UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM 10-K/A

(Amendment Number Two)



o  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the fiscal year ended December 31, 2009



or



o      TRANSITION REPORT UNDER SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the transition period from _____________ to ________________



Commission file number: 333-152849



AMERICAN SMOOTH WAVE VENTURES, INC.



(Exact name of registrant as specified in its charter)



|Iowa                                     |  | 26-3036101                          
|---------------------------------------- |  | ------------------------------------
|(State or other jurisdiction of          |  |                                     
|incorporation or organization)           |  | (I.R.S. Employer Identification No.)
|                                         |  |                                     
|73726 Alessandro Dr. Suite 103           |  |                                     
|Palm Desert, CA  92260                   |  | 92260                               
|(Address of principal executive offices) |  | (Zip Code)                          



Registrants telephone number, including area code:   (760) 776-8899





Securities registered pursuant to Section 12(b) of the Act: None



Name of each exchange on which registered:



Securities registered pursuant to Section 12(g) of the Act:  Common Stock, par value $0.001 per share



Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes   ̈  No  x



Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes   ̈   No  x



Indicate by check mark whether the registrant (1) has filed all reports required 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 registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x  No   ̈



Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  ̈ No  ̈



Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  x



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



|Large accelerated filer   ̈ | Accelerated filer   ̈        
|-------------------------- | ----------------------------
|                           |                             
|Non-accelerated filer   ̈   | Smaller reporting company  x



Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  x No   ̈



For the year ended December 31, 2009, the issuer had no revenues.



As of December 15, 2010, there was no active trading market for the issuers common stock, $.001 par value.  The issuer has been cleared to trade on the OTC:BB.



The number of shares outstanding of the issuers common stock, $.001 par value, as of December 15, 2010 was 8,532,500 shares.



DOCUMENTS INCORPORATED BY REFERENCE



None.







Explanatory Note

This Amendment Number Two to the Annual Report on Form 10-K/A filed by American Smooth Wave Ventures, Inc., a Iowa corporation (we, our, us, or the Company), on April 6, 2010 is being filed to include (i) audited balance sheets of American Smooth Wave Ventures, Inc. as of December 31, 2009 and 2008, and the related statements of operations, stockholders equity (deficit), and cash flows for the period from the date of inception on July 11, 2008 to December 31, 2009, (ii) a consent letter issued by Sam Kan & Company, our independent registered public accounting firm, for the period covered by the financial statements, (iii) include an updated Exhibit List in Item 15, (iv) include updated Exhibit 31 and 32 certifications for our principal executive and financial officers.



Except as specifically referenced herein, this Amendment Number Two to Annual Report on Form 10-K/A does not reflect any event occurring subsequent to April 6, 2010, the filing date of the original report, and no other changes have been made to the report.



This Amendment Number Two is identical to Amendment Number One with the single exception that the Sam Kan consent letter referred to in (ii) above does in fact consent to the use of the Financial Statements in the Form 10-K whereas the letter attached as an Exhibit to Form 10-K/A (Amendment Number One) consented to the use of the statements in Form S-1 in error.



|
|

|Exhibit No. | Description                                                                                                                            
|----------- | ---------------------------------------------------------------------------------------------------------------------------------------
|31.1        | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                 
|31.2        | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                
|32.1        | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|23          | Consent Letter  Sam Kan & Company                                                                                                     













SIGNATURES







In accordance with Section 13 or 15(d) of the Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



|                       |                                    
|---------------------- | -----------------------------------
|                       |                                    
|                       | AMERICAN SMOOTH WAVE VENTURES, INC.
|                       |                                    
|Date: January 19, 2011 |                                    
|                       |                                    
|                       | By: /s/ Neville Pearson            
|                       | Neville Pearson, President         



In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



|                        |  |                                             
|----------------------- |  | --------------------------------------------
|                        |  |                                             
|Date: January 19, 2011  |  |                                             
|                        |  |                                             
|                        |  | By: /s/ Neville Pearson                     
|                        |  | Neville Pearson, President and Director     
|                        |  | (Principal Executive Officer)               
|                        |  |                                             
|Date: January  19, 2011 |  |                                             
|                        |  |                                             
|                        |  | By: /s/ Neville Pearson                     
|                        |  | Neville Pearson, Chief Financial Officer    
|                        |  | (Principal Financial and Accounting Officer)





|
|



(A DEVELOPMENT STAGE COMPANY)



AUDITED FINANCIAL STATEMENTS



FOR THE PERIODS OF



JULY 11, 2008 (DATE OF INCEPTION)

TO DECEMBER 31, 2008 AND 2009



































SAM KAN AND COMPANY

1151 HARBOR BAY PKWY, STE 101

ALAMEDA, CA 94502













TABLE OF CONTENTS







|                                  |     
|--------------------------------- | ----
|                                  | Page
|                                  |     
|INDEPENDENT AUDITORS REPORT      | F-3 
|                                  |     
|FINANCIAL STATEMENTS              |     
|                                  |     
|Balance Sheet                     | F-4 
|                                  |     
|Statement of Operations           | F-5 
|                                  |     
|Statement of Cash Flows           | F-6 
|                                  |     
|Statement of Stockholders Equity | F-7 
|                                  |     
|Notes to Financial Statements     | F-8 





|
|

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM







To the Board of Directors

American Smooth Wave Ventures, Inc.

(A Development State Company)

Palm Desert, California



We have audited the accompanying balance sheets of American Smooth Wave Ventures, Inc. as of December 31, 2009 and 2008, and the related statements of operations, stockholders' equity (deficit), and cash flows for the period from the date of inception on July 11, 2008 to December 31, 2009. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.



We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.



In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of American Smooth Wave Ventures, Inc.(A Development Stage Company) as of December 31, 2009 and 2008, and the results of their operations and their cash flows for the period from the date of inception on July 11, 2008 to December 31, 2009 then ended in conformity with U.S. generally accepted accounting principles.



We were not engaged to examine management's assessment of the effectiveness of American Smooth Wave Ventures, Inc.'s internal control over financial reporting as of December 31, 2009 and 2008, and accordingly, we do not express an opinion thereon.



The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note B to the consolidated financial statements, the Company has suffered recurring losses and has experienced negative cash flows from operations, which raises substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to those matters are also described in Note B to the consolidated financial statements. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.



|                     
|---------------------
|/s/ Sam Kan & Company
|Sam Kan & Company    

March 29, 2010

Almeda, California







|                                               |                                                                                                                                                   |              |          |      |       |        
|---------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------- | ------------ | -------- | ---- | ----- | -------
|AMERICAN SMOOTH WAVE VENTURES, INC.           
|(A Development Stage Enterprise)              
|Balance Sheets                                
|                                               |                                                                                                                                                   |              |          |      |       |        
|                                               |                                                                                                                                                   | December 31,
|                                               |                                                                                                                                                   | 2009         |          | 2008
|ASSETS                                        
|                                               |                                                                                                                                                   |              |          |      |       |        
|Current assets                                 |                                                                                                                                                   |              |          |      |      
|                                               | Cash                                                                                                                                              | $            | 630      |      | $     | -      
|                                               | Prepaid Expenses                                                                                                                                  | $            | -        |      | $     | -      
|                                               | Accounts receivable                                                                                                                               |              |          |      |       |        
|Total current assets                           |                                                                                                                                                   | 630          |          |      | -    
|                                               |                                                                                                                                                   |              |          |      |       |        
|Total assets                                   | $                                                                                                                                                 | 630          |          | $    | -    
|                                               |                                                                                                                                                   |              |          |      |       |        
|LIABILITIES AND STOCKHOLDERS' DEFICIT         
|                                               |                                                                                                                                                   |              |          |      |       |        
|Current liabilities                            |                                                                                                                                                   |              |          |      |      
|                                               | Accounts payable                                                                                                                                  | $            | 3,000    |      | $     | -      
|Total current liabilities                      |                                                                                                                                                   | 3,000        |          |      | -    
|                                               |                                                                                                                                                   |              |          |      |       |        
|Stockholders' Deficit                          |                                                                                                                                                   |              |          |      |      
|                                               | Common stock, $.0001 par value; 75,000,000 shares authorized, 2,200,000 and 4,282,500
shares issued and outstanding at December 30, 2008 and 2009 | 4,283        |          |      | 2,200
|                                               | Additional paid in capital                                                                                                                        |              | 21,953   |      |       | 2,850  
|                                               | Deficit accumulated during the development stage                                                                                                  |              | (28,245) |      |       | (5,050)
|Total stockholders' deficit                    |                                                                                                                                                   | (2,370)      |          |      | -    
|                                               |                                                                                                                                                   |              |          |      |       |        
|Total liabilities and stockholders' deficit    | $                                                                                                                                                 | 630          |          | $    | -    
|                                               |                                                                                                                                                   |              |          |      |       |        
|See accompanying notes to financial statements









|                                               |                            |                              |        |                                  |            |                                                                    |   |          |       
|---------------------------------------------- | -------------------------- | ---------------------------- | ------ | -------------------------------- | ---------- | ------------------------------------------------------------------ | - | -------- | ------
|AMERICAN SMOOTH WAVE VENTURES, INC.           
|(A Development Stage Enterprise)              
|Statement of Operations                       
|                                              
|                                               |                            | Year Ended
December 31, 2009 |        | For Year Ended December, 31 2008 |            | For the period from
July 11, 2008
(inception) to
December 31, 2009
|                                               |                            |                              |        |                                  |            |                                                                    |   |          |       
|Revenue                                        | $                          | -                            |        | $                                | -          |                                                                    | $ | -       
|                                               |                            |                              |        |                                  |            |                                                                    |   |          |       
|Expenses                                       |                            |                              |        |                                  |            |                                                                    |   |         
|                                               | General and administrative |                              | 23,195 |                                  |            | 5,050                                                              |   |          | 28,245
|Total expenses                                 |                            | 23,195                       |        |                                  | 5,050      |                                                                    |   | 28,245  
|                                               |                            |                              |        |                                  |            |                                                                    |   |          |       
|Net loss                                       | $                          | (23,195)                     |        | $                                | (5,050)    |                                                                    | $ | (28,245)
|                                               |                            |                              |        |                                  |            |                                                                    |   |          |       
|Basic and diluted loss per common share        | $                          | (0.00990)                    |        | $                                | (0.002300) |                                                                    |   |         
|                                               |                            |                              |        |                                  |            |                                                                    |   |          |       
|Weighted average shares outstanding            |                            | 2,344,034                    |        |                                  | 2,200,000  |                                                                    |   |         
|                                               |                            |                              |        |                                  |            |                                                                    |   |          |       
|See accompanying notes to financial statements









|                                               |                                             |                                  |                              |         |                              |         |                                                                    |   |          |       
|---------------------------------------------- | ------------------------------------------- | -------------------------------- | ---------------------------- | ------- | ---------------------------- | ------- | ------------------------------------------------------------------ | - | -------- | ------
|AMERICAN SMOOTH WAVE VENTURES, INC.           
|(A Development Stage Enterprise)              
|Statements of Cash Flows                      
|                                              
|                                               |                                             |                                  | Year Ended
December 31, 2009 |         | Year Ended
December 31, 2008 |         | For the period from July 11, 2008 (inception) to December 31, 2009
|                                               |                                             |                                  |                              |        
|                                               |                                             |                                  |                              |        
|                                               |                                             |                                  |                              |        
|                                               |                                             |                                  |                              |        
|Cash flows from operating activities           |                                             |                                  |                              |         |                              |        
|                                               | Net loss                                    | $                                | (23,195)                     |         | $                            | (5,050) |                                                                    | $ | (28,245)
|                                               | Changes in operating assets and liabilities |                                  |                              |         |                              |         |                                                                   
|                                               |                                             | Prepaid expenses                 |                              | -       |                              |         | -                                                                  |   |          | -     
|                                               |                                             | Accounts payable                 |                              | 3,000   |                              |         | -                                                                  |   |          | 3,000 
|Net cash used in operating activities          | (20,195)                                    |                                  |                              | (5,050) |                              |         | (25,245)                                                          
|                                               |                                             |                                  |                              |         |                              |         |                                                                    |   |          |       
|Cash flows from investing activities           |                                             | -                                |                              |         | -                            |         |                                                                    | -
|                                               |                                             |                                  |                              |         |                              |         |                                                                    |   |          |       
|Cash flows from financing activities           |                                             |                                  |                              |         |                              |        
|                                               |                                             | Common stock issued for services | -                            |         |                              | -       |                                                                    |   | -       
|                                               |                                             | Proceeds from sale of stock      |                              | 20,825  |                              |         | 5,050                                                              |   |          | 25,875
|Net cash provided by financing activities      | 20,825                                      |                                  |                              | 5,050   |                              |         | 25,875                                                            
|                                               |                                             |                                  |                              |         |                              |         |                                                                    |   |          |       
|                                               |                                             | Net change in cash               |                              | 630     |                              |         | -                                                                  |   |          | 630   
|                                               |                                             |                                  |                              |         |                              |         |                                                                    |   |          |       
|                                               |                                             | Cash at beginning of period      |                              | -       |                              |         | -                                                                  |   |          | -     
|                                               |                                             |                                  |                              |         |                              |         |                                                                    |   |          |       
|                                               |                                             | Cash at end of period            | $                            | 630     |                              | $       | -                                                                  |   | $        | 630   
|                                               |                                             |                                  |                              |         |                              |        
|                                               |                                             |                                  |                              |         |                              |         |                                                                    |   |          |       
|                                               |                                             |                                  |                              |         |                              |         |                                                                    |   |          |       
|Supplemental cash flow Information:            |                                             |                                  |                              |         |                              |        
|                                               | Cash paid for interest                      | $                                | -                            |         | $                            | -       |                                                                    | $ | -       
|                                               | Cash paid for income taxes                  | $                                | -                            |         | $                            | -       |                                                                    | $ | -       
|                                               |                                             |                                  |                              |         |                              |         |                                                                    |   |          |       
|See accompanying notes to financial statements







|AMERICAN SMOOTH WAVE VENTURES, INC.           
|----------------------------------------------
|(A Development Stage Enterprise)              
|Statement of Changes in Stockholders' Deficit 
|                                              
|                                              
|                                              
|Balance, July 11, 2008 (Inception)            
|Common stock issued for cash                  
|Common stock issued for services              
|Net loss, period ended December 31, 2008      
|Balance, December 31,, 2008                   
|                                              
|Common stock issued for cash                  
|Net loss, year ended December 31, 2009        
|Balance,December 31, 2009                     
|                                              
|See accompanying notes to financial statements















|
|



|                                                              |   | Loss        |   | Shares        |   | Per Share
|------------------------------------------------------------- | - | ----------- | - | ------------- | - | ---------
|                                                              |   | (Numerator) |   | (Denominator) |   | Amount   
|From Inception on July 11, 2008 to Period Ended Dec. 31, 2009 | $ | (28,245)    | $ | 2,344,034     | $ | (0.00990)







Provision for Income Taxes



Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences.  Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely that not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.



Net deferred tax assets consist of the following components from Inception on July 11, 2008 to December 31, 2009:



|                                  |   |        
|--------------------------------- | - | -------
|                                  |   | 2009   
|Deferred tax assets NOL Carryover | $ | 9,603  
|Valuations Allowance              |   | (9,603)
|Net Deferred Tax Asset            | $ | 0      



The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate of 34% to pretax income from continuing operations for the periods ended Dec. 31, 2009 due to the following:



On December 31, 2009, the Company had an operating loss carry forward of $28,245 that can be used as an offset against future taxable income. No tax benefit has been reported in the December 31, 2009 financial statements since the potential tax benefit is offset by a valuation allowance of the same amount.



American Smooth Wave Ventures, Inc.
(A Development Stage Company)
Notes to Financial Statements
For The Years Ended December 31, 2009 and 2008



NOTE A  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)



Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry-forwards for Federal income tax reporting purposes are subject to annual limitations.  Should a change in ownership occur, net operating loss carry forwards may be limited as to use in the future.



Use of Estimates



The preparation of financial statements in accounting principles generally accepted in the United States of America 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.  A change in managements estimates or assumptions could have a material impact on American Smooth Wave Ventures,

Inc.s financial condition and results of operations during the years in which such changes occurred.



Actual results could differ from those estimates. American Smooth Wave Ventures, Inc.s financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the years presented.



Fair Value of Financial Instruments

As at Dec. 31, 2009, the fair value of cash and accounts and advances payable, including amounts due to and from related parties,

approximate carrying values because of the short-term maturity of these instruments.

Recently Issued Accounting Pronouncements



On July 1, 2009, Financial Accounting Standards Board (“FASB”) Accounting Standards CodificationTM (“ASC”) became the sole source of authoritative Generally Accepted Accounting Principles (“GAAP”) literature recognized by the Financial Accounting Standards Board for financial statements issued for interim and annual periods ending after September 15, 2009. Rules and interpretive releases of the Security Exchange Commission (SEC) under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. Except for applicable SEC rules and regulations and a limited number of grandfathered standards, all other sources of GAAP for nongovernmental entities were superseded by the issuance of ASC. ASC did not change GAAP, but rather combined the sources of GAAP and the framework for selecting among those sources into a single source. Accordingly, the adoption of ASC had no impact on the financial results of the Company.



On June 12, 2009 the F ASB issued two statements that amended the guidance for off-balance-sheet accounting of financial instruments: SFAS No. 166, "Accounting for Transfers of Financial Assets," and SF AS No. 167, "Amendments to FASB  Interpretation No. 46(R)." SFAS No. 166 revises SFAS No. 140, "Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities," and will require entities to provide more information about sales of securitized financial assets and similar transactions, particularly if the seller retains some risk to the assets, the FASB said. The statement eliminates the concept of a qualifying special-purpose entity, changes the requirements for the derecognizing of financial assets, and calls upon sellers of the assets to make additional disclosures about them.

SFAS No. 167 amends FASB Interpretation (FIN) No. 46(R), "Consolidation of Variable Interest Entities," by altering how a company determines when an entity that is insufficiently capitalized or not controlled through voting should be consolidated, the

American Smooth Wave Ventures, Inc.
(A Development Stage Company)
Notes to Financial Statements
For The Years Ended December 31, 2009 and 2008

NOTE A  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)



Recently Issued Accounting Pronouncements (continued)



FASB said. A company has to determine whether it should provide consolidated reporting of an entity based upon the entity's purpose and design and the parent company's ability to direct the entity's actions. SFAS Nos. 166 and 167 will be effective at the start of the first fiscal year beginning after November 15, 2009, which will mean January 20 10 for companies that are on calendar years.

In May 2009, the FASB issued SF AS 165, "Subsequent Events." SF AS 165 should not result in significant changes in the subsequent events that an entity reports. Rather, SF AS 165 introduces the concept of financial statements being available to be issued. Financial statements are considered available to be issued when they are complete in a form and format that complies with generally accepted accounting principles (GAAP) and all approvals necessary for issuance have been obtained.

In May of2008, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SF AS) No. 163, "Accounting for Financial Guarantee Insurance -an interpretation of FASB Statement No. 60, Accounting and Reporting by Insurance Enterprises". This statement requires that an insurance enterprise recognize a claim liability prior to an event of default (insured event) when there is evidence that credit deterioration has occurred in an insured financial obligation. This statement also clarifies how Statement 60 applies to financial guarantee insurance contracts. This statement is effective for fiscal years beginning after December 15,2008. This statement has no effect on the Company's financial reporting at this time.

In March of 2008 F ASB issued Statement of Financial Accounting Standards (SF AS) No. 161, "Disclosures about Derivative Instruments and Hedging Activities-an amendment of FASB Statement No. 133, "Accounting for Derivatives and Hedging Activities." SFAS No. 161 has the same scope as Statement No. 133 but requires enhanced disclosures about (a) how and why an entity uses derivative instruments, (b) how derivative instruments and related hedged items are accounted for under Statement No. 133 and its related interpretations, and (c) how derivative instruments and related hedged items affect an entity's financial position, financial performance, and cash flows. SF AS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15,2008, with early application encouraged. The statement encourages, but does not require, comparative

disclosures for earlier periods at initial adoption. SFAS No. 161 has no effect on the Company's financial position, statements of operations, or cash flows at this time.

In December, 2007, the FASB issued SFAS No. 160, "Non-controlling interests in Consolidated Financial Statements, an amendment of ARB No. 51." SF AS No. 160 applies to "for-profit" entities that prepare consolidated financial statements where there is an outstanding non-controlling interest in a subsidiary. The Statement requires that the non-controlling interest be reported in the equity section of the consolidated balance sheet but identified separately from the parent. The amount of consolidated net income attributed to the non-controlling interest is required to be presented, clearly labeled for the parent and the non-controlling entity, on the face of the consolidated statement of income. When a subsidiary is de-consolidated, any retained non-controlling interest is to be measured at fair value. Gain or loss on de-consolidation is recognized rather than carried as the value of the retained investment. The Statement is effective for fiscal years and interim periods beginning on or after December 15,2008. It cannot be adopted earlier but, once adopted, is to be applied retroactively. This pronouncement has no effect on this Company's financial reporting at this time.

Also in December 2007, the FASB issued SFAS No. 141R, "Business Combinations" ("SFAS No. 14IR"). SFAS No. 141 R amends SFAS 141 and provides revised guidance for recognizing and measuring identifiable assets and goodwill acquired, liabilities assumed, and any non-controlling interest in the acquiree. It also provides disclosure requirements to enable users of the financial statements to evaluate the nature and financial effects of the business combination. It is effective for fiscal years beginning on or after December 15, 2008 and will be applied prospectively. SFAS No. 14lR has no effect on the Company's financial reporting.



American Smooth Wave Ventures, Inc.
(A Development Stage Company)
Notes to Financial Statements
For The Years Ended December 31, 2009 and 2008



NOTE A  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)



Recently Issued Accounting Pronouncements (continued)



None of the above new pronouncements has current application to the Company, but may be applicable to the Company's future financial reporting.

Long-lived Assets-Technology

The Company's technology is recorded at its cost. The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable.When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.

Concentration of Risk

Cash -The Company at times may maintain a cash balance in excess of insured limits. At Dec. 31, 2009, the Company has no cash in excess of insured limits.

Revenue Recognition

The Company recognizes revenues when payments are billed to the customer and according to the terms of the contract.

Property and Equipment



Property and equipment are carried at cost. Expenditures for maintenance and repairs are charged against operations. Renewals and betterments that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period.



Depreciation is computed for financial statement purposes on a straight-line basis over estimated useful lives of the related assets.



The estimated useful lives of depreciable assets are:

|                 |                       
|---------------- | ----------------------
|                 | Estimated
Useful Lives
|Office Equipment | 5-10 years            
|Copier           | 5-7   years           
|Vehicles         | 5-10 years            



For federal income tax purposes, depreciation is computed under the modified accelerated cost recovery system. For audit purposes, depreciation is computed under the straight-line method.







American Smooth Wave Ventures, Inc.
(A Development Stage Company)
Notes to Financial Statements
For The Years Ended December 31, 2009 and 2008





NOTE A  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)



Accounts Receivable

Accounts receivable are carried at the expected net realizable value. The allowance for doubtful accounts is based on management's assessment of the collectability of specific customer accounts and the aging of the accounts receivables. If there were a deterioration of a major customer's creditworthiness, or actual defaults were higher than historical experience, our estimates of the recoverability of the amounts due to us could be overstated, which could have a negative impact on operations.

Cash and Cash Equivalents



For purposes of the statement of cash flows, the Company considers all short-term debt securities purchased with maturity of three months or less to be cash equivalents.

Advertising Costs

Advertising and promotion costs are expensed as incurred. The Company incurred no such expenses since inception.

NOTE B  GOING CONCERN

The Company's financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company does not have significant cash or other current assets, nor does it have an established source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern.

Marketing will be focused on attracting retail customers of candy, sweets, foods and bakery items to our website which will be designed to allow the potential customers to order the desired items on the website for delivery to the specified location. When and if these activities provide sufficient revenues it would allow it to continue as a going concern. In the interim the Company is working toward raising operating capital through the private placement of its common stock or debt instruments.

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plan described in the preceding paragraph and eventually attain profitable operations.



The accompanying financial statements do not include any adjustments that may be necessary if the Company is unable to continue as a going concern.



NOTE C -RELATED PARTY TRANSACTIONS

For the year ended December 31,2009, the Company paid consulting fees of$ll,100 to IPO Capital Partners, Inc. which owns more than 5% of the common stock as of December 31,2009. Within these fees, $4,000 was paid on behalf of West em Lucrative Enterprises, Inc. (WLE) for WLE's quarterly report preparation of which Orion Investors, Inc is the major shareholder. Orion Investors, Inc owns more than 5% of the common stock as of December 31, 2009. WLE reimbursed the Company $4,000 by the end of December 31, 2009. There was no balance due to this shareholder at December 31, 2009 and December 31, 2008.

American Smooth Wave Ventures, Inc.
(A Development Stage Company)
Notes to Financial Statements
For The Years Ended December 31, 2009 and 2008



NOTE D -SUBSEQUENT EVENTS

In January, 2010, Dempsey Mork, a shareholder who owns more than 5% of the common stock as of December 31, 2009, loaned $10,000 to the Company for its DTC eligibility application. This non-interestbearing advance is due on demand.

In February, 2010, the Company issued a note payable of$3,000 to Dempsey Mork. The note will be matured by December 31, 2010. There is no payment term during the year. Principal and interest of 6% will be due when the loan is matured.

SIGNATURES







In accordance with Section 13 or 15(d) of the Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized:



American Smooth Wave Ventures, Inc.





By: /s/ Neville Pearson

Date: January 19, 2011                                                                                            Neville Pearson, Director







Date: January 19, 2011                                                                                     By: /s/ Irwin J. Kirz

Irwin J. Kirz, Director