UNITED
STATES
 SECURITIES
AND EXCHANGE COMMISSION
 WASHINGTON,
D.C. 20549
 
  x
              QUARTERLY
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934
  For
the quarterly period ended June 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  ______.
  EMISSARY
CAPITAL GROUP, INC.
 (Exact
name of registrant as specified in Charter
  Delaware
              
              000-52531
              
              20-8429161(State
      or other jurisdiction of
                incorporation
      or organization)
              
              (Commission
      File No.)
              
              (IRS
      Employee Identification No.)
 
 2800
East North Street, Ste 27
 Greenville,
S.C. 29615
 (Address
of Principal Executive Offices)
 
  (864)
292-3208
 (Issuer
Telephone number)
 
 
 Cavalier
Holdings, Inc.
 (Former
Name or Former Address if Changed Since Last Report)
  Check
whether the issuer (1) has filed all reports required to be filed by Section 13
or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter
period that the issuer was required to file such reports), and (2)has been
subject to such filing requirements for the past 90 days. Yes x No 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
filer.  See definition of “accelerated filer” and “large accelerated
filer” in Rule 12b-2 of the Exchange Act (Check one):
 
 Large
Accelerated Filer o   Accelerated
Filer o       Non-Accelerated
Filero       Smaller
Reporting Companyx
  Indicate
by check mark whether the registrant is a shell company as defined in Rule 12b-2
of the Exchange Act. Yes oNox
  State the
number of shares outstanding of each of the issuer’s classes of common equity,
as of September 21,
2009: 16,272,500 shares of common stock.
  
  EMISSARY
CAPITAL GROUP, INC.
 FORM
10-Q
 June
30, 2009
 INDEX
  PART
      I— FINANCIAL INFORMATIONItem
      1.
                        Financial
      Statements
                        1Item
      2.
                        Management’s
      Discussion and Analysis of Financial Condition
                        2Item
      3.
                        Quantitative
      and Qualitative Disclosures About Market Risk
                        2Item
      4.
                        Control
      and Procedures
                        2PART
      II— OTHER INFORMATIONItem
      1
                        Legal
      Proceedings
                        3Item
      2.
                        Unregistered
      Sales of Equity Securities and Use of Proceeds
                        3Item
      3.
                        Defaults
      Upon Senior Securities
                        3Item
      4.
                        Submission
      of Matters to a Vote of Security Holders
                        3Item
      5.
                        Other
      Information
                        3Item
      6.
                        Exhibits
      and Reports on Form 8-K
                        3SIGNATURE
                        
                        3
  
  ITEM
1. Financial Information
  EMISSARY
CAPITAL GROUP, INC.
  FINANCIAL
      STATEMENTS
                      
                      Page
      #Balance
      Sheets as of June 30, 2009  (Unaudited) and December 31,
      2008
                      
                      
                      F-1Statements
      of Operations for the Three Months Ended June 30, 2009 and 2008
      (Unaudited)
                      
                      
                      F-2Statements
      of Operations for the Six Months Ended June 30, 2009 and
      2008(Unaudited)
                      
                      
                      F-3Statements
      of Cash Flows for the Six Months Ended June 30, 2009 and 2008
      (Unaudited)
                      
                      
                      F-4Notes
      to the Financial Statements (Unaudited)
                      
                      
                      F-5
  1
  ITEM
1 Financial Information
 
 EMISSARY
CAPITAL GROUP, INC.
 Balance
Sheets
 
 June
      30, 2009
                                    
                                    
                                    December
      31, 2008(Unaudited)ASSETSCURRENT
      ASSETS:Cash
                                    
                                    $
                                    2,600
                                    
                                    
                                    $
                                    2,600TOTAL  ASSETS
                                    
                                    $
                                    2,600
                                    
                                    
                                    $
                                    2,600LIABILITIES
      AND STOCKHOLDER’S DEFICITCURRENT
      LIABILITIES:Accrued
      expenses
                                    
                                    $
                                    41,295
                                    
                                    
                                    $
                                    28,759Advance
      from related party
                                    
                                    
                                    9,509
                                    
                                    
                                    
                                    9,509Total
      Current Liabilities
                                    
                                    
                                    50,804
                                    
                                    
                                    
                                    38,268STOCKHOLDER’S
      DEFICIT:Preferred
      stock at $0.0001 par value; 10,000,000 shares authorized; no shares issued
      and outstanding
                                    
                                    
                                    -
                                    
                                    
                                    
                                    -Common
      stock at $0.0001 par value; 100,000,000 shares authorized; 4,000,000
      shares issued and outstanding respectively
                                    
                                    
                                    400
                                    
                                    
                                    
                                    400Additional
      paid-in capital
                                    
                                    
                                    6,899
                                    
                                    
                                    
                                    6,899Deficit
      accumulated during the development stage
                                    
                                    
                                    (55,503
                                    )
                                    
                                    
                                    (42,967
                                    )Stockholder’s
      Deficit
                                    
                                    
                                    (48,204
                                    )
                                    
                                    
                                    (35,668
                                    )TOTAL
      LIABILITIES AND STOCKHOLDER’S DEFICIT
                                    
                                    $
                                    2,600
                                    
                                    
                                    $
                                    2,600
 
 See
accompanying notes to the financial statements.
  F-1
 
 EMISSARY
CAPITAL GROUP, INC.
 Statements
of Operations
 (Unaudited)
 
 Three
      Months
                                      EndedJune
      30,
                                      2009
                                    
                                    
                                    Three
      Months
                                      EndedJune
      30,
                                      2008Revenues
                                    
                                    $
                                    -
                                    
                                    
                                    $
                                    -Operating
      expenses:General
      and administrative
                                    
                                    
                                    1,299
                                    
                                    
                                    
                                    1,789Total
      operating expenses
                                    
                                    
                                    1,299
                                    
                                    
                                    
                                    1,789Loss
      before income taxes
                                    
                                    
                                    (1,299
                                    )
                                    
                                    
                                    (1,789
                                    )Income
      tax provision
                                    
                                    
                                    -
                                    
                                    
                                    
                                    -Net
      loss
                                    
                                    $
                                    (1,299
                                    )
                                    
                                    $
                                    (1,789
                                    )Net
      loss per common share – basic and diluted
                                    
                                    $
                                    (0.00
                                    )
                                    
                                    $
                                    (0.00
                                    )Weighted
      average number of common shares outstanding – basic and
      diluted
                                    
                                    
                                    4,000,000
                                    
                                    
                                    
                                    4,000,000
 
 See
accompanying notes to the financial statements.
  F-2
  EMISSARY
CAPITAL GROUP, INC.
 Statements
of Operations
 (Unaudited)
 
 Six Months
                      Ended
      June
                      30,
                      2009
                    
                    
                    Six Months
                      Ended
      June
                      30,
                      2008Revenues
                    
                    $
                    -
                    
                    
                    $
                    -Operating
      expenses:General
      and administrative
                    
                    
                    12,536
                    
                    
                    
                    11,427Total
      operating expenses
                    
                    
                    12,536
                    
                    
                    
                    11,427Loss
      before income taxes
                    
                    
                    (12,536
                    )
                    
                    
                    (11,427
                    )Income
      tax provision
                    
                    
                    -
                    
                    
                    
                    -Net
      loss
                    
                    $
                    (12,536
                    )
                    
                    $
                    (11,427
                    )Net
      loss per common share – basic and diluted
                    
                    $
                    (0.00
                    )
                    
                    $
                    (0.00
                    )Weighted
      average number of common shares outstanding – basic and
      diluted
                    
                    
                    4,000,000
                    
                    
                    
                    4,000,000
 
 See
accompanying notes to the financial statements.
  F-3
 
 EMISSARY
CAPITAL GROUP, INC.
 Statements
of Cash Flows
 (Unaudited)
 
 Six
      Months
                      Ended
      June,
                      30,
      2009
                    
                    
                    Six
      Months
                      Ended
      June,
                      30,
      2008Cash
      flow from operating activities:Net
      loss
                    
                    $
                    (12,536
                    )
                    
                    $
                    (11,427
                    )Adjustments
      to reconcile net loss to net cash used in operating
      activities:Increase
      in accrued expenses
                    
                    
                    12,536
                    
                    
                    
                    8,427Net
      cash used in operating activities
                    
                    
                    -
                    
                    
                    
                    (3,000
                    )Cash
      flow from financing activities:Advance
      from related party
                    
                    
                    -
                    
                    
                    
                    5,500Net
      cash provided by financing activities
                    
                    
                    -
                    
                    
                    
                    5,500Net
      increase in cash
                    
                    
                    -
                    
                    
                    
                    2,500Cash
      at beginning of period
                    
                    
                    2,600
                    
                    
                    
                    100Cash
      at end of period
                    
                    $
                    2,600
                    
                    
                    $
                    2,600
 
 See
accompanying notes to the financial statements.
  F-4
  EMISSARY
CAPITAL GROUP, INC.
  Notes to
Financial Statements
 June 30,
2009
 (Unaudited)
  1.
              ORGANIZATION AND
      OPERATIONS
 
 Cavalier
Holdings, Inc. was incorporated in Delaware on February 7, 2007 to raise equity
and search for a businessT.T The
Company is currently inactive.  On August 28, 2009, the shareholders
of the Company approved an amendment to its articles of incorporation to change
the name of the Company to Emissary Capital Group, Inc. (“Emissary” or the
“Company”)
 
 2.
              SUMMARY OF SIGNIFICANT ACCOUNTING
      POLICIES
 
 Basis of
Presentation
 
 The
accompanying interim unaudited financial statements and related notes have been
prepared in accordance with accounting principles generally accepted in the
United States for interim financial statements and with the instructions to Form
10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of
the information and footnotes required by accounting principles generally
accepted in the United States for complete financial statement presentation. In
the opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary to present fairly the financial position, results
of operations and cash flows for the interim periods have been included. These
financial statements should be read in conjunction with the financial statements
of the Company, together with the Company’s Plan of Operations in the Company’s
Transitional Report on Form 10-KSB for the period ended December 31, 2008.
Interim results are not necessarily indicative of the results for a full
year.
  The
financial statements include all the accounts of the Company.
 
 Estimates
 
 The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the amounts of assets and liabilities and the
disclosure of contingent assets and liabilities at the date of the financial
statements and revenues and expenses during the reporting period. Actual results
could differ from those estimates.
 
 Recently
Issued Accounting Pronouncements
 
 Management
does not believe that any recently issued, but not yet effective accounting
pronouncements, if adopted, would have a material effect on the accompanying
financial statements.
 
 3.
              GOING
      CONCERN AND MANAGEMENT’S PLAN
 
 The accompanying financial statements
have been prepared assuming that the Company will continue as a going concern,
which contemplates the realization of assets and the satisfaction of liabilities
in the normal course of business. The Company has incurred operating losses and
negative operating cash flow since inception and future losses are anticipated.
The Company’s plan of operations, even if successful, may not result in cash
flow sufficient to finance and expand its business. These factors raise
substantial doubt about the Company’s ability to continue as a going concern.
Realization of assets is dependent upon management’s plans to meet its financing
requirements and the success of its future operations. These financial
statements do not include any adjustments related to the recoverability and
classification of asset amounts or the amounts and classifications of
liabilities that might be necessary should the Company be unable to continue in
existence.
  F-5





4.
            EQUITY





On February 7, 2007 (inception), as
amended February 21, 2007, the Company has authorized 50,000,000 shares of
common stock, $.001 par value, per share, and 10,000,000 shares of preferred
stock, $.001 par value, per share.





On February 7, 2007, the Company issued
4,000,000 shares of common stock in exchange for an initial capital contribution
of $5,299. In addition, all expenses incurred by the Company were paid by the
sole stockholder and have been charged to additional
paid-in-capital.




On August 28, 2009, in association with
the acquisition of Emissary Capital Group, LLC (see footnote 7), the
shareholders of the Registrant approved an amendment to the Registrant’s
articles of incorporation to (i) increase the number of authorized capital stock
from 50,000,000 shares to 110,000,000 shares of which 100,000,000 shares will be
Common Stock and 10,000,000 shares will be preferred stock par value $0.0001 per
share (the “Preferred Stock”). The financial statements give effect to such
amendment.





5.
            ADVANCE
      FROM RELATED PARTY





The total
amount of advances from the related party that remained unpaid at June 30, 2009
was $9,509. The advances are non-interest bearing and are included in current
liabilities.





6.
            SUBSEQUENT
      EVENTS





The Company has evaluated all events
that occurred after the balance sheet date but before the financial statements
were available to be issued to determine if they must be
reported.  The Management of the Company determined that there were
certain reportable subsequent events to be disclosed as follows:





On August 28, 2009, the Company
acquired Emissary Capital Group, LLC, a privately owned Delaware limited
liability company (“Emissary”), pursuant to an Agreement and Plan of Share
Exchange (the “Exchange”).  Emissary was organized under the laws of
the State of Delaware on November 5, 2008.  Emissary is a company
whose principal operations include providing strategic consulting and research
services to emerging growth companies primarily based in India and China. Upon
consummation of the Exchange, the Registrant adopted the business plan of
Emissary.





Pursuant to the terms of the Exchange,
the Company acquired Emissary in exchange for an aggregate of 12,047,500 newly
issued shares (the “Exchange Shares”) of the Company’s common stock, par value
$0.0001 per share (the “Common Stock”), resulting in an aggregate of 16,047,500
shares of the Company  common stock issued and outstanding. As a
result of the Exchange, Emissary became a wholly-owned subsidiary of the
Company.  The Company shares were issued to the members of Emissary on
a pro rata basis, on the basis of the membership interests of Emissary held by
such Emissary member at the time of the Exchange.





Immediately
subsequent to the Exchange on August 28, 2009, the shareholders of the
Registrant approved an amendment to the Registrant’s articles of incorporation
to (i) increase the number of authorized capital stock from 50,000,000 shares to
110,000,000 shares of which 100,000,000 shares will be Common Stock and
10,000,000 shares will be preferred stock par value $0.0001 per share (the
“Preferred Stock”), (ii) change the name of the Registrant to Emissary Capital
Group, Inc., and (iii) authorize the Board of Directors to provide for the
issuance of shares of preferred stock in series and, by filing a certificate
pursuant to the General Corporation Law of the State of Delaware (hereinafter,
along with any similar designation relating to any other class of stock that may
hereafter be authorized, referred to as a “Preferred Stock Designation”), to
establish from time to time the number of shares to be included in each such
series, and to fix the designation, power, preferences and rights of the shares
of each such series and the qualifications, limitations and restrictions
thereof.


F-6


At the
effective time of the Acquisition, the board of directors was reconstituted by
the resignation of Leo Mentzelopoulos from his role as the Registrant’s
sole officer and director, and the appointment of: Amit Tandon as Chairman and
Chief Executive Officer, Ajay Tandon as Director, President and Chief Financial
Officer; Albert Lee as Executive Vice President, Research; and Charles J. Duff
as Executive Vice President, Corporate Finance (each of whom served in similar
capacities with Emissary immediately prior to the Exchange). In connection
with his appointment, Charles J. Duff entered into an Option Agreement with the
Registrant where upon the satisfaction of certain conditions precedent, he
will receive the option to purchase up to 800,000 shares of Common Stock at
$0.15 per share. The options must vest on or before April 1, 2010 and expire two
years from the date of  the Agreement .


F-7


TItem 2. Management’s
Plan of Operation.T





TPlan of OperationT. We have
not realized any revenues from operations for the six month period ended June
30, 2009 and we are inactive. It is unlikely the Company will have any revenues
unless we are able to effect an acquisition or merger with an operating company.
As of June 30, 2009, we had cash of $2,600 and through June 30, 2009, all our
operating expenses have been paid by our sole stockholder and through advances
from a related party.





Our plan
for the next twelve months shall be to continue efforts to locate suitable
acquisition candidates. The Company can provide no assurance that a suitable
candidate may be located or that a transaction may be consummated on terms that
are favorable to the Company or that it can continue to satisfy its cash
requirements for at least the next twelve months.





The
Company has incurred operating losses and negative operating cash flow since
inception and future losses are anticipated. The Company’s plan of operations,
even if successful, may not result in cash flow sufficient to finance and expand
its business. These factors raise substantial doubt about the Company’s ability
to continue as a going concern. Realization of assets is dependent upon
management’s plans to meet its financing requirements and the success of its
future operations. These financial statements do not include any adjustments
related to the recoverability and classification of asset amounts or the amounts
and classifications of liabilities that might be necessary should the Company be
unable to continue in existence.




TItem 3. Quantitative
and Qualitative Disclosures About Market RiskT





The
Company is not exposed to market risk related to interest rates or foreign
currencies.





TItem 4. Controls and
Procedures.T





TEvaluation of disclosure controls
and proceduresT. We
maintain disclosure controls and procedures that are designed to ensure that
information required to be disclosed in our reports filed pursuant to the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded,
processed, summarized and reported within the time periods specified in the
Securities and Exchange Commission's (“SEC”) rules, regulations and related
forms, and that such information is accumulated and communicated to our
principal executive officer and principal financial officer, as appropriate, to
allow timely decisions regarding required disclosure.





As of
June 30, 2009, we carried out an evaluation, under the supervision and with the
participation of our management, including our principal executive officer and
principal financial officer, of the effectiveness of the design and operation of
our disclosure controls and procedures. Based on this evaluation, our principal
executive and financial officer concluded that our disclosure controls and
procedures were effective.




This quarterly report does not include
an attestation report of the Company’s registered public accounting firm
regarding internal control over financial reporting. Management’s report was not
subject to attestation by the Company’s registered public accounting firm
pursuant to temporary rules of the Securities and Exchange Commission that
permit the Company to provide only management’s report in this quarterly report
on Form 10-QT.T




TChanges in internal
controlsT. There
have been no changes in our internal controls or in other factors that could
significantly affect these controls and procedures during the period ended June
30, 2009.


2


TPART II — OTHER
INFORMATIONT





TItem 1. Legal
Proceedings.T





To the
best knowledge of the officers and directors, the Company is not a party to any
legal proceeding or litigation.





TItem 2. Unregistered
Sales of Equity Securities and Use of Proceeds.T





None.





TItem 3. Defaults Upon Senior
Securities.T





None.





TItem 4. Submission of Matters to a
Vote of Security Holders.T





None.





TItem 5. Other
Information.T





None.





TItem 6. Exhibits.





Exhibit
                
                Description of Exhibit31.1
                
                Chairman
      of the Board and Chief Executive Officer Certification Pursuant to Section
      302 of the Sarbanes-Oxley Act of 200231.2
                
                Director,
      President and Chief Financial Officer Certification of Periodic Financial
      Report Pursuant to Section 302 of the Sarbanes-Oxley Act of
      200232.1
                
                Chairman
      of the Board and Chief Executive Officer Certification Pursuant to Section
      906 of the Sarbanes-Oxley Act of 200232.2
                
                Director,
      President and Chief Financial Officer Certification Pursuant to Section
      906 of the Sarbanes-Oxley Act of
2002





SIGNATURES





In
accordance with the requirements of the Exchange Act, the registrant caused this
report to be signed on its behalf by the undersigned, thereunto duly
authorized.





EMISSARY
      CAPITAL GROUP, INC.
                      (Registrant)Dated:
      September 21,
      2009
                    By:
                    /s/
      Amit TandonAmit
      Tandon
                      Chairman
      of the Board and
                      Chief
      Executive
Officer


3