<PAGE>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-QSB

 [X]     Quarterly  Report pursuant to Section 13 or 15(d) of the Securities
         Exchange  Act  of  1934

         For  the  quarterly  period  ended  March  31,  2003

[   ]    Transition  Report  pursuant to 13 or 15(d) of the Securities Exchange
         Act  of  1934

         For  the  transition  period                 to


          Commission  File  Number     000-32011
                                       ---------

                              BALSAM VENTURES, INC.
          -----------------------------------------------------------------
          (Exact name of small Business Issuer as specified in its charter)

     NEVADA                                52-2219056
-----------------------------------        --------------------
(State  or  other  jurisdiction  of        (IRS  Employer
incorporation  or  organization)           Identification  No.)




SUITE  208,  20  EAST  FOOTHILL  BLVD.
ARCADIA,  CALIFORNIA                       91006
--------------------------------------     -----
(Address of principal executive offices)   (Zip  Code)

Issuer's  telephone  number,
  including  area  code:                   626-574-2911
                                           ------------

                                 Not Applicable
                                 --------------
   (Former name, former address and former fiscal year end if changed since last
                                     report)

Check  whether  the issuer (1) filed all reports required to be filed by Section
13  or  15(d)  of  the  Securities  Exchange Act of 1934 during the preceding 12
months  (or  for  such  shorter period that the issuer was required to file such
reports),  and  (2) has been subject to such filing requirements for the past 90
days  [X]  Yes    [  ]  No

State the number of shares outstanding of each of the issuer's classes of common
stock,  as  of  the latest practicable date:  20,200,000 shares of common stock,
$0.001  par  value  outstanding  as  of  March  31,  2003.




<PAGE>


                         PART 1 - FINANCIAL INFORMATION

Item  1.          Financial  Statements

The  accompanying  un-audited  financial  statements  have  been  prepared  in
accordance  with  the instructions to Form 10-QSB and, therefore, do not include
all information and footnotes necessary for a complete presentation of financial
position,  results  of  operations,  cash  flows,  and  stockholders' deficit in
conformity  with  generally  accepted  accounting principles.  In the opinion of
management,  all adjustments considered necessary for a fair presentation of the
results  of  operations  and  financial position have been included and all such
adjustments  are  of a normal recurring nature.  Operating results for the three
months  ended  March 31, 2003 are not necessarily indicative of the results that
can  be  expected  for  the  year  ending  December  31,  2003.


                                       2


<PAGE>









                              BALSAM VENTURES INC.
                          (A Development Stage Company)


                              FINANCIAL STATEMENTS


                                 MARCH 31, 2003
                                   (Unaudited)
                            (Stated in U.S. Dollars)




<PAGE>


                              BALSAM VENTURES INC.
                          (A Development Stage Company)

                                  BALANCE SHEET
                                   (Unaudited)
                            (Stated in U.S. Dollars)

<TABLE>
<CAPTION>



---------------------------------------------------------
                               MARCH 31     DECEMBER 31

                                     2003        2002
---------------------------------------------------------
<S>                               <C>         <C>

ASSETS

Current
  Cash                            $       -   $      45

Software Development Costs            8,675       8,675
                                  ----------------------

                                  $   8,675   $   8,720
========================================================
LIABILITIES

Current
  Accounts payable                $ 184,794   $ 150,401
                                  ----------------------

SHAREHOLDER'S EQUITY

Share Capital
  Authorized:
    100,000,000 common shares,
    par value with $0.001 per share

  Issued and outstanding:
    20,200,000 common shares         20,200      20,200

  Additional paid-in capital         64,900      64,900

Deficit Accumulated During The
 Development Stage                 (261,219)   (226,781)
                                  ----------------------
                                   (176,119)   (141,681)
                                  ----------------------
                                  $   8,675   $   8,720
========================================================

</TABLE>




<PAGE>


                              BALSAM VENTURES INC.
                          (A Development Stage Company)

                          STATEMENT OF LOSS AND DEFICIT
                                   (Unaudited)
                            (Stated in U.S. Dollars)


<TABLE>
<CAPTION>

-------------------------------------------------------------------
                                                         INCEPTION
                                                         AUGUST 17
                                   THREE MONTHS ENDED     1999 TO
                                        MARCH 31          MARCH 31
                                   2003         2002        2003
-------------------------------------------------------------------
<S>                             <C>          <C>          <C>

Expenses
  Consulting services           $    33,000  $       127  $126,947
  Domain registration                    83           46       334
  Professional fees                   1,234        7,768    94,096
  Office and sundry                      67          422     9,114
  Regulatory                              -            -     6,160
  Stock Transfer Services                54            -     5,369
  Travel                                  -            -     9,099
                                  ---------------------------------
Net Loss For The Period              34,438        8,363  $251,119
                                                          =========
Deficit Accumulated During The
Development Stage, Beginning
 Of Period                          226,781       53,257
                                  -----------------------
Deficit Accumulated During
The Development Stage,
 End Of Period                  $   261,219  $    61,620
=========================================================

Net Loss Per Share              $      0.01  $      0.01
=========================================================

Weighted Average Number
 Of Shares Outstanding           20,200,000   10,100,000
=========================================================

</TABLE>




<PAGE>


                              BALSAM VENTURES INC.
                          (A Development Stage Company)

                             STATEMENT OF CASH FLOWS
                                   (Unaudited)
                            (Stated in U.S. Dollars)


<TABLE>
<CAPTION>


---------------------------------------------------------------------
                                                            INCEPTION
                                                            AUGUST 17
                                       THREE MONTHS ENDED    1999 TO
                                             MARCH 31       MARCH 31
                                        2003       2002       2003
---------------------------------------------------------------------
<S>                                   <C>        <C>       <C>

Cash Flows From Operating Activities
  Net loss for the period             $(34,438)  $(8,363)  $(251,119)

Adjustments To Reconcile Net
 Loss To Net
 Cash Used By Operating Activities
  Change in accounts payable            34,393     4,612     184,794
                                      -------------------------------
                                           (45)   (3,751)    (66,325)
                                      -------------------------------

Cash Flows From Investing Activity
  Software development costs                 -         -      (8,675)
                                      -------------------------------

Cash Flows From Financing Activities
  Share capital                              -         -      75,000
                                      -------------------------------

Increase (Decrease) In Cash                (45)   (3,751)          -

Cash, Beginning Of Period                   45    14,877           -
                                      -------------------------------

Cash, End Of Period                   $      -   $11,126   $       -
=====================================================================

</TABLE>





<PAGE>


                              BALSAM VENTURES INC.
                          (A Development Stage Company)

                        STATEMENT OF STOCKHOLDERS' EQUITY

                                 MARCH 31, 2003
                                   (Unaudited)
                            (Stated in U.S. Dollars)


<TABLE>
<CAPTION>


                                             COMMON STOCK
                               --------------------------------
                                                  ADDITIONAL   SHARE
                                                  PAID-IN   SUBSCRIPTIONS
                               SHARES    AMOUNT   CAPITAL    RECEIVABLE    DEFICIT      TOTAL
------------------------------------------------------------------------------------------------
<S>                          <C>         <C>      <C>       <C>           <C>         <C>
Shares issued for cash
 at $0.001                    5,000,000  $ 5,000  $      -  $         -   $       -   $   5,000
Shares issued for cash
 at $0.01                     5,000,000    5,000    45,000            -           -      50,000
Shares issued for cash
at $0.20                        100,000      100    19,900            -           -      20,000
Subscriptions receivable              -        -         -       (2,500)          -      (2,500)
Net loss for the period               -        -         -            -      (2,926)     (2,926)
                             -------------------------------------------------------------------

Balance, December 31, 1999   10,100,000   10,100    64,900       (2,500)     (2,926)     69,574

Subscriptions receivable              -        -         -        2,500           -       2,500
Net loss for the year                 -        -         -            -     (31,342)    (31,342)
                             -------------------------------------------------------------------
Balance,
 December 31, 2000           10,100,000   10,100    64,900            -     (34,268)     40,732

Net loss for the year                 -        -         -            -     (18,989)    (18,989)
                             -------------------------------------------------------------------
Balance,
December 31, 2001            10,100,000   10,100    64,900            -     (53,257)     21,743

Stock split (2 for 1)        10,100,000   10,100         -            -     (10,100)          -
Net loss for the year                 -        -         -            -    (163,424)   (163,424)
                             -------------------------------------------------------------------
Balance,
 December 31, 2002           20,200,000   20,200    64,900            -    (226,781)   (141,681)

Net loss for the period               -        -         -            -     (34,438)    (34,438)
                             -------------------------------------------------------------------
Balance,
March 31, 2003               20,200,000  $20,200  $ 64,900  $         -   $(261,219)  $(176,119)
                             ===================================================================

</TABLE>




<PAGE>


                              BALSAM VENTURES INC.
                          (A Development Stage Company)

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 2003
                                   (Unaudited)
                            (Stated in U.S. Dollars)



1.     BASIS  OF  PRESENTATION  AND  OPERATIONS

Basis  of  Presentation

The  unaudited  financial  statements  as of March 31, 2003 included herein have
been  prepared  without  audit  pursuant  to  the  rules  and regulations of the
Securities and Exchange Commission. Certain information and footnote disclosures
normally  included  in  financial  statements prepared in accordance with United
States  generally  accepted accounting principles have been condensed or omitted
pursuant  to  such  rules  and  regulations.  In  the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair  presentation  have  been  included.  It  is suggested that these financial
statements  be  read in conjunction with the December 31, 2002 audited financial
statements  and  notes  thereto.

Operations

a)     Organization

The Company was incorporated in the State of Nevada, U.S.A., on August 17, 1999.

b)     Development  Stage  Activities

The Company plans to launch a free information website to assist and attract the
people  wanting  information on immigration to the USA. The Company plans to use
the  website  to  earn income from companies who are prepared to pay to have web
advertising  in  the  form  of  a button or banners on the website selling their
products or services. The Company plans to solicit advertisers who are targeting
sales  of  their  products  and  services at people using the Company's website.

The  Company  is  in the development stage, therefore, recovery of its assets is
dependent  upon  future  events,  the  outcome  of  which is indeterminable.  In
addition,  successful  completion  of  the Company's development program and its
transition,  ultimately  to the attainment of profitable operations is dependent
upon  obtaining  adequate  financing  to  fulfil  its development activities and
achieve  a  level  of  sales  adequate  to  support  its  cost  structure.


<PAGE>


                              BALSAM VENTURES INC.
                          (A Development Stage Company)

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 2003
                                   (Unaudited)
                            (Stated in U.S. Dollars)



1.     BASIS  OF  PRESENTATION  AND  OPERATIONS  (Continued)

c)     Going  Concern

The Company will need additional working capital to be successful in its planned
activity  and  to  service  its current debt for the coming year and, therefore,
continuation  of  the Company as a going concern is dependent upon obtaining the
additional  working  capital  necessary to accomplish its objective.  Management
has  developed a strategy, which it believes will accomplish this objective, and
is  presently  engaged  in seeking various sources of additional working capital
including  equity  funding  through a private placement and long term financing.


2.     SIGNIFICANT  ACCOUNTING  POLICIES

The  financial  statements  of the Company have been prepared in accordance with
generally  accepted  accounting  principles  in  the  United  States.  Because a
precise  determination  of  many assets and liabilities is dependent upon future
events,  the  preparation  of  financial  statements  for  a  period necessarily
involves  the  use  of  estimates  which have been made using careful judgement.

The  financial  statements have, in management's opinion, been properly prepared
within  reasonable  limits  of  materiality  and  within  the  framework  of the
significant  accounting  policies  summarized  below:

a)     Development  Stage  Company

The  Company  is  a  developed  stage  company  as  defined in the Statements of
Financial  Accounting Standards No. 7. The Company is devoting substantially all
of  its  present  efforts  to  establish  a new business and none of its planned
principal operations have commenced. All losses accumulated since inception have
been  considered  as  part  of  the  Company's  development  stage  activities.

b)     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 for the reporting period. Actual
results  could  differ  from  these  estimates.



<PAGE>


                              BALSAM VENTURES INC.
                          (A Development Stage Company)

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 2003
                                   (Unaudited)
                            (Stated in U.S. Dollars)



2.     SIGNIFICANT  ACCOUNTING  POLICIES  (Continued)

c)     Software  Development  Costs

Software development costs represent capitalized costs of design, configuration,
coding,  installation  and  testing  of  the Company's website up to its initial
implementation.  Upon implementation the asset will be amortized to expense over
its  estimated  useful  life  of  three  years  using  the straight line method.
Ongoing  website  post-implementation costs of operation, including training and
application  maintenance,  will  be  charged  to  expense  as  incurred.

d)     Impairment  of  Long-Lived  Assets

The  Company  periodically  evaluates  potential  impairments  of its long-lived
assets,  including  intangibles.  When  the Company determines that the carrying
value  of  long-lived  assets may not be recoverable based upon the existence of
one  or  more  indicators  of  impairment,  the  Company evaluates the projected
undiscounted  cash  flows  related  to the assets.  If these cash flows are less
than the carrying value of the assets, the Company measures the impairment using
discounted  cash  flows  or  other  methods  of  determining  fair  value.

Long-lived  assets  to  be  disposed of are carried at the lower of cost or fair
value  less  estimated  costs  of  disposal.

e)     Foreign  Currency  Translation

The  Company's  functional currency is the U.S. dollar.  Transactions in foreign
currency  are  translated  into  U.S.  dollars  as  follows:

     i)   monetary  items  at  the  rate  prevailing  at the balance sheet date;
     ii)  non-monetary  items  at  the  historical  exchange  rate;
     iii) revenue  and  expense  at  the  average  rate  in  effect  during  the
          applicable  accounting  period.

f)     Stock  Based  Compensation

The  Company  measures  compensation cost for stock based compensation using the
intrinsic  value  method  of accounting as prescribed by A.P.B. Opinion No. 25 -
"Accounting  for  Stock  Issued  to  Employees".  The  Company has adopted those
provisions  of Statement of Financial Accounting Standards No. 123 - "Accounting
for  Stock Based Compensation", which require disclosure of the pro-forma effect
on  net  earnings  and  earnings  per  share  as  if  compensation cost had been
recognized  based upon the estimated fair value at the date of grant for options
awarded.


<PAGE>


                              BALSAM VENTURES INC.
                          (A Development Stage Company)

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 2003
                                   (Unaudited)
                            (Stated in U.S. Dollars)



2.     SIGNIFICANT  ACCOUNTING  POLICIES  (Continued)

g)     Basic  and  Diluted  Loss  Per  Share

In  accordance  with  SFAS  No.  128  - "Earnings Per Share", the basic loss per
common  share  is computed by dividing net loss available to common stockholders
by  the  weighted average number of common shares outstanding.  Diluted loss per
common  share is computed similar to basic loss per common share except that the
denominator  is increased to include the number of additional common shares that
would  have  been outstanding if the potential common shares had been issued and
if  the  additional common shares were dilutive.  At March 31, 2003, the Company
has  no  stock  equivalents that were anti-dilutive and excluded in the earnings
per  share  computation.


3.     LICENSE

Pursuant  to an exclusive license agreement, as amended, dated June 5, 2002, the
Company  has  acquired the exclusive worldwide license to use, commercialize and
license  the technology for self-chilling beverage containers.  In consideration
of  the  grant  of  the  exclusive  license,  the  Company  agreed  to:

a)   Issue  300,000  restricted  common  shares;

b)     Pay  a  license  fee  of US$200,000 within 180 days following the date of
execution  of  the  agreement;

c)     Incur  the  development  expenditures  not less than $1,800,000 within 27
months  following  the  date  of  execution  of  the  agreements;

d)     Pay  royalties  on  the  following  basis:

     i)   a  sales royalty on the sale of products equal to 5% of gross profits;
          and
     ii)  a  license royalty on revenues from sub-licensing equal to 5% of gross
          license  revenue.

The royalties in respect of any fiscal year following the fiscal year ended June
30,  2004  shall  not  be  less  than  $200,000  per  year.


<PAGE>


                              BALSAM VENTURES INC.
                          (A Development Stage Company)

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 2003
                                   (Unaudited)
                            (Stated in U.S. Dollars)



4.     RELATED  PARTY  TRANSACTIONS

During  the  three  month  period  ended March 31, 2003, director's compensation
totalled  $18,000  (2002  -  $Nil).

Accounts  payable  includes  $28,465  (2002  -  $Nil)  due  to  a  director.


5.     CONTINGENCY

As  at March 31, 2003, the Company was in default under the terms of the amended
license  agreement  described  in  Note  3.  The  Company  is  in  receipt of an
extension  of the remedy period under the notice of default, and will have until
June  5,  2003  to  correct the default or the exclusive license will terminate.


<PAGE>


Item  2.     Management's  Discussion  and  Analysis  or  Plan  of  Operations

FORWARD  LOOKING  STATEMENTS

The  information  in  this discussion contains forward-looking statements within
the  meaning  of  Section  27A  of  the  Securities Act of 1933, as amended, and
Section  21E  of  the  Securities  Exchange  Act  of  1934,  as  amended.  These
forward-looking statements involve risks and uncertainties, including statements
regarding  the  Company's capital needs, business strategy and expectations. Any
statements  contained  herein that are not statements of historical facts may be
deemed  to  be  forward-looking  statements.  In  some  cases,  you can identify
forward-looking  statements  by  terminology  such  as  "may", "will", "should",
"expect",  "plan",  "intend",  "anticipate",  "believe",  "estimate", "predict",
"potential"  or  "continue",  the  negative  of  such  terms or other comparable
terminology. Actual events or results may differ materially. In evaluating these
statements,  you  should consider various factors, including the risks described
below,  and, from time to time, in other reports the Company files with the SEC.
These  factors  may cause the Company's actual results to differ materially from
any  forward-looking statement. The Company disclaims any obligation to publicly
update  these  statements, or disclose any difference between its actual results
and  those  reflected  in  these  statements.  The  information  constitutes
forward-looking  statements  within  the  meaning  of  the  Private  Securities
Litigation  Reform  Act  of  1995.


OVERVIEW

We  were  incorporated on August 17, 1999 under the laws of the state of Nevada.

In accordance with our original business plan, we have developed a free Internet
web  site at our "www.usacitizenship.net" domain that provides a reliable source
of  information  on immigration into the United States.  Our business plan is to
draw  users  to  our web site so that we can sell and generate revenues from the
sale of web site advertisements.  We believe that the an Internet web site which
offers  free  information  on  the process of immigrating into the United States
would  attract  substantial  usage.  We  believe  that  if  we are successful in
attracting  people  to  our  web site, we will be able to generate revenues from
advertisers  who  are  interested  in  the  demographics  of our web site users.

We  have  completed  the  development  of  our  web site and our web site is now
operational.  We  have  yet to achieve any sales of advertising on our web site.
Our  business  plan  is  to solicit advertisers whose target market includes the
users  of  our  web  site in order to generate revenues.  We have not earned any
revenue  to  date.

As  discussed  below,  on  June  6, 2002, we entered into an exclusive licensing
agreement  (the  "License  Agreement")  with Cool Can Technologies, Inc., ("Cool
Can").  We  have  delayed  development  of  our  web  site  business in order to
concentrate  on  development  of  the  technology  licensed  under  the  License
Agreement.  In the event that we are not successful in renegotiating the License
Agreement  as  described  below,  we  intend  to focus on the web site business.

License  of  Cool  Can  Technology

On  June  6,  2002,  we  entered into an exclusive licensing agreement which was
amended  on  September  2,  2002  (the  "License  Agreement")  with  Cool  Can
Technologies, Inc., ("Cool Can") pursuant to which we were granted the exclusive
worldwide  right  and license, for a period of 40

                                       3

<PAGE>



years,  to  enjoy,  commercialize  and  exploit Cool Can's proprietary Instacool
self-chilling  beverage  container  technology  (the "Technology"). The licensed
rights  include  the  right  to manufacture, use and sell apparatus and products
embodying  the  Technology  and  the right to grant sub-licenses of our right to
manufacture,  use  and sell products embodying the Technology. The consideration
we  have  agreed  to  pay  to  Cool  Can pursuant to the License Agreement is as
follows:

1.   we  must  pay Cool Can a license fee of $200,000 by December 2, 2002 (which
     sum  has  not  been  paid);

2.   we  must  expend  $1,800,000  to  develop  and commercialize the Technology
     within  27  months  of  June  6,  2002;  and

3.   we must pay ongoing royalties to Cool Can equal to 5% of gross profits from
     sales  of  products  or  5%  of gross licensing revenues subject to minimum
     royalty payments of $200,000 per year in each of our fiscal years following
     the  fiscal  year  ended  June  30,  2004.

4.   we  must issue 300,000 shares of our common stock to Cool Can (which shares
     have  not  yet  been  issued).

We  are  presently in default of the License Agreement because we have failed to
pay  the  $200,000 license fee by December 2, 2002 and we have received a notice
of  default  from  Cool  Can  on  March 10, 2003 which required us to remedy the
default  within  30  days  (the  "Default  Period") or lose our rights under the
license  agreement.  We  are  in  discussions  with  Cool Can to renegotiate the
license  agreement  in  view  of  the  difficulty  of obtaining financing in the
current  financial market environment.  Cool Can continues to extend the default
period  while discussions are ongoing and we feel confident that we will be able
to renegotiate the agreement to permit us to proceed with the development of the
technology.

Cool  Can's  proposed  product  is  referred  to  as the "InstaCool" product and
consists  of  a  module  for  insertion  in an aluminium beverage container that
incorporates  a cartridge of liquid carbon dioxide ("CO2") that is held in place
by a cartridge holder.   The module consists of proprietary technology for which
Cool Can has been granted patent protection.  The module would be inserted in an
aluminium  beverage  container  during an automated canning process.  Containers
incorporating  the  InstaCool  product  would  be  identified  and  sold  as
self-chilling  beverage  containers.  To  start the chilling process, a consumer
would  pull  the  tab  off the container as with a regular non-chilling beverage
container.  When  the  tab on the lid of the beverage container is pulled by the
consumer,  a valve mechanism within the container releases the compressed liquid
CO2.  The  escaping  CO2  forms into small particles of frozen snow at extremely
cold  temperatures  and  rapidly imparts a chilling action to the beverage.  The
targeted result is that the consumer may purchase a beverage at room temperature
and enjoy it cold without having to purchase it from a cooler or purchase ice to
cool  the  beverage.


PLAN  OF  OPERATIONS

Our  plan  of  operations  for the next twelve months will include the following
components,  subject  to  our  achieving  the  required  financing:

                                       4

<PAGE>



(1)  We  plan to defer proceeding with an advertising and marketing campaign for
     our web site in order to concentrate our efforts and financial resources on
     the  InstaCool technology. We anticipate spending approximately $6,000 over
     the  next  twelve  months  on ongoing operating and administrative expenses
     associated  with  maintaining  our  web  site.

(2)  We  plan  to  raise  the required $200,000 to pay for the payment under our
     License  Agreement  for  the  InstaCool  technology  already  past  due;

(3)  We  plan  to  spend  approximately  $300,000  to  develop  the  InstaCool
     Technology.  We  plan to proceed with product development and production of
     samples  of  our self-chilling beverage container modules. These costs will
     be  accounted  for  under  our  license agreement with Cool Can towards the
     expenditures  for  the  development  of the Technology to be incurred by us
     pursuant  to  the license agreement. This phase of development will include
     the  following  elements  and  will  take  approximately  nine  months once
     financing  is  in  place:

     (a)  Product  fabrication,  including testing and studying design concepts,
          making  required design modifications, developing and building a fully
          functioning  prototype  self-chilling  beverage  container.

     (b)  Follow  on prototype development including, analysis, testing and fine
          tooling required for production and finalizing all production drawings
          and  specifications.

     (c)  Producing high-volume production cost estimates and methods, including
          estimation  of  tooling  costs,  sourcing  production  facilities  and
          requesting  bids  for tender from potential manufacturers of component
          parts  and  analysis  and  cost  estimates  for  projected  method  of
          assembling  of  chilling  module.

(4)  We  anticipate spending approximately $20,000 on professional fees over the
     next  twelve  months  in complying with our reporting obligations under the
     Securities  Exchange  Act  of  1934.

(5)  We anticipate spending approximately $140,000 on general overhead expenses,
     including  office  expenses  and  consulting  fees.

We  anticipate  that  we  will  be spending approximately $666,000 over the next
twelve-month  period  pursuing  our  stated  plan  of  operations.  Of  these
anticipated  expenditures, we anticipate that $363,000 will be spent on our plan
of  operations  over  the  next  six  months.  Our present cash reserves are not
sufficient  for  us  to  carry  out  our  plan of operations without substantial
additional  financing.  We  are  currently  attempting  to arrange for an equity
financing that would enable us to proceed with our plan of operations.  However,
we  do  not  have  any financing arrangements in place and there is no assurance
that  we  will be able to achieve the required financing.  If we are not able to
complete a financing to pay for the $200,000 due under our License Agreement and
Cool  Can  refuses  to grant a further extension of the default period, then our
License  Agreement  will  terminate and we will lose all rights to the InstaCool
Technology.  If  we  are  successful  in maintaining our license of the Cool Can
technology,  there  is  no  assurance that we will be able to achieve sufficient
financing  that  would  be required to commercialize this technology and to earn
revenues.  We  are presently in default of the License


                                       5

<PAGE>


Agreement  because we have failed to pay the $200,000 license fee by December 2,
2002.  We  are in discussions with Cool Can to renegotiate the license agreement
and  Cool Can continues to extend the Default Period while the negotiations take
place.  In  the  event that we are not successful in renegotiating the agreement
with  Cool Can, we intend to focus on the advertising and marketing campaign for
our  web  site.

Our  actual expenditures and business plan may differ from the one stated above.
Our  board of directors may decide not to pursue this plan.  In addition, we may
modify  the  plan  based  on  available  financing.

Results  of  Operations

We did not earn any revenues during the three month period ended March 31, 2003.
We  do not anticipate earning revenues until we commence sales of advertising on
our  immigration web site or we are successful completing the development of the
InstaCool  technology and are successful in commercializing this technology.  We
are  presently  in the development stage and we can provide no assurance that we
will be successful in earning revenues from our immigration web site or from the
InstaCool  technology  even  if  we  achieve  the  financing  to  develop  this
technology.

We  incurred  operating  expenses  in  the amount of $34,438 for the three month
period  ended  March  31,  2003  as  compared to $8,363 for the same three month
period  in  the  previous year.  The largest component of our operating expenses
was  consulting  services  in  the  amount of $33,000 for the three months ended
March  31, 2003.  These consulting services were incurred in connection with our
efforts to raise the financing necessary to complete the $200,000 payment due to
Cool  Can  under  the  License  Agreement and to proceed with development of the
Technology.  We  anticipate  our  operating  costs  will  increase  without  any
corresponding  increase  in  revenues  if  we achieve the financing necessary to
proceed  with  the  development  of  the  InstaCool  technology.

We  incurred  a  loss of $34,438 for the three month period ended March 31, 2003
compared  to a loss of $53,257 in the same three month period in the prior year.
Our  net  loss  was  attributable  entirely  to  our  operating  expenses.

Liquidity  and  Financial  Condition

As  of  March  31, 2003, we had no cash, compared to cash of $45 on December 31,
2002.  As  of  March 31, 2003 we had a working capital deficit of $184,794.  The
deficit  of working capital is attributable primarily to our operating expenses,
our  inability  to  earn  revenues,  and  an  increase  in our accounts payable.

We  will  require  additional  financing  if  we  are  not successful in earning
revenues  from  either  our  web  site or the InstaCool technology.  There is no
assurance  that  we  will  be  able  to  obtain additional financing if and when
required.  We  anticipate  that  any  additional financing may be in the form of
sales  of  additional shares of our common stock which may result in dilution to
our  current  shareholders.


                                       6

<PAGE>

ITEM  3.     CONTROLS  AND  PROCEDURES.

As  required  by  Rule  13a-15  under  the  Securities Exchange Act of 1934 (the
"Exchange Act"), we carried out an evaluation of the effectiveness of the design
and operation of our disclosure controls and procedures within the 90 days prior
to  the  filing  date of this report.  This evaluation was carried out under the
supervision and with the participation of our Chief Executive Officer, Mr. David
Lam,  and  Chief  Financial  Officer,  Mr.  John  Boschert.  Based  upon  that
evaluation,  our  Chief  Executive Officer and Chief Financial Officer concluded
that  our  disclosure  controls  and procedures are effective in timely alerting
management to material information relating to us required to be included in our
periodic  SEC  filings.  There  have been no significant changes in our internal
controls  or  in other factors that could significantly affect internal controls
subsequent  to  the  date  we  carried  out  our  evaluation.

Disclosure  controls  and  procedures are controls and other procedures that are
designed  to  ensure that information required to be disclosed our reports filed
or  submitted  under  the  Exchange  Act  is recorded, processed, summarized and
reported,  within  the  time  periods  specified  in the Securities and Exchange
Commission's  rules  and  forms.  Disclosure  controls  and  procedures include,
without  limitation, controls and procedures designed to ensure that information
required  to  be  disclosed  in  our  reports  filed  under  the Exchange Act is
accumulated  and  communicated  to  management,  including  our  Chief Executive
Officer  and  Chief  Financial  Officer,  to  allow  timely  decisions regarding
required  disclosure.



                                       7

<PAGE>

PART  II  -  OTHER  INFORMATION

Item  1.  Legal  Proceedings

We  are  not  a party to any material legal proceedings and to our knowledge, no
such  proceedings  are  threatened  or  contemplated.


Item  2.  Changes  in  Securities

We did not complete any unregistered sales of our common stock during our fiscal
quarter  ended  March  31,  2003.


Item  3.  Defaults  upon  Senior  Securities

None.


Item  4.  Submission  of  Matters  to  a  Vote  of  Security  Holders

No  matters  were  submitted  to a vote of our security holders during our first
quarter  ended  March  31,  2003.


Item  5.  Other  Information

None.




                                       8

<PAGE>

Item  6.  Exhibits  and  Reports  on  Form  8-K.


EXHIBITS  REQUIRED  BY  ITEM  601  OF  FORM  8-K

-------
Exhibit
Number     Description of Exhibit
--------------------------------------------------------------------------------
99.1      Certification  of  Chief  Executive Officer pursuant to pursuant to 18
          U.S.C.  Section  1350,  as  adopted  pursuant  to  Section  906 of the
          Sarbanes-Oxley  Act  of  2002(1)

99.2      Certification  of  Chief  Financial Officer pursuant to pursuant to 18
          U.S.C.  Section  1350,  as  adopted  pursuant  to  Section  906 of the
          Sarbanes-Oxley  Act  of  2002(1)

--------------------------------------------------------------------------------
(1)     Filed  as  an  Exhibit  to  this  Quarterly  Report  on  Form  10-QSB
--------------------------------------------------------------------------------



REPORTS  ON  FORM  8-K

We  did not file any Current Reports on Form 8-K during the fiscal quarter ended
March  31, 2003.   We have not filed any Current Reports on Form 8-K since March
31,  2003.



                                       9

<PAGE>





                                   SIGNATURES

In  accordance with the requirements of the Securities and Exchange Act of 1934,
the  Registrant  has  duly  caused this report to be signed on its behalf by the
undersigned,  thereunto  duly  authorized.

BALSAM  VENTURES,  INC.

Date:     May  19,  2003


By:   /s/ DAVID  LAM
      --------------------
      DAVID  LAM,
      President, Chief Executive Officer
      and Director


<PAGE>


                                 CERTIFICATIONS*
I,  David  Lam,  Chief  Executive  Officer  of  Balsam  Ventures,  Inc.  (the'
Registrant"),  certify  that;

(1)  I  have  reviewed  this  quarterly report on Form10-QSB of Balsam Ventures,
     Inc.;

(2)  Based  on  my  knowledge, this quarterly report does not contain any untrue
     statement  of a material fact or omit to state a material fact necessary to
     make  the  statements  made, in light of the circumstances under which such
     statements  were made, not misleading with respect to the period covered by
     this  quarterly  report;

(3)  Based  on  my  knowledge,  the  financial  statements,  and other financial
     information  included  in  this  quarterly  report,  fairly  present in all
     material  respects  the financial condition, results of operations and cash
     flows  of  the  Registrant  as  of,  and for, the periods presented in this
     quarterly  report;

(4)  The  Registrant's  other  certifying  officers  and  I  are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in  Exchange  Act  Rules  13a-14  and  15d-14) for the Registrant and have:

     a)   designed  such  disclosure  controls  and  procedures  to  ensure that
          material  information  relating  to  the  Registrant,  including  its
          consolidated  subsidiaries, is made known to us by others within those
          entities,  particularly  during  the  period  in  which this quarterly
          report  is  being  prepared;

     b)   evaluated  the  effectiveness  of the Registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date of
          this  quarterly  report  (the  "Evaluation  Date");  and

     c)   presented  in  this  quarterly  report  our  conclusions  about  the
          effectiveness  of  the disclosure controls and procedures based on our
          evaluation  as  of  the  Evaluation  Date;

(5)  The  Registrant's  other certifying officers and I have disclosed, based on
     our  most  recent  evaluation,  to  the Registrant's auditors and the audit
     committee  of  Registrant's  board  of directors (or persons performing the
     equivalent  functions):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which  could  adversely  affect  the Registrant's ability to
          record,  process,  summarize  and  report  financial  data  and  have
          identified  for  the  Registrant's auditors any material weaknesses in
          internal  controls;  and

     b)   any  fraud, whether or not material, that involves management or other
          employees  who  have  a  significant role in the Registrant's internal
          controls;  and

(6)  The  Registrant's  other  certifying  officers and I have indicated in this
     quarterly  report whether or not there were significant changes in internal
     controls  or  in  other  facts  that  could  significantly  affect internal
     controls  subsequent  to  the date of our most recent evaluation, including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.


Date:  May  19,  2003             /s/ DAVID  LAM
                                  _________________________
                                  (Signature)

                                  Chief  Executive  Officer
                                  -------------------------
                                  (Title)


<PAGE>

                                 CERTIFICATIONS*
I,  John  Boschert,  Chief  Financial  Officer  of  Balsam  Ventures, Inc. (the'
Registrant"),  certify  that;

(1)  I  have  reviewed  this  quarterly report on Form10-QSB of Balsam Ventures,
     Inc.;

(2)  Based  on  my  knowledge, this quarterly report does not contain any untrue
     statement  of a material fact or omit to state a material fact necessary to
     make  the  statements  made, in light of the circumstances under which such
     statements  were made, not misleading with respect to the period covered by
     this  quarterly  report;

(3)  Based  on  my  knowledge,  the  financial  statements,  and other financial
     information  included  in  this  quarterly  report,  fairly  present in all
     material  respects  the financial condition, results of operations and cash
     flows  of  the  Registrant  as  of,  and for, the periods presented in this
     quarterly  report;

(4)  The  Registrant's  other  certifying  officers  and  I  are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in  Exchange  Act  Rules  13a-14  and  15d-14) for the Registrant and have:

     a)   designed  such  disclosure  controls  and  procedures  to  ensure that
          material  information  relating  to  the  Registrant,  including  its
          consolidated  subsidiaries, is made known to us by others within those
          entities,  particularly  during  the  period  in  which this quarterly
          report  is  being  prepared;

     b)   evaluated  the  effectiveness  of the Registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date of
          this  quarterly  report  (the  "Evaluation  Date");  and

     c)   presented  in  this  quarterly  report  our  conclusions  about  the
          effectiveness  of  the disclosure controls and procedures based on our
          evaluation  as  of  the  Evaluation  Date;

(5)  The  Registrant's  other certifying officers and I have disclosed, based on
     our  most  recent  evaluation,  to  the Registrant's auditors and the audit
     committee  of  Registrant's  board  of directors (or persons performing the
     equivalent  functions):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which  could  adversely  affect  the Registrant's ability to
          record,  process,  summarize  and  report  financial  data  and  have
          identified  for  the  Registrant's auditors any material weaknesses in
          internal  controls;  and

     b)   any  fraud, whether or not material, that involves management or other
          employees  who  have  a  significant role in the Registrant's internal
          controls;  and

(6)  The  Registrant's  other  certifying  officers and I have indicated in this
     quarterly  report whether or not there were significant changes in internal
     controls  or  in  other  facts  that  could  significantly  affect internal
     controls  subsequent  to  the date of our most recent evaluation, including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.


Date:  May  19,  2003             /s/ John  Boschert
                                  _________________________
                                  (Signature)

                                  Chief  Financial  Officer
                                  -------------------------
                                  (Title)