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: April 30,
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





TIGER
RENEWABLE ENERGY LTD.


(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)





Sino
Favour Centre


1
On Yip Street, Suite 1302


Chai Wan, Hong
Kong


(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 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
            o
            Accelerated
      Filer
            oAccelerated
      Filer
            o
            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 19,553,375 shares
of Common Stock, par value $.001, outstanding as of
June 12, 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
                  12Item
      3: Quantitative and Qualitative Disclosures About Market
    Risk
                  15Item
      4: Control and Procedures
                  15PART
      II: OTHER INFORMATIONItem
      1: Legal Proceedings
                  16Item
      1A: Risk Factors
                  16Item
      2: Unregistered Sales of Equity Securities and Use of
    Proceeds
                  16Item
      3: Defaults Upon Senior Securities
                  16Item
      4: Submission of Matters to a Vote of Security Holders
                  16Item
      5: Other Information
                  16Item
      6: Exhibits
                  17SIGNATURES
                  18


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
Tiger Renewable Energy
Ltd.


4




Item
1: Financial Statements


5





TIGER
RENEWABLE ENERGY LTD.


(Formerly
Known As Tiger Ethanol International Inc.)


(A
Development Stage Company)


BALANCE
SHEET





April
      30
                
                
                January
      312009
                
                
                2009(unaudited)
                
                
                (audited)ASSETSCurrent
      assets:Cash
                
                $
                1,915
                
                
                $
                19,223Sundry
      current assets
                
                
                -
                
                
                
                8,203TOTAL
      CURRENT ASSETS
                
                
                1,915
                
                
                
                27,426Investment
      (Note 3)
                
                
                -
                
                
                
                1,000,000TOTAL
      ASSETS
                
                $
                1,915
                
                
                $
                1,027,426LIABILITIES
      AND STOCKHOLDERS' EQUITYCURRENT
      LIABILITIES:Accounts
      payable and accrued liabilities
                
                $
                179,473
                
                
                $
                1,214,855Note
      payable (note 4)
                
                
                40,610
                
                
                
                40,311TOTAL
      CURRENT LIABILITIES
                
                
                220,083
                
                
                
                1,255,166STOCKHOLDERS'
      EQUITYCommon
      stock, $.001 par value, 100,000,000 shares authorized, 19,553,375 shares
      issued and outstanding
                
                
                19,554
                
                
                
                19,374Additional
      paid-in capital
                
                
                7,130,752
                
                
                
                7,116,532Deficit
      accumulated during development stage
                
                
                (7,382,123
                )
                
                
                (7,363,646
                )Other
      Comprehensive Income
                
                
                13,649
                
                
                
                -Total
      Stockholders' Equity
                
                
                (218,168
                )
                
                
                (227,740
                )TOTAL
      LIABILITIES AND STOCKHOLDERS’ EQUITY
                
                $
                1,915
                
                
                $
                1,027,426




The
accompanying notes are an integral part of the financial
statements


6





TIGER
RENEWABLE ENERGY LTD.


(Formerly
Known As Tiger Ethanol International Inc.)


(A
Development Stage Company)


STATEMENTS
OF OPERATIONS


Three
Months Ended April 30, 2009 and 2008 and Periods from September 9, 2004
(Inception)


through
April 30, 2009 (unaudited)





Three months
                        
                        
                        Three months
                        
                        
                        InceptionEnded
                        
                        
                        Ended
                        
                        
                        throughApril 30
                        
                        
                        April 30
                        
                        
                        April 30,2009
                        
                        
                        2008
                        
                        
                        2009General
      & administrative expenses
                        
                        $
                        22,689
                        
                        
                        $
                        160,519
                        
                        
                        $
                        2,482,2464,946,306Interest
      (revenue) expense
                        
                        
                        -
                        
                        
                        
                        5,990
                        
                        
                        
                        (12,922
                        )Foreign
      exchange (gain) loss
                        
                        
                        (4,212
                        )
                        
                        
                        6,378
                        
                        
                        
                        3,82918,477
                        
                        
                        
                        172,887
                        
                        
                        
                        7,419,459Minority
      interest in Joint Venture
                        
                        
                        -
                        
                        
                        
                        (
      4,544
                        )
                        
                        
                        (41,548
                        )NET
      LOSS
                        
                        $
                        18,477
                        
                        
                        $
                        168,343
                        
                        
                        $
                        7,377,911Basic
      and diluted loss per common share
                        
                        $
                        0.00
                        
                        
                        $
                        0.01
                        
                        
                        
                        N/AWeighted
      average number of common shares outstanding
                        
                        
                        19,553,375
                        
                        
                        
                        18,382,750
                        
                        
                        
                        N/A




The
accompanying notes are an integral part of the financial
statements


7





TIGER
RENEWABLE ENERGY LTD.


(Formerly
Known As Tiger Ethanol International Inc.)


(A
Development Stage Company)


STATEMENT
OF CHANGES IN STOCKHOLDERS' EQUITY


From
September 9, 2004, (Inception) through April 30, 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
                  
                  
                  28,000,000
                  
                  
                  $
                  28,000
                  
                  
                  $
                  (27,600
                  )
                  
                  $
                  -
                  
                  
                  $
                  -
                  
                  
                  $
                  400Contribution
      to capital by founders
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  7,650
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  7,650Net
      loss
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (9,508
                  )
                  
                  
                  -
                  
                  
                  
                  (9,508
                  )Balances
      at November 30, 2004
                  
                  
                  28,000,000
                  
                  
                  $
                  28,000
                  
                  
                  $
                  (19,950
                  )
                  
                  $
                  (9,508
                  )
                  
                  $
                  -
                  
                  
                  $
                  (1,458
                  )Shares
      issued for cash
                  
                  
                  7,162,750
                  
                  
                  
                  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
                  
                  
                  35,162,750
                  
                  
                  $
                  35,163
                  
                  
                  $
                  89,435
                  
                  
                  $
                  (68,327
                  )
                  
                  $
                  -
                  
                  
                  $
                  56,271Voluntary
      surrender common shares
                  
                  
                  (25,000,000
                  )
                  
                  
                  (25,000
                  )
                  
                  
                  25,000
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  0Compensation
      relating to the joint venture
                  
                  
                  5,000,000
                  
                  
                  
                  5,000
                  
                  
                  
                  138,000
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  143,000Shares
      and warrants issued for cash
                  
                  
                  500,000
                  
                  
                  
                  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
                  
                  
                  15,662,750
                  
                  
                  $
                  15,663
                  
                  
                  $
                  1,344,234
                  
                  
                  $
                  (579,962
                  )
                  
                  $
                  -
                  
                  
                  $
                  779,935Shares
      and warrants issued for stock payable
                  
                  
                  250,000
                  
                  
                  
                  250
                  
                  
                  
                  499,750
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  500,000Stock-based
      compensation
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  31,522
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  31,522Net
      Loss
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (295,772
                  )
                  
                  
                  -
                  
                  
                  
                  (295,772
                  )Balances
      at January31,
      2007
                  
                  
                  15,912,750
                  
                  
                  $
                  15,913
                  
                  
                  $
                  1,875,506
                  
                  
                  $
                  (875,734
                  )
                  
                  $
                  -
                  
                  
                  $
                  1,015,685Shares
      and warrants issued for cash
                  
                  
                  2,250,000
                  
                  
                  
                  2,250
                  
                  
                  
                  4,497,750
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  4,500,000Shares
      issued pursuant to exercise of stock options
                  
                  
                  220,000
                  
                  
                  
                  220
                  
                  
                  
                  10,780
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  11,000Stock-based
      compensation
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  166,038
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  166,038Net
      loss
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (961,835
                  )
                  
                  
                  -
                  
                  
                  
                  (961,835
                  )Balances
      at January 31, 2008
                  
                  
                  18,382,750
                  
                  
                  $
                  18,383
                  
                  
                  $
                  6,550,074
                  
                  
                  $
                  (1,837,569
                  )
                  
                  $
                  -
                  
                  
                  $
                  4,730,888Shares
      issued in exchange of note payable
                  
                  
                  771,070
                  
                  
                  
                  771
                  
                  
                  
                  500,425
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  501,196Shares
      issued in exchange of accounts payable
                  
                  
                  155,621
                  
                  
                  
                  156
                  
                  
                  
                  55,867
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  56,023Shares
      issued in exchange of accounts payable
                  
                  
                  63,934
                  
                  
                  
                  64
                  
                  
                  
                  10,166
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  10,230Net
      loss
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (5,526,077
                  )
                  
                  
                  -
                  
                  
                  
                  (5,526,077
                  )Balances
      at January 31, 2009
                  
                  
                  19,373,375
                  
                  
                  $
                  19,374
                  
                  
                  $
                  7,116,532
                  
                  
                  $
                  (7,363,646
                  )
                  
                  $
                  -
                  
                  
                  $
                  (227,740
                  )Shares
      issued in exchange of accounts payable
                  
                  
                  180,000
                  
                  
                  
                  180
                  
                  
                  
                  14,220
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  14,400Net
      Loss
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (18,477
                  )
                  
                  
                  -
                  
                  
                  
                  (18,477
                  )Other
      comprehensiveIncome
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  13,649
                  
                  
                  
                  13,649Balances
      at April30,
      2009
                  
                  
                  19,553,375
                  
                  
                  $
                  19,554
                  
                  
                  $
                  7,130,752
                  
                  
                  $
                  (7,382,123
                  )
                  
                  $
                  13,649
                  
                  
                  $
                  218,168





The
accompanying notes are an integral part of the financial
statements


8




TIGER
RENEWABLE ENERGY LTD. AND SUBSIDIARY


(Formerly
Known As Tiger Ethanol International Inc.)


(A Development Stage
Company)


STATEMENTS
OF CASH FLOWS


Three
Months Ended April 30, 2009 and 2008 and Periods from September 9, 2004
(Inception)


through
April 30, 2009 ( unaudited)




Three months
                                Ended April 30
                                2009
                              
                              
                              Three months
                                Ended April 30
                                2008
                              
                              
                              Inception
                                through
                                April 30,
                                2009Cash
      flows from operating activities:Net
      loss
                              
                              $
                              (18,477
                              )
                              
                              $
                              (168,343
                              )
                              
                              $
                              (7,382,123
                              )Adjustments
      to reconcile net loss to net cash used in operating
      activities:Imputed
      rent and salary expense
                              
                              
                              -
                              
                              
                              
                              -
                              
                              
                              
                              59,383Stock-based
      compensation expense
                              
                              
                              -
                              
                              
                              
                              -
                              
                              
                              
                              272,326Loss
      on exchange of accounts payable
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              3,626Gain
      on exchange of accounts payable
                              
                              
                              10,997
                              
                              
                              
                              
                              
                              
                              
                              28,115Interests
      on note payable
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              (5,754
                              )Loss
      on exchange of note payable
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              12,642Loss
      on disposal of investment
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
                              38,554Non-cash
      stock compensation relating to the joint venture
                              
                              
                              -
                              
                              
                              
                              -
                              
                              
                              
                              4,653,037Minority
      interest in joint venture
                              
                              
                              
                              
                              
                              
                              (4,544
                              )
                              
                              
                              143,000Depreciation
                              
                              
                              
                              
                              
                              
                              907
                              
                              
                              
                              46,680Changes
      in:Sundry
      current assets
                              
                              
                              8,203
                              
                              
                              
                              (28,776
                              )
                              
                              
                              -Accounts
      payable and accrued liabilities
                              
                              
                              (18,330
                              )
                              
                              
                              (2,747
                              )
                              
                              
                              205,533Net
      cash used in operating activities
                              
                              
                              (17,607
                              )
                              
                              
                              (203,503
                              )
                              
                              
                              (1,924,981
                              )Cash
      flows from investing activities:Property
      and equipment
                              
                              
                              
                              
                              
                              
                              (152,783
                              )
                              
                              
                              (4,798,026
                              )Net
      cash used in investing activities
                              
                              
                              
                              
                              
                              
                              (152,783
                              )
                              
                              
                              (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
                              
                              
                              299
                              
                              
                              
                              75,000
                              
                              
                              
                              581,896Loan
      repayments
                              
                              
                              -
                              
                              
                              
                              -
                              
                              
                              
                              (91,286
                              )Net
      cash provided by financing activities
                              
                              
                              299
                              
                              
                              
                              75,000
                              
                              
                              
                              6,724,922Net
      change in cash
                              
                              
                              (17,308
                              )
                              
                              
                              (281,286
                              )
                              
                              
                              1,915Cash
      at beginning of period
                              
                              
                              19,223
                              
                              
                              
                              334,730
                              
                              
                              
                              -Cash
      at end of period
                              
                              $
                              1,915
                              
                              
                              $
                              53,444
                              
                              
                              $
                              1,915Supplemental
      Information:Interest
      paid
                              
                              $
                              -
                              
                              
                              $
                              -
                              
                              
                              $
                              1,436




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 Tiger Renewable Energy
Ltd. (formally known as Tiger Ethanol International Inc.) 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.
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 have also
entered into a Termination and Discharge of the Convertible Note Agreement, and
on April 30th, 2009 the parties have agreed to a Mutual Release. The Company and
Wellington have mutually agreed to terminate the Agreements in view of the
current business environment and difficulty in raising capital.





4. NOTE
PAYABLE





During
the three months ended April 30, 2009, the Company received an additional loan
of $299 from DT Crystal Limited, thereby aggregating to $40,610 as of April 30,
2009. These loans bear interest at 10% and are payable on demand.





5.
SUBSEQUENT EVENTS





On May
29, 2009, the Company entered into a Convertible Demand Note (the “Note”) with
DT Crystal Holdings Ltd. (“DT Crystal”).  This Note sets forth the
parties’ agreements regarding the repayment of DT Crystal for loans to the
Company totalling $44,429.97 as of May 12, 2009, plus accrued interest of
$3,192.00 (collectively, the “Loan”).  Pursuant to the Note, the
Company has agreed to pay interest for the Loan in an amount equal to 3% over
the prime rate (as reported in the Wall Street Journal).  Interest
will be payable on a quarterly basis, but for the first six (6) months the
interest will be accrued and capitalized.  After six months, the Loan
will be reimbursable on demand.  At any time, DT Crystal may convert
the Loan into restricted shares of the Company at a price per share equal to
average bid closing price of the shares of the Company during the thirty (30)
days before the conversion event, minus a 15% discount.





On May
30, 2009, the Company entered into a Memorandum of Debt Reimbursement Agreement
(the “Memorandum”) with Michel St-Pierre, the Company’s Chief Financial Officer,
effective as of January 31, 2009.  Pursuant to the Memorandum, unpaid
fees in the amount of $33,750.00 will be repaid to Mr. St-Pierre, at an interest
rate of 10% per year.  The amounts due will be repaid in six monthly
instalments.





On June
4, 2009, an Affiliate Stock Purchase Agreement (the “Stock Purchase Agreement”)
was entered into by and between Gallant Energy International Inc. (“Gallant”),
the owner of 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.  As of the date hereof, Lara Mac now owns 25.6% of the Company’s
19,553,375 issued and outstanding shares.


10





The
Gallant transaction with Lara Mac has 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


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.





Overview





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.” The Company’s trading symbol on the
over-the-counter bulletin board is TGRW.OB.  On February 11, 2008 the
Company changed its name to Tiger Renewable Energy Ltd.





We are a
development stage company. During the fiscal year ended January 31, 2009, the
Company was a party to a joint venture named Xinjiang Yajia Distillate Company
Limited (the “Venture”) to produce ethanol in the People’s Republic of China.
The Company owned 90% of the Venture. Xinjiang Wangye Brewing Co. Ltd. and
Guangdong Kecheng Trading Co. Ltd. each own 5% of the Venture. This ethanol was
to be produced from agricultural products.  We aspired to become a
significant ethanol manufacturer serving the needs of China’s rapidly expanding
personal and commercial transportation market segments.





The
Venture intended to construct and operate a 20,000 metric ton annual capacity
ethanol plant in Hami District of China. To commence the production of ethanol,
the Venture anticipated that it would require $9.5 million for all costs
including construction, plant ramp-up, associated initial production costs and
working capital. The Venture planed to expend approximately $6,500,000 on
engineering, construction and related costs for plant and equipment. These
expenditures were to include approximately $1,250,000 for the ethanol plant,
$1,000,000 for a steam plant, $1,250,000 for a recycling water station, storage
tanks and an air pressure station, $500,000 for a workers’ dormitory and
warehouse, $400,000 for a water treatment pool and $2,100,000 for other
expenses. The Venture spent $4,800,000 of the $6,500,000 in planned expenditures
on engineering and construction. We determined that we needed to raise an
additional $4,700,000 to complete the ethanol manufacturing plant and commence
production.





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.





On
January 31, 2009, the Company and DT Crystal Holdings Limited entered into an
Assignment and Assumption Agreement for the assignment of the Company’s ninety
percent (90%) equity interest in the joint-venture corporation, Xinjiang Yajia
Distillate Company Limited, in exchange for DT’s assumption of all debt related
to the joint-venture and the assumption of responsibility for raising the
additional capital to finalize the project.  The assignment includes
all the Company’s rights and obligations in its capacity as a shareholder of the
joint-venture under the Contract of the Joint Venture of Xinjiang Yajia Brewing
Company of November 23, 2006, as amended June 6, 2007, and any other documents
or instruments delivered pursuant thereto and any other rights and obligations
the Company may have in relation to the project.





Since the
Company entered into the Assignment and Assumption Agreement on January 31,
2009, the Company has had no operations.  The Company is presently
seeking new business opportunities.  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
January 29, 2009, the Company and Wellington Capital Management Inc.
(“Wellington”) entered into a Purchase and Sale Agreement to acquire a 30%
working interest in certain oil and gas leases.  Due to the current
business environment and the difficulty of raising capital, on April 5, 2009 the
Company and Wellington agreed to terminate this Purchase and Sale
Agreement.  The Company and Wellington have entered into a mutual
release.


12





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.





FMN is a
developmental stage financial networking company dedicated to fulfilling the
traditional and contemporary needs of the financial community. FMN is in the
process of creating an online financial networking community that will be known
as www.bullsnbears.com which will provide a unique forum for communication and
business networking through an online medium to the various individuals,
companies and groups that form the financial community. FMN will also attempt to
operate as a financial search engine providing all the pertinent data that its
members need in one location.





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.





Development
Stage Expenditures





Development
stage expenditures during the three months period ended April 30, 2009 were
$18,477, which consisted primarily of $22,500 in salaries and $4,212 in foreign
exchange gain. For the three months period ended in April 30, 2008 the
development stage expenditures were $168,343, which consisted primarily of
$48,402 in professional fees, $72,155 in salaries and $22,433 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 April
30, 2009, the Company had negative working capital of $218,168 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).





At April
30, 2009, the Company had total assets of $1,915 consisting of cash 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 April
30, 2009, the Company's total liabilities were $220,083. Our total liabilities
at January 31, 2009, were $1,255,166. The amount of $179,473 represents accounts
payable and accrued professional fees and $40,610 is a note
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
Tiger.





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
anounce 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.


13





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 May
29, 2009, the Company entered into the Note with DT Crystal.  This
Note sets forth the parties’ agreements regarding the repayment of DT Crystal
for loans to the Company totalling $44,429.97 as of May 12, 2009, plus accrued
interest of $3,192.00.  Pursuant to the Note, the Company has agreed
to pay interest for the Loan in an amount equal to 3% over the prime rate (as
reported in the Wall Street Journal).  Interest will be payable on a
quarterly basis, but for the first six (6) months the interest will be accrued
and capitalized.  After six months, the Loan will be reimbursable on
demand.  At any time, DT Crystal may convert the Loan into restricted
shares of the Company at a price per share equal to average bid closing price of
the shares of the Company during the thirty (30) days before the conversion
event, minus a 15% discount.





On May
30, 2009, the Company entered into the Memorandum with Michel St-Pierre, the
Company’s Chief Financial Officer, effective as of January 31,
2009.  Pursuant to the Memorandum, unpaid fees in the amount of
$33,750.00 will be repaid to Mr. St-Pierre, at an interest rate of 10% per
year.  The amounts due will be repaid in six monthly
instalments.





On June
4, 2009, the Stock Purchase Agreement was entered into by and between Gallant,
the owner of 5,000,000 shares of the Company’s common stock and 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.  As
of the date hereof, Lara Mac now owns 25.6% of the Company’s 19,553,375 issued
and outstanding shares.





The
Gallant transaction with Lara Mac has 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.  The address of Lara Mac is 10 Main St., Keyport, NJ
07735.





Our Chief
Executive Officer Mr. Mitchell Brown has sole voting power and sole power of
disposition over all shares of Company common owned by Lara Mac and as such all
such shares are therefore deemed to be beneficially owned by Mr.
Brown.  Mr. Brown does not directly or indirectly own any other shares
of the Company’s Common Stock.





Pursuant
to the Stock Purchase Agreement, and in accordance with the Company’s by-laws
and applicable laws of the State of Nevada, which is the corporate domicile of
the Company, on June 4, 2009 the Board appointed the following individuals to
fill five vacancies on the Board, to be effective ten (10) days after the date a
Schedule 14f-1 is disseminated to the Company’s shareholders: Mitchell Brown,
Alex J. Kaminski, Joseph Masselli, Steve Savage and Scott Smith.  In
addition, each of Mr. Clarke and Mr. Pellerin will resign from the Company’s
Board of Directors effective ten (10) days after the date such Schedule 14f-1 is
disseminated to the Company’s shareholders.  Neither Mr. Clarke nor
Mr. Pellerin has expressed any disagreement with the Company on any matter
relating to the Company’s operations, policies or practices.  The
Schedule 14f-1 was disseminated to the Company’s shareholders on June 8,
2009.   Rule 14f-1 promulgated pursuant to Section 14
of the Securities Exchange Act of 1934, as amended (the “Act”), requires that
ten (10) days prior to a change in a majority of the board of directors pursuant
to an arrangement or understanding with the person or persons acquiring
securities in a transaction subject to Section 13(d) or 14(d) of the Act,
certain information be disseminated to the shareholders.





In
addition, pursuant to the Stock Purchase Agreement, Robert Clarke has resigned
as the Company’s Chief Executive Officer and President, effective as of June 4,
2009.  On June 4, 2009, the Board appointed the following individuals
to serve as officers of the Company: (i) Mitchell Brown, Chief Executive
Officer; (ii) Alex J. Kaminski, Treasurer of the Company; (iii) Joseph Masselli,
President and Chief Operating Officer of the Company; and (iv) Steve Savage,
Assistant Secretary of the Company until the resignation of Mr. Claude Pellerin,
whereupon Mr. Savage shall become the Secretary of the
Company.  Following the filing of this Report, Mr. Michel St-Pierre
will resign and Mr. Alex J. Kaminski will become Chief Financial Officer in
addition to his position as Treasurer of the Company.





The
Company is currently assessing new business opportunities, and expects to
anounce a new business plan in the foreseeable future.





On June
8, 2009, the Company changed its business address to 10 Main St., Keyport, NJ
07735 and its telephone number to 908-675-6360.


14





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 April 30, 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 April 30, 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
April 30, 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.


15





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
first quarter of the fiscal year covered by this Quarterly Report.




Item
5: Other Information




None.


16





Item
6: Exhibits





(a)
  Exhibits





Exhibit No.
                    
                    Description of ExhibitsExhibit
      10.31
                    
                    Convertible
      Note Agreement, by and between the Company and Wellington Capital
      Management Inc., dated as of February 2, 2009, incorporated by reference
      to Exhibit 10.31 to the Company’s Report on Form 10-K, filed with the
      Securities and Exchange Commission on May 18, 2009.Exhibit
      10.32
                    
                    Termination
      of Working Interest Purchase and Sale Agreement, by and between the
      Company and Wellington Capital Management Inc., dated as of April 28,
      2009, incorporated by reference to Exhibit 10.1 to the Company’s Report on
      Form 8-K, filed with the Securities and Exchange Commission on May 5,
      2009.Exhibit
      10.33
                    
                    Termination
      and Discharge of Convertible Note Agreement, by and between the Company
      and Wellington Capital Management Inc., dated as of April 28, 2009,
      incorporated by reference to Exhibit 10.2 to the Company’s Report on Form
      8-K, filed with the Securities and Exchange Commission on May 5,
      2009.Exhibit
      10.34
                    
                    Mutual
      Release, by and between the Company and Wellington Capital Management
      Inc., incorporated by reference to Exhibit 10.3 to the Company’s Report on
      Form 8-K, filed with the Securities and Exchange Commission on May 5,
      2009.Exhibit
      10.35
                    
                    Letter
      of Intent, by and between the Company and Financial Media Net, Inc., dated
      as of March 25, 2009, incorporated by reference to Exhibit 99.1 to the
      Company’s Report on Form 8-K, filed with the Securities and Exchange
      Commission on March 26, 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.


17





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.





TIGER
      RENEWABLE ENERGY LTD.(Registrant)Dated:
      June 15, 2009By:
                            /s/
      Mitchell BrownName:
                            
                            Mitchell
      BrownTitle:
                            
                            Principal
      Executive OfficerDated:
      June 15, 2009By:
                            /s/
      Michel St-PierreName:
                            
                            Michel
      St-PierreTitle:
                            
                            Principal
      Financial Officer and
                              Chief
      Accounting
Officer


18