UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


WASHINGTON,
DC 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: October 31, 2009





 ̈
            Transition Report Pursuant to
      Section 13 or 15(d) of the Securities Exchange Act of
      1934


For the
transition period from ________ to _________




Commission
File Number: 000-51388





CONO
ITALIANO, INC.


(Exact
Name of Registrant as Specified in its Charter)





Nevada
              84-1665042(State
      or Other Jurisdiction of
              (IRS
      Employer IdentificationIncorporation
      or Organization)
              Number)





10
Main Street


Keyport,
NJ  07735


(Address
of Principal Executive Offices)





877-330-2666


(Registrant
Telephone Number, Including Area Code)





N/A


(Former
Name, Former Address and Former Fiscal Year,


If
Changed Since Last Report)





Indicate
by check mark whether the registrant: (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities 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 x No  ̈




Indicate
by check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files).    
Yes  ̈ No  ̈





Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act. (Check one):




Large
      Accelerated Filer
                 ̈
                Accelerated
      Filer
                 ̈Accelerated
      Filer
                 ̈
                Smaller
      Reporting Company
                x





Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act). Yes xNo o





Indicate
the number of shares outstanding of each of the issuer’s classes of common
stock, as of the latest practicable date: The Issuer had 61,528,988 shares
of Common Stock, par value $.001, outstanding as of March 1, 2010.





Explanatory
Note:





This
Report on Form 10-Q (this “Report”) has been filed by Cono Italiano, Inc., a
Nevada corporation (the “Company”) in response to comments received from the
U.S. Securities and Exchange Commission (the “Commission”).  The
information contained in this Report describes the Company, its plans, and its
financial condition as of October 31, 2009.  Events related to the Company
which have occurred after October 31, 2009 are not described or reported
herein.   Subsequent to the period covered by this Report, we
entered into share exchange agreements with all of the shareholders of Cono
Italiano Inc., a Delaware corporation (referred to herein as “Cono Italiano
(Delaware)”), pursuant to which we acquired all of the issued and outstanding
shares of Cono Italiano (Delaware).  We now operate Cono Italiano
(Delaware) as a wholly-owned subsidiary of our Company.  On November 13,
2010, the Company filed a Current Report on Form 8-K with the Commission
regarding the November 12, 2009 transactions.  Cono Italiano (Delaware) was
the accounting survivor in the share exchange transaction and all financial
statements of the Company with respect to reporting periods on and after
November 13, 2009 reflect the financial accounting of Cono Italiano (Delaware)
and do not reflect the financial statements contained herein covering
the pre-transaction period ended October 31, 2009.




2




TABLE
OF CONTENTS




PART
      I: FINANCIAL INFORMATION
                3Item
      1: Financial Statements
                6Item
      2: Management’s Discussion and Analysis of Financial Condition and Results
      of Operations
                12Item
      3: Quantitative and Qualitative Disclosures About Market
    Risk
                14Item
      4: Control and Procedures
                14PART
      II: OTHER INFORMATION
                15Item
      1: Legal Proceedings
                15Item
      1A: Risk Factors
                15Item
      2: Unregistered Sales of Equity Securities and Use of
    Proceeds
                15Item
      3: Defaults Upon Senior Securities
                15Item
      4: Submission of Matters to a Vote of Security Holders
                15Item
      5: Other Information
                15Item
      6: Exhibits
                16SIGNATURES
                17


3





PART
I: FINANCIAL INFORMATION





SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS




This
Report on Form 10-Q (this “Report”) includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Forward-looking statements include statements concerning our plans,
objectives, goals, strategies, future events, future revenues or performance,
capital expenditures, financing needs and other information that is not
historical information and, in particular, appear in the section entitled
“Management’s Discussion and Analysis of Financial Condition and Results of
Operations” and elsewhere in this Report. When used in this Report, the words
“estimates,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,”
“believes,” “seeks,” “may,” “will,” “should” and variations of these words or
similar expressions (or the negative versions of any these words) are intended
to identify forward-looking statements. However, as we issue “penny stock,” as
such term is defined in Rule 3a51-1 promulgated under the Exchange Act, we are
ineligible to rely on these safe harbor provisions. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of our Company
to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. All forward-looking
statements, including, without limitation, management’s examination of
historical operating trends, are based upon our current expectations and various
assumptions. Our expectations, beliefs and projections are expressed in good
faith and we believe there is a reasonable basis for them.





There are
a number of risks and uncertainties that could cause our actual results to
differ materially from the results referred to in the forward-looking statements
contained in this Report. Important factors outside the scope of our control
could cause our actual results to differ materially from the results referred to
in the forward-looking statements we make in this Report. Without limiting the
foregoing, if we are unable to acquire approvals or consents from third parties
or governmental authorities with respect to our new business model, our plans to
commence our new business may become irrevocably impaired.





All
forward-looking statements included herein are expressly qualified in their
entirety by the cautionary statements contained or referred to in this Report.
Except to the extent required by applicable laws and regulations, the Company
undertakes no obligation to update these forward-looking statements to reflect
events or circumstances after the date of this Report or to reflect the
occurrence of unanticipated events.





Unless
otherwise provided in this Report, references to the “Company,” the
“Registrant,” the “Issuer,” “we,” “us,” and “our” refer to Cono Italiano,
Inc.


4





CONO
ITALIANO, INC.


(FORMERLY
KNOWN AS TIGER RENEWABLE ENTERGY LTD.)


(A
NEVADA CORPORATION)


Keyport,
New Jersey




TABLE
OF CONTENTS




Balance
      Sheets at October 31, 2009 (Unaudited) and January 31,
2009
                6Statements of Changes in
      Stockholders’ Equity (Deficit) for the Nine Months Ended October 31,
      2009 and 2008 (Unaudited)
                7Statements of Operations for the
      Three and Nine Months Ended October 31, 2009 and 2008
      (Unaudited)
                8Statements of Cash Flows for the
      Three and Nine Months Ended October 31, 2009 and 2008
      (Unaudited)
                9Notes
      to Financial Statements
                10





5




Item 1: Financial
Statements




CONO
ITALIANO, INC.


(Formerly
Known As Tiger Renewable Energy Ltd.)


(A
Development Stage Company)


BALANCE
SHEET





October 31
                    
                    
                    January 312009
                    
                    
                    2009(unaudited)
                    
                    
                    (audited)ASSETSCurrent
      assets:Cash
                    
                    $
                    -
                    
                    
                    $
                    19,223Sundry
      current assets
                    
                    
                    -
                    
                    
                    
                    8,203TOTAL
      CURRENT ASSETS
                    
                    
                    -
                    
                    
                    
                    27,426Prepaid
      expenses (Note 3)
                    
                    
                    311,928Investment
      (Note 4)
                    
                    
                    -
                    
                    
                    
                    1,000,000TOTAL
      ASSETS
                    
                    $
                    311,928
                    
                    
                    $
                    1,027,426LIABILITIES AND STOCKHOLDERS'
      EQUITYCURRENT
      LIABILITIES:Accounts
      payable and accrued liabilities
                    
                    $
                    211,342
                    
                    
                    $
                    1,214,855Notes
      payable (note 5)
                    
                    
                    63,488
                    
                    
                    
                    40,311TOTAL
      CURRENT LIABILITIES
                    
                    
                    274,830
                    
                    
                    
                    1,255,166STOCKHOLDERS' EQUITYCommon
      stock, $.001 par value, 100,000,000 shares authorized, 485,113 shares
      issued and outstanding
                    
                    
                    29,107
                    
                    
                    
                    19,374Additional
      paid-in capital
                    
                    
                    7,789,935
                    
                    
                    
                    7,116,532Deficit
      accumulated during development stage
                    
                    
                    (7,790,036
                    )
                    
                    
                    (7,363,646
                    )Other
      Comprehensive Income
                    
                    
                    8,092
                    
                    
                    
                    -Total
      Stockholders' Equity
                    
                    
                    37,098
                    
                    
                    
                    (227,740
                    )TOTAL
      LIABILITIES AND STOCKHOLDERS’ EQUITY
                    
                    $
                    311,928
                    
                    
                    $
                    1,027,426




The
accompanying notes are an integral part of the financial
statements


6





CONO
ITALIANO, INC.


(Formerly
Known As Tiger Renewable Energy Ltd.)


(A
Development Stage Company)


STATEMENTS
OF OPERATIONS


Three
Months and Nine Months Ended October 31, 2009 and 2008 and Period from September
9, 2004 (Inception) through October 31, 2009


(unaudited)




Three months
                            
                            
                            Nine months
                            
                            
                            InceptionEnded
                            
                            
                            Ended
                            
                            
                            Ended
                            
                            
                            Ended
                            
                            
                            throughOctober 31
                            
                            
                            October 31
                            
                            
                            October 31
                            
                            
                            October 31
                            
                            
                            October 312009
                            
                            
                            2008
                            
                            
                            2009
                            
                            
                            2008
                            
                            
                            2009General
      & administrative expenses
                            
                            $
                            65,433
                            
                            
                            $
                            277,783
                            
                            
                            $
                            427,793
                            
                            
                            
                            716,123
                            
                            
                            $
                            2,891,562Loss
      on disposal of investment
                            
                            
                            0
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            4,946,306Interest
      (revenue) expense
                            
                            
                            1,210
                            
                            
                            
                            1,096
                            
                            
                            
                            2,475
                            
                            
                            
                            19,728
                            
                            
                            
                            (10,447
                            )Foreign
      exchange (gain) loss
                            
                            
                            0
                            
                            
                            
                            (2,088
                            )
                            
                            
                            (3,878
                            )
                            
                            
                            7,729
                            
                            
                            
                            4,16366,643
                            
                            
                            
                            293,909
                            
                            
                            
                            426,390
                            
                            
                            
                            799,252
                            
                            
                            
                            7,831,584Minority
      interest in Joint Venture
                            
                            
                            
                            
                            
                            
                            ( 18,424
                            )
                            
                            
                            0
                            
                            
                            
                            (32,615
                            )
                            
                            
                            (41,548
                            )NET
      LOSS
                            
                            $
                            66,643
                            
                            
                            $
                            275,485
                            
                            
                            $
                            426,390
                            
                            
                            
                            766,637
                            
                            
                            $
                            7,790,036Basic
      and diluted loss per common share
                            
                            $
                            0.14
                            
                            
                            $
                            0.01
                            
                            
                            $
                            1.06
                            
                            
                            
                            0.04
                            
                            
                            $
                            n/aWeighted
      average number of common shares outstanding
                            
                            
                            485,113
                            
                            
                            
                            19,290,421
                            
                            
                            
                            401,536
                            
                            
                            
                            18,802,395
                            
                            
                            
                            n/a




The
accompanying notes are an integral part of the financial
statements


7





CONO
ITALIANO, INC.


(Formerly
Known As Tiger Renewable Energy Ltd.)


(A
Development Stage Company)


STATEMENT
OF CHANGES IN STOCKHOLDERS' EQUITY


From
September 9, 2004, (Inception) through October 31, 2009 (unaudited)




Stockholders
                    Deficiency
                  
                  Shares
                  
                  
                  Common stock
                    Authorized
                    100,000,000
                    Shares,
                    Par value $0,001
                  
                  
                  Additional paid
                    in Capital
                  
                  
                  Deficit
                    Accumulated
                    During the
                    Development
                    Stage
                  
                  
                  Other
                    Comprehensive
                    Income (Loss)
                  
                  
                  TotalShares
      issued to founders for cash
                  
                  
                  466,667
                  
                  
                  $
                  28,000
                  
                  
                  $
                  (27,600
                  )
                  
                  $
                  -
                  
                  
                  $
                  -
                  
                  
                  $
                  400Contribution
      to capital by founders
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  7,650
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  7,650Net
      loss
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (9,508
                  )
                  
                  
                  -
                  
                  
                  
                  (9,508
                  )Balances
      at November 30, 2004
                  
                  
                  466,667
                  
                  
                  $
                  28,000
                  
                  
                  $
                  (19,950
                  )
                  
                  $
                  (9,508
                  )
                  
                  $
                  -
                  
                  
                  $
                  (1,458
                  )Shares
      issued for cash
                  
                  
                  119,379
                  
                  
                  
                  7,163
                  
                  
                  
                  95,185
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  102,348Offering
      Costs
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (20,000
                  )
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (20,000
                  )Contribution
      to capital by founders
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  34,200
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  34,200Net
      loss
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (58,819
                  )
                  
                  
                  -
                  
                  
                  
                  (58,819
                  )Balances
      at November 30, 2005
                  
                  
                  586,046
                  
                  
                  $
                  35,163
                  
                  
                  $
                  89,435
                  
                  
                  $
                  (68,327
                  )
                  
                  $
                  -
                  
                  
                  $
                  56,271Voluntary
      surrender common shares
                  
                  
                  (416,667
                  )
                  
                  
                  (25,000
                  )
                  
                  
                  25,000
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  0Compensation
      relating to the joint venture
                  
                  
                  83,333
                  
                  
                  
                  5,000
                  
                  
                  
                  138,000
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  143,000Shares
      and warrants issued for cash
                  
                  
                  8,333
                  
                  
                  
                  500
                  
                  
                  
                  999,500
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  1,000,000Contribution
      to capital by founders
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  17,533
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  17,533Stock-based
      compensation
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  74,766
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  74,766Net
      loss
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (511,635
                  )
                  
                  
                  -
                  
                  
                  
                  (511,635
                  )Balances
      at November 30, 2006
                  
                  
                  261,045
                  
                  
                  $
                  15,663
                  
                  
                  $
                  1,344,234
                  
                  
                  $
                  (579,962
                  )
                  
                  $
                  -
                  
                  
                  $
                  779,935Shares
      and warrants issued for stock payable
                  
                  
                  4,167
                  
                  
                  
                  250
                  
                  
                  
                  499,750
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  500,000Stock-based
      compensation
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  31,522
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  31,522Net
      Loss
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (295,772
                  )
                  
                  
                  -
                  
                  
                  
                  (295,772
                  )Balances
      at January31,
      2007
                  
                  
                  265,212
                  
                  
                  $
                  15,913
                  
                  
                  $
                  1,875,506
                  
                  
                  $
                  (875,734
                  )
                  
                  $
                  -
                  
                  
                  $
                  1,015,685Shares
      and warrants issued for cash
                  
                  
                  37,500
                  
                  
                  
                  2,250
                  
                  
                  
                  4,497,750
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  4,500,000Shares
      issued pursuant to exercise of stock options
                  
                  
                  3,667
                  
                  
                  
                  220
                  
                  
                  
                  10,780
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  11,000Stock-based
      compensation
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  166,038
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  166,038Net
      loss
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (961,835
                  )
                  
                  
                  -
                  
                  
                  
                  (961,835
                  )Balances
      at January 31, 2008
                  
                  
                  306,379
                  
                  
                  $
                  18,383
                  
                  
                  $
                  6,550,074
                  
                  
                  $
                  (1,837,569
                  )
                  
                  $
                  -
                  
                  
                  $
                  4,730,888Shares
      issued in exchange of note payable
                  
                  
                  12,851
                  
                  
                  
                  771
                  
                  
                  
                  500,425
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  501,196Shares
      issued in exchange of accounts payable
                  
                  
                  2,594
                  
                  
                  
                  156
                  
                  
                  
                  55,867
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  56,023Shares
      issued in exchange of accounts payable
                  
                  
                  1,066
                  
                  
                  
                  64
                  
                  
                  
                  10,166
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  10,230Net
      loss
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (5,526,077
                  )
                  
                  
                  -
                  
                  
                  
                  (5,526,077
                  )Balances
      at January 31, 2009
                  
                  
                  322,890
                  
                  
                  $
                  19,374
                  
                  
                  $
                  7,116,532
                  
                  
                  $
                  (7,363,646
                  )
                  
                  $
                  -
                  
                  
                  $
                  (227,740
                  )Shares
      issued in exchange of accounts payable
                  
                  
                  3,000
                  
                  
                  
                  180
                  
                  
                  
                  14,220
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  14,400Shares
      issued for contract payment
                  
                  
                  159,223
                  
                  
                  
                  9,553
                  
                  
                  
                  659,183
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  668,736Net
      Loss
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (359,747
                  )
                  
                  
                  -
                  
                  
                  
                  (359,747
                  )Other
      comprehensiveIncome
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  8,092
                  
                  
                  
                  8,092Balances
      at October31,
      2009
                  
                  
                  485,113
                  
                  
                  $
                  29,107
                  
                  
                  $
                  7,789,935
                  
                  
                  $
                  (7,790,036
                  )
                  
                  $
                  8,092
                  
                  
                  $
                  37,098





The
accompanying notes are an integral part of the financial
statements


8





CONO
ITALIANO, INC.


(Formerly
Known As Tiger Renewable Energy Ltd.)


(A
Development Stage Company)


STATEMENTS
OF CASH FLOWS


Nine
Months Ended October 31, 2009 and 2008 and Periods from September 9, 2004
(Inception)


through
October 31, 2009 (unaudited)




Nine months
                                Ended October
      31
                                2009
                              
                              
                              Nine months
                                Ended October
      31
                                2008
                              
                              
                              Inception
                                through
                                October
      31,
                                2009Cash
      flows from operating activities:Net
      loss
                              
                              $
                              (426,390
                              )
                              
                              $
                              (766,637)
                              
                              
                              $
                              (7,790,036)Adjustments
      to reconcile net loss to net cash used in operating
      activities:Imputed
      rent and salary expense
                              
                              
                              -
                              
                              
                              
                              -
                              
                              
                              
                              59,383Stock-based
      compensation expense
                              
                              
                              -
                              
                              
                              
                              -
                              
                              
                              
                              272,326Stock
      issued for services (Note 3)
                              
                              
                              258,069
                              
                              
                              
                              
                              
                              
                              
                              258,069Loss
      on exchange of accounts payable
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              17,118Gain
      on exchange of accounts payable
                              
                              
                              (10,997
                              )
                              
                              
                              
                              
                              
                              
                              (16,752)Interests
      on note payable
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              12,642Loss
      on exchange of note payable
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              38,554Loss
      on disposal of investment
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              4,653,037Non-cash
      stock compensation relating to the joint venture
                              
                              
                              -
                              
                              
                              
                              
                              
                              
                              
                              143,000Minority
      interest in joint venture
                              
                              
                              
                              
                              
                              
                              (32,615)
                              
                              
                              
                              46,680Depreciation
                              
                              
                              
                              
                              
                              
                              2,720
                              
                              
                              
                              3,626Amortization
      Prepaid Expenses (Note 3)
                              
                              
                              98,739
                              
                              
                              
                              
                              
                              
                              
                              98,739Changes
      in:Sundry
      current assets
                              
                              
                              8,203
                              
                              
                              
                              
                              
                              
                              
                              0Accounts
      payable and accrued liabilities
                              
                              
                              29,976
                              
                              
                              
                              
                              
                              
                              
                              253,840Net
      cash used in operating activities
                              
                              
                              (42,400
                              )
                              
                              
                              
                              
                              
                              
                              (1,949,774)Cash
      flows from investing activities:Property
      and equipment
                              
                              
                              -
                              
                              
                              
                              
                              
                              
                              
                              (4,798,026)Net
      cash used in investing activities
                              
                              
                              -
                              
                              
                              
                              
                              
                              
                              
                              (4,798,026)Cash
      flows from financing activities:Investment
      by minority interest
                              
                              
                              -
                              
                              
                              
                              -
                              
                              
                              
                              140,564Stock
      payable: common stock and warrants
                              
                              
                              -
                              
                              
                              
                              -
                              
                              
                              
                              396,000104,000Proceeds
      from sale of common stock and warrants
                              
                              
                              -
                              
                              
                              
                              
                              
                              
                              
                              3,895,7481,647,000Proceeds
      pursuant to exercise of stock options
                              
                              
                              -
                              
                              
                              
                              
                              
                              
                              
                              11,000Proceeds
      from note payable
                              
                              
                              23,177
                              
                              
                              
                              254,670
                              
                              
                              
                              604,774Loan
      repayments
                              
                              
                              -
                              
                              
                              
                              -
                              
                              
                              
                              (91,286)Net
      cash provided by financing activities
                              
                              
                              23,177
                              
                              
                              
                              254,670
                              
                              
                              
                              6,747,800Net
      change in cash
                              
                              
                              (19,223
                              )
                              
                              
                              (329,379)
                              
                              
                              
                              0Cash
      at beginning of period
                              
                              
                              19,223
                              
                              
                              
                              334,730
                              
                              
                              
                              0Cash
      at end of period
                              
                              $
                              0
                              
                              
                              $
                              5,351
                              
                              
                              $
                              0Supplemental
      Information:Interest
      paid
                              
                              $
                              -
                              
                              
                              $
                              -
                              
                              
                              $




The
accompanying notes are an integral part of the financial
statements


9




NOTES
TO FINANCIAL STATEMENTS





1. BASIS
OF PRESENTATION





The
accompanying unaudited interim financial statements of Cono Italiano, Inc.
(formally known as Tiger Renewable Energy Ltd.) have been prepared in accordance
with accounting principles generally accepted in the United States of America
and the rules of the Securities and Exchange Commission, and should be read in
conjunction with the audited financial statements and notes thereto contained in
the Company’s Annual Report on Form 10-K. In the opinion of management, all
adjustments, consisting of normal recurring adjustments, necessary for a fair
presentation of financial position and the results of operations for the interim
periods presented have been reflected herein. The results of operations for
interim periods are not necessarily indicative of the results to be expected for
the full year. Notes to the financial statements that would substantially
duplicate the disclosure contained in the audited financial statements for the
year ended January 31, 2009, as reported in the Form 10-K, have been
omitted.





2. GOING
CONCERN




The
Company's financial statements are prepared in accordance with generally
accepted accounting principles applicable to a going concern. The Company’s
ability to become and maintain itself as a going concern is dependant upon its
ability to raise additional funds through either the sale of equity securities
or issuance of debt. The Company believes it will be able to raise the
additional financing necessary for the Company to become and maintain itself as
a going concern, however, there is no assurance that financing will be obtained.
Until the completion of such financing, there remains uncertainty regarding the
Company’s ability to become and maintain itself as a going concern. The
financial statements do not include any adjustments that might result from the
outcome of this uncertainty.





3.
PREPAID EXPENSES




On June
22, 2009 the Company entered into a Management Services Agreement with Lara Mac
Inc. (“Lara Mac”), an entity controlled by Mitchell Brown, the Chief Executive
Officer of the Company and a member of our Board of Directors.  In
exchange for the Services, Lara Mac received 9,553,377 shares of the Company’s
common stock (the “Fee”).  The value of the restricted shares of
common stock constituting the Fee is deemed to be $0.044 per share, which is
equivalent to fifty percent of the average closing trading price of the
Company’s common stock during the ninety day period of February 27, 2009,
through May 27, 2009. The value of the restricted shares of common stock on June
22, 2009 was $0.07 per share. The value of the contract $410,667 was accounted
for as prepaid expenses. The contract will be amortized over a twelve month
period.





The
Management Services Agreement of $410,667 was paid with 9,553,377 shares of the
Company’s common stock. The conversion price of these shares of the Company’s
common stock, 0.044 per share, which is equivalent to fifty percent of the
average closing trading price of the Company’s common stock during the ninety
day period of February 27, 2009, through May 27, 2009 which resulted in a cost
of $258,069 for the Company.





4.
INVESTMENT





On
January 29, 2009 the Company entered into an Agreement to acquire a 30% Working
Interest in the GP Oil and Gas Leases  Project located in Northern
Texas for a total purchase price of $1,000,000. The project consists of 7 leases
covering approximately 323 net acres and has over 50 existing well bores. The
acquisition was made from Wellington Capital, a portfolio management company
with substantial investments in the Oil and Gas sector.





On April
5, 2009, the Company and Wellington Capital Management Inc. (Wellington) entered
into an Agreement to terminate its Working Interest Purchase and Sale Agreement
in Oil and Gas Leases in the GP Project which covers the Fowlkes Station leases
as per an agreement dated January 29, 2009. The Company and Wellington also
entered into a Termination and Discharge of the Convertible Note Agreement, and
on April 30, 2009 the parties agreed to a Mutual Release. The Company and
Wellington mutually agreed to terminate the Agreements in view of the current
business environment and difficulty in raising capital.





5. NOTES
PAYABLE





During
the three months ended October 31, 2009, the Company received loans of $15,500
from Mitch Brown Limited, the balance of Notes Payable as of October 31,
2009 amounts to $63,488.   These loans bear interest at 10% and are
payable on demand.


10





6. RECENT
EVENTS





On August
10, 2009, the Company amended the First Article of the Company’s Certificate of
Incorporation and changed the Company’s name from “Tiger Renewable Energy
Ltd.” to “Cono
Italiano, Inc.”





On August
10, 2009, the Company has conducted a one for sixty reverse stock split (the
“Reverse Stock
Split”).  As of that date, all of the existing outstanding
common stock of the Company ha s been consolidated such that existing
stockholders will hold one share of post-split common stock for every sixty
shares owned prior to the reverse stock split. All fractional shares resulting
from the reverse stock split have been rounded up to the next whole
share.


11





Item
2: Management’s Discussion and Analysis of Financial Condition and Results of
Operations





Introduction





The
following discussion of the financial condition and results of operations of the
Company should be read in conjunction with the financial statements and the
related notes thereto included elsewhere in this Report. This Report contains
certain forward-looking statements and the Company's future operating results
could differ materially from those discussed herein. Certain statements
contained in this Report, including, without limitation, statements containing
the words "believes", "anticipates," "expects" and the like, constitute
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”). However, as the Company intends to issue “penny
stock,” as such term is defined in Rule 3a51-1 promulgated under the Exchange
Act, the Company is ineligible to rely on these safe harbor provisions. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Given
these uncertainties, readers are cautioned not to place undue reliance on such
forward-looking statements. The Company disclaims any obligation to update any
such factors or to announce publicly the results of any revisions of the
forward-looking statements contained or incorporated by reference herein to
reflect future events or developments.





The
Company was incorporated in the State of Nevada on September 9, 2004 as Arch
Management Services Inc. A change of control of the Company occurred on June 5,
2006 and the Company changed its name from “Arch Management Services Inc.” to
“Tiger Ethanol International Inc.” on November 24, 2006. On February 11, 2008
the Company changed its name to “Tiger Renewable Energy Ltd.” Another change of
control of the Company occurred on June 4, 2009. On August 10, 2009, the Company
changed its name to “Cono Italiano, Inc.” and its symbol changed to
CNOZ.





Our
principal business address is 10 Main Street, Keyport, NJ 07735 and our
telephone number is 877-330-2666.





Our
Business





We are a
development stage company. The Company was previously involved in the production
of ethanol from agricultural products. The Company’s board of directors
determined that it was in our best interest to initiate a complete and total
withdrawal from the ethanol business as of January 31, 2009. The Company
subsequently began seeking new business opportunities.





On June
4, 2009, an Affiliate Stock Purchase Agreement (the “Stock Purchase Agreement”)
was entered into by and between Gallant Energy International Inc. (“Gallant”), a
shareholder owning 25.6% of the shares of the Company’s common stock and Lara
Mac Inc. (“Lara Mac”). Pursuant to the Stock Purchase Agreement, Gallant sold
all of its shares of the Company’s common stock to Lara Mac. The Gallant
transaction with Lara Mac resulted in a change in control of the largest voting
block of the Company effective as of June 4, 2009. The compensation which
Gallant received from Lara Mac consisted of Lara Mac’s agreement to assure the
payment of certain obligations of the Company in the amount of $162,139.05,
which shall be paid by the Company in due course. The Company was not a party to
the Stock Purchase Agreement.





On June
4, 2009, pursuant to the Stock Purchase Agreement, the Board also appointed the
following individuals to five vacancies on the Board, effective ten (10) days
after the filing of an Information Statement on Schedule 14f-1 with the U.S.
Securities and Exchange Commission (the Information Statement was filed on June
9, 2009): Mitch Brown, Alex J. Kaminski, Joseph Masselli, Steve Savage and Scott
Smith. These new directors commenced their service on June 19,
2009.





As of the
date of this Report, the officers and directors of the Company are as
follows:





Mitchell
Brown, Chief Executive Officer and Director


Joseph
Masselli, President, Chief Operating Officer and Director


Alex J.
Kaminski, Chief Financial Officer, Treasurer and Director


Steve
Savage, Secretary


Scott
Smith, Director





On June
22, 2009, Lara Mac entered into a Management Services Agreement with the Company
(the “Management Services Agreement”). Pursuant to the Management Services
Agreement, Lara Mac agreed to render to the Company certain consulting and other
advisory services. In exchange for the services, Lara Mac received shares of the
Company’s common stock.





On August
10, 2009, the Company amended the First Article of the Company’s Certificate of
Incorporation and changed the Company’s name from “Tiger Renewable Energy
Ltd.” to “Cono
Italiano, Inc.”


12





On August
10, 2009, the Company conducted a one for sixty reverse stock split (the
“Reverse Stock Split”). As of that date, all of the existing outstanding common
stock of the Company have been consolidated such that existing stockholders will
hold one share of post-split common stock for every sixty shares owned prior to
the reverse stock split. All fractional shares resulting from the reverse stock
split have been rounded up to the next whole share.





Development Stage Expenditures





Development
stage expenditures during the nine month period ended October 31, 2009 were
$426,390, which consisted primarily of $141,485 in professional fees, $25,626 in
salaries and $258,069 in loss on payment of contract (see Note 3 of the
financials). By way of comparison, for the nine month period ended October 31,
2008, the Company's total expenses were $766,637, which consisted primarily of
$337,917 in professional fees, $263,649 in salaries and $28,035 in travel
expenditures.





For the
three month period ended October 31, 2009, the Company's expenses were $66,643,
which consisted primarily of $65,433 in professional fees and a $1,210 interest
expense.  For the three month period ended October 31, 2008, the Company's
total expenses were $275,485 and consisted primarily of $188,116 in professional
fees and $69,557 in salaries.





Financial
Condition, Liquidity and Capital Resources





At
October 31, 2009, the Company had total assets of $311,928 consisting of cash
and prepaid expenses which compares with the Company's total assets at January
31, 2009, of $1,027,426. This change is primarily the result of the Agreement to
terminate the Working Interest Purchase and Sale Agreement in Oil and Gas Leases
in the GP Project which covers the Fowlkes Station leases as per an agreement
dated January 29, 2009 (see note 4 of the Financial Statements).





At
October 31, 2009, the Company's total liabilities were $274,830. Our total
liabilities at January 31, 2009, were $1,255,166.





Plan of Operations





With the
market for ethanol at an all-time low and investor sentiment toward that
industry being negative at present, the board and management concluded that the
production of ethanol was not going to result in a viable business even if more
capital was available, and thus decided to identify new opportunities for the
Company.  Since January 31, 2009, the Company has had no
operations.





We
recently indentified Cono Italiano, Inc., a Delaware corporation (referred to
herein as “Cono Italiano (Delaware)”) as a business venture that would be
suitable for future operations.  Subsequent to the end of the period
covered by this Report, we entered into agreements with the shareholders of Cono
Italiano (Delaware) pursuant to which we acquired all of the issued and
outstanding shares of Cono Italiano (Delaware) and we will now operate Cono
Italiano (Delaware) as a wholly-owned subsidiary of our Company.





The
Company intends to seek funding for its operations through a combination of the
private placement of its equity securities, the public sales of its equity
securities and borrowing.





Our
auditors issued an opinion in their audit report as of January 31, 2009
expressing uncertainty regarding the ability of our Company to continue as a
going concern.  This means that there is substantial doubt that we can
continue as an ongoing business without additional financing and/or generating
profits from our operations.  We have a history of operating losses,
limited funds and may continue to incur operating losses. Management's plan for
the Company's continued existence includes selling additional stock through
private placements and borrowing additional funds to pay overhead expenses while
maintaining marketing efforts to raise the Company’s sales volume. The future
success of the Company is dependent upon its ability to achieve profitable
operations, generate cash from operating activities and obtain additional
financing. There is no assurance that the Company will be able to generate
sufficient cash from operations, sell additional shares of common stock or
borrow additional funds. In addition, the going concern uncertainty underlined
in their opinion could make it more difficult for us to secure additional
financing on terms acceptable to us, if at all, and may materially and adversely
affect the terms of any financing that we may obtain. The inability of the
Company to obtain additional cash could have a material adverse affect on its
financial position, results of operations and its ability to continue in
existence.





Off
Balance Sheet Arrangements





The
Company does not have any off balance sheet arrangements that have or are
reasonably likely to have a current or future effect on the Company's financial
condition, changes in financial condition, revenues or expenses, results of
operations, liquidity, capital expenditures or capital
resources.


13





Subsequent
Events





We
recently indentified Cono Italiano, Inc., a Delaware corporation (referred to
herein as “Cono Italiano (Delaware)”) as a business venture that would be
suitable for future operations. On November 12, 2009, we entered into agreements
with the shareholders of Cono Italiano (Delaware) pursuant to which we acquired
all of the issued and outstanding shares of Cono Italiano (Delaware) and we will
now operate Cono Italiano (Delaware) as a wholly-owned subsidiary of our
Company.





On
November 6, 2009, as additional inducement to the shareholders of Cono Italiano
(Delaware) to enter into the Share Exchange Agreements, Lara Mac agreed to the
termination of the Management Services Agreement with the Company and the
cancellation of all of the Company shares previously issued to Lara
Mac.





Item
3: Quantitative and Qualitative Disclosures About Market Risk





Not
Applicable.





Item
4: Controls and Procedures





As of the
end of the period covered by this Report, an evaluation was carried out under
the supervision and with the participation of our management, including our
Chief Executive Officer and Chief Financial Officer, of the effectiveness of our
disclosure controls and procedures, as defined in Rule 13a-15(e) and Rule
15d-15(e) promulgated under the Securities and Exchange Act of 1934 (the
“Exchange Act”).  Based on their evaluation of our disclosure controls
and procedures as of October 31, 2009, the Company’s Chief Executive Officer and
Chief Financial Officer have concluded that the Company’s disclosure controls
and procedures were not effective to ensure that information required to be
disclosed by the Company in reports that it files or submits under the Exchange
Act is recorded, processed, summarized and reported within the time periods
specified in Securities and Exchange Commission rules and forms and this
information is accumulated and communicated to management, including the
Company’s Chief Executive Officer and Chief Financial Officer to allow timely
decisions regarding required disclosures.





Management
identified a material weakness (as defined in Public Company Accounting
Oversight Board Standard No. 2) in our internal control over financial reporting
regarding a lack of adequate segregation of duties and concluded that such
controls were not effective as of October 31, 2009.





Changes
in Internal Control Over Financial Reporting





The
Company is in the process of improving its internal control over financial
reporting in an effort to remediate this material weakness by improving
period-end closing procedures and requiring all period-end recurring and
non-recurring adjustments be reviewed by the Chief Financial
Officer.





As of
October 31, 2009, there has been no change in the Company’s internal control
over financial reporting that has materially affected or is reasonably likely to
materially affect the Company’s internal control over financial
reporting.


14





PART
II: OTHER INFORMATION




Item
1: Legal Proceedings




The
Company is not, and has not been during the period covered by this Quarterly
Report, a party to any legal proceedings.





Item
1A: Risk Factors





Not
Applicable.




Item
2: Unregistered Sales of Equity Securities and Use of Proceeds





None.





Item
3: Defaults Upon Senior Securities





Not
Applicable.




Item
4: Submission of Matters to a Vote of Security Holders




There
have been no meetings of security holders during the period covered by this
Quarterly Report.




No
matters were submitted to the vote of the Company’s security holders during the
fiscal quarter ended October 31, 2009.





Item 5: Other Information




None.


15





Item
6: Exhibits





(a)
  Exhibits





Exhibit No.
                
                Description of ExhibitsExhibit 31.1
                
                Certification
      of Principal Executive Officer pursuant to Section 302 of the
      Sarbanes-Oxley Act of 2002.Exhibit 31.2
                
                Certification
      of Principal Financial Officer pursuant to Section 302 of the
      Sarbanes-Oxley Act of 2002.Exhibit 32.1
                
                Certification
      of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as
      adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
      2002.Exhibit
      32.2
                
                Certification
      of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as
      adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
      2002.




16





SIGNATURES





Pursuant
to the requirements 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.





CONO
      ITALIANO, INC.(Registrant)Dated:
      March 30, 2010By:
                    /s/
      Mitchell BrownName:
                    Mitchell
      BrownTitle:
                    Principal
      Executive OfficerDated:
      March 30, 2010By:
                    /s/
      Alex J. KaminskiName:
                    Alex
      J. KaminskiTitle:
                    Principal
      Financial Officer and
                      Chief
      Accounting Officer




17