Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - Enumeral Biomedical Holdings, Inc.Financial_Report.xls
EX-31 - EXIBIT 31.1 - Enumeral Biomedical Holdings, Inc.certification311.htm
EX-32 - EXHIBIT 32.1 - Enumeral Biomedical Holdings, Inc.certification321.htm



U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q


Mark One

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


For the quarterly period ended July 31, 2013


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


For the transition period from ______ to _______


Commission File No. 333-185891

CERULEAN GROUP, INC.

Nevada

(State or Other Jurisdiction of Incorporation or Organization)


99-0376434

IRS Employer Identification Number

7200

Primary Standard Industrial Classification Code Number



 

Krizikova 22

Prague 8, 18600, Czech Republic

Tel. (702) 723-6890

Email: ceruleangroup@gmail.com

 (Address and telephone number of principal executive offices)




1




Indicate by checkmark whether the issuer: (1) has 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[    ]

Indicate by check mark whether the registrant is a large accelerated filed, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer [  ]

Accelerated filer [   ]

Non-accelerated filer [   ]

Smaller reporting company [X]


Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ X ]  No [  ]

Applicable Only to Issuer Involved in Bankruptcy Proceedings During the Preceding Five Years.

N/A

Indicate by checkmark whether the issuer has filed all documents and reports required to be filed by Section 12, 13 and 15(d) of the Securities Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court.  Yes[   ]  No[   ]

Applicable Only to Corporate Registrants

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the most practicable date:

Class

Outstanding as of September 12, 2013

Common Stock, $0.001

6,190,000




2






 

PART I. FINANCIAL INFORMATION

 

ITEM 1

Financial Statements (Unaudited)

4

   

   Balance Sheets

4

      

   Statements of Operations

5

 

   Statement of Changes in Stockholder’s Equity

6

 

   Statement of Cash Flows

7

 

   Notes to Financial Statements

8

ITEM 2.   

Management’s Discussion and Analysis of Financial Condition and Results of Operations

12

ITEM 3.   

Quantitative and Qualitative Disclosures About Market Risk

15

ITEM 4.

Controls and Procedures

15



PART II. OTHER INFORMATION

 

ITEM 1   

Legal Proceedings

16

ITEM 2.  

Unregistered Sales of Equity Securities and Use of Proceeds

16

ITEM 3   

Defaults Upon Senior Securities

16

ITEM 4      

Submission of Matters to a Vote of Security Holders

16

ITEM 5  

Other Information

16

ITEM 6      

Exhibits

17






3




PART I. FINANCIAL INFORMATION


ITEM 1. FINANCIAL STATEMENTS




CERULEAN GROUP, INC.

(A DEVELOPMENT STAGE COMPANY)

CONDENSED BALANCE SHEETS

 

July 31, 2013

(Unaudited)

October 31,

2012

ASSETS

 

 

Current Assets

 

 

 

Cash

$        13,780

$       5,084

 

Prepaid Expenses

7,826

-

Total assets                                                         

$        21,606

$       5,084


LIABILITIES AND STOCKHOLDER’S EQUITY

Current  Liabilities

 

 Accounts Payable

$       2,000

$          -

 

 Loan from Shareholder

5,017

367

Total liabilities

7,017

367

 

Stockholder’s Equity

  

Common stock, $0.001 par value, 75,000,000 shares authorized;

 

 

   6,190,000 shares issued and outstanding  (5,000,000 shares issued and outstanding as at October 31, 2012)

6,190

5,000

 

Additional paid-in-capital

22,610

-

 

Deficit accumulated during the development stage

(14,211)

(283)

Total stockholder’s equity

14,589

4,717

Total liabilities and stockholder’s equity

$       21,606

$      5,084



The accompanying notes are an integral part of these condensed financial statements.






4





CERULEAN GROUP, INC.

(A DEVELOPMENT STAGE COMPANY)

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

 

Three months ended July 31, 2013

Three months ended July 31, 2012

Nine months ended July 31, 2013

Nine months ended July 31, 2012

For the period from inception (February 27, 2012) to July 31, 2013

Revenues

$              -

$             -

$             -

$             -

 $            -

Operating expenses

 2,137

43

13,928

210

14,211

Loss before income taxes

(2,137)

(43)

(13,928)

(210)

(14,211)

Net loss

(2,137)

(43)

(13,928)

(210)

(14,211)

Net Loss per share – Basic and Diluted

(0.00)

(0.00)

(0.00)

(0.00)

 

Weighted Average Shares outstanding-Basic and Diluted

5,596,304

0

5,200,952

0

 




The accompanying notes are an integral part of these condensed unaudited financial statements.



5





CERULEAN GROUP, INC.

 (A DEVELOPMENT STAGE COMPANY)

STATEMENT OF CHANGES IN STOCKHOLDER’S EQUITY

For the period from inception (February 27, 2012) to July 31, 2013

 

Number of

Common

Shares


Amount

Additional

Paid-in-

Capital

Deficit

accumulated

during  development stage



Total



Balance at inception

-

$     -  

$     -

$        -

$         -

Common shares issued for cash at $0.001

5,000,000

5,000

-

-

5,000

Net loss                                                                  

 

 

 

(283)

(283)

Balance as of  October 31, 2012

5,000,000

5,000

     -

    (283)

    4,717

Common shares issued for cash at $0.02

1,190,000

1,190

22,610

-

23,800

Net Loss(unaudited)

 

 

 

(13,928)

(13,928)

Balance as of July 31, 2013(unaudited)

6,190,000

$ 6,190

$ 22,610

$  (14,211)

$  14,589


The accompanying notes are an integral part of these condensed unaudited financial statements.



6









CERULEAN GROUP, INC.

(A DEVELOPMENT STAGE COMPANY)

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

 

Nine months ended July 31, 2013


Nine months

Ended July 31, 2012

For the period from inception (February 27, 2012) to July 31, 2013

Operating Activities:

 

 

 

 

Net loss

$        (13,928)

$        (210)

$        (14,211)

 

Adjustments to reconcile net loss to net cash flows used in operating activities- changes in working capital components:

Accounts Payable

2,000

-

2,000

 

Prepaid expenses

(7,826)

-

(7,826)

 

Net cash used in operating activities

(19,754)

(210)

(20,037)


Financing Activities:

 

 

 

 

Proceeds from issuance of common stock

23,800

-

28,800

 

Proceeds from loan from shareholder

4,650

367

5,017

 

Net cash provided by financing activities

28,450

367

33,817


Net increase in cash

8,696

157


13,780

Cash at beginning of the period

5,084

-

-

Cash at end of the period

$         13,780   

$          157

 $        13,780

 

Supplemental cash flow information:

 

 

 

 

Cash paid for:

 

 

 

 

Interest                                                                                               

$              -

$           -

 $             -

 

Taxes                                                                                           

$              -

$           -

 $             -


The accompanying notes are an integral part of these condensed unaudited financial statements.




7




CERULEAN GROUP, INC.

(A DEVELOPMENT STAGE COMPANY)

CONDENSED NOTES TO THE FINANCIAL STATEMENTS

July 31, 2013

(Unaudited)



NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS


Organization and Description of Business


CERULEAN GROUP, INC. (the “Company”) was incorporated under the laws of the State of Nevada on February 27, 2012 and intends to commence operations in website development. The Company is in the development stage as defined under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 915-205 "Development-Stage Entities.”  Since inception through July 31, 2013 the Company has not generated any revenue and has accumulated losses of $14,211.


NOTE 2 – GOING CONCERN


The accompanying condensed financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.  The Company has incurred a loss since inception resulting in an accumulated deficit of $14,211 as of July 31, 2013 and further losses are anticipated in the development of its business.  Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern.  


The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of common stock.  


NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


Basis of Presentation


The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) as promulgated in the United States of America. The accompanying unaudited financial statements include all adjustments, composed of normal recurring adjustments, considered necessary by management to fairly state our results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These financial statements should be read in conjunction with the audited financial statements and notes included thereto for the year ended October 31, 2012, on Form S-1, as filed with the Securities and Exchange Commission. The results of the nine month period ended July 31, 2013 are not necessarily indicative of the results to be expected for the full year ending October 31, 2013.



8






Use of Estimates


The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results could differ from those estimates.


Cash and Cash Equivalents


For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. As of July 31, 2013 and October 31, 2012, the Company did not have cash equivalents.


The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At July 31, 2013 the Company's bank deposits did not exceed the insured amounts.


Basic and Diluted Loss per Share


The Company computes loss per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted loss per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.


Income Taxes


The Company follows the liability method of accounting for income taxes.  Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences).  The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.


Advertising Costs


The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the nine months ended July 31, 2013.


Recent Accounting Pronouncements


Adopted

Effective January 2013, we adopted FASB ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11).  The amendments in ASU 2011-11 require the disclosure of information on offsetting and related arrangements for financial and derivative instruments to enable users of its financial statements to understand the effect of those arrangements on its financial position.  Amendments under ASU 2011-11 will be applied retrospectively for fiscal years, and interim periods within those years, beginning after January 1, 2013.  The adoption of this update did not have a material impact on the financial statements.



9





The FASB issued Accounting Standards Update (ASU) No.2012-02 Intangibles, Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment, on July 27, 2012, to simplify the testing for a drop in value of intangible assets such as trademarks, patents, and distribution rights. The amended standard reduces the cost of accounting for indefinite-lived intangible assets, especially in cases where the likelihood of impairment is low. The changes permit businesses and other organizations to first use subjective criteria to determine if an intangible asset has lost value. The amendments to U.S. GAAP will be effective for fiscal years starting after September 15, 2012. The adoption of this ASU did not have a material impact on our financial statements.



New Accounting Pronouncements Not Yet Adopted


In February 2013, the FASB issued ASU No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. The amendments in ASU 2013-04 provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this Update is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance in this Update also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendment in this standard is effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are evaluating the effect, if any, adoption of ASU No. 2013-04 will have on our financial statements.


In April 2013, the FASB issued ASU No. 2013-07, “Presentation of Financial Statements” (Topic 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. The amendments in this standard are effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. We are evaluating the effect, if any, adoption of ASU No. 2013-07 will have on our financial statements. 


Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.




10




Fair Value of Financial Instruments


FASB ASC 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value:


Level 1: defined as observable inputs such as quoted prices in active markets;


Level 2:  defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level 3:  defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.


The carrying amounts of financial assets and liabilities, such as cash and accounts payable approximate their fair values because of the short maturity of these instruments.


Management believes it is not practical to estimate the fair value of loan from shareholder because the transactions cannot be assumed to have been consummated at arm’s length, the terms are not deemed to be market terms, there are no quoted values available for these instruments, and an independent valuation would not be practical due to the lack of data regarding similar instruments, if any, and the associated potential costs.




NOTE 4 – COMMON STOCK


The Company has 75,000,000 common shares authorized with a par value of $0.001 per share. On October 29, 2012, the Company issued 5,000,000 shares of its common stock at $0.001 per share for total proceeds of $5,000. In June and July 2013, the Company issued 1,190,000 shares of its common stock at $0.02 per share for total proceeds of $23,800.


As of July 31, 2013, the Company had 6,190,000 shares of common stock issued and outstanding.


NOTE 5 – INCOME TAXES

As of July 31, 2013 the Company had net operating loss carry forwards of $14,211 that may be available to reduce future years’ taxable income through 2033. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.

As a result of the implementation of certain provisions of ASC 740, the Company performed an analysis of its previous tax filings and determined that there were no positions taken that it considered to be a material uncertainty.  Therefore, there was no provision for uncertain tax positions for the periods ended July 31, 2013 and October 31, 2012.  Future changes in uncertain tax positions are not expected to have an impact on the effective tax rate due to the existence of the valuation allowance.



11







NOTE 6 – RELATED PARTY TRANSACTIONS


Since inception through July 31, 2013, the Director loaned the Company $5,017.  As of July 31, 2013, the total loan amount was $5,017. The loan is non-interest bearing, due upon demand and unsecured.


NOTE 7 – COMMITMENTS


On December 20, 2012, we executed an agreement with an independent contractor, Alexey Ivanov, an unrelated third party. Ivanov will provide services in website development. We are obligated to pay a $2,000 retainer to commence services. Total costs are estimated to be $4,000.


As of July 31, 2013, the Company still owes Alexey Ivanov $2,000 based on the contract.





FORWARD LOOKING STATEMENTS


Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.



ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION


GENERAL


Cerulean Group, Inc. was incorporated in the State of Nevada on February 27, 2012 and established a fiscal year end of October 31. We do not have revenues, have minimal assets and have incurred losses since inception. We are a development-stage company formed to develop and operate a website for self-travelers and backpackers. We have recently started our operation. As of today, we have developed our business plan, and executed an Independent contractor agreement, dated December 20, 2012.



12






Cerulean Group, Inc. hopes to position itself to take full advantage of the fast growing Internet and mobile application industry. We plan to develop and operate a website for self-travelers and backpackers. Our concept would allow anyone who has a mobile devise or computer and access to the Internet to build a trip.The website will be for people who prefer independent traveling and unorganized tourism. We believe they will share information, experience and impression about their trips on our website. Regular guidebooks do not have such unique information, facts and details as other people experience. We plan that our website will allow to build a detailed travel plan and to book everything needed for the entire route: a flight or a train, hotel, concert tickets, restaurant reservations, and so on.




RESULTS OF OPERATION


We are a development stage company with limited operations since our inception on February 27, 2012 to July 31, 2013.  As of July 31, 2013, we had total assets of $21,606 and total liabilities of $7,017.  Since our inception to July 31, 2013, we have accumulated a deficit of $14,211.  We anticipate that we will continue to incur substantial losses in the next 12 months. Our financial statements have been prepared assuming that we will continue as a going concern.  We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.


Nine Month Period Ended July 31, 2013 Compared to the period from Inception (February 27, 2012) to July 31, 2013


Our net loss for the Nine month period ended July 31, 2013 was $13,928 compared to a net loss of $14,211 during the period from inception (February 27, 2012) to July 31, 2013. During the period from inception (February 27, 2012) to July 31, 2013 we  haven’t  generated any revenues.  


During the Nine month period ended July 31, 2013, we incurred  general and administrative expenses and professional fees of $13,928 compared to $14,211 incurred during the period from inception (February 27, 2012) to July 31, 2013. General and administrative and professional fee expenses incurred during the Nine month period ended July 31, 2013 were generally related to corporate overhead, financial and administrative contracted services, such as legal and accounting, developmental costs, and marketing expenses.





13





LIQUIDITY AND CAPITAL RESOURCES


As of July 31, 2013


As at July 31, 2013 our current assets were $21,606 compared to $5,084 in current assets at October 31, 2012. Current assets were comprised of $13,780 in cash and $7,826 in prepaid expenses. As at July 31, 2013, our current liabilities were $7,017. Current liabilities were comprised of $2,000 in accounts payable and $5,017 in advance from director.


Stockholder’s equity increased from $4,717 as of October 31, 2012 to $14,589 as of July 31, 2013.


Cash Flows from Operating Activities


We have not generated positive cash flows from operating activities. For the Nine month period ended July 31, 2013, net cash flows used in operating activities was $19,754, consisting of a net loss of $13,928, increase in accounts payable of $2,000 and increase in prepaid expenses of $7,826. Net cash flows used in operating activities was $20,037 for the period from inception (February 27, 2012) to July 31, 2013.


Cash Flows from Financing Activities


We have financed our operations primarily from either advancements or the issuance of equity and debt instruments. For the nine month period ended July 31, 2013, we generated net cash flows of $28,450 from financing activities, received from proceeds from issuance of common stock and advance from director. For the period from inception (February 27, 2012) to July 31, 2013, net cash provided by financing activities was $33,817 received from proceeds from issuance of common stock and advance from director.



PLAN OF OPERATION AND FUNDING


We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.


Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next twelve months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.




14




OFF-BALANCE SHEET ARRANGEMENTS


As of the date of this Quarterly Report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.


GOING CONCERN


The independent auditors' report accompanying our October 31, 2012 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.


No report required.



ITEM 4. CONTROLS AND PROCEDURES


Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.


An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of July 31, 2013. Based on that evaluation, our management concluded that our disclosure controls and procedures were effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the Nine-month period ended July 31, 2013 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.





15




PART II. OTHER INFORMATION



ITEM 1. LEGAL PROCEEDINGS


Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.



ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS


No report required.


ITEM 3. DEFAULTS UPON SENIOR SECURITIES


No report required.



ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS


No report required.



ITEM 5. OTHER INFORMATION


No report required.



16




ITEM 6. EXHIBITS


Exhibits:


31.1     Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).


32.1     Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section  906 of the Sarbanes- Oxley Act of 2002.


101.INS    XBRL Instance Document


101.SCH  XBRL Taxonomy Extension Schema Document


101.CAL  XBRL Taxonomy Extension Calculation Linkbase Document


101.DEF  XBRL Taxonomy Extension Definition Document


101.LAB  XBRL Taxonomy Extension Label Linkbase Document


101.PRE  XBRL Taxonomy Extension Presentation Linkbase Document


 

 

 

 

 

 




SIGNATURES


In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


 

 

 

CERULEAN GROUP, INC.

Dated: September 12, 2013

By: /s/ Olesya Didenko

 

Olesya Didenko, President and Chief Executive Officer and Chief Financial Officer














17