Nevada
|
87-0460247
|
(State
of other jurisdiction of
|
(I.R.S.
Employer
|
incorporation
or organization)
|
Identification
No.)
|
Page
|
||
Part
I
|
||
Item
1:
|
Business
|
3
|
Item
1A:
|
Risk
Factors
|
4
|
Item
2:
|
Properties
|
4
|
Item
3:
|
Legal
proceedings
|
4
|
Item
4:
|
[Removed
and Reserved]
|
5
|
Part
II
|
||
Item
5:
|
Market
for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
|
6
|
Item
6:
|
Selected
Financial Data
|
7
|
Item
7:
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operation
|
7
|
Item
7A:
|
Quantitative
and Qualitative Disclosures about Market Risk
|
10
|
Item
8:
|
Financial
Statements and Supplementary Data
|
11
|
Item
9:
|
Changes
in and Disagreements with Accountants on Accounting and Financial
Disclosure
|
32
|
Item
9A(T):
|
Controls
and Procedures
|
32
|
Item
9B:
|
Other
Information
|
33
|
Part
III
|
||
Item
10:
|
Directors,
Executive Officers and Corporate Governance
|
34
|
Item
11:
|
Executive
Compensation
|
36
|
Item
12:
|
Security
Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
|
37
|
Item
13:
|
Certain
Relationships and Related Transactions and Director
Independence
|
38
|
Item
14:
|
Principal
Accountant Fees and Services
|
42
|
Part
IV
|
||
Item
15:
|
Exhibits
and Financial Statement Schedules
|
43
|
Signatures
|
|
44
|
ITEM
1:
|
BUSINESS
|
ITEM
1A:
|
RISK
FACTORS
|
ITEM
3:
|
LEGAL
PROCEEDINGS
|
ITEM
4:
|
[REMOVED
AND RESERVED]
|
ITEM
5:
|
MARKET
FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS
|
QUARTER
ENDED
|
CLOSING
|
HIGH
|
LOW
|
|||||||||
December
31, 2009
|
.01 | .02 | .00 | |||||||||
March
31, 2010
|
.00 | .01 | .00 | |||||||||
June
30, 2010
|
.00 | .02 | .00 | |||||||||
September
30, 2010
|
.01 | .01 | .00 | |||||||||
December
31, 2008
|
.100 | .130 | .020 | |||||||||
March
31, 2009
|
.025 | .120 | .020 | |||||||||
June
30, 2009
|
.016 | .070 | .010 | |||||||||
September
30, 2009
|
.006 | .023 | .005 |
ITEM
7:
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
|
2010
|
2009
|
|||||||
Interest
income - related parties
|
$ | 4,909 | $ | 6,266 | ||||
Interest
expense - related party
|
(6,378 | ) | (2,844 | ) | ||||
Realized
gain (loss) related party
|
6,600 | (24,500 | ) | |||||
Other
than temporary decline in available- for-sale
securities
|
(47,280 | ) | (3,620 | ) | ||||
$ | (42,149 | ) | $ | (24,698 | ) |
ITEM
7A:
|
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
|
Page
|
|
Report
of Independent Registered Public Accounting Firms
|
13
|
Consolidated
Balance Sheets at September 30, 2010 and 2009
|
15
|
Statements
of Operations for the Years Ended September 30, 2010 and 2009
and from Inception (January 20, 2009) through September 30,
2010
|
16
|
Statements
of Changes in Stockholders' Equity (Deficit) for the Years Ended September
30, 2010 and 2009
|
17
|
Statements
of Cash Flows for the Years Ended September 30, 2010 and 2009 and from
Inception (January 20, 2009) through September 30, 2010
|
18
|
Notes
to Consolidated Financial Statements
|
19
|
2010
|
2009
|
|||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 8,619 | $ | 582 | ||||
Prepaid
expenses
|
5,000 | - | ||||||
TOTAL
CURRENT ASSETS
|
13,619 | 582 | ||||||
Notes
and accrued interest receivable - affiliate
|
- | 57,819 | ||||||
Available-for-sale
investments - affiliates
|
55,806 | 179,495 | ||||||
$ | 69,425 | $ | 237,896 | |||||
LIABILITIES
AND STOCKHOLDERS' EQUITY (DEFICIT)
|
||||||||
LIABILITIES
|
||||||||
Accounts
payable
|
75,919 | 75,094 | ||||||
Accounts
payable - related parties
|
34,927 | 97,854 | ||||||
Convertible
notes payable - shareholders
|
130,803 | 100,000 | ||||||
Accrued
expenses
|
9,222 | 2,844 | ||||||
Advances
from related parties
|
- | 31,660 | ||||||
TOTAL
CURRENT LIABILITIES
|
250,871 | 307,452 | ||||||
Commitments
and contingencies
|
||||||||
STOCKHOLDERS'
EQUITY (DEFICIT)
|
||||||||
Preferred
stock, $0.001 par value; authorized 12,500 shares; no shares
issued and outstanding; $100 per share liquidation
preference
|
- | - | ||||||
Common
stock, $0.001 par value; authorized 100,000,000 shares;
50,925,820 shares issued and outstanding at September 30, 2010 and
2009, respectively
|
50,926 | 50,926 | ||||||
Additional
paid-in capital
|
9,946,022 | 9,946,022 | ||||||
Noncontrolling
interest
|
(126,344 | ) | - | |||||
Accumulated
other comprehensive income (loss)
|
(453 | ) | 31,085 | |||||
Accumulated
deficit:
|
||||||||
During
the development stage
|
(174,743 | ) | (97,895 | ) | ||||
Other
|
(9,876,854 | ) | (9,999,694 | ) | ||||
Total
accumulated deficit
|
(10,051,597 | ) | (10,097,589 | ) | ||||
Total
stockholders' equity (deficit)
|
(181,446 | ) | (69,556 | ) | ||||
Total
liabilities and stockholders' equity (deficit)
|
$ | 69,425 | $ | 237,896 |
Development
|
||||||||||||
Stage
|
||||||||||||
Inception
|
||||||||||||
(January 20, 2009)
|
||||||||||||
Through
|
||||||||||||
2010
|
2009
|
September 30, 2010
|
||||||||||
Revenue
|
||||||||||||
Management
income - affiliate
|
$ | 8,800 | $ | 2,567 | $ | 11,367 | ||||||
Total
income
|
8,800 | 2,567 | 11,367 | |||||||||
Expenses:
|
||||||||||||
Related
party services
|
12,000 | 85,908 | 70,039 | |||||||||
General
and administrative expense
|
35,003 | 45,022 | 51,149 | |||||||||
47,003 | 130,930 | 121,188 | ||||||||||
Loss
from operations
|
(38,203 | ) | (128,363 | ) | (109,821 | ) | ||||||
Other
income (expense):
|
||||||||||||
Interest
income - related parties
|
4,909 | 6,266 | 9,596 | |||||||||
Interest
expense - related party
|
(6,378 | ) | (2,844 | ) | (9,222 | ) | ||||||
Realized
gain (loss) - related party
|
6,600 | (24,500 | ) | (17,900 | ) | |||||||
Other
than temporary decline in available-for-sale securities
|
(47,280 | ) | (3,620 | ) | (50,900 | ) | ||||||
Other
income (expense)
|
(42,149 | ) | (24,698 | ) | (68,426 | ) | ||||||
Loss
before noncontrolling interest
|
(80,352 | ) | (153,061 | ) | (178,247 | ) | ||||||
Non-controlling
interest
|
4 | - | 4 | |||||||||
Net
loss
|
(80,348 | ) | (153,061 | ) | (178,243 | ) | ||||||
Loss
per common share, basic and diluted
|
$ | (0.00 | ) | $ | (0.00 | ) | ||||||
Weighted
average common shares outstanding
|
50,925,820 | 50,892,943 | ||||||||||
Other
comprehensive income (loss):
|
||||||||||||
Net
loss
|
$ | (80,348 | ) | $ | (153,061 | ) | $ | (178,243 | ) | |||
Unrealized
gain (loss) on available-for-sale securities
|
(31,538 | ) | (248,385 | ) | (6,923 | ) | ||||||
Net
comprehensive loss
|
$ | (111,886 | ) | $ | (401,446 | ) | $ | (185,166 | ) |
Additional
|
||||||||||||||||||||
Preferred Stock
|
Common Stock
|
Paid-in
|
||||||||||||||||||
Shares
|
Par
|
Shares
|
Par
|
Capital
|
||||||||||||||||
Balance,
September 30, 2008
|
- | $ | - | 50,592,487 | $ | 50,592 | $ | 9,936,356 | ||||||||||||
Common
stock issued for:
|
||||||||||||||||||||
Cash
|
- | - | 333,333 | 334 | 9,666 | |||||||||||||||
Unrealized
loss from available-for-sale securities
|
- | - | - | - | - | |||||||||||||||
Net
loss
|
- | - | - | - | - | |||||||||||||||
Balance,
September 30, 2009
|
- | - | 50,925,820 | 50,926 | 9,946,022 | |||||||||||||||
Noncontrolling
interest
|
- | - | - | - | - | |||||||||||||||
Unrealized
loss from available-for-sale securities
|
- | - | - | - | - | |||||||||||||||
Net
loss
|
- | - | - | - | - | |||||||||||||||
Balance,
September 30, 2010
|
- | $ | - | 50,925,820 | $ | 50,926 | $ | 9,946,022 |
Accumulated
|
||||||||||||||||||||
Non
|
Other
|
Accumulated Deficit
|
||||||||||||||||||
Controlling
|
Comprehensive
|
Development
|
||||||||||||||||||
Interest
|
Income
|
Stage
|
Other
|
Total
|
||||||||||||||||
Balance,
September 30, 2008
|
$ | - | $ | 279,470 | $ | - | $ | (9,944,528 | ) | $ | 321,890 | |||||||||
Common
stock issued for:
|
||||||||||||||||||||
Cash
|
- | - | - | - | 10,000 | |||||||||||||||
Unrealized
loss from available-for-sale securities
|
- | (248,385 | ) | - | - | (248,385 | ) | |||||||||||||
Net
loss
|
- | - | (97,895 | ) | (55,166 | ) | (153,061 | ) | ||||||||||||
Balance,
September 30, 2009
|
- | 31,085 | (97,895 | ) | (9,999,694 | ) | (69,556 | ) | ||||||||||||
Noncontrolling
interest
|
(126,340 | ) | - | 3,500 | 122,840 | - | ||||||||||||||
Unrealized
loss from available-for-sale securities
|
- | (31,538 | ) | - | - | (31,538 | ) | |||||||||||||
Net
loss
|
(4 | ) | - | (80,348 | ) | - | (80,352 | ) | ||||||||||||
Balance,
September 30, 2010
|
$ | (126,344 | ) | $ | (453 | ) | $ | (174,743 | ) | $ | (9,876,854 | ) | $ | (181,446 | ) |
Development
|
||||||||||||
Stage
|
||||||||||||
Inception
|
||||||||||||
(January
20, 2009)
|
||||||||||||
Through
|
||||||||||||
2010
|
2009
|
September 30, 2009
|
||||||||||
Operating
activities:
|
||||||||||||
Net
increase (decrease) in net assets from operations
|
$ | (80,348 | ) | $ | (153,061 | ) | $ | (178,243 | ) | |||
Adjustments
to reconcile net increase (decrease) in net assets from operations to
net cash used in operating activities:
|
||||||||||||
Other
than temporary decline in available-for-sale securities
|
47,280 | 3,620 | 50,900 | |||||||||
Investment
received for management services
|
(8,800 | ) | - | (8,800 | ) | |||||||
Accrued
interest income
|
(4,909 | ) | - | (4,909 | ) | |||||||
(Gain)
loss on sale of investments
|
(6,600 | ) | 24,500 | 17,900 | ||||||||
Non-controlling
interest
|
(4 | ) | - | (4 | ) | |||||||
Changes
in operating assets and liabilities:
|
||||||||||||
Accounts
receivable and accrued interest - related parties
|
- | (2,497 | ) | (4,686 | ) | |||||||
Prepaid
expenses
|
(5,000 | ) | - | (5,000 | ) | |||||||
Accounts
payable and accrued expenses
|
826 | 48,449 | 29,088 | |||||||||
Accounts
payable and accrued expenses - related parties
|
10,942 | 47,025 | 44,598 | |||||||||
Advances
from related parties for working capital
|
- | 11,660 | 6,660 | |||||||||
Net
cash used in operating activities
|
(46,613 | ) | (20,304 | ) | (52,496 | ) | ||||||
Investing
activities:
|
||||||||||||
Proceeds
from sale of investments
|
23,000 | - | 23,000 | |||||||||
Net
cash used in investing activities
|
23,000 | - | 23,000 | |||||||||
Financing
activities:
|
||||||||||||
Common
stock issued for cash
|
- | 10,000 | - | |||||||||
Loans
from related parties
|
31,650 | - | 31,650 | |||||||||
Net
cash used in investing activities
|
31,650 | 10,000 | 31,650 | |||||||||
Net
increase (decrease) in cash and cash equivalents
|
8,037 | (10,304 | ) | 2,154 | ||||||||
Cash
and cash equivalents, beginning of period
|
582 | 10,886 | 6,465 | |||||||||
Cash
and cash equivalents, end of period
|
$ | 8,619 | $ | 582 | $ | 8,619 | ||||||
Supplemental
Cash Flow Information:
|
||||||||||||
Cash
paid for interest and income taxes:
|
||||||||||||
Interest
|
$ | - | $ | - | $ | - | ||||||
Income
taxes
|
- | - | - | |||||||||
Non-cash
investing and financing activities:
|
||||||||||||
Note
payable issued to acquire investment
|
100,000 | 100,000 | 100,000 | |||||||||
Recision
of agreement to acquire investment with a note payable
|
100,000 | - | 100,000 | |||||||||
Conversion
of note receivable into available-for-sale securities
|
56,229 | - | 56,229 | |||||||||
Accounts
payable changed into convertible notes payable
|
67,493 | - | 67,493 | |||||||||
Loans
from related parties changed into convertible notes
payable
|
63,310 | - | 63,310 |
1.
|
NATURE
OF BUSINESS
|
|
a.
|
ORGANIZATION
|
|
d.
|
HISTORY
|
e.
|
GOING
CONCERN
|
|
·
|
Persuasive
evidence of an arrangement exists;
|
|
·
|
Delivery
has occurred or services have been
rendered;
|
|
·
|
The
seller's price to the buyer is fixed or determinable;
and
|
|
·
|
Collectability
is reasonably assured.
|
2010
|
2009
|
|||||||
Available-for-sale
securities - affiliates
|
$ | 55,806 | $ | 179,495 | ||||
Notes
receivable due from affiliate
|
||||||||
Cost
|
- | 55,089 | ||||||
Accrued
interest
|
- | 2,730 | ||||||
- | 57,819 |
Realized
|
Unrecognized
|
|||||||||||||||
Holding
|
Holding
|
Fair
|
||||||||||||||
Cost
|
Losses
|
Losses
|
Value
|
|||||||||||||
September
30, 2010
|
||||||||||||||||
Efftec
International, Inc.
|
$ | 68,009 | $ | (13,280 | ) | $ | (453 | ) | $ | 54,276 | ||||||
North
American Energy
|
35,530 | (34,000 | ) | - | 1,530 | |||||||||||
$ | 103,539 | $ | (47,280 | ) | $ | (453 | ) | $ | 55,806 | |||||||
September
30, 2009
|
||||||||||||||||
Efftec
International, Inc.
|
$ | 16,500 | $ | (3,620 | ) | $ | - | $ | 12,880 | |||||||
North
American Energy
|
135,530 | - | 31,085 | 166,615 | ||||||||||||
$ | 152,030 | $ | (3,620 | ) | $ | 31,085 | $ | 179,495 |
2009
|
||||
Efftec
International, Inc.
|
||||
Principal
|
$ | 55,089 | ||
Accrued
interest
|
2,730 | |||
$ | 57,819 |
2010
|
2009
|
|||||||
Computed
"expected" income tax benefit
|
$ | 27,300 | $ | 52,000 | ||||
State
income taxes, net of federal benefit
|
3,200 | 6,100 | ||||||
Valuation
allowance
|
(30,500 | ) | (58,100 | ) | ||||
$ | - | $ | - |
2010
|
2009
|
|||||||
Net
operating loss carryforwards
|
1,042,700 | 939,200 | ||||||
Capital
loss carryforwards
|
125,200 | 6,100 | ||||||
Investments
|
18,000 | 210,100 | ||||||
Total
deferred tax assets
|
1,185,900 | 1,155,400 | ||||||
Valuation
allowance
|
(1,185,900 | ) | (1,155,400 | ) | ||||
Net
deferred tax assets
|
$ | - | $ | - |
Original
|
Adjusted
|
|||||||||||
Balance
|
Adjustment
|
Balance
|
||||||||||
Noncontrolling
interest
|
$ | - | $ | (126,340 | ) | $ | (126,340 | ) | ||||
Accumulated
deficit:
|
||||||||||||
During
the development stage
|
(97,895 | ) | 3,500 | (94,395 | ) | |||||||
Other
|
(9,999,694 | ) | 122,840 | (9,876,854 | ) | |||||||
(10,097,589 | ) | 126,340 | (9,971,249 | ) | ||||||||
$ | (10,097,589 | ) | $ | - | $ | (10,097,589 | ) |
Realized
|
Unrecognized
|
|||||||||||||||
Holding
|
Holding
|
Fair
|
||||||||||||||
Cost
|
Losses
|
Losses
|
Value
|
|||||||||||||
September
30, 2010
|
||||||||||||||||
Efftec
International, Inc.
|
$ | 68,009 | $ | (13,280 | ) | $ | (453 | ) | $ | 54,276 | ||||||
North
American Energy
|
35,530 | (34,000 | ) | - | 1,530 | |||||||||||
$ | 103,539 | $ | (47,280 | ) | $ | (453 | ) | $ | 55,806 | |||||||
September
30, 2009
|
||||||||||||||||
Efftec
International, Inc.
|
$ | 16,500 | $ | (3,620 | ) | $ | - | $ | 12,880 | |||||||
North
American Energy
|
135,530 | - | 31,085 | 166,615 | ||||||||||||
$ | 152,030 | $ | (3,620 | ) | $ | 31,085 | $ | 179,495 |
2010
|
2009
|
|||||||
Notes
and accrued interest receivable - affiliates
|
||||||||
Efftec
International, Inc. - principal
|
$ | - | $ | 55,089 | ||||
Accrued
interest
|
- | 2,730 | ||||||
- | 57,819 |
2010
|
2009
|
|||||||
Accounts
payable - related parties:
|
||||||||
G.
David Gordon & Associates, P.C. and G. David Gordon
|
$ | 2,161 | $ | 55,354 | ||||
Hank
Durschlag
|
30,266 | 9,000 | ||||||
BJB
Services, Inc.
|
- | 31,000 | ||||||
Ross
Silvey
|
2,500 | 2,500 | ||||||
34,927 | 97,854 |
2010
|
2009
|
|||||||
Non-interest
bearing advances from affiliates (notes issued in 2010):
|
||||||||
Avenel
Financial Group
|
$ | - | $ | 20,000 | ||||
MLM
Concepts
|
- | 5,000 | ||||||
Chef-on-the-Go
|
- | 1,660 | ||||||
Amy
Gordon
|
- | 5,000 | ||||||
- | 31,660 |
2010
|
2009
|
|||||||
Convertible
notes payable consist of the following at September 30, 2010 and
2009:
|
||||||||
Avenel
Financial Group - rescinded 2009 note
|
$ | - | $ | 100,000 | ||||
Avenel
Financial Group
|
52,493 | - | ||||||
BJB
Services, Inc.
|
35,000 | - | ||||||
Progressive
Capital
|
25,650 | - | ||||||
MLM
Concepts, LLC
|
10,000 | - | ||||||
Amy
Gordon
|
5,000 | - | ||||||
Chef
on-the-Go
|
2,660 | - | ||||||
130,803 | 100,000 |
2010
|
2009
|
|||||||
Consulting
income - affiliate
|
||||||||
Efftec
International, Inc.
|
$ | 8,800 | $ | - | ||||
Chef
on-the-Go
|
- | 2,567 | ||||||
$ | 8,800 | $ | 2,567 |
2010
|
2009
|
|||||||
Interest
income - affiliates
|
||||||||
Efftec
International, Inc.
|
$ | 4,909 | $ | 6,266 | ||||
4,909 | 6,266 |
2010
|
2009
|
|||||||
Related
party expenses:
|
||||||||
CEO
compensation - Hank Durschlag
|
$ | 12,000 | $ | 16,227 | ||||
Director
fees - Ross Silvey
|
- | 3,000 | ||||||
Legal
fees - G. David Gordon & Associates, PC
|
- | 32,681 | ||||||
Accounting
- BJB Services, Inc.
|
- | 34,000 | ||||||
12,000 | 85,908 |
2010
|
2009
|
|||||||
Realized
gains (losses):
|
||||||||
Realized
gain on Efftec International, Inc.
|
$ | 6,600 | $ | - | ||||
Realized
loss - ALT Energy, Inc.
|
- | (24,500 | ) | |||||
Total
|
$ | 6,600 | $ | (24,500 | ) |
2010
|
2009
|
|||||||
Unrealized
gains (losses) from available-for-sale securities of
affiliates:
|
||||||||
Efftec
International, Inc.
|
$ | (453 | ) | $ | (3,620 | ) | ||
North
American Energy Resources, Inc.
|
(31,085 | ) | (248,385 | ) | ||||
(31,538 | ) | (252,005 | ) |
ITEM
9:
|
CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
|
ITEM
10:
|
DIRECTORS
AND EXECUTIVE OFFICERS OF THE
REGISTRANT
|
NAME
|
AGE
|
POSITION
|
||
M.E.
“Hank” Durschlag
|
47
|
Director,
President, CEO and Acting CFO since March 30, 2007
|
||
Erik
S. Phillips
|
40
|
Independent
Director since December 2007
|
||
|
|
18,
2010
|
ITEM
11:
|
EXECUTIVE
COMPENSATION
|
a.
|
Summary
Compensation Table
|
Name
and Principal Position
|
Year
|
Salary
|
Bonus
|
Total
|
||||||||||
M.E.
"Hank" Durschlag
|
2010
|
$ | 12,000 | $ | - | $ | 12,000 | |||||||
Director,
President, CEO and Acting
|
2009
|
16,227 | - | 16,227 | ||||||||||
CFO
since March 30, 2007
|
2008
|
19,500 | - | 19,500 |
b.
|
Grants
of plan-based awards table
|
c.
|
Outstanding
equity awards at fiscal year-end
table
|
d.
|
Option
exercises and stock vested table
|
e.
|
Pension
benefits
|
f.
|
Nonqualified
defined contribution and other nonqualified deferred compensation
plans
|
g.
|
Potential
payments upon termination or
changes-in-control
|
h.
|
Compensation
of directors
|
i.
|
Compensation
committee interlocks and insider
participation
|
j.
|
Compensation
committee report
|
ITEM 12:
|
SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS
|
Name and Address of
|
Amount and Nature of
|
|||||||||
Title of Class
|
Beneficial Owner
|
Beneficial Owner
|
% of Class
|
|||||||
Common
|
M.E.
“Hank” Durschlag
|
1,000,000 | 1.96 | % | ||||||
Common
|
Adam
Adler
|
4,000,000 | 7.86 | % | ||||||
Common
|
Eric
S. Phillips
|
- | - | |||||||
Common
|
Avenel
Financial Group, Inc.
|
2,580,000 | 5.07 | % | ||||||
Common
|
All
officers and directors as a
|
1,000,000 | 1.96 | % | ||||||
Group
(2 persons)
|
||||||||||
*
|
Less
than 1%.
|
ITEM
13:
|
CERTAIN
RELATIONSHIPS AND RELATED
TRANSACTIONS
|
Realized
|
Unrecognized
|
|||||||||||||||
Holding
|
Holding
|
Fair
|
||||||||||||||
Cost
|
Losses
|
Losses
|
Value
|
|||||||||||||
September
30, 2010
|
||||||||||||||||
Efftec
International, Inc.
|
$ | 68,009 | $ | (13,280 | ) | $ | (453 | ) | $ | 54,276 | ||||||
North
American Energy
|
35,530 | (34,000 | ) | - | 1,530 | |||||||||||
$ | 103,539 | $ | (47,280 | ) | $ | (453 | ) | $ | 55,806 | |||||||
September
30, 2009
|
||||||||||||||||
Efftec
International, Inc.
|
$ | 16,500 | $ | (3,620 | ) | $ | - | $ | 12,880 | |||||||
North
American Energy
|
135,530 | - | 31,085 | 166,615 | ||||||||||||
$ | 152,030 | $ | (3,620 | ) | $ | 31,085 | $ | 179,495 |
2010
|
2009
|
|||||||
Notes
and accrued interest receivable – affiliates
|
||||||||
Efftec
International, Inc. - principal
|
$ | - | $ | 55,089 | ||||
Accrued
interest
|
- | 2,730 | ||||||
- | 57,819 |
2010
|
2009
|
|||||||
Accounts
payable - related parties:
|
||||||||
G.
David Gordon & Associates, P.C. and G. David Gordon
|
$ | 2,161 | $ | 55,354 | ||||
Hank
Durschlag
|
30,266 | 9,000 | ||||||
BJB
Services, Inc.
|
- | 31,000 | ||||||
Ross
Silvey
|
2,500 | 2,500 | ||||||
34,927 | 97,854 |
2010
|
2009
|
|||||||
Non-interest
bearing advances from affiliates (notes issued in 2010):
|
||||||||
Avenel
Financial Group
|
$ | - | $ | 20,000 | ||||
MLM
Concepts
|
- | 5,000 | ||||||
Chef-on-the-Go
|
- | 1,660 | ||||||
Amy
Gordon
|
- | 5,000 | ||||||
- | 31,660 |
2010
|
2009
|
|||||||
Convertible
notes payable consist of the following at September 30, 2010 and
2009:
|
||||||||
Avenel
Financial Group - rescinded 2009 note
|
$ | - | $ | 100,000 | ||||
Avenel
Financial Group
|
52,493 | - | ||||||
BJB
Services, Inc.
|
35,000 | - | ||||||
Progressive
Capital
|
25,650 | - | ||||||
MLM
Concepts, LLC
|
10,000 | - | ||||||
Amy
Gordon
|
5,000 | - | ||||||
Chef
on-the-Go
|
2,660 | - | ||||||
130,803 | 100,000 |
2010
|
2009
|
|||||||
Consulting
income - affiliate
|
||||||||
Efftec
International, Inc.
|
$ | 8,800 | $ | - | ||||
Chef
on-the-Go
|
- | 2,567 | ||||||
$ | 8,800 | $ | 2,567 |
2010
|
2009
|
|||||||
Interest
income - affiliates
|
||||||||
Efftec
International, Inc.
|
$ | 4,909 | $ | 6,266 | ||||
4,909 | 6,266 |
2010
|
2009
|
|||||||
Related
party expenses:
|
||||||||
CEO
compensation - Hank Durschlag
|
$ | 12,000 | $ | 16,227 | ||||
Director
fees - Ross Silvey
|
- | 3,000 | ||||||
Legal
fees - G. David Gordon & Associates, PC
|
- | 32,681 | ||||||
Accounting
- BJB Services, Inc.
|
- | 34,000 | ||||||
12,000 | 85,908 |
2010
|
2009
|
|||||||
Realized
gains (losses):
|
||||||||
Realized
gain on Efftec International, Inc.
|
$ | 6,600 | $ | - | ||||
Realized
loss - ALT Energy, Inc.
|
- | (24,500 | ) | |||||
Total
|
$ | 6,600 | $ | (24,500 | ) |
2010
|
2009
|
|||||||
Unrealized
gains (losses) from available-for-sale securities of
affiliates:
|
||||||||
Efftec
International, Inc.
|
$ | (453 | ) | $ | (3,620 | ) | ||
North
American Energy Resources, Inc.
|
(31,085 | ) | (248,385 | ) | ||||
(31,538 | ) | (252,005 | ) |
ITEM
14:
|
PRINCIPAL
ACCOUNTANT FEES AND SERVICES
|
ITEM
15:
|
EXHIBITS
AND FINANCIAL STATEMENT SCHEDULES
|
|
(a)
|
The
following documents are filed as part of this
report:
|
|
1.
|
Financial
Statements – The following financial statements of Double Eagle Holdings,
Ltd. are contained in Item 8 of this Form
10-K:
|
|
·
|
Report
of Independent Registered Public
Accountants
|
|
·
|
Consolidated
Balance Sheets at September 30, 2010 and
2009
|
|
·
|
Consolidated
Statements of Operations – For the years ended September 30, 2010
and 2009 and Inception (January 20, 2009) to September 30,
2010
|
|
·
|
Consolidated
Statements of Stockholders' Equity (Deficit) at September 30, 2010 and
2009
|
|
·
|
Consolidated
Statements of Cash Flows - For the years ended September 30, 2010 and 2009
and Inception (January 20, 2009) to September 30,
2010
|
|
·
|
Notes
to the Consolidated Financial
Statements
|
|
2.
|
Financial
Statement Schedules were omitted, as they are not required or are not
applicable, or the required information is included in the Financial
Statements.
|
|
3.
|
Exhibits
– The following exhibits are filed with this report or are incorporated
herein by reference to a prior filing, in accordance with Rule 12b-32
under the Securities Exchange Act of
1934.
|
Exhibit
|
Description
|
|
23.1
|
Consent
of Seale and Beers, CPAs
|
|
31.1
|
Certification
of the Chief Executive Officer and Chief Financial Officer pursuant to
Rule 13a-14 of the Securities Exchange Act of 1934, as amended, pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
32.1
|
Certification
of the Chief Executive Officer and Chief Financial Officer pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of
2002
|
DOUBLE
EAGLE HOLDINGS, LTD.
|
|
By:
|
/s/
M.E. "Hank"
Durschlag
|
M.E.
"Hank" Durschlag, Director,
|
|
Chief
Executive Officer and Acting
|
|
Chief
Financial Officer
|
Date
|
Title
(Capacity)
|
Signature
|
||
December
28, 2010
|
Director,
Chief Executive Officer
|
/s/ M.E. "Hank"
Durschlag
|
||
and
Acting Chief Financial Officer
|
M.E.
"Hank" Durschlag
|
|||
December
28, 2010
|
Director
|
/s/ Eric S. Phillips
|
||
|
|
Eric
S. Phillips
|