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
      1934For
      the quarterly period ended: July 31,
2009
 
  ̈
                  Transition
      Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
      1934For
      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)
 
 908-675-6360
 (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 x No 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 485,113 shares of
Common Stock, par value $.001, outstanding as of
September 14, 2009.
  
  TABLE
OF CONTENTS
  PART I: FINANCIAL
      INFORMATIONItem
      1: Financial Statements
                  5Item
      2: Management’s Discussion and Analysis of Financial Condition and Results
      of Operations
                  11Item
      3: Quantitative and Qualitative Disclosures About Market
    Risk
                  13Item
      4: Control and Procedures
                  13PART
      II: OTHER INFORMATIONItem
      1: Legal Proceedings
                  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
  2
 
 PART
I: FINANCIAL INFORMATION
 
 This Quarterly Report on Form 10-Q
(this “Quarterly 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.
These forward-looking statements can be identified by the use of forward-looking
terminology, including the words “believes,” “contemplates,” “continues,”
“estimates,” “anticipates,” “expects,” “intends,” “may,” “will” or “should,” or,
in each case, their negative or other variations or comparable
terminology. You should
read statements that contain these words carefully because
they:
  •
              discuss future
      expectations;
  •
              contain projections of future
      results of operations or financial condition;
  or
  •
              state other “forward-looking”
      information.
 
 We
believe it is important to communicate our expectations to our stockholders.
However, there may be events in the future that we are not able to predict
accurately or over which we have no control. The risk factors and cautionary
language discussed in this Quarterly Report provide examples of risks,
uncertainties and events that may cause actual results to differ materially from
the expectations described by us in such forward-looking statements, including
among other things:
 
 •
              the impact of legislative and
      regulatory actions and reforms and regulatory, supervisory or enforcement
      actions of government actions relating to the
    Company;
 
 •
              changes in political, economic or
      industry conditions, the interest rate environment or financial and
      capital markets, which could result in changes in demand for products or
      services;
  •
              terrorist activities and
      international hostilities, which may adversely affect the general economy,
      financial and capital
markets;
  •
              the Company’s business strategy
      and plans;
  •
              the introduction, withdrawal,
      success and timing of business initiatives and
      strategies;
  •
              harm to the Company’s
      reputation;
  •
              fluctuations in customer
      demand;
  •
              management of rapid
      growth;
  •
              the impact of increased
      competition;
  •
              the impact of future
      acquisitions; and
  •
              the ability to attract and retain
      highly talented
professionals.
  By their nature, forward-looking
statements involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future. We caution you
that forward-looking statements are not guarantees of future performance and
that our actual results of operations, financial condition and liquidity, and
developments in the industry in which we operate may differ materially from
those made in or suggested by the forward-looking statements contained in this
Quarterly Report. In addition, even if our results of operations, financial
condition and liquidity, and developments in the industry in which we operate,
are consistent with the forward-looking statements contained in this Quarterly
Report, those results or developments may not be indicative of results or
developments in subsequent periods. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date of
such statements.
  3
  All
forward-looking statements included herein are expressly qualified in their
entirety by the cautionary statements contained or referred to in this Quarterly
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 Quarterly Report or to
reflect the occurrence of unanticipated events.
  Unless otherwise provided in
this Quarterly
Report, references to the
“Company,” the “Registrant,” the “Issuer,” “we,” “us,” and “our” refer to
Cono Italiano, Inc.
  4
  Item 1: Financial
Statements
  CONO
ITALIANO, INC.
 (Formerly
Known As Tiger Renewable Energy Ltd.)
 (A
Development Stage Company)
 BALANCE
SHEET
 
 July
      31
                              
                              
                              January
      312009
                              
                              
                              2009(unaudited)
                              
                              
                              (audited)ASSETSCurrent
      assets:Cash
                              
                              $
                              916
                              
                              
                              $
                              19,223Sundry
      current assets
                              
                              
                              -
                              
                              
                              
                              8,203TOTAL
      CURRENT ASSETS
                              
                              
                              916
                              
                              
                              
                              27,426Prepaid
      expenses (Note 3)
                              
                              
                              376,445Investment
      (Note 4)
                              
                              
                              -
                              
                              
                              
                              1,000,000TOTAL
      ASSETS
                              
                              $
                              377,361
                              
                              
                              $
                              1,027,426LIABILITIES
      AND STOCKHOLDERS' EQUITYCURRENT
      LIABILITIES:Accounts
      payable and accrued liabilities
                              
                              $
                              210,132
                              
                              
                              $
                              1,214,855Notes
      payable (note 5)
                              
                              
                              63,488
                              
                              
                              
                              40,311TOTAL
      CURRENT LIABILITIES
                              
                              
                              273,620
                              
                              
                              
                              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
                              
                              
                              (7,723,393
                              )
                              
                              
                              (7,363,646
                              )Other
      Comprehensive Income
                              
                              
                              8,092
                              
                              
                              
                              -Total
      Stockholders' Equity
                              
                              
                              103,741
                              
                              
                              
                              (227,740
                              )TOTAL
      LIABILITIES AND STOCKHOLDERS’ EQUITY
                              
                              $
                              377,361
                              
                              
                              $
                              1,027,426
  The
accompanying notes are an integral part of the financial
statements
  5


CONO
ITALIANO, INC.


(Formerly
Known As Tiger Renewable Energy Ltd.)


(A
Development Stage Company)


STATEMENTS
OF OPERATIONS


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


(unaudited)




Threemonths
                      
                      
                      Sixmonths
                      
                      
                      InceptionEnded
                      
                      
                      Ended
                      
                      
                      Ended
                      
                      
                      Ended
                      
                      
                      throughJuly31
                      
                      
                      July31
                      
                      
                      July31
                      
                      
                      July31
                      
                      
                      July312009
                      
                      
                      2008
                      
                      
                      2009
                      
                      
                      2008
                      
                      
                      2009General & administrative
      expenses
                      
                      $
                      339,671
                      
                      
                      $
                      277,821
                      
                      
                      $
                      362,360
                      
                      
                      $
                      438,340
                      
                      
                      $
                      2,826,129Loss on disposal of
      investment
                      
                      
                      
                      
                      
                      
                      
                      
                      
                      
                      
                      
                      
                      
                      
                      
                      
                      
                      4,946,306Interest (revenue)
      expense
                      
                      
                      1,265
                      
                      
                      
                      12,642
                      
                      
                      
                      1,265
                      
                      
                      
                      18,632
                      
                      
                      
                      (11,657
                      )Foreign exchange (gain)
      loss
                      
                      
                      334
                      
                      
                      
                      3,439
                      
                      
                      
                      (3,878
                      )
                      
                      
                      9,817
                      
                      
                      
                      4,163341,270
                      
                      
                      
                      332,456
                      
                      
                      
                      359,747
                      
                      
                      
                      505,343
                      
                      
                      
                      7,764,941Minority interest in Joint
      Venture
                      
                      
                      
                      
                      
                      
                      (
      9,647
                      )
                      
                      
                      -
                      
                      
                      
                      (
      14,191
                      )
                      
                      
                      (
      41,548
                      )NET LOSS
                      
                      $
                      341,270
                      
                      
                      $
                      322,809
                      
                      
                      $
                      359,747
                      
                      
                      $
                      491,152
                      
                      
                      $
                      7,723,393Basic and diluted loss per common
      share
                      
                      $
                      0.87
                      
                      
                      $
                      1.03
                      
                      
                      $
                      1.00
                      
                      
                      $
                      1.59
                      
                      
                      $
                      N/AWeighted average number of common
      shares outstanding
                      
                      
                      393,117
                      
                      
                      
                      312,234
                      
                      
                      
                      359,503
                      
                      
                      
                      309,306
                      
                      
                      
                      N/A




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)


STATEMENT
OF CHANGES IN STOCKHOLDERS' EQUITY


From
September 9, 2004, (Inception) through July 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 January
                  31,
      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
      comprehensive
                  Income
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                8,092
                
                
                
                8,092Balances
      at July
                  31,
      2009
                
                
                485,113
                
                
                $
                29,107
                
                
                $
                7,789,935
                
                
                $
                (7,723,393
                )
                
                $
                8,092
                
                
                $
                103,741





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)


STATEMENTS
OF CASH FLOWS


Three
Months Ended July 31, 2009 and 2008 and Periods from September 9, 2004
(Inception)


through
July 31, 2009 ( unaudited)




Six months
                                                Ended July 31
                                                2009
                                              
                                              
                                              Six months
                                                Ended July 31
                                                2008
                                              
                                              
                                              Inception
                                                through
                                                July 31,
                                                2009Cash
      flows from operating activities:Net
      loss
                                              
                                              $
                                              (359,747
                                              )
                                              
                                              $
                                              (491,152
                                              )
                                              
                                              $
                                              (7,723,393
                                              )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
                                              
                                              
                                              
                                              
                                              
                                              
                                              12,642
                                              
                                              
                                              
                                              12,642Loss
      on exchange of note payable
                                              
                                              
                                              
                                              
                                              
                                              
                                              38,554
                                              
                                              
                                              
                                              38,554Loss
      on disposal of investment
                                              
                                              
                                              
                                              
                                              
                                              
                                              
                                              
                                              
                                              
                                              4,653,037Non-cash
      stock compensation relating to the joint venture
                                              
                                              
                                              -
                                              
                                              
                                              
                                              -
                                              
                                              
                                              
                                              143,000Minority
      interest in joint venture
                                              
                                              
                                              
                                              
                                              
                                              
                                              (14,191
                                              )
                                              
                                              
                                              46,680Depreciation
                                              
                                              
                                              
                                              
                                              
                                              
                                              1,813
                                              
                                              
                                              
                                              3,626Amortization
      Prepaid Expenses (Note 3)
                                              
                                              
                                              34,222
                                              
                                              
                                              
                                              
                                              
                                              
                                              
                                              34,222Changes
      in:Sundry
      current assets
                                              
                                              
                                              8,203
                                              
                                              
                                              
                                              (39,557
                                              )
                                              
                                              
                                              -Accounts
      payable and accrued liabilities
                                              
                                              
                                              28,766
                                              
                                              
                                              
                                              114,935
                                              
                                              
                                              
                                              252,630Net
      cash used in operating activities
                                              
                                              
                                              (41,484
                                              )
                                              
                                              
                                              (376,956
                                              )
                                              
                                              
                                              (1,948,858
                                              )Cash
      flows from investing activities:Property
      and equipment
                                              
                                              
                                              -
                                              
                                              
                                              
                                              (155,491
                                              )
                                              
                                              
                                              (4,798,026
                                              )Net
      cash used in investing activities
                                              
                                              
                                              -
                                              
                                              
                                              
                                              (155,491
                                              )
                                              
                                              
                                              (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
                                              
                                              
                                              -
                                              
                                              
                                              
                                              -
                                              
                                              
                                              
                                              3,895,7481,687,000Proceeds
      pursuant to exercise of stock options
                                              
                                              
                                              -
                                              
                                              
                                              
                                              -
                                              
                                              
                                              
                                              11,000Proceeds
      from note payable
                                              
                                              
                                              23,177
                                              
                                              
                                              
                                              250,345
                                              
                                              
                                              
                                              604,774Loan
      repayments
                                              
                                              
                                              -
                                              
                                              
                                              
                                              -
                                              
                                              
                                              
                                              (91,286
                                              )Net
      cash provided by financing activities
                                              
                                              
                                              23,177
                                              
                                              
                                              
                                              250,345
                                              
                                              
                                              
                                              6,747,800Net
      change in cash
                                              
                                              
                                              (18,307
                                              )
                                              
                                              
                                              (282,102
                                              )
                                              
                                              
                                              916Cash
      at beginning of period
                                              
                                              
                                              19,223
                                              
                                              
                                              
                                              334,730
                                              
                                              
                                              
                                              -Cash
      at end of period
                                              
                                              $
                                              916
                                              
                                              
                                              $
                                              52,628
                                              
                                              
                                              $
                                              1,915Supplemental
      Information:Interest
      paid
                                              
                                              $
                                              -
                                              
                                              
                                              $
                                              -
                                              
                                              
                                              $
                                              1,436




The
accompanying notes are an integral part of the financial
statements


8


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, 2009the 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 July 31, 2009, the Company received an additional loan of
$4,186 from DT Crystal Limited and has capitalized accrued interests of $3,192,
thereby aggregating to $47,988 as of July 31, 2009. These loans bear interest at
10% and are payable on demand.





During
the three months ended July 31, 2009, the Company received loans of $15,500 from
Mitch Brown Limited, the balance as of July 31, 2009 amounts to $47,988. These
loans bear interest at 10% and are payable on demand.


9


6.
SUBSEQUENT 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 hasbeen 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.


10


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





The
Company’s Operations





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 Quarterly Report. This
Quarterly 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 Quarterly 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. 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.





Introduction





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 is908-675-6360.





During
the fiscal year ended January 31, 2009, the Company was a party to a joint
venture named Xinjiang Yajia Distillate Company Limited to produce ethanol in
the People’s Republic of China.  This ethanol was to be produced from
agricultural products.  Due to a lack of financing and the recent
deterioration of world financial markets, 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.





Our
Business





Since
January 31, 2009, the Company has had no operations.  The Company has
been seeking new business opportunities since that time.


The
Company is uncertain whether it will be able to identify an appropriate business
opportunity.  If the Company is unable to identify appropriate
business opportunities or raise adequate funding to implement new plans, the
Company will not be able to resume business operations.





On March
25, 2009, the Company and the sole shareholder of Financial Media Net, Inc.
(“FMN”) entered into a letter of intent for the acquisition of 100% of the paid
and outstanding shares of Common Stock of FMN.  While no price for the
Common Stock was established, it was agreed that the final conditions and price
would be negotiated in the next 120 days, following a complete due diligence of
FMN by the Company.  Following the Company’s due diligence and
discussions with FMN, and in view of the current business environment and
difficulty in raising capital, the Company and Financial Media Net, Inc. decided
not to pursue this transaction, and on May 14, 2009, the parties mutually agreed
to terminate the letter of intent.





On May
12, 2009, the Company dismissed its independent auditor, Raymond Chabot Grant
Thornton, LLP and appointed Paritz and Company P.A., as its independent
auditor.





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
5,000,000 shares of the Company’s common stock and Lara Mac Inc. (“Lara
Mac”).  Pursuant to the Stock Purchase Agreement, Gallant has sold all
of its 5,000,000 shares of the Company’s common stock to Lara
Mac.Following
this transaction, Lara Mac
owned25.6% of the Company’s 19,553,375
issued and outstanding shares(following the issuance of additional
shares (as described below) and a reverse stock split, the Company now has485,113 shares outstanding).





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 is not a party to the Stock Purchase
Agreement.


11


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.





In connection with the new Board’s
appointment, Mr. Robert Clarke and Mr. Claude Pellerin resigned from the Board
of Directors, effective as of June 19, 2009.  Neither Mr. Clarke nor
Mr. Pellerin expressed any disagreement with the Company on any matter relating
to the Company’s operations, policies or practices.On June 19, 2009, Mr. Michel St-Pierre,
the Chief Financial Officer of the Company, resigned from his position,
following the filing of the Company’s Quarterly Report on Form 10-Q for the
Period Ended April 30, 2009 on June 15, 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, an entity
controlled by Mitchell Brown(the Chief Executive Officer of the
Company and a member of the Company’s Board of Directors)entered into a Management Services
Agreement with the Company (the “Management Services
Agreement”).  Lara Mac is the Company’s largest
shareholder.  Pursuant to the Management Services Agreement, Lara Mac
will render to the Company consulting and other advisory services in relation to
developing strategic plans for inception of operations, corporate management,
the operations of the Company, strategic planning, domestic and international
marketing and sales, financial advice, including, without limitation, advisory
and consulting services in relation to the selection and retention of candidates
for senior management of the Company and its subsidiaries, prospective strategic
alliance partners, preparing acquisition growth plans, identifying prospective
merger and acquisition candidates, developing value propositions for the Company
and acquisition candidates, analyzing financial implications of potential
transactions, advising on negotiations regarding terms and conditions of
transactions, outlining and managing due diligence issues and due diligence
processes, introductions to prospective customers, selection of investment
bankers or other financial advisors or consultants, and advice with respect to
the capital structure of the Company, equity participation plans, employee
benefit plans and other incentive arrangements for certain key executives of the
Company (collectively, the “Services”).  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 with a
value of $410,666.51 (the “Issue Value”).  The parties to the
Management Services Agreement also agreed that Lara Mac may render other
services beyond the scope of activities which the parties contemplate as part of
the Services, as to which Lara Mac shall be entitled to separate compensation
that shall be negotiated in good faith by the parties on a case-by-case
basis.  In the event that the Company is not generating organic
revenues (excluding interest and investment income) as of the first anniversary
of the date of the Management Services Agreement, then all of the Shares
constituting the Fee shall be subject to repurchase by the Company at a
repurchase price equal to the Issue Value.





Development
Stage Expenditures





Development
stage expenditures during the six-month period ended July 31, 2009 were $359,747, which consisted primarily of
$51,343in professional fees, $25,626in salaries and $258,069inloss on payment of contract (see Note 3
of the financials). As for
the six- month period ended July 31, 2008, the expenses   were $491,152,
which consisted primarily of $154,234 in professional fees, $152,176 in salaries
and $28,035 in travel expenditures. As for the three month period ended July 31,
2009, the expenses were $341,270and consisted primarily of
$43,799in professional feesand $258,069inloss on payment of contract (see Note 3
of the financials). For the
three month period ended July 31, 2008, the expenses were $322,809 and consisted
primarily of $105,832 in professional fees, $132,687 in salaries and $5,603 in
travel expenditures.





Financial
Condition, Liquidity and Capital Resources





The
Company's principal capital resources have been acquired through the sale of
shares of its common stock.





At July
31, 2009, the Company had negative working capital of $272,704 compared to
negative working capital of $1,227,740 at January 31, 2009. 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 3 of
the Financial Statements).


12


At July
31, 2009, the Company had total assets of $377,361 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 3 of the Financial Statements).





At July
31, 2009, the Company's total liabilities were $273,620. Our total liabilities
at January 31, 2009, were $1,255,166. The amount of $210,132 represents accounts
payable and accrued professional fees and $63,488 is notes payable.





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
Hami project 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 the
Company entered into the Assignment and Assumption Agreement on January 31,
2009, the Company has had no operations. The
Company is currently assessing new business opportunities, and expects to
announce a new business plan in the foreseeable future.





The
Company intends to seek funding for its operation 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.





Subsequent
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
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.





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 July 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.


13


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 July 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
July 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 July 31, 2009.





On June
26, 2009, the Board of Directors of the Company approved and recommended the
following actions: (i) the Amendment of Article 1 of the Company’s Articles of
Incorporation by changing the Company’s name from “Tiger Renewable Energy Ltd.”
to “Cono Italiano, Inc.” (the “Amendment”); and (ii) the Approval of e a reverse
split of the outstanding shares of the Company’s common stock at the rate of
one-for-sixty (1:60) (the “Reverse Stock Split”).  Section 78.320 of
the Nevada Revised Statutes and the Company’s Bylaws provide that any action
required or permitted to be taken at a meeting of the stockholders may be taken
without a meeting if stockholders holding at least a majority of the voting
power sign a written consent approving the action.  Because the
stockholder holding a majority of the voting rights of all outstanding shares of
capital stock as of June 26, 2009 voted in favor of the foregoing proposals by
written consent, no stockholder consents were solicited in connection with the
Amendment and the Reverse Stock Split.




Item
5: Other Information




None.


15


Item
6: Exhibits





(a)
  Exhibits





Exhibit No.
              
              Description of ExhibitsExhibit
      10.36
              
              Affiliate
      Stock Purchase Agreement, dated June 4, 2009, between Gallant Energy
      International Inc. and Lara Mac Inc., incorporated by reference to Exhibit
      99.1 to Lara Mac Inc.’s Schedule 13D, filed with the Securities and
      Exchange Commission on June 15, 2009.Exhibit
      10.37
              
              Management
      Services Agreement, by and between the Company and Lara Mac Inc., dated as
      of June 22, 2009.Exhibit 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:
      September 14, 2009By:
                      /s/
      Mitchell BrownName:
                      Mitchell
      BrownTitle:
                      Principal
      Executive OfficerDated:
      September 14, 2009By:
                      /s/
      Alex J. KaminskiName:
                      Alex
      J. KaminskiTitle:
                      Principal
      Financial Officer and
                        Chief
      Accounting Officer


17