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Tiger Oil & Energy, Inc. - Quarter Report: 2010 September (Form 10-Q)

t69326_10q.htm
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
 
 
FORM 10-Q
 
(Mark One)
 
o     QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2010
 
o     TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
 
For the transition period from to
 
Commission file number 333-141875
 
 
TIGER OIL AND ENERGY, INC.
 
(Exact name of Registrant as specified in its charter)

NEVADA
20-5936198
   
(State or other jurisdiction of incorporation or
organization)
(IRS Employer Identification No.)
 

 
7230 Indian Creek Ln., Ste 201
Las Vegas, NV 89149
(Address of principal executive offices)

 
(702) 335-0356
(Registrant’s telephone number, including area code)
 
(Former name, former address and former fiscal year, if changed since last report)
 
Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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.  o
 
Indicate by checkmark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
o  Yes                                x           No (Not Required)
 
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.

Large accelerated filer  o      Accelerated Filer    o      Non-accelerated filer    o      (Do not check if a smaller reporting company) Smaller reporting companyx

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes  o   No  x

APPLICABLE ONLY TO CORPORATE ISSUERS
 
As of November 22, 2010, the Company had 44,118,159 issued and outstanding shares of its common stock.
 
 
 
 
 
PART I — FINANCIAL INFORMATION

 
The accompanying interim unaudited financial statements of Tiger Oil and Energy, Inc. (a Nevada corporation) are condensed and, therefore, do not include all disclosures normally required by accounting principles generally accepted in the United States of America. These statements should be read in conjunction with the Company's most recent annual financial statements for the year ended December 31, 2009 included in a 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on April 14, 2010. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying interim financial statements and consist of only normal recurring adjustments. The results of operations presented in the accompanying interim financial statements for the six months ended September 30, 2010 are not necessarily indicative of the operating results that may be expected for the full year ending December 31, 2010.
 

 




TIGER OIL AND ENERGY, INC.
(Formerly UTEC, Inc.)

Consolidated Financial Statements

September 30, 2010 and December 31, 2009
Contents
  
Consolidated Balance Sheets
2   
Consolidated Statements of Operations
3
 Consolidated Statements of Stockholders' Equity
4
Consolidated Statements of Cash Flows
5
Item 2. Management’s Discussion and
  
Analysis of Financial Condition and Results of Operation
10
Item 3.  Quantitative and Qualitative Disclosures About Market Risk
12
Item 4T. Controls and Procedures
12
   
PART II — OTHER INFORMATION
12
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds
12
Item 5.  Other Information
13
Item 6. Exhibits
14
 
 
 
 
 
TIGER OIL AND ENERGY, INC.
(Formerly UTEC, Inc.)
(A Development Stage Company)
Consolidated Balance Sheets
                   
ASSETS
                   
       
September 30,
December 31,
  
       
2010
  
2009
  
       
(Unaudited)
        
CURRENT ASSETS
              
                   
 
Cash and cash equivalents
  
$
                378
  
$
             9,453
  
                   
   
Total Current Assets
    
                378
    
             9,453
  
                   
PROPERTY, PLANT AND EQUIPMENT, NET
    
         328,013
    
         328,427
  
                   
   
TOTAL ASSETS
  
$
         328,391
  
$
         337,880
  
                   
                   
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
                   
CURRENT LIABILITIES
              
                   
 
Accounts payable and accrued expenses
  
$
         122,445
  
$
         350,716
  
 
Accrued salary
    
                     -
    
         200,000
  
 
Accounts payable to related party payables
    
           99,666
    
           80,535
  
 
Loan payable
    
           15,240
    
                240
  
 
Derivative liability
    
             8,898
    
                     -
  
                   
   
Total Current Liabilities
    
         246,249
    
         631,491
  
                   
   
TOTAL LIABILITIES
    
         246,249
    
         631,491
  
                   
STOCKHOLDERS' EQUITY (DEFICIT)
              
                   
 
Preferred stock - 1,000,000 authorized, $0.001 par value;
        
 
42,013 and 42,013 issued and outstanding, respectively
42
    
42
  
 
Common stock - 74,000,000 authorized, $0.001 par value;
        
 
   34,118,159 and 34,118,159 issued and outstanding, respectively
           34,118
    
           34,118
  
 
Additional paid-in capital
    
      3,137,547
    
      2,639,115
  
 
Deficit accumulated incured prior to the development stage
       (524,202)
    
       (524,202
 ) 
 
Deficit accumulated during the development stage
  
    (2,565,363
 )   
    (2,442,684
 ) 
                   
   
Total Stockholders' Equity (Deficit)
    
           82,142
    
       (293,611
 ) 
                   
   
TOTAL LIABILITIES AND STOCKHOLDERS'
  
 
    
 
    
   
  EQUITY (DEFICIT)
  
$
         328,391
  
$
         337,880
  
                   
                   
The accompanying notes are an integral part of these financial statements.
 
 
2
 
 
TIGER OIL AN ENERGY, INC.
  
(Formerly UTEC, Inc.)
  
(A Development Stage Company)
  
Consolidated Statements of Operations
  
(Unaudited)
  
                                   
                             
From Inception
  
                             
on April 30 2009
  
     
 For the Three Months Ended
 For the Nine Months Ended
  
through
  
     
September 30,
  
September 30,
  
September 30,
  
     
2010
  
2009
  
2010
  
2009
  
2010
  
     
 
    
 
    
 
    
 
    
 
    
REVENUES
$
                 -
  
$
                   -
  
$
                   -
  
$
                   -
  
$
                   -
  
COST OF SALES
  
                 -
    
                   -
    
                   -
    
                   -
    
                   -
  
GROSS MARGIN
  
                 -
    
                   -
    
                   -
    
                   -
    
                   -
  
                                   
OPERATING EXPENSES
                              
                                   
 
Impairment of intangible assets
  
                 -
    
          60,343
    
                   -
    
          60,343
    
        121,242
  
 
Salaries and wages
  
                 -
    
                   -
    
          83,333
    
                   100,00
    
        350,000
  
 
General and administrative
  
        14,055
    
          76,053
    
          30,314
    
        85,879
    
        493,197
  
                                   
   
Total Operating Expenses
  
        14,055
    
        136,396
    
        113,647
    
        246,222
    
        964,439
  
                                   
LOSS FROM OPERATIONS
 
      (14,055
 ) 
 
       (136,396
 ) 
 
       (113,647
 ) 
 
       (246,222
 ) 
 
       (964,439
 ) 
                                   
OTHER EXPENSE
                              
                                   
 
Interest expense
  
             (25
 )   
                   -
    
             (134
 )   
                   -
    
             (134
 ) 
 
Loss on derivative liability
  
        (8,898
 )   
                   -
    
          (8,898
 )   
                   -
    
          (8,898)
  
                                   
   
Total Other Expense
  
        (8,923
 )   
                   -
    
          (9,032
 )   
                   -
    
          (9,032
 ) 
                                   
LOSS BEFORE TAXES
  
      (22,978
 )   
       (136,396
 )   
       (122,679
 )   
       (246,222
 )   
       (973,471
 ) 
                                   
 
Provision for income taxes
  
                 -
    
                   -
    
                   -
    
       (170,800
 )   
       (170,800
 ) 
                                   
NET LOSS FROM CONTINUING OPERATIONS       (22,978 )       (136,396 )        (122,679 )          (417,022 )        (1,144,271 ) 
                               
 
Net income (loss) from discontinued operations
                 -
    
                   -
    
                   -
    
        225,698
    
        309,650
  
  Loss on disposal of discontinued operations     -       -       -        (1,730,742 )      (1,730,742 ) 
                                 
   
Loss from discontinued operations,
                              
   
net of income taxes
  
                 -
    
                   -
    
                   -
    
    (1,505,044
 )   
    (1,421,092
 ) 
                                   
NET LOSS
 $
      (22,978
 ) 
 $
       (136,396
 ) 
 $
       (122,679
 ) 
 $
    (1,922,066
 ) 
 $
    (2,565,363
 ) 
                                   
BASIC LOSS PER SHARE
                              
FROM CONTINUING OPERATIONS
 $
          (0.00
 ) 
 $
            (0.00
 ) 
 $
            (0.00
 ) 
 $
            (0.01
 )       
BASIC LOSS PER SHARE
                          
 
  
 FROM DISCONTINUED OPERATIONS
 
               -
  
 
                 -
  
 
                 -
  
 
            (0.04
 )   
 
  
                                   
TOTAL BASIC LOSS PER SHARE
 $
          (0.00
 ) 
 $
            (0.00
 ) 
 $
            (0.00
 ) 
 $
            (0.05
 )       
                                   
WEIGHTED AVERAGE NUMBER
                              
  OF SHARES OUTSTANDING
 
 34,118,159
  
 
   29,468,159
  
 
   34,118,159
  
 
   36,968,159
        
                                   
                                   
                                   
The accompanying notes are a integral part of these financials statements.
  
 
 
3
 
 
TIGER OIL AND ENERGY, INC.
  
(Formerly UTEC, Inc.)
  
(A Development Stage Company)
  
Consolidated Statements of Stockholders' Equity (Deficit)
  
                                       
                           
Deficit
        
                     
Additional
  
Accumulated
        
 
Preferred Stock
  
Common Stock
  
Paid-In
  
During the
  
 
    
 
Shares
  
Amount
  
Shares
  
Amount
  
Capital
  
Development Stage
  
Total
  
                                       
Balance, December 31, 2006
       22,013
  
$
          22
  
     25,917,159
  
$
     25,917
  
$
                  -
  
$
           (33,951
 ) 
$
          (8,012
 ) 
                                       
Common stock issued for acquisition
                                      
at $0.08 per share
                -
    
             -
  
     22,500,000
    
     22,500
    
    1,879,439
    
                     -
    
    1,901,939
  
                                       
Common shares issued for finders
                                      
fee at $0.001 per share
                -
    
             -
  
      2,525,000
    
       2,525
    
                  -
    
                     -
    
           2,525
  
                                       
Preferred shares issued for acquisition
                                      
at $0.001 per share
       20,000
    
          20
  
                    -
    
              -
    
                  -
    
                     -
    
               20
  
                                       
Common stock issued pursuant to employment
                                      
stock grants at $0.06 per share
                -
    
             -
  
      1,914,000
    
       1,914
    
       105,487
    
                     -
    
       107,401
  
                                       
Common shares issued for intangible assets
                                      
at $0.08 per share
                -
    
             -
  
         850,000
    
         850
    
         70,750
    
                     -
    
         71,600
  
                                       
Common shares issued for services
                                      
at $0.45 per share
                -
    
             -
  
           50,000
    
           50
    
         22,450
    
                     -
    
         22,500
  
                                       
Capital contribution by shareholder
                -
    
             -
  
                    -
    
              -
    
         38,250
    
                     -
    
         38,250
  
                                       
Net loss for the year ended
                                      
  December 31, 2007
                -
    
             -
  
                    -
    
              -
    
                  -
    
         (285,341
 )   
      (285,341
 ) 
                                       
Balance, December 31, 2007
       42,013
  
$
          42
  
     53,756,159
  
$
     53,756
  
$
    2,116,376
  
$
         (319,292
 ) 
$
    1,850,882
  
                                       
Cancelled share issued pursuant to
                                      
employee stock grants
                -
    
             -
  
     (1,898,000
 )   
      (1,898
 )   
      (105,485
 )   
                     -
    
      (107,383
 ) 
                                       
Common stock issued for cash
                                      
at $0.38 per share
                -
    
             -
  
         110,000
    
         110
    
         41,874
    
                     -
    
         41,984
  
                                       
Option expense pursuant to employee
                                      
option plan
                -
    
             -
  
                    -
    
              -
    
         96,750
    
                     -
    
         96,750
  
                                       
Net loss for the year ended
                                      
  December 31, 2008
                -
    
             -
  
                    -
    
              -
    
                  -
    
         (204,910
 )   
      (204,910
 ) 
                                       
Balance, December 31, 2008
       42,013
    
          42
  
     51,968,159
    
     51,968
    
    2,149,515
    
         (524,202
 )   
    1,677,323
  
                                       
Option expense pursuant to employee
                                      
option plan
                -
    
             -
  
                    -
    
              -
    
       401,250
    
                     -
    
       401,250
  
                                       
Operational segment sold in exchange
                                      
for common stock
                -
    
             -
  
    (22,500,000
 )   
    (22,500
 )   
         22,500
    
                     -
    
                  -
  
                                       
Common stock issued for purchase
                                      
of subsidiary at $0.01 per share
                -
    
             -
  
      4,050,000
    
       4,050
    
         36,450
    
                     -
    
         40,500
  
                                       
Common stock issued for cash
                                      
at $0.05 per share
                -
    
             -
  
         600,000
    
         600
    
         29,400
    
                     -
    
         30,000
  
                                       
Net loss for the year ended
                                      
December 31, 2009
                -
    
             -
  
                    -
    
              -
    
                  -
    
       (2,442,684
 )   
   (2,442,684
 ) 
                                       
Balance, December 31, 2009
       42,013
    
          42
  
     34,118,159
    
     34,118
    
    2,639,115
    
       (2,966,886
 )   
      (293,611
 ) 
                                       
Contributed capital (unaudited)
                -
    
             -
  
                    -
    
              -
    
       498,432
    
                     -
    
       498,432
  
                                       
Net loss for the nine months ended
                                      
September 30, 2010 (unaudited)
                -
    
             -
  
                    -
    
              -
    
                  -
    
         (122,679
 )   
      (122,679
 ) 
                                       
Balance, September 30, 2010 (unaudited)
       42,013
  
$
          42
  
     34,118,159
  
$
     34,118
  
$
    3,137,547
  
$
       (3,089,565
 ) 
$
         82,142
  
                       
 
              
                       
 
              
The accompanying notes are an integral part of these financial statements.
  

 
 
4
 
 
TIGER OIL AND ENERGY, INC.
(Formerly UTEC, Inc.)
(A Development Stage Company)
Consolidated Statements of Cash Flows
(Unaudited)
                   
             
From Inception
on April 30 2009
through
  
               
 
For the Nine Months Ended
    
     
    September 30,    
September 30,
  
    2010     2009     2010  
OPERATING ACTIVITIES
                  
                   
Net loss
   $ (122,679 )   $ (1,922,066 )   $ (2,565,363 )
Adjustments to Reconcile Net Loss to Net
                        
Cash Used by Operating Activities:
                        
Depreciation
     414       -       726  
Amortization of intangibles
     -       11,407       2,803  
Employee option grants issued
     -       66,200       46,500  
Cancellation of employee stock option shares
     -       -       354,750  
Impairment of intangible assets
     -       60,343       121,242  
Change in derivative liability
     8,898       -       8,898  
Deferred tax asset
     -       -       170,800  
Changes in operating assets and liabilities:
                        
Accounts payable to related party payables
     19,131       20,360       299,666  
Accounts payable and accrued liabilities
     70,161       140,000       53,796  
                         
Net Cash Used in Continuing Operating Activities
     (24,075 )     (1,623,756 )     (1,506,182 )
Net Cash Used in Discontinued Operating Activities
     -       1,623,756       1,678,016  
Net Cash Used in Operating Activities
     (24,075 )     -       171,834  
                         
INVESTING ACTIVITIES
                        
                         
Purchase of property and equipment
     -       -       (216,556 )
                         
Net Cash Used in Continuing Investing Activities
     -       -       (216,556 )
Net Cash Used in Discontinued Investing Activities
     -       -       -  
Net Cash Used in Investing Activities
     -       -       (216,556 )
                         
FINANCING ACTIVITIES
                        
                         
Proceeds from note payable
     15,000               15,000  
Proceeds from common stock
     -       -       30,000  
                         
Net Cash Provided by Continuing Financing Activities
     15,000       -       45,000  
Net Cash Used in Discontinued Financing Activities
     -       -       -  
Net Cash Used in Financing Activities
     15,000       -       45,000  
                         
NET INCREASE (DECREASE) IN CASH
     (9,075 )     -       278  
CASH AT BEGINNING OF PERIOD
     9,453       -       100  
                         
CASH AT END OF PERIOD
   $ 378     $ -     $ 378  
                         
SUPPLEMENTAL DISCLOSURES OF
                        
CASH FLOW INFORMATION
                        
                         
CASH PAID FOR:
                        
Income taxes paid
   $ -     $ -     $ -  
Interest paid
     -       -       -  
                         
NON CASH FINANCING ACTIVITIES:
                        
Common stock issued for purchase of subsidiary
   $ -     $ -     $ 40,500  
Common stock cancelled
     -       -       20,500  
Contributed capital from forgiveness
                        
   of debt of a related party
     498,432       -       498,432  
                         
                       
The accompanying notes are an integral part of these financial statements.
 
 
5
 
 
TIGER OIL AND ENERGY, INC.
(Formerly UTEC, Inc.)
Notes to the Consolidated Financial Statements



­­­NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
The accompanying financial statements have been prepared by the Company without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2010, and for all periods presented herein, have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2009 audited financial statements.  The results of operations for the period ended September 30, 2010 is not necessarily indicative of the operating results for the full year.

NOTE 2 - GOING CONCERN

The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
 
Recent Accounting Pronouncements
 
Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.
 
 
6
 
 
TIGER OIL AND ENERGY, INC.
(Formerly UTEC, Inc.)
Notes to the Consolidated Financial Statements


NOTE 4 – RELATED PARTY TRANSACTIONS

Through September 30, 2010, the Company has borrowed $99,366 from a related party to fund continuing operations.  This note bears no interest, is due on demand and in uncollateralized.
 
On June 1, 2009 the Company entered into an employment agreement with its CEO.  Under the agreement, the Company has agreed to pay $200,000 per year and a bonus of up to 50% of the annual pretax earnings before depreciation and amortization, subject to a maximum of $100,000.  As of May 21, 2010 and December 31, 2009, the Company has accrued $283,333, and $200,000 of salary in conjunction with this agreement. On May 21, 2010 the Company’s CEO resigned and forgave all accrued salary due to him, resulting in a gain on forgiveness of debt in the amount of $283,333.  On the same date, another related party forgave $215,099 in outstanding debts, resulting in a total contribution to capital in the amount of $498,432.
 
On May 21, 2010 the Company accepted the resignations of Fortunato Villamagna and David Taylor. On the same date, David Taylor forgave all debts owed by the Company to Mr. Taylor both personally and on behalf of Energetic Systems LLC.  On the same date, Fortunato Villamagna forgave all debts owed by the Company to Dr. Villamagna.  Both Mr. Taylor and Dr. Villamagna agreed to hold the Company harmless.
 
NOTE 5 – NOTES PAYABLE

On September 20, 2010 the Company borrowed a total of $15,000 from an unrelated third-party entity. The note bears interest at a rate of 6.0% per annum and is convertible at the option of the lender into common shares of the Company at the average bid quote for a period of five days prior to conversion.  The note has no formal payment terms or due date, other than being due one demand.  Due to the unknown quantity of shares to be issued pursuant to the future conversion of the note, the Company recorded a derivative liability in the amount of $8,898 relating to the conversion feature of the note, and a related loss on derivative liability in the same amount.
 
NOTE 6 – SUBSEQUENT EVENT

On October 29, 2010, the Company, entered into an Exchange Agreement (the “Exchange Agreement”) with Jett Rink Oil, LLC, a Kansas limited liability company (“Jett Rink”) and Bill Herndon, the sole member of Jett Rink, pursuant to which the Company agreed to acquire from Bill Herndon all of the membership interest in Jett Rink in exchange for 10,000,000 shares of the Company’s Common Stock.  Jett Rink is involved in the business relating to the exploration, development and production of oil and gas in the United States. At the closing of the Exchange Agreement, Jett Rink became a wholly-owned subsidiary of the Company and the Company acquired the business and operations of Jett Rink.
 
In accordance with ASC 855-10, Company management reviewed all material events through the date of this report and there are no material subsequent events to report, other than that described in the preceding paragraph.
 
 
7
 
 
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

2007 was the first year of operation for the Company, after it acquired the UTEC Corporation from Energetic Systems Inc, LLC.  In 2007, the Company was organized into three marketing units, Energetic Materials, Specialty Chemicals and Raw Materials and Hazardous Chemicals and Biological Waste Destruction.  The Company’s historical legacy business was primarily constituted by the first two marketing units and almost exclusively within the commercial explosives market.  Revenue comparisons are included from these two activities.

The new marketing unit, Hazardous Chemicals and Biological Waste Destruction was in a development stage through June of 2009, and had no commercial revenues.  Focus has been on licensing and validation of the Cold Plasma Oxidizer technology, and on the development of the Company’s Waste Destruction System, identification of potential markets, and preparation of its business plan.  This business unit was structured in order to pursue commercialization of Cold Plasma Oxidizer waste destruction systems during 2009.

During the latter part of 2008, the Directors and Management conducted a review of the Company’s business prospects and concluded that the legacy activities of UTEC Corporation were not sufficient to fund development and commercialization of the waste destruction business.  Consequently, the Directors and Management began exploring various means to continue the growth of the business and fund the final development and commercialization of the waste destruction technology licensed from Ceramatec.  A decision was made to sell the legacy business to Energetic Systems, Inc., LLC., and retain within the UTEC consolidated group the Ceramatec license and waste destruction assets developed over the past two years.  The effect of this will be to simplify and focus the activities of the Company on the waste destruction business, eliminate the need to inject additional cash required to fund the legacy business, and thereby make the Company more attractive to potential lenders and investors.  

The sale was completed on April 26, 2009, with effect from April 1, 2009.  UTEC, Inc. and its wholly owned subsidiary UTEC Corporation will continue as public companies, retaining the assets of the waste destruction business.

On September 2, 2009 the Company received a termination notice from Ceramatec that this agreement was cancelled for non-performance.  The Company had issued 850,000 of its $.001 par value common shares to Ceramatec that Ceramatec could sell starting two years from the date of the agreement.  These unregistered shares were issued under section 4(2) of the Securities Act of 1933 as they were transactions by an issuer not involving any public offering.  The Company has received assurances that the 765,000 shares still held by Ceramatec issued under this agreement will be returned to treasury.

On October 1, 2009 the Company purchased 100% of the outstanding shares of C2R Energy Commodities Inc for the issuance of 4,050,000 of the Company’s $0.001 par value common shares. These unregistered shares were issued under section 4(2) of the Securities Act of 1933 as they were transactions by an issuer not involving any public offering.
 
On July 29, 2010, UTEC, Inc., a Nevada corporation (the “Company”), entered into an Exchange Agreement (the “Exchange Agreement”) with Jett Rink Oil, LLC, a Kansas limited liability company (“Jett Rink”) and Bill Herndon, the sole member of Jett Rink, pursuant to which the Company agreed to acquire from Bill Herndon all of the membership interest in Jett Rink in exchange for approximately 10,000,000 shares of the Company’s Common Stock.  Jett Rink is involved in the business relating to the exploration, development and production of oil and gas in the United States.
 
 
8
 

 
The Company expects to change the Exchange Agreement to a Merger agreement at the closing of which Jett Rink will cease to exist and the Company will be the surviving entity having  acquired the business and operations of Jett Rink.

The Merger Agreement contained customary representations, warranties, and conditions to closing. The closing of the Merger Agreement was subject to the satisfaction of certain pre-closing conditions, including (i) changing the name of the Company to “Tiger Oil and Energy, Inc.,” (ii) the cancellation of all of the 4,650,000 outstanding options that have been granted to the Company’s key employees, consultants, officers and directors pursuant to the Company’s non-qualified stock option plan, and (iii) completion of audited financial statements of Jett Rink, among others.  These closing conditions were satisfied and the Merger Agreement was consummated on October 29, 2010.  Accordingly, the Company changed its corporate name to Tiger Oil and Energy, Inc.


Revenues

Revenues from continuing operations for the three and nine-month periods ended September 30, 2010 and 2009 were $-0.  The Company divested all assets that generated revenue in the second quarter of 2009 as part of the sale of the legacy business.  These operations are classified as discontinued in the Company’s financial statements.

Expenses

Expenses from continuing operations for the nine month period ended September 30, 2010 and 2009 were $122,679 and $246,222.  The majority of the remaining expenses are composed of $83,333 and $100,000 in compensation to officers of the Company for the nine months ended September 30, 2010 and 2009, respectively.

Discontinued Operations

In April 2009, the Company sold its commercial explosives development, analysis, testing and manufacturing business (“Legacy Business”) in a non-cash transaction to a related party in exchange for stock in the Company totaling 22,500,000 shares.  The stock was cancelled in July of 2009.

A breakdown of the loss associated with the discontinued is presented in the table below.

 
Nine
Months
Ended
September
30, 2010
  
Nine
Months
Ended
September
30, 2009
  
Income
  
-
    
1,039,595
  
Cost of Goods Sold
  
-
    
353,544
  
Operating expenses
  
-
    
376,402
  
Net Operating Income (Loss)
  
-
    
309,649
  
Loss on disposal of assets
  
-
    
-
  
Tax benefit at 34%
  
-
    
-
  
Net income (loss)
  
-
    
309,649
  
 
 
9
 
 
Liquidity and Capital Resources

As of September 30, 2010, the company had $378 cash on hand.  During 2008 and 2009, cash flows from the legacy business, supplemented with short-term borrowings from related parties, was used to support the waste destruction business development program. Following a general business review at the end of 2008, management has determined that the legacy business cannot support both its ongoing operations as well as the development of the waste destruction business on its operations alone.   Consequently, the board of directors, in consultation with management and major shareholders, took the following step. In April 2009, the Company sold its commercial explosives development, analysis, testing and manufacturing business (“Legacy Business”) in a non-cash transaction to a related party in exchange for stock in the Company totaling 22,500,000 shares.  The stock was cancelled in July of 2009.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

Not Applicable.

Item 4T. Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we evaluated the effectiveness of our disclosure controls and procedures in ensuring that the information required to be disclosed in our filings under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, including ensuring that such information is accumulated and communicated to UTEC management as appropriate to allow timely decisions regarding required disclosure. Based on this evaluation, management concluded that the Company’s internal control over financial reporting was not effective as of September 30, 2010, due primarily to a lack of segregation of duties.

 Changes in internal controls over financial reporting
 
There was no change in our internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.
 
PART II — OTHER INFORMATION

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

On October 1, 2009 the Company purchased 100% of the outstanding shares of C2R Energy Commodities Inc for the issuance of 4,050,000 of the Company’s $0.001 par value common shares. These unregistered shares were issued under section 4(2) of the Securities Act of 1933 as they were transactions by an issuer not involving any public offering.
 
 
10
 
 
Item 5.  Other Information

On October 1, 2009, the Board of Directors asked Suresh Subramanian to step down as President and  J. Curt Stafford to step down as CFO of the Company pursuant to a condition of the Company’s agreement with CR2 Energy Commodities Corp.  Effective October 1, 2009, the Board of Directors appointed Fortunato Villamagna President and CEO; Kenneth B. Liebscher as Secretary and Howard Bouch as CFO.  

On May 21, 2010 the Company accepted the resignations of Fortunato Villamagna and David Taylor from the Board of Directors and as Officers of the Company. On the same date, David Taylor forgave all debts owed by the Company to Mr. Taylor both personally and on behalf of Energetic Systems LLC.  On the same date, Fortunato Villamagna forgave all debts owed by the Company to Dr. Villamagna.  Both Mr. Taylor and Dr. Villamagna agreed to hold the Company harmless.

On May 21, 2010 the Board of Directors elected Kenneth B. Liebscher as President/CEO and Howard Bouch as Secretary /CFO.

On July 30, 2010, the Board of Directors of the Company appointed Bill Herndon and Paul Liebman to serve on the Board of Directors of the Company.

Bill Herndon has over 20 years of experience in all phases of the oil and gas industry including capital investment and analysis, project management and structuring, acquisition and development of oil and gas wells, exploration and drilling and completion management.  His family has been in the oil and gas industry since the 1930’s, mainly operating in Oklahoma, Kansas and Texas.  Mr. Herndon is the sole member of Jett Rink Oil, LLC.  Since December 2005 Mr. Herndon has been the President and sole member of Tiger Oil and Gas, LLC.  In 1990 Mr. Herndon participated in the wildcat play called State Line Field in Kansas.  The field has produced over one million barrels of oil to date.  He has raised over $25 million since 2007 from hedge funds and industry partners for various production acquisitions, in-field drilling programs, and new oil and gas development projects.  Mr. Herndon has also managed the leasing of over 100,000 acres in the last two years for 12 different projects and conducted seismic programs for approximately 80,000 acres on these projects in addition to managing the initial drilling programs on these projects.  Mr. Herndon successfully funded the acquisition of a field with industry groups and working interest partners that has produced out of multiple zones with total cumulative production of 3,500,00 barrels of oil and 40 billion cubic feet of gas.  The field is currently producing 40 barrels of oil per day and 300,000 mcf per day.  Mr. Herndon received a Bachelors Degree in Business from Wichita State University.  Mr. Herndon’s strong business skills and experience in the oil and gas industry will be of particular value to the Board of Directors.
 
Paul Liebman has over 20 years of management, finance and marketing experience and has managed large proactive sales teams. Mr. Liebman is currently an Executive Director at Oppenheimer & Co., New York and has served as a First Vice President with the Portfolio and Wealth Management Division at Morgan Stanley Smith Barney, New York for ten years. His clientele are some of the largest institutions throughout the world, representing assets from $500 million to more than $85 billion. Mr. Liebman has successfully grown major nationwide businesses through strategic planning and innovative marketing and sales programs. Mr. Liebman is a proven, skilled executive with experience in leading  fast-growing companies in many industries. Mr. Liebman co-founded ERA Aleet Realty Inc. where he grew the company from a start-up to over $100 million in property sales. These sales represented over $5 million in annual revenue in less than 24 months with a staff of over 105 employees. Mr. Liebman served as President of Allied Referral and Relocation Inc. where he conducted daily business with many leading Fortune 500 companies.  Mr. Liebman holds a Bachelor of Science Degree from The University of Maryland in Urban Studies and minors in both Finance and Marketing.  Mr. Liebman’s management, finance and marketing experience will provide valuable expertise to the Board of Directors.
 
 
11
 
 
Bill Herndon is the sole member of Jett Rink.  Mr. Herndon and Jett Rink are parties to the Exchange Agreement described in Item 1.01 above, pursuant to which at the closing of the Exchange Agreement Mr. Herndon will receive approximately 10,000,000 shares of the Company’s Common Stock.  There are no related party transactions between the Company and Mr. Liebman that are reportable under Item 404(a) of Regulation S-K.

Neither Mr. Herndon nor Mr. Liebman have previously held any positions with the Company.  Neither Mr. Herndon nor Mr. Liebman have any family relationships with any director or executive officer of the Company, or persons nominated or chosen by the Company to become directors or executive officers.  Neither Mr. Herndon nor Mr. Liebman have been named at the time of this Current Report, to any committee of the Board of Directors.

On July 29, 2010, UTEC, Inc., a Nevada corporation (the “Company”), entered into an Exchange Agreement (the “Exchange Agreement”) with Jett Rink Oil, LLC, a Kansas limited liability company (“Jett Rink”) and Bill Herndon, the sole member of Jett Rink, pursuant to which the Company agreed to acquire from Bill Herndon all of the membership interest in Jett Rink in exchange for approximately 10,000,000 shares of the Company’s Common Stock.  Jett Rink is involved in the business relating to the exploration, development and production of oil and gas in the United States.

The Company expects to change the Exchange Agreement to a Merger agreement at the closing of which Jett Rink will cease to exist and the Company will be the surviving entity having  acquired the business and operations of Jett Rink.

The Merger Agreement contained customary representations, warranties, and conditions to closing. The closing of the Merger Agreement was subject to the satisfaction of certain pre-closing conditions, including (i) changing the name of the Company to “Tiger Oil and Energy, Inc.,” (ii) the cancellation of all of the 4,650,000 outstanding options that have been granted to the Company’s key employees, consultants, officers and directors pursuant to the Company’s non-qualified stock option plan, and (iii) completion of audited financial statements of Jett Rink, among others.  These closing conditions were satisfied and the Merger Agreement was consummated on October 29, 2010.  Accordingly, the Company changed its corporate name to Tiger Oil and Energy, Inc.


Item 6. Exhibits
 
Exhibits:

     
Exhibit No.
Document
Location
31
Rule 13a-41(a)/15d-14(a) Certificates
Included
32
Section 1350 Certifications
Included

 
12
 

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 OIL AND ENERGY, INC.
     
     
November 22, 2010 By:  /s/ Kenneth B. Liebscher
    Kenneth B. Liebscher, Director & CEO