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 March 31, 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 xNoo




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


March
31, 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 INFORMATION
                3Item
      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
                4









ITEM 1. Financial
Information




EMISSARY
CAPITAL GROUP, INC.





FINANCIAL
      STATEMENTS
                Page
      #Balance
      Sheets as of March 31, 2009 (Unaudited) and December 31,
    2008
                F-1Statements
      of Operations for the Three Months Ended March 31, 2009 and 2008
      (Unaudited)
                F-2Statements
      of Cash Flows for the Three Months Ended March 31, 2009 and 2008
      (Unaudited)
                F-3Notes
      to the Financial Statements (Unaudited)
                F-4




1


EMISSARY
CAPITAL GROUP, INC.


Balance
Sheets





March 31, 2009
                    
                    
                    December 31, 2008(Unaudited)ASSETSCURRENT
      ASSETS:Cash
                    
                    $
                    2,600
                    
                    
                    $
                    2,600TOTAL  ASSETS
                    
                    $
                    2,600
                    
                    
                    $
                    2,600LIABILITIES
      AND STOCKHOLDER’S DEFICITCURRENT
      LIABILITIES:Accrued
      expenses
                    
                    $
                    39,996
                    
                    
                    $
                    27,209Advance
      from related party
                    
                    
                    9,509
                    
                    
                    
                    11,059Total
      Current Liabilities
                    
                    
                    49,505
                    
                    
                    
                    38,268STOCKHOLDER’S
      DEFICIT:Preferred
      stock at $0.0001 par value; 10,000,000 shares authorized; no shares issued
      or outstanding
                    
                    
                    -
                    
                    
                    
                    -Common
      stock at $0.0001 par value; 100,000,000 shares authorized; 4,000,000
      shares issued and outstanding
                    
                    
                    400
                    
                    
                    
                    400Additional
      paid-in capital
                    
                    
                    6,899
                    
                    
                    
                    6,899Deficit
      accumulated during the development stage
                    
                    
                    (54,204
                    )
                    
                    
                    (42,967
                    )Stockholder’s
      Deficit
                    
                    
                    (46,905
                    )
                    
                    
                    (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
                  Ended March
                  31, 2009
                
                
                Three Months
                  Ended March
                  31, 2008Revenues
                
                $
                -
                
                
                $
                -Operating
      expenses:General
      and administrative
                
                
                11,237
                
                
                
                9,638Total
      operating expenses
                
                
                11,237
                
                
                
                9,638Loss
      before income taxes
                
                
                (11,237
                )
                
                
                (9,638
                )Income
      tax provision
                
                
                -
                
                
                
                -Net
      loss
                
                $
                (11,237
                )
                
                $
                (9,638
                )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 Cash Flows


(Unaudited)





Three
                  Months
                  Ended
                  March 31,
                  2009
                
                
                Three
                  Months
                  Ended
                  March 31,
                  2008Cash
      flow from operating activities:Net
      loss
                
                $
                (11,237
                )
                
                $
                (9,638
                )Adjustments
      to reconcile net loss to net cash used in operating
      activities:Increase
      in accrued expenses
                
                
                11,237
                
                
                
                4,127Net
      cash used in operating activities
                
                
                -
                
                
                
                (5,511
                )Cash
      flow from financing activities:Advance
      from related party
                
                
                -
                
                
                
                5,500Net
      cash provided by financing activities
                
                
                -
                
                
                
                5,500Net
      (decrease) increase in cash
                
                
                -
                
                
                
                (11
                )Cash
      at beginning of period
                
                
                2,600
                
                
                
                100Cash
      at end of period
                
                $
                2,600
                
                
                $
                89




F-3


EMISSARY
CAPITAL GROUP, INC.


March 31, 2009 and
2008


Notes to
Financial Statements


(Unaudited)




1.
            ORGANIZATION AND
      OPERATIONS





Cavalier
Holdings, Inc. was incorporated in Delaware on February 7, 2007 to raise equity
and search for a business. 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-K for the period ended December 31, 2008. Interim
results are not necessarily indicative of the results for a full
year.




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-4





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





In 2008,
the Company received advances from a related party in the amount of $5,500. The
total amount of advances from the related party that remained unpaid at March
31, 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-5


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 .
 
 Simultaneously
with the issuance of the Exchange Shares, the Company accepted subscriptions to
purchase 9 Units consisting of 225,000 shares of the Company’s Common Stock and
a warrant to purchase an additional 67,500 shares of Common for an aggregate
purchase price of $225,000.
 
 The
former holders of membership interests of Emissary now beneficially own
approximately 74% of the outstanding shares of Company Common Stock on a fully
diluted basis. Accordingly, the Exchange represents a change in control. As of
the date of this report, there are 4,000,000 shares of Common Stock issued and
outstanding.   For financial accounting purposes, the acquisition
was a reverse acquisition of the Company by Emissary, under the purchase method
of accounting, and was treated as a recapitalization with Emissary as the
acquirer. Upon consummation of the Exchange, the Company adopted the business
plan of Emissary.
  F-6
  Item
2. Management’s Plan of Operation.
 
 Plan of Operation. We have
not realized any revenues from operations for the six month period ended March
31, 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 March 31, 2009, we had cash of $2,600 and through March 31, 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.
  Item
3. Quantitative and Qualitative Disclosures About Market Risk.
 
 The
Company is not exposed to market risk related to interest rates or foreign
currencies.
 
 Item
4.Controls and Procedures.
 
 Evaluation of disclosure controls
and procedures. 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
March 31, 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-Q.
  Changes in internal controls.
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
March 31, 2009.
  2
 
 PART
II — OTHER INFORMATION
 
 Item
1. Legal Proceedings.
 
 To the
best knowledge of the officers and directors, the Company is not a party to any
legal proceeding or litigation.
 
 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.
 
 Exhibit
                
                Description of
  Exhibit31.1
                
                Chairman
      of the Board and Chief Executive Officer Certification Pursuant to Section
      302 of the Sarbanes-Oxley Act of 2002.31.2
                
                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
  3
  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___,
      2009
                By:
                /s/  Leo
      MentzelopoulosPresident
  4