UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 10-Q



[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the quarterly period ended July 31, 2010



[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the transition period from



Commission File No.  000-50493



ALVERON ENERGY CORP.

(Exact name of small business issuer as specified in its charter)



Delaware                                   98-0412431

(State or other jurisdiction of     (I.R.S. Employer

Incorporation or organization)     Identification No.



735 Don Mills Road, Suite 1405

Toronto, Ontario, M3C 1S9

(Address of Principal Executive Offices)



647-435-9852

(Issuers telephone number)



(Former name, address and fiscal year, if changed since last report)



Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Exchange Act during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o



Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15 (d) of the Exchange Act subsequent to the distribution of securities under a plan confirmed by a court.  Yes o  No x



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



Large Accelerated Filer o     Accelerated Filer o     Non-Accelerated Filer o     Smaller Reporting Company x



As of September 20, 2010: 49,540,000 shares of Common Stock, par value $0.001 per share, were outstanding.



Transitional Small Business Disclosure Format

Yes [  ]  No [X]



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

Yes [  ]

No [X]





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TABLE OF CONTENTS



PART I – FINANCIAL INFORMATION



Item 1.   Financial Statements

4



Item 2.   Management’s Discussion and Analysis of Financial Condition

10



Item 3    Quantitative and Qualitative Disclosures About Market Risk

12



Item 4T. Control and Procedures

12



PART II  OTHER INFORMATION



Item 1.    Legal Proceedings

14



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

14



Item 3.  Defaults Upon Senior Securities

14



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

14



Item 5.  Other Information

14



Item 6.  Exhibits

14



Signatures

15





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PART I

FINANCIAL INFORMATION











Item 1. Financial Statements.



















ALVERON ENERGY CORP.
(A DEVELOPMENT STAGE COMPANY)

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

THREE AND NINE MONTHS ENDED JULY 31, 2010 and 2009

UNAUDITED





















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|                                                                                                                                                                         |   |           |                    
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | - | --------- | -------------------
|ALVERON ENERGY CORP.                                                                                                                                                     |   |           |                    
|(A Development Stage Company)                                                                                                                                            |   |           |                    
|Unaudited                                                                                                                                                                |   |           |                    
|CONSOLIDATED BALANCE SHEETS                                                                                                                                              |   |           |                    
|As of July 31, 2010 and October 31, 2009                                                                                                                                 |   |           |                    
|(Expressed in United States Dollars)                                                                                                                                     |   |           |                    
|                                                                                                                                                                         |   |           |                    
|                                                                                                                                                                         |   | July 31,  | October 31,        
|                                                                                                                                                                         |   | 2010      | 2009               
|                                                                                                                                                                         |   |           |                    
|ASSETS                                                                                                                                                                   |   |           |                    
|Current Assets:                                                                                                                                                          |   |           |                    
|Cash and cash equivalents                                                                                                                                                | $ | 5,604     | $               210
|Total Current Assets                                                                                                                                                     |   | 5,604     | 210                
|                                                                                                                                                                         |   |           |                    
|Total Assets                                                                                                                                                             | $ | 5,604     | $               210
|                                                                                                                                                                         |   |           |                    
|                                                                                                                                                                         |   |           |                    
|LIABILITIES AND STOCKHOLDERS' DEFICIT                                                                                                                                    |   |           |                    
|Current Liabilities:                                                                                                                                                     |   |           |                    
|Accounts Payable & Accrued Liabilities                                                                                                                                   | $ | 3,564     | $         13,561   
|Related party note                                                                                                                                                       |   | 23,305    | 3,013              
|Convertible note, net of discount                                                                                                                                        |   | 7,045     | 5,852              
|Total Current Liabilities                                                                                                                                                |   | 33,914    | 22,426             
|                                                                                                                                                                         |   |           |                    
|Total Liabilities                                                                                                                                                        |   | 33,914    | 22,426             
|                                                                                                                                                                         |   |           |                    
|STOCKHOLDERS' DEFICIT                                                                                                                                                    |   |           |                    
|Capital Stock  - $.001 par value, 100,000,000 shares authorized, 49,540,000 and 44,040,000 issued and outstanding as of July 31, 2010 and October 31, 2009, respectively |   | 49,540    | 44,040             
|Additional Paid in Capital                                                                                                                                               |   | 44,811    | 6,072              
|Accumulated Deficit during the Development Stage                                                                                                                         |   | (119,372) | (72,328)           
|Non-Controlling Interest                                                                                                                                                 |   | (3,289)   | -                  
|Total Stockholders' Deficit                                                                                                                                              |   | (28,310)  | (22,216)           
|                                                                                                                                                                         |   |           |                    
|Total Liabilities and Total Stockholders' Deficit                                                                                                                        | $ | 5,604     | $               210







(See accompanying notes to the financial statements)



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|                                                                                                  |   |              |                        |            |            |                     |  |  |  |  |  | 
|------------------------------------------------------------------------------------------------- | - | ------------ | ---------------------- | ---------- | ---------- | ------------------- |  |  |  |  |  | 
|ALVERON ENERGY CORP.                                                                              |   |              |                       
|(A Development Stage Company)                                                                     |   |              |                        |           
|Unaudited                                                                                         |   |              |                        |            |            |                    
|CONSOLIDATED STATEMENTS OF OPERATIONS                                                             |   |              |                       
|For the Three and Nine Months Ended July 31, 2010 and 2009, and Cumulative from November 18, 2003
|(Date of Inception) Through July 31, 2010                                                         |   |              |                        |           
|                                                                                                  |   |              |                        |            |            |                    
|                                                                                                  |   |              |                        |            |            |                    
|                                                                                                  |   |              |                        |            |            | November 18, 2003  
|                                                                                                  |   | Three Months | Three Months           | Six Months | Six Months | (Date of Inception)
|                                                                                                  |   | Ended        | Ended                  | Ended      | Ended      | Through            
|                                                                                                  |   | July 31,     | July 31,               | July 31,   | July 31,   | July 31,           
|                                                                                                  |   | 2010         | 2009                   | 2010       | 2009       | 2010               
|                                                                                                  |   |              |                        |            |            |                    
|Revenues                                                                                          | $ | -            | -                      | -          | -          | -                  
|                                                                                                  |   |              |                        |            |            |                    
|Expenses                                                                                          |   |              |                        |            |            |                    
|Professional fees                                                                                 |   | 7,489        | -              (5,424) | 11,239     | 23,153     | 51,987             
|Consulting Expense                                                                                |   | -            | -                      | -          | -          | 4,000              
|Interest expense                                                                                  |   | 424          | 330                    | 1,193      | 932        | 3,761              
|Office and  administrative                                                                        |   | 11,423       | 11,250                 | 19,663     | 15,139     | 42,880             
|Research and  Development                                                                         |   | 17,128       | -                      | 28,869     | -          | 28,869             
|Foreign currency translation                                                                      | $ | -            | -                      | 132        | 823        | 1,927              
|Total operating expenses                                                                          |   | 36,464       | 6,156                  | 61,096     | 40,047     | 133,424            
|                                                                                                  |   |              |                        |            |            |                    
|Net Loss including non-controlling interest                                                       |   | (36,464)     | (6,156)                | (61,096)   | (40,047)   | (133,424)          
|Net Loss attributable to non-controlling interest                                                 |   | (14,052)     | -                      | (14,052)   | -          | (14,052)           
|Net Loss attributable to Alveron Energy Corp.                                                     |   | (22,412)     | -                      | (47,044)   | -          | (119,372)          
|                                                                                                  |   |              |                        |            |            |                    
|Loss per Common Share - Basic                                                                     | $ | (0.00)       | (0.00)                 | (0.00)     | (0.00)     |                    
|and Diluted                                                                                       |   |              |                        |            |            |                    
|                                                                                                  |   |              |                        |            |            |                    
|Weighted average number of 
  shares outstanding during
the periods basic and diluted             |   | 49,540,000   | 44,040,000             | 49,540,000 | 44,040,000 |                    



(See accompanying notes to the financial statements)





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|                                                                                                  |   |             |                       |                      |  |  |  |  |  |  | 
|------------------------------------------------------------------------------------------------- | - | ----------- | --------------------- | -------------------- |  |  |  |  |  |  | 
|ALVERON ENERGY CORP.                                                                              |   |             |                       |                     
|(A Development Stage Company)                                                                     |   |             |                       |                     
|Unaudited                                                                                         |   |             |                       |                     
|CONSOLIDATED STATEMENTS OF CASH FLOWS                                                             |   |             |                       |                     
|For the Three and Nine Months Ended July 31, 2010 and 2009, and Cumulative from November 18, 2003
|(Date of Inception) Through July 31, 2010                                                         |   |             |                       |                     
|                                                                                                  |   |             |                       | November 18, 2003   
|                                                                                                  |   | Nine Months | Nine Months           | (Date of Inception) 
|                                                                                                  |   | Ended       | Ended                 | Through             
|                                                                                                  |   | July 31,    | July 31,              | July 31,            
|                                                                                                  |   | 2010        | 2009                  | 2010                
|                                                                                                  |   |             |                       |                     
|Cash Flows from Operating Activities                                                              |   |             |                       |                     
|Net (loss) earnings including non-controlling
interest                                            | $ | (61,096)    | $            (40,047) | $          (133,424)
|Adjustments to reconcile net loss to net cash used  by                                            |   |             |                       |                     
|Operating activities:                                                                             |   |             |                       |                     
|Common stock issued for services                                                                  |   | -           | -                     | 4,000               
|Interest accrued on convertible note                                                              |   | 1,194       | 932                   | 3,714               
|Changes in assets and liabilities                                                                 |   |             |                       |                     
|Accounts payable and accrued liabilities                                                          |   | (9,996)     | 20,161                | (391)               
|                                                                                                  |   |             |                       |                     
|Cash flows used in operating activities                                                           |   | (69,898)    | (18,954)              | (126,101)           
|                                                                                                  |   |             |                       |                     
|Cash Flows from Investing Activities                                                              |   |             |                       |                     
|                                                                                                  |   |             |                       |                     
|Cash Flows from Financing Activities                                                              |   |             |                       |                     
|Proceeds from Convertible Note                                                                    |   | -           | -                     | 6,000               
|Proceeds from issuance of common stock                                                            |   | 55,000      | -                     | 61,200              
|Advances from related party                                                                       |   | 2,201       | -                     | 9,214               
|Advances from Stockholder                                                                         |   | 18,091      | 18,954                | 55,290              
|                                                                                                  |   |             |                       |                     
|Cash flows provided by financing  activities                                                      |   | 75,292      | 18,954                | 131,705             
|                                                                                                  |   |             |                       |                     
|Net (Decrease) Increase in Cash                                                                   |   | 5,394       | -                     | 5,604               
|                                                                                                  |   |             |                       |                     
|Cash and Cash Equivalents beginning of period                                                     |   | 210         | 210                   | -                   
|                                                                                                  |   |             |                       |                     
|Cash and Cash Equivalents end of period                                                           | $ | 5,604       | $              210    | $             5,604 
|                                                                                                  |   |             |                       |                     
|Supplemental Cash Flow Information                                                                |   |             |                       |                     
|                                                                                                  |   |             |                       |                     
|Interest paid                                                                                     |   | -           | -                     | -                   
|Income taxes paid                                                                                 |   | -           | -                     | -                   





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ALVERON ENERGY CORP.

(A DEVELOPMENT STAGE COMPANY)

Notes to Interim Financial Statements

July 31, 2010 and 2009

Unaudited



1.

History and Organization



Alveron Energy Corp. is a development stage company which was incorporated under the laws of the State of Delaware on November 18, 2003.  From inception to September 2007, the Company was focused on providing a vehicle for a foreign or domestic non-public company to become an SEC reporting (publicly-traded) company. To this end, we intended to locate and negotiate with a business entity for the combination of that target company with the Company.  Since September 2007, the Company has shifted its focus to becoming a wind and hydro electric energy generation company. In February 12, 2010, the Company formed a new Joint Venture Corporation, Yantai Alveron Energy Development Company, in Shandong, China as per the agreement sign on June 20, 2009. The company ownership was organized per the agreement with Alveron Energy Corp. owning 77% and the joint partners owning the remaining 23% of the new entity. Alveron Energy Corp. transferred $50,000 to this new entity during the quarter ending July 31, 2010 to be used on the feasibility report for a potential 48MW wind energy plant in Shandong, China.



On April 12, 2010 the Board of Directors of Modena I, Inc. (the Company) filed a Certificate of Amendment to the Articles of Incorporation with the Secretary of State of Delware changing the Companys name to Alveron Energy Corp.





2.

Going Concern Assumption



These accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") with the assumption that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. The Company has a working capital deficit of $28,310 and has no current revenue stream and has generated negative cash flows from operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue as a going concern.

The Company's ability to continue as a going concern is also contingent upon its ability to complete certain capital formation activities and generate working capital operations in the future. Management's plan in this regard is to secure additional funds through equity financing activities, and from loans made by the Company's stockholder.

The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the inability of the Company to continue as a going concern.













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ALVERON ENERGY CORP.

(A DEVELOPMENT STAGE COMPANY)

Notes to Interim Financial Statements

July 31, 2010 and 2009

Unaudited



3.

Basis of Presentation



The Company has not earned any revenues from limited principal operations and accordingly, the Company's activities have been accounted for as those of a "Development Stage Enterprise" as set forth in FASB Pronouncements. Among the disclosures required are that the Company's financial statements be identified as those of a development stage company, and that the statements of operation, stockholders' deficit and cash flows disclose activity since the date of the Company's inception.



The interim condensed financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to not make the information presented misleading.



These statements reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these interim condensed financial statements be read in conjunction with the financial statements of the Company for the year ended October 31, 2009 and notes thereto included in the Company's 10-K annual report. The Company follows the same accounting policies in the preparation of interim reports.



In preparing financial statements, the Company's management makes informed judgments and estimates that affect the reported amounts of assets and liabilities as of the date of the financial statements and affect the reported amounts of revenues and expenses during the reporting period. We review our estimates on an on-going basis, including those related to contingencies and income taxes. Changes in facts and circumstances may result in revised estimates and actual results may differ from these estimates.



Results of operations for the interim periods are not indicative of annual results.



4.

Principle of Consolidation



The accounts of all of our wholly-owned subsidiaries are included in the consolidation of these financial statements from the date of acquisition.  All significant intercompany accounts and transactions have been eliminated in consolidation.  During the current quarter we have consolidated our 77% owned joint venture as discussed in note 8 below. The Company records net income attributable to non-controlling interest in the consolidated statements of operations for any non-owned portion of its consolidated subsidiary.  Non-controlling interest being accounted for in owners equity on the consolidate balance sheet.











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5.

Promissory Note

In July 2007, the Company received proceeds of $6,000 and issued a convertible note to an unrelated party.  The loan bears a stated interest rate of 5% per annum, is unsecured and the principal amount of $6,000 plus all accrued interest was due on July 2, 2010. In addition, the holder has the option at any time to convert all or part of the outstanding principal and interest amount into common shares of the Company.  The number of common shares that shall be issued upon conversion of the note shall be determined by the holder and the Company, where the price cannot be greater than the price per common share issued by the Company in the next round of financing. The note is now past due and in default of payment. The note will continue to accrue interest until such time that the note is paid in full or converted by note holder.

In accordance with ASC 470-20, the Company evaluated the conversion feature embedded in the debt instrument and concluded that a beneficial conversion feature exists since the stated interest rate is below the interest rate on that of similar loans.  An estimated discount rate of 25% was determined based on the Companys current capital structure and the discount on the loan was determined to be the beneficial conversion feature embedded in the convertible note and was recorded as an addition to additional paid-in capital and as a reduction in the loan payable balance. The discount, calculated as $2,715, will be amortized over the life of the loan using the effective interest method with the amortized portion recorded as interest expense; as of quarter ended July 31, 2010 the discount has been fully amortized.  For the quarter ended July 31, 2010, interest expense of $424 was recorded on the loan compared to $330 of interest expense recorded for the year ended July 31, 2009.



6.

Related Party Transactions



Related party transactions are in the normal course of operations and are recorded at amounts established and agreed between the related parties. Related party transactions not disclosed elsewhere in these consolidated financial statements are as follows:



During the nine months period ended July 31, 2010, $18,091 and $2,201 was paid by advances from shareholder and related party, respectively, for professional fees and office and general expenses. Since inception, the shareholder has advanced funds for professional fees and other office and general expenses in the amount of $64,504.  The shareholder has waived a portion of the reimbursement of these expenses and considered these advances as a contribution to capital.



7.

Stockholders Activity



For the period ended July 31, 2010, we issued 5,500,000 shares of common stock to 3 investors in a private placement. The consideration paid for such shares was $0.01 per share, amounting in the aggregate to $55,000.



8.

Joint Venture



On February 12, 2010, the Company formed a new Joint Venture Corporation, Yantai Alveron Energy Development Company, in Shandong, China as per the agreement sign on June 20, 2009. The company ownership was organized per the agreement with Alveron Energy Corp. owning 77% and the joint partners owning the remaining 23% of the new entity.  On the date of the Joint Venture, Yantai had no balance sheet or income statement activities.  Alveron Energy Corp. transferred a total of $50,000 to this new entity during the quarter ending July 31, 2010 to
be used on the feasibility report for a potential 48MW wind energy plant in
Shandong, China.  The Company has expensed a total of $28,869 toward research and development which relates to the feasibility report. The total losses from the joint venture exceed the non-controlling interest balance and as a result the Company has recorded net debit balance of approximately $3,289 on the consolidated balance sheet.





9.

Subsequent Events



There are no subsequent events that would warrant further disclosures.





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Item 2. Managements Discussion and Analysis or Plan of Operation.



As used in this Form 10-Q, references to the "Company," "we," our or "us" refer to Alveron Energy Corp., unless the context otherwise indicates.



This Managements Discussion and Analysis or Plan of Operation should be read in conjunction with the financial statements and the notes thereto.



Forward-Looking Statements



This Quarterly Report on Form 10-Q contains forward-looking statements which relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as may, should, expects, plans, anticipates, believes, estimates, predicts, potential or continue or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industrys actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.



While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.



Plan of Operation



The Company has begun preliminary investigation into wind and hydro energy technologies and has been researching wind and hydro electric energy properties and project opportunities.  The Company is also focusing on developing its economic models and financial forecasts while attempting to raise capital.



The Company plans to complete the following stages of development within the next twelve months of operations:



Site and Development Partner Identification and Agreement  Identify regions that are economically viable for wind or hydro turbine development and development partners that would be appropriate for a particular project. We would then have to finalize an agreement with a development partner before proceeding.



Data Collection  For the wind energy projects this involves location mapping and wind resource data monitoring and collection using meteorological instruments especially anemometers which read wind-speed and direction among other things. For hydro-electric projects, this involves location mapping and water resource data monitoring and collection using acoustical current instruments, as well as recorded and ongoing data collected by publicly-accessible stations.



Results of Operation

The Company did not have any operating income from inception (November 18, 2003) through July 31, 2010.  Our major expenses since inception have been legal, accounting and filing fees relating to filing our S-1 and our quarterly and audited financial statements.  During the three months ended July 31, 2010, the company had $7,489 of professional fees; interest expense on our convertible note of $424; office and general expenses of 11,423 and research and development expenses of 17,128 as compared to the three
months ended July 31, 2009, where the company had $5,424 of professional fees, office and administration expenses of $11,250 and interest expense on our convertible note of $330.



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Liquidity and Capital Resources



As shown in the accompanying financial statements, Alveron generated net loss, including non-controlling interest, of $133,424 from November 18, 2003 (inception) to July 31, 2010, and has an accumulated deficit of $119,372 and negative working capital of $28,310 as July 31, 2010. These results raise substantial doubt as to our ability to continue as a going concern. Over the next twelve months, we anticipate expenses will be approximately $50,000, which includes administrative costs, including professional fees and general business expenses, including costs related to complying with our filing obligations as a reporting company. Our sole executive officer, Mr. Sang Ho Kim has indicated that he is prepared to loan such funds to us for these expenses, but there are no

formal arrangements in this regard and he is not legally obligated to loan funds to us.



As our operations become more complex, it is anticipated that these costs will increase. We do not have sufficient funds on hand to cover these expenses.  Our cash on hand, $5,604 as of July 31, 2010, will not be sufficient to implement operational activities during the next 12 months and we will require at least $400,000 additional funding to implement our business plan.



The table below sets forth the anticipated expenses for the next 12 months:



|                            |                  |                 |                     
|--------------------------- | ---------------- | --------------- | --------------------
|                            |                  |                 |                     
|                            | Amount Allocated | Amount Expended | Estimated Completion
|                           
|                            |                  |                 |                     
|Marketing Materials/Website | $ 20,000         |                 | Use as needed       
|Legal/Accounting            | $ 50,000         |                 | Use as needed       
|SEC Reporting               | $25,000          |                 | Use as needed       
|Computer Systems            | $6,000           |                 | Use as needed       
|Wind/Hydro Monitors         | $80,000          |                 | Use as needed       
|Consultants                 | $ 80,000         |                 |                     
|General Administration      |                  |                 | Use as needed       
|Meals & Entertainment       | $6,000           |                 | Use as needed       
|Insurance                   | $6,000           |                 | Use as needed       
|Office Supplies             | $6,000           |                 | Use as needed       
|Salaries                    | $80,000          |                 | Use as needed       
|Professional Fees           | $7,000           |                 | Use as needed       
|Rent                        | $6,000           |                 | Use as needed       
|Telephone/Mobile            | $6,000           |                 | Use as needed       
|Travel                      | $20,000          |                 | Use as needed       
|Utilities                   | $2,000           |                 | Use as needed       
|Total                       | $400,000         |                 |                     
|                            |                  |                 |                     



We have allocated approximately $139,000 towards general business purposes. Of this amount, $6,000 is intended to be used to computer hardware and software, $6,000 will be used to purchase general office supplies and $87,000 is set aside for salaries and other professional expenses.



We will not generate any revenues in the next twelve months and we will be required to raise additional capital by issuing equity or debt securities in exchange for cash in order to continue as a going concern. We
can not assure you that any financing can be obtained or, if obtained, that it will be on reasonable terms. Without realization of additional capital, it would be unlikely for us to continue as a going concern.



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Going Concern Consideration



Our independent auditors included an explanatory paragraph in their report on the financial statements included herein regarding concerns about our ability to continue as a going concern. Our financial statements contain additional note disclosures describing the circumstances that lead to this disclosure by our independent auditors.





Critical Accounting Policies And Estimates



Our most critical accounting policies, which are those that require significant judgment, include: income taxes and revenue recognition. In-depth descriptions of these can be found in our Annual Report on Form 10-K for the fiscal year ended October 31, 2009 (the 2009 Form 10-K). There have been no material changes in our existing accounting policies from the disclosures included in our 2009 Form 10-K.



Off-Balance Sheet Arrangements



We do not have any off-balance sheet guarantees, interest rate swap transactions or foreign currency contracts. We do not engage in trading activities involving non-exchange traded contracts.



Item 3.    Quantitative and Qualitative Disclosures about Market Risks



We conduct our business in United States dollars. Our market risk is limited to the United States domestic, economic and regulatory factors.



Item 4T. Controls and Procedures



Evaluation of Disclosure Controls and ProceduresThe management of the company is required to maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer (one individual) as appropriate, to allow timely decisions regarding required disclosure.



In designing and evaluating disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute assurance of achieving the desired objectives. Also, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. The design of any system of controls is based, in part, upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.



As of the end of the period covered by this report, the Company conducted an evaluation, under the supervision and with the participation of its principal executive officer and principal financial officer, of the
Companys disclosure controls and procedures. Based on their evaluation, the principal executive officer and principal financial officer concluded that the Companys disclosure controls and procedures need improvement and were not adequately effective as of July 31, 2010 to cause the information required to be disclosed in reports that the Company files or submits under the Exchange Act to be recorded, processed, summarized and reported within the time periods prescribed by the SEC, and that such information is accumulated and communicated to management, including the principal executive officer and principal financial officer, as appropriate, to ensure timely decisions regarding required disclosure. Management is in the process of identifying deficiencies with respect to the Companys disclosure controls and procedures and implementing corrective measures.



Changes in Internal Controls



There have been no changes in the Company's internal control over financial reporting during the last quarterly period covered by this report that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.



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PART II

OTHER INFORMATION

Item 1.   Legal Proceedings.



There are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company. The Companys property is not the subject of any pending legal proceedings.

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

The Company did not sell any unregistered equity securities during the quarter ended July 31, 2010. The company has a total of 49,540,000 common shares issued and outstanding held by 44 individuals, including 40,000,000 shares held by Sang-Ho Kim, the President and CEO of the Company.

Item 3.   Defaults Upon Senior Securities.

None.

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

There has not been any matter submitted to a vote of the Companys shareholders, through the solicitation of proxies or otherwise, during the three months ended July 31, 2010.

Item 5.   Other Information.

None.



Item 6. Exhibits and Reports on Form 8-K



(A)

Exhibits

|        |  |                                                                        
|------- |  | -----------------------------------------------------------------------
|        |  |                                                                        
|Exhibit |  |                                                                        
|Number  |  | Description                                                            
|        |  |                                                                        
|31.1    |  | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|        |  |                                                                        
|32.1    |  | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002



(B)

Reports on Form 8-K



Form 8-K Filed on May 25, 2010 reporting a name change.









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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this quarterly report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.





ALVERON ENERGY CORP.



Date: September 20, 2010

By:                      
/s/ Sang Ho Kim

Name:                 
Sang Ho Kim

Title:       President, Chief Executive Officer, Chief Financial Officer 
                                                                                                                                            
(Principal Executive Financial and Accounting Officer)







































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