SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 10-QSB



(Mark One)

x
        Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period endedSeptember 30, 2007.




o
        Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from              to               .




Commission file number:0-25589



ASP VENTURES CORP.

(Exact name of small business issuer as specified in its charter)





Florida
(State or other jurisdiction of
incorporation or organization)
        98-0203918
(I.R.S. Employer
Identification No.)






2610-1066 West Hastings Street, Vancouver, British Columbia, Canada V6E 3X2

(Address of principal executive office)                                    (Postal Code)



(604) 602-1717

(Issuers telephone number)



Check whether the registrant: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.



YesXNo _____



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



YesXNo _____



The number of outstanding shares of the registrants common stock, $0.001 par value (the only class of voting stock) as of November 14, 2007 was 41,071,069.



1



---



TABLE OF CONTENTS



PART I



ITEM 1.  FINANCIAL STATEMENTS
        3




Balance Sheet as of September 30, 2007 (unaudited)
        4




Interim Statement of Operations for the three and nine month periods ended

September 30, 2007 and 2006 and the period from inception to September 30, 2007 (unaudited)
        5




Interim Statement of Cash Flows for the nine month periods ended

September 30, 2007 and 2006 and the period from inception to September 30, 2007 (unaudited)
        6




Notes to the Interim Financial Statements (unaudited)
        7




ITEM 2.  MANAGEMENT'S PLAN OF OPERATION
        15




ITEM 3.  CONTROLS AND PROCEDURES
        20




PART II



ITEM 1.  LEGAL PROCEEDINGS
        20




ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES
        20




ITEM 3.  DEFAULTS UPON SENIOR SECURITIES
        20




ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS
        21




ITEM 5.  OTHER INFORMATION
        21




ITEM 6.  EXHIBITS
        21




SIGNATURES
        22




INDEX TO EXHIBITS
        23


















2



---



PART I



ITEM 1.
        FINANCIAL STATEMENTS




As used herein, the terms Company, we, our, and us refer to ASP Ventures Corp., a Florida corporation, unless otherwise indicated.  In the opinion of management, the accompanying unaudited financial statements included in this Form 10-QSB reflect all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of operations for the periods presented.  The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year.

















































3



---





ASP VENTURES CORP.(A Development Stage Company)BALANCE SHEETSSeptember 30,
        
        December 31,ASSETS
        2007
        
        2006(Unaudited)Current assets:Cash
        $           2,450
        
        $             1,416LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)Current liabilities:Accounts payable and accrued expenses
        80,471
        
        74,134Default judgment (Note 8)
        800,507
        
        753,387Related party payables (Note 3)
        330,100
        
        243,000Total current liabilities
        1,211,078
        
        1,070,521Stockholders' deficit:Capital stock (Note 6)Common stock, $.001 par value, 250,000,000 shares authorized;41,071,069 and 41,071,069 issued and outstanding, respectively
        41,070
        
        41,070Additional paid-in capital
        1,280,217
        
        1,280,217Share subscriptions
        10,000
        
        -Deficit accumulated during the development stage
        (2,539,915)
        
        (2,390,392)Total stockholders' deficit
        (1,208,628)
        
        (1,069,105)Total liabilities and stockholders' deficit
        $           2,450
        
        $             1,416GOING CONCERN (Note 1(b))




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

4



---



ASP VENTURES CORP.

(A Development Stage Company)



INTERIM STATEMENTS OF OPERATIONS

(Unaudited)

Cumulativeresults ofoperations fromThree months ended
        
        
        Nine months ended
        May 15,1998September 30,
        
        
        September 30,
        (Date of Inception)2007
        
        2006
        
        
        2007
        
        2006
        to September 30, 2007$
        
        $
        
        
        $
        
        $
        $Revenue
        -
        
        -
        
        
        -
        
        -
        -General and administrative costs
        33,674
        
        39,671
        
        
        102,403
        
        114,993
        1,781,658Gain on forgiveness of debt
        -
        
        -
        
        
        -
        
        -
        (42,250)Loss - default judgment (Note 8)
        15,879
        
        15,879
        
        
        47,120
        
        47,120
        800,507Net loss
        (49,553)
        
        (55,550)
        
        
        (149,523)
        
        (162,113)
        (2,539,915)Loss per common share -
        (0.00)
        
        (0.00)
        
        
        (0.00)
        
        (0.00)basic and dilutedWeighted average common shares -basic and diluted
        41,071,069
        
        41,071,069
        
        
        41,071,069
        
        41,071,069




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

5



---



ASP VENTURES CORP.

(A Development Stage Company)



INTERIM STATEMENT OF CASH FLOWS

May 15, 1998 (Date of Inception) to September 30, 2007

(Unaudited)

Cumulativeresults ofoperations fromNine months ended
        
        May 15, 1998September 30,
        
        (Date of Inception)2007
        
        2006
        
        to September 30, 2007$
        
        $
        
        $Cash flows from operating activities:Net loss
        
        (149,523)
        
        (162,113)
        
        (2,539,915)Adjustments to reconcile net loss to net cashused in operating activities:Loss - default judgment
        
        47,120
        
        47,120
        
        800,506Gain on forgiveness of debt
        
        -
        
        -
        
        (42,250)Non-cash settlement of accounts payable
        
        -
        
        -
        
        453,241Stock-based compensation
        
        -
        
        -
        
        121,597Accrued and unpaid consulting fees
        
        47,500
        
        53,000
        
        223,000Increase (decrease) in:Accounts payable and accrued expenses
        
        6,337
        
        4,145
        
        22,972(48,566)
        
        (57,848)
        
        (960,849)Cash flows from financing activities:Increase (decrease) in notes payable
        
        -
        
        -
        
        131,843Advances from (repayments to) related parties
        
        39,600
        
        54,500
        
        107,100Share subscriptions received
        
        10,000
        
        -
        
        10,000Issuance of common stock
        
        -
        
        -
        
        714,35649,600
        
        54,500
        
        963,299Net increase (decrease) in cash
        
        1,034
        
        (3,348)
        
        2,450Cash, beginning of period
        
        1,416
        
        5,124
        
        -Cash, end of period
        
        2,450
        
        1,776
        
        2,450


SUPPLEMENTAL CASH FLOW INFORMATION AND

NON-CASH INVESTING AND FINANCING ACTIVITIES (Note 7)

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



6



---



ASP VENTURES CORP.

(A Development Stage Company)

NOTES TO INTERIM FINANCIAL STATEMENTS

September 30, 2007

Unaudited



Note 1  Nature of Operations and Basis of Presentation



(a)Organization



The Company was incorporated under the laws of the State of Florida on March 23, 1989 and had no significant operations or activity until May 15, 1998 (date of inception). On May 15, 1998, the Company changed its name from Air Support Services, Corp. to ASP Ventures Corp. The Company proposes to seek business ventures that will allow for long-term growth. Further, the Company is considered a development stage company as defined in SFAS No. 7 and has not, thus far, commenced planned principal operations.



(b)Going Concern



The financial statements have been prepared on the basis of a going concern which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.  The Company has not generated any revenues or completed development of any commercially acceptable products or services to date, has a working capital deficit of $1,208,628 at September 30, 2007 and has incurred losses of $2,539,915 since inception, and further significant losses are expected to be incurred in its development stage. The Company will depend almost exclusively on outside capital through the issuance of common shares, and advances from related parties to finance ongoing operating losses. The ability of the Company to continue as a going concern is dependent on raising additional capital and ultimately on generating future profitable operations.  There can be no assurance that the Company will be able to
raise the necessary funds when needed to finance its ongoing costs. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The accompanying financial statements do not include any adjustments relative to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.



Note 2  Summary of Significant Accounting Policies



(a)Cash and Cash Equivalents



The Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents.



(b)Use of Estimates in the Preparation of Financial Statements



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.



7



---



ASP VENTURES CORP.

(A Development Stage Company)

NOTES TO INTERIM FINANCIAL STATEMENTS

September 30, 2007

Unaudited



Note 2  Summary of Significant Accounting Policies (continued)



(c)Income Taxes



The Company follows the liability method of accounting for income taxes.  Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances.  Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment.  As of September 30, 2007, the Company had net operating loss carryforwards; however, due to the uncertainty of realization the Company has provided a full valuation allowance for the deferred tax
assets resulting from these loss carryforwards.



(d)Loss per Share



The Company computes loss per share in accordance with SFAS No. 128, Earnings per Share which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period including stock options and warrants, using the treasury method, and preferred stock, using the if-converted method. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.



(e)Financial Instruments



In accordance with the requirements of SFAS No. 107, Disclosures about Fair Value of Financial Instruments, the Company has determined the estimated fair value of financial instruments using available market information and appropriate valuation methodologies.  The carrying values of cash, accounts payable, and amounts due to a related party approximate fair value due to the short-term maturity of the instruments.















8



---



ASP VENTURES CORP.

(A Development Stage Company)

NOTES TO INTERIM FINANCIAL STATEMENTS

September 30, 2007

Unaudited



Note 2  Summary of Significant Accounting Policies (continued)



(f)Stock-Based Compensation



On January 1, 2006, the Company adopted SFAS No. 123 (revised 2004) (SFAS No. 123R), Share-Based Payment, which addresses the accounting for stock-based payment transactions in which an enterprise receives employee services in exchange for (a) equity instruments of the enterprise or (b) liabilities that are based on the fair value of the enterprises equity instruments or that may be settled by the issuance of such equity instruments. In January 2005, the Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin (SAB) No. 107, which provides supplemental implementation guidance for SFAS No. 123R. SFAS No. 123R eliminates the ability to account for stock-based compensation transactions using the intrinsic value method under Accounting Principles Board (APB) Opinion No. 25, Accounting for Stock Issued to Employees, and instead
generally requires that such transactions be accounted for using a fair-value-based method. The Company uses the Black-Scholes-Merton (BSM) option-pricing model to determine the fair-value of stock-based awards under SFAS No. 123R, consistent with that used for pro forma disclosures under SFAS No. 123, Accounting for Stock-Based Compensation. The Company has elected the modified prospective transition method as permitted by SFAS No. 123R and accordingly prior periods have not been restated to reflect the impact of SFAS No. 123R. The modified prospective transition method requires that stock-based compensation expense be recorded for all new and unvested stock options, restricted stock, restricted stock units, and employee stock purchase plan shares that are ultimately expected to vest as the requisite service is rendered beginning on January 1, 2006 the first day of the Companys fiscal year 2006. Stock-based compensation expense for awards granted
prior to January 1, 2006 is based on the grant date fair-value as determined under the pro forma provisions of SFAS No. 123. As the Company did not grant any stock options in 2005, no pro forma information is provided.



Prior to the adoption of SFAS No. 123R, the Company measured compensation expense for its employee stock-based compensation plans using the intrinsic value method prescribed by APB Opinion No. 25. The Company applied the disclosure provisions of SFAS No. 123 as amended by SFAS No. 148, Accounting for Stock-Based Compensation  Transition and Disclosure, as if the fair-value-based method had been applied in measuring compensation expense. Under APB Opinion No. 25, when the exercise price of the Companys employee stock options was equal to the market price of the underlying stock on the date of the grant, no compensation expense was recognized.



The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with SFAS No. 123 and the conclusions reached by the Emerging Issues Task Force (EITF) in Issue No. 96-18. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by EITF 96-18.





9



---



ASP VENTURES CORP.

(A Development Stage Company)

NOTES TO INTERIM FINANCIAL STATEMENTS

September 30, 2007

Unaudited



Note 2  Summary of Significant Accounting Policies (continued)



(g)Recent Accounting Pronouncements



In February 2006, the FASB issued SFAS No. 155, Accounting for Certain Hybrid Financial Instruments-an amendment of FASB Statements No. 133 and 140", to simplify and make more consistent the accounting for certain financial instruments. SFAS No. 155 amends SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities, to permit fair value re-measurement for any hybrid financial instrument with an embedded derivative that otherwise would require bifurcation, provided that the whole instrument is accounted for on a fair value basis. SFAS No. 155 amends SFAS No. 140, Accounting for the Impairment or Disposal of Long-Lived Assets, to allow a qualifying special-purpose entity to hold a derivative financial instrument that pertains to a beneficial interest other than another derivative financial instrument. SFAS No. 155 applies to all financial instruments acquired or
issued after the beginning of an entitys first fiscal year that begins after September 15, 2006, with earlier application allowed. The adoption of this statement is not expected to have a material effect on the Companys future reported financial position or results of operations.



In March 2006, the FASB issued SFAS No. 156, Accounting for Servicing of Financial Assets, an amendment of FASB Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities. This statement requires all separately recognized servicing assets and servicing liabilities be initially measured at fair value, if practicable, and permits for subsequent measurement using either fair value measurement with changes in fair value reflected in earnings or the amortization and impairment requirements of Statement No. 140. The subsequent measurement of separately recognized servicing assets and servicing liabilities at fair value eliminates the necessity for entities that manage the risks inherent in servicing assets and servicing liabilities with derivatives to qualify for hedge accounting treatment and eliminates the characterization of declines in fair
value as impairments or direct write-downs. SFAS No. 156 is effective for an entitys first fiscal year beginning after September 15, 2006. The adoption of this statement is not expected to have a material effect on the Companys future reported financial position or results of operations.



In September 2006, the FASB issued SFAS No. 157, Fair Value Measures. This Statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), expands disclosures about fair value measurements, and applies under other accounting pronouncements that require or permit fair value measurements. SFAS No. 157 does not require any new fair value measurements. However, the FASB anticipates that for some entities, the application of SFAS No. 157 will change current practice. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, which for the Company would be the fiscal year beginning January 1, 2008. The Company is currently evaluating the impact of SFAS No. 157 but does not expect that it will have a material impact on its financial statements.



10



---



ASP VENTURES CORP.

(A Development Stage Company)

NOTES TO INTERIM FINANCIAL STATEMENTS

September 30, 2007

Unaudited



Note 2  Summary of Significant Accounting Policies (continued)



(g)Recent Accounting Pronouncements (continued)



In September 2006, the FASB issued SFAS No. 158, Employers Accounting for Defined Benefit Pension and Other Postretirement Plans  an amendment of FASB Statements No. 87, 88, 106, and 132(R)". This statement requires employers to recognize the over or under funded status of a defined benefit postretirement plan (other than a multiemployer plan) as an asset or liability in its statement of financial position and to recognize changes in that funded status in the year in which the changes occur through comprehensive income of a business entity or changes in unrestricted net assets of a not-for-profit organization. This statement also requires an employer to measure the funded status of a plan as of the date of its year-end statement of financial position, with limited exceptions. The provisions of SFAS No. 158 are effective for employers with publicly traded equity securities as of the end of
the fiscal year ending after December 15, 2006. The adoption of this statement is not expected to have a material effect on the Companys future reported financial position or results of operations



In September 2006, the SEC issued Staff Accounting Bulletin (SAB) No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. SAB No. 108 addresses how the effects of prior year uncorrected misstatements should be considered when quantifying misstatements in current year financial statements. SAB No. 108 requires companies to quantify misstatements using a balance sheet and income statement approach and to evaluate whether either approach results in quantifying an error that is material in light of relevant quantitative and qualitative factors. SAB No. 108 is effective for periods ending after November 15, 2006. The Company is currently evaluating the impact of adopting SAB No. 108 but does not expect that it will have a material effect on its financial position and results of operations.



In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities. This Statement permits entities to choose to measure many financial assets and financial liabilities at fair value. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. SFAS No. 159 is effective for fiscal years beginning after November 15, 2007. The Company is currently assessing the impact of SFAS No. 159 on its financial position and results of operations.





11



---



ASP VENTURES CORP.

(A Development Stage Company)

NOTES TO INTERIM FINANCIAL STATEMENTS

September 30, 2007

Unaudited



Note 3  Due to Related Parties



Related party payables consist of the following:





Note 4  Related Party Transactions



The following represents related party transactions paid or accrued during the nine months ended September 30, 2007 and 2006.







The above transactions are in the normal course of operation and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties. Refer to Note 7.



Note 5  Income Taxes



The Company accounts for its income taxes in accordance with the FASB No. 109, Accounting for Income Taxes. As of September 30, 2007, the Company had net operating loss carry forwards that may be available to reduce future years taxable income and will expire commencing in 2027. Availability of loss usage is subject to change of ownership limitations under Internal Revenue Code 382. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carryforwards.





12



---



ASP VENTURES CORP.

(A Development Stage Company)

NOTES TO INTERIM FINANCIAL STATEMENTS

September 30, 2007

Unaudited



Note 6  Capital Stock



There were no changes in share capital for the nine months ended September 30, 2007. As of September 30, 2007, the Company had received $10,000 for share subscriptions to purchase shares of common stock at a price of $0.01 per share.



There were no changes in share capital for the year ended December 31, 2006.



During the year ended December 31, 2005:




        The Company issued 1,000,000 shares of common stock to a significant shareholder in exchange for consulting services valued at $10,000.



        The Company issued 12,493,300 shares of common stock for cash of $124,933.




The Company has not issued any stock options or warrants to date.



Note 7  Supplemental Cash Flow Information



Actual amounts paid for interest and income taxes for the nine months ended September 30, 2007 and 2006 are as follows:







During the nine months ended September 30, 2007, the Company did not have any other significant non-cash transactions.



During the year ended December 31, 2006, the Company did not have any other significant non-cash transactions.



During the year ended December 31, 2005, the Company issued 1,000,000 shares of common stock to a significant shareholder in exchange for consulting services valued at $10,000.



13



---



ASP VENTURES CORP.

(A Development Stage Company)

NOTES TO INTERIM FINANCIAL STATEMENTS

September 30, 2007

Unaudited



Note 8  Default Judgment



Legal proceedings were initiated by Gem Global Yield Fund Limited and Turbo International Ltd. (Plaintiffs) against the Company on February 4, 2004 in the United States District Court, southern District of New York. The claim was for $525,000 plus interest in connection with the Companys alleged breach of a settlement agreement purportedly made between the Company, Elite Jet, Inc., Gem Global Yield Fund Limited and Turbo International Ltd. in satisfaction of funds loaned by the Plaintiffs to Elite Jet, Inc., a non-party to the legal proceedings. Although the Company denied any liability in this action, it did not file a defense to the legal proceedings which resulted in a default.



Judgment was in favor of the Plaintiffs on May 19, 2004 in the amount of $588,724 with interest accruing at 12% per annum on $525,000.



The Company believes that in the event the Plaintiffs attempt to enforce this judgment through Court proceedings that the Company will ultimately succeed in defending this legal claim.



As of September 30, 2007 and December 31, 2006, principal and interest accrued with respect to the Default Judgment was $800,507 and $753,387 respectively.





























14



---



ITEM 2.



MANAGEMENTS PLAN OF OPERATION



This Management's Plan of Operation and Results of Operations and other parts of this report contain forward-looking statements that involve risks and uncertainties. Forward-looking statements can also be identified by words such as "anticipates," "expects," "believes," "plans," "predicts," and similar terms. Forward-looking statements are not guarantees of future performance and our actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in the subsections entitled"Forward-Looking Statements and Factors That May Affect Future Results and Financial Condition"below. The following discussion should be read in conjunction with our financial statements and notes thereto included in this report. All information presented herein is
based on our period ended September 30, 2007. Our fiscal year end is December 31.



Business



The Companys plan of operation for the coming year is to identify and acquire a favorable business opportunity.  The Company does not plan to limit its options to any particular industry, but will evaluate each opportunity on its merits.



The Company has not yet entered into any agreement, nor does it have any commitment or understanding to enter into or become engaged in any transaction, as of the date of this filing.



Results of Operations



During the period ended September 30, 2007, the Company remained in the process of identifying a prospective business opportunity, which opportunity if acquired, may or may not produce revenue. Therefore, due to this uncertainty, the Company does not expect any revenues until such time as a revenue producing acquisition is accomplished.



Net Losses



For the period from May 15, 1998 to September 30, 2007, the Company has recorded a cumulative net loss of $2,539,915. Net losses for the three month period ended September 30, 2007 were $49,553 as compared to $55,550 for the three month period ended September 30, 2006. Net losses for the nine month period ended September 30, 2007 were $149,523 as compared to $162,113 for the nine month period ended September 30, 2006. The Companys operating losses are attributable to general and administrative expenses and a default judgment in the amount of $800,507 including accrued interest as of September 30, 2007. The general and administrative expenses include accounting expenses, professional fees, consulting fees and costs associated with the preparation of disclosure documentation.



The Company expects to continue to operate at a loss through fiscal 2007 and due to the nature of our search for a suitable business opportunity cannot determine whether we will ever generate revenues from operations.



Income Tax Expense (Benefit)



The Company has a prospective income tax benefit resulting from a net operating loss carryforward and start up costs that may offset any future operating profit.



15



---



Impact of Inflation



The Company believes that inflation has had a negligible effect on operations over the past three years.



Capital Expenditures



The Company expended no amounts on capital expenditures for the period from inception to September 30, 2007.



Capital Resources and Liquidity



The Company had total assets of $2,450 as of the nine month period ended September 30, 2007, consisting exclusively of cash on hand. Net stockholders' deficiency in the Company was $1,208,628 at September 30, 2007. The Company is in the development stage and, since inception, has experienced significant changes in liquidity, capital resources and shareholders equity.



Cash flow used in operating activities was $960,849 for the period from inception to September 30, 2007. Cash flow used in operating activities for the nine month period ended September 30, 2007 was $48,566 as compared to $57,848 in cash flow used in operating activities for the nine months ended September 30, 2006. Cash flow used in operating activities in the current nine month period can be attributed to accounting costs and consulting expenses.



Cash flow provided from financing activities was $963,299 for the period from inception to September 30, 2007. Cash flow provided by financing activities for the nine month period ended September 30, 2007 was $49,600 as compared to $54,500 for the nine months ended September 30, 2006. Cash flow provided by financing activities in the current nine month period can be attributed to advances from a shareholder and a subscription for shares of common stock.



Cash flows used in investing activities was $0 for the period from inception to September 30, 2007.



The Companys current assets are not sufficient to conduct its plan of operation over the next twelve (12) months. Further, should the Company acquire a business opportunity over the next twelve month period, cash requirements will exceed current assets and the Company will have to seek debt or equity financing to fund operations.  The Company has no current commitments or arrangements with respect to, or immediate sources of funding. Further, no assurances can be given that funding would be available or available to the Company on acceptable terms. The Companys major shareholders are the most likely source of new funding in the form of loans or equity placements though none have made any commitment for future investment and the Company has no agreement formal or otherwise.



The Company had no formal long term lines or credit or other bank financing arrangements as of September 30, 2007.



The Company does not expect to pay cash dividends in the foreseeable future.



The Company has no defined benefit plan or contractual commitment with any of its officers or directors.



The Company has no current plans for any significant purchases or sales of any plant or equipment.







16



---



Off Balance Sheet Arrangements



As of September 30, 2007, the Company has no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that is material to stockholders.



Critical Accounting Policies



In the notes to the audited financial statements for the year ended December 31, 2006 included in the Companys Form 10-KSB, the Company discusses those accounting policies that are considered to be significant in determining the results of operations and its financial position. The Company believes that the accounting principles utilized by us conform to accounting principles generally accepted in the United States of America.



The preparation of financial statements requires Company management to make significant estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. By their nature, these judgments are subject to an inherent degree of uncertainty. The Company bases its estimates on historical experience and other facts and circumstances that are believed to be reasonable, and the results form the basis for making judgments about the carrying value of assets and liabilities.  The actual results may differ from these estimates under different assumptions or conditions.



Forward Looking Statements and Factors That May Affect Future Results and Financial Condition



The statements contained in the section titled Plan of Operation, with the exception of historical facts, are forward looking statements within the meaning of Section 27A of the Securities Act. A safe-harbor provision may not be applicable to the forward looking statements made in this Form 10-QSB because of certain exclusions under Section 27A (b). Forward looking statements reflect our current expectations and beliefs regarding our future results of operations, performance, and achievements. These statements are subject to risks and uncertainties and are based upon assumptions and beliefs that may or may not materialize. These statements include, but are not limited to, statements concerning:



-
        our anticipated financial performance and business plan;


-
        the sufficiency of existing capital resources;


-
        our ability to raise additional capital to fund cash requirements for future operations;


-
        uncertainties related to the Companys future business prospects;


-
        the ability of the Company to generate revenues to fund future operations;


-
        the volatility of the stock market and;


-
        general economic conditions.




We wish to caution readers that the Companys operating results are subject to various risks and uncertainties that could cause our actual results to differ materially from those discussed or anticipated including the factors set forth in the section entitled Risk Factors below. We also wish to advise readers not to place any undue reliance on the forward looking statements contained in this report, which reflect our beliefs and expectations only as of the date of this report. We assume no obligation to update or revise these forward looking statements to reflect new events or circumstances or any changes in our beliefs or expectations, other than is required by law.







17



---



Risks Factors



Our future operating results are highly uncertain. Before deciding to invest in us or to maintain or increase your investment, you should carefully consider the risks described below, in addition to the other information contained in this quarterly report. If any of these risks actually occur, our business, financial condition or results of operations could be seriously harmed. In that event, the market price for our common stock could decline and you may lose all or part of your investment.



We have a history of significant operating losses and such losses may continue in the future.



Since our inception in 1989, our expenses have substantially exceeded our income, resulting in continuing losses and an accumulated deficit of $2,390,392 at December 31, 2006, which had increased to $2,539,915 at September 30, 2007. The Company has never realized revenue from operations. We will continue to incur operating losses as we maintain our search for a suitable business opportunity and satisfy our ongoing disclosure requirements with the Commission. Our only expectation of future profitability is dependent upon our ability to acquire a revenue producing business opportunity, which acquisition can in no way be assured. Therefore, we may never be able to achieve profitability.



The Companys limited financial resources cast severe doubt on our ability to acquire a profitable business opportunity.



The Companys future operation is dependent upon the acquisition of a profitable business opportunity. However, the prospect of such an acquisition is doubtful due to the Companys limited financial resources. Since we have no current business opportunity, the Company is not in a position to improve this financial condition through debt or equity offerings. Therefore, this limitation may act as a deterrent in future negotiations with prospective acquisition candidates. Should we be unable to acquire a profitable business opportunity the Company will, in all likelihood, be forced to cease operations.



The default judgment against us may hinder our ability to acquire a profitable business opportunity.



Legal proceedings were initiated against the Company resulting in a default judgment on May 19, 2004, totaling $588,724.45 which amount, including interest, has increased to $800,507 as of September 30, 2007. Though we deny any liability in the matter and believe that any attempt by the plaintiff in the case to enforce the judgment through court proceeding will fail, the liability will further hinder our ability to fulfill our plan of operations in acquisition of a profitable business.



The market for our stock is limited and our stock price may be volatile.



The market for our common stock has been limited due to low trading volume and the small number of brokerage firms acting as market makers. Because of the limitations of our market and volatility of the market price of our stock, investors may face difficulties in selling shares at attractive prices when they want to. The average daily trading volume for our stock has varied significantly from week to week and from month to month, and the trading volume often varies widely from day to day.











18



---



We may incur significant expenses as a result of being quoted on the Over the Counter Bulletin Board, which may negatively impact our financial performance.



We may incur significant legal, accounting and other expenses as a result of being listed on the Over the Counter Bulletin Board. The Sarbanes-Oxley Act of 2002, as well as related rules implemented by the Commission has required changes in corporate governance practices of public companies. We expect that compliance with these laws, rules and regulations, including compliance with Section 404 of the Sarbanes-Oxley Act of 2002 as discussed in the following risk factor, may substantially increase our expenses, including our legal and accounting costs, and make some activities more time-consuming and costly. As a result, there may be a substantial increase in legal, accounting and certain other expenses in the future, which would negatively impact our financial performance and could have a material adverse effect on our results of operations and financial condition.



Our internal controls over financial reporting may not be considered effective, which could result in a loss of investor confidence in our financial reports and in turn have an adverse effect on our stock price.



Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, beginning with our annual report for the year ending December 31, 2007, we may be required to furnish a report by our management on our internal controls over financial reporting. Such report will contain, among other matters, an assessment of the effectiveness of our internal controls over financial reporting as of the end of the year, including a statement as to whether or not our internal controls over financial reporting are effective. This assessment must include disclosure of any material weaknesses in our internal controls over financial reporting identified by management. If we are unable to assert that our internal controls are effective as of December 31, 2008, investors could lose confidence in the accuracy and completeness of our financial reports, which in turn could cause our stock price to decline.



Going Concern



The Companys auditors have expressed substantial doubt as to the Companys ability to continue as a going concern as a result of an accumulated deficit of $2,390,392 as of December 31, 2006 which has grown to $2,539,915 as of September 30, 2007.  The Companys ability to continue as a going concern is subject to the ability of the Company to realize a profit and /or obtain funding from outside sources.  Managements plan to address the Companys ability to continue as a going concern includes: (1) obtaining funding from private placement sources; (2) obtaining additional funding from the sale of the Companys securities; (3) establishing revenues from prospective business opportunities; (4) obtaining loans and grants from various financial institutions where possible.  Although management believes that it will be able to obtain the necessary funding to allow the Company to remain
a going concern through the methods discussed above, there can be no assurances that such methods will prove successful.















19



---



ITEM 3.
        CONTROLS AND PROCEDURES




The Companys president acts both as the Companys chief executive officer and chief financial officer and is responsible for establishing and maintaining disclosure controls and procedures for the Company.



(a) Evaluation of Disclosure Controls and Procedures



Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (Exchange Act), as of September 30, 2007. Based on this evaluation, our principal executive officer and our principal financial officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective and adequately designed to ensure that the information required to be disclosed by us in the reports we submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms and that such information was accumulated and communicated to our chief
executive officer and chief financial officer, in a manner that allowed for timely decisions regarding required disclosure.



(b) Changes in Internal Controls



During the period ended September 30, 2007, there has been no change in internal control over financial reporting that has materially affected, or is reasonably likely to materially affect our internal control over financial reporting.



PART II



ITEM 1.
        LEGAL PROCEEDINGS




Legal proceedings were initiated by Gem Global Yield Fund Limited and Turbo International Ltd. (Plaintiffs) against the Company on February 4, 2004 in the United States District Court, Southern District of New York. The claim is for $525,000 plus interest in connection with the Companys alleged breach of a settlement agreement purportedly made between the Company, Elite Jet, Inc, Gem Global Yield Fund Limited and Turbo International Ltd. in satisfaction of funds loaned by Plaintiffs to Elite Jet, Inc., a non-party to the legal proceedings. Although the Company denied any liability in this action it did not file a defense to the legal proceedings which resulted in a default judgment in favor of the Plaintiffs on May 19, 2004 in the amount of $588,725 with interest accruing at 12% per annum on $525,000. The judgment and accrued interest as of September 30, 2007 was $800,507.



The Company believes that in the event the Plaintiffs attempt to enforce this judgment through Court proceedings that the Company will ultimately succeed in defending this legal claim.



ITEM 2.
        CHANGES IN SECURITIES




None.



ITEM 3.
        DEFAULTS UPON SENIOR SECURITIES




None.





20



---



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




None.



ITEM 5.
        OTHER INFORMATION




None.



ITEM 6.
        EXHIBITS




Exhibits required to be attached by Item 601 of Regulation S-B are listed in the Index to Exhibits on page 23 of this Form 10-QSB, and are incorporated herein by this reference.











21



---



SIGNATURES



In accordance with the requirements of the Securities Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, hereunto duly authorized, this 14th day of November, 2007.





ASP VENTURES CORP.






/s/ Nora Coccaro

Nora Coccaro


Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer and Director







































22



---



INDEX TO EXHIBITS

Exhibit
        Page


No.
        No.
        Description




3 (i)(a)               *
        Articles of Incorporation of the Company (incorporated by reference to the Form 10-SB filed with the Securities and Exchange Commission on December 21, 1999).


3 (i)(b)               *
        Amended Articles of Incorporation of the Company (incorporated by reference to the Form 10-SB filed with the Securities and Exchange Commission on December 21, 1999).


3(i)(c)                *
        Amended Articles of Incorporation (incorporated 10-QSB filed with the Securities and Exchange Commission on August 10, 2007.


3 (ii)                  *
        Bylaws of the Company (incorporated by reference to the Form 10-SB filed with the Securities and Exchange Commission on December 21, 1999).


14                      *
        Code of Ethics adopted March 30, 2004 (incorporated by reference to the Form 10-KSB/A filed with the Securities and Exchange Commission on April 2, 2004).


31               Attached
        Certification of the Chief Executive Officer
and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.


32                Attached
        Certification of the Chief Executive Officer
and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.




*
        Incorporated by reference to prior filings with the Securities and Exchange Commission.




23



---