Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2011 | Dec. 31, 2010 |
---|---|---|
Preferred Stock, par or stated value | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Common Stock, par or stated value | $ 0.001 | $ 0.001 |
CommonStockShares,Authorized | 250,000,000 | 250,000,000 |
CommonStockShares,Issued | 61,040,001 | 54,998,000 |
CommonStockShares,Outstanding | 61,040,001 | 54,998,000 |
Common Stock Issuable | 0 | 575,000 |
Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | 60 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | |
Total Revenues | |||||
EXPENSES: | |||||
Exploration expenses | 10,000 | ||||
Impairment of property | 18,621 | 27,379 | |||
General and administrative | 117,456 | 25,447 | 703,569 | 75,468 | 1,086,515 |
Total Expenses | 117,456 | 25,447 | 703,569 | 94,089 | 1,123,894 |
Net loss from Operations | (117,456) | (25,447) | (703,569) | (94,089) | (1,123,894) |
PROVISION FOR INCOME TAXES: | |||||
Income Tax Benefit | |||||
Net Income (Loss) for the period | (117,456) | (25,447) | (703,569) | (94,089) | (1,123,894) |
Basic and Diluted Earnings Per Common Share | $ 0.00 | $ 0.00 | $ (0.01) | $ 0.00 | |
Weighted Average number of Common Shares used in per share calculations | 60,814,458 | 52,990,845 | 58,829,118 | 41,685,533 | |
Revenues |
Document and Entity Information | 9 Months Ended | |
---|---|---|
Sep. 30, 2011 | Nov. 14, 2011 | |
Document and Entity Information | ||
Entity Registrant Name | CASEY CONTAINER CORP | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2011 | |
Amendment Flag | false | |
Entity Central Index Key | 0001387998 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 60,790,001 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2011 | |
Document Fiscal Period Focus | Q3 |
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MEMORANDUM OF UNDERSTANDING | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
MEMORANDUM OF UNDERSTANDING | |
MEMORANDUM OF UNDERSTANDING |
6. MEMORANDUM OF UNDERSTANDING
On March 3, 2010, the Company signed a non-binding Memorandum of Understanding ("MOU") to acquire the assets and business of a privately-owned manufacturer and marketer of premium, natural, healthy and sustainably packaged detergent and household cleaning products for an undeterminable number of the Company's Common shares, subject to assumption of certain liabilities. The companies terminated the MOU on December 8, 2010. |
SUBSEQUENT EVENTS | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS |
11. SUBSEQUENT EVENTS
The Company has evaluated subsequent events from September 30, 2011 through the issuance date of these financial statements and has determined that there are no items to disclose. |
GOING CONCERN | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
GOING CONCERN | |
GOING CONCERN |
2. GOING CONCERN
The Company incurred net losses of $1,123,894 for the period from September 26, 2006 (Date of Inception) through September 30, 2011 and has commenced limited operations, raising substantial doubt about the Company's ability to continue as a going concern. For the nine-month period ended September 30, 2011, the Company sold for cash 1,017,001 shares of Common stock for net proceeds of $142,295 (See Note 4 "Stockholders' Equity"). The Company plans to continue to sell its restricted Common shares for cash and borrow from its directors, officers and related parties, as well as reduce its cash expenses. The ability of the Company to continue as a going concern is dependent on receiving such equity capital funds for cash and the success of the Company's plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
NON-INTEREST BEARING LOAN | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
NON-INTEREST BEARING LOAN | |
NON-INTEREST BEARING LOAN |
8. NON-INTEREST BEARING LOAN
On January 28, 2011, a Related Party loaned the Company $20,000 in a non-interest bearing demand note. On June 29, 2011, the Company borrowed $15,000 from a non-related party, evidenced by a Promissory Note. The terms of the Promissory Note are that repayment of the $15,000 is due on the date the Company receives its first receipt of funding from its investor group (See Note 10 "Funding Agreement"). In addition, a consulting fee of $5,000 is also due on the date the Company receives its first receipt of funding from its investor group. On August 29, 2011, the non-related party exchanged the Promissory Note for 250,000 restricted Common shares at $0.10 per share, the closing price of the Common shares and the Company recorded a financing fee of $10,000 and expensed it in the quarter ending September 30, 2011 (See Note 4 "Stockholders' Equity"). The above consulting fee of $5,000 was assumed by a Related Party on behalf of the Company and is included in the $121,435 (See Note 5 "Related Party Transactions"). |
INTEREST BEARING LOAN | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
INTEREST BEARING LOAN | |
INTEREST BEARING LOAN |
9. INTEREST BEARING LOAN
On August 12 and 19, a total of $15,000 was received by the Company from a non-related party, in an interest bearing promissory note, at 8% per annum and a one-time financing fee of $9,900. The financing fee and accrued interest of $151 is recorded in expenses in the quarter ending September 30, 2011. The current $25,051 owed at September 30, 2011, plus additional interest to the date the promissory note is paid, will come from the Company's first receipt of money per its binding Funding Agreement (See Note 10 "Funding Agreement"). |
LETTER OF INTENT | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
LETTER OF INTENT | |
LETTER OF INTENT |
7. LETTER OF INTENT
On February 4, 2011, the Company signed a Letter of Intent with Crown Endeavors Global Limited ("CEG Fund") to form a new company Casey Container International, to establish seven (7) international preform plants and operations to exploit the Company's biodegradable preforms, bottles and containers. CEG Fund will invest up to $65 million over a period of years to be determined. This is subject to a Definitive Agreement being signed by March 31, 2011, unless mutually extended by the parties. The parties extended the date for the Definitive Agreement to September 30, 2011. Casey will be the Managing Partner and CEG Fund will be the Investing Partner. The terms and conditions, ownership and other factors will be defined in the Definitive Agreement. Further extensions may be made and there's no guarantee or assurance a Definitive Agreement will be signed and the amounts and number of plants won't be reduced. The signing of a Definitive Agreement has been deferred to a future time resulting from the Funding Agreement signed with an affiliated company of CEG Fund, Crown Hospitality Group, LLC (See Note 10 "Funding Agreement"). |
INTANGIBLES | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
INTANGIBLES | |
INTANGIBLES |
3. INTANGIBLES
The Company's accounting policy for Long-Lived Assets requires it to review on a regular basis for facts or circumstances that may suggest impairment.
As of March 31, 2010, the Company recorded an asset Contract Rights for $18,379 (see Note 4 "Stockholders' Equity"). The Product Purchase Agreement ("PPA") is between the Company and Taste of Aruba (U.S.), Inc., a related party (see Note 4 "Stockholders' Equity" and Note 5 "Related Party Transactions"). The PPA does not provide a performance guaranty to purchase the Company's products. If there isn't substantial performance the Company's option would be to seek damages in a lawsuit, but there is no guaranty damages would be awarded or that any awarded damages would be collected. The Company determined the Contract Rights are impaired and expensed the full amount of $18,379 in the three months ended March 31, 2010. |
STOCKHOLDERS' EQUITY | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
STOCKHOLDERS' EQUITY {1} | |
STOCKHOLDERS' EQUITY |
4. STOCKHOLDERS' EQUITY
At September 30, 2011 and December 31, 2010, the Company has 10,000,000 Preferred shares authorized with a par value of $0.001 per share and 250,000,000 Common shares authorized with a par value of $0.001 per share. At September 30, 2011 and December 31, 2010, the Company has 61,040,001 and 55,573,000 Common shares issued and issuable, respectively.
In the fiscal year ending December 31, 2006, 18,000,000 shares of the Company's Common stock were issued to the directors of the Company pursuant to a stock subscription agreement at $0.001 per share for total proceeds of $18,000.
In the fiscal year ending December 31, 2007, 18,000,000 shares of the Company's Common stock were issued at a price of $0.002 per share for gross proceeds of $36,000.
On March 24, 2010, 18,621,500 shares of the Company's Common stock were issued and issuable pursuant to a Commitment Agreement ("Agreement") dated January 12, 2010 with Taste of Aruba (U.S.), Inc. ("TOA"), a related party (See Note 5, "Related Party Transactions"), for a definitive Product Purchase Agreement ("PPA") with TOA for the Company to provide preforms for biodegradable bottles thru December 31, 2015, which did not result in proceeds to the Company (see Note 3 "Intangibles"). The Commitment Agreement provided for one share of the Company's Common shares to be issued for every two shares of TOA shares outstanding. The 18,379,000 shares issued to TOA shareholders was originally 18,621,500 shares, but two shareholders (105,000 shares) were inadvertently left off the shareholder list and three shareholders (347,500 shares) originally on the shareholder list should not have been, a net reduction of 242,500 shares. The Company valued the 18,379,000 shares at $0.001 per share because it determined the fair value of the shares was more reliably determinable than the value of the PPA, the transaction predated market activity in the Company's Common shares which began February 19, 2010, the number of shares issued pursuant to the Agreement represented 33% of the total shares outstanding after the issuance and almost four times the total 2010 traded volume of the Company's Common shares. The issuable shares were issued on January 13, 2011.
On May 15, 2010, 6,000 shares of the Company's Common shares were issued at $0.333 per share for $2,000 to a non-related party, at a discount to the closing price on May 14, 2010.
On May 22, 2010, 400 shares of the Company's Common shares were issued at $0.333 per share for $132 to a non-related party, at a discount to the closing price on May 19, 2010.
On December 14, 2010, 470,000 shares of the Company's Common shares were issued at $0.15 per share for $70,500 to a non-related party, at a discount to the closing price on December 13, 2010. The Common shares were issued on January 13, 2011.
On December 30, 2010, 717,600 shares of the Company's Common shares were issued in exchange for non-interest bearing loans made by Mr. Terry Neild, Chairman of the Board and officer to the Company, at $0.25 per share, the closing price on December 29, 2010 (See Note 5 "Related Party Transactions").
On January 13, 2011, 250,000 Common shares previously issued to a consultant to provide investor relations services were forfeited and cancelled for non-performance.
On January 27, 2011, the Company issued 200,000 Common shares in connection with a consulting agreement for investor relations services with Falcon Financial Partners LLC. The shares were valued at $0.17 per share, the closing price of its Common shares on the OTC.BB. The $34,000 value was expense in the quarter ended March 31, 2011.
On February 7, 2011, the Company issued 1,000,000 Common shares to Martin R. Nason, as part of an employment contract as Chief Executive Officer, President and Chief Financial Officer. The shares were valued at $0.12 per share, the closing price of its Common shares on the OTC.BB. The $120,000 value was expensed in the quarter ended March 31, 2011.
On February 7, 2011, the Company issued 1,000,000 Common shares to Auspice Capital LLC, a related party (See Note 5 "Related Party Transactions") for a verbal agreement for investor relations, consulting services and assistance to the Company in raising cash equity. The shares were valued at $0.12 per share, the closing price of its Common shares on the OTC.BB. The $120,000 value was expensed in the quarter ended March 31, 2011.
On February 25, 2011 the Board of Directors approved selling up to six million Common shares at $0.15 per share to raise cash equity to provide working capital and/or equipment to commence operations. On February 24, 2011, the closing price of its Common shares on the OTC.BB was $0.23 per share. The Board considered numerous factors in determining the discounted $0.15 price, including but not limited to, the average number of shares traded per day over the previous several months, the high, low and closing price range over the previous several months, the lack of liquidity for the Common shares and the lack of credit availability.
On March 4, 2011, the Company sold 633,667 Common shares for $95,050 cash at $0.15 per share to four (4) non-related parties. A 10% finder's fee of $9,505 was paid, which was charged to Additional Paid-In Capital.
On March 31, 2011, the Company sold 50,000 Common shares for $7,500 cash at $0.15 per share to a non-related party. A 10% finder's fee of $750 was paid, which was charged to Additional Paid-In Capital.
On April 21, 2011, the Company sold 333,334 Common shares for $50,000 cash at $0.15 per share to a non-related party.
On June 17, 2011, the Company issued 750,000 shares to its Chairman for $48,750 at $0.065 per share (the closing price of the Common shares on June 17, 2011) for reimbursement for investor relations services paid by the Chairman to non-related vendors. The $48,750 was expensed in the quarter ending June 30, 2011.
On June 17, 2011, the Company issued 1,500,000 shares at $0.065 per share (the closing price of the Common shares on June 17, 2011) or $97,500, to its President and Chief Executive Officer for services as compensation. The $97,500 was expensed in the quarter ending June 30, 2011.
On August 29, 2011, the Company issued 250,000 restricted Common shares in exchange for a non-interest bearing cash loan of $15,000 made by a non-Related party at $0.10 per share (the closing price on August 29, 2011) and recorded a financing fee on conversion of $10,000, which was expensed in the quarter ending September 30, 2011 (See Note 8 "Non-Interest Bearing Loan"). |
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