UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarter ended: ~~September~~March 3031, ~~2012~~ 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 Number: 000-51388

CONO ITALIANO, INC.

(Exact name of registrant as specified in its charter)

Nevada		84-1665042
(State or other jurisdiction of		(IRS Employer I.D. No.)
incorporation)

10 Main Street

Keyport, NJ 07735

(Address of principal executive offices and Zip Code)

(877) 330-2666

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes x [X] No ¨ [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such ~~shorter~~ shorter period that the registrant was required to submit and post such files. Yes x [X] No ¨ [ ]

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

Large accelerated filer ¨[ ] Accelerated filer ¨[ ] Non-accelerated filer ¨[ ] Smaller reporting company x[X]

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

Yes ¨ [ ] No x [X]

As of ~~November~~May 1617, ~~2012~~2013, there were ~~107~~ 110,~~233~~002,~~087~~ 165 shares outstanding of the registrant’s common stock.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Item 1.	~~Financial Statements.~~	1Financial Statements.	3
Item 2.	~~Management’s Discussion and Analysis of Financial Condition and Results of Operations.~~	16Management’s Discussion and Analysis of Financial Condition and Results of Operations.	5
Item 3.	~~Quantitative and Qualitative Disclosures About Market Risk.~~	20Quantitative and Qualitative Disclosures About Market Risk.	8
Item 4.	~~Controls and Procedures.~~	20Controls and Procedures.	9
PART II – OTHER INFORMATION
Item 1.	~~Legal Proceedings.~~	20Legal Proceedings.	9
Item 1A.	~~Risk Factors.~~	20Risk Factors.	9
Item 2	~~Unregistered Sales of Equity Securities and Use of Proceeds.~~	20Unregistered Sales of Equity Securities and Use of Proceeds.	9
Item 3	~~Defaults Upon Senior Securities.~~	20Defaults Upon Senior Securities.	9
Item 4.	~~Mine Safety Disclosures.~~	20Mining Safety Disclosures.	9
Item 5.	~~Other Information.~~	20Other Information.	9
Item 6.	~~Exhibits.~~	21Exhibits.	10
Signatures		22	11

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

~~Item~~CONO ITALIANO, 1INC. ~~Financial Statements.~~

~~CONO~~(A DEVELOPMENT ~~ITALIANO,~~STAGE ~~INC.~~COMPANY)

(~~FORMERLY KNOWN AS TIGER RENEWABLE~~A ~~ENERGY~~NEVADA ~~INC.~~CORPORATION)

(AKeyport, New ~~DEVELOPMENT STAGE COMPANY)~~Jersey

(AFINANCIAL ~~NEVADA~~REPORTS ~~CORPORATION)~~AT MARCH 31, 2013

~~Keyport, New Jersey~~3

~~FINANCIAL REPORTS AT September 30~~CONO ITALIANO, ~~2012~~INC.

~~CONO~~(A DEVELOPMENT ~~ITALIANO,~~STAGE ~~INC.~~COMPANY)

(~~FORMERLY KNOWN AS~~A ~~TIGER~~NEVADA ~~RENEWABLE ENERGY INC.~~Corporation)

~~(A DEVELOMENT STAGE~~Keyport, ~~COMPANY)~~New Jersey

(ATABLE OF ~~NEVADA Corporation)~~CONTENTS

Keyport, New Jersey

Consolidated Balance Sheets at March 31, 2013 and December 31, 2012 (Unaudited)	F-1

Consolidated Statements of Changes in Stockholders’ Deficit for the Period from Date of Inception (March 2, 2006) Through March 31, 2013 (Unaudited)	F-2

Consolidated Statements of Operations for the Three Months Ended March 31, 2013 and 2012 and the Period from Inception (March 2, 2006) Through March 31, 2013 (Unaudited)	F-3

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2013 and 2012 and the Period from Inception (March 2, 2006) Through March 31, 2013 (Unaudited)	F-4

Notes to Consolidated Financial Statements	F-5 - F-14

TABLE OF CONTENTS
Condensed Consolidated Balance Sheets at September 30, 2012 and December 31, 2011 (Unaudited)	2
Condensed Consolidated Statements of Changes in Stockholders’ Deficit for the Period from Date of Inception (March 2, 2006) Through September 30, 2012 (Unaudited)	3
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2012 and 2011 and the Period from Inception (March 2, 2006) Through September 30, 2012 (Unaudited)	4
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2012 and 2011 and the Period from Inception (March 2, 2006) Through September 30, 2012 (Unaudited)	5
Notes to Consolidated Financial Statements	6-15

CONO ITALIANO, INC.

(~~FORMERLY~~A DEVELOPMENT ~~KNOWN~~STAGE ~~AS TIGER RENEWABLE ENERGY LTD.~~COMPANY)

(A NEVADA ~~DEVELOPMENT STAGE COMPANY~~CORPORATION)

(AKeyport, New ~~NEVADA CORPORATION)~~Jersey

~~Keyport,~~CONSOLIDATED BALANCE ~~New~~SHEETS ~~Jersey~~(UNAUDITED)

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	March 31, 2013			December 31, 2012

ASSETS
Cash and Cash Equivalents	$	14,028		$	30,562
Accounts Receivable, Net of Allowance for Doubtful Accounts		—			2,465
Due from Related Party		16,937			16,937
Prepaid Expenses		60,905			66,000
Deferred Equity Financing Costs		84,591			84,591
Deferred Note Payable Issuance Costs - Net of Accumulated Amortization		—			6,521

Total Current Assets		176,461			207,076

Property and Equipment - Net of Accumulated Depreciation		152,263			167,537

Total Assets	$	328,724		$	374,613

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Liabilities
Accounts Payable	$	140,871		$	135,508
Accrued Expenses		123,119			126,206
Accrued Legal Expense		209,769			199,269
Accrued Interest - Officer		61,925			59,834
Accrued Compensation - Officers		281,250			225,000
Note Payable		68,908			67,228
Convertible Note Payable, Net		250,000			247,807
Due to Officer		767,317			767,317

Total Liabilities		1,903,159			1,828,169

Stockholders’ Deficit
Common Stock - $.001 Par; 150,000,000 Shares Authorized, 110,002,165 and 107,233,087 Shares Issued and Outstanding		110,002			107,233
Additional Paid-In-Capital		1,480,091			1,406,125
Deficit Accumulated During Development Stage		(3,164,528	)		(2,966,914	)

Total Stockholders’ Deficit		(1,574,435	)		(1,453,556	)

Total Liabilities and Stockholders’ Deficit	$	328,724		$	374,613

	September 30,			December 31,
	2012			2011
ASSETS
Cash and Cash Equivalents	$	93,092		$	—
Accounts Receivable		18,522			—
Due from Related Party		36,937			11,937
Prepaid Expenses		21,000			21,000
Deferred Equity Financing Costs		52,500			—
Total Current Assets		222,051			32,937
Property and Equipment - Net of Accumulated Depreciation		187,816			148,087
Deferred Note Payable Issuance Costs - Net of Accumulated Amortization		16,302			—
Total Assets	$	426,169		$	181,024
LIABILITIES AND STOCKHOLDERS' DEFICIT
Liabilities
Bank Overdraft	$	—		$	3,348
Accounts Payable		168,329			135,508
Accrued Expenses		78,221			54,713
Accrued Legal Expense		200,826			187,525
Accrued Interest - Officer		58,439			52,746
Accrued Compensation - Officers		168,750			—
Notes Payable		79,506			60,905
Convertible Note Payable, Net		244,518			—
Due to Officer		767,317			724,975
Total Liabilities		1,765,906			1,219,720
Stockholders' Deficit
Common Stock - $.001 Par; 150,000,000 Shares Authorized, 102,833,087 and 99,234,988 Shares Issued and Outstanding		102,833			99,235
Common Stock Subscribed		526			526
Additional Paid-In-Capital		1,304,999			1,131,939
Deficit Accumulated During Development Stage		(2,748,095	)		(2,270,396	)
Total Stockholders' Deficit		(1,339,737	)		(1,038,696	)
Total Liabilities and Stockholders' Deficit	$	426,169		$	181,024

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

~~The accompanying notes are an integral part of these financial statements.~~F-1

2CONO ITALIANO, INC.

~~CONO ITALIANO, INC.~~ (~~FORMERLY KNOWN AS TIGER RENEWABLE ENERGY LTD.) (~~A DEVELOPMENT STAGE COMPANY) ~~(A NEVADA CORPORATION) Keyport, New Jersey~~

~~CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN DEFICIT FOR THE PERIOD FROM DATE OF INCEPTION~~ (~~MARCH~~A NEVADA ~~2, 2006~~CORPORATION) ~~THROUGH SEPTEMBER 30, 2012 (UNAUDITED)~~

												Deficit
	Common Stock						Common		Additional			Accumulated			Total
	$ .001 Par						Stock		Paid-In			During			Stockholders'
	Shares			Amount			Subscribed		Capital			Development Stage			Deficit
Balance - March 2, 2006		—		$	—		$	—	$	—		$	—		$	—
Common Stock Issued for Contribution of License Rights and Equipment		6,000,000			6,000			—		159,000			—			165,000
Net Loss		—			—			—		—			—			—
Balance - December 31, 2006		6,000,000			6,000			—		159,000			—			165,000
Net Loss		—			—			—		—			(50,290	)		(50,290	)
Balance - December 31, 2007		6,000,000			6,000			—		159,000			(50,290	)		114,710
Additional Paid-In-Capital - Deemed Distribution		—			—			—		(312,000	)		—			(312,000	)
Common Stock Issued to Prior Owners		3,000,000			3,000			—		54,000			—			57,000
Common Stock Issued in Exchange for Services		44,250,000			44,250			—		434,494			—			478,744
Net Loss		—			—			—		—			(929,795	)		(929,795	)
Balance - December 31, 2008		53,250,000			53,250			—		335,494			(980,085	)		(591,341	)
Common Stock Issued in Exchange for Services		7,616,428			7,616			—		178,777			—			186,393
Common Stock Issued for Cash		262,000			262			—		64,608			—			64,870
Common Stock Issued for Related Party Expense		500,000			500			—		69,500			—			70,000
Acquisition of Shell (1)		242,560			243			—		(272,946	)		—			(272,703	)
Common Stock Issued to Relieve Accounts Payable		10,000			10			—		3,490			—			3,500
Common Stock Issued for Note Payable Conversion		18,000,000			18,000			—		—			—			18,000
Net Loss		—			—			—		—			(437,325	)		(437,325	)
Balance - December 31, 2009		79,880,988			79,881			—		378,923			(1,417,410	)		(958,606	)
Common Stock Issued for Note Payable Conversion		2,000,000			2,000			—		182,547			—			184,547
Common Stock Issued in Exchange for Services		10,000,000			10,000			—		83,880			—			93,880
Common Stock Issued - Licensing Agreement		125,000			125			—		75,691			—			75,816
Net Loss		—			—			—		—			(348,521	)		(348,521	)
Balance - December 31, 2010		92,005,988			92,006			—		721,041			(1,765,931	)		(952,884	)
Common Stock Issued to Prior Owners		3,184,000			3,184			—		90,336			—			93,520
Common Stock Issued in Exchange for Services		3,325,000			3,325			—		152,924			—			156,249
Common Stock Cancelled		(3,280,000	)		(3,280	)		—		(27,836	)		—			(31,116	)
Stock subscription, net of cash proceeds received		4,000,000			4,000			526		195,474			—			200,000
Net Loss		—			—			—		—			(504,465	)		(504,465	)
Balance - December 31, 2011		99,234,988			99,235			526		1,131,939			(2,270,396	)		(1,038,696	)
Common Stock Issued for Cash		2,000,000			2,000			—		73,000			—			75,000
Common Stock Issued in Exchange for Services		600,000			600			—		35,400			—			36,000
Common Stock Issued in Exchange for Equity Financing		998,099			998			—		51,502			—			52,500
Discount on Convertible Note Payable		—			—			—		13,158			—			13,158
Net Loss for the Period		—			—			—		—			(477,699	)		(477,699	)
Balance - September 30, 2012		102,833,087		$	102,833		$	526	$	1,304,999		$	(2,748,095	)	$	(1,339,737	)

Keyport, New Jersey

~~The~~CONSOLIDATED STATEMENTS ~~accompanying~~OF ~~notes~~CHANGES ~~are~~IN anDEFICIT ~~integral~~FOR ~~part of~~THE ~~these~~PERIOD ~~financial~~FROM ~~statements.~~DATE OF INCEPTION (MARCH 2, 2006) THROUGH MARCH 31, 2013 (UNAUDITED)

													Deficit
	Common Stock						Common			Additional			Accumulated			Total
	$ .001 Par						Stock			Paid-In			During			Stockholders’
	Shares			Amount			Subscribed			Capital			Development Stage			Deficit

Balance - March 2, 2006		—		$	—		$	—		$	—		$	—		$	—

Common Stock Issued for Contribution of License Rights and Equipment		6,000,000			6,000			—			159,000			—			165,000

Net Loss		—			—			—			—			—			—

Balance - December 31, 2006		6,000,000			6,000			—			159,000			—			165,000

Net Loss		—			—			—			—			(50,290	)		(50,290	)

Balance - December 31, 2007		6,000,000			6,000			—			159,000			(50,290	)		114,710

Additional Paid-In-Capital - Deemed Distribution		—			—			—			(312,000	)		—			(312,000	)

Common Stock Issued to Prior Owners		3,000,000			3,000			—			54,000			—			57,000

Common Stock Issued in Exchange for Services		44,250,000			44,250			—			434,494			—			478,744

Net Loss		—			—			—			—			(929,795	)		(929,795	)

Balance - December 31, 2008		53,250,000			53,250			—			335,494			(980,085	)		(591,341	)

Common Stock Issued in Exchange for Services		7,616,428			7,616			—			178,777			—			186,393

Common Stock Issued for Cash		262,000			262			—			64,608			—			64,870

Common Stock Issued for Related Party Expense		500,000			500			—			69,500			—			70,000

Acquisition of Shell (1)		242,560			243			—			(272,946	)		—			(272,703	)

Common Stock Issued to Relieve Accounts Payable		10,000			10			—			3,490			—			3,500

Common Stock Issued for Note Payable Conversion		18,000,000			18,000			—			—			—			18,000

Net Loss		—			—			—			—			(437,325	)		(437,325	)

Balance - December 31, 2009		79,880,988			79,881			—			378,923			(1,417,410	)		(958,606	)

Common Stock Issued for Note Payable Conversion		2,000,000			2,000			—			182,547			—			184,547

Common Stock Issued in Exchange for Services		10,000,000			10,000			—			83,880			—			93,880

Common Stock Issued - Licensing Agreement		125,000			125			—			75,691			—			75,816

Net Loss		—			—			—			—			(348,521	)		(348,521	)

Balance - December 31, 2010		92,005,988			92,006			—			721,041			(1,765,931	)		(952,884	)

Common Stock Issued to Prior Owners		3,184,000			3,184			—			90,336			—			93,520

Common Stock Issued in Exchange for Services		3,325,000			3,325			—			152,924			—			156,249

Common Stock Cancelled		(3,280,000	)		(3,280	)		—			(27,836	)		—			(31,116	)

Stock Subscription, Net of Cash Proceeds Received		4,000,000			4,000			526			195,474			—			200,000

Net Loss		—			—			—			—			(504,465	)		(504,465	)

Balance - December 31, 2011		99,234,988			99,235			526			1,131,939			(2,270,396	)		(1,038,696	)

Common Stock Issued for Cash		2,000,000			2,000			—			73,000			—			75,000

Common Stock Issued in Exchange for Services		4,100,000			4,100			—			136,900			—			141,000

Common Stock Issued in Exchange for Equity Financing		998,099			998			—			51,502			—			52,500

Stock Subscription Issuance		900,000			900			(526	)		(374	)		—			—

Discount on Convertible Note Payable		—			—			—			13,158			—			13,158

Net Loss		—			—			—			—			(696,518	)		(696,518	)

Balance - December 31, 2012		107,233,087			107,233			—			1,406,125			(2,966,914	)		(1,453,556	)

Common Stock Issued in Exchange for Services		2,000,000			2,000			—			58,000			—			60,000

Common Stock Issued in Exchange for Equity Financing		769,078			769			—			15,966			—			16,735

Net Loss for the Period		—			—			—			—			(197,614	)		(197,614	)

Balance - March 31, 2013		110,002,165		$	110,002		$	—		$	1,480,091		$	(3,164,528	)	$	(1,574,435	)

~~CONO~~The accompanying ~~ITALIANO,~~notes ~~INC.~~are ~~(FORMERLY~~an ~~KNOWN~~integral ASpart ~~TIGER~~of ~~RENEWABLE~~these ~~ENERGY~~financial ~~LTD~~statements.~~) (A DEVELOPMENT STAGE COMPANY) (A NEVADA CORPORATION) Keyport, New Jersey~~

~~CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)~~F-2

													Period From
													Date of Inception
	For the Three Months Ended						For the Nine Months Ended						(March 2, 2006)
	September 30,						September 30,						Through
	2012			2011			2012			2011			September 30, 2012
Sales	$	45,106		$	—		$	106,532		$	—		$	140,526
Cost of Sales		67,904			—			114,382			—			123,505
Gross Profit (Loss)		(22,798	)		—			(7,850	)		—			17,021
Expenses
Selling and Direct		14,659			55,207			54,061			91,795			405,541
Compensation Expense		56,250			—			168,750			—			588,755
General and Administrative		54,717			32,824			211,024			184,511			1,539,292
Interest Expense		14,139			4,404			36,014			15,488			104,223
Loss on Impairment of License Right		—			—			—			—			130,505
Gain on Sale of Assets		—			—			—			—			(3,200	)
Total Expenses		139,765			92,435			469,849			291,794			2,765,116
Net Loss for the Period	$	(162,563	)	$	(92,435	)	$	(477,699	)	$	(291,794	)	$	(2,748,095	)
Loss per Share - Basic and Diluted	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.05	)
Weighted Average Common Shares Outstanding		102,833,087			94,882,542			101,770,048			94,289,420			55,092,628

CONO ITALIANO, INC.

~~The accompanying notes are an integral part~~(A ofDEVELOPMENT ~~these~~STAGE ~~financial statements.~~COMPANY)

4(A NEVADA CORPORATION)

~~CONO ITALIANO~~Keyport, New ~~INC.~~Jersey

~~(FORMERLY~~CONSOLIDATED STATEMENTS ~~KNOWN~~OF ASOPERATIONS ~~TIGER RENEWABLE ENERGY LTD.~~(UNAUDITED)

(A DEVELOPMENT STAGE COMPANY)

							Period From
							Date of Inception
							(March 2, 2006)
							Through
For the Three Months Ended March 31,	2013			2012			March 31, 2013

Sales	$	14,810		$	—		$	171,789

Cost of Sales		17,554			—			144,590

Gross Profit		(2,744	)		—			27,199

Expenses
Selling and Direct		61,307			1,760			573,514
Compensation Expense		56,250			56,250			701,255
General and Administrative		46,774			44,911			1,464,145
Depreciation Expense		17,074			12,067			191,093
Interest Expense		13,465			7,138			131,679
Loss on Impairment of License Right		—			—			130,505
Loss (Gain) on Disposal of Assets		—			—			(464	)

Total Expenses		194,870			122,126			3,191,727

Net Loss for the Period	$	(197,614	)	$	(122,126	)	$	(3,164,528	)

Loss per Share - Basic and Diluted	$	(0.00	)	$	(0.00	)	$	(0.05	)

Weighted Average Common Shares Outstanding		109,296,252			100,071,849			58,754,970

(AThe accompanying ~~NEVADA~~notes ~~CORPORATION)~~are an integral part of these financial statements.

~~Keyport, New Jersey~~F-3

~~CONDENSED~~CONO ~~CONSOLIDATED~~ITALIANO, ~~STATEMENTS OF CASH FLOWS (UNAUDITED)~~INC.

							Period From
							Date of Inception
							(March 2, 2006)
							Through
For the Nine Months Ended September 30,	2012			2011			September 30, 2012
Cash Flows from Operating Activities
Net Loss for the Period	$	(477,699	)	$	(291,794	)	$	(2,748,095	)
Adjustments to Reconcile Net Loss for the Period to Net Cash Flows from Operating Activities:
Amortization of Deferred Note Payable Issuance Costs		22,823			—			42,317
Amortization of Debt Discount		7,674			—			7,674
Depreciation		43,530			3,881			89,959
Common Stock Issued in Exchange for Services		36,000			152,285			836,823
Expense to Prior Owners		—			—			350,520
Gain on Sale of Assets		—			—			(3,200	)
Loss on Impairment of License Right		—			—			130,505
Common Stock Issued in Lieu of Rent Expense		—			27,000			36,000
Changes in Assets and Liabilities:
Accounts Receivable		(18,522	)		—			(18,522	)
Prepaid Expenses		—			21,278			26,328
Accounts Payable		32,821			—			8,363
Accrued Expenses		6,007			(20,178	)		60,720
Accrued Compensation - Officers		168,750			—			168,750
Accrued Legal Expense		13,301			(6,217	)		138,662
Accrued Interest		27,879			15,488			96,089
Deferred Revenues		—			—			75,818
Net Cash Flows Used In Operating Activities		(137,436	)		(98,257	)		(701,289	)
Cash Flows from Investing Activities
Proceeds from Sale of Asset		—			—			5,000
Acquisition of Cash in Reorganization		—			—			916
Purchase of Property and Equipment		(83,259	)		(66,900	)		(264,578	)
Net Cash Flows Used In Investing Activities		(83,259	)		(66,900	)		(258,662	)
Cash Flows from Financing Activities
Bank Overdraft		(3,348	)		—			—
Cash Proceeds from Issuance of Debt		27,698			—			27,698
Repayment of Debt		(13,780	)		—			(13,780	)
Cash Proceeds from Convertible Note Payable		250,000			—			250,000
Cash Paid for Deferred Equity Financing Costs		—			—			—
Cash Paid for Issuance of Deferred Note Payable		(34,125	)		—			(34,125	)
Cash Proceeds from Sale of Stock		75,000			100,000			339,870
Cash Received (Paid to) from Related Party - Net		(30,000	)		39,000			28,063
Due to Officer - Net		42,342			29,950			455,317
Net Cash Flows Used In Financing Activities		313,787			168,950			1,053,043
Net Change in Cash and Cash Equivalents		93,092			3,793			93,092
Cash and Cash Equivalents - Beginning of Period		—			665			—
Cash and Cash Equivalents - End of Period	$	93,092		$	4,458		$	93,092
Supplemental Non-Cash Investing and Financing Activities:
Acquisition of Accounts Payable in Reorganization	$	—		$	—		$	210,132
Acquisition of Notes Payable in Reorganization	$	—		$	—		$	47,988
Deemed Distribution	$	—		$	—		$	312,000
Expenses Paid by Related Party	$	5,000		$	—		$	5,000
Common Stock Issued (Retired) for Prepaid Expenses	$	—		$	—		$	105,828
Common Stock Issued to Relieve Accounts Payable	$	—		$	—		$	3,500
Common Stock Issued for Note Payable Conversion	$	—		$	—		$	202,547
Common Stock Issued for Related Party Payable	$	—		$	—		$	70,000
Cash Paid During the Period for:
Interest	$	—		$	—		$	—
Income Taxes	$	—		$	—		$	—

(A DEVELOPMENT STAGE COMPANY)

~~The accompanying notes are an integral part of these financial~~(A ~~statements.~~NEVADA CORPORATION)

5Keyport, New Jersey

~~CONO~~CONSOLIDATED STATEMENTS ~~ITALIANO,~~OF ~~INC.~~CASH FLOWS (UNAUDITED)

(FORMERLY KNOWN AS TIGER RENEWABLE ENERGY INC.)

							Period From
							Date of Inception
							(March 2, 2006)
							Through
For the Three Months Ended March 31,	2013			2012			March 31, 2013

Cash Flows from Operating Activities

Net Loss for the Period	$	(197,614	)	$	(122,126	)	$	(3,164,528	)

Adjustments to Reconcile Net Loss for the Period to Net Cash Flows from Operating Activities:
Amortization of Deferred Note Payable Issuance Costs		6,521			3,260			58,619
Amortization of Debt Discount		2,193			1,096			13,156
Bad Debts		—			—			2,440
Depreciation		17,074			12,067			127,298
Common Stock Issued in Exchange for Services		60,000			—			1,001,823
Expense to Prior Owners		—			—			350,520
Loss on Impairment of License Right		—			—			130,505
Loss on Disposal of Assets		—			—			(464	)
Common Stock Issued in Lieu of Rent Expense		—			—			36,000
Changes in Assets and Liabilities:
Accounts Receivable		2,465			—			(2,440	)
Prepaid Expenses		5,095			—			(13,577	)
Accounts Payable		5,363			—			(19,095	)
Accrued Expenses		13,648			5,844			82,763
Accrued Compensation - Officers		56,250			56,250			281,250
Accrued Legal Expense		10,500			10,499			147,605
Accrued Interest		3,771			6,042			110,394
Deferred Revenues		—			—			75,818

Net Cash Flows Used In Operating Activities		(14,734	)		(27,068	)		(781,913	)

Cash Flows from Investing Activities
Proceeds from Sale of Asset		—			—			5,000
Acquisition of Cash in Reorganization		—			—			916
Purchase of Property and Equipment		(1,800	)		(8,342	)		(269,100	)

Net Cash Flows Used In Investing Activities		(1,800	)		(8,342	)		(263,184	)

Cash Flows from Financing Activities
Bank Overdraft		—			(3,348	)		—
Cash Proceeds from Convertible Note Payable		—			250,000			250,000
Cash Paid for Deferred Equity Financing Costs		—			(30,000	)		—
Cash Proceeds from Issuance of Debt		—			—			27,698
Repayment of Debt		—			—			(27,698	)
Cash Proceeds from Convertible Note Payable		—			—			—
Cash Paid for Issuance of Deferred Note Payable		—			(39,125	)		(34,125	)
Cash Proceeds from Sale of Stock		—			—			339,870
Cash Received (Paid to) from Related Party - Net		—			(30,000	)		48,063
Due to Officer - Net		—			45,342			455,317

Net Cash Flows Used In Financing Activities		—			192,869			1,059,125

Net Change in Cash and Cash Equivalents		(16,534	)		157,459			14,028

Cash and Cash Equivalents - Beginning of Year		30,562			—			—

Cash and Cash Equivalents - End of Year	$	14,028		$	157,459		$	14,028

Supplemental Non-Cash Investing and Financing Activities:
Acquisition of Accounts Payable in Reorganization	$	—		$	—		$	210,132
Acquisition of Notes Payable in Reorganization	$	—		$	—		$	47,988
Deemed Distribution	$	—		$	—		$	312,000
Expenses Paid by Related Party	$	—		$	—		$	5,000
Common Stock Issued (Retired) for Prepaid Expenses	$	—		$	—		$	105,828
Common Stock Issued to Relieve Accounts Payable	$	—		$	—		$	3,500
Common Stock Issued for Note Payable Conversion	$	—		$	—		$	202,547
Common Stock Issued for Related Party Payable	$	—		$	—		$	70,000

Cash Paid During the Period for:
Interest	$	—		$	—		$	—
Income Taxes	$	—		$	—		$	—

(AThe accompanying ~~DEVELOPMENT~~notes ~~STAGE~~are ~~COMPANY)~~an integral part of these financial statements.

~~(A NEVADA CORPORATION)~~F-4

~~Keyport~~CONO ITALIANO, ~~New Jersey~~INC.

~~NOTES~~(A DEVELOPMENT TOSTAGE ~~CONSOLIDATED FINANCIAL STATEMENTS~~COMPANY)

~~Note~~ (A NEVADA ~~- The Company~~CORPORATION)

~~Merger~~Keyport, New ~~and Recapitalization~~Jersey

~~The~~NOTES TO ~~Company~~CONSOLIDATED ~~was~~FINANCIAL incorporated in the State of Nevada on September 9, 2004, as Arch Management Services Inc. A change of control of the Company occurred on June 5, 2006 and the Company changed its name from “Arch Management Services Inc.” to “Tiger Ethanol International Inc.” on November 24, 2006. On February 11, 2008 the Company changed its name to “Tiger Renewable Energy Ltd.” Another change of control of the Company occurred on June 4, 2009. On August 10, 2009 the Company changed its name to “Cono Italiano, Inc.” and its symbol changed to CNOZ.STATEMENTS

The Company was previously party to a joint venture named Xinjiang Yajia Distillate Company Limited (the “Venture”) to produce ethanol in the People’s Republic of China. The Company’s board of directors determined that it was in the Company’s best interest to initiate a withdrawal from the ethanol business as of January 31, 2009 and assess alternative businesses.

Note A -	The Company

	Merger and Recapitalization

	The Company was incorporated in the State of Nevada on September 9, 2004, as Arch Management Services Inc. A change of control of the Company occurred on June 5, 2006 and the Company changed its name from “Arch Management Services Inc.” to “Tiger Ethanol International Inc.” on November 24, 2006. On February 11, 2008 the Company changed its name to “Tiger Renewable Energy Ltd.” Another change of control of the Company occurred on June 4, 2009. On August 10, 2009 the Company changed its name to “Cono Italiano, Inc.” and its symbol changed to CNOZ.

	The Company was previously party to a joint venture named Xinjiang Yajia Distillate Company Limited (the “Venture”) to produce ethanol in the People’s Republic of China. The Company’s board of directors determined that it was in the Company’s best interest to initiate a withdrawal from the ethanol business as of January 31, 2009 and assess alternative businesses.

	On June 4, 2009 an Affiliate Stock Purchase Agreement (the “Stock Purchase Agreement”) was entered into by and between Gallant Energy International Inc. (“Gallant”), the owner of 5,000,000 shares of the Company’s common stock (prior to the Company’s one for sixty reverse stock split) and Lara Mac Inc. (“Lara Mac”), an entity controlled by Mitchell Brown (now the Chief Executive Officer of the Company and a member of the Company’s Board of Directors). Pursuant to the Stock Purchase Agreement, Gallant sold all of its 5,000,000 shares of the Company’s common stock to Lara Mac. The Gallant transaction with Lara Mac resulted in a change in control of the largest voting block of the Company effective as of June 4, 2009.

	Under the terms of the Stock Purchase Agreement, the Board appointed five individuals to fill vacancies on the Board. These new directors commenced their service on June 19, 2009. The Board also appointed four new officers of the Company.

	On August 10, 2009, the Company conducted a one for sixty reverse stock split. As of that date, all of the existing outstanding common stock of the Company have been consolidated such that existing stockholders will hold one share of post-split common stock for every sixty shares owned prior to the reverse split. All fractional shares resulting from the reverse stock split have been rounded up to the next whole share.

	Janex International Inc. was formed on July 6, 2007, in the State of Delaware. On January 8, 2008 Janex International Inc., changed its name to Cono Italiano, Inc (Delaware).

	Cono Italiano, LLC (Cono, LLC) was formed on June 27, 2007 as a limited liability company in the State of New Jersey. Cono, LLC had no operations and its primary assets were the license rights to manufacture, market, and distribute “pizza cono”, a unique pizza style food product.

On- continued June 4, 2009 an Affiliate Stock Purchase Agreement (the “Stock Purchase Agreement”) was entered into by and between Gallant Energy International Inc. (“Gallant”), the owner of 5,000,000 shares of the Company’s common stock (prior to the Company’s one for sixty reverse stock split) and Lara Mac Inc. (“Lara Mac”), an entity controlled by Mitchell Brown (now the Chief Executive Officer of the Company and a member of the Company’s Board of Directors). Pursuant to the Stock Purchase Agreement, Gallant sold all of its 5,000,000 shares of the Company’s common stock to Lara Mac. The Gallant transaction with Lara Mac resulted in a change in control of the largest voting block of the Company effective as of June 4, 2009.-

Under the terms of the Stock Purchase Agreement, the Board appointed five individuals to fill vacancies on the Board. These new directors commenced their service on June 19, 2009. The Board also appointed four new officers of the Company.F-5

~~On August 10~~CONO ITALIANO, ~~2009, the Company conducted a one for sixty reverse stock split~~INC. As of that date, all of the existing outstanding common stock of the Company have been consolidated such that existing stockholders will hold one share of post-split common stock for every sixty shares owned prior to the reverse split. All fractional shares resulting from the reverse stock split have been rounded up to the next whole share.

~~Janex~~(A DEVELOPMENT ~~International~~STAGE ~~Inc. was formed on July 6, 2007, in the State of Delaware. On January 8, 2008 Janex International Inc., changed its name to Cono Italiano, Inc (Delaware~~COMPANY).

~~Cono Italiano, LLC~~ (~~Cono,~~A NEVADA ~~LLC~~CORPORATION) was formed on June 27, 2007 as a limited liability company in the State of New Jersey. Cono, LLC had no operations and its primary assets were the license rights to manufacture, market, and distribute “pizza cono”, a unique pizza style food product.

-Keyport, ~~continued~~New -Jersey

6NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

CONO ITALIANO, INC.

Note A -	The Company - continued

	Merger and Recapitalization

	In March 2007, the license rights held by the individual founders of Cono, LLC were sold to The Total Luxury Group (TLG), an unrelated entity. On January 8, 2008 the license rights were transferred to Mitchell Brown for the total consideration of $312,000. The transfer of Cono, LLC (which includes the license rights) was effected in settlement of an obligation due to Mitchell Brown by TLG.

	On January 14, 2008, Cono, LLC was sold to Cono, Inc. (Delaware) for the total consideration of $426,000. In exchange for the 100% interest in Cono, LLC, the sole member of the LLC received 6,000,000 shares of Cono, Inc. (Delaware) valued at $114,000 and was issued a promissory note for $312,000. Mitchell Brown is also a principal stockholder in Cono, Inc. (Delaware).

	The transaction was accounted for as a recapitalization of Cono, Inc. and Cono, LLC; as both companies were under common control. As such, the assets and liabilities of Cono, LLC were carried over to Cono, Inc. (Delaware) at the historical carrying values.

	At the time of the sale of Cono, LLC to Cono, Inc. (Delaware), Cono LLC had a tangible net book value of $114,700. Since the assets and liabilities of Cono, LLC were recorded at their historical carrying amounts after the merger and recapitalization, the excess of the consideration paid of $426,000 over the carrying value of $114,700 had been recorded as a distribution to the stockholder.

	On November 12, 2009 Cono Inc. (Delaware) entered into a share exchange agreement whereby Cono Inc. (Delaware) would exchange all of its common stock for the stock of Tiger Renewable Energy, Inc. (TRE) (a shell company) on a share for share basis. Prior to entering into the share exchange agreement, the principal stockholder of Cono Inc. (Delaware) became a stockholder of TRE, either through direct ownership or through an entity in which he controlled, effectively gaining control of TRE, and on August 10, 2009, TRE changed its name to Cono Italiano, Inc., a Nevada corporation. As an inducement for Cono (Delaware) to enter the share exchange agreement, TRE’s largest shareholder has agreed to the cancellation of 242,557 shares of Cono (Nevada) stock.

	The exchange of shares between Cono Italiano, Inc., (Delaware) and Cono Italiano, Inc., (Nevada) was accounted for as a recapitalization of the Companies, as the majority stockholder of Cono Italiano, Inc. will be the majority stockholder of the surviving company. Pursuant to the accounting for a recapitalization, the historical carrying value of the assets and liabilities of Cono, Inc. (Nevada) will carry over to the surviving company.

	Effective at the closing of the share exchange transactions, November 12, 2009, Cono (Delaware) became a wholly owned subsidiary of Cono (Nevada).

	On December 13, 2011 the Board of Directors approved increasing the authorized shares of common stock from 100,000,000 to 150,000,000.

~~(FORMERLY KNOWN AS TIGER RENEWABLE ENERGY~~- ~~INC.)~~continued -

~~(A DEVELOPMENT STAGE COMPANY)~~F-6

(ACONO ITALIANO, ~~NEVADA CORPORATION)~~INC.

~~Keyport,~~(A DEVELOPMENT ~~New~~STAGE ~~Jersey~~COMPANY)

~~NOTES~~(A NEVADA ~~TO CONSOLIDATED FINANCIAL STATEMENTS~~CORPORATION)

~~Note~~Keyport, New ~~A - The Company - continued~~Jersey

~~Merger~~NOTES TO ~~and~~CONSOLIDATED ~~Recapitalization~~FINANCIAL STATEMENTS

In March 2007, the license rights held by the individual founders of Cono, LLC were sold to The Total Luxury Group (TLG), an unrelated entity. On January 8, 2008 the license rights were transferred to Mitchell Brown for the total consideration of $312,000. The transfer of Cono, LLC (which includes the license rights) was effected in settlement of an obligation due to Mitchell Brown by TLG.

Note A -	The Company - continued

	Scope of Business

	The Company is licensed to distribute an innovative food product - a cone-shaped pizza called “Pizza Cono.” The product will be distributed into fast food market establishments which include typical fast food chains, supermarkets, convenience stores, entertainment facilities, and sports arenas. The Company’s focus will be the sale and management of licensing and distribution agreements with customers.

Note B -	Summary of Significant Accounting Policies

	Basis of Presentation

	The condensed consolidated financial statements of Cono Italiano, Inc. (the “Company”) included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in conjunction with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the annual audited financial statements and the notes thereto included in the Company’s registration statement on Form 10-K, and other reports filed with the SEC.

	The accompanying unaudited interim financial statements reflect all adjustments of a normal and recurring nature which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. The results of operations for these periods are not necessarily comparable to, or indicative of, results of any other interim period or for the fiscal year taken as a whole. Certain information that is not required for interim financial reporting purposes has been omitted.

	Principles of Consolidation

	The consolidated financial statements include the accounts of Cono Italiano, Inc. (Nevada) and its wholly owned subsidiary, Cono Italiano, Inc. (Delaware) (the “Company”). All significant intercompany balances have been eliminated in consolidation.

	Method of Accounting

	The Company maintains its books and prepares its financial statements on the accrual basis of accounting.

	Development Stage

	The Company has operated as a development stage enterprise since its inception by devoting substantially all of its efforts to financial planning, raising capital, research and development, and developing markets for its services. The Company prepares its financial statements in accordance with the requirements of FASB ASC 915, “Development Stage Entities.”

	Accounts Receivable

	Accounts receivable are uncollateralized customer obligations due under normal trade terms requiring payment within 30 days from the invoice date. Customer accounts over 90 days old are considered delinquent.

On January 14, 2008, Cono, LLC was sold to Cono, Inc. (Delaware) for the total consideration of $426,000. In exchange for the 100% interest in Cono, LLC, the sole member of the LLC received 6,000,000 shares of Cono, Inc. (Delaware) valued at $114,000 and was issued a promissory note for $312,000. Mitchell Brown is also a principal stockholder in Cono, Inc. (Delaware).F-7

~~The transaction was accounted for as a recapitalization of Cono~~CONO ITALIANO, ~~Inc~~INC. ~~and Cono, LLC; as both companies were under common control. As such, the assets and liabilities of Cono, LLC were carried over to Cono, Inc. (Delaware) at the historical carrying values.~~

~~At the time of the sale of Cono, LLC to Cono, Inc.~~ (~~Delaware),~~A DEVELOPMENT ~~Cono~~STAGE LLC had a tangible net book value of $114,700. Since the assets and liabilities of Cono, LLC were recorded at their historical carrying amounts after the merger and recapitalization, the excess of the consideration paid of $426,000 over the carrying value of $114,700 had been recorded as a distribution to the stockholder.COMPANY)

~~On November 12, 2009 Cono Inc.~~ (~~Delaware)~~A NEVADA ~~entered into a share exchange agreement whereby Cono Inc. (Delaware~~CORPORATION) would exchange all of its common stock for the stock of Tiger Renewable Energy, Inc. (TRE) (a shell company) on a share for share basis. Prior to entering into the share exchange agreement, the principal stockholder of Cono Inc. (Delaware) became a stockholder of TRE, either through direct ownership or through an entity in which he controlled, effectively gaining control of TRE, and on August 10, 2009, TRE changed its name to Cono Italiano, Inc., a Nevada corporation. As an inducement for Cono (Delaware) to enter the share exchange agreement, TRE’s largest shareholder has agreed to the cancellation of 242,557 shares of Cono (Nevada) stock.

~~The exchange of shares between Cono Italiano~~Keyport, New Inc., (Delaware) and Cono Italiano, Inc., (Nevada) was accounted for as a recapitalization of the Companies, as the majority stockholder of Cono Italiano, Inc. will be the majority stockholder of the surviving company. Pursuant to the accounting for a recapitalization, the historical carrying value of the assets and liabilities of Cono, Inc. (Nevada) will carry over to the surviving company.Jersey

~~Effective~~NOTES TO atCONSOLIDATED ~~the~~FINANCIAL ~~closing of the share exchange transactions, November 12, 2009, Cono (Delaware) became a wholly owned subsidiary of Cono (Nevada).~~STATEMENTS

On December 13, 2011 the Board of Directors approved increasing the authorized shares of common stock from 100,000,000 to 150,000,000.

Note B -	Summary of Significant Accounting Policies – continued

	Accounts Receivable - continued

	The carrying amount of accounts receivable are reduced by an allowance for doubtful accounts that reflects our Company’s best estimate of the amounts that will not be collected. The Company reviews outstanding accounts and based on an assessment of current creditworthiness, estimates the portion, if any, of the balance that will not be collected. The Company provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation allowance based on its assessment of the current status of the individual accounts. Balances that are still outstanding after reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. The Company has assessed accounts receivable and determined that a reserve is necessary and at March 31, 2013 and December 31, 2012, the allowance for doubtful accounts was $2,440 and $2,440, respectively.

	Revenue Recognition

	The Company recognizes revenue when title, ownership and risk of loss pass to the customer. Transfer of title occurs and risk of ownership generally passes to a customer at the time of shipment or delivery, depending on the terms of the agreement with a particular customer. The sale price of the Company’s products is substantially fixed or determinable at the date of sale based on purchase orders generated by a customer and accepted by the Company. A customer is obligated to pay for products sold to it within a specified number of days from the date that title to the products is transferred to the customer. The Company’s standard terms are typically net 30 days from the transfer of title to the products to the customer. The Company typically expects payment from a customer within 30 to 45 days from the transfer of title to the products to a customer. Shipping and handling costs are charged to the customer and are included in revenue.

	Customer Concentrations

	Two customers accounted for approximately $11,105 or 74%, of net sales for the three months ended March 31, 2013. Various other customers accounted for the remaining sales of $3,705 or 26%. All transactions were in United States dollars. There were no transaction gains or losses associated with sales transactions.

	Income Taxes

	The Company accounts for income taxes in accordance with FASB ASC 740, “Income Taxes” using the asset and liability approach, which requires recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of such assets and liabilities. This method utilizes enacted statutory tax rates in effect for the year in which the temporary differences are expected to reverse and gives immediate effect to changes in income tax rates upon enactment. Deferred tax assets are recognized, net of any valuation allowance, for temporary differences and net operating loss and tax credit carry forwards. Deferred income tax expense represents the change in net deferred assets and liability balances.

	Earnings per Share

	Earnings per share of common stock are computed in accordance with FASB ASC 260, “Earnings per Share”. Basic earnings per share are computed by dividing income or loss available to common shareholders by the weighted-average number of common shares outstanding for each period.

- continued -

7F-8

CONO ITALIANO, INC.

(~~FORMERLY~~A DEVELOPMENT ~~KNOWN~~STAGE ~~AS TIGER RENEWABLE ENERGY INC.~~COMPANY)

(A NEVADA ~~DEVELOPMENT STAGE COMPANY~~CORPORATION)

(AKeyport, New ~~NEVADA CORPORATION)~~Jersey

~~Keyport,~~NOTES ~~New~~TO ~~Jersey~~CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note B -	Summary of Significant Accounting Policies – continued

	Earnings per Share

	Diluted earnings per share are calculated by adjusting the weighted average number of shares outstanding assuming conversion of all potentially dilutive stock options, warrants and convertible securities, if dilutive. Common stock equivalents that are anti-dilutive are excluded from both diluted weighted average number of common shares outstanding and diluted earnings per share.

	In a loss year, the calculation for basic and diluted earnings per share is considered to be the same, as the impact of potential common shares is anti-dilutive. At March 31, 2013, there were 4,651,395 shares that could dilute future earnings.

	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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

	Fair value of Financial Instruments

	Prepaid expenses, accrued expenses, notes payable, and amounts due to and from related parties are carried in the financial statements at amounts which approximate fair value.

	Stock-Based Compensation

	Stock-based compensation related to non-employees is recognized based on service provided in the accompanying statements of operations and is based on the fair value of the services received or the fair value of the equity instruments issued, whichever is more readily determinable. The Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows the provisions of FASB ASC 505, “Equity Based Payments to Non-Employees”. The measurement date for the fair value of the equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement.

	The Company follows the provisions of FASB ASC 718. FASB ASC 718 requires recognition in the financial statements of the cost of employee services received in exchange for an award of equity instruments over the period the employee is required to perform the services in exchange for the award (presumptively the vesting period). FASB ASC 718 also requires measurement of the cost of employee services received in exchange for an equity award based upon the grant-date fair value of the award.

Note C -	Recently Issued Accounting Standards

	The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

~~Note A~~ F- ~~The Company - continued~~9

~~Scope~~CONO ITALIANO, ~~of Business~~INC.

~~The~~(A DEVELOPMENT ~~Company~~STAGE is licensed to distribute an innovative food product - a cone-shaped pizza called "Pizza Cono." The product will be distributed into fast food market establishments which include typical fast food chains, supermarkets, convenience stores, entertainment facilities, and sports arenas. The Company’s focus will be the sale and management of licensing and distribution agreements with customers.COMPANY)

~~Note~~(A NEVADA ~~B - Summary of Significant Accounting Policies~~CORPORATION)

~~Basis~~Keyport, New ~~of Presentation~~Jersey

~~The~~NOTES TO ~~condensed~~CONSOLIDATED ~~consolidated~~FINANCIAL financial statements of Cono Italiano, Inc. (the “Company”) included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in conjunction with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the annual audited financial statements and the notes thereto included in the Company’s registration statement on Form 10-K, and other reports filed with the SEC.STATEMENTS

The accompanying unaudited interim financial statements reflect all adjustments of a normal and recurring nature which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. The results of operations for these periods are not necessarily comparable to, or indicative of, results of any other interim period or for the fiscal year taken as a whole. Certain information that is not required for interim financial reporting purposes has been omitted.

Note D -	Related Party Transactions

	Due from Related Party

	On July 14, 2008, (the date of Edesia’s inception), the Company entered into an operating agreement with Edesia Emprise, LLC to manufacture product for the Company. The CEO of the Company owned 50% of Edesia until July 21, 2008 when he transferred his interest to a relative. At the date of the transfer, Edesia had no assets or business operations.

	Due from Related Party consists of monies advanced on behalf of Edesia Emprise, LLC.

	The Company purchased manufacturing equipment on behalf of Edesia to be used by an unrelated entity for the production of the pizza cone products. The manufactured pizza cone products will be resold by Cono and its licensees. Production of the pizza cones under the agreement began in March 2009.

	The advances are non-interest bearing and is due upon demand. Due from related party consists of the following:

Principles of Consolidation

	March 31, 2013		December 31, 2012

Edesia Emprise, LLC	$	16,937	$	16,937

~~The~~On ~~consolidated~~November ~~financial~~11, ~~statements~~2009, ~~include~~Cono Italiano (Delaware) and Edesia Emprise, LLC entered into a Master Manufacturing Agreement. Pursuant to this Master Manufacturing Agreement, Edesia Emprise, LLC will produce the ~~accounts~~Company’s ofPizza Cono product. Cono Italiano (Delaware) has agreed to pay Edesia Emprise, ~~Inc~~LLC the costs of production plus fifteen percent (15%). This Master Manufacturing Agreement has a five (~~Nevada~~5) year term and will automatically renew unless cancelled by one of the parties pursuant to its ~~wholly~~terms. ~~owned~~Edesia ~~subsidiary~~Emprise, ~~Cono~~LLC ~~Italiano~~may either produce this product directly or through a subcontractor. As of December 31, ~~Inc~~2012 this contract was terminated. ~~(Delaware)~~In (November 2009, Edesia Emprise, LLC has entered into a subcontract agreement with Sunrise Bakery, located in Brooklyn, New York, to produce the ~~“Company”)~~cones for the Pizza Cono product on behalf of Edesia Emprise, LLC. ~~All~~As ~~significant~~of ~~intercompany~~December ~~balances~~31, 2012 this contract was terminated. Due to Officer Certain disbursements of the Company have been ~~eliminated~~paid inby ~~consolidation~~an officer of the Company. The balance at December 31, 2012 and 2011 was $767,317 and $724,975, respectively. There are no established repayment terms. For the periods ended March 31, 2013 and December 31, 2012, the Company has imputed interest at the applicable federal rate of 1.09% and 0.95%, respectively. Accrued interest was $61,925 and $59,834, at March 31, 2013 and December 31, 2012, respectively.

~~Method of Accounting~~F-10

~~The~~CONO ITALIANO, ~~Company maintains its books and prepares its financial statements on the accrual basis of accounting~~INC.

~~Development~~(A DEVELOPMENT ~~Stage~~STAGE The Company has operated as a development stage enterprise since its inception by devoting substantially all of its efforts to financial planning, raising capital, research and development, and developing markets for its services. The Company prepares its financial statements in accordance with the requirements of FASB ASC 915, “Development Stage Entities.”COMPANY)

-(A ~~continued~~NEVADA - CORPORATION)

8Keyport, New Jersey

~~CONO~~NOTES ~~ITALIANO,~~TO ~~INC.~~CONSOLIDATED FINANCIAL STATEMENTS

(FORMERLY KNOWN AS TIGER RENEWABLE ENERGY, INC.)

Note E -	Accrued Legal Expense

	Accrued legal expense consists of legal services rendered to the Company in the ordinary course of business including SEC filings and the reverse merger. Accrued legal expense at March 31, 2013 and December 31, 2012 was $209,769 and $199,269, respectively.

Note F -	Note Payable

	The Company has a note payable to DT Crystal Limited accruing interest at 10% annually which is due upon demand. The note is convertible at option of the holder into restricted stock of Cono (Nevada). At March 31, 2013 and December 31, 2012 note payable to DT Crystal was $68,908 and $67,228, respectively. Interest expense for the three months ended March 31, 2013 and 2012 was $1,681 and $1,523, respectively.

Note G -	Going Concern

	The Company’s financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has reported recurring losses from operations. As a result, there is an accumulated deficit of $3,164,528 at March 31, 2013.

	The Company’s continued existence is dependent upon its ability to raise capital. The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

Note J -	Employment Contracts

	On December 30, 2009 the Company entered into employment agreements with each of the officers serving the Company. The employment agreements contained the following provisions: (i) two-year terms with automatic renewal provisions unless notice is given by either party 30 days prior to renewal; (ii) commitment of a substantial portion of their professional time to the Company, consisting of 75% of their time for Mitchell Brown and 60% of their time for each of Alex Kaminski and Steve Savage; and (iii) and additional customary employment agreement terms and conditions. The officers have agreed that they will not receive any compensation for their services to the Company prior to January 1, 2012. At March 31, 2013 accrued compensation was $281,250. The compensation of the officers has been set as follows:

(A DEVELOPMENT STAGE COMPANY)

	Annual
Officer	Salary
Mitchell Brown, Chief Executive Officer	$	125,000
Alex Kaminski, Chief Financial Officer and Treasurer	$	50,000
Steve Savage, Secretary	$	50,000

(AIt ~~NEVADA~~has ~~CORPORATION)~~been agreed by the Company, Mr. Smith, a director and Mr. Kaminski that pursuant to separate stock option agreements, Mr. Smith will be granted options to purchase 2,000,000 shares of the Company’s common stock at $.01 per share and Mr. Kaminski will be granted options to purchase 1,500,000 shares of the Company’s common stock at $.01 per share. These options will vest in one year and will expire in three years. As of March 31, 2013, the stock agreements have not been executed, therefore the options have not been granted.

~~Keyport, New Jersey~~F-11

~~NOTES~~CONO ITALIANO, ~~TO CONSOLIDATED FINANCIAL STATEMENTS~~INC.

~~Note~~(A DEVELOPMENT BSTAGE ~~- Summary of Significant Accounting Policies – continued~~COMPANY)

~~Accounts~~(A NEVADA ~~Receivable~~CORPORATION)

~~The Company considers accounts receivable to be fully collectible. Accordingly~~Keyport, New ~~no allowance for doubtful accounts is required. If amounts become uncollectible they will be charged to operations when that determination is made.~~Jersey

~~Revenue~~NOTES TO ~~Recognition~~CONSOLIDATED FINANCIAL STATEMENTS

The Company recognizes revenue when title, ownership and risk of loss pass to the customer. Transfer of title occurs and risk of ownership generally passes to a customer at the time of shipment or delivery, depending on the terms of the agreement with a particular customer. The sale price of the Company’s products is substantially fixed or determinable at the date of sale based on purchase orders generated by a customer and accepted by the Company. A customer is obligated to pay for products sold to it within a specified number of days from the date that title to the products is transferred to the customer. The Company’s standard terms are typically net 30 days from the transfer of title to the products to the customer. The Company typically expects payment from a customer within 30 to 45 days from the transfer of title to the products to a customer. Shipping and handling costs are charged to the customer and are included in revenue.

Note K -	Security Agreement

	On February 27, 2012, the Company entered into a security agreement with TCA Global Credit Master Fund, LP, a Cayman Islands limited partnership related to a $250,000 convertible promissory note issued by the Company in favor of TCA to acquire equipment and for operational expenses. The Security Agreement grants to TCA a continuing, first priority security interest in all of the Company’s assets, wheresoever located and whether now existing or hereafter arising or acquired.

	On February 27, 2012, the Company issued the Convertible Note in favor of TCA. The maturity date of the Convertible Note is February 27, 2013, and the Convertible Note bears interest at a rate of twelve percent (12%) per annum. Interest will accrue monthly but is due and payable upon maturity date of note. The Convertible Note is convertible into shares of the Company’s common stock at a price equal to ninety-five percent (95%) of the lowest daily volume weighted average price of the Company’s common stock during the five (5) trading days immediately prior to the date of conversion. The Convertible Note may be prepaid in whole or in part at the Company’s option without penalty. As of the date of this report, the convertible note has not been repaid, but the Company is negotiating a resolution.

	The above Convertible Note contains a beneficial conversion feature recorded as a debt discount in the amount of $13,157 which will be expensed to interest expense over the term of the note. $2,193 of debt discount was expensed during the three months ended March 31, 2013. The note value, net of debt discount, was $250,00 at March 31, 2013. Accrued interest at March 31, 2013 and March 31, 2012 was $32,500 and $25,000 respectively.

	On February 27, 2012, the Company entered into the Equity Agreement with TCA. Pursuant to the terms of the Equity Agreement, for a period of twenty-four (24) months commencing on the date of effectiveness of a Registration Statement, TCA shall commit to purchase up to $1,500,000 of the Company’s common stock, par value $0.001 per share. The purchase price of the Shares under the Equity Agreement is equal to ninety-five percent (95%) of the lowest daily volume weighted average price of the Company’s common stock during the five (5) consecutive trading days after the Company delivers to TCA an Advance notice in writing requiring TCA to advance funds to the Company, subject to the terms of the Equity Agreement. At March 31, 2013, no shares had been purchased.

	As further consideration for TCA entering into and structuring the Equity Facility, the Company paid to TCA a fee by issuing to TCA that number of shares of the Company’s common stock that equal a dollar amount of fifty-two thousand and five hundred dollars ($52,500) (the “Facility Fee Shares”). It is the intention of the Company and TCA that the value of the Facility Fee Shares shall equal $52,500. In the event the value of the Facility Fee Shares issued to TCA does not equal $52,500 after a nine month evaluation date, the Equity Agreement provides for an adjustment provision allowing for necessary action (either the issuance of additional shares to TCA or the return of shares previously issued to TCA to the Company’s treasury) to adjust the number of Facility Fee Shares issued. As of December 31, 2012, 998,099 shares of common stock have been issued as consideration for the Equity Facility fee. The nine month analysis concluded that the Company owes TCA 1,317,508 common shares in the amount equal to $32,091. As of March 31, 2013, 769,078 additional shares had been issued. A total of $84,591 is included in Deferred Equity Financing Costs at March 31, 2013 which will be netted against proceeds when shares are purchased pursuant to the Equity Agreement.

Income Taxes The Company accounts for income taxes in accordance with FASB ASC 740, “Income Taxes” using the asset and liability approach, which requires recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of such assets and liabilities. This method utilizes enacted statutory tax rates in effect for the year in which the temporary differences are expected to reverse and gives immediate effect to changes in income tax rates upon enactment. Deferred tax assets are recognized, net of any valuation allowance, for temporary differences and net operating loss and tax credit carry forwards. Deferred income tax expense represents the change in net deferred assets and liability balances.F-12

~~Earnings~~CONO ITALIANO, ~~per Share~~INC.

~~Earnings~~(A DEVELOPMENT ~~per~~STAGE share of common stock are computed in accordance with FASB ASC 260, “Earnings per Share”. Basic earnings per share are computed by dividing income or loss available to common shareholders by the weighted-average number of common shares outstanding for each period. Diluted earnings per share are calculated by adjusting the weighted average number of shares outstanding assuming conversion of all potentially dilutive stock options, warrants and convertible securities, if dilutive. Common stock equivalents that are anti-dilutive are excluded from both diluted weighted average number of common shares outstanding and diluted earnings per share.COMPANY)

~~In a~~(A ~~loss~~NEVADA year, the calculation for basic and diluted earnings per share is considered to be the same, as the impact of potential common shares is anti-dilutive. At September 30, 2012, there were 4,651,395 shares that could dilute future earnings.CORPORATION)

~~Use~~Keyport, New 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.Jersey

-NOTES TO ~~continued~~CONSOLIDATED - FINANCIAL STATEMENTS

Note L -	Other Matters

	On November 6, 2009, Cono Italiano (Delaware) entered into a Commitment Letter, pursuant to which, one of the Company’s shareholders, Lara Mac has agreed to provide financing to Cono Italiano, Inc., with such funds as the Company’s Board of Directors shall deem to be sufficient to maintain the Company’s ordinary course of business operations (the “Commitment Amount”). We may draw on the Commitment Amount in monthly tranches in accordance with our operating requirements as set forth in our business plan. The available Commitment Amount will be reduced by the aggregate cash proceeds received by the Company which are derived from the issuance of any equity securities and Company gross revenues. Draws on the Commitment Amount will be made on terms of unsecured notes, with interest set on each note as of the date of the draw at prime rate plus two percent per annum. The notes will mature and become repayable thirty calendar days after demand.

	The Company will give Lara Mac customary representations and warranties regarding the good standing of our Company and status of progress in respect of our Company business plan prior to each draw on the Commitment Amount, and we will provide certifications and covenants regarding use of proceeds of each draw, which will be in customary forms reasonably requested by Lara Mac as determined by reference to similar lenders making similar loans to similar companies. Lara Mac will not be required to make any loans under the Commitment Amount to us if we are unable to make the representations, warranties, certifications or covenants, or if we are in breach of any previously given representations, warranties, certifications or covenants. If we breach any of the notes, the default rate will be 15% per annum and Lara Mac may seek recourse against our company for repayment of all of the notes. As of March 31, 2013, the agreement was still in effect and no funds have been borrowed.

	On July 11, 2011 the Company signed a subscription agreement with an individual to purchase 4,525,640 shares of the Company’s common stock in four (4) installments of $50,000 each, totaling $200,000. As of December 31, 2011 all of the four installments had been received totaling $200,000. The Company has issued 4,000,000 shares of the 4,525,640 that were to be issued. 525,640 shares of common stock are due to the individual for his investment, therefore, common stock subscribed is $526 at December 31, 2011. During the year ended December 31, 2012 the Company issued the individual the 525,640 shares due him under the subscription agreement and in accordance with this agreement since the individual was entitled to 4.9% of the outstanding shares of the Company at the date of the final issuance the individual received an additional 374,360 shares of common stock.

	On September 7, 2011 the Company entered into a manufacturing agreement with Interstate Caterers for the purposes of manufacturing, producing and distributing “pizza cono”. As consideration for Interstate entering into the agreement, the Company agreed to issue 3,500,000 shares of its restricted common stock upon the execution of the agreement. As of December 31, 2012 the stock had been issued. As consideration for Interstate’s services under the agreement, Interstate will receive seventy percent (70%) of the difference between the sales price for the product less direct manufacturing costs for such product, regardless of whether the Company or Interstate initiated the sales of such product. In addition, the Company will lease to Interstate certain equipment to be used in the manufacture of the Cono products for $1.00 per year. For the three months ended March 31, 2013 and the year ended December 31, 2012 the Company and Interstate have modified the consideration portion of what Interstate will receive. Interstate has agreed to forgo the 70% difference since sales of the product are in the initial phase in order to help the Company promote the product.

~~CONO~~- continued ~~ITALIANO, INC.~~-

~~(FORMERLY KNOWN AS TIGER RENEWABLE ENERGY, INC.)~~ F-13

(ACONO ITALIANO, ~~DEVELOPMENT STAGE COMPANY)~~INC.

(A DEVELOPMENT ~~NEVADA~~STAGE ~~CORPORATION~~COMPANY)

~~Keyport,~~(A NEVADA ~~New Jersey~~CORPORATION)

~~NOTES~~Keyport, New ~~TO CONSOLIDATED FINANCIAL STATEMENTS~~Jersey

~~Note~~NOTES TO BCONSOLIDATED -FINANCIAL ~~Summary of Significant Accounting Policies – continued~~STATEMENTS

Fair value of Financial Instruments

Note L -	Other Matters – continued

	The term of the agreement is for a period of ten years commencing on September 7, 2011, the execution date of the agreement, and automatically renews for one additional ten-year period unless either the Company or Interstate provides the other notice of its intention to not renew at least thirty days prior to the end of the Initial Term. The agreement may be earlier terminated at any time by the mutual consent of the Company and Interstate. The Company may unilaterally terminate the agreement based on, among other things, Interstate’s non-performance in accordance with the Company’s specifications. In addition, Interstate indemnifies the Company against third party claims based on alleged product defects.

Note M -	Subsequent Events

	As of the date of this report, the Company has not paid TCA the principal and accrued interest that was due on their convertible note on February 27, 2013. Due to circumstances surrounding the financing, the Company is in negotiations to fulfill their obligation.

~~Prepaid expenses, accrued expenses, notes payable, and amounts due to and from related parties are carried in the financial statements at amounts which approximate fair value.~~F-14

~~Stock-Based~~Item ~~Compensation~~2: Management’s Discussion and Analysis of Financial Condition and Results of Operations.

~~Stock-based~~This ~~compensation~~quarterly ~~related~~report toon ~~non~~Form 10-~~employees~~Q isand ~~recognized~~other reports ~~based~~filed onby ~~service~~Cono ~~provided~~Italiano, inInc. ~~the~~(“we,” ~~accompanying~~“us,” ~~statements~~“our,” ofor ~~operations~~the ~~and~~“Company”), isfrom time ~~based~~to ontime with the ~~fair~~U.S. ~~value~~Securities ofand Exchange Commission (the ~~services~~“SEC”) ~~received~~contain or ~~the~~may ~~fair~~contain ~~value~~forward-looking ofstatements and ~~the~~information ~~equity~~that ~~instruments~~are ~~issued~~based upon beliefs of, ~~whichever~~and isinformation ~~more~~currently ~~readily~~available ~~determinable.~~to, ~~The~~the Company’s ~~accounting~~management ~~policy~~as ~~for~~well as ~~equity~~estimates ~~instruments~~and ~~issued~~assumptions tomade ~~consultants~~by ~~and~~Company’s ~~vendors~~management. inReaders ~~exchange~~are ~~for~~cautioned ~~goods~~not ~~and~~to ~~services~~place ~~follows~~undue ~~the~~reliance ~~provisions~~on ofthese ~~FASB~~forward-looking statements, ~~ASC~~which ~~505,~~are ~~“Equity~~only ~~Based~~predictions ~~Payments~~and tospeak ~~Non-Employees”.~~only ~~The~~as ~~measurement~~of the date ~~for~~hereof. ~~the~~When ~~fair~~used ~~value~~in ofthe filings, the ~~equity~~words ~~instruments~~“anticipate,” “believe,” ~~issued~~“estimate,” is“expect,” ~~determined~~“future,” at“intend,” “plan,” or the ~~earlier~~negative of ~~(i)~~these ~~the~~terms ~~date~~and atsimilar ~~which~~expressions aas ~~commitment~~they ~~for~~relate ~~performance~~to by the ~~consultant~~Company or ~~vendor~~the isCompany’s ~~reached~~management oridentify forward-looking ~~(ii)~~statements. Such statements reflect the ~~date~~current atview ~~which~~of the ~~consultant~~Company orwith ~~vendor’s~~respect ~~performance~~to isfuture ~~complete~~events and are subject to risks, uncertainties, assumptions, and other factors. InShould ~~the~~one ~~case~~or more of ~~equity~~these ~~instruments~~risks ~~issued~~or touncertainties ~~consultants~~materialize, or should the ~~fair~~underlying ~~value~~assumptions ofprove ~~the~~incorrect, ~~equity~~actual ~~instrument~~results ismay ~~recognized~~differ ~~over~~significantly ~~the~~from ~~term~~those ofanticipated, ~~the~~believed, ~~consulting~~estimated, expected, ~~agreement~~intended, or planned.

~~The~~Although ~~Company follows~~ the ~~provisions~~Company ofbelieves ~~FASB~~that ~~ASC~~the ~~718.~~expectations reflected ~~FASB ASC 718 requires recognition~~ in the ~~financial~~forward-looking statements ofare reasonable, the ~~cost~~Company ofcannot ~~employee~~guarantee ~~services~~future ~~received~~results, inlevels ~~exchange for an award~~ of ~~equity~~activity, ~~instruments~~performance, or ~~over~~achievements. ~~the~~Except ~~period~~as ~~the~~required ~~employee~~by isapplicable ~~required~~law, toincluding ~~perform~~ the ~~services~~securities inlaws ~~exchange~~of ~~for~~ the ~~award~~United ~~(presumptively~~States, the ~~vesting~~Company ~~period).~~does ~~FASB~~not intend ~~ASC~~to ~~718~~update ~~also~~any ~~requires measurement~~ of the ~~cost~~forward-looking ofstatements ~~employee~~to ~~services~~conform ~~received~~these instatements ~~exchange~~to ~~for~~actual ~~an equity award based upon the grant-date fair value of the award~~results.

~~Note~~Our Cfinancial -statements ~~Recently~~are ~~Issued~~prepared ~~Accounting~~in ~~Standards~~accordance with accounting principles generally accepted in the United States (“GAAP”). These accounting principles require us to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments, and assumptions are made. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Our financial statements would be affected to the extent there are material differences between these estimates.

~~The~~Plan ~~Company does not expect the adoption~~ of ~~recently~~Operation ~~issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.~~

~~Note~~On DSeptember -7, ~~Related~~2011, ~~Party~~we ~~Transactions~~entered into a strategic manufacturing agreement (the “Agreement”) with Interstate Caterers and continue moving forward with the production and distribution of our frozen foods and Pizza Cono. Additionally, we recently added empanadas to our product line which we believe will increase our market for sales. We plan to fund the manufacturing process of these products through the use of private funding investors and resources from Interstate Caterers.

~~Due~~In ~~from~~November ~~Related~~2011, ~~Party~~we, together with our manufacturing partner, completed construction on our USDA and FDA approved facility for our Pizza Cono and new line of frozen foods. Additionally, we purchased the balance of equipment required to produce our filled cones and frozen foods. This equipment will enable Cono Italiano, Inc., to produce a frozen cone filled with a variety of toppings by using an automated filling line. We expect to be the sole producer of frozen filled cones made in the United States with USDA and FDA approval. We believe this will provide us with an advantage over our competitors in the market place.

OnThe ~~July~~Company ~~14,~~plans ~~2008,~~to ~~(the~~continue ~~date~~manufacturing and ofdelivering ~~Edesia’s~~its ~~inception),~~products ~~the~~to ~~Company~~customers. ~~entered~~We ~~into~~also anplan ~~operating~~to ~~agreement~~expand ~~with~~our ~~Edesia~~USDA ~~Emprise,~~facility ~~LLC~~by adding machines to fill and manufacture our ~~product~~pizza ~~for~~cones ~~the~~and ~~Company~~empanadas. ~~The~~We ~~CEO~~plan ofto secure through financing certain equipment required to manufacture and distribute our products to retail vendors and other suppliers in our market. These machines include a carton machine, which packages box the pizza ~~Company~~cones ~~owned~~and ~~50%~~empanadas ofin ~~Edesia~~boxes ~~until~~for ~~July~~retail, 21and a Flo Pack machine, ~~2008~~which ~~when~~wraps hepizza ~~transferred~~cones ~~his~~and ~~interest~~empanadas in microwavable bags prior to abeing ~~relative~~packaged. AtWe ~~the~~expect ~~date~~to ofintroduce ~~the~~additional ~~transfer,~~flavors ~~Edesia~~and ~~had~~new noproducts ~~assets~~to orour ~~business~~product ~~operations~~line in 2013.

~~Due from Related Party consists of monies advanced on behalf of Edesia Emprise, LLC.~~5

~~The~~Results ~~Company purchased manufacturing equipment on behalf~~ of Edesia to be used by an unrelated entity for the production of the pizza cone products. The manufactured pizza cone products will be resold by Cono and its licensees. Production of the pizza cones under the agreement began in March 2009.Operations

-For the three months ended March 31, ~~continued~~2013 -compared to the three months ended March 31, 2012

10Revenues and Profit

~~CONO~~In ~~ITALIANO~~the three month period ended March 31, ~~INC~~2013, Cono Italiano had total revenue of $14,810, compared to total revenue of $-0- for the same period in 2012. The increase in total revenue is attributable to sales of Cono’s product.

~~(FORMERLY~~The ~~KNOWN~~Company’s ASgross loss ~~TIGER~~for ~~RENEWABLE~~the ~~ENERGY~~three month period ended March 31, 2013, were $(62,744), which was a decrease from $-0- for the same period in 2012. The ~~INC~~decline in gross profits is attributable to the Company providing sales incentives to induce sales of product.) The increase in cost of goods sold is attributable to the issuance of common stock valued at $60,000 to a customer as promotional incentive.

~~(A DEVELOPMENT STAGE COMPANY)~~Expenses

(AFor ~~NEVADA~~the ~~CORPORATION)~~three month period ended March 31, 2013, the Company’s selling expenses have been $1,307, compensation expenses have been $56,250, general and administrative expenses have been $46,774, depreciation expense was $17,074 and interest expenses were $13,465. This was an increase compared to the same period in 2012, in which selling expenses were $1,760, compensation expenses were $56,250, general and administrative expenses were $44,911, depreciation expense was $12,067 and interest expenses were $7,138. There was no increase or decrease to compensation expenses. General and administrative expenses increased by $1,863 which was attributable to necessary operating expenses. Depreciation increased by $5,007 due to the purchase of new equipment in 2012 and interest expense increased by $6,327 due to the increase in debt in 2012.

~~Keyport,~~Net ~~New Jersey~~Loss

~~NOTES~~The TOnet ~~CONSOLIDATED~~loss ~~FINANCIAL~~for ~~STATEMENTS~~the three month period ended March 31, 2013 was $197,614, which was an increase from $122,126 for the same period in 2012. This increase is attributable to slower sales than expected, customer promotional incentive and increases in depreciation and interest expenses.

~~Note~~Liquidity Dand -Capital ~~Related~~Resources ~~Party Transactions – continued~~

~~The~~As ~~advances~~of ~~are~~March ~~non-interest~~31, ~~bearing~~2013, the Company did not have and iscontinues ~~due~~to ~~upon~~not ~~demand~~have sufficient cash on hand to pay present obligations as they become due. ~~Due~~In ~~from~~addition, due to current economic conditions and the Company’s related ~~party~~risks ~~consists~~and uncertainties, there is no assurance that we will be able to raise additional capital on acceptable terms, if at all, to meet our current obligation over the next 12 months. Because of the ~~following:~~foregoing, the Company’s auditors have expressed substantial doubt about our ability to continue as a going concern in their report included in our most recent 10-K.

	September 30,		December 31,
	2012		2011
Edesia Emprise, LLC	$	36,937	$	11,937

Net cash used for operating activities for the three months ended March 31, 2013 and 2012, was $14,734 and $27,068, respectively.

OnAs ~~November~~of 11March 31, ~~2009~~2013, Cono Italiano ~~(Delaware)~~had ~~and Edesia Emprise~~$14,028 in ~~LLC~~cash ~~entered~~and ~~into~~cash aequivalents, ~~Master~~as ~~Manufacturing~~compared ~~Agreement. Pursuant~~ to ~~this~~$30,562 ~~Master~~as ~~Manufacturing~~of ~~Agreement~~December 31, ~~Edesia~~2012. ~~Emprise,~~The ~~LLC~~main ~~will~~source ~~produce~~of the Company’s ~~Pizza~~cash ~~Cono~~has been ~~product.~~loans ~~Cono~~from ~~Italiano~~our ~~(Delaware)~~Chief ~~has~~Executive ~~agreed~~Officer, toMitchell ~~pay~~Brown, ~~Edesia~~who ~~Emprise,~~is ~~LLC~~owed ~~the~~$767,317 ~~costs~~as of ~~production~~March ~~plus~~31, ~~fifteen~~2013 ~~percent (15%). This Master Manufacturing Agreement has a five (5) year term~~ and ~~will~~as ~~automatically renew unless cancelled by one~~ of ~~the~~December ~~parties pursuant to its terms. This Master Manufacturing Agreement is exclusive within the United States. Edesia Emprise~~31, ~~LLC may either produce this product directly or through a subcontractor~~ 2012.

InOn November ~~2009~~9, ~~Edesia Emprise~~2009, ~~LLC~~Cono ~~has~~Italiano (Delaware) entered into a ~~subcontract~~Commitment ~~agreement~~Letter, pursuant to which, one of our shareholders, Lara Mac has agreed to provide financing to Cono Italiano, Inc., with ~~Sunrise~~such ~~Bakery~~funds as the Company’s Board of Directors shall deem to be sufficient to maintain the Company’s ordinary course of business operations (the “Commitment Amount”). Lara Mac is wholly owned by Mitch Brown, ~~located~~our Chief Executive Officer. We may draw on the Commitment Amount in ~~Brooklyn~~monthly tranches in accordance with our operating requirements as set forth in our business plan. The available Commitment Amount will be reduced by the aggregate cash proceeds received by the Company which are derived from the issuance of any equity securities and Company gross revenues. Draws on the Commitment Amount will be made on terms of unsecured notes, ~~New~~with ~~York~~interest set on each note as of the date of the draw at prime rate plus two percent per annum. The notes will mature and become repayable thirty calendar days after demand. We will give Lara Mac customary representations and warranties regarding the good standing of our Company and status of progress in respect of our Company business plan prior to each draw on the Commitment Amount, and we will provide certifications and covenants regarding use of proceeds of each draw, which will be in customary forms reasonably requested by Lara Mac as determined by reference to ~~produce~~similar lenders making similar loans to similar companies. Lara Mac will not be required to make any loans under the ~~cones~~Commitment ~~for~~Amount to us if we are unable to make the ~~Pizza~~representations, ~~Cono~~warranties, ~~product~~certifications onor ~~behalf~~covenants, or if we are in breach of ~~Edesia~~any ~~Emprise~~previously given representations, warranties, ~~LLC~~certifications or covenants. If we breach any of the notes, the default rate will be 15% per annum and Lara Mac may seek recourse against our company for repayment of all of the notes. As of March 31, 2013, there had been no borrowings under the Commitment Letter.

~~For the nine months ended September 30, 2012, Edesia Emprise was reimbursed expenses paid on behalf of the Company in the amount of $25,000.~~6

~~Due~~The following table summarizes total current assets, liabilities and working capital at March 31, 2013, compared to ~~Officer~~December 31, 2012.

Certain disbursements of the Company have been paid by an officer of the Company. The balance at September 30, 2012 and 2011 was $767,317 and $724,975, respectively. There are no established repayment terms. For the periods ended September 30, 2012 and December 31, 2011, the Company has imputed interest at the applicable federal rate of 0.84% and 1.27%, respectively. Accrued interest was $58,439 and $52,746, at September 30, 2012 and December 31, 2011, respectively.

	March 31, 2013 (unaudited)			December 31, 2012 (unaudited)			Increase/ (Decrease)
Current Assets	$	176,461		$	207,076		$	(30,165	)
Current Liabilities	$	1,903,159		$	1,828,169		$	74,990
Working Capital Deficit	$	(1,726,698	)	$	(1,621,093	)	$	(105,605	)

~~Note~~As Eof -March ~~Accrued~~31, ~~Legal~~2013, ~~Expense~~we had a working capital deficit of $(1,726,698), as compared to a working capital deficit of $(1,621,093) as of December 31, 2012, an increase of $(105,605). Factors contributing to the increase in this deficit include, an increase in accrued compensation – officers in the amount of $56,250, an increase in accrued interest on the convertible note in the amount of $7,500, an increase in accrued legal of $10,500 and an increase in accrued expenses in the amount of $13,648.

~~Accrued~~Current ~~legal~~Liabilities ~~expense~~ consists of ~~legal services rendered to~~ the ~~Company in the ordinary course of business including SEC filings and the reverse merger. Accrued legal expense at September 30, 2012 and December 31, 2011 was $200,826 and $187,525, respectively.~~following:

Note F - Notes Payable

	March 31, 2013 Unaudited		December 31, 2012 Unaudited

Accounts payable and credit cards	$	140,871	$	140,871
Accrued Compensation - Officers		281,250		225,000
Convertible Debentures and Accrued Interest		282,500		272,807
Note Payable and Accrued Interest		68,908		67,228
Other Current Liabilities		1,129,630		1,122,263
Total current liabilities	$	1,903,159	$	1,828,169

The Company has a note payable to DT Crystal Limited accruing interest at 10% annually which is due upon demand. The note is convertible at option of the holder into restricted stock of Cono (Nevada). At September 30, 2012 and December 31, 2011 note payable to DT Crystal was $65,588 and $60,905, respectively. Interest expense for the nine months ended September 30, 2012 and 2011 was $4,683 and $4,243, respectively.7

~~- continued~~Critical - Accounting Policies and Estimates

11Our consolidated financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). The preparation of the financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures. Though we evaluate our estimates and assumptions on an ongoing basis, our actual results may differ from these estimates.

~~CONO ITALIANO,~~Accounts ~~INC.~~Receivable

~~(FORMERLY~~Accounts ~~KNOWN~~receivable ASare ~~TIGER~~uncollateralized ~~RENEWABLE~~customer obligations ~~ENERGY~~due under normal trade terms requiring payment within 30 days from the invoice date. Customer accounts over 90 days old are considered delinquent. The carrying amount of accounts receivable are reduced by an allowance for doubtful accounts that reflects our Company’s best estimate of the amounts that will not be collected. The Company reviews outstanding accounts and based on an assessment of current creditworthiness, estimates the portion, if any, of the balance that will not be collected. ~~INC~~The Company provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation allowance based on its assessment of the current status of the individual accounts.) Balances that are still outstanding after reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. The Company has assessed accounts receivable and determined that a reserve is necessary and at March 31, 2013 and December 31, 2012, the allowance for doubtful accounts was $2,440 and $2,440, respectively.

(ARevenue ~~DEVELOPMENT STAGE COMPANY)~~Recognition

(The Company recognizes revenue when title, ownership and risk of loss pass to the customer. Transfer of title occurs and risk of ownership generally passes to a customer at the time of shipment or delivery, depending on the terms of the agreement with a particular customer. The sale price of the Company’s products is substantially fixed or determinable at the date of sale based on purchase orders generated by a customer and accepted by the Company. A ~~NEVADA~~customer ~~CORPORATION)~~is obligated to pay for products sold to it within a specified number of days from the date that title to the products is transferred to the customer. The Company’s standard terms are typically net 30 days from the transfer of title to the products to the customer. The Company typically expects payment from a customer within 30 to 45 days from the transfer of title to the products to a customer. Shipping and handling costs are charged to the customer and are included in revenue.

~~Keyport,~~Customer ~~New Jersey~~Concentrations

~~NOTES~~Two TOcustomers ~~CONSOLIDATED~~accounted ~~FINANCIAL~~for ~~STATEMENTS~~approximately $11,105 or 74%, of net sales for the three months ended March 31, 2013. Various other customers accounted for the remaining sales of $3,705 or 26%. All transactions were in United States dollars. There were no transaction gains or losses associated with sales transactions.

~~Note~~Recently FIssued -Accounting ~~Notes Payable – continued~~Standards

The Company ~~also~~does ~~has~~not aexpect ~~short~~the ~~term~~adoption ~~equipment~~of recently ~~loan~~issued ~~with~~accounting ~~Ilapak~~pronouncements ~~Inc.~~to ~~Payments~~have ~~are~~a ~~$3,501~~significant ~~monthly~~impact ~~including~~on ~~interest at 3.0% annually. Loan will mature in December 2012. Interest expense for~~ the ~~nine~~Company’s ~~months~~results ~~ended~~of ~~September 30~~operations, ~~2012~~financial position ~~and~~or ~~2011~~cash ~~was $461 and $-0-, respectively~~flow.

~~Note G~~ Stock-Based ~~Going Concern~~Compensation

~~The~~Stock-based ~~Company’s~~compensation ~~financial~~related ~~statements~~to ~~have~~non-employees is ~~been~~recognized ~~presented~~as oncompensation expense in the ~~basis~~accompanying ~~that~~consolidated itstatements isof aoperations ~~going~~and ~~concern,~~is ~~which~~based ~~contemplates~~on the ~~realization~~fair value of ~~assets~~the ~~and~~services received or the ~~satisfaction~~fair value of ~~liabilities~~the inequity ~~the~~instruments ~~normal~~issued, ~~course~~whichever ofis ~~business~~more readily determinable. The Company’s accounting ~~has~~policy ~~reported~~for ~~recurring~~equity ~~losses~~instruments ~~from~~issued ~~operations.~~to Asconsultants aand ~~result~~vendors in exchange for goods and services follows the provisions of FASB ASC 505, ~~there~~“Equity Based Payments to Non-Employees.” The measurement date for the fair value of the equity instruments issued is andetermined ~~accumulated~~at ~~deficit~~the earlier of ~~$2,748,095~~(i) the date at ~~September~~which 30a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, ~~2012~~the fair value of the equity instrument is recognized over the term of the consulting agreement.

~~The~~Stock-based ~~Company’s~~compensation ~~continued~~related ~~existence~~to isemployees and ~~dependent~~directors ~~upon~~is ~~its~~recognized ~~ability~~pursuant to ~~raise~~the ~~capital~~provisions of FASB ASC 718. ~~The~~FASB ASC 718 requires recognition in the financial statements of dothe ~~not~~cost ~~include~~of ~~any~~employee ~~adjustments~~services ~~that~~received ~~might~~in beexchange ~~necessary~~for ~~should~~an award of equity instruments over the ~~Company~~period bethe ~~unable~~employee is required to ~~continue~~perform asthe aservices ~~going~~in ~~concern~~exchange for the award (presumptively the vesting period). FASB ASC 718 also requires measurement of the cost of employee services received in exchange for an equity award based upon the grant-date fair value of the award.

~~Note~~Off HBalance -Sheet ~~Employment Contracts~~Arrangements

OnThe ~~December 30, 2009 the~~ Company ~~entered~~does ~~into~~not ~~employment~~have ~~agreements~~any ~~with~~off ~~each of the officers serving the Company. The employment agreements~~balance ~~contained~~sheet ~~the~~arrangements ~~following~~that ~~provisions:~~have ~~(i)~~or ~~two-year~~are ~~terms~~reasonably ~~with~~likely ~~automatic renewal provisions unless notice is given by either party 30 days prior~~ to ~~renewal;~~have ~~(ii) commitment of~~ a ~~substantial~~current ~~portion~~or offuture ~~their~~effect ~~professional~~on ~~time to~~ the Company,’s ~~consisting~~financial ~~of 75%~~condition, ofchanges ~~their~~in ~~time~~financial ~~for~~condition, ~~Mitchell~~revenues ~~Brown~~or ~~and~~expenses, ~~60%~~results of their time for each of Alex Kaminski and Steve Savage; and (iii) and additional customary employment agreement terms and conditions. The officers have agreed that they will not receive any compensation for their services to the Company prior to January 1operations, ~~2012. At September 30~~liquidity, ~~2012~~capital ~~accrued~~expenditures ~~compensation~~or ~~was~~capital ~~$168,750~~resources. ~~The compensation of the officers has been set as follows:~~

	Annual
Officer	Salary
Mitchell Brown, Chief Executive Officer	$	125,000
Alex Kaminski, Chief Financial Officer and Treasurer	$	50,000
Steve Savage, Secretary	$	50,000

Item 3: Quantitative and Qualitative Disclosures About Market Risk.

ItWe ~~has~~did ~~been~~not ~~agreed~~have byany operations which implicated market risk as of the ~~Company,~~end Mrof the latest fiscal year. ~~Smith,~~We aintend ~~director~~to implement an analysis and ~~Mr.~~assessment ~~Kaminski~~program ~~that~~which ~~pursuant~~will toon ~~separate~~a regular ~~stock~~basis ~~option~~determine ~~agreements,~~exposures ~~Mr.~~of ~~Smith~~the ~~will~~Company beto ~~granted~~future ~~options~~risks. We expect to ~~purchase~~report ~~2,000,000~~the ~~shares~~results of ~~the~~all ~~Company’s~~such ~~common~~quantitative ~~stock~~and qualitative atrisk ~~$.01~~assessments ~~per~~prior ~~share~~to entering into any material agreements, and ~~Mr.~~on ~~Kaminski~~a ~~will~~regular bemonthly ~~granted~~and ~~options~~annual basis to ~~purchase~~our audit ~~1,500,000~~committee ~~shares~~so ofthat ~~the~~responsive ~~Company’s~~risk ~~common~~management ~~stock~~measures atcan ~~$.01~~be ~~per~~discussed ~~share.~~and ~~These~~actions ~~options~~taken ~~will~~to ~~vest~~the extent reasonably feasible. Inflationary factors in ~~one~~the ~~year~~future, ~~and~~such ~~will~~as ~~expire~~increases in ~~three~~overhead ~~years~~costs, may adversely affect our operating results. AsA high rate of ~~September~~inflation ~~30,~~in ~~2012,~~ the ~~stock~~future ~~agreements~~may have ~~not~~an ~~been~~adverse ~~executed~~effect on our ability to manage selling, ~~therefore~~general ~~the~~and ~~options~~administrative ~~have~~expenses as a percentage of net revenues if our revenues do not ~~been~~increase ~~granted~~with these increased costs.

128

~~CONO~~Item ~~ITALIANO,~~4: ~~INC~~Controls and Procedures.

Pursuant to Rule 13a- 15(~~FORMERLY~~b) ~~KNOWN~~under ASthe ~~TIGER~~Exchange Act, ~~RENEWABLE~~the ~~ENERGY~~Company carried out an evaluation, with the participation of the Company’s management, including the Company’s ~~INC.~~Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), of the effectiveness of the Company’s disclosure controls and procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation, the Company’s PEO and PFO concluded that the Company’s disclosure controls and procedures were not effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including the Company’s PEO and PFO, as appropriate, to allow timely decisions regarding required disclosure.

(AChanges ~~DEVELOPMENT~~in ~~STAGE~~Internal ~~COMPANY)~~Control Over Financial Reporting

There were no changes in our internal control over financial reporting, as defined in Rules 13a-15(Af) ~~NEVADA~~and ~~CORPORATION~~15d-15(f) under the Exchange Act, during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

~~Keyport,~~PART II: ~~New~~OTHER ~~Jersey~~INFORMATION

~~NOTES~~Item 1: TOLegal ~~CONSOLIDATED FINANCIAL STATEMENTS~~Proceedings.

~~Note~~We Iare currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory ~~Security~~organization or ~~Agreement~~body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

~~On February 27, 2012, the Company~~Item ~~entered~~1A: ~~into~~Risk ~~a security agreement with TCA Global Credit Master Fund, LP, a Cayman Islands limited partnership related to a $250,000 convertible promissory note issued by the Company in favor of TCA~~Factors. ~~The Security Agreement grants to TCA a continuing, first priority security interest in all of the Company’s assets, wheresoever located and whether now existing or hereafter arising or acquired.~~

OnWe ~~February~~believe ~~27,~~there ~~2012,~~are ~~the~~no ~~Company issued~~changes ~~the~~that ~~Convertible~~constitute material ~~Note~~changes infrom ~~favor of TCA. The maturity date of~~ the ~~Convertible~~risk ~~Note~~factors ispreviously ~~February~~disclosed ~~27,~~in ~~2013,~~our ~~and~~Annual ~~the~~Report ~~Convertible Note~~on ~~bears~~Form interest at a rate of twelve percent (12%) per annum. Interest will accrue monthly but is due and payable upon maturity date of note. The Convertible Note is convertible into shares of the Company’s common stock at a price equal to ninety10-~~five percent~~K/A ~~(95%)~~for of the ~~lowest~~year ~~daily~~ended ~~volume~~December ~~weighted average price of the Company’s common stock during the five (5) trading~~31, ~~days~~2012, ~~immediately~~filed ~~prior~~with to the ~~date~~SEC ofon ~~conversion.~~May ~~The~~10, ~~Convertible Note may be prepaid in whole or in part at the Company’s option without penalty~~2013.

~~The above Convertible Note~~Item ~~contains~~2: aUnregistered ~~beneficial~~Sales ~~conversion feature recorded as a debt discount in the amount~~ of ~~$13,157~~Equity ~~which~~Securities ~~will be expensed to interest expense over the term of the note. For the nine months ended September 30, 2012, $7,675 was expensed to interest expense resulting in a remaining debt discount of $5,482~~ and ~~note~~Use ~~value, net~~ of ~~debt discount, of $244,518 at September 30, 2012~~Proceeds. ~~Accrued interest for the nine months ended September 30, 2012 was $17,500.~~

OnThere ~~February~~were ~~27,~~no ~~2012,~~other ~~the~~unregistered ~~Company entered~~sales ~~into the Equity Agreement with TCA. Pursuant to the terms~~ of ~~the Equity Agreement, for a period of twenty-four (24) months~~ ~~commencing on~~ the ~~date of effectiveness of a Registration Statement, TCA shall commit to purchase up to $1,500,000 of the~~ Company’s ~~common~~ ~~stock,~~equity ~~par~~securities value $0.001 per share. The purchase price of the Shares under the Equity Agreement is equal to ninety-five percent (95%) of the lowest daily volume weighted average price of the Company’s common stock during the ~~five~~quarter ~~(5)~~ended ~~consecutive~~March ~~trading days~~31, ~~after~~2013, ~~the~~other ~~Company~~than ~~delivers~~those topreviously ~~TCA~~reported ~~an Advance notice~~ in ~~writing~~a ~~requiring TCA to advance funds to the Company, subject to the~~Current ~~terms~~Report ofon ~~the~~Form ~~Equity Agreement~~8-K. ~~At September 30, 2012, no shares had been purchased.~~

~~As further consideration for~~Item ~~TCA~~3: ~~entering~~Defaults ~~into~~Upon ~~and~~Senior structuring the Equity Facility, the Company paid to TCA a fee by issuing to TCA that number of shares of the Company’s common stock that equal a dollar amount of fifty-two thousand and five hundred dollars ($52,500) (the “Facility Fee Shares”)Securities. It is the intention of the Company and TCA that the value of the Facility Fee Shares shall equal $52,500. In the event the value of the Facility Fee Shares issued to TCA does not equal $52,500 after a nine month evaluation date, the Equity Agreement provides for an adjustment provision allowing for necessary action (either the issuance of additional shares to TCA or the return of shares previously issued to TCA to the Company’s treasury) to adjust the number of Facility Fee Shares issued. As of September 30, 2012, 998,099 shares of common stock have been issued as consideration for the Equity Facility fee and is included in Deferred Equity Financing Costs which will be netted against proceeds when shares are purchased pursuant to the Equity Agreement.

13There were no defaults upon senior securities during the quarter ended March 31, 2013.

CONO ITALIANO, INC.

(FORMERLY KNOWN AS TIGER RENEWABLE ENERGY, INC.)

(A DEVELOPMENT STAGE COMPANY)

(A NEVADA CORPORATION)

Keyport, New Jersey

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note J - Other Matters

On November 6, 2009, Cono Italiano (Delaware) entered into a Commitment Letter, pursuant to which, one of the Company’s shareholders, Lara Mac has agreed to provide financing to Cono Italiano, Inc., with such funds as the Company’s Board of Directors shall deem to be sufficient to maintain the Company’s ordinary course of business operations (the “Commitment Amount”). We may draw on the Commitment Amount in monthly tranches in accordance with our operating requirements as set forth in our business plan. The available Commitment Amount will be reduced by the aggregate cash proceeds received by the Company which are derived from the issuance of any equity securities and Company gross revenues. Draws on the Commitment Amount will be made on terms of unsecured notes, with interest set on each note as of the date of the draw at prime rate plus two percent per annum. The notes will mature and become repayable thirty calendar days after demand at any time following the earlier of (a) December 31, 2010 or (b) the date upon which we are in receipt of revenues or proceeds from the sales of equity securities.

We will give Lara Mac customary representations and warranties regarding the good standing of our Company and status of progress in respect of our Company business plan prior to each draw on the Commitment Amount, and we will provide certifications and covenants regarding use of proceeds of each draw, which will be in customary forms reasonably requested by Lara Mac as determined by reference to similar lenders making similar loans to similar companies. Lara Mac will not be required to make any loans under the Commitment Amount to us if we are unable to make the representations, warranties, certifications or covenants, or if we are in breach of any previously given representations, warranties, certifications or covenants. If we breach any of the notes, the default rate will be 15% per annum and Lara Mac may seek recourse against our company for repayment of all of the notes. As of September 30, 2012, the agreement was still in effect and no funds have been borrowed.

On August 1, 2010, Cono Italiano (Delaware) entered into a manufacturing agreement with Interstate Caterers for the purposes of manufacturing, producing and distributing “pizza cono”. The term of the agreement shall continue in force and effect unless terminated by either party. Cono will lease to Interstate equipment required for the manufacture of the product for $1 per year. All equipment will remain the property of Cono and upon termination of the agreement be returned to Cono by Interstate.

In addition to this agreement Cono issued 100,000 shares of common stock to the 2 sole stockholders of Interstate in exchange for the use of Interstate’s facility for 1 (one) year at an approximate value of $36,000 for the calendar year 2011, included in prepaid expenses. For the nine months ended September 30, 2012 and 2011, $-0- and $27,000 has been expensed to rent, respectively. This agreement was superseded in September 2011 by another agreement with Interstate Caterers (See below).

- continued -

CONO ITALIANO, INC.

(FORMERLY KNOWN AS TIGER RENEWABLE ENERGY, INC.)

(A DEVELOPMENT STAGE COMPANY)

(A NEVADA CORPORATION)

Keyport, New Jersey

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note J - Other Matters – continued

On July 11, 2011 the Company signed a subscription agreement with an individual to purchase 4,525,640 shares of the Company’s common stock in four (4) installments of $50,000 each, totaling $200,000. As of December 31, 2011 all of the four installments had been received totaling $200,000. The Company has issued 4,000,000 shares of the 4,525,640 that were to be issued. 525,640 shares of common stock are due to the individual for his investment, therefore, common stock subscribed is $526 at September 30, 2012 and December 31, 2011.

On September 7, 2011 the Company entered into a manufacturing agreement with Interstate Caterers for the purposes of manufacturing, producing and distributing “pizza cono”. As consideration for Interstate entering into the agreement, the Company agreed to issue 3,500,000 shares of its restricted common stock upon the execution of the agreement. As of September 30, 2012 the stock had not been issued. As consideration for Interstate’s services under the agreement, Interstate will receive seventy percent (70%) of the difference between the sales price for the product less direct manufacturing costs for such product, regardless of whether the Company or Interstate initiated the sales of such product. In addition, the Company will lease to Interstate certain equipment to be used in the manufacture of the Cono products for $1.00 per year.

The term of the agreement is for a period of ten years commencing on September 7, 2011, the execution date of the agreement, and automatically renews for one additional ten-year period unless either the Company or Interstate provides the other notice of its intention to not renew at least thirty days prior to the end of the Initial Term. The agreement may be earlier terminated at any time by the mutual consent of the Company and Interstate. The Company may unilaterally terminate the agreement based on, among other things, Interstate’s non-performance in accordance with the Company’s specifications. In addition, Interstate indemnifies the Company against third party claims based on alleged product defects.

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

This quarterly report on Form 10-Q and other reports filed by Cono Italiano, Inc. (“we,” “us,” “our,” or the “Company”), from time to time with the U.S. Securities and Exchange Commission (the “SEC”) contain or may contain forward-looking statements and information that are based upon beliefs of, and information currently available to, the Company’s management as well as estimates and assumptions made by Company’s management. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. When used in the filings, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions as they relate to the Company or the Company’s management identify forward-looking statements. Such statements reflect the current view of the Company with respect to future events and are subject to risks, uncertainties, assumptions, and other factors. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

Our financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). These accounting principles require us to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments, and assumptions are made. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Our financial statements would be affected to the extent there are material differences between these estimates.

Plan of Operation

On September 7, 2011, we entered into a strategic manufacturing agreement (the “Agreement”) with Interstate Caterers (“Interstate”) and continue moving forward with the production of our frozen foods and pizza cono. Additionally, we added empanadas to our product line which we believe will increase our market for sales. We plan to fund the manufacturing process of these products through the use of private funding investors and resources from Interstate Caterers.

In the first quarter of 2012, we added a fully automated filling machine to fill our pizza cono with various flavors. During the next 12 months the Company plans to begin the international distribution of its pizza cono and empanadas in the U.K. (contract with Spuntibreak s.r.l), Canada and the United States. We plan to distribute our products by using independent sales representatives, food and wholesale distributors and employees. We anticipate developing our own proprietary microwave packaging and microwave sleeves for our products. We have acquired the Flo Pack, a packaging machine to assist in our retail distribution and shipping. The Flo Pack is operational and our product will be sold using the Flo Pack during the 4th quarter and going forward.

Results of Operations

For the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011

Revenues and Profit

In the nine month period ended September 30, 2012, Cono Italiano (Delaware) had total revenue of $106,532, compared to total revenue of $-0- for the same period in 2011. The increase in total revenue is attributable to the Company beginning to sell its products.

The Company’s gross loss for the nine month period ended September 30, 2012, was $7,850, which was a increase from $-0- for the same period in 2011. The change in gross profit is attributable to start up expenses of selling its product.

General and Administrative Expenses

For the nine month period ended September 30, 2012, the Company’s selling expenses were $54,061, compensation expenses were $168,750, general and administrative expenses were $211,024, and interest expenses were $36,014. This was an increase compared to the same period in 2011, in which selling expenses were $91,795, compensation expenses were $-0-, general and administrative expenses were $184,511, and interest expenses were $15,488. The increase in compensation is attributable to accrual of officers’ compensation, the increase in general and administrative expenses is attributable to increased legal fees and the increase in interest expense is attributable to acquisition of debt.

Net Loss

The net loss for the nine month period ended September 30, 2012 was $477,699, which was an increase from $291,794 for the same period in 2011. This increase is attributable to the increase in compensation, general and administrative expenses and interest expense.

For the three months ended September 30, 2012 compared to the three months ended September 30, 2011

Revenues and Profit

In the three month period ended September 30, 2012, Cono Italiano (Delaware) had total revenue of $45,106, compared to total revenue of $-0- for the same period in 2011. The increase in total revenue is attributable to the Company beginning to sell its products.

The Company’s gross loss for the three month period ended September 30, 2012 was $22,798, which was a increase from $-0- for the same period in 2011. The change in gross profit is attributable to start up expenses of selling its product.

General and Administrative Expenses

For the three month period ended September 30, 2012, the Company’s selling expenses were $14,659, compensation expenses were $56,250, general and administrative expenses were $54,717, and interest expenses were $14,139. This was an increase compared to the same period in 2011, in which selling expenses were $55,207, compensation expenses were $-0-, general and administrative expenses were $32,824, and interest expenses were $4,404. The increase in compensation is attributable to accrual of officers’ compensation, the increase in general and administrative expenses is attributable to increased legal fees and the increase in interest expense is attributable to acquisition of debt.

Net Loss

The net loss for the three month period ended September 30, 2012 was $162,563, which was an increase from $92,435 for the same period in 2011. This increase is attributable to the increase in compensation, general and administrative expenses and interest expense.

Liquidity and Capital Resources

As of September 30, 2012, the Company did not have and continues to not have sufficient cash on hand to pay present obligations as they become due. In addition, due to current economic conditions and the Company’s related risks and uncertainties, there is no assurance that we will be able to raise additional capital on acceptable terms, if at all, to meet our current obligation over the next 12 months. Because of the foregoing, the Company’s auditors have expressed substantial doubt about our ability to continue as a going concern as of December 31, 2011.

Net cash used for operating activities for the nine months ended September 30, 2012 and 2011, was $137,436 and $98,257, respectively.

As of September 30, 2012, Cono Italiano (Delaware) had $93,092 in cash and cash equivalents, as compared to a bank overdraft of $3,348 as of December 31, 2011. The main source of the Company’s cash has been loans from our Chief Executive Officer, Mitchell Brown, who is owed $767,317 as of September 30, 2012, whose total loan amount increased from $724,975 at December 31, 2011. Additionally the Company secured a convertible promissory note in the principal amount of $250,000 as disclosed below.

On November 6, 2009, Cono Italiano (Delaware) entered into a Commitment Letter, pursuant to which, one of our shareholders, Lara Mac has agreed to provide financing to Cono Italiano, Inc., with such funds as the Company’s Board of Directors shall deem to be sufficient to maintain the Company’s ordinary course of business operations (the “Commitment Amount”). Lara Mac is wholly owned by Mitch Brown, our Chief Executive Officer. We may draw on the Commitment Amount in monthly tranches in accordance with our operating requirements as set forth in our business plan. The available Commitment Amount will be reduced by the aggregate cash proceeds received by the Company which are derived from the issuance of any equity securities and Company gross revenues. Draws on the Commitment Amount will be made on terms of unsecured notes, with interest set on each note as of the date of the draw at prime rate plus two percent per annum. The notes will mature and become repayable thirty calendar days after demand at any time following the earlier of (a) December 31, 2010 or (b) the date upon which we are in receipt of revenues or proceeds from the sales of equity securities. We will give Lara Mac customary representations and warranties regarding the good standing of our Company and status of progress in respect of our Company business plan prior to each draw on the Commitment Amount, and we will provide certifications and covenants regarding use of proceeds of each draw, which will be in customary forms reasonably requested by Lara Mac as determined by reference to similar lenders making similar loans to similar companies. Lara Mac will not be required to make any loans under the Commitment Amount to us if we are unable to make the representations, warranties, certifications or covenants, or if we are in breach of any previously given representations, warranties, certifications or covenants. If we breach any of the notes, the default rate will be 15% per annum and Lara Mac may seek recourse against our company for repayment of all of the notes. As of September 30, 2012, there had been no borrowings under the Commitment Letter.

The following table summarizes total current assets, liabilities and working capital at September 30, 2012, compared to December 31, 2011.

	September 30, 2012			December 31 2011			Increase/ (Decrease)
Current Assets	$	222,051		$	32,927		$	189,124
Current Liabilities	$	1,765,906		$	1,219,720		$	546,186
Working Capital Deficit	$	(1,543,855	)	$	(1,186,793	)	$	(357,062	)

As of September 30, 2012, we had a working capital deficit of $1,543,855, as compared to a working capital deficit of $1,186,793 as of December 31, 2011, an increase of $357,062. Factors contributing to the increase in this deficit include increased expenses to service customers, trade shows, and equipment purchased to make sales presentations.

Current Liabilities consist of the following:

	September 30, 2012		December 31, 2011
Accounts Payable	$	168,329	$	135,508
Accrued Compensation, Officers		168,750		-
Bank Overdraft		-		3,348
Accrued Expenses		78,221		54,713
Accrued Legal Expense		200,826		187,525
Accrued Interest, Officers		58,439		52,746
Due to Officer		767,317		724,975
Convertible Note Payable, Net		244,518		-
Notes Payable		79,506		60,905
Total Current Liabilities	$	1,765,906	$	1,219,720

Critical Accounting Policies and Estimates

Our consolidated financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). The preparation of the financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures. Though we evaluate our estimates and assumptions on an ongoing basis, our actual results may differ from these estimates.

Accounts Receivable

The Company considers accounts receivable to be fully collectible. Accordingly, no allowance for doubtful accounts is required. If amounts become uncollectible they will be charged to operations when that determination is made.

Revenue Recognition

Recently Issued Accounting Standards

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

Stock-Based Compensation

Stock-based compensation related to non-employees is recognized as compensation expense in the accompanying consolidated statements of operations and is based on the fair value of the services received or the fair value of the equity instruments issued, whichever is more readily determinable. The Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows the provisions of FASB ASC 505, “Equity Based Payments to Non-Employees.” The measurement date for the fair value of the equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement.

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.

Item 3: Quantitative and Qualitative Disclosures About Market Risk.

We do not hold any derivative instruments and do not engage in any hedging activities.

Item 4: Controls and Procedures.

Pursuant to Rule 13a- 15(b) under the Exchange Act, the Company carried out an evaluation, with the participation of the Company’s management, including the Company’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), of the effectiveness of the Company’s disclosure controls and procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation, the Company’s PEO and PFO concluded that the Company’s disclosure controls and procedures were not effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including the Company’s PEO and PFO, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II: OTHER INFORMATION

Item 1: Legal Proceedings.

We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

Item 1A: Risk Factors.

We believe there are no changes that constitute material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2011, filed with the SEC on April 16, 2012.

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

There were no other unregistered sales of the Company’s equity securities during the quarter ended September 30, 2012, other than those previously reported in a Current Report on Form 8-K.

Item 3: Defaults Upon Senior Securities

There were no defaults upon senior securities during the quarter ended September 30, 2012.

Item 4. Mining Safety Disclosures.

Not applicable.

Item 5: Other Information.

There is no other information required to be disclosed under this item which was not previously disclosed.

209

Item 6. Exhibits.

Exhibit No.		Description

31.1		Certification of Principal Executive Officer, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 302 of 2002*

31.2		Certification of Principal Financial Officer, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 302 of 2002*

32.1		Certification of Principal Executive Officer, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

32.2		Certification of Principal Financial Officer, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

*filed herewith

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 Linkbase Document

101.LAB**		XBRL Taxonomy Extension Label Linkbase Document

101.PRE**		XBRL Taxonomy Extension Presentation Linkbase Document

21* Filed Herewith.

** In accordance with Regulation S-T, the XBRL related information on Exhibit No. 101 to this Quarterly Report on Form 10-Q shall be deemed “furnished” herewith not “filed”.

SIGNATURES

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

	CONO ITALIANO, INC.
	(Registrant)
Dated: November [•], 2012
Dated: May 28, 2013
	By:	/s/ Mitchell Brown
		Name:	Mitchell Brown
		Title:	Principal Executive Officer
Dated: November [•], 2012
Dated: May 28, 2013
	By:	/s/ Alex J. Kaminski
		Name:	Alex J. Kaminski
		Title:	Principal Financial Officer and Chief Accounting Officer

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Filing Compare · Cono Italiano, Inc.