UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10 - Q

[mark one]

•

QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

•

For the quarterly period ended: ~~January~~April 3130, 2010

TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period

Commission File Number 001-15665

UC HUB Group, Inc.

(Exact name of registrant as specified in its charter)

NEVADA

(State or other jurisdiction of incorporation or organization)

88-0389393

(I.R.S. Employer Identification No.)

10 Appaloosa Lane, West Hills, Ca 91307

(Address of principal executive offices including Zip Code)

(800) 278-8870

(Registrant’s telephone number, including area code)

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

Yes o No x

Number of shares outstanding of the issuer’s common stock as of the latest practicable date: 5262,~~967~~267,~~804shares~~804 shares of common stock, $.001 par value per share, as of ~~January~~April 3130, 2010.

Transitional Small Business Disclosure Format (check one): Yes o No x

QUARTERLY REPORT ON FORM 10-Q

FOR THE THREE MONTHS ENDED ~~JANUARY~~APRIL 3130, 2010

TABLE OF CONTENTS

UC HUB GROUP, INC.

Index

		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Balance Sheet as of January 31, 2010 (unaudited)	3
	Consolidated Balance Sheet as of April 30, 2010 (unaudited)	3
	Consolidated Statement of Operations for the three months ended January 31, 2010 and 2009 (unaudited)	4
	Consolidated Statement of Operations for the three months ended April 30, 2010 and 2009 (unaudited)	4
	Consolidated Statements of Cash Flows for the three months ended January 31, 2010 and 2009 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended April 30, 2010 and 2009 (unaudited)	5
	Notes to Consolidated Financial Statements (unaudited)	6-15
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3	Quantitative and Qualitative Disclosures about Market Risk	19
Item 4	Controls and Procedures	19
	PART II. OTHER INFORMATION	20
Item 1	Legal Proceedings	20
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	20
Item 3	Defaults Upon Senior Securities	20
Item 4	Submission of Matter to a Vote of Security Holders	20
Item 5	Other Information	20
Item 6	Exhibits	20
	Signatures	21

PART I. FINANCIAL INFORMATION


Item 1.	Financial Statements

UC HUB Group ~~& Subsidiaries~~, Inc. & Subsidiaries

Consolidated Balance Sheet

for the Quarter Ended ~~January~~April 3130, 2010

		January 31		October 31
		April 30		July 31
		2010		2009
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	1081,~~015~~694	$	~~2,267~~(156)
Loans Receivable	$	30,000	$	30,000
Gem Stones		30,000		0
Total current assets	$	40,015	$	32,267
Loans Receivable	$	30,200	$	30,000
Accumulated depreciation of ($49,934)		(49,934)		38,171
Total Current Assets	$	141,894	$	(29,844)
Mining Equipment		40,761		0
FIXED ASSETS
Property and equipment		51,245		0
Accumulated depreciation of ($49,934)		(49,934)		(49,289)
Total assets		82,087		70,438
Mining Equipment		85,361		22,861
Computers and Equipment		46,352		45,107
Furniture and equipment		5,493		5,493
Total Fixed Assets		87,271		24,171
Total Assets		229,166		54,015
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
CURRENT LIABILITIES
Accounts payable		613,~~573~~823		~~608~~599,~~348~~553
Accrued Officer Salary		1,~~088~~070,~~500~~700		1,~~058~~063,500
Notes Payable		1,~~312~~305,~~247~~949		1,~~324~~359,~~099~~731
Accrued Interest Payable		72,001		72,001
Total current liabilities		3,086,321		3,062,948
Total Current Liabilities		3,062,473		3,094,786
LONG TERM LIABILITIES
Convertible Debenture		~~818~~718,000		~~818~~868,000
Long term payables		674,238		611,738
Investments		228,500
Total Long Term Liabilities		1,492,238		1,429,738
Long term payables		505,738		495,738
Total Liabilities		4,578,559		4,492,687
Total Long Term Liabilities		1,452,238		1,363,738
Total Liabilities		4,514,712		4,458,524
Stockholders' (deficit)
Convertible Preferred stock, 10,000,000 shares authorized, .001 par value per share; 4,292,292 shares issued and outstanding at January 31, 2010		4,733		4,292
Convertible Preferred stock, 10,000,000 shares authorized, .001 par value per share; 4,292,292 shares issued and outstanding at April 30, 2010		4,733		4,292
Common stock, .001 par value 500,000,000 shares authorized, 52,967,804 shares issued and outstanding at January 31, 2010		564,115		52,718
Common stock, .001 par value 500,000,000 shares authorized, 62,267,804 shares issued and outstanding at April 30, 2010		1,017,115		240,818
Additional paid-in capital		15,795,414		16,307,252
Accumulated (deficit)		(20,860,734)		(20,786,510)

Total stockholder's (deficit)		(4,496,473)		(4,422,248)
Additional paid-in capital		15,795,414		16,005,652
Total liabilities and stockholders' (deficit)	$	82,087	$	70,438
Accumulated (deficit)		(20,654,270)		(20,121,512)
Total stockholder's (deficit)		(4,285,546)		(4,404,508)
Total liabilities and stockholders' (deficit)	$	229,166	$	54,015

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

UC HUB Group ~~& Subsidiaries~~, Inc. & Subsidiaries

Consolidated Statement of Operations

for the Quarter Ended ~~January~~April 3130, 2010

(3 Months Unaudited)

		2010	2009
Revenues	$	0	$	0
Cost of Sales	$	-	$	-
Gross Profit	$	0	$	0
Selling, general, and administrative expenses	$	210,422	$	132,240
Total operating expenses	$	210,422	$	132,240
Loss before other income and expense	$	(210,422)	$	(132,240)
Income (loss) before income taxes	$	(210,422)	$	(132,240)
Other Income		3,957
Income tax benefit	$	0	$	0
Net Loss	$	(206,464)	$	(132,240)
NET LOSS PER COMMON SHARE
Profit (Loss) from operations
Loss from discontinued operations
Net loss	$	.004	$	.003
PER SHARE INFORMATION - BASIC AND FULLY DILUTED
Weighted average shares outstanding		: 52,967,804		: 52,717,804

Three Months Ended

April 30


		2010	2009

Revenues	$	0	$	0

Cost of Sales	$	-	$	3,902

Gross Profit	$	0	$	0

Mining Expenses		51,168
Selling, general, and administrative expenses	$	101,509	$	79,318

Total operating expenses	$	152,677	$	75,973

Loss before other income and expense	$	(152,677)	$	(83,220)

Income (loss) before income taxes	$	(152,677)	$	(83,220)

Other Income		0

Income tax benefit	$	0	$	0

Net Loss	$	(152,677)	$	(83,220)

NET LOSS PER COMMON SHARE
Profit (Loss) from operations
Loss from discontinued operations
Net loss	$	(.002)	$	(.0003)

PER SHARE INFORMATION - BASIC AND FULLY DILUTED
Weighted average shares outstanding		: 62,267,804		: 240,617,803

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

UC HUB Group ~~& Subsidiaries~~, Inc. & Subsidiaries

Consolidated Statements of Cash Flows

for the Quarter Ended ~~January~~April 3130, 2010

(3 Months Unaudited)

		20109		2009
OPERATING ACTIVITIES
Net (loss)	$	(206,464)	)	$	(132,240)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:
Changes in:
Accounts receivable
Other current assets
Loans Payable		(54,984)			(35,632)
Accounts payable		23,769	)		18,544
Accrued Salary		(25,000)			(5,000)
Net cash (used in) operating activities		(205,179)	)		(154,327)
INVESTING ACTIVITIES
Acquisition of property and equipment		(16,900)			(13,000)
Net cash (used in) investing activities		(16,900)			(13,000)
FINANCING ACTIVITIES
Convertible Debentures		(50,000)			(50,000)
Investments		168,500			116,000
Capital Stock		103,750			103,750
Loans		10,000
Net cash provided by financing activities		232,250			169,750
Net increase (decrease) in cash		10,171	)		2,423
CASH AT BEGINNING OF QUARTER		(156)			(156)
CASH AT END OF QUARTER	$	10,015		$	2,267

Three Months Ended

April 30


		2010		2009

OPERATING ACTIVITIES
Net (loss)	$	(206,464)	)	$	(83,220)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:
Changes in:
Loans receivable		(200)
Other current assets
Loans Payable		(5,496)			(24,864)
Accounts payable		-	)		-
Accrued Salary		(40,300)			(45,000)
Net cash (used in) operating activities		(198,674)	)		(13,356)

INVESTING ACTIVITIES
Acquisition of Mining Equipment		(44,600)
Gem Stones		(30,000)
Computers and Equipment		(600)			(1,098)
Net cash (used in) investing activities		(75,200)			(1,098)

FINANCING ACTIVITIES
Convertible Debentures		(100,000)			-
Investments		20,000			-
Capital Stock		453,000			20,0000
Net cash provided by financing activities		373,000			20,000

Net increase (decrease) in cash		99,126	)		5,545

CASH AT BEGINNING OF QUARTER		(17,432)			16,643

CASH AT END OF QUARTER	$	81,694		$	22,1887

The accompanying notes are an integral part of these consolidated financial statements

UC HUB GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE A - SUMMARY OF ACCOUNTING POLICIES

A summary of the significant accounting policies applied in the preparation of the accompanying financial statements follows.

BUSINESS AND BASIS OF PRESENTATION

UC Hub Group Inc. ("Company" or "UC Hub") was originally formed on February 22, 1999 under the laws of the State of California and subsequently became a Nevada Corporation through a California Public Hearing.

The consolidated financial statements include the accounts of the Company, and its wholly-owned subsidiaries. Significant inter-company transactions have been eliminated in consolidation.

UC HUB Group Inc is in the mineral resource business and the oil and gas business. This business generally consists of three stages: exploration, development and production. Mineral resource companies that are in the exploration stage have not yet found mineral resources in commercially exploitable quantities and are engaged in exploring land in an effort to discover them. Mineral resource companies that have located a mineral resource in commercially exploitable quantities and are preparing to extract that resource are in the development stage, while those engaged in the extraction of a known mineral resource are in the production stage. Our company is in the development state as we have identified commercial sapphires and gold and existing oil properties that are currently pumping oil. The oil and gas business is a Joint Venture with Rector Drilling of Crawford County Illinois. Our current mineral properties consist of sapphires and gold and garnets and iron ore in the leased areas of Helena, Montana.

LIQUIDITY

As shown in the accompanying financial statements, the Company incurred a net loss of $~~206~~152,~~464~~677 and $~~132~~83,~~240~~220 during the three months ended ~~January~~April 3130, 2010 and 2009, respectively. The Company's current liabilities exceeded its current assets by $ 2,~~432~~920,~~734~~579 as of ~~January~~April 3130, 2010 (see Note B).

ESTIMATES

The preparation of the financial statement in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

F-6

UC HUB GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

REVENUE RECOGNITION

The Company recognizes revenue when earned in accordance with SEC Staff Accounting Bulletin No. 101, "Revenue Recognition in Financial Statements" ("SAB 101").

On December 17, 2003, the SEC staff released Staff Accounting Bulletin (SAB) No. 104, Revenue Recognition. The staff updated and revised the existing revenue recognition in Topic 13, Revenue Recognition, to make its interpretive guidance consistent with current accounting guidance, principally EITF Issue No. 00-21, "Revenue Arrangements with Multiple Deliverables." Also, SAB 104 incorporates portions of the Revenue Recognition in Financial Statements - Frequently Asked Questions and Answers document that the SEC staff considered relevant and rescinds the remainder. The company's revenue recognition policies are consistent with this guidance; therefore, this guidance will not have an immediate impact on the company's consolidated financial statements.

CASH EQUIVALENTS

The Company considers cash on hand, deposits in banks, and short-term investments purchased with an original maturity date of three months or less to be cash and cash equivalents. The carrying amounts reflected in the balance sheets for cash and cash equivalents approximate the fair values due to short maturities of these instruments.

INCOME TAXES

The Company has adopted Financial Accounting Standard No. 109 (SFAS 109) which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Temporary differences between taxable income reported for financial reporting purposes and income tax purposes are insignificant.

F-7

UC HUB GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

RECLASSIFICATIONS

Certain reclassifications have been made in prior years' financial statements to conform to classifications used in the current year.

PROPERTY AND EQUIPMENT

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using straight-line methods over the estimated useful lives of the assets, principally three to five years, or the term of the lease, if shorter, for leasehold improvements.

IMPAIRMENT OF LONG-LIVED ASSETS

The Company has adopted Statement of Financial Accounting Standards No. 144 (SFAS 144). The Statement requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount

of an asset may not be recoverable. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve break-even operating results over an extended period. The Company evaluates the recoverability of long-lived assets based upon forecasted undercounted cash flows. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted, based on estimates of future discounted cash flows resulting from the use and ultimate disposition of the asset. SFAS No. 144 also requires assets to be disposed of be reported at the lower of the carrying amount or the fair value less costs to sell.

COMPREHENSIVE INCOME

Statement of Financial Accounting Standards No. 130 ("SFAS 130"), "Reporting Comprehensive Income," establishes standards for reporting and displaying of comprehensive income, its components and accumulated balances. Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, SFAS 130 requires that all items that are required to be recognized under current accounting standards as components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. The Company does not have any items of comprehensive income in any of the periods presented.

SEGMENT INFORMATION

The Company adopted Statement of Financial Accounting Standards No. 131, Disclosures about Segments of an Enterprise and Related Information ("SFAS 131"). SFAS establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information for those segments to be presented in interim financial reports issued to stockholders. SFAS 131 also establishes standards for related disclosures about products and services and geographic areas. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision making group, in making decisions how to allocate resources and assess performance. The information disclosed herein, materially represents all of the financial information related to the Company's principal operating segment.

F-8

UC HUB GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NET LOSS PER SHARE

The Company has adopted Statement of Financial Accounting Standard No. 128, "Earnings Per Share," specifying the computation, presentation and disclosure requirements of earnings per share information. Basic earnings per share have been calculated based upon the weighted average number of common shares outstanding. Stock options and warrants have been excluded as common stock equivalents in the diluted earnings per share because they are either anti-dilutive, or their effect is not material.

STOCK BASED COMPENSATION

The Company applies the intrinsic value-based method of accounting prescribed by Accounting Principles Board Opinion 25, "Accounting for Stock Issued to Employees", and related interpretations, in accounting for its stock option plans. As such, compensation expense would be recorded on the date of grant only if the current market price of the underlying stock exceeded the exercise price. Statement of Financial Accounting Standards (SFAS) No. 123, "Accounting for Stock-Based Compensation", established accounting and disclosure requirements using a fair value-based method of accounting for stock-based employee compensation plans. As allowed by SFAS No.123, the Company has elected to continue to apply

the intrinsic value-based method of accounting described above, and has adopted the disclosure requirements of SFAS No. 123 which are included in Note 17. The Company has also adopted the annual disclosure provisions of SFAS No. 148 in its financial reports for the quarter ended ~~January~~April 3130, 2010.

Had compensation cost for the Plans been determined based on the fair value at the grant dates consistent with the method of SFAS 123, the Company's net loss and net loss per common and common equivalent share for the quarters ended ~~January~~April 3130, 2010 and 2009 would have been increased to the pro forma amounts indicated below:

	January 31,
	April 30,
	2,010		2,009
Net Loss, as reported		(~~206~~152,~~464~~677)		(~~132~~83,~~240~~220)
Add: Total stock based employee compensation
compensation expense determined under fair
market value based method for all awards		-		-
Pro forma net loss		(~~206~~152,~~464~~677)		(~~132~~83,~~240~~220)
Earnings per share:
Basic and diluted loss per share:
As reported		(0.~~004~~002)		(0.003)
Pro forma		(0.004)		(0.003)

In accordance with EITF 96-18 the measurement date to determine fair value was the date at which a commitment for performance by the counter party to earn the equity instrument was reached. The Company valued the shares issued for consulting services at the rate which represents the fair value of the services received which did not differ materially from the value of the stock issued.

F-9

UC HUB GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

CONCENTRATIONS OF CREDIT RISK

Financial instruments and related items, which potentially subject the Company to concentrations of credit risk, consist primarily of cash, cash equivalents and trade receivables. The Company places its cash and temporary cash investments with high credit quality institutions. At times, such investments may be in excess of the FDIC insurance limit. The Company periodically reviews its trade receivables in determining its allowance for doubtful accounts. The allowance for doubtful accounts was $0 as of ~~January~~April 3130, 2010.

ADVERTISING

The Company follows a policy of charging the costs of advertising to expenses incurred. The Company incurred no advertising ~~expenses of $0 and $855~~ during the ~~years~~quarter ended ~~January~~April 3130, ~~2010 and 2009, respectively~~201.

NEW ACCOUNTING PRONOUNCEMENTS

In May 2009, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification Topic No. 855, Subsequent Events. This guidance establishes general standards of accounting for and, disclosure of, events that occur after the balance sheet date but before financial statements are issued or are available to be issued. It sets forth (i) the period after the balance sheet date during which management of a reporting entity should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, (ii) the circumstances under which an entity

should recognize events or transactions occurring after the balance sheet date in its financial statements and (iii) the disclosures that an entity should make about events or transactions that occurred after the balance sheet date. The guidance is effective for interim or annual financial periods ending after June 15, 2009 and was adopted with no material effect on the Company's statement of financial condition or results of operations.

In June 2009, the FASB issued SFAS No. 168, “The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles a replacement of FASB Statement No. 162" (“SFAS 168"). Under SFAS 168, the FASB Accounting Standards Codification (Codification) will become the sole source of authoritative U.S. GAAP to be applied by non-governmental entities. SFAS 168 is effective for the financial statements issued for interim and annual periods ending after September 15, 2009. The adoption will have no material impact on the Company’s financial statements but will require that interim and annual filings include references to the Codification.

In June 2009, the FASB issued Accounting Standards Codification Topic No. 105-10, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles ("ASC 105-10"). This guidance establishes the FASB Accounting Standards Codification (the "Codification") as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with U.S. GAAP. Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative U.S. GAAP for SEC registrants. All guidance contained in the Codification carries an equal level of authority. The Codification superseded all existing

non-SEC accounting and reporting standards. All other non-grandfathered, non-SEC accounting literature not included in the Codification is non-authoritative. The FASB will not issue new standards in the form of Statements, FASB Staff Positions or Emerging Issues Task Force Abstracts. Instead, it will issue Accounting Standards Updates ("ASUs"). The FASB will not consider ASUs as authoritative in their own right. ASUs will serve only to update the Codification, provide background information about the guidance and provide the basis for conclusions on the change(s) in the Codification. References made to FASB guidance throughout this document have been updated for the Codification.

In October 2009, the FASB issued Accounting Standards Codification Topic No. 605, Multiple-Deliverable Revenue Arrangements. This guidance establishes a selling price hierarchy for determining the selling price of a deliverable and expands the disclosures required for multiple-deliverable revenue arrangements. This guidance is effective for revenue arrangements that are entered into or are materially modified in fiscal years beginning on or after June 15, 2010, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its results of operations and financial position.

NOTE B - GOING CONCERN

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements during the Quarters ended ~~January~~April 3130, 2010 and 2009, the Company incurred losses of ($~~206~~152,~~464~~677) and ($~~132~~83,~~240~~220) respectively. In addition, the Company has a stockholder's deficit of (4,~~496~~258,~~473~~546). These factors among others may indicate that the Company will be unable to continue as a going concern for a reasonable period of time.

The Company's existence is dependent upon management's ability to develop profitable operations. Management is devoting substantially all of its efforts to becoming a public entity so that capital financing may be achieved. The accompanying statements do not include any adjustments that might result should the Company be unable to continue as a going concern. In order to improve the Company's liquidity, the Company's management is actively pursing additional equity financing through discussions with investment bankers and private investors. There can be no assurance the Company will be successful in its effort to secure additional equity financing.

NOTE C – MARKETABLE SECURITIES

None

F-11

UC HUB GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE D - PROPERTY AND EQUIPMENT

Property and equipment at ~~January~~April 3130, 2010 consists of the following:

Accumulated depreciation			(49,934)
Computers and Equipment			4546,~~752~~352
Mining Equipment			4085,~~761~~361
Furniture and Equipment			5,493
Property and Equipment			4287,~~071~~271

NOTE E - INCOME TAXES

The Company has adopted Financial Accounting Standard No. 109 which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Temporary differences between taxable income reported for financial reporting purposes and income tax purposes are insignificant.

At ~~January~~April 3130, 2010, the Company has available for federal income tax purposes a net operating loss carry-forward of approximately that may be used to offset future taxable income. In the opinion of management, it is more likely than not that the benefits will not be realized based upon the earnings history of the Company.

NOTE F - LOSSES PER SHARE

The following table presents the computation of basic and diluted losses per share:

Gross Profit 0


Gross Profit		0
Mining Expenses		(51,168)
Selling, general, and administrative expenses	$	(101,509)

Mining Expenses		(62,588)
Total operating expenses		(152,677)
Selling, general, and administrative expenses	$	(147,834)
Loss before other income and expense		(152,677)
Total operating expenses		(210,422)
Loss before other income and expense		(210,422)
Other income (expense)		-
Other Income		~~3,957~~-
Net other Income (loss) before income taxes		(~~206~~152,~~464~~677)
Income tax benefit		-
Net Loss		(~~206~~152,~~464~~677)
NET LOSS PER COMMON SHARE		(.~~004~~002)

F-12

UC HUB GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE G - ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accounts payable and accrued liabilities at ~~January~~April 3130, 2010 are as follows:

Accounts payable			613,~~573~~823
Accrued Officer Salary			1,~~088~~070,~~500~~700
Accrued Interest Payable			72,001
Loans payable			1,305,~~979~~949
TOTAL CURRENT LIABILITIES			23,~~472~~062,~~749~~473

NOTE H - NOTES PAYABLE

Promissory Notes payable

Convertible Debenture			~~818~~718,000
Settlements			70,738
Investments			228,500
Loans			10,000
Notes payable			505,738
Investments			168,500
TOTAL LONG TERM LIABILITIES			1,452,238
Notes payable			425,000
TOTAL LONG TERM LIABILITIES			1,492,238

Other notes payable

Pursuant to a Securities Purchase Agreement, dated as of June 6, 2007 (the "Securities Purchase Agreement"), UC Hub Group Inc. (the "Company") sold an Original Issue Discount Self-Liquidating Convertible Debenture having a principal amount of $378,000 (the "Debenture'). The Debenture was sold for $350,000. Except to pay off certain liabilities of the Company totaling approximately $327,000, the proceeds of the offering will be used for working capital purposes. The Debenture does not bear interest. The principal sum of the Debenture must be paid by June 7, 2008 and is convertible into 7,560,000 shares of the Company's common stock, at the Purchasers' option, at a conversion price equal to $0.05 per share (subject to adjustment as provided in the Debenture). On the fist of each month commencing on the first date following the earlier of (a) 30 calendar days following the Effective Date and (b) 180 Calendar days following the Closing Date (as defined in the Securities Purchase Agreement) and terminating upon the full redemption of the Debenture, the Company shall redeem an amount equal to the sum of $21,000 in principal amount of the Debenture and all liquidated damages and other amounts owed to the holder of the Debenture. The full principal amount of the Debenture is due upon a default under the terms of the Debenture. In the event that the Company breaches any representation or warranty in the Securities Purchase Agreement, the outstanding principal amount of the Debenture, plus liquidated damages and other amounts owing in respect thereof through the date of acceleration, shall become, at the holder's election, immediately due and payable in cash at the Mandatory Default Amount (as defined in the Debenture). In connection with the sale of the Debenture, the Company also issued (i) a warrant to purchase 7,560,000 shares of the Company's common stock at a purchase price of $.075 per share, subject to adjustment as provided for in the warrant and a term of exercise of two years from June 7, 2007 (the "Initial Exercise Date") and (ii) a warrant to purchase 7,560,000 shares of the Company's common stock at a purchase price of $.05 per share, subject to adjustment as provided in the warrant, and a term commencing on Initial Exercise Date and terminating on the earlier of (a) 180 days following the date the initial Registration Statement filed by the Company pursuant to the Registration Rights Agreement executed in connection with the execution of the Securities Purchase Agreement is declared effective by the Securities and Exchange Commission and (b) the two year anniversary of the Initial Exercise Date. The Warrants on a cashless basis if at any time after one year from the date of issuance of the warrant there is no effective registration statement registering or no current prospectus available for, the resale of the shares of common stock underlying the warrant. In the event the purchaser exercises the warrants on a cashless basis, then the Company will not receive any proceeds. In addition, the conversion price of the Debenture and the exercise price of the warrants may be adjusted in certain circumstances such as if the Company pays a stock dividend, subdivides or combines outstanding shares of common stock into a greater or lesser number of shares, or takes such other actions as would otherwise result in dilution of the selling stockholder's position. The Company is required to file a registration statement with the Securities and Exchange Commission within 30 days of Closing Date (as defined in the Securities Purchase Agreement), which will include 150% of the common stock underlying the Debenture, and the warrant, any additional shares issuable in connection with any anti-dilution provisions in the note or the warrants and any securities issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing.

of the Company's common stock, at the Purchasers' option, at a conversion price equal to $0.05 per share (subject to adjustment as provided in the Debenture). On the fist of each month commencing on the first date following the earlier of (a) 30 calendar days following the Effective Date and (b) 180 Calendar days following the Closing Date (as defined in the Securities Purchase Agreement) and terminating upon the full redemption of the Debenture, the Company shall redeem an amount equal to the sum of $21,000 in principal amount of the Debenture and all liquidated damages and other amounts owed to the holder of the Debenture. The full principal amount of the Debenture is due upon a default under the terms of the Debenture. In the event that the Company breaches any representation or warranty in the Securities Purchase Agreement, the outstanding principal amount of the Debenture, plus liquidated damages and other amounts owing in respect thereof through the date of acceleration, shall become, at the holder's election, immediately due and payable in cash at the Mandatory Default Amount (as defined in the Debenture). In connection with the sale of the Debenture, the Company also issued (i) a warrant to purchase 7,560,000 shares of the Company's common stock at a purchase price of $.075 per share, subject to adjustment as provided for in the warrant and a term of exercise of two years from June 7, 2007 (the "Initial Exercise Date") and (ii) a warrant to purchase 7,560,000 shares of the Company's common stock at a purchase price of $.05 per share, subject to adjustment as provided in the warrant, and a term commencing on Initial Exercise Date and terminating on the earlier of (a) 180 days following the date the initial Registration Statement filed by the Company pursuant to the Registration Rights Agreement executed in connection with the execution of the Securities Purchase Agreement is declared effective by the Securities and Exchange Commission and (b) the two year anniversary of the Initial Exercise Date. The Warrants on a cashless basis if at any time after one year from the date of issuance of the warrant there is no effective registration statement registering or no current prospectus available for, the resale of the shares of common stock underlying the warrant. In the event the purchaser exercises the warrants on a cashless basis, then the Company will not receive any proceeds. In addition, the conversion price of the Debenture and the exercise price of the warrants may be adjusted in certain circumstances such as if the Company pays a stock dividend, subdivides or combines outstanding shares of common stock into a greater or lesser number of shares, or takes such other actions as would otherwise result in dilution of the selling stockholder's position. The Company is required to file a registration statement with the Securities and Exchange Commission within 30 days of Closing Date (as defined in the Securities Purchase Agreement), which will include 150% of the common stock underlying the Debenture, and the warrant, any additional shares issuable in connection with any anti-dilution provisions in the note or the warrants and any securities issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing.

Pursuant to a separate Securities Purchase Agreement, dated as of February 16, 2007 (the "Securities Purchase Agreement"), UC Hub Group Inc. (the "Company") sold an second Original Issue Discount Self-Liquidating Convertible Debenture having a principal amount of $540,000 (the "Debenture'). The Debenture was sold for $500,000 and the additional of $40,000 was expensed. Except to pay off certain liabilities of the Company the proceeds of the offering will be used for working capital purposes. The Debenture does not bear interest. The principal sum of the Debenture must be paid by February 16, 2008.

F-13

UC HUB GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

The holder of the Debentures and the warrants many not to convert the Debentures or exercise their warrants and receive shares of the Company's common stock such that the number of shares of common stock held by them in the aggregate and their affiliates after such conversion or exercise exceeds 4.9% of the then issued and outstanding shares of common stock. This limitation may be waived by the holder of the Debenture or warrants upon not less than 61 days' prior notice to the Company, to change the beneficial ownership limitation to 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon conversion of this note or the exercise of the warrants. Upon such a change by a Holder of the Beneficial Ownership Limitation from such 4.99% limitation to such 9.99% limitation, the beneficial ownership limitation may not be further waived by the holder of the notes or warrants.

warrants. Upon such a change by a Holder of the Beneficial Ownership Limitation from such 4.99% limitation to such 9.99% limitation, the beneficial ownership limitation may not be further waived by the holder of the notes or warrants.

NOTE I - CAPITAL STOCK

CONVERTIBLE PREFERRED STOCK

The Company is authorized to issue 10,000,000 shares of cumulative preferred stock, par value .001 per share. The preferred shares are convertible to common stock at a current ratio of 3:1. At ~~January~~April 3130, 2010 there were 4,292,291 shares of preferred stock issued and outstanding.

COMMON STOCK

The Company is authorized to issue 500,000,000 shares of common stock, par value .001 per share. At the three months ended ~~January~~April 3130, 2010 there were 5262,~~967~~267,~~804shares~~804 shares of common stock issued and outstanding.

NOTE J - COMMITMENTS AND CONTINGENCIES

LEASE COMMITMENTS

The Company does not lease any office space; it uses space provided by its Chief Executive.

EMPLOYMENT AND CONSULTING AGREEMENTS

The Company has entered into an employment agreement with its Chief Executive Officer:

F-14

UC HUB GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Employment Agreement dated as of February 1, 2004 with Larry Wilcox as president and chief executive officer. The term of the agreement is for three years with an automatic extension beginning on the third anniversary of the agreement, and continuing every third anniversary, unless either party notifies the other in writing more than 90 days prior to the extension date that the agreement is no longer to be extended. The Agreement provides that Mr. Wilcox may devote time to the entertainment business including Wilcox Productions and affiliates, if the Company is unable to pay his sal a ry and so long as he continues to completely and adequately perform his duties pursuant to all factors in the agreement. Mr. Wilcox will receive a salary of $360,000 per year, plus incentive bonuses and stock options for 1,500,000 shares of our common stock exercisable at $0.16 per share under our 2003 Stock Option Plan. Mr. Wilcox is also subject to a non-competition agreement. NOTE: The 1,500,000 options granted Mr. Wilcox were cancelled on 5/25/2005and replaced with a grant by the board of directors of 6,585,000 options at a $.06 strike price.

to a non-competition agreement. NOTE: The 1,500,000 options granted Mr. Wilcox were cancelled on 5/25/2005and replaced with a grant by the board of directors of 6,585,000 options at a $.06 strike price.

The Company has consulting agreements with outside contractors, certain of whom are also Company stockholders. The Agreements are for various terms, some renewable automatically from period to period unless either the Company or Consultant terminates such engagement by written notice.

NOTE L - SETTLEMENT OF LITIGATION

In the ordinary course of business, we may be involved in legal proceedings from time to time. Although occasional adverse decisions or settlements may occur, we believe that the final disposition of such matters will not have material adverse effect on its financial position, results of operations or liquidity. We will seek to minimize disputes with our customers but recognize the inevitability of legal action in today's business environment as an unfortunate price of conducting business.

Sutton Law Center, P.C. v. Altigen Communications, Inc., et al. (including Allcom)

Case No.: CV06-02167

Court: In the Second Judicial District Court of the State of Nevada, Washoe County

Date filed: September 5, 2006

Description: Plaintiff asserts claims against Integrated Communications Systems, Inc., Allcom USA, Inc. and Shawn Jones and Simon Eggington, former employees of Allcom USA, Inc., alleging that defendants installed a defective telephone system for plaintiff and falsely represented the performance of the phone system. Plaintiff seeks damages in the approximate amount of $70,000. Jones and Eggington have indicated that they believe that plaintiff's claims have little of no basis. Discovery has not yet commenced in the case and no trial date has been set.

Embarq Logistics, Inc. v. Allcom USA, Inc., UC Hub Group, Inc., and Vernon Bill Thompson

Case No.: 06C-036007

Court: Justice Court, Las Vegas Township, Clark County, Nevada

Date Filed: November 2006

Description: Plaintiff claims damages of approximately $10,000 for unpaid telephone equipment sold to defendant Allcom USA. Claims are asserted against the remaining defendants on the allegations that they are alter egos of Allcom. Defendants have offered to settle the claim as funds become available to them. No trial date has been set in the case.

NOTE M - SUBSEQUENT EVENTS

UCThe ~~HUB~~Company ~~Group Inc~~ is ~~focused~~looking onforward ~~the~~in ~~development~~2010 ofto ~~mining~~an ~~and~~increase ~~the~~in oil ~~and~~production, ~~gas~~therefore, ~~industry. The~~an ~~Company~~increase ~~became~~in arevenue JVfrom ~~partner~~the ~~with~~5-6 ~~Rector~~wells ~~Oil~~that onhave ~~the~~recently ~~first~~been ~~well~~refurbished in ~~Illinois~~the onmonth ~~400~~of ~~acre~~June ~~lease~~2010. As ~~and~~the ~~has~~pumps 6continue ~~completed~~to ~~additional~~produce ~~wells~~a onconsistent avolume 80from ~~acre~~these ~~lease~~various ~~which~~wells ~~will~~the ~~require~~Company ~~some~~anticipates ~~refurbishing. The~~an ~~first~~increase ~~well~~in isexisting ~~over~~revenue ~~half~~while ~~completed~~working ~~and~~on asexpansion ~~weather~~through ~~permits~~additional ~~will~~mergers beand ~~completed~~acquisitions in athis ~~few~~energy ~~weeks~~sector. The Company ~~projects~~is 4in todiscussions 5with ~~pay~~several ~~zones~~groups ~~going~~regarding tothe amerger ~~maximum~~and ~~depth~~acquisition of ~~1900~~their ~~feet~~wells and ~~has hit oil in~~ the ~~first~~license ~~pay~~of ~~zone~~certain technologies. The Company ~~expects~~is tonow ~~begin~~poised ~~its mining venture in March 2010 as weather permits~~ for ~~gold and sapphires~~growth.

The Gold and Sapphire industry are attracting possible strategic partners. The Company has been offered a substantial sum of money for rough sapphire and or gold inventory and is currently exploring its options for sales. The Company also has negotiated some seven figure advances and pre buys with Asian Groups for Gold and Sapphires and anticipates closing those advances and contract in June of 2010.

The Merger and Acquisition potential in the mining sector are significant and discussions have been initiated regarding mergers and acquisitions.

In general the Company will continue to stay focused on these core industries which we believe will ultimately be reflected in revenue growth.

F-15

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

Forward Looking Statement Notice

Certain statements made in this Quarterly Report on Form 10-Q are “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995) regarding the plans and objectives of management for future operations. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Acquired Sales Corp. (“we”, “us”, “our” or the “Company”) to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. The Company's plans and objectives are based, in part, on assumptions involving the continued expansion of business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Although the Company believes its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance the forward-looking statements included in this Quarterly Report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.

The Company is presently operating as a mining and oil and gas Company focused on developing mining leases and oil and gas leases. Our principal business objective for the next 12 months and beyond such time will be to achieve long-term growth potential through the development of our mining and oil and gas business.

Results of Operations

For the three months ending ~~January~~April 3130, 2010, the Company had no revenues and incurred expenses of $~~210~~152,~~422~~677, of which $~~147~~101,~~844~~509 were general and administrative expenses and $6251,~~578~~168 directly related to its mining operations.

Liquidity and Capital Resources

As of ~~January~~April 3130, 2010, the Company had assets equal to $82229,~~087~~166 comprised of cash, furniture and equipment and mining equipment. The Company had current liabilities of $23,~~472~~062,~~749~~473 as of ~~January~~April 3130, 2010 and total liabilities of $4,~~578~~514,~~559~~712.

The following is a summary of the Company's cash flows from operating, investing, and financing activities:

For the Period from October 31, 2009 through ~~January~~April 3130, 2010.

	Three Months
	Ended
	January 31, 2010
	April 30, 2010
Net Cash (Used) by Operating Activities	$	(~~205~~152,~~179~~677)	)
Net Cash (Used) by Investing Activities	$	(1675,~~900~~200)
Net Cash (Used) Provided by Financing Activities:	$	232,250

Net Increase (Decrease) in Cash $ 10,171


Net Cash (Used) Provided by Financing Activities:	$	373,000
Net Increase (Decrease) in Cash	$	99,126

The Company has nominal assets of $82,086, and has generated no revenues since engaging in the business of mining and oil and gas in early 2009. The Company is also dependent upon the receipt of capital investment or other financing to fund its ongoing operations. If continued funding and capital resources are unavailable at reasonable terms, the Company may not be able to implement its plan of operations.

Plan of Operations

Plan of Operations

The ~~Company~~3rd ~~will~~quarter ~~focus~~of ~~the~~our ~~next~~fiscal 12year ~~months~~was onoriented ~~revenue~~towards ~~generation from~~ the ~~energy~~initiation ~~(oil~~of ~~and~~revenue ~~gas)~~generation ~~sector~~through ~~and~~further ~~the~~capitalization; ~~mining~~acquisition ~~(gold~~of ~~and~~heavy ~~sapphire)~~equipment; ~~sector.~~refurbishment ~~The Company anticipates generating revenue as~~ of ~~the~~existing ~~second~~equipment; ~~quarter~~acquisition of ~~2010~~sapphire inventory; and ~~projects increases in revenue thereafter. Once revenue is announced,~~ the ~~Company~~establishment ~~can then begin to review mergers and acquisitions~~ of ~~revenue~~advisors ~~producing~~for ordistribution ~~potentially~~channels ~~producing~~through ~~assets. As~~media ofand ~~now~~other ~~the~~projected ~~Company~~sources ~~has~~once ~~leveraged~~inventory awas ~~Joint Venture (JV) position~~ in ~~the oil and gas industry with existing oil producing properties~~place.

~~The~~OIL ~~Plan of Operations for the oil sector addresses the Joint Venture development of 8 oil wells in Crawford County Illinois. This historic oil basin produces oil from shallow wells~~ and ~~the oil is low in sulfur and considered sweet.~~Gas

~~Presently~~The ~~the~~company ~~Company~~is ~~has~~focused aon ~~Joint~~the ~~Venture~~Oil ~~Partner~~and inGas ~~Rector Drilling~~industry, ~~Bill Rector, who has represented~~ and ~~drilled~~the ~~over~~Mining ~~50 wells~~Industry. HeThe Company has ~~his~~two ~~own~~leases ~~drilling~~for ~~rigs,~~Oil ~~trucks, pipe, storage tanks, generators,~~ and ~~other~~Gas ~~such~~in ~~necessary~~Southern ~~inventory~~Illinois. The ~~Company~~400 ~~raised~~acre ~~some~~lease ~~minimal~~has ~~capital to assist Rector with~~ two ~~leases~~wells; ~~that~~one ~~included~~of 8which ~~well sites. There~~ is aan ~~400~~injection ~~acre~~well ~~lease~~and ~~that~~the UCother ~~Hub~~ is ~~registered~~being asdrilled ~~the JV partner~~ and ~~that~~is ~~400~~at ~~acre~~1455 ~~lease~~feet ~~has~~with ~~one~~a ~~completed~~goal ~~well~~of on1900 ~~site~~feet. ~~This~~Due ~~well~~to ~~has~~weather ~~surface~~the ~~casing and will be used as an injection well. The cost of~~ drilling ~~these~~crew ~~wells~~was isunable ~~anywhere from $25,000~~ to ~~$75,000~~work ~~depending~~ on the ~~equipment~~well ~~used,~~until the ~~depth~~latter ~~and~~part ~~the~~of ~~obstacles~~this ~~prior~~quarter, ~~during~~however, ~~and~~they ~~after~~are ~~drilling~~actively toworking ~~depth. Traditionally~~on ~~these~~all wells ~~are Joint Venture deals with the company and the driller while the land owner retains a standard 1/8th deal~~presently. ~~The~~Typical ~~second~~of ~~well~~drilling onoperations the ~~400~~Company ~~acre~~experienced ~~property~~some ~~has~~equipment ~~begun~~fatigue and ~~the~~has ~~driller~~done ~~anticipates~~multiple aupgrades ~~100~~and ~~barrel~~enhancements aof ~~day~~motors, ~~well~~hydraulics, ~~contingent~~compressors ~~upon~~and ~~hitting 5 pay zones~~drills. ~~Presently~~The ~~the~~company ~~well~~also iscontinued ~~below~~to ~~1000~~put ~~feet~~additional ~~and~~casing ~~will~~in ~~continue~~due ~~with~~to ~~weather~~caving ~~permitting~~and tohas ~~drill~~recently drilled to ~~1900~~some ~~feet. The~~very ~~first~~hard ~~pay~~limestone ~~zone~~that ~~produced~~broke ~~oil and~~ the ~~Company~~end ~~will~~of ~~now~~the drill ~~deeper~~off. Recovering tothis ~~the~~piece ~~other~~of ~~anticipated pay~~equipment ~~zones. The~~1400 ~~surface~~plus ~~casing~~feet ~~has~~down ~~been~~a ~~installed~~hole ~~and~~took ~~additional~~some ~~lesser~~seasoned ~~diameter~~drilling ~~casing~~talent ~~was~~and ~~also~~as ~~installed~~a onresult ~~this~~the ~~well~~company aswas weable ~~proceed~~to ~~deeper. The~~fish ~~Company~~the ~~anticipates~~broken ~~that~~part ~~this~~out ~~1900~~of ~~foot~~the ~~well~~hole, ~~should~~replaced bethe ~~completed~~part inand ~~April~~has ~~2010~~begun drilling again. The Company ~~may~~also ~~decide~~began to ~~drill~~refurbish ~~another~~the 20five ~~wells~~of onthe ~~this~~six ~~400~~existing ~~acre lease and may also place additional technology and/or injection~~ wells on ~~this~~our ~~property~~80 toacre ~~potentially accelerate oil and gas production~~lease. ~~This~~The ~~well~~trucking isand ~~being~~distribution ~~drilled~~Company ~~and~~picked ~~run~~up byour aoil ~~two~~from ~~man~~our ~~crew~~storage tanks and ~~all~~the ~~distribution~~company ~~and~~generated ~~pick~~nominal revenue upwhich ofwill ~~oil~~increase ~~reserves~~over istime infrom ~~place~~these ~~and~~wells ~~established~~as bya ~~Rector~~result ~~Drilling~~of ~~for~~the ~~many decades~~refurbishing.

InWith ~~addition~~minimal tocapital ~~the~~infusion, ~~400 acre lease~~ the Company ~~has~~now anis 80a ~~acre~~JV ~~lease~~Partner ~~with six existing wells~~ on ~~that~~these ~~property. These~~8 wells ~~were~~of ~~drilled~~which in7 ~~the~~are ~~1980s~~completed and ~~are~~one ~~pumping~~is ~~small~~nearing ~~amounts of oil (1-2 barrels a day as an aggregate)~~completion. ~~These~~This ~~wells~~is ~~have~~a ~~leaking~~considerable ~~casing~~success ~~and~~when ~~are~~one ~~not~~recognizes ~~producing~~what ~~the~~it ~~oil~~would ~~that~~cost ~~they~~to ~~are~~drill ~~capable~~7 ~~of producing. The Company intends~~ to ~~replace~~8 ~~various~~wells ~~parts including~~ and ~~not~~the ~~limited~~fact ~~to casings and subsequently it is expected~~ that these wells ~~can potentially increase the production considerably. All wells~~ are innow ~~place~~beginning ~~and~~to ~~completed~~produce ~~with pumps, storage tanks, casing~~ and ~~the~~deliver ~~ancillary~~oil ~~equipment. The~~production ~~Company~~which isgenerates ~~also~~monthly arevenue ~~50-50~~for ~~Joint Venture partner with~~ the ~~drilling company on these wells. The~~ Company ~~anticipates these wells will be re-worked starting the second quarter of 2010 and begin producing oil at that time~~.

~~The~~Mining ~~Company~~– ~~may~~GOLD ~~have additional expenses of $25,000~~ and plans on raising that capital through investors that will share in the royalty of such wells. A royalty share agreement is used as a perceived tactic which should preclude dilution and is a strategic move to protect the longevity while potentially providing an upside to the shareholder. The Company is in discussions with three groups regarding funding of the operations.Sapphires

17The Company continued to implement the various time tables of this mining operation in parallel. The Company has excellent legal mining representation in the mining area and has hired local geologists and engineers and an operating Company to assist with this process. Independent Contractors assisted and inspected many pieces of heavy equipment and due to management’s patience, consulting insights, and timing, the Company was able to find much discounted heavy equipment throughout the western part of the United States. The company has acquired, steel for welding, electrical parts for code qualified generators, a 12 yard dump truck; a 6 yard Case Front Loader , a dually crew cab truck, and a complete Wash Plant for mining.

~~Gold~~In the opinion of Management these acquisitions represent a patient and ~~Sapphire~~frugal ~~Mining~~mentality –of the Company resulting in shareholder value, savings, and yet dilution of the Company is spared.

The ~~Company~~operating company has ~~reported~~been ~~and~~given ~~acquired~~permit ~~mining~~approvals. Currently assembly of equipment and ~~has~~implementation ~~trucked~~is ~~said~~in ~~equipment~~progress. toIn addition, the ~~mining~~Company ~~site~~acquired ~~near~~production ~~Helena,~~of ~~Montana. The~~some ~~photos~~sapphires ofin ~~said~~the ~~equipment~~El Dorado Bar area and ~~the~~then ~~digital~~had ~~library~~it graded and sent out for cutting and polishing. Some of ~~such~~that ~~are~~inventory ~~also~~in now in ~~part~~place onand ~~the~~ready ~~Company~~to ~~website~~be ~~for~~set ~~review~~with jewelry.

The Company hired a local legal firm with expertise in mining located in Helena Montana. Management flew to Helena to work on contracts and legal issues multiple times. Management also sent consultants and mining companies to perform due diligence on the mining site for sapphires and gold. The Company through hands on efforts of its own and through the efforts of the land owner have produced and documented sapphires and gold on the property. The Company has ~~recently~~now ~~taken~~begun ~~some~~working ~~of the raw Montana Sapphires from this El Dorado Bar area and some cut sapphires and presented such to various channels of distribution. The Company has added an international advisor to assist~~ with ~~distribution~~cutters and ~~sales~~jewelry ofmanufacturers ~~such gold~~ and ~~sapphires~~designers. ~~The precious~~Additional ~~metal and colored gem business has definitive experts in various areas including and not limited to, mining, classifying/pricing; cutting; polishing, heat treating, designing,~~ marketing, ~~and~~tools ~~sales~~such ~~distribution. The~~as ~~Company~~web ~~has~~sites ~~had meetings with the top designers~~ and ~~distributors~~television ~~and each have indicated they~~ are ~~enthused and excited about the “made in the USA” products. The Company has~~ also ~~met~~being ~~with Television Companies and Shopping Networks who have indicated they would like to proceed and market these products to 10-40 million households~~explored. The Company remains a mining Company yet is excited about the potential exposure in the Television, IP and Mobile distribution arenas. The Company plans on using these media outlets as the original launch of said products and will then cautiously venture into implementing more lucrative profit centers of design and retail but not until the Company is poised to do so with all of the tools of economics in place.

The Company ~~hired~~has araised ~~consultant~~capital; tobought ~~recently~~equipment; ~~attend~~bought ~~the~~mining ~~Gem~~wash ~~Show~~plants; inbought ~~Tucson,~~rough ~~Arizona.~~sapphires ~~The~~for ~~Gem~~inventory; ~~Show~~hired ~~provided~~consultants; ~~contacts~~paid ~~with miners,~~ designers,; ~~cutters,~~paid ~~authenticators~~manufacturers, ~~ethics group, regulatory groups,~~ and ~~retail~~is ~~distribution~~completing ~~groups~~samples ~~from~~of ~~the~~products ~~leading~~as ~~cities~~of inthis ~~the world~~filing. The ~~CEO of the~~ Company ~~has~~is ~~met~~optimistic ~~with~~about ~~such parties and has begun discussions with them subsequent to~~ the ~~Gem~~Gold ~~show~~ and isSapphire ~~proceeding~~market ~~with a select group of these leaders by establishing a network for sales~~ and ~~marketing using their very well established brand names in~~ the ~~world.~~all AsAmerican aproducts ~~result~~that in the ~~near future the~~ Company ~~anticipates~~will ~~establishing relationships in Chanthaburi, Thailand for cutting of the rough Sapphires extracted from the Company’s mines~~ produce.

In the meantime, the Company has a parallel effort taking place at the mine site. The Company is presently in discussions with the hands on operations people who are sourcing materials for the plant. The plant will require the following including a re-circulating pond with appropriate plastic liners; an Operation and Safety Plan which the Company has paid a consultant to write; a title research which has been done and completed; a $5000 bond to be place for Environmental; placards and rails installed on the equipment with safety standards; first aid supplies; MSHAW safety training; accounts set up with iron and other equipment suppliers; a site ditch for the equipment to be placed, integration of the panels and generators according to code. Most of these operational issues are in the process and it is anticipated will be completed this year. Initial funding requirements for this effort will be approximately $200,000 to $500,000. The company is in negotiations for funding of these operations.

The Company anticipates possible negotiations regarding the lowering of its debt to some extent within the year; although at present that remains uncertain. The Company’s CEO continues to make loans and advances to the Company based upon a standard Promissory Note

The Company further anticipates that it will have to increase overhead with 2-3 crew members at the gold and sapphire mining site, and perhaps one additional person at the oil sites.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer (Larry Wilcox as the sole officer of the Company), we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act), as of ~~January~~April 3130, 2010. Based on this evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that our disclosure and controls are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There were no changes (including corrective actions with regard to significant deficiencies or material weaknesses) in our internal controls over financial reporting that occurred during the period ended ~~January~~April 3130, 2010 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

Sutton Law Center, P.C. v. Altigen Communications, Inc., et al. (including Allcom)

Case No.: CV06-02167

Court: In the Second Judicial District Court of the State of Nevada, Washoe County

Date filed: September 5, 2006

Embarq Logistics, Inc. v. Allcom USA, Inc., UC Hub Group, Inc., and Vernon Bill Thompson

Case No.: 06C-036007

Court: Justice Court, Las Vegas Township, Clark County, Nevada

Date Filed: November 2006

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. None.

Item 3. Defaults Upon Senior Securities. None.

Item 4. Submission of Matters to a Vote of Security Holders. None.

Item 5. Other Information. None.

Item 6. Exhibits. (filed with this report unless indicated below)

EXHIBIT INDEX

Exhibit No.		Description
31.1		Certification of Principal Executive Officer Pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a), as Adopted Pursuant to Section 302 of The Sarbanes Oxley Act of 2002.
31.2		Certification of Principal Financial Officer Pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a), as Adopted Pursuant to Section 302 of The Sarbanes Oxley Act of 2002.
32.1		Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.


31.2		Certification of Principal Financial Officer Pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a), as Adopted Pursuant to Section 302 of The Sarbanes Oxley Act of 2002.

32.1		Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

UC HUB GROUP INC.



	By:	/s/ Larry Wilcox

Larry Wilcox

Chief Executive Officer and Director

Date: ~~March~~June 1214, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Signature				Title		Date
/s/ Larry Wilcox Larry Wilcox				Chief Executive Officer and Director		~~March~~June 1214, 2010

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