Nevada
|
3825
|
26-1240905
|
(State
or other jurisdiction of
incorporation
or organization)
|
(Primary
Standard Industrial
Classification
Code Number)
|
(IRS
Employer
Identification
No.)
|
Large
accelerated filer
|
o
|
Accelerated
filer
|
o
|
Non-accelerated
filer
|
o
|
Smaller
reporting company
|
x
|
Index
|
Page
Number
|
|
PART
I
|
FINANCIAL
INFORMATION
|
|
ITEM
1.
|
Financial
Statements (unaudited)
|
F-1
|
ITEM
2.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
3
|
ITEM
3.
|
Quantitative
and Qualitative Disclosures About Market
Risk
|
5
|
|
||
ITEM
4T.
|
Controls
and Procedures
|
5
|
PART
II
|
OTHER
INFORMATION
|
|
|
||
ITEM
1.
|
Legal
Proceedings
|
6
|
ITEM
1A.
|
Risk
Factors
|
6
|
ITEM
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
6
|
ITEM
3.
|
Defaults
Upon Senior Securities
|
6
|
ITEM
4.
|
Submission
of Matters to Vote of Security Holders
|
6
|
ITEM
5.
|
Other
Information
|
6
|
ITEM
6.
|
Exhibits
|
6
|
SIGNATURES
|
6
|
Page No.
|
|
Condensed
Balance Sheets as of January 31, 2009 (Unaudited) and October
31, 2008 (Audited)
|
F-2
|
Condensed
Statements of Operations for the Three Months Ended January 31, 2009 and
2008, and Cumulative from Inception (October 15, 2007) to
January 31, 2009 (Unaudited)
|
F-3
|
Condensed
Statements of Cash Flows for the Three Months Ended January 31, 2009 and
2008 and Cumulative from Inception (October 15, 2007) to January 31, 2009
(Unaudited)
|
F-4
|
Condensed
notes to Financial Statements as of January 31, 2009
(Unaudited)
|
F-5
|
CARBON
CREDITS INTERNATIONAL, INC.
|
||||||||
(A
DEVELOPMENT STAGE ENTERPRISE)
|
||||||||
BALANCE
SHEETS
|
||||||||
January
31,
|
October
31,
|
|||||||
2009
|
2008
|
|||||||
(AUDITED)
|
||||||||
ASSETS
|
||||||||
CURRENT
ASSETS
|
||||||||
Cash
|
$ | 40,857 | $ | 75,223 | ||||
Accounts
receivable-affiliate
|
767 | |||||||
Prepaid
expenses
|
754 | 1,410 | ||||||
Total
current assets
|
41,611 | 77,400 | ||||||
EQUIPMENT
|
||||||||
Computer,
net of accumulated depreciation
|
1,978 | 2,182 | ||||||
OTHER
ASSETS
|
||||||||
Website
development costs, net of accumalated amortization
|
6,530 | 7,124 | ||||||
Total
other assets
|
6,530 | 7,124 | ||||||
Total
assets
|
$ | 50,119 | $ | 86,706 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
/(DEFICIT)
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Accounts
payable
|
$ | 1,250 | $ | 1,096 | ||||
Accrued
liabilities
|
103,906 | - | ||||||
Shareholders'
advances
|
36,752 | 72,196 | ||||||
Total
current liabilities
|
141,908 | 73,292 | ||||||
STOCKHOLDERS'
EQUITY /(DEFICIT)
|
||||||||
Class
A Convertible Preferred stock, $.0001 par value,
|
||||||||
10,000,000
shares authorized, 8,000,000 issued and
outstanding
|
800 | 800 | ||||||
Common
stock, par value $.0001,100,000,000 shares
|
||||||||
authorized,
24,887,000 shares issued and outstanding (2008)
|
||||||||
24,781,000
shares issued and outstanding (2007)
|
2,489 | 2,478 | ||||||
Paid
in capital
|
535,365 | 482,004 | ||||||
Stock
subscriptions payable
|
8,472 | 15,180 | ||||||
Deficit
accumulated during development stage
|
(638,915 | ) | (487,048 | ) | ||||
Total
stockholders' equity/(deficit)
|
(91,789 | ) | 13,414 | |||||
Total
liabilities & stockholders' equity/(deficit)
|
$ | 50,119 | $ | 86,706 | ||||
The
accompanying notes are an integral part of these financial
statements.
|
CARBON
CREDITS INTERNATIONAL, INC.
|
||||||||||||
(A
DEVELOPMENT STAGE ENTERPRISE)
|
||||||||||||
CONDENSED
STATEMENTS OF OPERATIONS
|
||||||||||||
(unaudited)
|
||||||||||||
Cumulative
|
||||||||||||
from
Inception
|
||||||||||||
Three
Months
|
Three
Months
|
(October
15, 2007)
|
||||||||||
Ended
|
Ended
|
to
|
||||||||||
January
31, 2009
|
January
31, 2008
|
January
31, 2009
|
||||||||||
REVENUES
|
$ | 1,145 | $ | - | $ | 1,912 | ||||||
EXPENSES
|
||||||||||||
General
and administrative:
|
||||||||||||
Consulting
fees
|
123,660 | 83,125 | 477,403 | |||||||||
Other
|
28,721 | 15,943 | 162,593 | |||||||||
Depreciation
and amortization
|
798 | - | 1,070 | |||||||||
Total
expenses
|
153,179 | 99,068 | 641,066 | |||||||||
OTHER
INCOME-Interest
|
167 | - | 239 | |||||||||
NET
LOSS
|
$ | (151,867 | ) | $ | (99,068 | ) | $ | (638,915 | ) | |||
NET
LOSS PER SHARE - BASIC
|
$ | (0.01 | ) | * | ||||||||
WEIGHTED
AVERAGE NUMBER OF
|
||||||||||||
COMMON
SHARES OUTSTANDING - BASIC
|
24,871,413 | 24,607,685 | ||||||||||
* less
than $(.01) per share
|
||||||||||||
The
accompanying notes are an integral part of these financial
statements.
|
CARBON
CREDITS INTERNATIONAL, INC.
|
||||||||||||
(A
DEVELOPMENT STAGE ENTERPRISE)
|
||||||||||||
STATEMENTS
OF CASH FLOWS
|
||||||||||||
(unaudited)
|
||||||||||||
Cumulative
|
||||||||||||
from
|
||||||||||||
Three
Months
|
Three
Months
|
Inception
|
||||||||||
Ended
|
Ended
|
(October
15, 2007) to
|
||||||||||
January
31, 2009
|
January
31, 2008
|
January
31, 2009
|
||||||||||
OPERATING
ACTIVITIES
|
||||||||||||
Net
loss
|
$ | (151,867 | ) | $ | (99,068 | ) | $ | (638,915 | ) | |||
Adjustments
to reconcile net loss to net
|
||||||||||||
Cash
used by operating activities:
|
||||||||||||
Depreciation
and amortization
|
798 | - | 1,070 | |||||||||
Common
stock issued issued at spin off
|
- | - | 2,420 | |||||||||
Common
stock issued for services
|
- | - | 800 | |||||||||
Compensation
considered as addition to capital
|
19,754 | - | 333,197 | |||||||||
|
||||||||||||
Changes
in operating assets and liabilities:
|
||||||||||||
(Increase)/decrease
in accounts receivable-affiliate
|
767 | (1,000 | ) | - | ||||||||
Increase
in accounts payable
|
154 | 1,250 | ||||||||||
(Increase)/decrease
in prepaid expenses
|
656 | 20,569 | (754 | ) | ||||||||
Increase
in accrued liabilities
|
103,906 | 58,205 | 103,906 | |||||||||
Net
cash used by operating activities
|
(25,832 | ) | (21,294 | ) | (197,026 | ) | ||||||
INVESTING
ACTIVITIES
|
||||||||||||
Increase
in deferred offering costs
|
- | (40,000 | ) | - | ||||||||
Website
development costs
|
- | - | (7,124 | ) | ||||||||
Purchase
of equipment
|
- | - | (2,454 | ) | ||||||||
Net
cash used by investing activities
|
(40,000 | ) | (9,578 | ) | ||||||||
FINANCING
ACTIVITIES
|
||||||||||||
Proceeds
from sale of common stock
|
18,438 | 48,999 | 187,057 | |||||||||
Increase
in shareholders' advances
|
6,066 | 114 | 104,129 | |||||||||
Proceeds
received in advance of stock subscriptions
|
8,472 | - | 23,652 | |||||||||
Shareholder
advances - repaid
|
(41,510 | ) | (867 | ) | (67,377 | ) | ||||||
Net
cash provided (used) by financing activities
|
(8,534 | ) | 48,246 | 247,460 | ||||||||
NET
INCREASE/(DECREASE) IN CASH
|
(34,366 | ) | (13,048 | ) | 40,857 | |||||||
|
||||||||||||
CASH,
BEGINNING OF PERIOD
|
75,223 | 43,934 | - | |||||||||
CASH,
END OF PERIOD
|
$ | 40,857 | $ | 30,886 | $ | 40,857 | ||||||
The
accompanying notes are an integral part of these financial
statements.
|
01/31/09
|
01/31/08
|
||||||||
Office
rentals including office in home for our two
officers
|
$ | 7,540 | $ | 1,127 |
(a)
|
||||
Auditing
services for the year ended October 31, 2008
|
11,250 | -0- |
(b)
|
||||||
Travel
and meals
|
7,759 | 15,984 |
(c)
|
||||||
Other
amounts
|
2,172 | (1,168 | ) | ||||||
Total
general and administrative expense
|
$ | 28,721 | $ | 15,943 |
(a)
|
During
the current quarter each of the two officers/directors were paid $1,500
per month commencing December 1, 2008 for the use of their office in home
which totaled $6,000.
|
(b)
|
Auditing
services for the year ended October 31, 2007 were incurred and paid
subsequent to the comparative quarter shown
above.
|
(c)
|
Travel
for the current quarter involved principally the one international trip
and related travel expenses for Braverman International, P.C.’s personnel
for attendance at the quarterly Board meeting in Bangkok, Thailand, in
addition to travel between Thailand and Malaysia by our CEO to handle
communications with CRI, whereas in the comparative quarter our SEC
counsel and CFO traveled to Kuala Lumpur, Malaysia to facilitate and
structure the Company’s operations.
|
Exhibit Number
|
Exhibit
|
4.1
|
Consulting Agreement dated December 15, 2008 - Hans Schulte |
4.2
|
Consulting Agreement dated December 15, 2008 - Ivan Braverman |
31.1
|
Rule
13a-14(a) Certification of Chief Executive
Officer
|
31.2
|
Rule
13a-14(a) Certification of Chief Financial
Officer
|
32.1
|
Certification
Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002 of Chief Executive
Officer
|
32.2
|
Certification
Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002 of Chief Financial
Officer
|
CARBON
CREDITS INTERNATIONAL, INC.
|
||
Date: March 3, 2009 | By: |
/s/ Han
J Schulte
|
Han
J Schulte
|
||
President
and Principal Executive
Officer
|
Date: March 3, 2009 | By: |
/s/ Ivan
Braverman
|
Ivan
Braverman
|
||
Chief
Financial Officer
(Principal
Financial and Accounting
Officer)
|