UNITED
STATES
 SECURITIES
AND EXCHANGE COMMISSION
 WASHINGTON,
D.C. 20549
 
 FORM
10-Q
 
 x           QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
  For the
quarterly period ended September 30,
2009
 
 o           TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934
  For the
Transition Period from __________ to __________
 
 Commission
File No. 000-52910
 
 CENTRACAN
INCORPORATED
 (Name of
Small Business Issuer in Its Charter)
     Florida
              65-0736042(State or
      Other Jurisdiction of Incorporation or Organization)
              (I.R.S.
      Employer Identification No.)c/o
      Olshan Grundman Frome et al.

                65 East 55thStreet, New York, New
      York
              10022(Address of
      Principal Executive Offices)
              (Zip
      Code)
  Issuer’s
telephone number, including area code:   (212) 451-2254
  Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 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 xNo o
  Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company.
  Large
accelerated filer o                                                               Accelerated
filer o
 Non-accelerated
filer   o                                                              Smaller
reporting company x
  Indicate
by check mark whether the registrant is a shell company (as defined in Rule12b-2
of the Exchange Act).Yes x No o
 As of September 30, 2009, there were
392,457 shares of common stock outstanding.











CENTRACAN
INCORPORATED
 
 FORM
10-Q
 September
30, 2009
 INDEX
 
 PART
I-- FINANCIAL INFORMATION
 
 Item
      1.
              Financial
      StatementsItem
      2.
              Management’s
      Discussion and Analysis of Financial ConditionItem
      3.
              Quantitative
      and Qualitative Disclosures About Market RiskItem
      4T.
              Control
      and Procedures
 
 PART
II-- OTHER INFORMATION
 
 Item
      1
              Legal
      ProceedingsItem
      1A
              Risk
      FactorsItem
      2.
              Unregistered
      Sales of Equity Securities and Use of ProceedsItem
      3.
              Defaults
      Upon Senior SecuritiesItem
      4.
              Submission
      of Matters to a Vote of Security HoldersItem
      5.
              Other
      InformationItem
      6.
              Exhibits
 
 SIGNATURE
 
 
 
 ITEM
1. Financial Information
 
 CENTRACAN
INCORPORATED
 September
30, 2009 and 2008
 
 Index to
Financial Statements
 
 
 FINANCIAL
      STATEMENTS
              Page
      #Balance
      Sheets as of September 30, 2009 (Unaudited) and December 31,
      2008
              F-1Statements
      of Operations for the Three Months Ended September 30, 2009 and 2008
      (Unaudited)
              F-2Statements
      of Operations for the Nine Months Ended September 30, 2009 and 2008
      (Unaudited)
              F-3Statements
      of Cash flows for the Nine Months Ended September 30, 2009 and 2008
      (Unaudited)
              F-4Notes
      to the Financial Statements (Unaudited)
              F-5
   
 1
  CENTRACAN
INCORPORATED
 Balance
Sheets
 
 
 ASSETSSeptember
      30,
                2009
                (Unaudited)
              
              
              December 31,
                2008Current
      Assets:Cash
              
              $
              -
              
              
              $
              103Total
      current assets
              
              
              -
              
              
              
              103TOTAL
      ASSETS
              
              $
              -
              
              
              $
              103LIABILITIES
      AND STOCKHOLDERS' DEFICITCurrent
      Liabilities:Accounts
      payable and accrued expenses
              
              $
              112,618
              
              
              $
              103,100Accounts
      payable – related party
              
              
              29,273
              
              
              
              23,649Notes
      payable – related party
              
              
              72,859
              
              
              
              72,859Total
      Current Liabilities
              
              
              214,750
              
              
              
              199,608Stockholders'
      Deficit:Preferred
      stock: $0.001 par value; 10,000,000 shares authorized; no shares issued or
      outstanding
              
              
              -
              
              
              
              -Common
      stock: $0.001 par value; 50,000,000 shares authorized; 392,457 shares
      issued and outstanding
              
              
              40
              
              
              
              40Additional
      paid-in capital
              
              
              137,008
              
              
              
              137,008Deficit
      accumulated during the development stage
              
              
              (351,798
              )
              
              
              (336,553
              )Total
      Stockholders’ Deficit
              
              
              (214,750
              )
              
              
              (199,505
              )TOTAL
      LIABILITIES AND STOCKHOLDERS’ DEFICIT
              
              $
              -
              
              
              $
              103
 
 
 See
accompanying notes to the financial statements.
 
 F-1
  CENTRACAN
INCORPORATED
 Statements
of Operations
 (Unaudited)
 
 
 Three
      Months Ended September 30, 2009
              
              
              Three
      Months Ended September 30, 2008Revenues
              
              $
              -
              
              
              $
              -Operating
      expenses:Professional
      fees
              
              
              (11,125
              )
              
              
              3,500General
      and administrative
              
              
              600
              
              
              
              75Total
      operating expenses
              
              
              (10,525
              )
              
              
              3,575Income
      (loss) from operations
              
              
              10,525
              
              
              
              (3,575
              )Other
      income (expense):Interest
      expense
              
              
              (1,862
              )
              
              
              (1,836
              )Total
      other income (expense)
              
              
              (1,862
              )
              
              
              (1,836
              )Income
      (loss) before income taxes
              
              
              8,663
              
              
              
              5,411Income
      tax provision
              
              
              -
              
              
              
              -Net
      income (loss)
              
              $
              8,663
              
              
              $
              (5,411
              )Net
      income (loss) per common share –basic
      and diluted
              
              $
              0.02
              
              
              $
              (0.01
              )Weighted
      average number of common shares outstanding – basic and
      diluted
              
              
              392,457
              
              
              
              392,457
 
 See
accompanying notes to the financial statements.
  F-2
  CENTRACAN
INCORPORATED
 Statements
of Operations
 (Unaudited)
 
 
 For
      the Nine Months Ended September 30,
                2009
              
              
              For
      the Nine Months Ended September 30,
                2008Revenues
              
              $
              -
              
              
              $
              -Operating
      expenses:Professional
      fees
              
              
              11,010
              
              
              
              15,000General
      and administrative
              
              
              (1,290
              )
              
              
              3,972Total
      operating expenses
              
              
              9,720
              
              
              
              18,972Loss
      from operations
              
              
              (9,720
              )
              
              
              (18,972
              )Other
      income (expense):Loss
      on investment - healthcare
              
              
              -
              
              
              
              -Interest
      expense
              
              
              (5,525
              )
              
              
              (5,025
              )Total
      other income (expense)
              
              
              (5,525
              )
              
              
              (5,025
              )Loss
      before income taxes
              
              
              (15,245
              )
              
              
              (23,997
              )Income
      tax provision
              
              
              -
              
              
              
              -Net
      loss
              
              $
              (15,245
              )
              
              $
              (23,997
              )Net
      loss per common share - basic and diluted
              
              $
              (0.04
              )
              
              $
              (0.06
              )Weighted
      average number of common shares outstanding – basic and
      diluted
              
              
              392,457
              
              
              
              392,457
 
 See
accompanying notes to financial statements.
  F-3
 
 CENTRACAN
INCORPORATED
 Statements
of Cash Flows
 (Unaudited)
 
 
 For
      the Nine Months Ended September 30,
                2009
              
              
              For
      the Nine Months Ended September 30,
                2008CASH
      FLOWS FROM OPERATING ACTIVITIES:Net
      loss
              
              $
              (15,245
              )
              
              $
              (23,997
              )Adjustments
      to reconcile net loss to net cash used in operating
      activities:Shares
      issued for consulting services
              
              
              -
              
              
              
              -Shares
      used for termination of HMC
              
              
              -
              
              
              
              -Changes
      in operating assets and liabilitiesIncrease
      in accounts payable and accrued expenses
              
              
              9,518
              
              
              
              (730
              )Increase
      in accounts payable and accrued expenses – related party
              
              
              5,624
              
              
              
              15,793Net
      Cash Used in Operating Activities
              
              
              (103
              )
              
              
              (8,934
              )CASH
      FLOWS FROM FINANCING ACTIVITIESProceeds
      from promissory notes
              
              
              -
              
              
              
              8,850Sale
      of common stock
              
              
              -
              
              
              
              -Net
      Cash Provided By Financing Activities
              
              
              -
              
              
              
              8,850NET
      CHANGE IN CASH
              
              
              (103
              )
              
              
              (84
              )CASH
      AT BEGINNING OF PERIOD
              
              
              103
              
              
              
              84CASH
      AT END OF PERIOD
              
              $
              -
              
              
              $
              -
 
 See
accompanying notes to financial statements.
  F-4
  CENTRACAN
INCORPORATED
 
 September
30, 2009 and 2008
 NOTES TO
THE FINANCIAL STATEMENTS
 (UNAUDITED)
 
 1.
              ORGANIZATION
 
 Premier Supplements Corp. was
incorporated on March 21, 1997, under the laws of the State of
Florida.  From March 21, 1997 (inception) through December 31,
1997, Premier Supplements
Corp. engaged in the distribution of vitamin and health
products.   On November 13, 2007, Centracan filed a Form 10-SB
with the Securities and Exchange Commission registering its common stock under
Section 12 of the Securities Exchange Act of 1934.
 
 In
February 1998, the Company entered into an Asset Purchase Agreement with
Healthcare Management Company, Inc., a Nevada corporation (“HMC”), whereby a
subsidiary of Centracan would acquire all the capital stock of two foreign
subsidiaries of HMC: Impacto Internacional de Montes de OCA, S.A., a Costa Rican
corporation that owned and operated a magnetic resonance imaging facility, and
Centro Medico Los Angeles Centracan, S.A., a Costa Rican corporation that owned
and operated a cancer center in Costa Rico. In September 2000, Centracan paid
$50,000 to HMC to terminate the Asset Purchase Agreement, releasing all parties
from their obligations.
  On May
15, 1998, Premier Supplements Corp. changed its name to CentraCan Incorporated
(“CentraCan” or the “Company”).  Since 1998, the Company has not engaged
in any business operations and has no business plan other than to acquire an
operating company.  As a result, the Company is a “shell” or “blank
check” company, whose sole purpose is to locate and consummate a merger or
acquisition with a private entity..
 
 2.
              SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES
 
 BASIS
OF PRESENTATION
 
 The
accompanying unaudited interim financial statements and related notes have been
prepared in accordance with accounting principles generally accepted in the
United States of America (“U.S. GAAP”) for interim financial information, and
with the rules and regulations of the United States Securities and Exchange
Commission (“SEC”) to Form 10-Q and Article 8 of Regulation
S-X.  Accordingly, they do not include all of the information and
footnotes required by U.S. GAAP for complete financial statements.  The
unaudited interim financial statements furnished reflect all adjustments
(consisting of normal recurring accruals) which are, in the opinion of
management, necessary to a fair statement of the results for the interim periods
presented.  Interim results are not necessarily indicative of the
results for the full year.  These financial statements should be read
in conjunction with the financial statements of the Company for the year
ended December 31, 2008 and notes thereto contained in the Company’s Annual
Report on Form 10-K as filed with the SEC on May 11, 2009.
 
 RECLASSIFICATION
 
 Certain
amounts in the prior period financial statements have been reclassified to
conform to the current period presentation.   These
reclassifications had no effect on reported losses.
 
 F-5
 
 USE
OF ESTIMATES
 
 The
preparation of 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 disclosures of
contingent assets and liabilities as of the date of the financial statements and
reporting period.  Accordingly, actual results could differ from those
estimates.
 
 CASH
      AND CASH EQUIVALENTS
 
 The
      company considers all highly liquid investments purchased with an original
      maturity of three months or less to be cash
  equivalents.
 
 FAIR
VALUE OF FINANCIAL INSTRUMENTS
 
 U.S. GAAP
for fair value measurements establishes a fair value hierarchy which prioritizes
the inputs to valuation techniques used to measure fair value into three levels.
The fair value hierarchy gives the highest priority to quoted market prices
(unadjusted) in active markets for identical assets or liabilities (Level 1) and
the lowest priority to unobservable inputs (Level 3). Level 2 inputs are
inputs, other than quoted prices included within Level 1, which are
observable for the asset or liability, either directly or indirectly.The fair value hierarchy
gives the highest priority to quoted prices (unadjusted) in active markets for
identical assets or liabilities and the lowest priority to unobservable
inputs.
 
 The
carrying amounts of the Company’s financial assets and liabilities, such as
cash, accounts payable and accrued expenses, loan payable – related party and
notes payable – related party approximates their fair values because of the
short maturity of these instruments.
 
 The
Company does not have any assets or liabilities measured at fair value on a
recurring or a non-recurring basis, consequently, the Company did not have any
fair value adjustments for assets and liabilities measured at fair value at
September 30, 2009 or 2008, nor gains or losses are reported in the statement of
operations that are attributable to the change in unrealized gains or losses
relating to those assets and liabilities still held at the reporting date for
the interim period ended September 30, 2009 or 2008.
 
 INCOME
      TAXES
 
 The
Company follows Section 740-10-30 of the FASB Accounting Standards Codification,
which requires recognition of deferred tax assets and liabilities for the
expected future tax consequences of events that have been included in the
financial statements or tax returns.  Under this method, deferred tax
assets and liabilities are based on the differences between the financial
statement and tax bases of assets and liabilities using enacted tax rates in
effect for the year in which the differences are expected to
reverse.  Deferred tax assets are reduced by a valuation allowance to
the extent management concludes it is more likely than not that the assets will
not be realized.  Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in
which those temporary differences are expected to be recovered or
settled.  The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in the Statements of Operations in the period
that includes the enactment date.
  F-6
  The
Company adopted section 740-10-25 of the FASB Accounting Standards Codification
(“Section 740-10-25”). Section 740-10-25.addresses the determination of whether
tax benefits claimed or expected to be claimed on a tax return should be
recorded in the financial statements.  Under Section 740-10-25, the
Company may recognize the tax benefit from an uncertain tax position only if it
is more likely than not that the tax position will be sustained on examination
by the taxing authorities, based on the technical merits of the
position.  The tax benefits recognized in the financial statements
from such a position should be measured based on the largest benefit that has a
greater than fifty percent (50%) likelihood of being realized upon ultimate
settlement.  Section 740-10-25 also provides guidance on
de-recognition, classification, interest and penalties on income taxes,
accounting in interim periods and requires increased disclosures.  The
Company had no material adjustments to its liabilities for unrecognized income
tax benefits according to the provisions of Section 740-10-25.
 
 NET
      LOSS PER COMMON SHARE
 
 Net loss
per common share is computed pursuant to section 260-10-45 of the FASB
Accounting Standards Codification.  Basic net loss per share is
computed by dividing net loss by the weighted average number of shares of common
stock outstanding during the period.  Diluted net loss per share is
computed by dividing net loss by the weighted average number of shares of common
stock and potentially outstanding shares of common stock during each
period.  There were no potentially dilutive shares outstanding as of
September 30, 2009 or 2008.
 
 RECENTLY
ISSUED ACCOUNTING PRONOUNCEMENTS
 
 In June
2003, the Securities and Exchange Commission (“SEC”) adopted final rules under
Section 404 of the Sarbanes-Oxley Act of 2002 (“Section 404”), as amended by SEC
Release No. 33-9072 on October 13, 2009.  Commencing with its annual
report for the fiscal year ending December 31, 2010, the Company will be
required to include a report of management on its internal control over
financial reporting. The internal control report must include a
statement
 
 Of
      management’s responsibility for establishing and maintaining adequate
      internal control over its financial
reporting;
 
 Of
      management’s assessment of the effectiveness of its internal control over
      financial reporting as of year end;
and
 
 Of
      the framework used by management to evaluate the effectiveness of the
      Company’s internal control over financial
  reporting.
 
 Furthermore,
it is required to file the auditor’s attestation report separately on the
Company’s internal control over financial reporting on whether it believes that
the Company has maintained, in all material respects, effective internal control
over financial reporting.
 
 In
June 2009, the FASB approved the “FASB Accounting Standards Codification”
(the “Codification”) as the single source of authoritative nongovernmental U.S.
GAAP to be launched on July 1, 2009.  The Codification does not
change current U.S. GAAP, but is intended to simplify user access to all
authoritative U.S. GAAP by providing all the authoritative literature related to
a particular topic in one place.  All existing accounting standard
documents will be superseded and all other accounting literature not included in
the Codification will be considered non-authoritative. The Codification is
effective for interim and annual periods ending after September 15,
2009.
  F-7
  In
August 2009, the FASB issued the FASB Accounting Standards Update No.
2009-04 “Accounting for
Redeemable Equity Instruments - Amendment to Section 480-10-S99” which
represents an update to section 480-10-S99, distinguishing liabilities from
equity, per EITF Topic D-98, Classification and Measurement of
Redeemable Securities.  The Company does not expect the
adoption of this update to have a material impact on its consolidated financial
position, results of operations or cash flows.
 
 In
August 2009, the FASB issued the FASB Accounting Standards Update No.
2009-05 “Fair Value
Measurement and Disclosures Topic 820 – Measuring Liabilities at Fair
Value”, which provides amendments to subtopic 820-10, Fair Value
Measurements and Disclosures – Overall, for the fair value measurement of
liabilities.  This update provides clarification that in circumstances
in which a quoted price in an active market for the identical liability is not
available, a reporting entity is required to measure fair value using one or
more of the following techniques: 1. A valuation technique that uses: a. The
quoted price of the identical liability when traded as an asset b. Quoted prices
for similar liabilities or similar liabilities when traded as assets. 2. Another
valuation technique that is consistent with the principles of topic 820; two
examples would be an income approach, such as a present value technique, or a
market approach, such as a technique that is based on the amount at the
measurement date that the reporting entity would pay to transfer the identical
liability or would receive to enter into the identical liability. The amendments
in this update also clarify that when estimating the fair value of a liability,
a reporting entity is not required to include a separate input or adjustment to
other inputs relating to the existence of a restriction that prevents the
transfer of the liability. The amendments in this update also clarify that both
a quoted price in an active market for the identical liability when traded as an
asset in an active market when no adjustments to the quoted price of the asset
are required are Level 1 fair value measurements.  The Company does
not expect the adoption of this update to have a material impact on its
consolidated financial position, results of operations or cash
flows.
 
 In
September 2009, the FASB issued the FASB Accounting Standards Update No.
2009-08 “Earnings Per Share –
Amendments to Section 260-10-S99”,which represents technical corrections
to topic 260-10-S99, Earnings per share, based on EITF Topic D-53, Computation of Earnings Per Share
for a Period that includes a Redemption or an Induced Conversion of a Portion of
a Class of Preferred Stock and EITF Topic D-42, The Effect of the Calculation of
Earnings per Share for the Redemption or Induced Conversion of Preferred
Stock. The Company does not expect the adoption of this update to have a
material impact on its consolidated financial position, results of operations or
cash flows.
 
 In
September 2009, the FASB issued the FASB Accounting Standards Update No.
2009-09 “Accounting for
Investments-Equity Method and Joint Ventures and Accounting for Equity-Based
Payments to Non-Employees”.  This update represents a
correction to Section 323-10-S99-4, Accounting by an Investor for
Stock-Based Compensation Granted to Employees of an Equity Method
Investee. Additionally, it adds observer commentAccounting Recognition for Certain
Transactions Involving Equity Instruments Granted to Other Than Employees
to the Codification. The Company does not expect the adoption to have a material
impact on its consolidated financial position, results of operations or cash
flows.
  F-8
  In
September 2009, the FASB issued the FASB Accounting Standards Update No.
2009-12 “Fair Value
Measurements and Disclosures Topic 820 – Investment in Certain Entities That
Calculate Net Assets Value Per Share (or Its Equivalent)”, which provides
amendments to Subtopic 820-10, Fair Value Measurements and Disclosures-Overall,
for the fair value measurement of investments in certain entities that calculate
net asset value per share (or its equivalent). The amendments in this update
permit, as a practical expedient, a reporting entity to measure the fair value
of an investment that is within the scope of the amendments in this update on
the basis of the net asset value per share of the investment (or its equivalent)
if the net asset value of the investment (or its equivalent) is calculated in a
manner consistent with the measurement principles of Topic 946 as of the
reporting entity’s measurement date, including measurement of all or
substantially all of the underlying investments of the investee in accordance
with Topic 820. The amendments in this update also require disclosures by major
category of investment about the attributes of investments within the scope of
the amendments in this update, such as the nature of any restrictions on the
investor’s ability to redeem its investments a the measurement date, any
unfunded commitments (for example, a contractual commitment by the investor to
invest a specified amount of additional capital at a future date to fund
investments that will be make by the investee), and the investment strategies of
the investees. The major category of investment is required to be determined on
the basis of the nature and risks of the investment in a manner consistent with
the guidance for major security types in U.S. GAAP on investments in debt and
equity securities in paragraph 320-10-50-1B. The disclosures are required for
all investments within the scope of the amendments in this update regardless of
whether the fair value of the investment is measured using the practical
expedient. The Company does not expect the adoption to have a material impact on
its consolidated financial position, results of operations or cash
flows.
 
 Management
does not believe that any other recently issued, but not yet effective
accounting pronouncements, if adopted, would have a material effect on the
accompanying consolidated financial statements.
 
 3.                    GOING
CONCERN
 
 The
accompanying financial statements have been prepared on a going concern basis,
which contemplates the realization of assets and the satisfaction of liabilities
in the normal course of business.  The Company is currently inactive.
As reflected in the accompanying financial statements, the Company had an
accumulated deficit of $351,797 at September 30, 2009, a net loss of $15,245 and
net cash used in operations of $103 for the interim period ended September 30,
2009, respectively.
 
 While the
Company is attempting to generate sufficient revenues, the Company’s cash
position may not be enough to support the Company’s daily
operations.  Management intends to raise additional funds by way of a
public or private offering.  Management believes that the actions
presently being taken to further implement its business plan and generate
sufficient revenues provide the opportunity for the Company to continue as a
going concern.  While the Company believes in the viability of its
strategy to increase revenues and in its ability to raise additional funds,
there can be no assurances to that effect.  The ability of the Company
to continue as a going concern is dependent upon the Company’s ability to
further implement its business plan and generate sufficient
revenues.
 
 The
financial statements do not include any adjustments that might be necessary if
the Company is unable to continue as a going concern.
 
 4.                    NOTES
PAYABLE – RELATED PARTY
 
 Through
September 30, 2009, the Company executed notesto a related party
aggregating a total of $72,859 which bear interest of 10% per annum. These notes
are convertible into shares of common stock at any time at the conversion rate
of $.01 per share.  The value of the conversion feature was not
considered material.
 
 5.                    SUBSEQUENT
EVENTS
 
 Management
has evaluated all events that occurred after the balance sheet date of September
30, 2009 through November 18, 2009, the date when these financial statements
were issued to determine if they must be reported. The Management of the Company
has determined that there were no reportable subsequent events to be
disclosed.
  F-9
  Item
2.  Management’s Discussion and Analysis or plan of
Operation
  The
following plan of operation provides information which management believes is
relevant to an assessment and understanding of our results of operations and
financial condition.  The discussion should be read along with our
financial statements and notes thereto. CentraCan Incorporated is a development
stage company. Because the Company has only generated minimal revenues, it
intends to report its plan of operation below.
 
 The
following discussion and analysis contains forward-looking statements, which
involve risks and uncertainties.  The Company’s actual results may
differ significantly from the results, expectations and plans discussed in these
forward-looking statements.
 
 The
Company’s operations have been devoted primarily to developing a business plan
and raising capital for future operations and administrative
functions.  The Company intends to grow through internal development,
strategic alliances, and acquisitions of existing businesses.  Because
of uncertainties surrounding its development, the Company anticipates incurring
development stage losses in the foreseeable future.  The ability of
the Company to achieve its business objectives is contingent upon its success in
raising additional capital until adequate revenues are realized from
operations.
 
 NINE
MONTHS ENDED SEPTEMBER 30, 2009 AND SEPTEMBER 30, 2008
 Development
stage losses during the nine months ended September 30, 2009 were $15,245 as
compared to $23,997 for the period ended September 30, 2008.
 
 Expenses
for the nine months ended September 30, 2009 were primarily accounting ($5050
credit), legal $16,060, and interest on note payables $5,525.
 
 Expenses
for the nine months ended September 30, 2008 were primarily accounting $10,000,
legal $5,000, and interest on note payables $5,025.
 
 THREE
MONTHS ENDED SEPTEMBER 30, 2009 AND SEPTEMBER 30, 2008
 Development
stage income during the three months ended September 30, 2009 was $8,663 as
compared to a loss of $5,411 for the three months ended September 30,
2008.
 
 Expenses
for the three months ended September 30, 2009 were primarily accounting ($11,625
credit), and interest on note payables of $1,862.
 
 Expenses
for the three months ended September 30, 2008 were primarily for accounting
$3,500, and interest on notes payable $1,836
  2
  Liquidity and Capital
Resources
 
 Despite
capital contributions and both related party and third party loan commitments,
the company from time to time experienced, and continues to experience, cash
flow shortages that have slowed the Company’s growth.
 
 The
Company has primarily financed its activities from sales of capital stock of the
Company and from loans from related and third parties.  A significant
portion of the funds raised from the sale of capital stock has been used to
cover working capital needs such as office expenses and various professional
fees.
 
 For the
nine months ended September 30, 2009, we incurred a net loss of
$15,245.  Our accumulated deficit since inception is
$351,797.  Such accumulated losses have resulted primarily from costs
related to various professional fees.
 
 The
Company continues to experience cash flow shortages, and anticipates this
continuing through the foreseeable future.  Management believes that
additional funding will be necessary in order for it to continue as a going
concern.  The Company is investigating several forms of private debt
and/or equity financing, although there can be no assurances that the Company
will be successful in procuring such financing or that it will be available on
terms acceptable to the Company. If the Company is unable to generate profits,
or unable to obtain additional funds for its working capital needs, it may have
to cease operations.
 
 Item
3.   Quantitative and Qualitative Disclosures About Market
Risk.
 
 As a
Smaller Reporting Company as defined Rule 12b-2 of the Exchange Act and in
Item 10(f)(1) of Regulation S-K, we are electing scaled disclosure
reporting obligations and therefore are not required to provide the information
requested by this Item 3.
 
 Item
4T.   Controls and Procedures.
 
 Evaluation
of Disclosure Controls and Procedures.
 
 As
required by Rule 13a-15(b) under the Securities Exchange Act of 1934
(the"Exchange Act"), the Company's management, with the participation of the
Company's Chief Executive Officer ("CEO") and Principal Financial Officer,
evaluated the effectiveness of the Company's disclosure controls and procedures
as of the end of the period covered by this report in reaching a reasonable
level of assurance that the information required to be disclosed by the Company
in the reports that it files with the Securities and Exchange Commission (“SEC”)
is recorded, processed, summarized and reported within the time period specified
in the SEC's rules and forms. Based upon that evaluation, the CEO and Principal
Financial Officer concluded that the Company's disclosure controls and
procedures to be ineffective as of the end of the period covered by this
report.
 
 Changes
in Internal Control Over Financial Reporting
 
 There
were no changes to our internal control over financial reporting (as defined in
Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the
period covered by this report that have materially affected, or are reasonably
likely to materially affect, our internal control over financial
reporting.
 
 
 3
 
 PART
II
 
 Item
1. Legal Proceedings.
 
 None.
 
 Item
2. Unregistered Sales of Equity Securities and Use of
Proceeds.
 
 None.
 
 Item
3. Defaults Upon Senior Securities.
 
 None
 
 Item
4. Submission of Matters to a Vote of Security Holders.
 
 None.
 
 Item
5. Other Information.
 
 None.
 
 Item
6.  Exhibits.
 
 Index to
Exhibits.
 
 3.1*                     Articles
of Incorporation
 
 3.2*                     Amendment
No. 1 to Articles of Incorporation
 
 3.3*                     Amendment
No. 2 to Articles of Incorporation
 
 3.4*                     By-laws
 
 31.1                      Rule
13(a) — 14(a)/15(d) — 14(a) Certification (Principal Executive
Officer)
 
 31.2                      Rule
13(a) — 14(a)/15(d) — 14(a) Certification (Principal Financial
Officer)
 
 32.1                      Section
1350 Certification (Principal Executive Officer)
 
 32.2                      Section
1350 Certification (Principal Financial Officer)
 
 *   Incorporated by
Reference to the Company’s Registration Statement on Form 10-SB filed on
November 13, 2007.
 
 4
 
 SIGNATURES
 
 Pursuant to the requirements of Section
13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
 
 
  CENTRACAN
      INCORPORATEDDated:
       November 19, 2009
              By:/s/ Jerome
      GoubeauxJerome
      Goubeaux,Chief
      Executive Officer