UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
x
QUARTERLY REPORT UNDER SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the
quarter ended September 30, 2010
¨
TRANSITION REPORT UNDER SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the
transition period from _____ to _____
Commission
File Number:
333-147979
CASEYCORP
ENTERPRISES, INC.
(Exact
name of small business issuer as specified in its charter)
Nevada
(State
of incorporation)
|
98-0523910
(IRS
Employer ID Number)
|
410 Park
Avenue, 15th Floor
New York,
New York 10022
(Address
of principal executive offices)
(888)
251-3422
(Issuer's
telephone number)
(Former name, former address and former fiscal year, if changed since last
report)
Check
whether the issuer (1) filed all reports required to be filed by Section 13 or
15(d) of the Exchange Act during the past 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes
x
No
¨
Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
definitions of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large
accelerated filer
|
¨
|
Accelerated
filer
|
¨
|
|
|
|
|
Non-accelerated
filer
|
¨
|
Smaller
reporting company
|
x
|
(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
¨
No
x
As of
November 19, 2010, there were 45,000,000 shares of registrant’s common
stock, par value $0.0001 per share outstanding.
APPLICABLE
ONLY TO REGISTRANTS 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 Section 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
TABLE
OF CONTENTS
|
|
Page
|
PART
I
|
|
|
Item
1.
|
Financial
Statements
|
3-7
|
Item
2.
|
Management’s
Discussion and Analysis or Plan of Operations
|
8
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
9
|
Item
4.
|
Controls
and Procedures
|
9
|
|
|
|
PART
II
|
|
|
Item
1.
|
Legal
Proceedings
|
10
|
Item
IA.
|
Risk
Factors
|
10
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
10
|
Item
3.
|
Defaults
Upon Senior Securities
|
10
|
Item
4.
|
Removed
and Reserved
|
10
|
Item
5.
|
Other
Information
|
10
|
Item
6.
|
Exhibits
|
10
|
CASEYCORP
ENTERPRISES INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2010
|
|
|
2009
|
|
|
|
(Unaudited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
Cash
|
|
$
|
688,089
|
|
|
$
|
138,555
|
|
Accounts
receivable
|
|
|
181,527
|
|
|
|
562,774
|
|
Prepaid
expenses and other current assets
|
|
|
4,270
|
|
|
|
3,470
|
|
|
|
|
|
|
|
|
|
|
Total
current assets
|
|
|
873,886
|
|
|
|
704,799
|
|
|
|
|
|
|
|
|
|
|
Property
and equipment - net
|
|
|
35,912
|
|
|
|
12,884
|
|
Security
deposits
|
|
|
10,075
|
|
|
|
10,075
|
|
Intangible
assets - net
|
|
|
466,175
|
|
|
|
562,625
|
|
Goodwill
|
|
|
598,200
|
|
|
|
598,200
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
1,984,248
|
|
|
$
|
1,888,583
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
Accounts
payable and accrued liabilities
|
|
$
|
99,113
|
|
|
$
|
31,062
|
|
Accounts
payable - related party
|
|
|
454,155
|
|
|
|
359,583
|
|
Income
taxes payable
|
|
|
92,300
|
|
|
|
84,185
|
|
Loan
payable, stockholder
|
|
|
-
|
|
|
|
68,432
|
|
Loan
payable
|
|
|
4,500
|
|
|
|
4,500
|
|
|
|
|
|
|
|
|
|
|
Total
current liabilities
|
|
|
650,068
|
|
|
|
547,762
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES
|
|
|
|
|
|
|
|
|
Deferred
income taxes
|
|
|
113,362
|
|
|
|
140,118
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
763,430
|
|
|
|
687,880
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Preferred
stock, $.0001 par value; 5,000,000 shares authorized; none issued and
outstanding
|
|
|
-
|
|
|
|
-
|
|
Common
stock, $.0001 par value; 500,000,000 shares authorized; 45,000,000 issued
and outstanding
|
|
|
4,500
|
|
|
|
4,500
|
|
Additional
paid-in capital
|
|
|
1,135,888
|
|
|
|
1,135,888
|
|
Retained
earnings
|
|
|
80,430
|
|
|
|
60,315
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity
|
|
|
1,220,818
|
|
|
|
1,200,703
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity
|
|
$
|
1,984,248
|
|
|
$
|
1,888,583
|
|
See Notes
to Condensed Consolidated Financial Statements.
CASEYCORP
ENTERPRISES INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
Nine Months
|
|
|
Nine Months
|
|
|
Three Months
|
|
|
Three Months
|
|
|
|
Ended
|
|
|
Ended
|
|
|
Ended
|
|
|
Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
34,758,074
|
|
|
$
|
24,875,458
|
|
|
$
|
8,404,187
|
|
|
$
|
16,864,690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of sales
|
|
|
34,185,971
|
|
|
|
24,635,445
|
|
|
|
8,342,973
|
|
|
|
16,686,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
572,103
|
|
|
|
240,013
|
|
|
|
61,214
|
|
|
|
178,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General
and administrative expenses
|
|
|
538,308
|
|
|
|
104,942
|
|
|
|
190,819
|
|
|
|
79,396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations
|
|
|
33,795
|
|
|
|
135,071
|
|
|
|
(129,605
|
)
|
|
|
99,106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
(270
|
)
|
|
|
(270
|
)
|
|
|
(90
|
)
|
|
|
(90
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before provision of income taxes
|
|
|
33,525
|
|
|
|
134,801
|
|
|
|
(129,695
|
)
|
|
|
99,016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
(benefit) for income taxes
|
|
|
13,410
|
|
|
|
53,920
|
|
|
|
(51,878
|
)
|
|
|
37,714
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss)
|
|
$
|
20,115
|
|
|
$
|
80,881
|
|
|
$
|
(77,817
|
)
|
|
$
|
61,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted income per share:
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted
|
|
|
45,000,000
|
|
|
|
25,379,834
|
|
|
|
45,000,000
|
|
|
|
28,310,440
|
|
See Notes
to Condensed Consolidated Financial Statements.
CASEYCORP
ENTERPRISES INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
Nine Months
|
|
|
Nine Months
|
|
|
|
Ended
|
|
|
Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2010
|
|
|
2009
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
Net
income
|
|
$
|
20,115
|
|
|
$
|
80,881
|
|
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Common
stock issued for services rendered
|
|
|
-
|
|
|
|
250
|
|
Depreciation
and amortization
|
|
|
104,014
|
|
|
|
-
|
|
Deferred
income taxes
|
|
|
(26,756
|
)
|
|
|
|
|
(Increase)
decrease in operating assets:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
381,247
|
|
|
|
(643,787
|
)
|
Prepaid
expenses and other current assets
|
|
|
(800
|
)
|
|
|
(9,400
|
)
|
Increase
(decrease) in operating liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
68,050
|
|
|
|
27,019
|
|
Accounts
payable - related party
|
|
|
94,572
|
|
|
|
762,410
|
|
Income
taxes payable
|
|
|
8,116
|
|
|
|
53,920
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by operating activities
|
|
|
648,558
|
|
|
|
271,293
|
|
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
Purchases
of property and equipment
|
|
|
(30,592
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net
cash used in investing activities
|
|
|
(30,592
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Repayment
of Loans from Stockholder
|
|
|
(68,432
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net
cash used in financing activities
|
|
|
(68,432
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
INCREASE
IN CASH
|
|
|
549,534
|
|
|
|
271,293
|
|
|
|
|
|
|
|
|
|
|
CASH
- BEGINNING OF PERIOD
|
|
|
138,555
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
CASH
- END OF PERIOD
|
|
$
|
688,089
|
|
|
$
|
271,293
|
|
|
|
|
|
|
|
|
|
|
Schedule
of non-cash investing and financing transactions:
|
|
|
|
|
|
|
|
|
Issuance
of common stock for acquisitions of subsidiaries
|
|
$
|
-
|
|
|
$
|
810,000
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
Cash
paid for:
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
-
|
|
|
$
|
-
|
|
Taxes
|
|
$
|
32,000
|
|
|
$
|
-
|
|
See Notes
to Condensed Consolidated Financial Statements.
CASEYCORP
ENTERPRISES, INC.
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
NOTE
1 – GENERAL
Caseycorp
Enterprises, Inc. (the “Company”) was incorporated on February 21, 2007 under
the laws of the State of Nevada. The Company originally planned to focus on
developing and distributing advanced surveillance and security products.
On May 14, 2009, the Company acquired ESM Refiners, Inc. ("ESM") to enter into
the business of being a wholesale buyer and seller of gold and diamonds. The
Company acts as a middleman aggregating gold and diamonds, which is purchased
primarily from retail jewelers (who have purchased gold from customers) and
selling it to refiners. On October 2, 2009, the Company acquired all of the
outstanding shares of EZSellGold.com, Inc. (“EZS”). EZS is engaged in
the business of purchasing gold and diamonds from consumers.
NOTE
2 – BASIS OF PRESENTATION
The
accompanying unaudited condensed financial statements of the Company have
been prepared in accordance with U.S. generally accepted accounting principles
for interim financial information and with Rule 8-03 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the nine months ended September 30, 2010, are not
necessarily indicative of the results that may be expected for the year ending
December 31, 2010. These unaudited financial statements should be read in
conjunction with the audited financial statements and footnotes thereto included
in the Company's Annual Report on Form 10-K for the year ended December 31,
2009, as filed with the Securities and Exchange Commission on April 15,
2010.
The
Company has evaluated subsequent events through the date of the
filing.
NOTE 3 – RECENTLY ISSUED ACCOUNTING
PRONOUNCEMENTS
On
January 1, 2010, the Company adopted the new provisions of Accounting
Standards Update (ASU) No. 2010-06, “
Fair Value Measurements and
Disclosures (Topic 820), Improving Disclosures about Fair Value Measurements”
(“ASU No. 2010-06”). ASU No. 2010-06 provides revised guidance
on improving disclosures about valuation techniques and inputs to fair value
measurements. The adoption of this standard had no effect on the financial
statements of the Company.
In
February 2010, the FASB issued Accounting Standards Update No. 2010-09,
Subsequent Events (Topic 855): Amendments to Certain Recognition and Disclosure
Requirements. This update provides amendments to Topic 855—Subsequent Events to
clarify certain recognition and disclosure requirements. The amendments in this
update remove the requirement for an SEC filer to disclose a date through which
subsequent events have been evaluated in both issued and revised financial
statements. The topic now includes the definition of SEC filer but removed the
definitions of public entity. All of the amendments in this update are effective
upon the issuance of the final update. The adoption of FASB Accounting Standards
Update No. 2010-09 did not have an effect on our consolidated financial
statements.
In April
2010, the FASB issued Accounting Standards Update 2010-17 (ASU 2010-17),
“Revenue Recognition-Milestone Method (Topic 605): Milestone Method of Revenue
Recognition.” The amendments in this Update are effective on a prospective basis
for milestones achieved in fiscal years, and interim periods within those years,
beginning on or after June 15, 2010. The adoption of the provisions of ASU
2010-17 did not have a material effect on the financial position or results of
operations of the Company.
Management
does not believe that any other recently issued, but not yet effective,
accounting standard if currently adopted would have a material effect on the
accompanying financial statements.
NOTE
4 - FAIR VALUE OF FINANCIAL INSTRUMENTS
Substantially
all of the Company’s financial instruments, consisting primarily of cash,
accounts receivable, accounts payable and accrued expenses and accounts payable
– related party are carried at, or approximate, fair value because of their
short-term nature.
NOTE
5 – BASIC AND DILUTED EARNINGS (LOSS) PER SHARE
Basic
earnings (loss) per share is computed by dividing the net income (loss) by the
weighted average number of shares of common stock outstanding during the period.
Diluted income (loss) per share is computed similar to basic income (loss) per
share except that the denominator is increased to include the number of
additional common shares that would have been outstanding if the potential
common shares had been issued and if the additional common shares were dilutive.
There were no dilutive financial instruments issued and outstanding as of
September 30, 2010 and 2009.
NOTE
6 – ACCOUNTS PAYABLE – RELATED PARTY
On May
14, 2009, the Company entered into an exclusive purchasing agreement with Ed
& Serge Gold and Diamond, Inc. (“ESGD”), an entity wholly-owned by one of
the Company’s stockholders. Under the agreement, ESGD has agreed not to sell any
gold and diamonds to any other party other than ESM. ESM retains the right,
however, to purchase from other vendors. Under the agreement, ESGD has agreed to
invoice the Company at cost plus .05% on daily sales of up to $250,000 and .025%
of daily sales over on amounts over $250,000. The agreement is for five years
and automatically renews for additional one year periods unless notified by
either party. Substantially all of the merchandise purchases that were made by
the Company for the nine and three months ended September 30, 2010 and 2009 was
from ESGD.
In
addition, the Company shares space with ESDG and receives rent from ESDG on a
month-to-month basis of $3,000.
At September 30, 2010, the Company owed
ESGD $454,155
.
NOTE
7 – LOANS PAYABLE - STOCKHOLDER
Loans
payable – stockholder consisted of non-interest bearing advances due on
demand.
NOTE
8 – SALES AND MAJOR CUSTOMERS
One
customer accounted for 88% and 85% of total revenues for the nine and three
months ended September 30, 2010, respectively. At September 30, 2010, one
customer accounted for 91% of accounts receivable. Two customers accounted
for 98 and 99%, respectively, of total revenues for the nine and three months
ended September 30, 2009. At December 31, 2009, these two customers
accounted for 58% and 42% of accounts receivable.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF
OPERATIONS.
As used
in this Form 10-Q, references to the “CaseyCorp,” Company,” “we,” “our” or “us”
refer to CaseyCorp Enterprises, Inc. unless the context otherwise
indicates.
Forward-Looking
Statements
The
following discussion should be read in conjunction with our financial
statements, which are included elsewhere in this Form 10-Q (the “Report”). This
Report contains forward-looking statements which relate to future events or our
future financial performance. In some cases, you can identify forward-looking
statements by terminology such as “may,” “should,” “expects,” “plans,”
“anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or
the negative of these terms or other comparable terminology. These statements
are only predictions and involve known and unknown risks, uncertainties, and
other factors that may cause our or our industry’s actual results, levels of
activity, performance or achievements to be materially different from any future
results, levels of activity, performance or achievements expressed or implied by
these forward-looking statements.
While
these forward-looking statements, and any assumptions upon which they are based,
are made in good faith and reflect our current judgment regarding the direction
of our business, actual results will almost always vary, sometimes materially,
from any estimates, predictions, projections, assumptions or other future
performance suggested herein. The results anticipated by any or all of these
forward-looking statements might not occur. Important factors, uncertainties and
risks that may cause actual results to differ materially from these
forward-looking statements include matters relating to the business and
financial condition of any company we acquire. We undertake no obligation to
publicly update or revise any forward-looking statements, whether as the result
of new information, future events or otherwise. Except as required by
applicable law, including the securities laws of the United States, we do not
intend to update any of the forward-looking statements to conform these
statements to actual results.
Overview
The
Company originally planned to focus on developing and distributing advanced
surveillance and security products. On May 14, 2009, the Company
acquired ESM to enter into the business of being a wholesale buyer and seller of
gold, diamonds and other precious metals. The Company acts as a middleman
aggregating the gold, diamonds and other precious metals, which are purchased
primarily from retail jewelers (who have purchased the products from customers)
and selling it to refiners at a mark up ranging from .75% to 1.1%. On
October 2, 2009, the Company acquired EZS which is engaged in the business of
purchasing gold and diamonds from consumers.
Results
of Operations
Revenues
Revenues
for the nine and three months ended September 30, 2010 were $34,758,074 and
$8,404,187, respectively. We sold gold and other precious metals primarily
to one refiner which accounted for 88% and 85% of total revenues for the nine
and three months ended September 30, 2010. The Company also sold diamonds in the
amount of $964,302 and $226,900 to various dealers for the nine and three months
ended September 30, 2010. Revenues for the nine and three month periods ended
September 30, 2009 were $24,875,458 and $16,864,690, respectively. There were no
sales of diamonds in 2009. We sold gold and other precious metals
primarily to one refiner which accounted for 98% and 99% of total revenues for
the nine and three months ended September 30, 2009. Revenues are down for the
quarter due to increased competition in the gold buying market.
Cost
of Sales and Gross Profit
Cost of
sales for the nine and three months ended September 30, 2010 were $34,185,971
and $8,342,973, respectively. The gross profit for the periods amounted to
1.65 % and .73% of revenue, respectively. Cost of sales for the nine and three
month periods ended September 30, 2009 were $24,635,445 and $16,686,188,
respectively. The gross profit for the periods was 0.97% and 1.06%,
respectively, of revenue. The increase in gross profit percentage in 2010 as
compared to 2009 is primarily due to higher gross margins earned on diamond
sales. However, the quarter was impacted by the current volatility in gold
prices. We committed to several deliveries of gold at prices that were lower
than we were able to purchase it.
General
and Administrative
General
and administrative expenses for the nine and three months ended September 30,
2010 were $538,308 and $190,819, respectively, which is primarily rent, payroll
and professional fees. In addition, general and administrative expenses
include the amortization of the exclusive purchasing agreement in the amount of
$96,450. General and administrative expenses for corresponding period in 2009
were $104,942 and $79,396. As noted above, the Company commenced business in May
2009.
Liquidity
and Capital Resources
As of
September 30, 2010, we had cash of $688,089.
Cash
provided by operating activities amounted to $648,558.
Cash used
by investing activities amounted to $30,592 and represented the purchase of
various property and equipment.
Cash used
by financing activities amounted to $68,432 and consisted of the repayment of
the stockholder loans.
Management
believes that cash on hand, plus anticipated revenue will be sufficient to
support our operations for the next twelve months provided that, in the event
that the Company shall acquire additional products or subsidiaries, we may
require significant amounts of additional capital sooner than that. In such a
case, we may seek to sell additional equity or debt securities or obtain a
credit facility. The sale of additional equity or convertible debt securities
could result in additional dilution to our stockholders. Incurring indebtedness
would result in an increase in our fixed obligations and could result in
borrowing covenants that would restrict our operations. There can be no
assurance that financing will be available in amounts or on terms acceptable to
us, if at all. If financing is not available when required or is not available
on acceptable terms, we may be unable to develop or enhance our products or
services, or, we may potentially not be able to continue business activities.
Any of these events could have a material and adverse effect on our business,
results of operations and financial condition.
The
statement made above relating to the adequacy of our working capital is a
forward-looking statement within the meaning of the Private Securities
Litigation Reform Act of 1995. The statements that express the “belief,”
“anticipation,” “plans,” “expectations,” “will” and similar expressions are
intended to identify forward-looking statements.
Critical
Accounting Policies and Estimates
Our
discussion and analysis of its financial condition and results of operations are
based upon its financial statements, which have been prepared in accordance with
accounting principles generally accepted in the United States. The
preparation of these financial statements requires us to make estimates and
judgments that affect the reported amounts of assets, liabilities, revenues and
expenses, and related disclosure of contingent assets and liabilities. On
an on-going basis, we evaluate our estimates, including those related to bad
debts, income taxes and contingencies and litigation. We base our
estimates on historical experience and on various other assumptions that are
believed to be reasonable under the circumstances, the results of which form the
basis for making judgments about carrying values of assets and liabilities that
are not readily apparent from other sources. Actual results may differ
from these estimates under different assumptions or conditions.
Off-Balance
Sheet Arrangements
We have
no off-balance sheet arrangements.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISKS.
Not
required of smaller reporting companies.
ITEM
4. CONTROLS AND PROCEDURES.
Disclosure
Controls and Procedures
We
carried out an evaluation required by Rule 13a-15(b) of the Securities
Exchange Act of 1934 or the Exchange Act under the supervision and with the
participation of our management, including our Principal Executive Officer and
Principal Financial Officer, of the effectiveness of the design and operation of
our disclosure controls and procedures.
Disclosure
controls and procedures are designed with the objective of ensuring that (i)
information required to be disclosed in an issuer's reports filed under the
Exchange Act is recorded, processed, summarized and reported within the time
periods specified in the SEC rules and forms and (ii) information is accumulated
and communicated to management, including our Principal Executive Officer and
Principal Financial Officer, as appropriate to allow timely decisions regarding
required disclosures.
The
evaluation of our disclosure controls and procedures included a review of our
objectives and processes and effect on the information generated for use in this
Report. This type of evaluation is done quarterly so that the conclusions
concerning the effectiveness of these controls can be reported in our periodic
reports filed with the SEC. We intend to maintain these controls as processes
that may be appropriately modified as circumstances warrant.
Based on
their evaluation, our Principal Executive Officer and Principal Financial
Officer has concluded that our disclosure controls and procedures are effective
in timely alerting them to material information which is required to be included
in our periodic reports filed with the SEC as of the filing of this
Report.
Changes
in Internal Controls over Financial Reporting
There
have been no changes in our internal control over financial reporting (as
defined in Exchange Act Rule 13a-15(f)) during the nine months ended September
30, 2010.
PART
II
OTHER
INFORMATION
ITEM
1. LEGAL PROCEEDINGS.
There are
no pending legal proceedings to which the Company is a party or, to the
Company’s knowledge, in which any director, officer or affiliate of the Company,
any owner of record or beneficially of more than 5% of any class of voting
securities of the Company, or security holder is a party adverse to the Company
or has a material interest adverse to the Company. The Company’s property is not
the subject of any pending legal proceedings.
ITEM
1A. RISKS FACTORS.
Not
required of smaller reporting companies.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS.
Unregistered
Sales of Equity Securities
None.
Purchases
of equity securities by the issuer and affiliated purchasers
None.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM
4. REMOVED AND RESERVED.
ITEM
5. OTHER INFORMATION.
None
ITEM
6. EXHIBITS.
Exhibit
No.
|
|
Description
|
31.1
|
|
PEO
and PFO certification required under Section 302 of the Sarbanes-Oxley Act
of 2002
|
32.1
|
|
PEO
and PFO certification required under Section 906 of the Sarbanes-Oxley Act
of 2002
|
SIGNATURES
In
accordance with to requirements of the Exchange Act, the registrant caused this
report to be signed on its behalf by the undersigned, thereunto duly
authorized.
|
CASEYCORP ENTERPRISES,
INC
.
|
|
|
|
Dated:
November 19, 2010
|
|
Eduard
Musheyev
|
|
By:
|
/s/
Eduard Musheyev
|
|
|
Name:
|
Eduard
Musheyev
|
|
Title:
|
President,
Chief Executive Officer, and Director
|
|
|
(Principle
Executive, Financial and
Accounting
Officer)
|
CaseyCorp Enterprises (CE) (USOTC:CCPR)
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