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 QUARTERLY PERIOD ENDED SEPTEMBER 30, 2010
COMMISSION FILE NUMBER 333-140445
CASEY CONTAINER CORP.
(Exact Name of Registrant as Specified in Its Charter)
NEVADA
(State or other jurisdiction of incorporation or organization)
7255 East San Alfredo Drive, Scottsdale, AZ 85258
(Address of principal executive offices, including zip code.)
(602) 819 4181
(Telephone number, including area code)
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 last 90 days. YES [X] NO [ ]
Indicate by check mark whether the registrant has submitted electronically and
posted on its corporate Web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.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 whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of "large accelerated filer, "accelerated filer,"
"non-accelerated filer," and "smaller reporting company" in Rule 12b-2 of the
Exchange Act.
Large accelerated filer [ ] Accelerated filer [ ]
Non-accelerated filer [ ] Smaller reporting company [X]
Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). YES [X] NO [ ]
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 54,627,900 shares outstanding as of
November 15, 2010.
ITEM 1. FINANCIAL STATEMENTS
Casey Container Corp.
(Formerly Sawadee Ventures Inc.)
(A Development Stage Company)
Condensed Balance Sheets
(Expressed in U.s. Dollars)
(Unaudited)
ASSETS
September 30, December 31,
2010 2009
---------- ----------
Current Assets
Cash $ 2,350 $ 3,424
---------- ----------
Total Current Assets 2,350 3,424
---------- ----------
Total Assets $ 2,350 $ 3,424
========== ==========
LIABILITIES
Current Liabilities
Accounts Payable and Accrued Liabilities 26,825 11,171
Due to Related Parties 56,608 --
---------- ----------
Total Current Liabilities 83,433 11,171
---------- ----------
STOCKHOLDERS' EQUITY
Preferred Stock 10,000,000 authorized, par value $0.001,
none issued and outstanding
Common Stock 250,000,000 authorized shares, par value $0.001
54,627,900 shares issued and outstanding at June 30, 2010 and
36,000,000 shares issued and outstanding at December 31, 2009 54,627 36,000
Additional Paid-in-Capital 20,126 18,000
Deficit accumulated during development stage (155,836) (61,747)
---------- ----------
Total Stockholders' Equity (81,083) (7,747)
---------- ----------
Total Liabilities and Stockholders' Equity $ 2,350 $ 3,424
========== ==========
The accompanying notes are an integral part of these interim
financial statements.
2
Casey Container Corp.
(Formerly Sawadee Ventures Inc.)
(A Development Stage Company)
Condensed Statements of Operations
(Expressed in U.s. Dollars)
(Unaudited)
Period from
September 26, 2006
(Date of
For the Three For the Three For the Nine For the Nine inception)
Months Ended Months Ended Months Ended Months Ended through
September 30, September 30, September 30, September 30, September 30,
2010 2009 2010 2009 2010
------------ ------------ ------------ ------------ ------------
REVENUES
Revenues $ -- $ -- $ -- $ -- $ --
------------ ------------ ------------ ------------ ------------
Total Revenues -- -- -- -- --
EXPENSES
Operating Expenses
Exploration expenses -- -- -- -- 10,000
Impairment of property -- -- 18,621 -- 27,621
General and administrative 25,447 4,665 75,468 6,905 118,215
------------ ------------ ------------ ------------ ------------
Total Expenses 25,447 4,665 94,089 6,905 155,836
------------ ------------ ------------ ------------ ------------
Net loss from Operations (25,447) (4,665) (94,089) (6,905) (155,836)
PROVISION FOR INCOME TAXES
Income Tax Benefit -- -- -- -- --
------------ ------------ ------------ ------------ ------------
Net Income (Loss) for the period $ (25,447) $ (4,665) $ (94,089) $ (6,905) $ (155,836)
============ ============ ============ ============ ============
Basic and Diluted Earnings Per Common Share (0.00) (0.00) (0.00) (0.00)
------------ ------------ ------------ ------------
Weighted Average number of Common Shares
used in per share calculations 52,990,845 36,000,000 41,685,533 36,000,000
============ ============ ============ ============
The accompanying notes are an integral part of these interim
financial statements.
3
Casey Container Corp.
(Formerly Sawadee Ventures Inc.)
(A Development Stage Company)
Condensed Statements of Stockholders' Equity
(Deficit) for the Period From September 26, 2006
(Inception) to September 30, 2010
(Expressed in U.s. Dollars)
(Unaudited)
Deficit
Accumulated
Common Stock Stock Issuable During
------------------- ------------------ Paid-In Development Stockholders'
Shares Amount Shares Amount Capital Stage Equity
------ ------ ------ ------ ------- ----- ------
Balance, September 26, 2006 -- $ -- -- $ -- $ -- $ -- $ --
(Date of Inception)
Stock Issued for cash at
$0.001 per share on
December 1, 2006 18,000,000 18,000 -- -- -- -- 18,000
Net Loss for the Period from
inception on September 26,
2006 to December 31, 2006 -- -- -- -- -- (7,165) (7,165)
---------- ------- ----------- ------- ------- --------- --------
Balance, December 31, 2006 18,000,000 18,000 -- -- -- (7,165) 10,835
========== ======= =========== ======= ======= ========= ========
Stock Issued for cash at
$0.002 per share on
April 12, 2007 18,000,000 18,000 -- -- 18,000 -- 36,000
Net Loss for the Year ended
December 31, 2007 -- -- -- -- -- (27,267) (27,267)
---------- ------- ----------- ------- ------- --------- --------
Balance, December 31, 2007 36,000,000 36,000 -- -- 18,000 (34,432) 19,568
========== ======= =========== ======= ======= ========= ========
Net Loss for the Year ended
December 31, 2008 -- -- -- -- -- (16,304) (16,304)
---------- ------- ----------- ------- ------- --------- --------
Balance, December 31, 2008 36,000,000 36,000 -- -- 18,000 (50,736) 3,264
========== ======= =========== ======= ======= ========= ========
Net Loss for the Year ended
December 31, 2009 -- -- -- -- -- (11,011) (11,011)
---------- ------- ----------- ------- ------- --------- --------
Balance, December 31, 2009 36,000,000 $36,000 -- -- $18,000 $ (61,747) $ (7,747)
========== ======= =========== ======= ======= ========= ========
Shares issuable at $0.001
per share on March 24, 2010 -- -- 18,621,500 18,621 -- -- 18,621
Stock issued for cash at $0.333
per share on May 15, 2010 6,000 6 -- -- 1,994 -- 2,000
Stock issued for cash at $0.333
per share on May 22, 2010 400 -- -- -- 132 -- 132
Stock issued pursuant to
agreement at $0.001 per
share on July 9, 2010 18,621,500 18,621 (18,621,500) (18,621) -- -- --
Net Loss for the Period
ended September 30, 2010 -- -- -- -- -- (94,089) (94,089)
---------- ------- ----------- ------- ------- --------- --------
Balance, September 30, 2010 54,627,900 $54,627 -- $ -- $20,126 $(155,836) $(81,083)
========== ======= =========== ======= ======= ========= ========
The accompanying notes are an integral part of these interim
financial statements.
4
Casey Container Corp.
(Formerly Sawadee Ventures Inc.)
(A Development Stage Company)
Condensed Statements of Cash Flows
(Expressed in U.s. Dollars)
(Unaudited)
Period from
September 26, 2006
For the Nine For the Nine (Date of inception)
Months Ended Months Ended to
September 30, September 30, September 30,
2010 2009 2010
-------- -------- ----------
Operating Activities:
Net Loss $(94,089) $ (6,905) $ (155,836)
Adjustments to reconcile net loss to net cash used in
operating activities:
Expenses incurred on our behalf by related parties 56,608 -- 56,608
Impairment of property and mineral property 18,621 -- 27,621
Accounts payable and accrued liabilities 15,654 (2,063) 26,825
-------- -------- ----------
Net Cash Provided from Operating Activities (3,206) (8,968) (44,782)
-------- -------- ----------
Investing Activities:
Mineral property option payment -- -- (9,000)
-------- -------- ----------
Net Cash Used in Investing Activities -- -- (9,000)
-------- -------- ----------
Financing Activities:
Common stock issued for cash 2,132 -- 56,132
-------- -------- ----------
Net Cash Provided from Financing Activities 2,132 -- 56,132
-------- -------- ----------
Net Increase (Decrease) in Cash (1,074) (8,968) 2,350
-------- -------- ----------
Cash, Beginning of the Period 3,424 14,682 --
-------- -------- ----------
Cash, End of the Period $ 2,350 $ 5,714 $ 2,350
======== ======== ==========
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest $ -- $ -- $ --
======== ======== ==========
Cash paid for income taxes $ -- $ -- $ --
======== ======== ==========
The accompanying notes are an integral part of these interim
financial statements.
5
CASEY CONTAINER CORP.
(FORMERLY SAWADEE VENTURES INC.)
(A DEVELOPMENT STAGE COMPANY)
NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2010
1. DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
DESCRIPTION OF BUSINESS AND HISTORY - Casey Container Corp. (formerly Sawadee
Ventures Inc.), a Nevada corporation, (hereinafter referred to as the "Company"
or "Casey Container") was incorporated in the State of Nevada on September 26,
2006. The Company's year end is December 31. The Company was originally formed
to engage in the acquisition, exploration and development of natural resource
properties of merit. In December 2006 the Company entered into a Mineral
Property Purchase Agreement (the "MPPA") with a private British Columbia
company, whereby the Company obtained an option to acquire a total of 3 mining
claims located in the Vernon Mining District of British Columbia. In 2008, the
Company decided not to continue its Option and the MPPA was terminated and the
Company relieved itself from any further obligations thereunder.
These unaudited condensed financial statements and notes are presented in
accordance with SEC Form 10-Q. Accordingly, certain information and note
disclosures normally included in the financial statements prepared in accordance
with generally accepted accounting principles in the United States of America
have been omitted. The accompanying condensed financial statements and notes
should be read in conjunction with the audited financial statements and notes of
the Company for the fiscal year ended December 31, 2009. The results of
operations for the three and nine month periods ended September 30, 2010 are not
necessarily indicative of those to be expected for the entire year.
On September 12, 2008 Douglas Ford resigned as President, Chief Executive
Officer, Treasurer, and Chief Financial Officer. As a result on September 12,
2008 Rachna Khanna was appointed as President, Chief Executive Officer,
Treasurer, and Chief Financial Officer of the Company. Additionally, Ms. Khanna
was appointed a director of the Company.
On January 19, 2009 Douglas Ford resigned as a director. Effective as of January
6, 2010 Ms. Rachna Khanna tendered her resignation as the President, CEO, CFO
and Director. Mr. James Casey, Mr. Terry Neild and Mr. Robert Seaman were
appointed as Directors of the Company. Mr. Casey will fill the position of
President, Mr. Terry Neild will become Chief Executive Officer, Chief Financial
Officer and Secretary and Mr. Seaman will be Vice- President-Operations.
THE COMPANY TODAY
The Company is currently a development stage company reporting under the
provisions of Statement of ASC Topic 915 "Accounting and Reporting for
Development Stage Enterprises."
Since September 29, 2008, the Company's purpose has been to serve as a vehicle
to acquire an operating business and it is currently considered a "shell"
company inasmuch as it has not generated revenues. On January 11, 2010 Casey
Container Corp. merged into the shell. We have no employees and no material
assets.
USE OF ESTIMATES - The preparation of the financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amount of revenue and expenses during
the reporting period. Actual results could differ from those estimates.
6
CASEY CONTAINER CORP.
(FORMERLY SAWADEE VENTURES INC.)
(A DEVELOPMENT STAGE COMPANY)
NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2010
2. GOING CONCERN
The Company has incurred net losses of $155,836 for the period from September
26, 2006 (Date of Inception) through September 30, 2010 and has commenced
limited operations, raising substantial doubt about the Company's ability to
continue as a going concern. The Company is seeking additional sources of
capital through the issuance of equity or debt financing, but there can be no
assurance the Company will be successful in accomplishing its objectives.
The ability of the Company to continue as a going concern is dependent on
additional sources of capital and the success of the Company's plan. The
financial statements do not include any adjustments that might be necessary if
the Company is unable to continue as a going concern.
3. INTANGIBLES
The Company's accounting policy for Long-Lived Assets requires it to review on a
regular basis for facts or circumstances that may suggest impairment.
The Company recorded an asset Contract Rights for $18,621 as disclosed in
Footnote 4 Stockholders' Equity. The Product Purchase Agreement is between the
Company and Taste of Aruba (U.S.), Inc., a related party (please see Note 5 -
Related Party Transactions). The Product Purchase Agreement does not provide a
performance guarantee to purchase the Company's products. If there isn't
substantial performance the Company's option would be to seek damages in a
lawsuit, but there is no guarantee damages would be awarded or that any awarded
damages would be collected. The Company determined the Contract Rights are
impaired and expensed the full amount in the March 31, 2010 quarter.
4. STOCKHOLDERS' EQUITY
Effective January 12, 2010, the Certificate of Incorporation was changed whereby
the aggregate number of shares which the Company will have authority to issue is
260,000,000, of which 250,000,000 is par value $0.001 per share Common Stock and
10,000,000 is Preferred Stock par value $0.001 per Preferred share."
A total of 54,627,900 shares of the Company's common stock have been issued. On
December 1, 2006, 18,000,000 shares of the Company's common stock were issued to
the directors of the Company pursuant to a stock subscription agreement at
$0.001 per share for total proceeds of $18,000. On April 12, 2007, 18,000,000
shares of the Company's common stock were issued at a price of $0.002 per share
for gross proceeds of $36,000. During May, 2010, a total of 6,400 shares of the
Company's common stock were issued to two separate investors at $0.333 per share
for gross proceeds of $2,132.
On January 12, 2010, the Company signed a Commitment Agreement for the
production of its preforms to be used by Taste of Aruba (U.S.), Inc. to produce
biodegradable water bottles. On March 29, 2010, the Company and Taste of Aruba
(U.S.), Inc. entered into a definitive Product Purchase Agreement for the
Company to provide preforms thru December 31, 2015. The Company agreed to issue
18,621,500 Common Stock shares to Taste of Aruba (U.S.), Inc.'s shareholders as
an inducement for the Product Purchase Agreement as enumerated in the Commitment
Agreement. The shares are fully vested and nonforfeitable. The shares were
issued on July 9, 2010 with a value of $18,621.
7
CASEY CONTAINER CORP.
(FORMERLY SAWADEE VENTURES INC.)
(A DEVELOPMENT STAGE COMPANY)
NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2010
5. RELATED PARTY TRANSACTIONS
During the quarter ended March 31, 2010, the Company received short-term loans
from a Director of the Company and another related party in the amounts of
$7,500 and $4,600, respectively. During the current quarter a further short-term
loan in the amount of $13,900 was received from a Director of the Company. In
addition, $18,228 and $12,380 of business expenses are owed to Directors of the
Company and another related party. These amounts are unsecured, non-interest
bearing, and have no specific terms of repayment. These transactions were
recorded at the exchange amounts, which are the amounts of consideration
established and agreed to by the related parties.
Mr. Terry Neild is Chief Executive Officer, Chief Financial Officer, Secretary,
Director and a shareholder of the Company and is also Chairman of the Board and
a shareholder of Taste of Aruba (U.S.), Inc. (please see Note 3 - Intangibles).
6. MEMORANDUM OF UNDERSTANDING
On March 3, 2010, the Company signed a non-binding Memorandum Of Understanding
("MOU") to acquire the assets and business, subject to assumption of certain
liabilities, of a manufacturer and marketer of a line of premium, natural,
healthy, renewable and sustainably packaged laundry and household cleaning
products. The consideration is the Company Common shares for the purchase and
the number of shares is dependent upon completion of due diligence and the value
of the Company's Common shares. As the MOU is non-binding, there is no assurance
the purchase will be consummated.
As disclosed in the Company's Form 8-K which was filed on June 11, 2010, the
Company has completed the majority of the due diligence process in its proposed
acquisition of Mountain Green of Arizona, LLC. Casey has begun preparation of
the definitive purchase agreement. The parties are moving towards the purchase
being consummated within sixty days, although there is no assurance it will be
consummated.
7. SUBSEQUENT EVENTS
The Company has examined subsequent events and has determined that there are no
subsequent events requiring disclosure.
8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
FORWARD LOOKING STATEMENTS
Some of the statements contained in this Form 10-Q that are not historical facts
are "forward-looking statements" which can be identified by the use of
terminology such as "estimates," "projects," "plans," "believes," "expects,"
"anticipates," "intends," or the negative or other variations, or by discussions
of strategy that involve risks and uncertainties. We urge you to be cautious of
the forward-looking statements, that such statements, which are contained in
this Form 10-Q, reflect our current beliefs with respect to future events and
involve known and unknown risks, uncertainties and other factors affecting our
operations, market growth, services, products and licenses. No assurances can be
given regarding the achievement of future results, as actual results may differ
materially as a result of the risks we face, and actual events may differ from
the assumptions underlying the statements that have been made regarding
anticipated events.
All written forward-looking statements made in connection with this Form 10-Q
that are attributable to us or persons acting on our behalf are expressly
qualified in their entirety by these cautionary statements. Given the
uncertainties that surround such statements, you are cautioned not to place
undue reliance on such forward-looking statements.
The safe harbours of forward-looking statements provided by the Securities
Litigation Reform Act of 1995 are unavailable to issuers not subject to the
reporting requirements set forth under Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended. As we have not registered our securities
pursuant to Section 12 of the Exchange Act, such safe harbours set forth under
the Reform Act are unavailable to us.
RESULTS OF OPERATIONS
Casey Container Corp, a Nevada corporation, was incorporated in the State of
Nevada on September 26, 2006 under the name Sawadee Ventures Inc. to engage in
the acquisition, exploration and development of natural resource properties of
merit. In September 2008, we ceased our exploration activities, and we became a
development stage company. Accordingly, our financial statements reflect our
results in accordance with the disclosure requirements for a development stage
company. Since September 2008, our purpose has been to serve as a vehicle to
acquire an operating business and we are currently considered a "shell" company
inasmuch for the period ending 12/31/2009 we did not generate revenues, did not
own an operating business and had no employees and no material assets. However,
in November of 2009 we entered into an Additive Supply and License Agreement
with Bio-Tec Environmental, developer of the breakthrough EcoPure(R) technology.
We now have the unique ability to offer a revolutionary biodegradable PET
plastic packaging solution that is FDA compliant.
On January 6, 2010 Ms. Rachna Khanna tendered her resignation as the President,
CEO, CFO and Director. The same day Mr. James Casey, Mr. Terry Neild, and Mr.
Robert Seaman were appointed as Directors of the Company. Mr. Casey filled the
position of President, Mr. Neild was appointed Chief Executive Officer, Chief
Financial Officer and Secretary, and Mr. Seaman was appointed Vice-
President-Operations.
Casey Container can design and custom manufacture biodegradable PET plastic
preforms that become PET plastic containers, such as bottles for water or other
beverage products. The Company is committed to developing container products
that meet the demands of its clients while addressing today's most fundamental
environmental issues concerning the proliferation of plastics. The Company
offers biodegradable plastic packaging solutions using the breakthrough science
of EcoPure(R) technology. In short, the Company provides environmentally
responsible plastic packaging solutions to assist its clients in obtaining a
competitive advantage in the marketplace.
9
Working with Bio-Tec Environmental, developer of the breakthrough EcoPure(R)
technology, the Company now has the unique ability to offer a revolutionary
biodegradable PET plastic packaging solution that is FDA compliant.
We are still in our development stage and have generated no revenue to date.
We incurred operating expenses of $25,447 and $4,665 for the three-month periods
ended September 30, 2010 and 2009, respectively and $94,089 and $6,905 for the
nine-month periods ended September 30, 2010 and 2009, respectively. These
expenses consisted primarily of general and administrative expenses.
At September 30, 2010, we had cash on hand of $2,350 being our total assets, and
our liabilities were $83,433 in accounts payable accrued liabilities and amounts
due to related parties for loans and expenses.
As of September 30, 2010, we had an accumulated deficit from inception of
$155,836.
We have sold $56,132 in equity securities since inception, $18,000 from the sale
of 18,000,000 shares of stock to a former officer and director and $36,000 from
the sale of 18,000,000 shares registered pursuant to our SB-2 Registration
Statement which became effective on March 2, 2007. In the period ending
September 30, 2010 we sold 6,400 shares for $2,132.
On January 12, 2010, we signed a Commitment Agreement for the production of its
preforms to be used by Taste of Aruba (U.S.), Inc., a related party, to produce
biodegradable water bottles. On March 29, 2010, the Company and Taste of Aruba
(U.S.), Inc. entered into a definitive Product Purchase Agreement for the
Company to provide preforms thru December 31, 2015. We agreed to issue
18,621,500 Common Stock shares to Taste of Aruba (U.S.), Inc.'s shareholders as
an inducement for the Product Purchase Agreement as enumerated in the Commitment
Agreement. The shares are fully vested and nonforfeitable. The shares were
issued during the period ending September 30, 2010 on July 9th, 2010 with a
value of $18,621.
On March 3, 2010, we signed a non-binding Memorandum Of Understanding ("MOU") to
acquire the assets and business, subject to assumption of certain liabilities,
of a manufacturer and marketer of a line of premium, natural, healthy, renewable
and sustainably packaged laundry and household cleaning products. The
consideration is the Company Common shares for the purchase and the number of
shares is dependent upon completion of due diligence and the value of the
Company's Common shares. As of June 11, 2010, as disclosed in a Form 8-K, the
Company has substantively completed its due diligence process in its proposed
acquisition of Mountain Green of Arizona, LLC As the MOU is non-binding, there
is no assurance the purchase will be consummated.
The following table provides selected financial data about our company for the
period from the date of incorporation through September 30, 2010.
Balance Sheet Data: 9/30/10
------------------- -------
Cash $ 2,350
Total assets $ 2,350
Total liabilities $ 83,433
Shareholders' equity $(81,083)
Our auditors have expressed their doubt about our ability to continue as a going
concern unless we are able to generate profitable operations.
10
LIQUIDITY AND CAPITAL RESOURCES
We currently have $2,350 cash on hand. We don't believe we can meet our cash
needs for the next twelve months without additional loans and/or equity
infusions.
PLAN OF OPERATION
Casey Container Corp., a Nevada corporation, was incorporated under the name
Sawadee Ventures Inc. in the State of Nevada on September 26, 2006. The Company
was formed to engage in the acquisition, exploration and development of natural
resource properties of merit. The Company entered into a Mineral Property
Purchase Agreement (the "MPPA") with a private British Columbia company, whereby
the Company obtained an option to acquire a total of 3 mining claims located in
the Vernon Mining District of British Columbia. During the year ended December
31, 2008, the Company terminated the MPPA and relieved itself from any further
obligations thereunder.
In November of 2009 we entered into an Additive Supply and License Agreement
with Bio-Tec Environmental, developer of the breakthrough EcoPure(R) technology.
The Agreement has an effective date of January 1, 2010. We now have the unique
ability to offer a revolutionary biodegradable PET plastic packaging solution
that is FDA compliant.
We have not generated any income since inception, and as of the quarter ended
September 30, 2010 have incurred a net loss of $25,447.
We are currently focusing on generating revenue by implementing three phases of
our strategy. First, we plan to raise capital to purchase manufacturing
equipment and lease a manufacturing facility. Second, we plan to increase our
customer base. Third, we intend to leverage our assets to expand our business
model through the acquisitions of related businesses.
OFF-BALANCE SHEET ARRANGEMENTS
We have no off-balance sheet arrangements.
ITEM 4. CONTROLS AND PROCEDURES
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
Under the supervision and with the participation of our management, including
our principal executive officer and the principal financial officer, we have
conducted an evaluation of the effectiveness of the design and operation of our
disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e)
under the Securities and Exchange Act of 1934, as of the end of the period
covered by this report. Based on this evaluation, our principal executive
officer and principal financial officer concluded as of the evaluation date that
our disclosure controls and procedures are not effective due to management
override of controls and lack of segregation of duties due to our size. However,
we did conclude that the material information required to be included in our
Securities and Exchange Commission reports is accumulated and communicated to
our management, including our principal executive officer and principal
financial officer, recorded, processed, summarized and reported within the time
periods specified in Securities and Exchange Commission rules and forms relating
to our company, particularly during the period when this report was being
prepared.
11
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING.
There was no change in our internal control over financial reporting identified
in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of
the Exchange Act that occurred during the period covered by this report that has
materially affected, or is reasonably likely to materially affect, our internal
control over financial reporting.
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS
Exhibit Description Method of Filing
- ------- ----------- ----------------
3.1 Articles of Incorporation Incorporated by reference
to Exhibit 3.1 to the
Company's Registration
Statement on Form SB-2
filed with the SEC on
February 5, 2007.
3.2 Bylaws Incorporated by reference
to Exhibit 3.1 to the
Company's Registration
Statement on Form SB-2
filed with the SEC on
February 5, 2007.
31.1 Certification of Chief Executive Filed electronically
Officer pursuant to Section 302
of the Sarbanes-Oxley Act of 2002.
31.2 Certification of Chief Financial Filed electronically
Officer pursuant to Section 302
of the Sarbanes-Oxley Act of 2002.
32.1 Certification of Chief Executive Filed electronically
Officer pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002.
32.2 Certification of Chief Financial Filed electronically
Officer pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002
SIGNATURES
In accordance with the requirements of the Securities Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized, on November 15, 2010.
Casey Container Corp.
/s/ Terry W. Neild
--------------------------------------------------
Terry W. Neild,
Chairman, Principal Executive Officer, Principal
Financial Officer and Principal Accounting Officer
12