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 October 31,
2010
 
 o
              TRANSITION REPORT PURSUANT TO
      SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
      1934
 For the
transition period from ___________ to _____________
 
 Commission
File Number: 001-32044
 
 TODAYS
ALTERNATIVE ENERGY CORPORATION.
 (Name of
small business issuer as specified in its charter)
 
 Nevada
                16-576984(State
      or other jurisdiction of
                  incorporation
      or organization)
                (I.R.S.
      Employer
                  Identification
      No.)
  857
      Post Road, Suite 397,
                    Fairfield,
      Ct. 06824(Address
      of principal executive offices, including zip
  code)
 
 Registrant’s
      telephone number, including area code:
                
                (888)
      880-0994Securities
      registered pursuant to Section 12(b) of the Act:
                
                NoneSecurities
      registered pursuant to Section 12(g) of the Act:
                
                $.00001
      par value common stock
  
  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 15(d) of the Act:  ̈ Yes No x
  Indicate
by check mark whether the registrant(1) has filed all reports required 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 day. x Yes  ̈ 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  ̈ No  ̈
  Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of
Regulations S-K is not contained herein, and will not be contained, to the best
of registrant’s knowledge, in definitive proxy in 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, or a non-accelerated filer. See definition of “accelerated
filer and large accelerated filer” in Rule 12b-2 of the Exchange Act (Check
one):
 
 Large
      accelerated filer  ̈
              Accelerated
      filer  ̈Non-accelerated
      filer  ̈
              Smaller
      reporting company x(Do
      not check if a smaller reporting company)
 
 Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act).
  ̈ Yes x No
 The
issuer's revenues for its most recent fiscal year
were $0.
 
 The
aggregate market value of the voting and non-voting common equity held
by  non-affiliates  computed by reference to the price at
which the common equity  was last sold, or the average bid and asked
price of such common equity as of the last business day of the registrant’s
most recently completed second fiscal quarter was $2,081,706.
 
 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. Yes  ̈
   No  ̈
 
 Applicable
only to corporate issuers:
 
 As of
February 14, 2011, there were 52,410,547 shares of our common stock issued
and outstanding.
 
 Documents
Incorporated by Reference
 
 List
hereunder the following documents if incorporated by reference and the Part of
the Form 10-K (e.g., Part I, Part II, etc.) into which the document is
incorporated: (1) Any annual report to security holders; (2) Any proxy or
information statement; and (3) Any prospectus filed pursuant to rule 424(b) or
(c) of the Securities Act of 1933. The listed documents should be clearly
described for identification purposes (e.g., annual report to security holders
for fiscal year ended December 24, 1980). None.
 
  TABLE OF
CONTENTS
 
 PART
      IITEM
      1 – BUSINESS
                3ITEM
      1A - RISK FACTORS
                5ITEM
      1B - UNRESOLVED STAFF COMMENTSITEM
      2 – PROPERTIES
                9ITEM
      3 - LEGAL PROCEEDINGS
                9ITEM
      4 – REMOVED AND RESERVED
                9PART
      IIITEM
      5 - MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
      ISSUER PURCHASES OF EQUITY SECURITIES
                9ITEM
      6 - SELECTED FINANCIAL DATA
                12ITEM
      7 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
      RESULTS OF OPERATION
                12ITEM
      7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
      RISK
                15ITEM
      8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
                F-1ITEM
      9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
      FINANCIAL DISCLOSURE
                16ITEM
      9A - CONTROLS AND PROCEDURES
                16ITEM
      9A(T) - CONTROLS AND PROCEDURES
                16ITEM
      9B - OTHER INFORMATION
                16PART
      IIIITEM
      10 - DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNACE
                17ITEM
      11 - EXECUTIVE COMPENSATION
                19ITEM
      12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
      RELATED STOCKHOLDER MATTERS
                21ITEM
      13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
      INDEPENDENCE
                22ITEM
      14 - PRINCIPAL ACCOUNTING FEES AND SERVICES
                22PART IVITEM
      15 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES
                24
  2
 
 PART
I
 
 ITEM
1.  BUSINESS
 
 Overview
 
 Todays
Alternative Energy Corporation (the “Company” or “we”) is a development stage
company. Our business has two primary opportunities that we are developing. We
have a green cleaning products business that is organized to use our own
scientific formulations to manufacture and sell a new line of powerful
industrial strength environmentally friendly biodegradable cleaning products
that contain natural non-toxic ingredients. We have a biodiesel business that is
organized to use our extraction technology to convert waste cooking oil and
grease into a biodiesel fuel ingredient that we intend to sell to biodiesel fuel
producers. Our biodiesel business is designed to eliminate environmental issues
associated with disposing of waste cooking oil and grease.
 
 Company
History
 
 We are a
Nevada corporation that was originally formed on September 19, 1994 as a New
York corporation. Prior to the fourth quarter of 2000, we operated under the
name “Ream Printing Paper Corp.” and had not engaged in any business for a
number of years. From the fourth quarter of 2000 until March, 2004, we operated
under the name Single Source Financial Services Corporation (“SSFS”) and engaged
in the electronic transaction processing business. On June 9, 2010, we changed
our name from “Bio-Solutions Manufacturing, Inc.” to “Today’s Alternative Energy
Corporation”.
 
 In March,
2004, we acquired all of the issued and outstanding stock of Bio Solutions
Manufacturing, Inc., a Nevada corporation, in exchange for approximately 92% of
its issued and outstanding common stock. We changed our name to Bio Solutions
Manufacturing, Inc. and the name of its wholly owned subsidiary was changed to
Bio Solutions Production, Inc. (“BSP”). Through BSP, (prior the October 2008
reincorporation merger (see below)), we engaged in the business of manufacturing
environmentally safe bio-remediation products for the treatment of various forms
of waste by the food service industry and municipal waste treatment plants and
other customers throughout the United States.
 
 In June
2006, we acquired all of the outstanding equity of Bio-Extraction Services, Inc.
(“BESI”), a company focused on the production of bio-fuel technology. In
connection with this acquisition, we acquired BESI’s patent pending technology,
which is used to extract grease from waste products, which is then converted
into a B100 biodiesel fuel ingredient.
 
 On July
25, 2008, we created a series of preferred stock of the Company known as Series
A Preferred Stock, par value $0.001 per share. The Series A Preferred Stock is
not convertible. Holders of the Series A Preferred Stock do not have any
preferential dividend or liquidation rights. The shares of Series A Preferred
Stock are not redeemable. On all matters submitted to a vote of the holders of
the common stock, including, without limitation, the election of directors, a
holder of shares of the Series A Preferred Stock shall be entitled to the number
of votes on such matters equal to the product of (a) the number of shares of the
Series A Preferred Stock held by such holder, (b) the number of issued and
outstanding shares of Company common stock, as of the record date for the
vote, or, if no such record date is established, as of the date such vote is
taken or any written consent of stockholders is solicited, and (c)
0.0002.
 
 On
October 31, 2008, we changed our domicile from New York to Nevada by means of a
merger of Bio Solutions Manufacturing, Inc., a New York corporation with and
into its wholly owned subsidiary Bio Solutions Manufacturing, Inc., a Nevada
corporation (formerly BSP). In connection with the change in domicile, the par
value of our common stock and preferred stock was reduced to $0.00001 per share
on October 31, 2008.
 
 On June
9, 2010, we changed our name to Todays Alternative Energy Corporation to better
reflect the direction of our business.
 
 On
October 6, 2010, we formed Guaranteed Enzyme Miracle Corporation, a Texas
corporation, in which we will operate our green cleaning products
business.
 
 On
December 20, 2010, our former Chief Financial Officer sold the 10,000 shares of
our Series A Preferred Stock to Len Amato, our current President, Chief
Executive Officer, Chief Financial Officer, Treasurer, Secretary, and Chairman
of the Board of Directors, which resulted in his effectively having voting
control of the Company.
 
 Our
executive offices are located at 857 Post Road, Suite 397, Fairfield,
Connecticut 06824. Our telephone number is (888) 880-0994.
 
 Recent
Developments
 
 On July
1, 2010, we announced plans to brand the Company's new line of industrial
strength, environmentally friendly biodegradable cleaning products with the GEM
name, a Company-owned brand. The GEM brand name and the accompanying tagline,
"Guaranteed Enzyme Miracle," call attention to the natural enzymes and other
eco-friendly industrial strength ingredients in GEM cleansers that safely and
quickly remove oil, grease and other stubborn stains. GEM products contain no
ammonia, phosphates, dyes, artificial scents or toxins, and are biodegradable.
GEM products will enter a large expanding market for green
cleaners.
  3
  Over the
course of our fiscal year ended October 31, 2010, we borrowed $241,888 under our
loan agreement dated November 29, 2006 and used the proceeds to fund the
development of our business.
 
 In
October 2010, we entered into a lease agreement for a facility in San Antonio,
Texas in which we will manufacture GEM products using our scientific
formulations. We plan to market GEM products to American consumers directly and
through retailers. We estimate that product sales will begin in the calendar
second quarter of 2011. Product prices are planned to be competitive with
branded household floor, carpet and drain cleaning products.
 
 On
December 24, 2010, we sold and issued a convertible promissory note in the
aggregate principal amount of $30,000 to a certain investor. The note matures on
the two-year anniversary of the date of issuance and accrues interest at an
annual rate of ten percent. The note is payable in full on the maturity date
unless previously converted into shares of our common stock at an initial
conversion price of $0.0001 per share, as may be adjusted. The $30,000 proceeds
are being used to fund the development of our business.
 
 On
January 25, 2011, we sold and issued a convertible promissory note in the
aggregate principal amount of $40,000 to a certain investor. The note matures on
the two-year anniversary of the date of issuance and accrues interest at an
annual rate of ten percent. The note is payable in full on the maturity date
unless previously converted into shares of our common stock at an initial
conversion price of $0.0001 per share, as may be adjusted. The $40,000 proceeds
are being used to fund the development of our business.
 
 Our
Business
 
 We are a
development stage company. Our business has two primary opportunities that we
are developing. We have a green cleaning products business that is organized to
use our own scientific formulations to manufacture and sell a new line of
powerful industrial strength environmentally friendly biodegradable cleaning
products that contain natural non-toxic ingredients. We have a biodiesel
business that is organized to use our extraction technology to convert waste
cooking oil and grease into a biodiesel fuel ingredient that we intend to sell
to biodiesel fuel producers. Our biodiesel business is designed to eliminate
environmental issues associated with disposing of waste cooking oil and grease.
 
 The
Green Cleaning Products Opportunity
 
 On July
1, 2010, we announced plans to brand the Company's new line of industrial
strength, environmentally friendly biodegradable cleaning products with the GEM
name, a Company-owned brand. The GEM brand name and the accompanying tagline,
"Guaranteed Enzyme Miracle," call attention to the natural enzymes and other
eco-friendly industrial strength ingredients in GEM cleansers that safely and
quickly remove oil, grease and other stubborn stains. GEM products contain no
ammonia, phosphates, dyes, artificial scents or toxins, and are biodegradable.
GEM products will enter a large expanding market for green cleaners. U.S. retail
sales of green household cleaning products totaled $557 million in 2009 and have
grown 229% since 2005, claiming 3% of the total household cleaner retail market
according to Packaged Facts' independent proprietary online green cleaner survey
and sales estimates. According to their estimates, annual sales of green cleaner
products in the U.S. will grow to $2 billion by 2014, an increase that is 4
times the size of 2009 sales. Sales growth is coming from increased numbers of
U.S. consumers who report using natural, organic or ecologically friendly
household cleaning products. According to a Packaged Facts' February 2010
survey, 42% of adult consumers used green cleaning products, which translates
into 48 million U.S. households.
 
 We will manufacture GEM products at our
facility in San Antonio, Texas using our scientific formulations. We plan to
market GEM products to American consumers directly and through retailers. We
estimate that product sales will begin in our fiscal second quarter ended April
30, 2011. Product prices are planned to be competitive with branded household
floor, carpet and drain cleaning products.
 
 The
Biodiesel Opportunity
 
 With our
acquisition of BESI and its oil and grease extraction technology, we entered the
biodiesel market. We plan to develop, produce and sell a biodiesel fuel
ingredient to biodiesel fuel producers. Our business is designed to eliminate
environmental issues associated with disposing of waste cooking oil and
grease. Our oil
and grease extraction technology allows us to use yellow fat and trap grease as
our raw material to manufacture a biodiesel fuel ingredient as compared to other
manufacturers that use agricultural feedstock and other energy sources such as
soy oils and animal fats.
 Restaurants
and food service preparation facilities are required to trap the yellow fat and
grease they produce and dispose of it and keep it out of the public’s sewer
systems. Food service preparation facilities and municipalities pay haulers to
remove, transport and dispose of the yellow fat and trap grease they produce.
Haulers of such grease are required to pay “tipping” fees to waste storage and
disposal facilities in connection with the disposal of the yellow fat and trap
grease. The business we are seeking to develop calls for establishing
relationships with several producers and haulers of yellow fat and trap grease
that obtain their waste for use as raw material for our extraction process that
produces a biodiesel fuel ingredient. We intend to construct a program under
which haulers will incentivize them based upon the amount of yellow fat and trap
grease delivered to processing facilities we intend to construct.
  4
  Principal Biodiesel Products, Markets and
Competition
 
 The
principal product we expect to produce at our future plants is an ingredient
used to produce biodiesel fuel.
 
 Biodiesel
fuel is a clean-burning alternative fuel produced from domestic, renewable
resources that are primarily used in compression ignition (diesel) engines.
Biodiesel can also be used as heating oil. Biodiesel is comprised of mono-alkyl
esters of long chain fatty acids derived from vegetable oils or animal fats. A
chemical process called transesterification removes the free fatty acids from
the base oil and creates the desired esters. Transesterification is the reaction
of vegetable oil or animal fat with an alcohol, such as methanol or ethanol, in
the presence of a catalyst. The process yields four products: mono-alkyl ester
(biodiesel), glycerin, feed quality fat, and methanol. The methanol can be used
again in the process.
 
 Biodiesel
can then be used in neat (pure) form, or blended with petroleum diesel.
Biodiesel that is in neat (pure) form is typically designated in the marketplace
as B100. The 100 indicates that the fuel is 100% biodiesel. Biodiesel is
frequently blended with petroleum based diesel. When biodiesel is blended, it is
typically identified in the marketplace according to the percentage of biodiesel
in the blend. For instance, B20 indicates that 20% of the fuel is biodiesel and
80% is petroleum-based diesel.
 
 Biodiesel’s
physical and chemical properties, as they relate to operations of diesel
engines, are similar to petroleum-based diesel fuel. As a result, biodiesel, in
its pure form or blended with petroleum diesel, may be used in most standard
diesel engines without making any engine modifications. Biodiesel demonstrates
greater lubricating properties, referred to as lubricity, than petroleum-based
diesel.   Biodiesel also demonstrates greater solvent properties. The
solvent properties of biodiesel also can cause accumulated deposits from
petroleum-based diesel in fuel systems to break down.   Fuel filters
should be checked more frequently initially when using biodiesel blends. These
problems are less prevalent in blends that utilize lower concentrations of
biodiesel compared to petroleum-based diesel.
 
 Biodiesel
is primarily used as fuel for compression ignition (diesel) engines. Biodiesel
can also be used as heating oil. It is produced using renewable resources
including plant oils and animal fats. It provides environmental advantages over
petroleum-based diesel fuel such as reduced vehicle emissions. Our ability to
market and sell our biodiesel fuel ingredient will be heavily dependent upon the
price of petroleum-based diesel fuel as compared to the price of biodiesel, in
addition to the availability of economic incentives to produce biodiesel. Biodiesel
is frequently used as fuel in transport trucks, ships, trains, in farming
activities and in many government vehicles. Government legislation that seeks to
encourage use of renewable fuels could lead to an expansion of the market for
biodiesel in the future. Further market increases might occur as a result of
environmental concerns by American consumers as well as an increased awareness
of energy security and the United States’ ability to supply its own fuel
needs.
 
 The
retail market for biodiesel fuel consists of biodiesel distribution primarily
through fueling stations to transport trucks and jobbers, which are individuals
that buy product from manufacturers and sell it to retailers, who supply
farmers, maritime customers and home heating oil users. Retail level
distributors include oil companies, independent station owners, marinas, and
railroad operators. The biodiesel retail market is still in its very early
stages as compared to other types of fuel. The present marketing and
transportation network must expand significantly in order for our Company to
effectively market our biodiesel to retail users. With increased governmental
support of renewable fuels and greater consumer awareness of renewable fuels, we
believe that the availability of biodiesel will likely increase in the future,
which would lead to greater demand for the biodiesel fuel ingredient we intend
to produce and sell.
 
 We will
operate in a very competitive environment. Biodiesel is a relatively uniform
commodity where the competition in the marketplace is predominantly based on
price and to a lesser extent delivery service. We will compete to sell our
biodiesel fuel ingredient to biodiesel plants that will seek the lowest possible
price to pay us for our product.
  Employees
 
 We have 2
employees consisting of our Chief Executive Officer and a vice president. None
of our employees are represented by a labor union and we have not entered into a
collective bargaining agreement with any union.
 
 Item
1A.  Risk Factors and Cautionary Statement Regarding Forward-Looking
Information
 
 An
investment in our common stock involves a high degree of risk. You should
carefully consider the following risk factors and the other information in this
annual report before investing in our common stock. Our business and results of
operations could be seriously harmed by any of the following risks. The trading
price of our common stock could decline due to any of these risks.
  5
  Risks
Related to our Business
 
 There is
substantial doubt about our ability to continue as a going concern.  As of October 31, 2010
and 2009, our independent public accounting firm issued “going concern opinions”
wherein they stated that the accompanying financial statements were prepared
assuming the Company will continue as a going concern  Going concern
contemplates the realization of assets and the satisfaction of liabilities in
the normal course of business over a reasonable length of time. We have incurred
losses since inception and have had negative cash flows from operations. For the
years ended October 31, 2010 and 2009, we incurred net losses, and had a
stockholders’ deficit. Our future is dependent upon our ability to obtain
additional equity or debt financing and upon future successful development and
marketing of our products and services. Management is pursuing various sources
of equity and debt financing. Although we plan to pursue additional financing,
there can be no assurance that we will be able to secure such financing or
obtain financing on terms beneficial to us. Failure to secure such financing may
result in our inability to continue as a going concern.   These
matters raise substantial doubt about our ability to continue as a going
concern.
 
 We lack proper
internal controls and procedures. Disclosure controls
and procedures are controls and other procedures that are designed to ensure
that information required to be disclosed by us in the reports that we file or
submit under the Securities Exchange Act of 1934, as amended, is recorded,
processed, summarized and reported, within the time periods specified in the
Securities and Exchange Commission’s rules and forms. Disclosure controls and
procedures include, without limitation, controls and procedures designed to
ensure that information required to be disclosed by us in the reports that we
file under the Securities Exchange Act is accumulated and communicated to our
management, including our principal executive and financial officers, as
appropriate to allow timely decisions regarding required
disclosure.
  Our Chief
Executive Officer carried out an evaluation, of the effectiveness of the design
and operation of our system of disclosure controls and procedures pursuant to
Rule 13a-15(d) and 15d-15(d) promulgated under the Exchange Act. Based on this
evaluation, our Chief Executive Officer concluded that our controls and
procedures as of October 31, 2010 were not effective in ensuring that
information required to be disclosed by us in our periodic reports is recorded,
processed, summarized and reported, within the time periods specified for each
report and that such information is accumulated and communicated to our
management, including our principal executive and principal financial officer,
or persons performing similar functions, as appropriate to allow timely
decisions regarding required disclosure.
 
 During
the course of the preparation of our financial statements for the year ended
October 31, 2010, we identified certain material weaknesses relating to our
internal controls and procedures within the areas of accounting for equity
transactions, document control, account analysis, and reconciliation. Some of
these internal control deficiencies may also constitute deficiencies in our
disclosure controls.
  It should
be noted that any system of controls, however well designed and operated, can
provide only reasonable, and not absolute, assurance that the objectives of the
system will be met. In addition, the design of any control system is based in
part upon certain assumptions about the likelihood of future
events.
 
 Our Chief
Executive Officer is in the process of implementing a more effective system of
controls, procedures, and other changes in the areas of accounting for equity
transactions, document control, account analysis, and reconciliation to insure
that information required to be disclosed in this annual report on Form 10-K has
been recorded, processed, summarized and reported accurately. Our management
acknowledges the existence of this problem, and intends to developed procedures
to address them to the extent possible given limitations in financial and
manpower resources.
  Among the
changes we need to implement are the following:
 
 ·
              Document control system
      established and monitored for
compliance;
 ·
              Timely analysis of accounting
      treatment and disclosure requirements for contractual
      agreements;
 
 Risks
Associated with Investing in our Common Stock
 
 We have issued a
substantial number of securities convertible into shares of our common stock
which will result in substantial dilution to the ownership interests of our
existing stockholders.   As of October
31, 2010, approximately 1,754,391,000 shares of our common stock were
convertible or exercisable from the following securities: (i) 1,754,391,000
shares representing shares of common stock issuable upon conversion in full of
our outstanding convertible promissory notes (without regard to any limitations
on conversion).  The exercise or conversion of these securities will result
in a significant increase in the number of outstanding shares and substantially
dilute the ownership interests of our existing shareholders.
 
 A substantial
number of our convertible securities are convertible into shares of common stock
at a current on price of $0.001 per share. Most of these shares are eligible for
public resale. The trading price of our common stock and our ability to raise
additional financing may be adversely affected by the influx into the market of
such a substantial number of shares.As of October 31, 2010, our
outstanding convertible notes were convertible into 1,754,391,000 shares of
common stock at a per share conversion price equal to $0.001 per share, which is
less than the current trading price of our shares. The shares issuable upon
conversion of our convertible notes are eligible for public resale under
Securities and Exchange Commission Rule 144. This significant increase in number
of shares available for public sale may have a negative impact on the trading
price of our shares and substantially dilute the ownership interest of our
existing shareholders. In order to raise additional financing we would likely be
required to issue additional shares of common stock or securities convertible
into common stock at a purchase or conversion price as applicable, on similar
terms. To the extent these factors are viewed negatively by the market, it may
provide an incentive for persons to execute short sales of our common stock that
could adversely affect the trading price of our common stock.
  6
  The issuance of
shares upon conversion of our convertible securities may cause immediate and
substantial dilution to our existing stockholders.The issuance of shares
upon conversion of our outstanding convertible notes may result in substantial
dilution to the interests of other stockholders since the selling stockholders
may ultimately convert and sell the full amount issuable on conversion. Although
the selling stockholders may not convert their convertible notes if such
conversion would cause them to own more than 4.99% of our outstanding common
stock, this restriction does not prevent the selling stockholders from
converting some of their holdings and then converting the rest of their
holdings. In this way, the selling stockholders could sell more than this limit
while never holding more than this limit. There only upper limit on the number
of shares that may be issued is the number of shares of common stock authorized
for issuance under our articles of incorporation. The issuance of shares upon
conversion of the convertible notes will have the effect of further diluting the
proportionate equity interest and voting power of holders of our common
stock.
 
 The issuance of
shares under awards granted under existing or future employee benefit plans
may cause immediate
and substantial dilution to our existing stockholders.In order to
provide persons who have a responsibility for our management and/or growth with
additional incentive, to increase their proprietary interest in our success, and
to support and increase our ability to attract and retain individuals of
exceptional talent, we have adopted several stock incentive plans including: a
2008 Stock Incentive Plan, a 2008 California Stock Incentive Plan, a 2007 Stock
Incentive Plan, a 2006 Stock Incentive Plan and a 2002 Omnibus Securities Plan.
The total number of shares available for the grant of either stock options or
stock awards under the each plan is 16,000,000 shares, 16,000,000 shares,
10,000,000 shares, 6,000,000 shares and 3,030,000 shares, respectively, subject
to adjustment, and as of October 31, 2010, we had issued 4,574,784 shares,
3,281,600, 9,960 shares, 6,000 shares and 2,425 shares, respectively. We may
also adopt one or more additional employee benefit plans in the future. The
issuance of shares under an employee benefit plan may result in substantial
dilution to the interests of other stockholders. There only upper limit on the
number of shares that may be issued under the number of shares of common stock
we may reserve under employee benefit plans is the number of shares of common
stock authorized for issuance under our articles of incorporation. The issuance
of shares under current or future employee benefit plans will have the effect of
further diluting the proportionate equity interest and voting power of holders
of our common stock.
 
 There is a
limited trading market for our common stock.   Our common stock
is traded on the OTC Bulletin board under the symbol “TAEC.OB.”  There
has been virtually no trading activity in our stock recently, and when it has
traded, the price has fluctuated widely. We consider our common stock to be
“thinly traded” and any last reported sale prices may not be a true market-based
valuation of the common stock. A consistently active trading market for our
stock may not develop at any time in the future. Stockholders may experience
difficulty selling their shares if they choose to do so because of the illiquid
market and limited public float for our stock. It is possible that even a
limited public market for our common stock will not be sustained after the date
of this annual report or at a time at which you may desire to sell your shares.
 
 The volatility of
our stock price affect our may adversely affect the market price for our common
stock.  The
market price of our common stock has historically been volatile. We believe the
market price of the common stock could continue to fluctuate substantially,
based on a variety of factors, including quarterly fluctuations in results of
operations, timing of product releases, announcements of new products and
acquisitions or acquisitions by our competitors, changes in earnings estimates
by research analysts, and changes in accounting treatments or principles. The
market price of our common stock may be affected by our ability to meet or
exceed analysts’ or “street” expectations, and any failure to meet or exceed
such expectations could have a material adverse effect on the market price of
our common stock. Furthermore, stock prices for many companies, fluctuate widely
for reasons that may be unrelated to their operating results. These fluctuations
and general economic, political and market conditions, such as recessions or
international currency fluctuations and demand for our products, may adversely
affect the market price of our common stock.
  Our common stock
is considered to be a “penny stock” and, as such, the market for our common
stock may be further limited by certain SEC rules applicable to penny
stocks.  As
long as the price of our common stock remains below $5.00 per share or we have
net tangible assets of $2,000,000 or less, our shares of common stock are likely
to be subject to certain “penny stock” rules promulgated by the SEC. Those rules
impose certain sales practice requirements on brokers who sell penny stock to
persons other than established customers and accredited investors (generally
institutions with assets in excess of $5,000,000 or individuals with net worth
in excess of $1,000,000). For transactions covered by the penny stock rules, the
broker must make a special suitability determination for the purchaser and
receive the purchaser’s written consent to the transaction prior to the sale.
Furthermore, the penny stock rules generally require, among other things, that
brokers engaged in secondary trading of penny stocks provide customers with
written disclosure documents, monthly statements of the market value of penny
stocks, disclosure of the bid and asked prices and disclosure of the
compensation to the brokerage firm and disclosure of the sales person working
for the brokerage firm. These rules and regulations make it more difficult for
brokers to sell our shares of our common stock and limit the liquidity of our
securities.
 
 If we fail to
remain current in our reporting requirements under the Securities Exchange Act
of 1934, as amended, our shares could be removed from trading on the OTC
Bulletin Board, which would limit the ability of broker-dealers to sell our
securities and the ability of stockholders to sell their shares in the secondary
market.Our common stock is registered under Section 12 of the Securities
Exchange Act of 1934, as amended. As a result, we are required to file annual
and quarterly reports under the Exchange Act. In addition, in order for our
shares of common stock to be eligible for trading on the Over-The-Counter
Bulletin Board, we must file these reports on a timely basis. If we fail to
remain current on our reporting requirements under the Exchange Act, our shares
could be removed from trading from the OTC Bulletin Board. As a result, the
market liquidity for our securities could be severely adversely affected by
limiting the ability of broker-dealers to sell our securities and the ability of
stockholders to sell their securities in the secondary market. In addition, we
may be unable to become re-eligible for quotation on the OTC Bulletin Board,
which may have an adverse material effect on our company and our common
stock.
  7
  We do not expect
to pay dividends for the foreseeable future.  For the foreseeable
future, it is anticipated that earnings, if any, that may be generated from our
operations will be used to finance our operations and that cash dividends will
not be paid to holders of our common stock.
 
 Any projections
used in this report may not be accurate.   Any and all
projections and estimates contained in this report or otherwise prepared by us
are based on information and assumptions which management believes to be
accurate; however, they are mere projections and no assurance can be given that
actual performance will match or approximate the projections.
 
 Substantial sales
of our stock may impact the market price of our common stock.  Future sales of
substantial amounts of our common stock, including shares that we may issue upon
exercise of options and warrants, could adversely affect the market price of our
common stock. Further, if we raise additional funds through the issuance of
common stock or securities convertible into or exercisable for common stock, the
percentage ownership of our stockholders will be reduced and the price of our
common stock may fall.
 
 We are controlled
by our principal stockholder.Our Series A preferred stockholder, who is
also our Chief Executive Officer, holds a majority of the voting power of our
outstanding capital stock and is entitled to vote on any matter presented to our
stockholders. On all matters submitted to a vote of the holders of the common
stock, including, without limitation, the election of directors, a holder of
shares of our Series A Preferred Stock is entitled to the number of votes on
such matters equal to the product of (a) the number of shares of the Series A
Preferred Stock held by such holder, (b) the number of issued and outstanding
shares of our common stock, as of the record date for the vote, or, if no
such record date is established, as of the date such vote is taken or any
written consent of stockholders is solicited, and (c) 0.0002. So long as this
principal stockholder controls a majority of our fully diluted equity, they will
continue to have the ability to elect our directors and determine the outcome of
votes by our stockholders on corporate matters, including mergers, sales of all
or substantially all of our assets, charter amendments and other matters
requiring stockholder approval.   This controlling interest may have a
negative impact on the market price of our common stock by discouraging
third-party investors.
  Issuing preferred
stock with rights senior to those of our common stock could adversely affect
holders of common stock.  Our charter documents
give our board of directors the authority to issue series of preferred stock
without a vote or action by our stockholders. The board also has the authority
to determine the terms of preferred stock, including price, preferences and
voting rights. The rights granted to holders of preferred stock may adversely
affect the rights of holders of our common stock. For example, a series of
preferred stock may be granted the right to receive a liquidation preference – a
pre-set distribution in the event of a liquidation – that would reduce the
amount available for distribution to holders of common stock. In addition, the
issuance of preferred stock could make it more difficult for a third party to
acquire a majority of our outstanding voting stock. As a result, common
stockholders could be prevented from participating in transactions that would
offer an optimal price for their shares.
  8
 
 Cautionary
Statement Concerning
 Forward-Looking
Statements
 
 Some of
the statements in this annual report are forward looking statements, which are
subject to risks and uncertainties. These risks and uncertainties could cause
actual results to differ materially from those expressed in forward-looking
statements. We base these forward-looking statements on our expectations and
projections about future events, which we derive from the information currently
available to us. Such forward-looking statements relate to future events or our
future performance. Forward-looking statements are only predictions. The
forward-looking events discussed in this annual report, the documents to which
we refer you and other statements made from time to time by us or our
representatives, may not occur, and actual events and results may differ
materially and are subject to risks, uncertainties and assumptions about us. For
these statements, we claim the protection of the “bespeaks caution” doctrine.
The forward-looking statements speak only as of the date hereof, and we
expressly disclaim any obligation to publicly release the results of any
revisions to these forward-looking statements to reflect events or circumstances
after the date of this filing.
 
 ITEM
2. PROPERTIES
 
 We
recently moved our executive offices to 857 Post Road, Suite 397, Fairfield,
Connecticut 06824.
 
 We
recently entered into a 5-year lease for space at 6900 Alamo Downs Parkway, San
Antonio, Texas 78238. Our space is being built out to accommodate development,
production and warehousing of our GEM cleaning products.
 
 ITEM
3. LEGAL PROCEEDINGS
 
 From time
to time, the Company may become involved in litigation relating to claims
arising out of its operations in the normal course of business. We are not
currently involved in any pending legal proceeding or litigation and, to the
best of our knowledge, no governmental authority is contemplating any proceeding
to which we are a party or to which any of our properties is subject, which
would reasonably be likely to have a material adverse effect on the Company.
 
 ITEM 4. REMOVED AND
RESERVED
 PART
II
 
 ITEM
5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
 
 Our
common stock has traded on the OTC Bulletin Board under the symbol
“TAEC.OB” since December 10, 2010.  Prior to that, it traded under the
symbol “BSOM.OB”.  The following table shows the high and low bid or
close prices for our common stock for each quarter since November 1, 2008 as
reported by the OTC Bulletin Board.   We consider our stock to be “thinly
traded” and any reported sale prices may not be a true market-based valuation of
the stock. Some of the bid quotations from the OTC Bulletin Board set forth
below may reflect inter-dealer prices, without retail mark-up, mark-down or
commission and may not represent actual transactions.
 
 November 1, 2008 to October 31, 2009
                  
                  High
                    Close
                  
                  
                  Low
                    CloseFirst
      quarter
                  
                  $
                  4.00
                  
                  
                  $
                  0.10Second
      quarter
                  
                  
                  1.89
                  
                  
                  
                  0.06Third
      quarter
                  
                  
                  0.73
                  
                  
                  
                  0.43Fourth
      quarter
                  
                  
                  0.54
                  
                  
                  
                  0.21
 
 November 1, 2009 to October 31, 2010
                  
                  High
                    Close
                  
                  
                  Low
                    CloseFirst
      quarter
                  
                  $
                  .09
                  
                  
                  $
                  0.06Second
      quarter
                  
                  
                  .0779
                  
                  
                  
                  .0779Third
      quarter
                  
                  
                  .0172
                  
                  
                  
                  0.015Fourth
      quarter
                  
                  
                  .0045
                  
                  
                  
                  .0028
  As of
February 14, 2011, there were approximately 1,789 record holders of our
common stock.
 
 We have
not paid any cash dividends since our inception and do not contemplate paying
dividends in the foreseeable future. It is anticipated that earnings, if any,
will be retained to retire debt and for the operation of the
business.
 
 Shares
eligible for future sale could depress the price of our common stock, thus
lowering the value of a buyer’s investment. Sales of substantial amounts of
common stock, or the perception that such sales could occur, could adversely
affect prevailing market prices for shares of our common
stock.
  9




Securities Authorized for Issuance
Under Equity Compensation Plans.The following provides information
concerning compensation plans under which our equity securities are authorized
for issuance as of October 31, 2010:





(a)
                                    
                                    (b)
                                    
                                    
                                    (c)Plan Category
                                    
                                    Number of
                                      securities to be
                                      issued upon
                                      exercise of
                                      outstanding
                                      options,
                                      warrants and
                                      rights
                                    
                                    Weighted-average
                                      exercise price of
                                      outstanding
                                      options, warrants
                                      and rights
                                    
                                    
                                    Number of
                                      securities
                                      remaining
                                      available for
                                      future
                                      issuance
                                      under
                                      equity
                                      compensation
                                      plans
                                      (excluding
                                      securities
                                      reflected in
                                      column (a))Equity
      compensation plans approved by security holders
                                    
                                    
                                    —
                                    
                                    
                                    $
                                    —
                                    
                                    
                                    
                                    —Equity
      compensation plans not approved by security holders
                                    
                                    
                                    —
                                    
                                    
                                    
                                    —
                                    
                                    
                                    
                                    43,155,231
                                    (1)(2)(3)(4)(5)Total
                                    
                                    
                                    —
                                    
                                    
                                    $
                                    —
                                    
                                    
                                    
                                    43,155,231
                                    (1)(2)(3)(4)(5)





(1)
            2008 Stock Incentive Plan.The
purpose of our 2008 Stock Incentive Plan is to advance the best interests of the
company by providing those persons who have a substantial responsibility for our
management and growth with additional incentive and by increasing their
proprietary interest in the success of the company, thereby encouraging them to
maintain their relationships with us. Further, the availability and offering of
stock options and common stock under the plan supports and increases our ability
to attract and retain individuals of exceptional talent upon whom, in large
measure, the sustained progress, growth and profitability which we depend. The
total number of shares available for the grant of either stock options or
compensation stock under the plan is 16,000,000 shares, subject to adjustment,
and as of October 31, 2010, we had issued 4,574,784 shares.





Our
compensation committee which is appointed by our board of directors administers
our plan and has full power to grant stock options and common stock, construe
and interpret the plan, establish rules and regulations and perform all other
acts, including the delegation of administrative responsibilities, it believes
reasonable an proper. Any decision made, or action taken, by the compensation
committee or our board of directors arising out of or in connection with the
interpretation and administration of the plan is final and
conclusive.





The
compensation committee or our board of directors, in its absolute discretion,
may award common stock to employees of, consultants to, and directors of the
company, and such other persons as the board of directors or compensation
committee may select, and permit holders of common stock options to exercise
such options prior to full vesting therein and hold the common stock issued upon
exercise of the option as common stock. Stock options may also be granted by our
board of directors or compensation committee to non-employee directors of the
company or other persons who are performing or who have been engaged to perform
services of special importance to the management, operation or development of
the company.





In
the event that our outstanding common stock is changed into or exchanged for a
different number or kind of shares or other securities of the company by reason
of merger, consolidation, other reorganization, recapitalization, combination of
shares, stock split-up or stock dividend, prompt, proportionate, equitable,
lawful and adequate adjustment shall be made of the aggregate number and kind of
shares subject to stock options which may be granted under the
plan.





Our
board of directors may at any time, and from time to time, suspend or terminate
the plan in whole or in part or amend it from time to time in such respects as
our board of directors may deem appropriate and in our best
interest.





(2)
            2008 California Stock Incentive Plan.The purpose of our 2008 California Stock Incentive Plan is to advance the
best interests of the company by providing those persons who are residents of
California and who have a substantial responsibility for our management and
growth with additional incentive and by increasing their proprietary interest in
the success of the company, thereby encouraging them to maintain their
relationships with us. Further, the availability and offering of stock options
and common stock under the plan supports and increases our ability to attract
and retain individuals of exceptional talent upon whom, in large measure, the
sustained progress, growth and profitability which we depend. The total number
of shares available for the grant of either stock options or compensation stock
under the plan is 16,000,000 shares, subject to adjustment, and as of October
31, 2010, we had issued 3,281,600 shares.





Our
compensation committee which is appointed by our board of directors administers
our plan and has full power to grant stock options and common stock, construe
and interpret the plan, establish rules and regulations and perform all other
acts, including the delegation of administrative responsibilities, it believes
reasonable an proper. Any decision made, or action taken, by the compensation
committee or our board of directors arising out of or in connection with the
interpretation and administration of the plan is final and
conclusive.


10




The
compensation committee or our board of directors, in its absolute discretion,
may award common stock to employees of, consultants to, and directors of the
company, and such other persons as the board of directors or compensation
committee may select, and permit holders of common stock options to exercise
such options prior to full vesting therein and hold the common stock issued upon
exercise of the option as common stock. Stock options may also be granted by our
board of directors or compensation committee to non-employee directors of the
company or other persons who are performing or who have been engaged to perform
services of special importance to the management, operation or development of
the company.





In
the event that our outstanding common stock is changed into or exchanged for a
different number or kind of shares or other securities of the company by reason
of merger, consolidation, other reorganization, recapitalization, combination of
shares, stock split-up or stock dividend, prompt, proportionate, equitable,
lawful and adequate adjustment shall be made of the aggregate number and kind of
shares subject to stock options which may be granted under the
plan.





Our
board of directors may at any time, and from time to time, suspend or terminate
the plan in whole or in part or amend it from time to time in such respects as
our board of directors may deem appropriate and in our best
interest.





(3)
            2007 Stock Incentive Plan.The
purpose of our 2007 Stock Incentive Plan is to advance the best interests of the
company by providing those persons who have a substantial responsibility for our
management and growth with additional incentive and by increasing their
proprietary interest in the success of the company, thereby encouraging them to
maintain their relationships with us. Further, the availability and offering of
stock options and common stock under the plan supports and increases our ability
to attract and retain individuals of exceptional talent upon whom, in large
measure, the sustained progress, growth and profitability which we depend. The
total number of shares available for the grant of either stock options or
compensation stock under the plan is 10,000,000 shares, subject to adjustment,
and as of October 31, 2010, we had issued 9,960 shares.





Our
compensation committee which is appointed by our board of directors administers
our plan and has full power to grant stock options and common stock, construe
and interpret the plan, establish rules and regulations and perform all other
acts, including the delegation of administrative responsibilities, it believes
reasonable an proper. Any decision made, or action taken, by the compensation
committee or our board of directors arising out of or in connection with the
interpretation and administration of the plan is final and
conclusive.





The
compensation committee or our board of directors, in its absolute discretion,
may award common stock to employees of, consultants to, and directors of the
company, and such other persons as the board of directors or compensation
committee may select, and permit holders of common stock options to exercise
such options prior to full vesting therein and hold the common stock issued upon
exercise of the option as common stock. Stock options may also be granted by our
board of directors or compensation committee to non-employee directors of the
company or other persons who are performing or who have been engaged to perform
services of special importance to the management, operation or development of
the company.





In
the event that our outstanding common stock is changed into or exchanged for a
different number or kind of shares or other securities of the company by reason
of merger, consolidation, other reorganization, recapitalization, combination of
shares, stock split-up or stock dividend, prompt, proportionate, equitable,
lawful and adequate adjustment shall be made of the aggregate number and kind of
shares subject to stock options which may be granted under the
plan.





Our
board of directors may at any time, and from time to time, suspend or terminate
the plan in whole or in part or amend it from time to time in such respects as
our board of directors may deem appropriate and in our best
interest.




(4)           2006 Stock Incentive
Plan.  On October 27, 2006, the Company adopted its 2006 Stock
Incentive Plan (the “2006 Plan”). The Company is permitted to issue up to
6,000,000 shares of common stock under the 2006 Plan in the form of stock
options, restricted stock awards, and stock awards to employees, non-employee
directors, and outside consultants. As of October 31, 2010, there were 6,000
shares issued under the 2006 Plan and no options have been granted.
 
 (5)           2002 Omnibus Securities
Plan.  On April 19, 2002, the Company adopted the 2002 Omnibus
Securities Plan (the “2002 Plan”). Under the plan, the Company may grant options
or issue stock to selected employees, directors, and consultants up to 30,000
shares. The exercise price of each option is at the discretion of the Board of
Directors but cannot be less than 85% of the fair market value of a share at the
date of grant (100% of fair market value for 10% stockholders). The vesting
period of each option granted is also at the discretion of the Board of
Directors, but each option granted shall vest at a rate of no less than 20% per
year from date of grant.
 
 In
August 2005, the number of shares under the 2002 Plan was increased by 3,000,000
and 400 shares were issued under the 2002 Plan. In January 2006, the 3,000,000
increase was reaffirmed and ratified by the Board of Directors when technical
deficiencies in the registration statement registering the shares of stock
issuable under the 2002 Plan were corrected. As of October 31, 2010, there were
3,030,000 shares authorized under the 2002 Plan and 2,425 shares issued and no
options have been granted.





Recent
Sales of Unregistered Securities





On
December 24, 2010, we sold and issued a convertible promissory note in the
aggregate principal amount of $30,000 to a certain investor. The Note matures on
the two-year anniversary of the date of issuance and accrues interest at an
annual rate of ten percent (10%). The Note is payable in full on the maturity
date unless previously converted into shares of our common stock at an initial
conversion price of $0.0001 per share, as may be adjusted.





On
January 25, 2011, we sold and issued a convertible promissory note in the
aggregate principal amount of $40,000 to a certain investor. The Note matures on
the two-year anniversary of the date of issuance and accrues interest at an
annual rate of ten percent (10%). The Note is payable in full on the maturity
date unless previously converted into shares of our common stock at an initial
conversion price of $0.0001 per share, as may be adjusted.





The shares referenced above were issued
in transactions which we believe satisfies the requirements of that exemption
from the registration and prospectus delivery requirements of the Securities Act
of 1933, which exemption is specified by the provisions of Section 4(2) of that
act and Rule 506 of Regulation D promulgated pursuant to that act by the
Securities and Exchange Commission.




11




ITEM
6. SELECTED FINANCIAL DATA




As a
smaller reporting company we are not required to provide the information
required by this Item.




ITEM 7. MANAGEMENT’S DISCUSSION AND
ANALYSIS AND PLAN OF OPERATION





The
following discussion and analysis should be read in conjunction with our audited
consolidated financial statements and related notes included in this report.
This report contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. The statements contained in
this report that are not historic in nature, particularly those that utilize
terminology such as “may,” “will,” “should,” “expects,” “anticipates,”
“estimates,” “believes,” or “plans” or comparable terminology are
forward-looking statements based on current expectations and
assumptions.




Various
risks and uncertainties could cause actual results to differ materially from
those expressed in forward-looking statements. Factors that could cause actual
results to differ from expectations include, but are not limited to, those set
forth under the section “Risk Factors” set forth in this report.





The
forward-looking events discussed in this annual report, the documents to which
we refer you and other statements made from time to time by us or our
representatives, may not occur, and actual events and results may differ
materially and are subject to risks, uncertainties and assumptions about us. For
these statements, we claim the protection of the “bespeaks caution” doctrine.
All forward-looking statements in this document are based on information
currently available to us as of the date of this report, and we assume no
obligation to update any forward-looking statements. Forward-looking statements
involve known and unknown risks, uncertainties and other factors that may cause
the actual results to differ materially from any future results, performance or
achievements expressed or implied by such forward-looking
statements.





General





We are a
development stage company. Our business has two primary opportunities that we
are developing. We have a green cleaning products business that is organized to
use our own scientific formulations to manufacture and sell a new line of
powerful industrial strength environmentally friendly biodegradable cleaning
products that contain natural non-toxic ingredients. We have a biodiesel
business that is organized to use our extraction technology to convert waste
cooking oil and grease into a biodiesel fuel ingredient that we intend to sell
to biodiesel fuel producers. Our biodiesel business is designed to eliminate
environmental issues associated with disposing of waste cooking oil and
grease.




On June
9, 2010, we changed our name to Todays Alternative Energy Corporation to better
reflect the direction of our business.





On July
1, 2010, we announced plans to brand the Company's new line of industrial
strength, environmentally friendly biodegradable cleaning products with the GEM
name, a Company-owned brand. The GEM brand name and the accompanying tagline,
"Guaranteed Enzyme Miracle," call attention to the natural enzymes and other
eco-friendly industrial strength ingredients in GEM cleansers that safely and
quickly remove oil, grease and other stubborn stains. GEM products contain no
ammonia, phosphates, dyes, artificial scents or toxins, and are biodegradable.
GEM products will enter a large expanding market for green cleaners. U.S. retail
sales of green household cleaning products totaled $557 million in 2009 and have
grown 229% since 2005, claiming 3% of the total household cleaner retail market
according to Packaged Facts' independent proprietary online green cleaner survey
and sales estimates. According to their estimates, annual sales of green cleaner
products in the U.S. will grow to $2 billion by 2014, an increase that is 4
times the size of 2009 sales. Sales growth is coming from increased numbers of
U.S. consumers who report using natural, organic or ecologically friendly
household cleaning products. According to a Packaged Facts' February 2010
survey, 42% of adult consumers used green cleaning products, which translates
into 48 million U.S. households.





We will
manufacture GEM products at our facility in San Antonio, Texas using our
scientific formulations. We plan to market GEM products to American consumers
directly and through retailers. We estimate that product sales will begin in our
fiscal second quarter ended April 30, 2011. Product prices are planned to be
competitive with branded household floor, carpet and drain cleaning
products.





Critical
Accounting Policies





Our
discussion and analysis of our financial conditions and results of operations is
based upon our consolidated financial statements, which have been prepared in
accordance with generally accepted accounting principles in the United States.
The preparation of financial statements requires managers to make estimates and
disclosures on the date of the financial statements. On an on-going basis, we
evaluate our estimates, including, but not limited to, those related to revenue
recognition. We use authoritative pronouncements, historical experience, and
other assumptions as the basis for making judgments. Actual results could differ
from those estimates. We believe the following critical accounting policies
affect our more significant judgments and estimates in the preparation of our
consolidated financial statements.




12




Going
Concern


The
financial statements contained in this report have been prepared assuming that
we will continue as a going concern. Going concern contemplates the realization
of assets and the satisfaction of liabilities in the normal course of business
over a reasonable length of time. We have incurred losses since inception and
have negative cash flows from operations. For the years ended October 31, 2010
and 2009, we incurred net losses of $833,129 and $927,207, respectively, and we
have a stockholders’ deficit of $2,245,450 as of October 31, 2010. Our future is
dependent upon our ability to obtain additional equity or debt financing and
upon future successful development and marketing of our products. We recently
raised funds through the sale of convertible notes to an investor and by
borrowing under an existing secured loan agreement. We are pursuing the sale of
additional convertible notes. Although we plan to pursue additional financing,
there can be no assurance that we will be able to secure such financing or
obtain financing on terms beneficial to us. Failure to secure such financing may
result in our inability to continue as a going concern.
  The
financial statements contained in this report do not include any adjustments
relating to the recoverability and classifications of recorded assets, or the
amounts and classification of liabilities that might be necessary in the event
we cannot continue in existence.
  Stock-Based
Employee Compensation
 
 The
Company adopted ASC 718-10. This accounting guidance requires companies to
expense the value of employee stock options and similar awards and applies to
all outstanding and vested stock-based awards.
 
 In
computing the impact, the fair value of each option is estimated on the date of
grant based on the Black-Scholes options-pricing model utilizing certain
assumptions for a risk free interest rate; volatility; and expected remaining
lives of the awards. The assumptions used in calculating the fair value of
share-based payment awards represent management’s best estimates, but these
estimates involve inherent uncertainties and the application of management
judgment. As a result, if factors change and the Company uses different
assumptions, the Company’s stock-based compensation expense could be materially
different in the future. In addition, the Company is required to estimate the
expected forfeiture rate and only recognize expense for those shares expected to
vest. In estimating the Company’s forfeiture rate, the Company analyzed its
historical forfeiture rate, the remaining lives of unvested options, and the
amount of vested options as a percentage of total options outstanding. If the
Company’s actual forfeiture rate is materially different from its estimate, or
if the Company reevaluates the forfeiture rate in the future, the stock-based
compensation expense could be significantly different from what we have recorded
in the current period. Equity based compensation expense was $0 during the years
ended October 31, 2010 and 2009.
 
 Results
of Continuing Operations
 
 Basis
of Presentation
 
 The
results of operations set forth below for the years ended October 31, 2010 and
2009 are those of the continuing operations of Todays Alternative Energy
Corporation, which include GEM and BESI on a consolidated basis.
 
 The
following table sets forth, for the periods indicated, certain selected
financial data from continuing operations:
  Year Ended
                            October 31,
                          
                          
                          From Inception of
                            Development
                            Stage on
                            November 1, 2007
                            Through
                            October31,
      20102010
                          
                          
                          2009
                          
                          
                          (UNAUDITED)Net
      sales
                          
                          $
                          —
                          
                          
                          $
                          —
                          
                          
                          $
                          —Cost
      of sales
                          
                          
                          —
                          
                          
                          
                          —
                          
                          
                          
                          —Gross
      (loss)
                          
                          
                          —
                          
                          
                          
                          —
                          
                          
                          
                          —Selling,
      general and administrative
                          
                          
                          461,849
                          
                          
                          
                          450,591
                          
                          
                          
                          1,504,300Operating
      (loss)
                          
                          $
                          (461,849
                          )
                          
                          $
                          (450,591
                          )
                          
                          $
                          (1,504,300
                          )
  13
  Comparison
of the Year Ended October 31, 2010 and 2009
 
 Net sales. Net sales for
operations were $0 for the years ended October 31, 2010 and 2009.
  Selling, general, and
administrative.    Selling, general, and administrative
expenses was $461,849 for the year ended October 31, 2010 compared to
$450,591for the year ended October 31, 2009. The increase of $11,258 or 2% was
primarily due to professional fees incurred for operational support for
developing the green cleaning products and biodiesel fuel businesses and back
office accounting support
  Operating loss.   
We incurred an operating loss of $461,849 for the year ended October 31, 2010,
compared to an operating loss of $450,591 for the year ended October 31, 2009.
The increase of $11,258 or 2% was primarily due to professional fees incurred
for operational support for developing the green cleaning products and biodiesel
fuel businesses and back office accounting support.
 
 Liquidity
and Capital Resources
 
 We have
financed our operations, acquisitions, debt service, and capital requirements
through cash flows generated from operations, debt financing, and issuance of
equity securities. Our working capital deficit at October 31, 2010 was
$2,245,450 and at October 31, 2009 it was $2,221,280. We had cash of $4,446 as
of October 31, 2010, while we had cash of $3,423 as of October 31,
2009.
 
 We used
$235,205 of net cash from operating activities for the year ended October 31,
2010, compared to using $302,294 in the year ended October 31,
2009.
 
 Net cash
flows provided by investing activities was $0 for the year ended October 31,
2010 compared to $0 for the year ended October 31, 2009.
 
 Net cash
flows provided by financing activities were $236,228 for the year ended October
31, 2010, compared to net cash provided by financing activities of $304,844 in
the year ended October 31, 2009. The net cash provided by financing activities
is from the proceeds from our notes payable, which are net of
repayments.
 
 Loan
Agreements
 
 On
November 29, 2006, we entered into two separate loan agreement with certain
lenders that provided for the potential for us to borrow up to $1,000,000 under
each loan agreement. Under the loan agreements, the lenders received convertible
promissory notes in the aggregate principal amounts of $164,000, $537,955 and
$264,625, respectively, for loans made prior to the November 29, 2006 loan
agreements. As a result of subsequent agreements between the lenders, a single
lender now holds both $1,000,000 loan agreements. The lender may, in its sole
and absolute discretion, make additional loans to us, up to an aggregate total
of $2,000,000. Borrowings under the loan agreements bear interest at the rate of
eight percent (8%) per annum and are payable on demand. Outstanding principal
and accrued interest is also convertible into shares of our common stock at a
fixed conversion rate of $0.001 per share as a result of a May 2008 amendment to
the loan agreements. In addition, the lender cannot convert any principal or
interest to the extent that such conversion would require us to issue shares of
our common stock in excess of our authorized and unissued shares of common
stock. The notes are secured by a first priority security interest in all of our
assets. By their terms, the holder of the notes may not convert the notes to the
extent such conversion would cause the holder to have acquired a number of
shares of common stock that would exceed 4.99% of our then outstanding common
stock.
 
 Since
July 2009, third party investors have acquired $41,000 in principal under the
loan agreement. We have reduced the amount of unpaid principal and interest
under the loan agreement through issuances of our common stock in satisfaction
of conversion requests. As of October 31, 2010, the outstanding principal
balance on these loans was approximately $1,400,000.
  Capital
Requirements
 
 The
report of our independent accountants for the fiscal year ended October 31, 2010
states that we have incurred operating losses since inception and requires
additional capital to continue operations, and that these conditions raise
substantial doubt about our ability to continue as a going concern.
 
 As of
October 31, 2010, we had a working capital deficit of $2,245,450. Currently, we
do not generate any revenues. To operate our biodiesel fuel ingredient
production business, we need to construct or lease biodiesel plants and we will
not generate any revenues from this business until we have established plants
that are operational. The expected cost to build each biodiesel plant is $2.5
million and we do not have the capital to build such plants. In our green
cleaning products business, we need to complete the build out of our leased
space in San Antonio, Texas and buy production equipment in order to begin
producing cleaning products to sell. We expect to begin generating revenues in
our green cleaning products business once the production facility is fully
operational and our sales and marketing campaigns our launched in our fiscal
second quarter ended April 30, 2011. The expected cost to open a production
facility is $400,000 and we are seeking the capital to begin buying production
equipment. We raised $70,000 from the sales of convertible notes to an investor
and expect to raise the remaining funds needed through additional sales of
convertible notes. If we cannot raise additional debt and/or equity capital, we
will be unable to generate any revenues..
  14
  We
believe that, as of the date of this report, our existing working capital and
cash flows generated from operations will be insufficient to fund our plan of
operations over the next 12 months, and accordingly, we will need to continue to
obtain additional financing.
 
 As set
forth above, we have entered into a secured loan agreement with a third party
lender, under which the lender, in its sole and absolute discretion, can lend to
us up to $2,000,000. However, such loans are completely discretionary with the
lender, and as of the date hereof, we have received no commitment from the
lender to advance us additional funds. We have sold unsecured convertible notes
to an investor and seek to sell additional unsecured convertible notes, and as
of the date hereof, we have received no firm commitment from investors to
purchase additional notes from us.
 
 In the
event that our lenders do not advance us additional funds under the loan
agreement and investors do not purchase additional unsecured convertible notes,
we would need to seek additional debt or equity financing, i a strategic
alliance, or a joint venture. Such additional financing, alliances, or joint
venture opportunities might not be available to us, when and if needed, on
acceptable terms or at all. If we are unable to obtain additional financing in
sufficient amounts or on acceptable terms under such circumstances, our
operating results and prospects could be adversely affected. In addition, any
debt financings or significant capital expenditures require the written consent
of our existing lenders.
 
 We
intend to retain any future earnings to retire debt, finance the expansion of
our business and any necessary capital expenditures, and for general corporate
purposes. The loan agreement with our lenders contains restrictions as to the
payment of dividends.
 
 Off-Balance
Sheet Arrangements
 
 None.
 
 ITEM
7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
 As a
smaller reporting company we are not required to provide the information
required by this Item.
  15
  ITEM 8 - FINANCIAL STATEMENTS AND
SUPPLEMENTARY DATA
  Our
financial statements are filed under this Item 8, beginning on page F-1 of this
report.
  Todays
Alternative Energy Corporation
 (Formerly
Bio Solutions Manufacturing, Inc.)
 (A
Development Stage Company)
 
 CONTENTS
  PageREPORT
      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
                F-2CONSOLIDATED
      FINANCIAL STATEMENTSConsolidated
      Balance Sheets
                F
      -3Consolidated
      Statement of Operations for the years ended October 31, 2010 and 2009 and
      for the Period From November 1, 2007 (inception of development stage)
      through October 31, 2010
                F -
      4Consolidated
      Statement of Statements of Stockholders’ Deficit
                F -
      5Consolidated
      Statement of Cash Flows for the years ended October 31, 2010 and 2009 and
      for the Period From November 1, 2007 (inception of development stage)
      through October 31, 2010
                F -
      6Notes
      to the consolidated financial statements
                F
      -7 to F-15
  F-1
  Report
of Independent Registered Public Accounting Firm
 
 Board of
Directors and Stockholders
 Todays
Alternative Energy Corporation
 (Formerly
Bio Solutions Manufacturing, Inc.)
  We have
audited the accompanying consolidated balance sheets of Todays Alternative
Energy Corporation (A Development Stage Enterprise) as of October 31, 2010 and
2009, and the related consolidated statement of operations, stockholders’
deficit, and cash flows for each of the two years in the period ended October
31, 2010. These financial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
 
 We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating principles used
and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provides a
reasonable basis for our opinion.
  “ ”
  In our
opinion, the financial statements referred to above present fairly, in all
material respects, the consolidated financial position of the Company as of
October 31, 2010 and 2009, and the results of its operations and cash flows for
each of the two years in the period ended October 31, 2010, in conformity with
generally accepted accounting principles in the United States.
 
 The
accompanying consolidated financial statements have been prepared assuming that
Todays Alternative Energy Corporation will continue as a going concern. As more
fully described in Note 1, the Company has incurred recurring operating losses
and will have to obtain additional capital to sustain operations. These
conditions raise substantial doubt about the Company’s 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 to reflect
the possible effects on the recoverability and classification of assets or the
amounts and classification of liabilities that may result from the outcome of
this uncertainty.
  /s/  RBSM LLPRBSM
      LLP
  New York,
New York
 February 14,
2011
  F-2
  Todays
Alternative Energy Corporation
 (Formerly
Bio Solutions Manufacturing, Inc.)
 (A
Development Stage Company)
 Consolidated
Balance Sheets
 
 October 31,
                              
                              
                              October 31,2010
                              
                              
                              2009AssetsCurrent
      assets:Cash
                              
                              $
                              4,446
                              
                              
                              $
                              3,423Prepaid
      expenses
                              
                              
                              1,463
                              
                              
                              
                              -Total
      current assets
                              
                              
                              5,909
                              
                              
                              
                              3,423Total
      assets
                              
                              $
                              5,909
                              
                              
                              $
                              3,423Liabilities
      and Stockholders' DeficitCurrent
      liabilities:Accounts
      payable and accrued expenses
                              
                              $
                              884,194
                              
                              
                              $
                              1,112,481Convertible
      notes payable
                              
                              
                              1,367,165
                              
                              
                              
                              1,112,222Total
      current liabilities
                              
                              
                              2,251,359
                              
                              
                              
                              2,224,703Stockholders'
      deficit:Preferred
      stock, $0.00001 par value, 10,000,000 authorized,10,000
      shares of Series A issued and outstanding as of October 31,
      2010and
      October 31, 2009 and 80,000 and 92,000 shares of Series B issued and
      outstanding as of October 31, 2010 and 2009, respectively
                              
                              
                              1
                              
                              
                              
                              1Common
      stock, $0.00001 par value, 1,000,000,000 sharesauthorized,
      43,371,079 and 26,617,197 shares issued and outstanding as
    ofOctober
      31, 2010 and 2009, respectively
                              
                              
                              434
                              
                              
                              
                              266Common
      stock to be issued
                              
                              
                              5
                              
                              
                              
                              -Additional
      paid-in capital
                              
                              
                              7,615,206
                              
                              
                              
                              6,806,420Deficit
      accumulated from November 1, 2007 (inception of development
      stage)
                              
                              
                              (2,352,775
                              )
                              
                              
                              (1,519,646
                              )Accumulated
      deficit
                              
                              
                              (7,508,321
                              )
                              
                              
                              (7,508,321
                              )Total
      stockholders' deficit
                              
                              
                              (2,245,450
                              )
                              
                              
                              (2,221,280
                              )Total
      liabilities and deficiency in stockholders' equity
                              
                              $
                              5,909
                              
                              
                              $
                              3,423
  The
accompanying notes are an integral part of these consolidated financial
statements.
  F-3
  Todays
Alternative Energy Corporation
 (Formerly
Bio Solutions Manufacturing, Inc.)
 (A
Development Stage Company)
 Consolidated
Statements of Operations
  Years Ended
                                        October 31,
                                      
                                      
                                      From Inception of
                                        Development Stage
                                        on November 1, 2007
                                        Through October 31,
                                        2010
                                        (Unaudited)2010
                                      
                                      
                                      2009Expenses:General
      and administrative expenses
                                      
                                      $
                                      461,849
                                      
                                      
                                      $
                                      450,591
                                      
                                      
                                      $
                                      1,504,300Total
      expenses
                                      
                                      
                                      461,849
                                      
                                      
                                      
                                      450,591
                                      
                                      
                                      
                                      1,504,300Loss
      from operations
                                      
                                      
                                      (461,849
                                      )
                                      
                                      
                                      (450,591
                                      )
                                      
                                      
                                      (1,504,300
                                      )Other
      expenses:Beneficial
      conversion feature expense
                                      
                                      
                                      (269,608
                                      )
                                      
                                      
                                      (331,157
                                      )
                                      
                                      
                                      (544,775
                                      )Interest
      expense
                                      
                                      
                                      (101,672
                                      )
                                      
                                      
                                      (145,459
                                      )
                                      
                                      
                                      (303,700
                                      )Total
      other expenses
                                      
                                      
                                      (371,280
                                      )
                                      
                                      
                                      (476,616
                                      )
                                      
                                      
                                      (848,475
                                      )Net
      loss before provision for income taxes
                                      
                                      
                                      (833,129
                                      )
                                      
                                      
                                      (927,207
                                      )
                                      
                                      
                                      (2,352,775
                                      )Provision
      for income taxes
                                      
                                      
                                      -
                                      
                                      
                                      
                                      -
                                      
                                      
                                      
                                      -Net
      loss
                                      
                                      $
                                      (833,129
                                      )
                                      
                                      $
                                      (927,207
                                      )
                                      
                                      $
                                      (2,352,775
                                      )Net
      loss per weighted average share - basic and diluted
                                      
                                      $
                                      (0.03
                                      )
                                      
                                      $
                                      (0.07
                                      )Weighted
      average number of shares - basic and diluted
                                      
                                      
                                      31,156,627
                                      
                                      
                                      
                                      13,937,611
  The
accompanying notes are an integral part of these consolidated financial
statements.
  F-4
  Todays
Alternative Energy Corporation
 (Formerly
Bio Solutions Manufacturing, Inc.)
 (A
Development Stage Company)
 Consolidated
Statements of Stockholders' (Deficit)
  Preferred Stock
                                                                                                  Series A and B
                                                                                                
                                                                                                
                                                                                                Common Stock
                                                                                                
                                                                                                
                                                                                                Common
                                                                                                  Stock to
                                                                                                  be
                                                                                                
                                                                                                
                                                                                                Additional
                                                                                                  Paid in
                                                                                                
                                                                                                
                                                                                                Deficit Accumulated
                                                                                                
                                                                                                
                                                                                                Accumulated
                                                                                                
                                                                                                
                                                                                                Total
                                                                                                  Stockholders'Shares
                                                                                                
                                                                                                
                                                                                                Amount
                                                                                                
                                                                                                
                                                                                                Shares
                                                                                                
                                                                                                
                                                                                                Amount
                                                                                                
                                                                                                
                                                                                                Issued
                                                                                                
                                                                                                
                                                                                                Capital
                                                                                                
                                                                                                
                                                                                                During
      the Development Stage
                                                                                                
                                                                                                
                                                                                                (Deficit)
                                                                                                
                                                                                                
                                                                                                (Deficit)Balance,
      October 31, 2007
                                                                                                
                                                                                                
                                                                                                -
                                                                                                
                                                                                                
                                                                                                $
                                                                                                -
                                                                                                
                                                                                                
                                                                                                
                                                                                                46,353
                                                                                                
                                                                                                
                                                                                                $
                                                                                                46
                                                                                                
                                                                                                
                                                                                                $
                                                                                                -
                                                                                                
                                                                                                
                                                                                                $
                                                                                                5,866,824
                                                                                                
                                                                                                
                                                                                                $
                                                                                                -
                                                                                                
                                                                                                
                                                                                                $
                                                                                                (7,508,321
                                                                                                )
                                                                                                
                                                                                                $
                                                                                                (1,641,451
                                                                                                )Debt
      converted for shares
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                16,000
                                                                                                
                                                                                                
                                                                                                
                                                                                                16
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                106,544
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                106,560Series
      A and common shares issued for services
                                                                                                
                                                                                                
                                                                                                10,000
                                                                                                
                                                                                                
                                                                                                
                                                                                                10
                                                                                                
                                                                                                
                                                                                                
                                                                                                26,725
                                                                                                
                                                                                                
                                                                                                
                                                                                                27
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                285,285
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                285,322Beneficial
      conversion feature
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                (55,990
                                                                                                )
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                (55,990
                                                                                                )Reclassification
      as a result of reincorporation
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                (10
                                                                                                )
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                (88
                                                                                                )
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                98
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                -Net
      loss
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                (592,439
                                                                                                )
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                (592,439
                                                                                                )Balance,
      October 31, 2008
                                                                                                
                                                                                                
                                                                                                10,000
                                                                                                
                                                                                                
                                                                                                $
                                                                                                -
                                                                                                
                                                                                                
                                                                                                
                                                                                                89,078
                                                                                                
                                                                                                
                                                                                                $
                                                                                                1
                                                                                                
                                                                                                
                                                                                                $
                                                                                                -
                                                                                                
                                                                                                
                                                                                                $
                                                                                                6,202,761
                                                                                                
                                                                                                
                                                                                                $
                                                                                                (592,439
                                                                                                )
                                                                                                
                                                                                                $
                                                                                                (7,508,321
                                                                                                )
                                                                                                
                                                                                                $
                                                                                                (1,897,998
                                                                                                )Shares
      issued in satisfaction of fraction shares resulting from 1-for-1,000
      reverse stock split
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                2,019
                                                                                                
                                                                                                
                                                                                                
                                                                                                -
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                -Debt
      converted for shares
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                26,395,000
                                                                                                
                                                                                                
                                                                                                
                                                                                                264
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                113,686
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                113,950Shares
      issued for services
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                131,100
                                                                                                
                                                                                                
                                                                                                
                                                                                                1
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                66,817
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                66,818Series
      B shares issued for legal settlement
                                                                                                
                                                                                                
                                                                                                92,000
                                                                                                
                                                                                                
                                                                                                
                                                                                                1
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                91,999
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                92,000Beneficial
      conversion feature
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                331,157
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                331,157Net
      loss
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                (927,207
                                                                                                )
                                                                                                
                                                                                                
                                                                                                -
                                                                                                
                                                                                                
                                                                                                
                                                                                                (927,207
                                                                                                )Balance,
      October 31, 2009
                                                                                                
                                                                                                
                                                                                                102,000
                                                                                                
                                                                                                
                                                                                                $
                                                                                                1
                                                                                                
                                                                                                
                                                                                                
                                                                                                26,617,197
                                                                                                
                                                                                                
                                                                                                $
                                                                                                266
                                                                                                
                                                                                                
                                                                                                $
                                                                                                -
                                                                                                
                                                                                                
                                                                                                $
                                                                                                6,806,420
                                                                                                
                                                                                                
                                                                                                $
                                                                                                (1,519,646
                                                                                                )
                                                                                                
                                                                                                $
                                                                                                (7,508,321
                                                                                                )
                                                                                                
                                                                                                $
                                                                                                (2,221,280
                                                                                                )Debt
      converted for shares
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                8,005,000
                                                                                                
                                                                                                
                                                                                                
                                                                                                80
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                7,925
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                8,005Shares
      issued for services
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                7,709,109
                                                                                                
                                                                                                
                                                                                                
                                                                                                77
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                134,923
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                135,000Conversion
      of Series B sharesfor
      common shares
                                                                                                
                                                                                                
                                                                                                (12,000
                                                                                                )
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                1,039,773
                                                                                                
                                                                                                
                                                                                                
                                                                                                11
                                                                                                
                                                                                                
                                                                                                
                                                                                                4
                                                                                                
                                                                                                
                                                                                                
                                                                                                (15
                                                                                                )
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                -Beneficial
      conversion feature
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                269,608
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                269,608Contributed
      services by former officers
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                394,679
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                394,679Accrued
      expenses forgiven by former officer
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                1,666
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                1,666300
      shares of common stock to be issued to former
officer
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                1
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                1Net
      loss
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                (833,129
                                                                                                )
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                (833,129
                                                                                                )Balance,
      October 31, 2010
                                                                                                
                                                                                                
                                                                                                90,000
                                                                                                
                                                                                                
                                                                                                $
                                                                                                1
                                                                                                
                                                                                                
                                                                                                
                                                                                                43,371,079
                                                                                                
                                                                                                
                                                                                                $
                                                                                                434
                                                                                                
                                                                                                
                                                                                                $
                                                                                                5
                                                                                                
                                                                                                
                                                                                                $
                                                                                                7,615,206
                                                                                                
                                                                                                
                                                                                                $
                                                                                                (2,352,775
                                                                                                )
                                                                                                
                                                                                                $
                                                                                                (7,508,321
                                                                                                )
                                                                                                
                                                                                                $
                                                                                                (2,245,450
                                                                                                )
  The
accompanying notes are an integral part of these consolidated financial
statements.
  F-5


Todays
Alternative Energy Corporation
 (Formerly
Bio Solutions Manufacturing, Inc.)
 (A
Development Stage Company)
 Consolidated
Statements of Cash Flows
  Year Ended
                                
                                
                                From Inception of
                                  Development Stage
                                  on November 1,
                                  2007 Through
                                  October 31, 2010
                                  (Unaudited)October 31,2010
                                
                                
                                2009CASH
      FLOWS FROM OERATING ACTIVITIESNet
      loss
                                
                                $
                                (833,129
                                )
                                
                                $
                                (927,207
                                )
                                
                                $
                                (2,352,775
                                )Adjustments
      to reconcile net loss to net cash used in operating
      activities:Depreciation
      and amortization
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                3,570Loss
      on disposition of fixed assets
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                3,320Beneficial
      conversion feature
                                
                                
                                269,608
                                
                                
                                
                                331,157
                                
                                
                                
                                544,775Shares
      issued for services provided
                                
                                
                                135,000
                                
                                
                                
                                66,818
                                
                                
                                
                                487,140Shares
      issued for legal settlement
                                
                                
                                -
                                
                                
                                
                                92,000
                                
                                
                                
                                92,000Shares
      to be issued for officer’s compensation
                                
                                
                                1
                                
                                
                                
                                -
                                
                                
                                
                                1Shares
      issued for interest payment
                                
                                
                                -
                                
                                
                                
                                68,250
                                
                                
                                
                                68,250Changes
      in operating assets and liabilities:Prepaid
      expenses and other assets
                                
                                
                                (1,463
                                )
                                
                                
                                -
                                
                                
                                
                                537Accounts
      payable and accrued expenses
                                
                                
                                194,778
                                
                                
                                
                                66,688
                                
                                
                                
                                484,820NET
      CASH FLOWS USED IN OPERATING ACTIVITIES
                                
                                
                                (235,205
                                )
                                
                                
                                (302,294
                                )
                                
                                
                                (668,362
                                )CASH
      FLOWS FROM INVESTING ACTIVITIES
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                -CASH
      FLOWS FROM FINANCING ACTIVITIES:Proceeds
      from notes payable
                                
                                
                                241,888
                                
                                
                                
                                331,157
                                
                                
                                
                                716,694Payments
      on notes payable
                                
                                
                                (5,660
                                )
                                
                                
                                (26,313
                                )
                                
                                
                                (48,922
                                )NET
      CASH PROVIDED BY FINANCING ACTIVITIES
                                
                                
                                236,228
                                
                                
                                
                                304,844
                                
                                
                                
                                667,772Net
      increase (decrease) in cash
                                
                                
                                1,023
                                
                                
                                
                                2,550
                                
                                
                                
                                (
      590
                                )Cash,
      beginning of period
                                
                                
                                3,423
                                
                                
                                
                                873
                                
                                
                                
                                5,036Cash,
      ending of period
                                
                                $
                                4,446
                                
                                
                                $
                                3,423
                                
                                
                                $
                                4,446SUPPLEMENTAL
      DISCLOSURE OF CASH FLOW:Interest
      paid
                                
                                $
                                -
                                
                                
                                $
                                -
                                
                                
                                $
                                -Income
      taxes paid
                                
                                $
                                -
                                
                                
                                $
                                -
                                
                                
                                $
                                -NON
      CASH INVESTING AND FINANCING ACTIVITIES:Contribution
      of accrued salaries by former officers
                                
                                $
                                394,679
                                
                                
                                $
                                -
                                
                                
                                $
                                394,679Accrued
      expenses forgiven by former officer
                                
                                
                                1,666
                                
                                
                                
                                -
                                
                                
                                
                                1,666Debt
      converted for equity
                                
                                
                                8,005
                                
                                
                                
                                45,700
                                
                                
                                
                                162,065
  The
accompanying notes are an integral part of these consolidated financial
statements.
  F-6
  TODAYS
ALTERNATIVE ENERGY CORPORATION
 (FORMERLY
BIO SOLUTIONS MANUFACTURING, INC.)
 (A
DEVEOPMENT STAGE COMPANY)
 NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
 YEARS
ENDED OCTOBER 31, 2010 AND 2009
  NOTE
1 - DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
 
 Nature of Business and
History of Company
 
 Todays
Alternative Energy Corporation ( “we”, “us”, “our Company “, “our”, the “Company” and formerly
“Bio Solutions Manufacturing, Inc.”) business has two primary opportunities that
we are developing. We have a green cleaning products business that is organized
to use our own scientific formulations to manufacture and sell a new line of
powerful industrial strength environmentally friendly biodegradable cleaning
products that contain natural non-toxic ingredients. We have a biodiesel
business that is organized to use our extraction technology to convert waste
cooking oil and grease into a biodiesel fuel ingredient that we intend to sell
to biodiesel fuel producers. Our biodiesel business is designed to eliminate
environmental issues associated with disposing of waste cooking oil and
grease.
 
 Corporate
Changes
 
 On
October 24, 2008, Company stockholders approved the change of the Company’s
domicile from New York to Nevada by means of a merger of Bio Solutions,
Manufacturing, Inc, a New York corporation with and into its wholly owned
subsidiary Todays Alternative Energy Corporation (formerly “Bio Solutions
Manufacturing, Inc.”), a Nevada corporation, which change included, among other
things, a change in the Company’s authorized capital, a change in its articles
of incorporation, and a change in its bylaws. The reincorporation closed on
October 31, 2008.
 
 All
current and prior share data has been changed to reflect the 1-for-1,000 reverse
stock split effectuated by the Company on November 20, 2008.
 
 On April
19, 2010, holders of the majority of the voting power of the outstanding stock
of Bio-Solutions Manufacturing, Inc. as of April 16, 2010, voted in favor of
changing the Company’s name to Todays Alternative Energy Corporation. On June 9,
2010, the Company filed a certificate of amendment with the Secretary of State
of Nevada in order to effect the name change.
 
 Development Stage
Company
 
 As a
result of impairing the value of the Company’s intangible assets, at October 31,
2007,  we began implementing new plans to enter the biodiesel fuel
market on November 1, 2007. As a result, the Company is a development stage
enterprise, as defined by Accounting Standards Codification (the “Codification”
or “ASC”) 915-10. The Company is devoting all of its present efforts in securing
and establishing a new business, and its planned principle operations have not
commenced, and, accordingly, no revenue has been derived during the organization
period. From its inception of development stage through the date of these
financial statements, the Company has not generated any revenues and has
incurred significant operating expenses. Consequently, its operations are
subject to all risks inherent in the establishment of a new business enterprise.
For the period from inception of development stage through October 31, 2010, the
Company has accumulated losses of $2,352,775.
 
 Going
Concern
 
 The
accompanying consolidated financial statements have been prepared assuming that
the Company will continue as a going concern. Going concern contemplates the
realization of assets and the satisfaction of liabilities in the normal course
of business over a reasonable length of time. The Company has incurred losses
since inception and has negative cash flows from operations. For the years ended
October 31, 2010 and 2009, the Company has incurred net losses of $833,129 and
$927,207, respectively, and has a stockholders’ deficit of $2,245,450 as of
October 31, 2010. The future of the Company is dependent upon its ability to
obtain additional equity or debt financing and upon future successful
development and marketing of the Company’s products and services. Management is
pursuing various sources of equity and debt financing. Although the Company
plans to pursue additional financing, there can be no assurance that the Company
will be able to secure such financing or obtain financing on terms beneficial to
the Company. Failure to secure such financing may result in the Company’s
inability to continue as a going concern and the impairment of the recorded long
lived assets.
  F-7
 TODAYS
ALTERNATIVE ENERGY CORPORATION
 (FORMERLY
BIO SOLUTIONS MANUFACTURING, INC.)
 (A
DEVEOPMENT STAGE COMPANY)
 NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
 YEARS
ENDED OCTOBER 31, 2010 AND 2009
 As of
October 31, 2010, the Company employees consist of its Chief Executive Officer
and Vice President. To conserve cash, minimize borrowing and minimize overhead
costs, the Company is outsourcing certain administrative and operating
activities under an arrangement that allows it to pay for the services with
shares of the Company’s common stock. The Company continues to need to borrow
cash from time to time in order to pay its operating costs while it seeks
substantial financing needed to generate sales from its Biodiesel Division and
Cleaning Division. The Company anticipates future losses from operations as a
result of ongoing overhead expenses incurred while it attempts to resume selling
activities.
  These
consolidated financial statements do not include any adjustments relating to the
recoverability and classifications of recorded assets, or the amounts and
classification of liabilities that might be necessary in the event the Company
cannot continue in existence.
  Principles of
Consolidation
 
 The
consolidated financial statements include the accounts of the Company and its
wholly-owned subsidiaries, Bio Extraction Services, Inc. (“BESI”) and Guaranteed
Enzyme Miracle Corporation (“GEM”). Significant inter-company accounts and
transactions have been eliminated.
 
 Reclassifications
 
 Certain
amounts in the consolidated financial statements of the prior year have been
reclassified to conform to the presentation of the current year for comparative
purposes.
 
 Use of
Estimates
 
 The
preparation of the financial statement in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect certain reported amounts and disclosures. Accordingly, actual results
could differ from those estimates.
 
 Cash and Cash
Equivalents
 
 For the
purpose of the accompanying consolidated financial statements, all highly liquid
investments with a maturity of three months or less are considered to be cash
equivalents. At October 31, 2010 and 2009, the Company had no cash
equivalents.
 
 Research and
Development
 
 All
research and development costs must be charged to expense as incurred.
Accordingly, internal research and development costs are expensed as incurred.
Third-party research and development costs are expensed when the contracted work
has been performed or as milestone results have been achieved. Company-sponsored
research and development costs related to both present and future products are
expensed in the period incurred. The Company had no expenditures on research and
product development for the years ended October 31, 2010 and 2009 and from
November 1, 2007 (the inception of development stage) through October 31, 2010.
  Concentration of Credit
Risk
 
 Financial
instruments and related items, which potentially subject the Company to
concentrations of credit risk, consist primarily of cash, cash equivalents and
trade receivables. The Company places its cash and temporary cash investments
with high credit quality institutions. At times, such investments may be in
excess of the FDIC insurance limit.
  F-8
  TODAYS
ALTERNATIVE ENERGY CORPORATION
 (FORMERLY
BIO SOLUTIONS MANUFACTURING, INC.)
 (A
DEVEOPMENT STAGE COMPANY)
 NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
 YEARS
ENDED OCTOBER 31, 2010 AND 2009
 Stock-Based Employee
Compensation
  Effective
for the year beginning January 1, 2006, the Company has adopted Accounting
Standards Codification subtopic 718-10, Compensation (“ASC 718-10”). The Company
made no employee stock-based compensation grants before December 31, 2005 and
therefore has no unrecognized stock compensation related liabilities or expense
unvested or vested prior to 2006.
  Comprehensive Income
(Loss)
  The
Company adopted Accounting Standards Codification subtopic 220-10,
“Comprehensive Income” (“ASC 220-10”). ASC 220-10 establishes standards for the
reporting and displaying of comprehensive income and its components.
Comprehensive income is defined as the change in equity of a business during a
period from transactions and other events and circumstances from non-owners
sources. It includes all changes in equity during a period except those
resulting from investments by owners and distributions to owners. ASC 220-10
requires other comprehensive income (loss) to include foreign currency
translation adjustments and unrealized gains and losses on available for sale
securities. The Company does not have any items of comprehensive income in the
periods presented, that are not already presented in the statement of
operations.
  Income
Taxes
  The
Company has adopted Accounting Standards Codification 740, “Income
Taxes” (“ASC 740”) which requires the recognition of deferred tax liabilities
and assets for the expected future tax consequences of events that have been
included in the financial statement or tax returns. Under this method, deferred
tax liabilities and assets are determined based on the difference between
financial statements and the tax basis of assets and liabilities using enacted
tax rates in effect for the year in which the differences are expected to
reverse. Temporary differences between taxable income reported for financial
reporting purposes and income tax purposes are insignificant, except basis
difference related to certain debts.
  Effective
January 1, 2007 the Company adopted an amendment to the requirements of ASC 740.
The amended standard prescribes a recognition threshold and measurement
attribute for the financial statement recognition and measurement of a tax
position taken or expected to be taken in a tax return.
  ASC
740-10-25-5 “Income Taxes—Overall—Recognition—Basis Recognition Threshold”,
(“Tax Position Topic”) provides guidance to address uncertainty in tax positions
and clarifies the accounting for income taxes by prescribing a minimum
recognition threshold, i.e. “more-likely-than-not”, that the income tax
positions must achieve before being recognized in the financial statements. In
addition, the Tax Position Topic requires expanded annual disclosures, including
a roll forward of the beginning and ending aggregate unrecognized tax benefits
as well as specific detail related to tax uncertainties for which it is
reasonably possible the amount of unrecognized tax benefit will significantly
increase or decrease within twelve months.
  As a
result of implementing ASC 740, there has been no adjustment to the Company’s
financial statements and the adoption of ASC 740 did not have a material effect
on the Company’s consolidated financial statements for the year ended October
31, 2010 and 2009.
 
 Net Loss Per
Share
 
 Basic and
diluted loss per share amounts are computed based on net loss divided by the
weighted average number of common shares outstanding. Excluding the effect of
Series B Preferred Stock, potentially dilutive shares of common stock realizable
from the conversion of our convertible debentures of 1,754,391,452 and
1,396,055,589 at October
31, 2010 and 2009, respectively, are excluded from the computation of diluted
net loss per share as their inclusion would be anti-dilutive.
 
 Recent Accounting
Pronouncements
 
 All
recent accounting pronouncements issued by the FASB (including its Emerging
Issues Task Force), the AICPA, and the SEC did not, or are not believed by
management to, have a material impact on the Company’s present or future
consolidated financial statements.
 
 NOTE
2 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES
 
 Accrued
expenses are comprised of the following as of October 31, 2010 and
2009:
 
 October 31, 2010
                          
                          
                          October 31, 2009Accounts
      payable
                          
                          $
                          261,539
                          
                          
                          $
                          355,350Salaries
                          
                          
                          66,814
                          
                          
                          
                          382,764Interest
                          
                          
                          387,186
                          
                          
                          
                          285,514Payroll
      taxes
                          
                          
                          74,367
                          
                          
                          
                          73,576Professional
      fees
                          
                          
                          77,992
                          
                          
                          
                          -Other
                          
                          
                          16,296
                          
                          
                          
                          15,277Total
      accrued expenses
                          
                          $
                          884,194
                          
                          
                          $
                          1,112,481
 
 NOTE
3 – CONVERTIBLE NOTES PAYABLE
 
 On
November 29, 2006, the Company entered into a loan agreement with certain
existing related party lenders and a new lender, pursuant to which the Company
borrowed approximately $164,000 and certain outstanding debt obligations were
amended and restated. Under the loan agreement, the existing lenders received
amended and restated convertible promissory notes in the aggregate principal
amounts of $537,955 and $264,625, respectively, and the new lender received a
convertible promissory note in the aggregate principal amount of $164,000. Under
the loan agreement and the notes, each lender may, in its sole and absolute
discretion, make additional loans to the Company, up to an aggregate total of
$1,000,000 per lender. Each note was convertible into shares of the Company’s
common stock at a conversion rate equal to the lower of (a) $0.05 per share, and
(b) seventy percent (70%) of the three day average of the closing bid price of
the Company’s common stock immediately prior to conversion, although such
conversions could not be less than $0.01 per share, in any circumstances. In May
2008, the conversion price was amended to provide a fixed conversion price of
$0.001 per share. In addition, the note holders cannot convert any principal or
interest under the notes to the extent that such conversion would require the
Company to issue shares of its common stock in excess of its authorized and
unissued shares of common stock. The notes were transferred to a single
entity.
  F-9
  TODAYS
ALTERNATIVE ENERGY CORPORATION
 (FORMERLY
BIO SOLUTIONS MANUFACTURING, INC.)
 (A
DEVEOPMENT STAGE COMPANY)
 NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
 YEARS
ENDED OCTOBER 31, 2010 AND 2009
 On March
10, 2009, the note holder assigned $20,000 of the note to a third party investor
that, on March 27, 2009, entered into a Stock Purchase Agreement with the
Company under which the investor purchased 20,000,000 shares of Company common
stock in exchange for cancellation of the $20,000 note.
 
 The
Company issued 6,200,000 shares of common stock during the year ended October
31, 2009 for conversion of indebtedness recorded at $6,200, at a share
price of $0.001 per share, pursuant to the terms of such debt agreements.
In addition, in August 2009, the Company repaid a $19,500 advance made by a
shareholder by exchanging 195,000 shares valued at $87,750 based on the
prevailing market price of the shares at the time, with $68,250 of the shares
attributed to interest expense and late charges for an effective annual interest
rate of 108%.
 
 Beneficial
conversion feature expenses of $269,608 and $331,157 were recorded during the
years ended October 31, 2010 and 2009, respectively, all of which were
attributed the beneficial conversion feature with this loan agreement. The notes
are secured by a first priority security interest in all of the assets of the
Company.
 
 As of
October 31, 2010, and 2009, the Company had outstanding convertible notes due to
six and two holders with an aggregate principal balance of $1,367,165 and
$1,112,222, respectively.
 
 NOTE
4 - EQUITY TRANSACTIONS
 
 In
connection with the October 31, 2008 closing of the transaction for the change
in domicile from New York to Nevada, the articles of incorporation and bylaws of
the surviving Nevada corporation are now the articles and bylaws of the Company.
The new articles of incorporation have increased the Company’s authorized
capitalization to 1,010,000,000 shares of which 1,000,000,000 shares are
authorized as common stock, par value $0.00001 per share and 10,000,000 shares
of preferred stock, par value $0.00001 per share.
 
 Preferred
Stock
 
 The
Company has authorized 10,000,000 shares of preferred stock. The Company’s board
of directors is expressly authorized to provide for the issue of all or any of
the shares of the preferred stock in one or more series, and to fix the number
of shares and to determine or alter for each such series, such voting powers,
full or limited, or no voting powers, and such designations, preferences, and
relative, participating, optional, or other rights and such qualifications,
limitations, or restrictions thereof, as shall be adopted by the board of
directors and as may be permitted by law
 
 On July
25, 2008, the Company created a series of preferred stock of the Company known
as Series A Preferred Stock, par value $0.001 per share. In connection with the
change in domicile, the par value was reduced to $0.00001 per share on October
31, 2008. The Series A Preferred Stock is not convertible. Holders of the Series
A Preferred Stock do not have any preferential dividend or liquidation rights.
The shares of Series A Preferred Stock are not redeemable. On all matters
submitted to a vote of the holders of the common stock, including, without
limitation, the election of directors, a holder of shares of the Series A
Preferred Stock shall be entitled to the number of votes on such matters equal
to the product of (a) the number of shares of the Series A Preferred Stock held
by such holder, (b) the number of issued and outstanding shares of Company
common stock, as of the record date for the vote, or, if no such record date is
established, as of the date such vote is taken or any written consent of
stockholders is solicited, and (c) 0.0002.
 
 On August
1, 2008, the Company issued 10,000 shares of Series A Preferred Stock to
Patricia Spreitzer, the Company’s former Chief Financial Officer in
consideration of accrued and unpaid salary. The Company deemed the stated value
of the Series A Preferred Stock to be $1.00 per share. Ms. Spreitzer
subsequently sold the 10,000 shares of Series A Preferred Stock on December 20,
2010 in a private transaction with Len Amato, our current President, Chief
Executive Officer and Chief Financial Officer.
 
 On April
29, 2009, the Company created a series of preferred stock of the Company known
as Series B Preferred Stock, par value $0.00001 per share. The Series B
Preferred Stock has a stated value of $1.00 per share and is convertible into
shares of common stock at a conversion rate equal to the average of the Per
Shares Market Values (as defined) during the 10 trading days immediately prior
to conversion. No holder of Series B Preferred Stock may convert more than 1,000
shares of its Series B Preferred Stock in any given month and collectively the
holders of Series B Preferred Stock may not convert more than 4,000 shares in
any calendar month. In addition, holders of the Series B Preferred Stock may not
convert such shares into common stock if as a result of such conversion the
holder would hold in excess of 4.99% shares of Company issued and
outstanding common stock. The Series B Preferred Stock does not contain any
voting, liquidation, dividend or preemptive rights. No holder
of Series B Preferred Stock shall be entitled to convert the same into shares of
Company common stock to the extent such conversion would require the Company to
issue shares of common stock in excess of the Company’s then sufficient
authorized and unissued shares of common stock.
  On April
30, 2009, the Company issued 92,000 shares of Series B Preferred Stock in
accordance with a Settlement Agreement and General Release dated April 30, 2009
in connection with the Becker litigation. During the year ended October 31,
2010, a Series B preferred stock holder converted 12,000 shares of Series B
Preferred Stock into 1,483,232 shares of common stock, of which 443,459 common
shares are to be issued.
  F-10
 TODAYS
ALTERNATIVE ENERGY CORPORATION
 (FORMERLY
BIO SOLUTIONS MANUFACTURING, INC.)
 (A
DEVEOPMENT STAGE COMPANY)
 NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
 YEARS
ENDED OCTOBER 31, 2010 AND 2009
 Common
Stock
 Effective
with the October 31, 2008 change in the Company’s articles of incorporation, the
Company has 1,000,000,000 shares of authorized common stock. Par value was
changed to $0.00001 per share from $0.001 per share. The holders of the
Company’s common stock are entitled to one vote per share of common stock
held.
 
 During
fiscal 2009, the following equity transactions occurred:
 
 The
Company effectuated a 1-for-1,000 reverse stock split of its outstanding shares
of common stock on November 20, 2008 and issued 2,019 shares in settlement of
resulting fractional shares.
 
 On March
27, 2009, the Company entered into a Stock Purchase Agreement with a third party
investor pursuant to which the Company issued 20,000,000 shares of Company
common stock  in consideration of such investor’s agreement to
exchange and cancel a $20,000 note payable by the Company (See Note
3).
 
 Pursuant
to the terms of the Stock Purchase Agreement, the investor agreed that it would
not offer, sell, contract to sell, pledge or otherwise dispose of, (or enter
into any transaction which is designed to, or might reasonably be expected to,
result in the disposition (whether by actual disposition or effective economic
disposition due to cash settlement or otherwise) by the investor or any
affiliate of the investor or any person in privity with the investor or any
affiliate of the investor), directly or indirectly, or establish or increase a
put equivalent position or liquidate or decrease a call equivalent position
within the meaning of Section 16 of the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the SEC promulgated thereunder, or
publicly announce an intention to effect any such transaction, with respect to
the Shares for a period ending three years after the date of the Stock Purchase
Agreement
 
 The
Company issued 131,100 shares of common stock in satisfaction of legal services
and compensation expense valued at $66,818.
 
 The
Company issued 6,200,000 shares of common stock during the year ended October
31, 2009 for conversion of indebtedness recorded at $6,200, at a share
price of $0.001 per share, pursuant to the terms of such debt agreements.
In addition, in August 2009, the Company repaid a $19,500 advance made by a
shareholder by exchanging 195,000 shares valued at $87,750 based on the
prevailing market price of the shares at the time, with $68,250 of the shares
attributed to interest expense and late charges.
 
 During
fiscal 2010, the following equity transactions occurred:
 
 The
Company issued 7,709,109 shares of common stock in exchange for consulting
services valued at $135,000.
 
 The
Company issued 8,005,000 shares of common stock during the year ended October
31, 2010 for conversion of indebtedness recorded at $8,005, at a share
price of $0.001 per share, pursuant to the terms of such debt agreements.
 
 During
the year ended October 31, 2010, the Company issued 1,039,773 shares of common
stock and recorded as issuable 443,459 shares of common stock in exchange for
the conversion of 12,000 Series B Preferred Stock.
 
 As of
October 31, 2010, there were 43,371,079 shares of Company common stock issued
and outstanding.
 
 Warrants
 
 Warrants
have been issued for equity raises only for the last years. Warrants issued
before October 31, 2005 were issued for services and are fully
vested.
 
 A summary
of the warrant activity of for the years ended October 31, 2010 and 2009 is as
follows:
 
 Warrants
                                        
                                        
                                        Weighted Average
                                          Exercise PriceOutstanding
                                        
                                        
                                        Exercisable
                                        
                                        
                                        Outstanding
                                        
                                        
                                        ExercisableBalance
      - October 31, 2008
                                        
                                        
                                        2,750
                                        
                                        
                                        
                                        2,750
                                        
                                        
                                        $
                                        800
                                        
                                        
                                        $
                                        800Granted
      Fiscal Year 2009
                                        
                                        
                                        -
                                        
                                        
                                        
                                        -
                                        
                                        
                                        
                                        -
                                        
                                        
                                        
                                        -Exercised
      Fiscal Year 2009
                                        
                                        
                                        (2,750
                                        )
                                        
                                        
                                        (2,750
                                        )
                                        
                                        
                                        (800
                                        )
                                        
                                        
                                        (800
                                        )Expired
      Fiscal Year 2009
                                        
                                        
                                        -
                                        
                                        
                                        
                                        -
                                        
                                        
                                        
                                        -
                                        
                                        
                                        
                                        -Balance
      - October 31, 2009
                                        
                                        
                                        -
                                        
                                        
                                        
                                        -
                                        
                                        
                                        
                                        -
                                        
                                        
                                        
                                        -Granted
      Fiscal Year 2010
                                        
                                        
                                        -
                                        
                                        
                                        
                                        -
                                        
                                        
                                        
                                        -
                                        
                                        
                                        
                                        -Exercised
      Fiscal Year 2010
                                        
                                        
                                        -
                                        
                                        
                                        
                                        -
                                        
                                        
                                        
                                        -
                                        
                                        
                                        
                                        -Expired
      Fiscal Year 2010
                                        
                                        
                                        -
                                        
                                        
                                        
                                        -
                                        
                                        
                                        
                                        -
                                        
                                        
                                        
                                        -Balance
      - October 31, 2010
                                        
                                        
                                        -
                                        
                                        
                                        
                                        -
                                        
                                        
                                        $
                                        -
                                        
                                        
                                        $
                                        -
  F-11
 TODAYS
ALTERNATIVE ENERGY CORPORATION
 (FORMERLY
BIO SOLUTIONS MANUFACTURING, INC.)
 (A
DEVEOPMENT STAGE COMPANY)
 NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
 YEARS
ENDED OCTOBER 31, 2010 AND 2009
 Stock
incentive plans
 
 On April
19, 2002, the Company adopted the 2002 Omnibus Securities Plan (the “2002
Plan”). Under the plan, the Company may grant options or issue stock to selected
employees, directors, and consultants up to 30,000 shares. The exercise price of
each option is at the discretion of the Board of Directors but cannot be less
than 85% of the fair market value of a share at the date of grant (100% of fair
market value for 10% stockholders). The vesting period of each option granted is
also at the discretion of the Board of Directors, but each option granted shall
vest at a rate of no less than 20% per year from date of
grant.
  In August
2005, the number of shares under the 2002 Plan was increased by 3,000,000 and
400 shares were issued under the 2002 Plan. In January 2006, the 3,000,000
increase was reaffirmed and ratified by the Board of Directors when technical
deficiencies in the registration statement registering the shares of stock
issuable under the 2002 Plan were corrected. As of October 31, 2010, there were
3,030,000 shares authorized under the 2002 Plan and 2,425 shares issued and no
options have been granted.
 
 On
October 27, 2006, the Company adopted its 2006 Stock Incentive Plan (the “2006
Plan”). The Company is permitted to issue up to 6,000,000 shares of common stock
under the 2006 Plan in the form of stock options, restricted stock awards, and
stock awards to employees, non-employee directors, and outside consultants. As
of October 31, 2010, there were 6,000 shares issued under the 2006 Plan and no
options have been granted.
 
 In
December 2006, options to purchase an aggregate of 4,000 shares of common stock
at an exercise price of $300 per share were issued to consultants. The options
vested based on the number of gallons of bio-diesel alternative fuel that was
converted by the Company’s bio-converter from sites introduced directly or
indirectly by the consultant. As the vesting of these options did not occur
during the terms of the options, the Company did not value such options, which
has expired as of January 31, 2010. A summary of the non-plan option
activity for the year ended October 31, 2010 is as follows:
 
 Stock Options
                                    
                                    
                                    Weighted Average
                                      Exercise PriceOutstanding
                                    
                                    
                                    Exercisable
                                    
                                    
                                    Outstanding
                                    
                                    
                                    ExercisableBalance
      - October 31, 2008
                                    
                                    
                                    4,000
                                    
                                    
                                    
                                    -
                                    
                                    
                                    $
                                    300
                                    
                                    
                                    $
                                    -Granted
      Fiscal Year 2009
                                    
                                    
                                    -
                                    
                                    
                                    
                                    -
                                    
                                    
                                    
                                    -
                                    
                                    
                                    
                                    -Exercised
      Fiscal Year 2009
                                    
                                    
                                    -
                                    
                                    
                                    
                                    -
                                    
                                    
                                    
                                    -
                                    
                                    
                                    
                                    -Expired
      Fiscal Year 2009
                                    
                                    
                                    -
                                    
                                    
                                    
                                    -
                                    
                                    
                                    
                                    -
                                    
                                    
                                    
                                    -Balance
      - October 31, 2009
                                    
                                    
                                    4,000
                                    
                                    
                                    
                                    -
                                    
                                    
                                    $
                                    300
                                    
                                    
                                    $
                                    -Granted
      Fiscal Year 2010
                                    
                                    
                                    -
                                    
                                    
                                    
                                    -
                                    
                                    
                                    
                                    -
                                    
                                    
                                    
                                    -Exercised
      Fiscal Year 2010
                                    
                                    
                                    -
                                    
                                    
                                    
                                    -
                                    
                                    
                                    
                                    -
                                    
                                    
                                    
                                    -Expired
      Fiscal Year 2010
                                    
                                    
                                    (4,000
                                    )
                                    
                                    
                                    -
                                    
                                    
                                    
                                    (300
                                    )
                                    
                                    
                                    -Balance
      – October 31, 2010
                                    
                                    
                                    -
                                    
                                    
                                    
                                    -
                                    
                                    
                                    $
                                    -
                                    
                                    
                                    $
                                    -
 
 On
October 15, 2007, the Company adopted its 2007 Stock Incentive Plan (the “2007
Plan”). The Company is permitted to issue up to 10,000,000 shares of common
stock under the 2007 Plan in the form of stock options, restricted stock awards,
and stock awards to employees, non-employee directors, and outside consultants.
As of October 31, 2010, there were 9,960 shares issued under the 2007 Plan and
no options have been granted.
  On April
22, 2008, the Company adopted its 2008 Stock Incentive Plan (the “2008 Plan”).
The Company is permitted to issue up to 16,000,000 shares of common stock under
the 2008 Plan in the form of stock options, restricted stock awards, and stock
awards to employees, non-employee directors, and outside consultants. As of
October 31, 2010, there were 4,574,784 shares issued under the 2008
Plan.
 
 On April
22, 2008, the Company adopted its 2008 California Stock Incentive Plan (the
“California Plan”). The Company is permitted to issue up to 16,000,000 shares of
common stock under the California Plan in the form of stock options, restricted
stock awards, and stock awards to employees, non-employee directors, and outside
consultants. As of October 31, 2010, there were 3,281,600 shares issued under
the California Plan and no options have been granted.
 
 NOTE
5 - INCOME TAXES
 
 The provisions for income taxes for the
year ended October 31, 2010 and 2009 consisted of the
following:
  2010
                    
                    
                    2009Provision benefit for income
      taxesat statutory federal
      rate
                    
                    $
                    (308,000
                    )
                    
                    $
                    (340,000
                    )Permanent timing
      differences
                    
                    
                    149,000
                    
                    
                    
                    158,000Valuation allowance
      change
                    
                    
                    159,000
                    
                    
                    
                    182,000Net Income Tax
      Provision
                    
                    $
                    -
                    
                    
                    $
                    -
  F-12
  TODAYS
ALTERNATIVE ENERGY CORPORATION
 (FORMERLY
BIO SOLUTIONS MANUFACTURING, INC.)
 (A
DEVEOPMENT STAGE COMPANY)
 NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
 YEARS
ENDED OCTOBER 31, 2010 AND 2009
 The reported provision for income taxes
differs from the amount computed by applying the statutory U.S. federal income
tax rate of 34% to the loss before income taxes as follows:
  October 31, 2010
                    
                    
                    October 31, 2009Federal income taxes at statutory
      rate
                    
                    
                    (34
                    )%
                    
                    
                    (34
                    )%State tax rate, net of federal
      income tax
                    
                    
                    (3
                    )
                    
                    
                    (3
                    )Permanent
      difference
                    
                    
                    18
                    
                    
                    
                    17Valuation
      allowance
                    
                    
                    19
                    
                    
                    
                    20Effective income tax
      rate
                    
                    
                    0
                    %
                    
                    
                    0
                    %
  Due to net operating losses and the
uncertainty of realization, no tax benefit has been recognized for operating
losses. The Company’s ability to utilize its net operating
loss carry forwards is uncertain and thus a valuation reserve has been provided
against the Company’s net deferred tax assets.The Company has not filed their federal
or state income tax returns for several years.
  At October 31, 2010, the Company has
estimated it’s unused net operating losses of
approximately $5,300,000 (which will begin expiring in 2019 through 2030) that
may be applied, against future taxable income.
  Due to the changes in ownership over the
years for the various acquisitions, debt conversions and equity financings, the
Company may have triggered a Section 382 limitation on the utilization of such
net operating loss carryforwards. The Company has not performed such an
evaluation to determine whether the net operating loss carryforwards have been
limited.
  The
Company has not filed federal or state income tax returns for several
years.
 
 NOTE
6 - RELATED PARTY TRANSACTIONS
 
 During
2008, the Company issued 10,000 shares of Series A Preferred Stock to its then
Chief Financial Officer in satisfaction of $10,000 in salary owed. The former
Chief Financial Officer subsequently sold the 10,000 shares of Series A
Preferred Stock on December 20, 2010 in a private transaction to Len Amato, the
current President, Chief Executive Officer and Chief Financial
Officer.
  During
2009, there were 1,100 shares of common stock issued to related parties,
management and employees of the Company for services rendered. The expense for
such shares issued was recorded using the then fair market value of the shares
issued.
 
 In August
2009, the Company repaid a $19,500 advance made by a shareholder by exchanging
195,000 shares valued at $87,750 based on the prevailing market price of the
shares at the time, with $68,250 of the shares attributed to interest expense
and late charges.
 
 David
Bennett, the former President and Patricia Spreitzer, the former Chief Financial
Officer of the Company, respectively, voluntarily forgave their accrued salaries
totaling $394,679 and accrued expenses totaling $1,666 was forgiven by the
President, both of which were reclassified to equity as contributed capital.
Additionally, the Company agreed to issue the former Chief Financial Officer 300
shares of common stock valued at $1.
  On
November 9, 2010, Len Amato was appointed as the Company’s Chairman of the Board
of Directors, President, and Chief Executive Officer, Chief Financial Officer,
Secretary and Treasurer. From 2007 to October 2010, Mr. Amato was managing
member of Interstellar Holdings, LLC, an investment banking firm that has
provided financing under the Company’s November 29, 2006 loan
agreement.
  NOTE
7 - COMMITMENTS AND CONTINGENCIES
 
 Operating
Leases
  In
October 2010, the Company entered into a lease agreement for a 14,833 square
foot facility in San Antonio, Texas from November 1, 2010 through February 29,
2016. The lease contains real estate tax and operating escalations and a
termination option after the third year.
  F-13
 TODAYS
ALTERNATIVE ENERGY CORPORATION
 (FORMERLY
BIO SOLUTIONS MANUFACTURING, INC.)
 (A
DEVEOPMENT STAGE COMPANY)
 NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
 YEARS
ENDED OCTOBER 31, 2010 AND 2009
 Commitments
for future minimum rentals under non cancelable operating leases are as
follows:
 Year
      ending October 31,2011
                    
                    $
                    42,0272012
                    
                    
                    63,0402013
                    
                    
                    103,040Total
                    
                    $
                    208,107
  Rent
expense for the years ended October 31, 2010 and 2009 was $0 and $2,100,
respectively.
 
 Payroll
Taxes
 
 At
October 31, 2010 and 2009, the Company is delinquent with remitting payroll
taxes of $70,182 and $73,576, respectively, including estimated penalties and
interest. The Company has recorded the delinquent payroll taxes, which are
included in accrued expenses on the balance sheet. Although the Company has not
entered into any formal repayment agreements with the respective tax
authorities, management plans to make payment as funds become available.
Penalties and interest amounts are subject to increase based on a number of
factors that can cause the estimated liability to increase further.
 
 Employment
agreements
 
 On
October 30, 2007, the Company entered into employment agreements with David
Bennett and Patricia Spreitzer, the Company’s President and Chief Financial
Officer. Each agreement is for an initial term of three years and provides for
an annual base salary during the term of the agreement of $75,000 and $54,000,
respectively, provided, however, that the base salary shall be increased to
$150,000 and $100,000 per annum, respectively, upon closing of a private
placement of the Company’s debt or equity securities resulting in gross proceeds
of at least $4 million. Each officer will receive performance based bonuses upon
attainment of certain gross revenue targets specified in each employment
agreement. Each officer will also receive stock grants of 200, 250, 300, and 350
shares of the Company’s common stock in each of fiscal 2007, 2008, 2009 and
2010, respectively. The Company has agreed to grant each officer options to
purchase 4,000 shares of Company common stock with exercise prices ranging from
$170 to $2,000, which options would vest upon the attainment of certain gross
revenue targets, as more specifically set forth in the employment agreements.
The granting of the options is subject to the Company’s adoption of a stock
option plan for such purpose. These options were not granted as of October 31,
2010.
 
 Each
employment agreement also contains the following material provisions: (i)
reimbursement for all reasonable travel and other out-of-pocket expenses
incurred in connection with employment; (ii) three (3) weeks paid vacation
leave; (iii) medical, dental and life insurance benefits; (iv) a severance
payment of twelve (12) month’s salary at the then-applicable base salary rate in
the event that the Company terminates the officer’s employment without cause or
if the officer’s employment is terminated due to death or disability; and (v) 24
month non-compete/non solicitation terms.
 
 David
Bennett and Patricia Spreitzer resigned as the Company’s President and Chief
Financial Officer on November 9, 2010 and October 31, 2010, respectively and on
November 9, 2010, the Company’s board of directors appointed Len Amato who will
serve as the Company’s President, Chief Executive Officer, Chief Financial
Officer, Secretary, Treasurer and Director.
 
 NOTE
8 – FAIR VALUE MEASUREMENTS
 
 Fair Value Measurements under
GAAP clarifies the principle that fair value should be based on the assumptions
market participants would use when pricing an asset or liability and establishes
a fair value hierarchy that prioritizes the information used to develop those
assumptions. Under the standard, fair value measurements are separately
disclosed by level within the fair value hierarchy. It only applies to
accounting pronouncements that already require or permit fair value measures,
except for standards that relate to share-based payments.
 
 Level 1 -
Quoted prices in active markets for identical assets or
liabilities.
 
 Level 2 -
Observable inputs other than Level 1 prices such as quoted prices for similar
assets or liabilities; quoted prices in markets with insufficient volume or
infrequent transactions (less active markets); or model-derived valuations in
which all significant inputs are observable or can be derived principally from
or corroborated by observable market data for substantially the full term of the
assets or liabilities.
 
 Level 3 -
Unobservable inputs to the valuation methodology that are significant to the
measurement of fair value of assets or liabilities.
 
 To the
extent that valuation is based on models or inputs that are less observable or
unobservable in the market, the determination of fair value requires more
judgment.  In certain cases, the inputs used to measure fair value may fall
into different levels of the fair value hierarchy.  In such cases, for
disclosure purposes, the level in the fair value hierarchy within which the fair
value measurement is disclosed and is determined based on the lowest level input
that is significant to the fair value measurement.
 
 The
carrying value of the Company’s cash and cash equivalents, accounts receivable,
prepayments, accounts payable, short-term borrowings (including convertible
notes payable), and other current assets and liabilities approximate fair value
because of their short-term maturity. All other significant financial assets,
financial liabilities and equity instruments of the Company are either
recognized or disclosed in the consolidated financial statements together with
other information relevant for making a reasonable assessment of future cash
flows, interest rate risk and credit risk. Where practicable the fair values of
financial assets and financial liabilities have been determined and disclosed;
otherwise only available information pertinent to fair value has been
disclosed.
  F-14
  TODAYS
ALTERNATIVE ENERGY CORPORATION
 (FORMERLY
BIO SOLUTIONS MANUFACTURING, INC.)
 (A
DEVEOPMENT STAGE COMPANY)
 NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
 YEARS
ENDED OCTOBER 31, 2010 AND 2009
 As of
October 31, 2010 and 2009, there were no financial assets or liabilities
that were measured at fair value on a recurring basis.
  NOTE
9 – SUBSEQUENT EVENTS
 
 On
January 25, 2011, the Company sold and issued a convertible promissory note in
the aggregate principal amount of $40,000 to a certain investor. The note
matures on the two-year anniversary of the date of issuance and accrues interest
at an annual rate of ten percent (10%). The note is payable in full on the
maturity date unless previously converted into shares of Company common stock at
an initial conversion price of $0.0001 per share, as may be
adjusted.
 
 On
January 11, 2010, the Company’s Board of Directors approved a reverse stock
split of the Company’s common stock at a ratio of 1:20. None of the shares
included herein have been adjusted for the reverse stock split as the
Company has not filed a certificate of amendment to its Certificate of
Incorporation with the Secretary of State of Nevada nor received approval from
the Financial Industry Regulatory Authority.
 
 On
December 24, 2010, the Company sold and issued a convertible promissory note in
the aggregate principal amount of $30,000 to a certain investor. The note
matures on the two-year anniversary of the date of issuance and accrues interest
at an annual rate of ten percent (10%). The note is payable in full on the
maturity date unless previously converted into shares of Company common stock at
an initial conversion price of $0.0001 per share, as may be
adjusted.
 
 Since
October 31, 2010, the Company issued an aggregate of 2,300,000 shares of common
stock upon conversion of convertible promissory notes.
 
 On
December 20, 2010, Patricia Spreitzer, the Company’s former Chief Financial
Officer entered into a securities purchase agreement  with Len Amato,
the Company’s current Chief Executive Officer, President and Chief Financial
Officer in which Ms. Spreitzer sold 10,000 shares of the Company’s Series A
Preferred Stock to Mr. Amato for a per share purchase price of $0.10 for an
aggregate purchase price of $1,000. Pursuant to the terms of the certificate of
designation of the Preferred Stock, each share of Preferred Stock shall be
entitled to the number of votes equal to the product of (a) the number of shares
of the Preferred Stock held by such holder, (b) the number of issued and
outstanding shares of our common stock on a fully diluted basis, as of the
record date for the vote, or, if no such record date is established, as of the
date such vote is taken or any written consent of stockholders is solicited, and
(c) 0.0002. Therefore, upon consummation of the aforementioned stock sale, Mr.
Amato held voting power entitled to 3,835,561,232 votes or 98.8% of the
outstanding voting power, based on 46,586,828 shares of the Company’s common
stock issued and outstanding, 78,000 shares of Series B Preferred Stock issued
and outstanding convertible into 28,260,870 shares of the Company’s common stock
and $1,842,933 in outstanding convertible notes (including accrued interest)
that is convertible into 1,842,932,918 shares of the Company’s common stock as
of December 20, 2010.
 
 Since
October 31, 2010, the Company has issued 1,681,770 shares of Company common
stock, in satisfaction of notices to convert 5,000 shares of Series B Preferred
Stock. Of that total, 443,459 shares were shown as common stock to be
issued.
    F-15
  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
  Pursuant
to Rule 13a-15(b) under the Securities Exchange Act ("Exchange Act") of 1934,
the Company's management, consisting of Len Amato, our President, Chief
Executive Officer and Chief Financial Officer (“CEO/CFO”) made an evaluation of
the effectiveness of our disclosure controls and procedures (as defined under
Rule 13a-15(e) under the Exchange Act) as of the year ended October 31, 2010.
Based upon that evaluation, our CEO/CFO concluded that our disclosure controls
and procedures are ineffective to ensure that information required to be
disclosed by us in the reports that we file or submit under the Exchange Act, is
recorded, processed, summarized and reported, within the time periods specified
in the SEC's rules and forms, and that such information is accumulated and
communicated to our CEO /CFO, as appropriate, to allow timely decisions
regarding required disclosure.
  Management’s
Report on Internal Control Over Financial Reporting
 
 Our CEO/
CFO carried out an evaluation, of the effectiveness of the design and operation
of our system of disclosure controls and procedures pursuant to Rule 13a-15(d)
and 15d-15(d) promulgated under the Exchange Act. Based on this evaluation, our
CEO/CFO concluded that our controls and procedures as of October 31, 2010 were
not effective in ensuring that information required to be disclosed by us in our
periodic reports is recorded, processed, summarized and reported, within the
time periods specified for each report and that such information is accumulated
and communicated to our management, including our principal executive and
principal financial officer, or persons performing similar functions, as
appropriate to allow timely decisions regarding required
disclosure.
 
 During
the course of the preparation of our financial statements for the fiscal year
ended October 31, 2010, we identified certain material weaknesses relating to
our internal controls and procedures within the areas of accounting for equity
transactions, document control, account analysis and reconciliation and timely
preparation of financial statements. In addition, the Company has limited
resources and limited number of employees in order to properly segregate duties.
These internal control deficiencies may also constitute deficiencies in our
disclosure controls.
 
 It should
be noted that any system of controls, however well designed and operated, can
provide only reasonable, and not absolute, assurance that the objectives of the
system will be met. In addition, the design of any control system is based in
part upon certain assumptions about the likelihood of future
events.
 
 Our CEO
/CFO is in the process of implementing a more effective system of controls,
procedures, and other changes in the areas of accounting for equity
transactions, document control, account analysis, and reconciliation to insure
that information required to be disclosed in this annual report on Form 10-K has
been recorded, processed, summarized and reported accurately. Our management
acknowledges the existence of this problem, and intends to developed procedures
to address them to the extent possible given limitations in financial and
manpower resources.
  Among the
changes needed to be implemented are the following:
 
 ●
              Document
      control system established and monitored for
  compliance;
 ●
              Timely
      analysis of accounting treatment and disclosure requirements for
      contractual agreements;
 ●
              Lack of segregation of
      duties;
 
 Changes
in Internal Control Over Financial Reporting
  None
 
 ITEM
9B. OTHER INFORMATION.
  None.
  16
  PART
III
 
 ITEM
10. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; CORPORATE
GOVERNANCE; COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT
 
 Executive
Officer and Directors
 
 Our
executive officers and directors, the positions held by them, and their ages are
as follows:
 
 Name
                
                Age
                
                PositionLen
      Amato
                
                61
                
                Chairman
      of the Board of Directors, President, Chief Executive Officer, Chief
      Financial Officer, Secretary and
Treasurer
  Len Amato.Mr. Amato was appointed as the Company’s Chairman of the Board of
Directors, President, Chief Executive Officer, Chief Financial Officer,
Secretary and Treasurer on November 9, 2010. From 2007 to October 2010, Mr.
Amato was managing member of Interstellar Holdings, LLC, a Connecticut-based
investment banking firm that has provided the Company with financing. From 2002
to 2010, Mr. Amato was president and a board member of CancerCare of
Connecticut, a nonprofit organization that provides free professional support
services to anyone affected by cancer. Mr. Amato serves as a committee chairman
for The Michael Bolton Charities, Inc. Mr. Amato received a bachelor of
arts in 1971 from Fairfield University in Fairfield, Connecticut. Mr. Amato
was appointed to the Company's board based on his over twenty years
experience as a manager, owner and investor in several successful businesses,
including having grown businesses from the start-up stage through sale to third
parties.
  Board
of Directors, Board Meetings and Committees
 
 Our board
of directors held no formal meetings during the most recently completed fiscal
year. All proceedings of the board of directors were conducted by resolutions
consented to in writing by all the directors and filed with the minutes of the
proceedings of the directors. Such resolutions consented to in writing by the
directors entitled to vote on that resolution at a meeting of the directors are,
according to the corporate laws of the State of New York and our bylaws, as
valid and effective as if they had been passed at a meeting of the directors
duly called and held.
 
 The Board
of Directors has a standing Compensation Committee. We do not have either an
audit committee or a nominating committee. It is the view of the board of
directors that it is appropriate to not have any of these committees since they
are not required to maintain its listing on the OTC Bulletin Board, since it
only has two directors who would serve to act as the committee in any event, and
due to the additional and unnecessary costs associated with administering the
committees.
 
 The
member of the Compensation Committee is Len Amato, whom is not “independent”
under any known listing standards. The basic responsibility of the Compensation
Committee is to review the performance and development of our management in
achieving corporate goals and objectives and to assure that our senior
executives are compensated effectively in a manner consistent with our strategy,
competitive practice, and the requirements of the appropriate regulatory bodies.
Toward that end, the Committee oversees, reviews, and administers all
compensation, equity, and employee benefit plans and programs.
  In
carrying out its purpose, the Committee will have the following responsibilities
and duties:
 
 ·
              Review annually and approve our
      compensation strategy to ensure that our employees are rewarded
      appropriately for their contributions to our growth and
      profitability.
 
 ·
              Review annually and approve
      corporate goals and objectives relevant to executive compensation and
      evaluate performance in light of those
  goals.
 
 ·
              Review annually and determine the
      individual elements of total compensation for the Chief Executive Officer
      and all other officers, and communicate to stockholders the factors and
      criteria on which the Chief Executive Officer and all other executive
      officers’ compensation for the last year was
  based.
 
 ·
              Approve all special perquisites,
      special cash payments, and other special compensation and benefit
      arrangements for our
officers.
 
 ·
              Review and recommend compensation
      for non-employee members of the board, including but not limited to the
      following elements:  retainer, meeting fees, committee fees,
      committee chair fees, equity or stock compensation, benefits, and
      perquisites.
 
 ·
              With sole and exclusive
      authority, make and approve stock option grants and other discretionary
      awards under our stock option or other equity incentive plans to all
      persons who are board members or
  officers.
 
 ·
              Grant stock options and other
      discretionary awards under our stock option or other equity incentive
      plans to all other eligible individuals in our
    service.
  17
 
 ·
              Amend the provisions of our stock
      option or other equity incentive plans, to the extent authorized by the
      board, and make recommendations to the board with respect to incentive
      compensation and equity-based
plans.
 
 ·
              Oversee and periodically review
      the operation of all of our employee benefit plans, including, but not
      limited to, our stock option and other equity incentive plans.
      Responsibility for day-to-day administration, including the preparation
      and filing of all government reports and the preparation and delivery of
      all required employee materials and communications, will be performed by
      our personnel.
 
 ·
              Ensure that the annual incentive
      compensation plan is administered in a manner consistent with our
      compensation strategy and the terms of such plan, including but not
      limited to the following:  participation, target annual
      incentive awards, corporate financial goals, actual awards paid to
      officers, total funds reserved for payment under the plan, and potential
      qualification under IRS Code Section
  162(m).
 
 ·
              Review matters related to
      management performance, compensation, and succession planning (including
      periodic review and approval of Chief Executive Officer and other officer
      succession planning) and executive development for executive
      staff.
 
 ·
              Approve separation packages and
      severance benefits for officers to the extent that the packages are
      outside the ordinary plan
limits.
 
 ·
              Have full access to our
      executives and personnel as necessary to carry out its
      responsibilities.
 
 ·
              Obtain such data or other
      resources as it deems necessary to perform its duties, including, but not
      limited to, obtaining external consultant reports or published salary
      surveys, and engaging independent compensation consultants and other
      professionals to assist in the design, formulation, analysis, and
      implementation of compensation programs for our officers and other key
      employees.
 
 ·
              Have responsibility for the
      review and approval of all reports and summaries of compensation policies
      and decisions as may be appropriate for operational purposes or as may be
      required under applicable
law.
 
 ·
              Perform any other activities
      consistent with the Compensation Committee charter, our bylaws, and
      governing law as the Committee or the board deems necessary or
      appropriate.
 
 ·
              Review the Committee Charter from
      time to time and recommend any changes to the
  board.
 
 ·
              Report to the Board on the major
      items covered at each Committee
meeting.
 
 During
the last fiscal year, there were no meetings of the
Compensation Committee.
 
 We do not
have any defined policy or procedure requirements for stockholders to submit
recommendations or nominations for directors. Our board of directors believes
that, given the early stages of our development, a specific nominating policy
would be premature and of little assistance until our business operations
develop to a more advanced level. We do not currently have any specific or
minimum criteria for the election of nominees to our board of directors and we
do not have any specific process or procedure for evaluating such nominees. Our
board of directors assesses all candidates, whether submitted by management or
stockholders, and makes recommendations for election or
appointment.
 
 A
stockholder who wishes to communicate with our board of directors may do so by
directing a written request to our Company addressed to our Chief Executive
Officer. We intend to hold annual meetings of stockholders during the summer
season, at which meetings our directors will be up for re-election. We currently
do not have a policy regarding the attendance of board members at the annual
meeting of stockholders.
 
 Family
Relationships
  There are
no family relationships between or among any of the current directors, executive
officers or persons nominated or charged by the Company to become directors or
executive officers.
  Involvement
in Certain Legal Proceedings
  To the
Company’s knowledge, during the past ten (10) years, none of the Company’s
directors, executive officers, promoters, control persons, or nominees has
been:
  ·
              the
      subject of any bankruptcy petition filed by or against any business of
      which such person was a general partner or executive officer either at the
      time of the bankruptcy or within two years prior to that
    time;
  18
  ·
              convicted
      in a criminal proceeding or is subject to a pending criminal proceeding
      (excluding traffic violations and other minor
  offenses);
 
 ·
              subject
      to any order, judgment, or decree, not subsequently reversed, suspended or
      vacated, of any court of competent jurisdiction, permanently or
      temporarily enjoining, barring, suspending or otherwise limiting his
      involvement in any type of business, securities or banking activities;
      or
  ·
              found
      by a court of competent jurisdiction (in a civil action), the Commission
      or the Commodity Futures Trading Commission to have violated a federal or
      state securities or commodities law
 
 Director
Independence
  We do not believe that our sole director
is an “independent director,” as that term is defined by listing standards of
the national exchanges and SEC rules, including the rules relating to the
independence standards of an audit committee and the non-employee director
definition of Rule 16b-3 promulgated under the Exchange Act.
 
 Board Leadership Structure and Role in
Risk Oversight
  Although
we have not adopted a formal policy on whether the Chairman and Chief Executive
Officer positions should be separate or combined, we have traditionally
determined that it is in the best interests of the Company and its shareholders
to partially combine these roles. Due to the small size of the Company, we
believe it is currently most effective to have the Chairman and Chief Executive
Officer positions partially combined.
  The
Company currently has one full director, Len Amato, who also serves as the
company's Chief Executive Officer. The Company is actively seeking other
qualified individuals to serve on the Company's Board of Directors. At this
time, the Company does not have Directors and Officers liability insurance which
has been a deterring factor in seeking other qualified directors. The full
director, as CEO of the Company as actively involved in oversight of the
Company's day to day activities.
  Section
16(a) Beneficial Ownership Reporting Compliance
  Section 16(a)
of the Securities Exchange Act of 1934, as amended, requires our directors,
executive officers, and stockholders holding more than 10% of our outstanding
common stock, to file with the Securities and Exchange Commission initial
reports of ownership and reports of changes in beneficial ownership of our
common stock. Executive officers, directors and greater-than-10% stockholders
are required by SEC regulations to furnish us with copies of all
Section 16(a) reports they file. To our knowledge, based solely on review
of the copies of such reports furnished to us for the period ended October 31,
2010, no Section 16(a) reports required to be filed by our executive
officers, directors and greater-than-10% stockholders were filed on a timely
basis.
 
 Code
of Ethics
 
 We have
adopted a code of ethics that applies to the principal executive officer and
principal financial and accounting officer. We will provide to any person
without charge, upon request, a copy of our code of ethics. Requests may be
directed to our principal executive offices at 857 Post Road, Suite 397,
Fairfield, Connecticut 06824.
 
 ITEM
11. EXECUTIVE COMPENSATION
 
 Summary
Compensation Table—Fiscal 2010, 2009 and 2008
 
 The table
below summarizes the total compensation paid or awarded to each of the Named
Executive Officers for Fiscal years 2010, 2009 and 2008.
  Name and Principal Position
                                                                            
                                                                            Year
                                                                            
                                                                            Salary ($)
                                                                            
                                                                            
                                                                            Bonus ($)
                                                                            
                                                                            
                                                                            Stock
                                                                              Awards ($)****
                                                                            
                                                                            
                                                                            Option
                                                                              Awards ($)(3)
                                                                            
                                                                            
                                                                            All Other
                                                                              Compensation ($)
                                                                            
                                                                            
                                                                            Total ($)David
      S. Bennett*
                                                                            
                                                                            2008
                                                                            
                                                                            $
                                                                            75,000
                                                                            (1)
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            $
                                                                            4,500
                                                                            (7)
                                                                            
                                                                            $
                                                                            -0-
                                                                            
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            $
                                                                            79,500Chairman,
      President and
                                                                            
                                                                            2009
                                                                            
                                                                            
                                                                            75,000
                                                                            (2)
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            
                                                                            75,000Chief
      Executive Officer
                                                                            
                                                                            2010
                                                                            
                                                                            
                                                                            75,000
                                                                            (3)
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            
                                                                            75,000Patricia
      M. Spreitzer **
                                                                            
                                                                            2008
                                                                            
                                                                            $
                                                                            54,000
                                                                            (4)
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            $
                                                                            14,500
                                                                            (7)(8)
                                                                            
                                                                            $
                                                                            -0-
                                                                            
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            $
                                                                            68,500Chief
      Financial Officer, Secretary
                                                                            
                                                                            2009
                                                                            
                                                                            
                                                                            54,000
                                                                            (5)
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            
                                                                            54,000and
      Treasurer
                                                                            
                                                                            2010
                                                                            
                                                                            
                                                                            54,000
                                                                            (6)
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            
                                                                            54,000Len
      Amato ***
                                                                            
                                                                            2010
                                                                            
                                                                            $
                                                                            -0-
                                                                            
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            $
                                                                            -0-
                                                                            
                                                                            
                                                                            $
                                                                            -0-
                                                                            
                                                                            
                                                                            
                                                                            -0-
                                                                            
                                                                            
                                                                            $
                                                                            -0-
  * Mr.
Bennett resigned from all positions on November 9, 2010.
 ** Ms.
Spreitzer resigned from all positions on October 31, 2010.
 *** Mr.
Amato was appointed as the Company’s Chairman of the Board of Directors,
President, and Chief Executive Officer, Chief Financial Officer, Secretary and
Treasurer on November 9, 2010.
   19
  (1)
                $75,000
      was accrued as salary, of which $4,500 was paid and $70,500 was
      forgiven.
  (2)
                $75,000
      was accrued as salary, of which $15,000 was paid and $60,000 was
      forgiven.
  (3)
                $75,000
      was accrued as salary, of which $35,000 was paid and $40,000 was
      forgiven.
  (4)
                $54,000
      was accrued as salary, of which $14,500 was paid and $39,500 was
      forgiven.
  (5)
                $54,000
      was accrued as salary, of which $29,534 was paid and $24,466 was
      forgiven.
  (6)
                $54,000
      was accrued as salary, of which $22,787 was paid and $31,213 was
      forgiven.
  (7)
                Received
      450 shares of common stock in lieu of $4,500 in salary. In addition, each
      officer’s employment agreement provides for a stock grant of 250 shares in
      Fiscal 2008, but this amount has not been
paid.
  (8)
                Received
      10,000 shares of Series A preferred stock in lieu of $10,000 in
      salary.
  Grants
of Plan-Based Awards
 
 The
following table sets forth information concerning the number of shares of common
stock underlying restricted stock awards and stock options granted to the Named
Executive Officers in Fiscal 2010.
  Name
                                                                
                                                                
                                                                
                                                                
                                                                Approval
                                                                  Date
                                                                
                                                                
                                                                Estimated
                                                                  Future
                                                                  Payouts
                                                                  Under Non-
                                                                  Equity
                                                                  Incentive
                                                                  Plan Awards
                                                                
                                                                
                                                                Estimated
                                                                  Future
                                                                  Payouts
                                                                  Under
                                                                  Equity
                                                                  Incentive
                                                                  Plan Awards
                                                                
                                                                
                                                                All Other
                                                                  Stock
                                                                  Awards:
                                                                
                                                                
                                                                All Other
                                                                  Option
                                                                  Awards:
                                                                
                                                                
                                                                Exercise or
                                                                  Base Price
                                                                  of Option
                                                                  Awards
                                                                  ($/Sh)
                                                                
                                                                
                                                                Grant Date
                                                                  Fair Value
                                                                  of Stock and
                                                                  Option
                                                                  AwardsGrant Date
                                                                
                                                                
                                                                
                                                                
                                                                
                                                                
                                                                
                                                                
                                                                
                                                                
                                                                
                                                                Numberof
                                                                  Shares of
                                                                  Stock or
                                                                  Units (#)
                                                                
                                                                
                                                                Number of
                                                                  Securities
                                                                  Underlying
                                                                  Options (#)David
      S. Bennett *
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -Patricia
      M. Spreitzer **
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -Len
      Amato ***
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
 
 * Mr.
Bennett resigned from all positions on November 9, 2010.
 ** Ms.
Spreitzer resigned from all positions on October 31, 2010.
 *** Mr.
Amato was appointed as the Company’s Chairman of the Board of Directors,
President, and Chief Executive Officer, Chief Financial Officer, Secretary and
Treasurer on November 9, 2010.
  Outstanding
Equity Awards at Fiscal Year-End
  The
following table sets forth all outstanding equity awards made to each of the
Named Executive Officers that are outstanding at the end of Fiscal
2010.
 
 Option Awards
                                                        
                                                        
                                                        Stock AwardsName
                                                        
                                                        Number of
                                                          Securities
                                                          Underlying
                                                          Unexercised
                                                          Options (#)
                                                          Exercisable
                                                        
                                                        
                                                        Number of
                                                          Securities
                                                          Underlying
                                                          Unexercised
                                                          Options (#)
                                                          Unexercisable
                                                        
                                                        
                                                        Option Exercise
                                                          Price ($)
                                                        
                                                        
                                                        Option
                                                          Expiration
                                                          Date
                                                        
                                                        
                                                        Number of
                                                          Shares
                                                          or Units
                                                          of Stock That
                                                          Have Not
                                                          Vested (#)
                                                        
                                                        
                                                        Market Value
                                                          of Shares or
                                                          Units of Stock
                                                          That Have Not
                                                          VestedDavid
      S. Bennett *
                                                        
                                                        
                                                        0
                                                        
                                                        
                                                        
                                                        0
                                                        
                                                        
                                                        
                                                        -
                                                        
                                                        
                                                        
                                                        -
                                                        
                                                        
                                                        
                                                        -
                                                        
                                                        
                                                        
                                                        -Patricia
      M. Spreitzer **
                                                        
                                                        
                                                        0
                                                        
                                                        
                                                        
                                                        0
                                                        
                                                        
                                                        
                                                        -
                                                        
                                                        
                                                        
                                                        -
                                                        
                                                        
                                                        
                                                        -
                                                        
                                                        
                                                        
                                                        -Len
      Amato ***
 
 * Mr.
Bennett resigned from all positions on November 9, 2010.
 ** Ms.
Spreitzer resigned from all positions on October 31, 2010.
 *** Mr.
Amato was appointed as the Company’s Chairman of the Board of Directors,
President, and Chief Executive Officer, Chief Financial Officer, Secretary and
Treasurer on November 9, 2010.
 
 Option
Exercises and Stock Vested
 
 No stock
options vested or were exercised by any Named Executive Officers in Fiscal
2010.
 20
  Employment
Agreements
  On
October 30, 2007, we entered into an employment agreements with David Bennett
and Patricia Spreitzer, our former President and Chief Financial Officer,
respectively. Each agreement was for an initial term of three years and provided
for an annual base salary during the term of the agreement of $75,000 and
$54,000, respectively, provided, however, that base salary be increased to
$150,000 and $100,000 per annum, respectively, upon closing of a private
placement of our debt or equity securities resulting in gross proceeds of at
least $4 million. Each officer was eligible for performance—based bonuses upon
attainment of certain gross revenue targets specified in each employment
agreement. Each officer was eligible to receive stock grants of 200, 250, 300,
and 350 shares of our common stock in each of fiscal 2007, 2008, 2009 and 2010.
We agreed to grant each officer options to purchase 4,000 shares of our common
stock with exercise prices ranging from $170 to $2,000, which options would vest
upon the attainment of certain gross revenue targets, as more specifically set
forth in the employment agreements. The granting of the options was subject to
our adoption of a stock option plan for such purpose. In fiscal 2007, both
officers were awarded a one-time bonus of $75,000 and $54,000, respectively,
which bonuses were accrued but not paid.
 
 Each
employment agreement also contained the following material provisions: (i)
reimbursement for all reasonable travel and other out-of-pocket expenses
incurred in connection with employment; (ii) three (3) weeks paid vacation
leave; (iii) medical, dental and life insurance benefits; (iv) a severance
payment of twelve (12) month’s salary at the then-applicable base salary rate in
the event that we terminated the officer’s employment without cause or if the
officer’s employment is terminated due to death or disability; and (v) 24 month
non-compete/non solicitation terms.
 
 David
Bennett and Patricia Spreitzer resigned as the Company’s President and Chief
Financial Officer on November 9, 2010 and October 31, 2010, respectively and on
November 9, 2010, the Company’s board of directors appointed Len Amato who will
serve as the Company’s President, Chief Executive Officer, Chief Financial
Officer, Secretary, Treasurer and Director.
 
 Compensation
of Directors
 
 Our
directors did not receive any compensation for their services as a director in
2010.  All
directors are entitled to reimbursement for reasonable out-of-pocket expenses in
attending board of directors meetings and for promoting our
business.
  ITEM
12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
 
 The
following table sets forth certain information regarding the beneficial
ownership of our common stock as of February 14, 2011 by the following
persons:
  ·
              each
      person who is known to be the beneficial owner of more than five percent
      (5%) of our issued and outstanding shares of common
  stock;
 
 ·
              each of our directors and
      executive officers; and
 
 ·
              all of our directors and
      executive officers as a
group.
 
 Name And
                    Address (1)
                  
                  Number Of
                    Common
                    Shares
                    Beneficially
                    Owned
                  
                  
                  Percentage
                    Owned (2)
                  
                  
                  Number Of
                    SeriesA
                    Preferred
                    Shares
                    Beneficially
                    Owned
                  
                  
                  Percentage
                    Owned(2)
                  
                  
                  Percentage of
                    Total Voting
                    Power (3)Len
      Amato
                  
                  
                  –
                  
                  
                  
                  
                  *
                  
                  
                  10,000
                  
                  
                  
                  100
                  %
                  
                  
                  98.8
                  %All
      directors and officers as a group (persons)
  *Less
than 1%
 (1)
              Unless otherwise noted, the
      address is c/o Todays Alternative Energy Corporation, 857 Post Road, Suite
      397, Fairfield, Connecticut
06824.
 (2)
              Based on 52,410,547 common
      shares and 10,000 series A preferred shares issued and outstanding on
      February 14, 2011.
 (3)
              Holders of our common stock are
      entitled to one vote per share, for a total of 52,410,547 votes.
      Holders of our series A preferred stock are entitled to the number of
      votes on such matters equal to the product of (a) the number of shares of
      the series A preferred stock held by such holder, (b) the number of issued
      and outstanding shares of our  common stock, on a fully-diluted
      basis, as of the record date for the vote, or, if no such record date is
      established, as of the date such vote is taken or any written consent of
      stockholders is solicited, and (c) 0.0002. Our convertible notes currently
      convert into 1,929,310,640 shares of common stock. Accordingly the series
      A preferred are entitled to a total of 3,985,664,596
      votes.
 Beneficial
ownership is determined in accordance with the rules and regulations of the SEC.
The number of shares and the percentage beneficially owned by each individual
listed above include shares that are subject to options held by that individual
that are immediately exercisable or exercisable within 60 days from the date of
this report and the number of shares and the percentage beneficially owned by
all officers and directors as a group includes shares subject to options held by
all officers and directors as a group that are immediately exercisable or
exercisable within 60 days from the date of this report.
 21
 
 ITEM 13. CERTAIN RELATIONSHIPS
AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE.
 
 Other
than the transactions, we have not been a party to any transaction, proposed
transaction, or series of transactions in which the amount involved exceeds the
lesser of $120,000 or one percent of our average total assets for the last three
fiscal years, and in which, to our knowledge, any of our directors, officers,
five percent beneficial security holder, or any member of the immediate family
of the foregoing persons has had or will have a direct or indirect material
interest:
 
 On
October 30, 2007, we entered into an agreement with Peter Chapin, the then
President of BESI, under which we agreed to issue him 250 shares of common stock
as additional consideration for his indirect sale of the business of BESI to us
and for his assistance in connection with the settlement of the BESI litigation.
In addition, we agreed to issue an additional 500 shares in connection therewith
upon the earlier of April 30, 2008 or the satisfaction of certain performance
criteria.
 
 On
November 21, 2007, the then President of BESI paid $16,115.72 to the BSFC
Parties, which constituted full and final satisfaction of the $25,000 limited
recourse promissory note. As a result, we became liable on the full recourse
guarantee in the amount of $8,884.28. On December 12, 2007, we paid $7,958.00 of
this amount as partial satisfaction of the full recourse guarantee. We currently
owe $926.28 under the full recourse guarantee.
 
 On August
1, 2008, we issued 10,000 shares of Series A Preferred Stock to our former CFO
in satisfaction of $10,000 of accrued but unpaid salary.
 
 On
December 20, 2010, Patricia Spreitzer, the Company’s former Chief Financial
Officer entered into a securities purchase agreement  with Len Amato,
the Company’s current Chief Executive Officer, President and Chief Financial
Officer in which Ms. Spreitzer sold 10,000 shares of the Company’s Series A
Preferred Stock to Mr. Amato for a per share purchase price of $0.10 for an
aggregate purchase price of $1,000. Pursuant to the terms of the certificate of
designation of the Preferred Stock, each share of Preferred Stock shall be
entitled to the number of votes equal to the product of (a) the number of shares
of the Preferred Stock held by such holder, (b) the number of issued and
outstanding shares of our common stock on a fully diluted basis, as of the
record date for the vote, or, if no such record date is established, as of the
date such vote is taken or any written consent of stockholders is solicited, and
(c) 0.0002. Therefore, upon consummation of the aforementioned stock sale, Mr.
Amato held voting power entitled to 3,835,561,232 votes or 98.8% of the
outstanding voting power, based on 46,586,828 shares of the Company’s common
stock issued and outstanding, 78,000 shares of Series B Preferred Stock issued
and outstanding convertible into 28,260,870 shares of the Company’s common stock
and $1,842,933 in outstanding convertible notes (including accrued interest)
that is convertible into 1,842,932,918 shares of the Company’s common stock as
of December 20, 2010.
  David
Bennett, the former President and Patricia Spreitzer, the former Chief Financial
Officer of the Company, respectively, voluntarily forgave their accrued salaries
totaling $394,679 and accrued expenses totaling $1,666 was forgiven by the
President, both of which were reclassified to equity as contributed capital.
Additionally, the Company agreed to issue the former Chief Financial Officer
300 shares of common stock valued at $1.
 
 ITEM
14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
 
 Audit
Fees
 
 RBSM
LLP will be billing us $20,000 in fees for services rendered for the fiscal
year ended October 31, 2010.
    Audit-Related
Fees
 
 We did
not receive any bills from RBSM LLP for assurance and related services that are
not reported under Audit Fees above in 2010 or 2009.
 
 Tax
Fees
 
 We did
not receive any bills from RBSM LLP for tax compliance, tax advice or tax
planning in 2010 or 2009.
 
 All
Other Fees
 
 Policy
on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of
Independent Auditors
  22
  We do not
currently have an Audit Committee. The policy of our Board of Directors, which
acts as our Audit Committee, is to pre-approve all audit and permissible
non-audit services provided by the independent auditors. These services may
include audit services, audit-related services, tax services and other services.
Pre-approval is generally provided for up to one year and any pre-approval is
detailed as to the particular service or category of services and is generally
subject to a specific budget. The independent auditors and management are
required to periodically report to our Board of Directors regarding the extent
of services provided by the independent auditors in accordance with this
pre-approval, and the fees for the services performed to date. The Board of
Directors may also pre-approve particular services on a case-by-case
basis.
  23
  PART
IV
 
 ITEM
15. EXHIBITS
 
 Exhibit No.
                  
                  Description2.1
                  
                  Reorganization
      and Stock Purchase Agreement by and between Single Source Financial
      Services Corporation, certain shareholders of Single Source Financial
      Services Corporation, Bio-Solutions Manufacturing, Inc., and the
      shareholders of Bio-Solutions Manufacturing, Inc., incorporated by
      reference to our Current Report on Form 8-K filed on April 2,
      2004.2.2
                  
                  Stock
      Purchase Agreement dated as of June 2, 2006 by and between Bio Solutions
      Manufacturing, Inc. and Bio Solutions Franchise Corp., incorporated by
      reference to our Quarterly Report on Form 10-QSB filed on June 21,
      2006.2.3
                  
                  Merger
      Agreement dated as of September 4, 2008 by and between Bio Solutions
      Manufacturing, Inc., a New York corporation and Bio Solutions
      Manufacturing, Inc., a Nevada corporation, incorporated by reference to
      our Information Statement on Form 14C filed on September 16, 2008 (File
      No. 001-32044).3.1
                  
                  Amended
      and Restated Articles of Incorporation of Bio Solutions Manufacturing,
      Inc. incorporated by reference to our Information Statement on Form 14C
      filed on September 16, 2008 (File No. 001-32044).3.4
                  
                  Amended
      and Restated Bylaws of Bio Solutions Manufacturing, Inc. incorporated by
      reference to our Information Statement on Form 14C filed on September 16,
      2008 (File No. 001-32044).3.5
                  
                  Certificate
      of Designation of Series B Preferred Stock (Incorporated by reference to
      the Company’s Current Report on Form 8-K as filed with the SEC on May 5,
      2009)4.1
                  
                  Specimen
      Certificate of Bio Solutions Manufacturing, Inc.’s common stock,
      incorporated by reference to our Annual Report on Form 10KSB/A for the
      year ended October 31, 2006, filed on March 23, 2007.4.2
                  
                  Form
      of Unit Purchase Agreement among Bio Solutions Manufacturing, Inc., and
      various purchasers, incorporated by reference to our Quarterly Report on
      Form 10-QSB filed on June 21, 2006.4.3
                  
                  Form
      of convertible secured promissory note, incorporated by reference to our
      Annual Report on Form 10KSB/A for the year ended October 31, 2006, filed
      on March 23, 2007.4.4
                  
                  Form
      of Registration Rights Agreement by and among Bio Solutions Manufacturing,
      Inc., and various lenders, , incorporated by reference to our Annual
      Report on Form 10KSB/A for the year ended October 31, 2006, filed on March
      23, 2007.4.5
                  
                  2006
      Stock Incentive Plan, incorporated by reference to our Registration
      Statement on Form S-8, filed on October 31, 2006 (File No.
      333-138339).4.6
                  
                  2007
      Stock Incentive Plan, incorporated by reference to our Registration
      Statement on Form S-8, filed on October 16, 2007 (File No.
      333-146737).4.7
                  
                  2008
      Stock Incentive Plan, incorporated by reference to our Registration
      Statement on Form S-8, filed on April 25, 2008 (File No.
      333-150451).4.8
                  
                  2008
      California Stock Incentive Plan, incorporated by reference to our
      Registration Statement on Form S-8, filed on April 25, 2008 (File No.
      333-150451).10.1
                  
                  Manufacturing/Marketing
      Agreement between Bio Solutions Manufacturing, Inc. and Bio Solutions
      Franchise Corp., incorporated by reference to our Annual Report on Form
      10KSB/A for the year ended October 31, 2006, filed on March 23,
      2007.10.2
                  
                  Lease
      Agreement with Option between Bio Solutions International, Inc. and
      Innovative Industries, LLC, incorporated by reference to our Annual Report
      on Form 10KSB/A for the year ended October 31, 2006, filed on March 23,
      2007.10.3
                  
                  Loan
      Agreement by and among Bio Solutions Manufacturing, Inc. and various
      lenders, incorporated by reference to our Annual Report on Form 10KSB/A
      for the year ended October 31, 2006, filed on March 23,
    2007.
  10.4
              
              Security
      Agreement by and among Bio Solutions Manufacturing, Inc., Bio Solutions
      Production, Inc., Bio-Extraction Services, Inc., and various lenders,
      incorporated by reference to our Annual Report on Form 10KSB/A for the
      year ended October 31, 2006, filed on March 23,
  2007.
  24
  10.5
                            
                            Intellectual
      Property Security Agreement by and among Bio Solutions Manufacturing,
      Inc., Bio Solutions Production, Inc., Bio-Extraction Services, Inc., and
      various lenders, incorporated by reference to our Annual Report on Form
      10KSB/A for the year ended October 31, 2006, filed on March 23,
      2007.10.6
                            
                            Stock
      Pledge Agreement by and among Bio Solutions Manufacturing, Inc. and
      various lenders, incorporated by reference to our Annual Report on Form
      10KSB/A for the year ended October 31, 2006, filed on March 23,
      2007.10.7
                            
                            Guaranty
      by Bio Solutions Production, Inc. and Bio-Extraction Services, Inc. in
      favor of various lenders, incorporated by reference to our Annual Report
      on Form 10KSB/A for the year ended October 31, 2006, filed on March 23,
      2007.10.8
                            
                            Single
      Source Financial Services Corporation 2002 Omnibus Securities Plan,
      incorporated by reference to our Registration Statement on Form S-8 filed
      on April 19, 2002 (File No. 333-88834), as amended by our Registration
      Statement on Form S-8 filed on August 24, 2005 (File No.
      333-127820).10.9
                            
                            Stock
      Award Agreement by and between Bio Solutions Manufacturing, Inc. and David
      S. Bennett, incorporated by reference to our Annual Report on Form 10KSB/A
      for the year ended October 31, 2006, filed on March 23,
    2007.10.10
                            
                            Stock
      Award Agreement by and between Bio Solutions Manufacturing, Inc. and
      Patricia M. Spreitzer, incorporated by reference to our Annual Report on
      Form 10KSB/A for the year ended October 31, 2006, filed on March 23,
      2007.10.11
                            
                            Employment
      Agreement dated October 30, 2007 between Bio Solutions Manufacturing, Inc.
      and David S. Bennett, incorporated by reference to our Current Report on
      Form 8-K, filed on November 5, 2007.10.12
                            
                            Employment
      Agreement dated October 30, 2007 between Bio Solutions Manufacturing, Inc.
      and Patricia M. Spreitzer, incorporated by reference to our Current Report
      on Form 8-K, filed on November 5, 2007.10.13
                            
                            Settlement
      Agreement dated as of October 22, 2007, incorporated by reference to our
      Annual Report on From 10-KSB for the year ended October 31, 2007, filed on
      February 13, 2008.10.14
                            
                            Lease
      Agreement dated as of September 15, 2007, incorporated by reference to our
      Annual Report on From 10-KSB for the year ended October 31, 2007, filed on
      February 13, 2008.10.15
                            
                            Agreement
      dated as of October 30, 2007 between the Company and Peter Chapin,
      incorporated by reference to our Annual Report on From 10-KSB for the year
      ended October 31, 2007, filed on February 13, 2008.10.16
                            
                            Stock
      Purchase Agreement (Incorporated by reference to the Company’s Current
      Report on Form 8-K as filed with the SEC on April 2,
  2009).10.17
                            
                            Settlement
      Agreement (Incorporated by reference to the Company’s Current Report on
      Form 8-K as filed with the SEC on May 5, 2009).10.18
                            
                            Form
      of Convertible Promissory Note (Incorporated by reference to the Company’s
      Current Report on Form 8-K, filed with the SEC on January 4,
      2011).10.19
                            
                            Form
      of Convertible Promissory Note (Incorporated by reference to the
      Company’s Current
      Report on Form 8-K, field with the SEC on February 9,
  2011).21.1
                            
                            Subsidiaries
      of Bio Solutions Manufacturing, Inc., filed herewith.31.1
                            
                            Certification
      of Len Amato pursuant to Rule 13a-14(a), filed
herewith.32.1
                            
                            Certification
      of Len Amato pursuant to 18 U.S.C Section 1350, as adopted pursuant to
      Section 906 of the Sarbanes-Oxley Act of 2002, filed
    herewith.
  25
  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.
 
 TODAYS
      ALTERNATIVE ENERGY CORPORATIONBy:
                      /s/
      Len AmatoFebruary 14,
      2011
                      Len
      AmatoPresident,
      Chief Executive Officer, Chief Financial Officer and
      Chairman
                        (Principal
      Executive Officer and Principal Financial and Accounting
      Officer)
 
 Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities indicated.
 
 Signatures
                      
                      Title
                      
                      Date/s/
      Len Amato
                      
                      Chief
      Executive Officer Chief Financial Officer, President and
      Director
                        (Principal
      Executive Officer and Principal Financial and Accounting
      Officer)
                      
                      February
      14, 2011Len
      Amato
  26