R
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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£
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TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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Wyoming
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98-0440633
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(State
or other jurisdiction of incorporation or organization)
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(I.R.S.
Employer Identification
No.)
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1530 9th Ave SE, Calgary, Alberta
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T2G 0T7
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(Address
of principal executive offices)
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(Zip
Code)
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(1)
Yes R No £
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(2)
Yes R No £
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Large
accelerated filer
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£
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Accelerated
filer
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£
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Non-accelerated
filer
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£
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Smaller
reporting company
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R
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(Do
not check if a smaller reporting company)
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Yes
£ No
R
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Yes
£ No
£
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Page
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PART
I – FINANCIAL INFORMATION
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Item
1. Financial
Statements
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F-1
to F-8
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Item
2. Management’s Discussion and
Analysis of Financial Condition and Results of Operations
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5
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Item
3. Quantitative
and Qualitative Disclosures About Market Risk
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7
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Item
4. Controls
and Procedures
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7
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PART
II – OTHER INFORMATION
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Item
1. Legal
Proceedings
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7
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Item
1A. Risk
Factors
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7
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Item
2. Unregistered
Sales of Equity Securities and Use of Proceeds
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7
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Item
3. Defaults
Upon Senior Securities
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7
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Item
4. Submission
of Matters to a Vote of Security Holders
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8
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Item
5. Other
Information
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8
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Item
6. Exhibits
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8
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Signatures
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9
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Page
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Unaudited
Financial Statements
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Balance
Sheets
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F-1
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Statements
of Operations
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F-2
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Statements
of Cash Flows
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F-3
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Notes
to Unaudited Financial Statements
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F-4
to F-8
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CASCADE
TECHNOLOGIES CORP.
(A
DEVELOPMENT STAGE COMPANY)
BALANCE
SHEETS
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||||||||
February
28,
2009
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August
31,
2008
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|||||||
(Unaudited)
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(Audited)
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|||||||
ASSETS
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||||||||
Current
Assets
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||||||||
Cash
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$ | 134 | $ | 1,435 | ||||
Prepaid
expense
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- | 600 | ||||||
Total
current assets
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134 | 2,035 | ||||||
Total
assets
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$ | 134 | $ | 2,035 | ||||
LIABILITIES
AND STOCKHOLDERS’ DEFICIT
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||||||||
Current
Liabilities
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||||||||
Accounts
payable and accrued expenses
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$ | 16,866 | $ | 239 | ||||
Accrued
interest
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1,449 | 451 | ||||||
Short
term loan (Note 2)
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31,168 | - | ||||||
Loan
from shareholders
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- | 19,659 | ||||||
Total
current liabilities
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49,483 | 20,349 | ||||||
Total
liabilities
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49,483 | 20,349 | ||||||
Stockholders'
Deficit
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||||||||
Common
stock; no par value, 750,000,000 shares authorized, 163,950,000 shares
issued and outstanding
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94,000 | 94,000 | ||||||
Accumulated
deficit during development stage
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(143,349 | ) | (112,314 | ) | ||||
Total
stockholders' deficit
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(49,349 | ) | (18,314 | ) | ||||
Total
liabilities and stockholders' deficit
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$ | 134 | $ | 2,035 |
CASCADE
TECHNOLOGIES CORP.
(A
DEVELOPMENT STAGE COMPANY)
STATEMENTS
OF OPERATIONS
(Unaudited)
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||||||||||||||||||||
Three
months ended February 28, 2009
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Three
months ended February 28, 2008
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Six
months ended February 29, 2009
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Six
months ended February 29, 2008
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From
Inception (January 16, 2004) through February 28, 2009
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||||||||||||||||
Revenues
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$ | - | $ | 4,292 | $ | - | $ | 4,292 | $ | 6,672 | ||||||||||
Cost
of revenues
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- | 3,896 | - | 3,896 | 6,221 | |||||||||||||||
Gross
profit
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- | 396 | - | 396 | 451 | |||||||||||||||
Operating
expenses
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||||||||||||||||||||
Selling
general and administrative
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19,016 | 9,783 | 30,037 | 12,543 | 142,802 | |||||||||||||||
Total
operating expenses
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19,016 | 9,783 | 30,037 | 12,543 | 142,802 | |||||||||||||||
Other
expense
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||||||||||||||||||||
Interest
Expense
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528 | - | 998 | - | 998 | |||||||||||||||
Total
other expense
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528 | - | 998 | - | 998 | |||||||||||||||
Loss
before provision for income taxes
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(19,544 | ) | (9,387 | ) | (31,035 | ) | (12,147 | ) | (143,349 | ) | ||||||||||
Net
loss
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$ | (19,544 | ) | $ | (9,387 | ) | $ | (31,035 | ) | $ | (12,147 | ) | $ | (143,349 | ) | |||||
Basic
loss per common share
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(0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | ||||||||||||
Basic
weighted average common shares outstanding
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163,950,000 | 10,930,000 | 163,950,000 | 10,930,000 |
CASCADE
TECHNOLOGIES CORP.
(A
DEVELOPMENT STAGE COMPANY)
STATEMENTS
OF CASH FLOWS
(Unaudited)
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||||||||||||
Six
months ended February 28, 2009
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Six
months ended February 29, 2008
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From
Inception (January 16, 2004) through February 28,
2009
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||||||||||
Cash
flow from operating activities:
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||||||||||||
Net
loss
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$ | (31,035 | ) | $ | (12,147 | ) | $ | (143,349 | ) | |||
Adjustments
to reconcile net loss to net cash used by
operating activities:
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||||||||||||
Stock
based compensation
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- | - | 1,000 | |||||||||
Changes
in operating assets and liabilities:
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||||||||||||
Decrease
to prepaid expense
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600 | - | - | |||||||||
Increase
in accounts payable
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14,627 | - | 14,866 | |||||||||
Increase
in accrued expenses
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2,000 | - | 2,000 | |||||||||
Increase
in accrued interest
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998 | - | 1,449 | |||||||||
Net
cash used by operating activities
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(12,810 | ) | (12,147 | ) | (124,034 | ) | ||||||
Cash
flows from financing activities:
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||||||||||||
Increase
in short term loans
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31,168 | - | 31,168 | |||||||||
Increase
(Decrease) in loans due to shareholders
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(19,659 | ) | 5,001 | - | ||||||||
Proceeds
from issuance of common stock
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- | - | 93,000 | |||||||||
Net
cash provided by financing activities
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11,509 | 5,001 | 124,168 | |||||||||
Net
change in cash
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(1,301 | ) | (7,146 | ) | 134 | |||||||
Cash,
beginning of period
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1,435 | 8,867 | - | |||||||||
Cash,
end of period
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$ | 134 | $ | 1,721 | $ | 134 |
(a)
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Basis
of Presentation
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(b)
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Organization
and Business:
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(c)
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Cash
and cash equivalents:
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(d)
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Loss
per common share:
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(e)
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Fair
value of financial instruments:
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(f)
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Revenue
recognition:
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(g)
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Use
of estimates and assumptions:
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Preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. | |
(h)
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New
accounting pronouncements:
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In
September 2006, FASB issued Financial Accounting Standards No. 157, “FAIR VALUE
MEASUREMENTS.” This
Statement defines fair value, establishes a framework for measuring fair
value in generally accepted accounting principles (GAAP), and expands
disclosures about fair value measurements. This Statement applies under
other accounting pronouncements that require or permit fair value
measurements, the Board having previously concluded in those accounting
pronouncements that fair value is the relevant measurement attribute.
Accordingly, this Statement does not require any new fair value
measurements. However, for some entities, the application of this
Statement will change current practice. The Company does not
expect SFAS 157 to have a material effect on the Company’s financial
statements.
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In
December 2007, the FASB issued SFAS No. 141 (revised 2007), BUSINESS
COMBINATIONS. This revision to SFAS No. 141 requires an acquirer to
recognize the assets acquired, the liabilities assumed, and any
noncontrolling interest in the acquiree at the acquisition date, at their
fair values as of the acquisition date, with limited exceptions. This
revision also requires that acquisition-related costs be recognized
separately from the assets acquired and that expected restructuring costs
be recognized as if they were a liability assumed at the acquisition date
and recognized separately from the business combination. In addition, this
revision requires that if a business combination is achieved in stages,
that the identifiable assets and liabilities, as well as the
noncontrolling interest in the acquiree, be recognized at the full amounts
of their fair values. The Company is currently not pursuing any business
combinations and does not plan to do so in the future, so this statement
likely will not have any impact on the Company’s financial
statements.
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In December 2007, the FASB issued SFAS No. 160, NONCONTROLLING INTERESTS IN CONSOLIDATED FINANCIAL STATEMENTS, an amendment of ARB No. 51. The objective of this statement is to improve the relevance, comparability, and transparency of the financiaL statements by establishing accounting and reporting standards for the Noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. The Company believes that this statement will not have any impact on its financial statements, unless it deconsolidates a subsidiary. |
(h)
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New
accounting pronouncements
(Continued):
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(h)
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New
accounting pronouncements
(Continued):
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(i)
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Development
stage company:
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(a)
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Complete
a funding of up to $450,000 for general working capital and project
development.
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(b)
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Enter
into agreements, either by acquisition or joint ventures in the renewable
energy sector.
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(c)
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Add
additional directors and officers and senior management to the Company
with experience in the field of renewable energy.
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Estimated
Expenses
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||||
General
and Administrative
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$ | 50,000 | ||
Project
Development
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$ | 350,000 | ||
Professional
Services
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$ | 50,000 | ||
Total
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$ | 450,000 |
1.
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General
and Administrative We anticipate
spending approximately $50,000 on general and administration costs in the
next twelve months.
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2.
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Project. We
anticipate that we may spend up to $350,000 in the next twelve months in
identifying projects in the renewable energy sector and funding joint
ventures and collaborations of those projects that we may
identify.
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3.
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Professional
Services. We anticipate that we may spend up to $50,000 in
the next twelve months in professional services, which includes legal and
audit and offering costs related to a proposed fund
raising.
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Number
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Description
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3.1
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Articles
of Incorporation
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Incorporated
by reference to the Exhibits filed with the Form SB-2 filed under SEC file
number 333-124284
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3.1(i)
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Amended
Articles of Incorporation
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Incorporated
by reference to the Form 8-K filed with the SEC on July 28,
2008
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3.1(ii)
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Amended
Articles of Incorporation
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Incorporated
by reference to the Form 8-K filed with the SEC on January 2,
2009
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3.2
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Bylaws
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Incorporated
by reference to the Exhibits filed with the Form SB-2 filed under SEC file
number 333-124284
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3.2
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Amended
Bylaws
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Incorporated
by reference to our Schedule 14C filed with the SEC on March 20,
2007
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31.1
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Section
302 Certification - Principal Executive Officer
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Filed
herewith
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31.2
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Section
302 Certification - Principal Financial Officer
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Filed
herewith
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32.1
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Certification
Pursuant to 18 U.S.C.
Section
1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
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Filed
herewith
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32.2
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Certification
Pursuant to 18 U.S.C.
Section
1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
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Filed
herewith
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