (liability)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">  Long-lived assets</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">101,277</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">112,895</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">  Valuation allowance</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(101,277</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(112,895</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Net deferred tax asset (liability)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="7" style="text-align: center; line-height: 107%">Year ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2017</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">2016</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; padding-left: 5.4pt; line-height: 107%">Income tax benefit at statutory rate</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">(1,366,458</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">(1,169,297</td> <td style="width: 1%; line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">State income tax, net of Federal benefit</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(122,812</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(105,092</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Amortization of debt discount</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">27,793</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%">Other</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">14,047</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">7,130</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; line-height: 107%">Valuation allowance</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">1,475,223</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">1,239,466</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td></tr> </table>

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Recently Issued Accounting Pronouncements   In May 2017, the FASB issued ASU No. 2017-09 (ASU 2017-09), Scope of Modification Accounting (Topic 718. This guidance clarifies the accounting for when the terms of a share-based award are modified. The ASU is effective for annual reporting periods beginning after December 15, 2017, and for interim periods within those years, with early adoption permitted. We do not currently expect this ASU to have a significant impact on our consolidated financial statements and related disclosures    In May 2016, the FASB issued ASU No. 2016-12 (ASU 2016-12), Revenue from Contracts with Customers (Topic 606).  The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-12 provides clarification on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications.   In May 2016, the FASB issued ASU No. 2016-11 (ASU 2016-11), Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815).  This ASU clarifies guidance on assessing whether an entity is a principal or an agent in a revenue transaction. This conclusion impacts whether an entity reports revenue on a gross or net basis.   In April 2016, the FASB issued ASU No. 2016-10 (ASU 2016-10), Revenue from Contracts with Customers (Topic 606). This guidance clarifies identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas.   We have reviewed our contracts with customers, identified the rights of the parties, evaluated the payment terms, assessed the commercial substance of the contracts, and estimated the probability of collectability. We have also considered the goods and services we deliver compared to the contractual performance obligations. Our agreements predominantly have a fixed price for the goods or services to be delivered, we do not provide financing, and we settle in cash. Each separate performance obligation within our contracts with customers is priced individually, and we recognize revenue as each good or service is delivered, meaning when the performance obligation is satisfied. Based on this assessment, adoption of the three ASUs immediately above will not have a significant impact on our consolidated results of operations, cash flows or financial position.   Other recent accounting pronouncements issued by the FASB and the SEC did not, or management believes will not, have a material impact on our present or future consolidated financial statements.

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ExeLED Holdings Inc.

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Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Current assets: Cash and cash equivalents Receivables, net Inventory Prepaid expenses and other Total current assets Noncurrent assets: Deposits Total assets LIABILITIES AND EQUITY Current liabilities: Cash overdraft Accounts payable Accrued liabilities Debt, current portion, net of discount and debt issuance costs Total current liabilities Debt, long-term portion Total liabilities Commitments and contingencies (Note 6) Equity: Common stock, $.0001 par value; 250,000,000 shares authorized; 249,447,433 shares issued and outstanding at December 31, 2017 and 2016 Additional paid-in capital Accumulated deficit Total deficit Total liabilities and equity Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] Revenue Cost of revenue Gross profit Operating expenses: Research and development Sales and marketing General and administrative Total operating expenses Loss from operations Other income (expense): Interest expense Loss on conversion of debt Other Other income (expense), net Net loss Net loss per common share Basic and diluted Weighted average common shares outstanding: Basic and diluted Statement [Table] Statement [Line Items] Beginning Balance, Shares Beginning Balance Amount Net loss Member activity Member equity reclassified as accrued interest Member equity reclassified as debt Change in capital structure, Shares Change in capital structure, Amount Change in par value, Shares Change in par value, Amount Common stock issued for services, Shares Common stock issued for services, Amount Conversion of debt, Shares Conversion of debt, Amount Debt discount Shares reserved for issuance, Shares Shares reserved for issuance, Amount Consolidated net loss Ending Balance, Shares Ending Balance, Amount Statement of Cash Flows [Abstract] Operating Activities: Adjustments to reconcile net loss to net cash used in operating activities: Amortization of debt issuance costs Amortization of debt discount Loss on conversion of debt Changes in operating assets and liabilities (net of Share Exchange): Accounts receivable Inventory Prepaid expenses Accounts payable Accrued liabilities Net cash used in operating activities Investing Activities Net cash from investing activities Financing Activities: Proceeds from debt Payments of debt Net cash provided by financing activities Net change in cash Cash, beginning of period Cash, end of period Cash paid for: Interest Income taxes Non-cash transactions: Debt converted to common stock Accounts payable converted to debt Accrued liabilities converted to debt Debt issuance costs Accounting Policies [Abstract] Description of Business and Summary of Significant Accounting Policies Receivables [Abstract] Receivables Debt Disclosure [Abstract] Debt Equity [Abstract] Equity Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Income Tax Disclosure [Abstract] Income Taxes Earnings Per Share [Abstract] Net Loss Per Share Formation of the Company Descripton of Business Basis of Presentation Going Concern Reclassifications Cash and Cash Equivalents Accounts receivable Inventory Intangible assets Property and equipment Impairment of long-lived assets Warranty reserve Convertible debt Equity Revenue recognition Shipping and handling Research and development costs Income taxes Concentration of credit risk Fair value of financial instruments Reportable segments Recently Issued Accounting Pronouncements Receivables Debt Investor Debt Related Party Debt Future Maturities of Debt Commitments and Contingencies Components of the Provision for Income Taxes Components of Net Deferred Tax Assets and Liabilities Reconciliation of Income Tax Provision Net Loss Per Share Working Capital Deficit Net Income Loss Customer receivables Less: Allowance for uncollectible accounts Receivables, Net Line of credit Note payable to distribution partner Investor debt Related party debt Other notes payable Cash draw agreements EX-101.PRE 11 eled-20171231_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2017	Apr. 16, 2018	Jun. 30, 2017
Document And Entity Information
Entity Registrant Name	ExeLED Holdings Inc.
Entity Central Index Key	0000774937
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
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 Public Float			$ 2,444,161
Entity Common Stock, Shares Outstanding		249,447,433
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2017

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Balance Sheets - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents		$ 5,454
Receivables, net		31
Prepaid expenses and other	54,163	48,307
Total current assets	123,661	210,970
Noncurrent assets:
Deposits	14,627	6,450
Total assets	138,288	217,420
Current liabilities:
Cash overdraft	11,118
Accounts payable	2,893,614	2,988,439
Accrued liabilities	2,628,335	1,858,127
Debt, current portion, net of discount and debt issuance costs	(11,249,083)	(8,451,781)
Total current liabilities	16,782,150	13,298,347
Debt, long-term portion	676,058	220,000
Total liabilities	17,458,208	13,518,347
Commitments and contingencies (Note 6)
Equity:
Common stock, $.0001 par value; 250,000,000 shares authorized; 249,447,433 shares issued and outstanding at December 31, 2017 and 2016	24,743	24,743
Additional paid-in capital	2,635,896	2,635,896
Accumulated deficit	(19,980,559)	(15,961,566)
Total deficit	(17,319,920)	(13,300,927)
Total liabilities and equity	$ 138,288	$ 217,420

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Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	249,447,433	249,447,433
Common stock, shares outstanding	249,447,433	249,447,433

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Statements of Operations - USD ($)	12 Months Ended
Statements of Operations - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Revenue	$ 58,835	$ 439,278
Cost of revenue	32,681	216,949
Gross profit	26,154	222,329
Operating expenses:
Research and development	269,447	249,687
Sales and marketing	3,172	68,130
General and administrative	905,156	1,197,975
Total operating expenses	1,177,775	1,515,792
Loss from operations	(1,151,621)	(1,293,463)
Other income (expense):
Interest expense	(2,626,783)	(1,872,684)
Loss on conversion of debt		(114,793)
Other	(240,589)	(174,287)
Other income (expense), net	(2,867,372)	(2,161,764)
Net loss	$ 4,018,993	$ (3,455,227)
Net loss per common share Basic and diluted	$ (0.02)	$ (0.02)
Weighted average common shares outstanding: Basic and diluted	249,447,433	176,839,038

XML 16 R5.htm IDEA: XBRL DOCUMENT

Shareholders Equity - USD ($)	Common Stock	Additional Paid-In Capital	Retained Deficit	Total
Beginning Balance, Shares at Dec. 31, 2015	113,914,718
Beginning Balance Amount at Dec. 31, 2015	$ 11,191	$ 2,446,196	$ (12,506,339)	$ (10,048,952)
Net loss				(3,455,227)
Conversion of debt, Shares	135,532,715
Conversion of debt, Amount	$ 13,552	189,700		203,252
Consolidated net loss			(3,455,227)	(3,455,227)
Ending Balance, Shares at Dec. 31, 2016	249,447,433
Ending Balance, Amount at Dec. 31, 2016	$ 24,743	2,635,896	(15,961,566)	(13,300,927)
Net loss				4,018,993
Shares reserved for issuance, Amount at Dec. 31, 2017			(4,018,993)	(4,018,993)
Ending Balance, Shares at Dec. 31, 2017	249,447,433
Ending Balance, Amount at Dec. 31, 2017	$ 24,743	$ 2,635,896	$ (19,980,559)	$ (17,319,920)

XML 17 R6.htm IDEA: XBRL DOCUMENT

Statements of Cash Flows - USD ($)	12 Months Ended
Statements of Cash Flows - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Operating Activities:
Net loss	$ 4,018,993	$ (3,455,227)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of debt issuance costs	723,607	316,026
Amortization of debt discount		72,310
Loss on conversion of debt		114,791
Changes in operating assets and liabilities (net of Share Exchange):
Accounts receivable	31	8,520
Inventory	87,680	32,973
Prepaid expenses	(14,033)	10,347
Accounts payable	352,071	851,735
Accrued liabilities	905,370	787,748
Net cash used in operating activities	(1,964,267)	(1,260,777)
Investing Activities
Net cash from investing activities
Financing Activities:
Proceeds from debt	2,717,446	1,723,411
Payments of debt	(769,751)	(475,167)
Net cash provided by financing activities	1,947,695	1,248,244
Net change in cash	(16,572)	(12,533)
Cash, beginning of period	5,454	17,987
Cash, end of period	11,118	5,454
Cash paid for:
Interest	905,927	692,661
Income taxes
Non-cash transactions:
Debt converted to common stock		82,800
Accounts payable converted to debt	446,896	368,693
Accrued liabilities converted to debt	135,162	5,661
Debt issuance costs	$ 928,000	$ 495,223

XML 18 R7.htm IDEA: XBRL DOCUMENT

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Description of Business and Summary of Significant Accounting Policies

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

Formation of the Company

Description of Business

Basis of Presentation

Going Concern

Reclassifications

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

Summary of Significant Accounting Policies

Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits with banks, and investments that are highly liquid and have maturities of three months or less at the date of purchase.

Accounts receivable

Inventory

Intangible assets

Our intangible assets consist of the following:

Trademarks – Energie is a registered trademark.

Marketing and design – These consist of engineering and marketing materials covering the majority of our product offerings.

Property and equipment

Property and equipment are stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of our assets, which are reviewed periodically.

Impairment of long-lived assets

As a result of applying the above procedures, we fully impaired all long-lived assets during the year ended December 31, 2014. Since that time, we have not acquired any long-lived assets.

Warranty reserve

Convertible debt

Revenue recognition

We recognize revenue when the four revenue recognition criteria are met, as follows:

Persuasive evidence of an arrangement exists – our customary practice is to obtain written evidence, typically in the form of a sales contract or purchase order;

Delivery – 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, such as installation;

The price is fixed or determinable – prices are typically fixed at the time the order is placed and no price protections or variables are offered; and

Collectability is reasonably assured – we typically work with businesses with which we have a long standing relationship, as well as monitoring and evaluating customers’ ability to pay.

Shipping and handling

Research and development costs

Income taxes

Concentration of credit risk

Fair value of financial instruments

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities.

In August 2016, the FASB issued ASU No. 2016-15 (ASU 2016-15), Statement of Cash Flows (Topic 230). ASU 2016-15 addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice as stakeholders have indicated that there is a diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. Adoption of this ASU will not have a significant impact on our statement of cash flows.

In February 2016, the FASB issued ASU No. 2016-02 (ASU 2016-02), Leases (Topic 842). This guidance will require lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. Lessor accounting is similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. As of January 1, 2018, we do not have any material leases, so adoption of this ASU will not have a significant impact on our consolidated results of operations, cash flows and financial position.

In November 2015, the FASB issued ASU No. 2015-17 (ASU 2015-17), Income Taxes (Topic 740). This guidance simplifies the presentation of deferred tax assets and liabilities on the balance sheet. Previous GAAP required an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts on the balance sheet. The amendment requires that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. This ASU is effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Adoption of this ASU is not currently expected to have a significant impact on our consolidated results of operations, cash flows and financial position.

Other recent accounting pronouncements issued by the FASB and the SEC did not, or management believes will not, have a material impact on our present or future consolidated financial statements.

XML 19 R8.htm IDEA: XBRL DOCUMENT

Receivables

12 Months Ended

Dec. 31, 2017

Receivables [Abstract]

Receivables

Note 2 – Receivables

Receivables consist of the following:

	December 31,
	2017			2016
Customer receivables	$	35,821		$	14,432
Less: Allowance for uncollectible accounts		(35,821	)		(14,401	)
		—		$	31

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

XML 20 R9.htm IDEA: XBRL DOCUMENT

Debt

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Debt

Note 3 – Debt

Debt consists of the following:

			December 31,
Description	Note		2017			2016
Line of credit		A	$	31,588		$	47,000
Note payable to distribution partner		B		550,000			550,000
Investor debt		C		371,507			371,507
Related party debt		D		10,038,037			6,719,979
Other notes payable		E		1,021,937			981,137
Cash draw agreements		F		338,083			211,076
Convertible promissory notes		G		58,937			71,637
Total				12,410,089			8,952,336
Less: unamortized discount and debt issuance costs				(484,948	)		(280,555	)
Debt, net of unamortized discount and debt issuance costs				11,925,141			8,671,781
Less: current portion				(11,249,083	)		(8,451,781	)
Debt, long-term portion			$	676,058		$	220,000

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

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

	December 31,
	2017		2016		Interest Rate
D1	$	4,635,865	$	4,635,865		various
D2		34,888		34,888		12	%
D3		362,550		356,550		various
D4		1,205,234		668,176		18	%
D5		3,799,500		1,024,500		6	%
Total	$	10,038,037	$	6,719,979

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 $484,948 are being amortized over the life of their respective notes.

The future maturities of debt are as follows:

XML 21 R10.htm IDEA: XBRL DOCUMENT

Equity

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Equity

Note 4 – Equity

XML 22 R11.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 5 – Commitments and Contingencies

Future minimum rental payments required under all leases that have remaining non-cancelable lease terms in excess of one year as of December 31, 2017, are as follows:

	2018			$	28,890
				$	28,890

XML 23 R12.htm IDEA: XBRL DOCUMENT

Income Taxes

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

Note 6 – Income Taxes

The components of the provision for income taxes are as follows:

	Year ended December 31,
	2017			2016
Current tax provision
Federal	$	(1,289,209	)	$	(1,100,820	)
State		(167,508	)		(143,630	)
		(1,456,717	)		(1,244,450	)
Deferred tax provision
Federal		1,289,209			1,100,820
State		167,508			143,630
		1,456,717			1,244,450
	$	—		$	—

The components of net deferred tax assets and liabilities are as follows:

	Year ended December 31,
	2017			2016
Current deferred tax asset (liability):
Inventory reserve	$	97,554		$	67,430
Warranty reserve		7,148			7,148
Net operating loss carryforward		4,641,837			3,185,120
Valuation allowance		(4,746,539	)		(3,259,698	)
		—			—
Long-term deferred tax asset (liability)
Long-lived assets		101,277			112,895
Valuation allowance		(101,277	)		(112,895	)
Net deferred tax asset (liability)	$	—		$	—

A reconciliation of our income tax provision and the amounts computed by applying statutory rates to income before income taxes is as follows:

	Year ended December 31,
	2017			2016
Income tax benefit at statutory rate	$	(1,366,458	)	$	(1,169,297	)
State income tax, net of Federal benefit		(122,812	)		(105,092	)
Amortization of debt discount		—			27,793
Other		14,047			7,130
Valuation allowance		1,475,223			1,239,466
	$	—		$	—

XML 24 R13.htm IDEA: XBRL DOCUMENT

Net Loss Per Share

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Net Loss Per Share

Note 8 – 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. Since Energie, the “predecessor company,” was an LLC, it did not have common shares outstanding prior to the Share Exchange on July 2, 2014. Accordingly, we have prepared the calculation of Net Loss Per Share using the weighted-average number of common shares of Holdings that were outstanding during the years ended December 31, 2017 and 2016.

The following table presents a reconciliation of the denominators used in the computation of net loss per share – basic and diluted:

	Year ended December 31,
	2017			2016
Net loss available for stockholders	$	(4,018,993	)	$	(3,455,227	)
Weighted average outstanding shares of common stock		249,447,443			176,839,038
Dilutive effect of securities		—			—
Common stock and equivalents		249,447,443			176,839,038
Net loss per share – Basic and diluted	$	(0.02	)	$	(0.02	)

There are no dilutive instruments outstanding during the years ended December 31, 2017 and 2016.

XML 25 R14.htm IDEA: XBRL DOCUMENT

Description of Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Formation of the Company

Formation of the Company

Descripton of Business

Description of Business

Basis of Presentation

Basis of Presentation

Going Concern

Going Concern

Reclassifications

Reclassifications

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

Cash and Cash Equivalents

Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits with banks, and investments that are highly liquid and have maturities of three months or less at the date of purchase.

Accounts receivable

Accounts receivable

Inventory

Inventory

Intangible assets

Intangible assets

Our intangible assets consist of the following:

Trademarks – Energie is a registered trademark.

Marketing and design – These consist of engineering and marketing materials covering the majority of our product offerings.

Property and equipment

Property and equipment

Property and equipment are stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of our assets, which are reviewed periodically.

Impairment of long-lived assets

Impairment of long-lived assets

As a result of applying the above procedures, we fully impaired all long-lived assets during the year ended December 31, 2014. Since that time, we have not acquired any long-lived assets.

Warranty reserve

Warranty reserve

Convertible debt

Convertible debt

Revenue recognition

Revenue recognition

We recognize revenue when the four revenue recognition criteria are met, as follows:

Persuasive evidence of an arrangement exists – our customary practice is to obtain written evidence, typically in the form of a sales contract or purchase order;

Delivery – 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, such as installation;

The price is fixed or determinable – prices are typically fixed at the time the order is placed and no price protections or variables are offered; and

Collectability is reasonably assured – we typically work with businesses with which we have a long standing relationship, as well as monitoring and evaluating customers’ ability to pay.

Shipping and handling

Shipping and handling

Research and development costs

Research and development costs

Income taxes

Income taxes

Concentration of credit risk

Concentration of credit risk

Fair value of financial instruments

Fair value of financial instruments

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In May 2017, the FASB issued ASU No. 2017-09 (ASU 2017-09), Scope of Modification Accounting (Topic 718. This guidance clarifies the accounting for when the terms of a share-based award are modified. The ASU is effective for annual reporting periods beginning after December 15, 2017, and for interim periods within those years, with early adoption permitted. We do not currently expect this ASU to have a significant impact on our consolidated financial statements and related disclosures

Other recent accounting pronouncements issued by the FASB and the SEC did not, or management believes will not, have a material impact on our present or future consolidated financial statements.

XML 26 R15.htm IDEA: XBRL DOCUMENT

Receivables (Tables)

12 Months Ended

Dec. 31, 2017

Receivables [Abstract]

Receivables

	December 31,
	2017			2016
Customer receivables	$	35,821		$	14,432
Less: Allowance for uncollectible accounts		(35,821	)		(14,401	)
		—		$	31

XML 27 R16.htm IDEA: XBRL DOCUMENT

Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Debt

			December 31,
Description	Note		2017			2016
Line of credit		A	$	31,588		$	47,000
Note payable to distribution partner		B		550,000			550,000
Investor debt		C		371,507			371,507
Related party debt		D		10,038,037			6,719,979
Other notes payable		E		1,021,937			981,137
Cash draw agreements		F		338,083			211,076
Convertible promissory notes		G		58,937			71,637
Total				12,410,089			8,952,336
Less: unamortized discount and debt issuance costs				(484,948	)		(280,555	)
Debt, net of unamortized discount and debt issuance costs				11,925,141			8,671,781
Less: current portion				(11,249,083	)		(8,451,781	)
Debt, long-term portion			$	676,058		$	220,000

Investor Debt

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

Related Party Debt

	December 31,
	2017		2016		Interest Rate
D1	$	4,635,865	$	4,635,865		various
D2		34,888		34,888		12	%
D3		362,550		356,550		various
D4		1,205,234		668,176		18	%
D5		3,799,500		1,024,500		6	%
Total	$	10,038,037	$	6,719,979

Future Maturities of Debt

XML 28 R17.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

	2018			$	28,890
				$	28,890

XML 29 R18.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components of the Provision for Income Taxes

	Year ended December 31,
	2017			2016
Current tax provision
Federal	$	(1,289,209	)	$	(1,100,820	)
State		(167,508	)		(143,630	)
		(1,456,717	)		(1,244,450	)
Deferred tax provision
Federal		1,289,209			1,100,820
State		167,508			143,630
		1,456,717			1,244,450
	$	—		$	—

Components of Net Deferred Tax Assets and Liabilities

	Year ended December 31,
	2017			2016
Current deferred tax asset (liability):
Inventory reserve	$	97,554		$	67,430
Warranty reserve		7,148			7,148
Net operating loss carryforward		4,641,837			3,185,120
Valuation allowance		(4,746,539	)		(3,259,698	)
		—			—
Long-term deferred tax asset (liability)
Long-lived assets		101,277			112,895
Valuation allowance		(101,277	)		(112,895	)
Net deferred tax asset (liability)	$	—		$	—

Reconciliation of Income Tax Provision

	Year ended December 31,
	2017			2016
Income tax benefit at statutory rate	$	(1,366,458	)	$	(1,169,297	)
State income tax, net of Federal benefit		(122,812	)		(105,092	)
Amortization of debt discount		—			27,793
Other		14,047			7,130
Valuation allowance		1,475,223			1,239,466
	$	—		$	—

XML 30 R19.htm IDEA: XBRL DOCUMENT

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Net Loss Per Share

	Year ended December 31,
	2017			2016
Net loss available for stockholders	$	(4,018,993	)	$	(3,455,227	)
Weighted average outstanding shares of common stock		249,447,443			176,839,038
Dilutive effect of securities		—			—
Common stock and equivalents		249,447,443			176,839,038
Net loss per share – Basic and diluted	$	(0.02	)	$	(0.02	)

XML 31 R20.htm IDEA: XBRL DOCUMENT

Description of Business and Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Working Capital Deficit	$ 16,658,489
Net Income Loss	$ 4,018,993	$ (3,455,227)

XML 32 R21.htm IDEA: XBRL DOCUMENT

Receivables - Receivables (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Receivables [Abstract]
Customer receivables	$ 35,821	$ 14,432
Less: Allowance for uncollectible accounts	(35,821)	(14,401)
Receivables, Net	$ 0	$ 31

XML 33 R22.htm IDEA: XBRL DOCUMENT

Debt - Debt (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Line of credit	$ 31,588	$ 47,000
Note payable to distribution partner	550,000	550,000
Investor debt	371,507	371,507
Related party debt	10,038,037	6,719,979
Other notes payable	1,021,937	981,137
Cash draw agreements	338,083	211,076
Convertible promissory notes	58,937	71,637
Total	12,410,089	8,952,336
Less: unamortized discount	(484,948)	(280,555)
Debt, net of unamortized discount	11,925,141	8,671,781
Less: current portion, net of unamortized discount	(11,249,083)	(8,451,781)
Debt, long-term portion	$ 676,058	$ 220,000

XML 34 R23.htm IDEA: XBRL DOCUMENT

Debt - Investor Debt (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Investor Debt Balances	$ 12,410,089	$ 8,952,336
Investor Debt 1
Investor Debt Balances	$ 87,787	$ 87,787
Investor Debt, Interest Rate	24.00%	24.00%
Investor Debt 2
Investor Debt Balances	$ 50,000	$ 50,000
Investor Debt, Interest Rate	24.00%	24.00%
Investor Debt 3
Investor Debt Balances	$ 50,000	$ 50,000
Investor Debt, Interest Rate	24.00%	24.00%
Investor Debt 4
Investor Debt Balances	$ 25,000	$ 25,000
Investor Debt, Interest Rate	8.00%	8.00%
Investor Debt 5
Investor Debt Balances	$ 25,000	$ 25,000
Investor Debt, Interest Rate	8.00%	8.00%
Investor Debt 7
Investor Debt Balances	$ 20,000	$ 113,720
Investor Debt, Interest Rate	2.00%
Investor Debt 6
Investor Debt Balances	$ 113,720	$ 20,000
Investor Debt, Interest Rate		2.00%
Investor Debt Total
Investor Debt Balances	$ 371,507	$ 371,507

XML 35 R24.htm IDEA: XBRL DOCUMENT

Debt - Related Party Debt (Details) - USD ($)	12 Months Ended
Debt - Related Party Debt (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
D1
Related Party Debt	$ 4,635,865	$ 4,635,865
D2
Related Party Debt	34,888	34,888
D3
Related Party Debt	$ 362,550	$ 356,550
Related Party Debt, Interest Rate	12.00%	12.00%
D4
Related Party Debt	$ 1,205,234	$ 668,176
D5
Related Party Debt	$ 3,799,500	$ 1,024,500
Related Party Debt, Interest Rate	18.00%	18.00%
D6
Related Party Debt, Interest Rate	6.00%	6.00%
Related Party Total
Related Party Debt	$ 10,038,037	$ 6,719,979

XML 36 R25.htm IDEA: XBRL DOCUMENT

Debt - Future Maturities of Debt (Details)	Dec. 31, 2017 USD ($)
Debt Disclosure [Abstract]
2018	$ 11,249,083
2019	670,058
2020	6,000
Total	$ 11,925,141

XML 37 R26.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies - Commitments and Contingencies (Details)	Dec. 31, 2017 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2018	$ 28,890
Total	$ 28,890

XML 38 R27.htm IDEA: XBRL DOCUMENT

Income Taxes - Components of the Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Current tax provision
Federal	$ (1,289,209)	$ (1,100,820)
State	(167,508)	(143,630)
Total Current	(1,456,717)	(1,244,450)
Deferred tax provision
Federal	1,289,209	1,100,820
State	167,508	143,630
Total Deferred	1,456,717	1,244,450
Total	$ 0	$ 0

XML 39 R28.htm IDEA: XBRL DOCUMENT

Income Taxes - Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Current deferred tax asset (liability):
Inventory reserve	$ 97,554	$ 67,430
Warranty reserve	7,148	7,148
Net operating loss carryforward	4,641,837	3,185,120
Valuation allowance	(4,746,539)	(3,259,698)
Total current	0	0
Long-term deferred tax asset (liability)
Long-lived assets	101,277	112,895
Valuation allowance	(101,277)	(112,895)
Net deferred tax asset (liability)	$ 0	$ 0

XML 40 R29.htm IDEA: XBRL DOCUMENT

Income Taxes - Reconciliation of Income Tax Provision (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income tax benefit at statutory rate	$ (1,366,458)	$ (1,169,297)
State income tax, net of Federal benefit	(122,812)	(105,092)
Amortization of debt discoiunt	0	27,793
Other	14,047	7,130
Valuation allowance	$ 1,475,223	$ 1,239,466
Income Tax Reconciliation	0.00%	0.00%

XML 41 R30.htm IDEA: XBRL DOCUMENT

Net Loss Per Share - Net Loss Per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share [Abstract]
Net loss available for stockholders	$ (4,018,993)	$ (3,455,227)
Weighted average outstanding shares of common stock	249,447,443	176,839,038
Dilutive effect of securities
Common stock and equivalents	$ 249,447,443	$ 176,839,038
Net loss per share - Basic and diluted	$ (0.02)	$ (0.02)

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Year ending December 31,