UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549  FORM 10-K/A  X.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  .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)  Iowa26-3036101(State or other jurisdiction of(I.R.S. Employer Identification No.)incorporation or organization)73726 Alessandro Dr. Suite 103Palm Desert, CA 9226092260(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.   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. (Do not check if a smaller reporting company)Smaller reporting companyX.  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.   2    Explanatory Note    This Amendment No. 1 to the Annual Report on Form 10-K/A filed by American Smooth Wave Ventures, Inc., a Nevada 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 No. 1 to Annual Report on Form 10-K/A does not reflect any event occurring subsequent to April 6, 20010, the filing date of the original report, and no other changes have been made to the report.  3   Financial Statements  Financial statements filed as part of this report:  · Consolidated Balance Sheets of American Smooth Wave Ventures, Inc. as of December 31, 2009 and 2008 · Statements of Operations for the period from the date of inception on July 11, 2008 to December 31, 2009 · Statement of Changes in Stockholders' Equity (Deficiency) for the period from the date of inception on July 11, 2008 to December 31, 2009 · Statement of Cash Flows for the years ended December 31, 2009 and 2008 and for the period from the date of inception on July 11, 2008 to December 31, 2009 · Notes to financial statements  Exhibits


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|----------- | ---------------------------------------------------------------------------------------------------------------------------------------
|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                                                                                                     

4   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: December 21, 2010By: /s/ Neville PearsonNeville 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: December 21, 2010By: /s/ Neville PearsonNeville Pearson, President and Director(Principal Executive Officer)Date: December 21, 2010By: /s/ Neville PearsonNeville Pearson, Chief Financial Officer(Principal Financial and Accounting Officer)   5   AMERICAN SMOOTH WAVE VENTURES, INC.  (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   F-1       TABLE OF CONTENTS    PageINDEPENDENT AUDITORS REPORTF-3FINANCIAL STATEMENTSBalance SheetF-4Statement of OperationsF-5Statement of Cash FlowsF-6Statement of Stockholders EquityF-7Notes to Financial StatementsF-8   F-2    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 & CompanySam Kan & Company March 29, 2010 Almeda, California  F-3     AMERICAN SMOOTH WAVE VENTURES, INC. (A Development Stage Enterprise) Balance Sheets December 31,20092008ASSETSCurrent assetsCash$630$-Prepaid Expenses$-$-Accounts receivableTotal current assets630-Total assets$630$-LIABILITIES AND STOCKHOLDERS' DEFICITCurrent liabilitiesAccounts payable$3,000$-Total current liabilities3,000-Stockholders' DeficitCommon 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 20094,2832,200Additional paid in capital21,9532,850Deficit 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  F-4   AMERICAN SMOOTH WAVE VENTURES, INC. (A Development Stage Enterprise) Statement of Operations  Year Ended
December 31,
2009For Year
Ended
December, 31
2008For the
period from
July 11, 2008
(inception) to
December 31,
2009Revenue$-$-$-ExpensesGeneral and administrative23,1955,05028,245Total expenses23,1955,05028,245Net loss$(23,195)$(5,050)$(28,245)Basic and diluted loss per common share$(0.00990)$(0.002300)Weighted average shares outstanding2,344,0342,200,000  See accompanying notes to financial statements  F-5   AMERICAN SMOOTH WAVE VENTURES, INC. (A Development Stage Enterprise) Statements of Cash Flows  Year Ended
December 31,
2009Year Ended
December 31,
2008For the
period from
July 11, 2008
(inception) to
December 31,
2009Cash flows from operating activitiesNet loss$(23,195)$(5,050)$(28,245)Changes in operating assets and liabilitiesPrepaid expenses---Accounts payable3,000-3,000Net cash used in operating activities(20,195)(5,050)(25,245)Cash flows from investing activities---Cash flows from financing activitiesCommon stock issued for services---Proceeds from sale of stock20,8255,05025,875Net cash provided by financing activities-21,3007,750Net change in cash630-630Cash at beginning of period---Cash at end of period$630$-$630Supplemental cash flow Information:Cash paid for interest$-$-$-Cash paid for income taxes$-$-$-  See accompanying notes to financial statements  F-6   AMERICAN SMOOTH WAVE VENTURES, INC. (A Development Stage Enterprise) Statement of Changes in Stockholders' Deficit  Common StockAdditional Paid
In CapitalAccumulated
DeficitTotalSharesAmountBalance, July 11, 2008 (Inception)-----Common stock issued for cash2,000,000$2,000$2,850$-$4,850Common stock issued for services200,000200--200Net loss, period ended December 31, 2008---(5,050)(5,050)Balance, December 31,, 20082,200,0002,2002,850(5,050)-Common stock issued for cash2,082,5002,08318,743-20,825Net loss, year ended December 31, 2009---(23,195)(23,195)Balance,December 31, 20094,282,500$4,283$21,593$(28,245)$(2,370)  See accompanying notes to financial statements   F-7   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  A summary of significant accounting policies of American Smooth Wave Ventures, Inc. (A Development Stage Company) (the Company) is presented to assist in understanding the Companys financial statements. The accounting policies presented in these footnotes conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the accompanying financial statements. These financial statements and notes are representations of the Companys management who are responsible for their integrity and objectivity. The Company has not realized revenues from its planned principal business purpose and is considered to be in its development state in accordance with ASC 915, Development Stage Entities, formerly known as SFAS 7, Accounting and Reporting by Development State Enterprises.  Organization, Nature of Business and Trade Name  American Smooth Wave Ventures, Inc. (the Company) was incorporated in the State of Iowa on July 11, 2008 under the same name. The Company is a development satge company and has as a principal business objective of becoming an online candy and sweets catering service. Appropriate food and bakery items will be purchased online for shipping.  We intend to develop procedures to make the information given to a prospective purchaser as accurate as possible to lead to the highest percentage of successful American Smooth Wave purchases. We intend to focus only on items that can be shipped without diminution in quality of the product.  Basis of Presentation  The preparation of financial statements in conformity with 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 at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Companys system of internal accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) all valid transactions are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the company for the respective periods being presented.  Stockholders Equity: Common stock  The authorized common stock of the company consists of 75,000,000 Shares with par value of $0.001. On July 11, 2008 the Company authorized the issuance of 200,000 shares of its $0.001 par value common stock at $0.001 per share in consideration of $200 in cash. Also on July 11, 2008, the Company authorized the issuance of 2,000,000 shares of its $0.001 par value common stock at .002425 per share in consideration of $4,850 in cash from Orion Investments.  For the year ended December 31, 2009, the Company issued 2,082,500 shares of common stock at $0.01 per share in consideration of $20,825 in cash.  As of December 31, 2009, 4,282,500 shares were issued and outstanding.  Net Loss per common share  Net loss per share is calculated in accordance with SFAS No. 128, Earnings Per ShareThe weighted-average number of common shares outstanding during each period is used to compute basic loss per share. Diluted loss per share is computed using the weighted average number of share and dilutive potential common shares outstanding. Dilutive potential common shares are additional common shares assumed to be exercised.  Basic Loss Per Share  The computations of basic loss per share of common stock are based on the weighted average number of shares outstanding at the date of the financial statements. There are no common stock equivalents outstanding.  F-8   American Smooth Wave Ventures, Inc. (A Development Stage Company) Notes to Financial Statements For The Years Ended December 31, 2009 and 2008   NOTE A  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)  LossSharesPer Share(Numerator)(Denominator)AmountFrom Inception on July 11, 2008 to Period Ended Dec. 31, 2009$(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:  2009Deferred tax assets NOL Carryover$9,603Valuations 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.  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.  F-9   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  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  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.  F-10   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)  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.  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.  F-11   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)  Property and Equipment (continued)  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 LivesOffice Equipment5-10 yearsCopier5-7   yearsVehicles5-10 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.  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.  F-12   American Smooth Wave Ventures, Inc. (A Development Stage Company) Notes to Financial Statements For The Years Ended December 31, 2009 and 2008   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.  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-interest bearing 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.  F-13