Attached files
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended December 31, 2010
o Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______________ to ______________
Commission file number: 333-144765
AFFORDABLE GREEN HOMES INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Nevada
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87-0785410
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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1325 Spruce St, Suite 200
Riverside, CA 92507
(Address of principal executive office)
(951) 538-8362
(Issuer's telephone number)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
x Yes o 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).
o Yes o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
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o
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Accelerated filer
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o
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Non-accelerated filer
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o
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(Do not check if a smaller reporting company)
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Smaller reporting company
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x
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1
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
o Yes x No
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
o Yes o No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
The number of outstanding shares of the Registrant's common stock, $0.001 par value, as of December 31, 2010 was 12,925,000.
2
AFFORDABLE GREEN HOMES INTERNATIONAL, INC.
TABLE OF CONTENTS
PART I:
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FINANCIAL INFORMATION
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Page
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Item 1.
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Financial Statements
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4 |
Item 2.
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Managements Discussion and Analysis of Financial Condition and Results of Operations
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11 |
Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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13 |
Item 4.
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Controls and Procedures
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13 |
PART II:
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OTHER INFORMATION
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13 |
Item 1.
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Legal Proceedings
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13 |
Item 1A.
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Risk Factors
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13 |
Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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13 |
Item 3.
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Defaults upon Senior Securities
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13 |
Item 4.
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Submission of Matters for a Vote of Security Holders
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13 |
Item 5.
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Other Information
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14 |
Item 6.
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Exhibits
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14 |
SIGNATURES
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14 |
This Form 10-Q contains forward-looking statements within the meaning of the "safe harbor" provisions under Section 21E of the Securities Exchange Act of 1934. We use forward-looking statements in our description of our plans and objectives for future operations and assumptions underlying these plans and objectives. Forward-looking terminology includes the words "may," "expects," "believes," "anticipates," "intends," "projects," or similar terms, variations of such terms or the negative of such terms. These forward-looking statements are based on management's current expectations and are subject to factors and uncertainties, which could cause actual results to differ materially from those, described in such forward-looking statements. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this Form 10-Q to reflect any change in our expectations or any changes in events, conditions or circumstances on which any forward-looking statement is based. Factors, which could cause such results to differ materially from those described in the forward-looking statements, and elsewhere,, are incorporated by reference into this Form 10-Q. The term the "Company" includes Affordable Green Homes International, Inc.
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Affordable Green Homes International
(A Development Stage Company)
Financial Statements
(Unaudited)
TABLE OF CONTENTS
FINANCIAL STATEMENTS
Page
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Balance sheets
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5
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Statements of operation
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6
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Statements of cash flows
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7 - 8
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Notes to financial statements
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9 - 10
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4
AFFORDABLE GREEN HOMES INTERNATIONAL
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(A Development Stage Company)
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BALANCE SHEETS
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Dec. 31, 2010
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March 31, 2010
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(Unaudited)
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ASSETS
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Current assets
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Cash
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$ | 238 | $ | 124 | ||||
Total current Assets
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238 | 124 | ||||||
Construction in Progress
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100,000 | 100,000 | ||||||
Total Assets
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$ | 100,238 | $ | 100,124 | ||||
LIABILITIES & STOCKHOLDERS' EQUITY
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Current liabilities
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Accounts payable
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$ | 1,820 | $ | 5,532 | ||||
Accounts payable - related parties
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225,721 | 277,066 | ||||||
Customer deposits
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20,000 | 20,000 | ||||||
Accued interest payable
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21,621 | 34,871 | ||||||
Notes payable
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175,000 | 165,000 | ||||||
Total current liabilties
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444,162 | 502,469 | ||||||
Total Liabilities
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444,162 | 502,469 | ||||||
Stockholders' Equity
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Common stock, $.0001 par value;
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25,000,000 shares authorized;
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12,925,000 shares issued
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and outstanding
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1,293 | 1,293 | ||||||
Additional paid in capital
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135,457 | 135,457 | ||||||
Deficit accumulated during the
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development stage
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(480,674 | ) | (539,095 | ) | ||||
Total Stockholders' Equity
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(343,924 | ) | (402,345 | ) | ||||
Total Liabilities and Stockholders' Equity
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$ | 100,238 | $ | 100,124 | ||||
The accompanying notes are an integral part of the financial statements.
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5
AFFORDABLE GREEN HOMES INTERNATIONAL
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(A Development Stage Company)
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STATEMENTS OF OPERATIONS
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(Unaudited)
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Period From
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||||||||||||||||||||
Oct. 10, 2006
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Three Months
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Three Months
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Nine Months
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Nine Months
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(Inception)
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Ended
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Ended
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Ended
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Ended
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To
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Dec. 31, 2009
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Dec. 31, 2010
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Dec. 31, 2009
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Dec. 31, 2010
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Dec. 31, 2010
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Revenues
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$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
- | - | - | - | - | ||||||||||||||||
Operating expenses:
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Amortization & depreciation
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- | - | - | - | - | |||||||||||||||
General and administrative
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13,941 | 18,002 | 176,220 | 45,171 | 504,224 | |||||||||||||||
13,941 | 18,002 | 176,220 | 45,171 | 504,224 | ||||||||||||||||
Gain (loss) from operations
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(13,941 | ) | (18,002 | ) | (176,220 | ) | (45,171 | ) | (504,224 | ) | ||||||||||
Other income (expense):
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Interest expense
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(2,125 | ) | (4,500 | ) | (5,875 | ) | (13,250 | ) | (34,871 | ) | ||||||||||
(2,125 | ) | (4,500 | ) | (5,875 | ) | (13,250 | ) | (34,871 | ) | |||||||||||
Income (loss) before
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||||||||||||||||||||
Provision for income taxes
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(16,066 | ) | (22,502 | ) | (182,095 | ) | (58,421 | ) | (539,095 | ) | ||||||||||
Provision for income tax
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- | - | - | - | - | |||||||||||||||
Net income (loss)
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$ | (16,066 | ) | $ | (22,502 | ) | $ | (182,095 | ) | $ | (58,421 | ) | $ | (539,095 | ) | |||||
Net income (loss) per share
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(Basic and fully diluted)
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$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.02 | ) | $ | (0.00 | ) | ||||||||
Weighted average number of
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common shares outstanding
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12,091,667 | 12,925,000 | 12,091,667 | 12,925,000 |
The accompanying notes are an integral part of the financial statements.
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6
AFFORDABLE GREEN HOMES INTERNATIONAL
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(A Development Stage Company)
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STATEMENTS OF CASH FLOWS
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(Unaudited)
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Period From
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||||||||||||
Oct. 10, 2006
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Nine Months
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Nine Months
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(Inception)
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Ended
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Ended
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To
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||||||||||
Dec. 31, 2009
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Dec. 31, 2010
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Dec. 31, 2010
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Cash Flows From Operating Activities:
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Net income (loss)
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$ | (182,095 | ) | $ | (58,421 | ) | $ | (539,095 | ) | |||
Adjustments to reconcile net loss to
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net cash provided by (used for)
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||||||||||||
operating activities:
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Amortization & depreciation
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Accounts payable
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- | 3,712 | 5,532 | |||||||||
Related party payables
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189,662 | 51,345 | 277,066 | |||||||||
Accrued payables
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5,875 | 13,250 | 34,871 | |||||||||
Customer deposits
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- | - | 20,000 | |||||||||
Compensatory stock issuances
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- | - | 38,000 | |||||||||
Net cash provided by (used for)
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operating activities
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13,442 | 9,886 | (163,626 | ) | ||||||||
Cash Flows From Investing Activities:
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Construction in progress
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(158,681 | ) | - | (100,000 | ) | |||||||
Net cash provided by (used for)
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investing activities
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(158,681 | ) | - | (100,000 | ) | |||||||
(Continued On Following Page)
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The accompanying notes are an integral part of the financial statements.
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7
AFFORDABLE GREEN HOMES INTERNATIONAL
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(A Development Stage Company)
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STATEMENTS OF CASH FLOWS
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(Unaudited)
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(Continued From Previous Page)
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Period From
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Oct. 10, 2006
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Nine Months
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Nine Months
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(Inception)
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Ended
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Ended
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To
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Dec. 31, 2009
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Dec. 31, 2010
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Dec. 31, 2010
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Cash Flows From Financing Activities:
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Sales of common stock
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- | - | 98,750 | |||||||||
Notes payable - borrowings
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145,000 | - | 175,000 | |||||||||
Notes payable - payments
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- | (10,000 | ) | (10,000 | ) | |||||||
Net cash provided by (used for)
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financing activities
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145,000 | (10,000 | ) | 263,750 | ||||||||
Net Increase (Decrease) In Cash
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(239 | ) | (114 | ) | 124 | |||||||
Cash At The Beginning Of The Period
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1,084 | 238 | - | |||||||||
Cash At The End Of The Period
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$ | 845 | $ | 124 | $ | 124 | ||||||
Schedule Of Non-Cash Investing And Financing Activities
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None
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Supplemental Disclosure
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Cash paid for interest
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$ | - | $ | - | $ | - | ||||||
Cash paid for income taxes
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$ | - | $ | - | $ | - | ||||||
The accompanying notes are an integral part of the financial statements.
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8
AFFORDABLE GREEN HOMES INTERNATIONAL
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Affordable Green Homes International (the “Company”), was incorporated in the State of Nevada on October 10, 2006. The Company is in business to build affordable family homes for lower income workers in Mexico and South American countries by using low cost structural concrete insulated panels as the basic construction methodology. The Company plans to purchase land for development, and to market and build finished homes using local labor.
Basis of Presentation
The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year.
Cash and cash equivalents
The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents.
Accounts receivable
The Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary.
Property and equipment
Property and equipment are recorded at cost and depreciated under straight line methods over each item's estimated useful life.
Revenue recognition
Revenue is recognized on an accrual basis as earned under contract terms.
9
AFFORDABLE GREEN HOMES INTERNATIONAL
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued):
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Income tax
The Company accounts for income taxes under Statement of Financial Accounting Standards No. 109 (“SFAS 109”). Under SFAS 109 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Net income (loss) per share
The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share.
Financial Instruments
The carrying value of the Company’s financial instruments as reported in the accompanying balance sheet approximates fair value.
10
Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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This analysis should be read in conjunction with the condensed consolidated financial statements, the notes thereto, and the financial statements and notes thereto included in the Company's Registration Statement on Form SB-2, as amended, initially filed on July 23, 2007. Post-effective amendment no. 2 to form SB-2 on form S-1 registration statement under the securities act of 1933 was filed on July 8, 2008. All non-historical information contained in this annual report is a forward-looking statement. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause the actual results to differ materially from those reflected in the forward-looking statements.
Results of Operations
Total revenue was $0 for the quarter ended December 31, 2010 as compared to $0 for the year ended March 31 2010. The Company completed construction of its first house in Stinnett, Texas and the house has been rented to a local tenant on a one year lease. The Company is utilizing this home as the basis for vetting other green technologies such as solar and wind power with the intention of adding proven new technologies to its new home developments as it expands construction. We have acquired the land and started on-site grading for the next two houses, also in Stinnett, Texas. Officer and Administrative Compensation was donated during this period and the Company did not book any accrued compensation. Total Assets were $100,124 at December 31, 2010 as compared to $100,238 at March 31, 2010.
Plan of Operations
Affordable Green Homes International, Inc. (“AGHI”) was founded on the basis of developing properties and technologies in an environmentally responsible yet profitable manner and is engaged in the business of construction of Residential, Commercial and Industrial structures using Structural Concrete Insulated Panel (SCIP) Technology. Affordable Green Homes International, Inc. was incorporated in the State of Nevada on October 10, 2006. We intend to provide moderate to low cost housing in the Northern Panhandle of Texas around the Stinnett/Perryton Area where an acute housing shortage currently exists, and in the Hurricane affected areas of Galveston, Texas area. These homes are built out of high quality lightweight prefabricated Structural Concrete Insulated Panels (SCIP’s). The interior and exterior surfaces of the panels are covered with a concrete coating, designed and tested to resist hurricanes, tornados and earthquakes. When the homes are completed they are significantly more structurally sound than wood or concrete alone and can typically be constructed in less than 30 days. We are convinced that there is a real need for homes like these in the economically burgeoning areas in which we are concentrating.
The company intends to operate 3 business units:
1.
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A SCIP manufacturing unit
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2.
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A construction unit based in the Northern Panhandle of Texas, primarily around the Stinnett/Perryton Area.
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3.
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A construction unit based in the Galveston, Texas area. This unit will do reconstruction following Hurricane Ike.
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SCIP Manufacturing: The Company believes that construction using SCIP technology will start its real growth in 2011. In 2007, Ron Bell built a SCIP home near Crystal Beach. Crystal Beach is directly on the Gulf Coast approximately 10 miles northeast of Galveston. The home was built on pilings that were designed so that a hurricane type high surf would pass underneath and not injure the structure of the home. This house was the only one within several blocks to survive Hurricane Ike untouched. The Crystal Beach House has raised the awareness of construction using this technology in areas prone to hurricanes, tornados and earthquakes. It is our intention to be the leader in this industry. FEMA officials as well as the Structures group from Texas Tech University have both been to the house to inspect it and discuss a wide range of topics concerning using this type of construction all along the gulf coast.
Northern Texas Panhandle: There is an acute housing shortage in the Northern Panhandle of Texas. This is due to a number of factors:
1. |
Conoco-Phillips – 7 to 10 year plant expansion
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2. |
Chevron – 7 to 10 year plant expansion
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3. |
Two Carbon Black plants within 10 miles of Stinnett
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4. |
New plastics plant within 10 miles of Stinnett
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5. |
New aircraft plant (Osprey Project) within 20 miles of Stinnett
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11
Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations - continued
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Plan of Operations – continued
All of the motels and apartments are booked solid and have been for over a year. The company feels that building some medium size houses, 1200-1500 sq ft, as well as one (1) to three (3) 40 unit 2 story motels would sell quickly in this area. Ron Bell (our highly qualified consultant for this area) has met with the Mayor of Stinnett as well as the President of the Stinnett Community Development Corporation, and both have told him that there is a great demand for the products that we can deliver. They are currently working with Mr. Bell to locate additional home lots for us to begin construction by the third quarter of 2011.
Galveston Area: A major opportunity presented itself with Hurricane Ike. There is a great deal of devastation in the general area and there will be a large number of homes and commercial structures that will need to be rebuilt following the hurricane. Affordable Green Homes will be at the center of the rebuilding. In 2007, Ron Bell built a SCIP home near Crystal Beach. Crystal Beach is directly on the Gulf Coast approximately 10 miles northeast of Galveston. The home was built on pilings so that a hurricane type high surf would pass underneath and not injure the structure of the home. We are also in discussions with major insurance carriers about rebuilding homes with our type of construction.
RESULTS:
The response our company has received from our panel building process is positive. The costs to build are lower than concrete block or stucco, and the actual construction building time is twice as fast.
Our consultants have estimated that there is a real need for our product. Our company has just completed a video that explains the product and demonstrates the construction of affordable homes and privacy walls.
Markets/ Potential Customer Base
Some of the countries we have been in contact with to build affordable housing in addition to Mexico are:
Mexico
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Peru
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Nigeria
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Saipan
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Guam
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India
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Brazil
Indonesia
Haiti
Australia
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EXPENDITURES
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|||||
The following chart provides an overview of our budgeted expenditures using our existing cash resources, by significant area of activity for each quarter, over the next 12 months:
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ITEMS
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Jan-Mar
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Apr-Jun
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Jul-Sept
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Oct-Dec
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12 Month Total
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|||||||||||||||
Legal/Accounting
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10,000
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10,000
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10,000
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10,000
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40,000
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|||||||||||||||
Transfer Agent
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500
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500
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500
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500
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2,000
|
|||||||||||||||
Web Site Development
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500
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500
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500
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500
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2,000
|
|||||||||||||||
Office Rent
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500
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500
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500
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500
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2,000
|
|||||||||||||||
Travel Expenses
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10,000
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10,000
|
10,000
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10,000
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40,000
|
|||||||||||||||
Video Production
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500
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500
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500
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500
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2,000
|
|||||||||||||||
Advertising
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1,000
|
1,000
|
1,000
|
1,000
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4,000
|
|||||||||||||||
Office Equipment & Supplies
|
200
|
200
|
200
|
200
|
800
|
|||||||||||||||
TOTALS:
|
$
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23,200
|
$
|
23,200
|
$
|
23,200
|
23,200
|
$
|
92,800
|
12
Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations - continued
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LIQUIDITY and CASH RESOURCES:
We are currently seeking financing to build two more houses in Stinnett as well as three to five houses in Perryton, TX. We are also looking to raise capital to allow us to scale the company to be able to construct 20-40 homes at a time.
How long Affordable Green Homes will be able to satisfy its cash requirements depends on how quickly our company can generate investment capital or revenue and how much revenue can be generated. Although there can be no assurance at the present, the company plans to be in a position to generate construction revenues by Sept 30, 2011.
Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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Not required.
Item 4.
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Controls and Procedures
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As required by Rule 13a-15 under the Securities Exchange Act of 1934, as of the end of the period covered by this quarterly report, our management concluded its evaluation of the effectiveness of the design and operation of our disclosure controls and procedures. Disclosure controls and procedures are controls and procedures designed to reasonably assure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, such as this quarterly report, is recorded, processed, summarized and reported within the time periods prescribed by SEC rules and regulations, and to reasonably assure that such information is accumulated and communicated to our management, including our President, to allow timely decisions regarding required disclosure.
As of the evaluation date, our CEO who also serves as our principal financial and accounting officer, concluded that we do not maintain disclosure controls and procedures that are effective in providing reasonable assurance that information required to be disclosed in our reports under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods prescribed by SEC rules and regulations, and that such information is accumulated and communicated to our management to allow timely decisions regarding required disclosure. Our CEO is not a financial or accounting professional, and we do not have any other employees, including a chief financial officer, comptroller or similarly titled senior financial officer, or any accounting personnel sufficiently trained in the application of generally accepted accounting principles. As a result of our limited financial resources, we do not anticipate that we will be in a position to engage such properly trained professional accounting personnel or a senior financial officer in the foreseeable future. Until we are able to engage a qualified financial officer, and/or properly trained accounting staff, we may continue to experience material weaknesses in our disclosure controls that may result in errors in our financial statements in future periods.
There were no significant changes in our internal controls or in other factors that could significantly affect those controls since the most recent evaluation of such controls.
PART II: OTHER INFORMATION
Item1.
|
Legal Proceedings
|
None
Item1A.
|
Risk Factors
|
Not required
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
None
Item 3.
|
Defaults upon Senior Securities
|
None
Item 4.
|
Submission of Matters to a Vote of Security Holders
|
None
13
Item 5.
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Other Information
|
None
Item 6.
|
Exhibits
|
Exhibit #
|
Description
|
SIGNATURES
In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized
AFFORDABLE GREEN HOMES INTERNATIONAL, INC.
(Registrant)
|
|||
Date: February 9, 2011
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By:
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/s/ Michael P Vahl
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Michael P Vahl, CEO/President
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14