United States

Securities and Exchange Commission

Washington, DC 20549



FORM 10Q SB



[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE

SECURITIES AND EXCHANGE ACT OF 1934



For the quarterly period ended September 30, 2005



[ ] TRANSITION REPORT UNDER SECTION  13 OR 15 (d) OF THE

EXCHANGE ACT



Commission file Number   000-51249



ELDERWATCH, INC.



Exact name of small business issuer as specified in its charter



Florida                                                                 65-0891381





(State or other jurisdiction of

I.R.S. Employer

incorporation or organization)

Identification Number



2881 North Pine Island Road, Building 65, Suite 203, Sunrise, FL 33322

(Address of principal executive office)



(561) 740-0103



Issuer's telephone number





NA

(Former name, former address and former fiscal year, if changed since last report)





APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PAST FIVE YEARS



Check whether the registrant filed all documents and reports required

To be filed by Section 12, 13 or 15 (d) of the Exchange Act after the distribution of

Securities under a plan confirmed by a court.  Yes ____  No ____



APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the Issuer's

common equity as of the last practicable date: 560,000 shares



Transitional Small Business Disclosure Format (check one)  Yes ___  No  X













PART I



FINANCIAL INFORMATION



Item 1.

Financial Statements.



ELDERWATCH, INC.

(A DEVELOPMENT STAGE ENTERPRISE)



|BALANCE SHEET                                                                                       
|----------------------------------------------------------------------------------------------------
|AS AT SEPTEMBER 30, 2005                                                                            
|(PREPARED BY MANAGEMENT)                                                                            
|                                                                                                    
|                                                                                                    
|                                                                                                    
|Sept 30 2005             Sept 30 2005                                                               
|ASSETS                                                                                              
|                                                                                                    
|Current Assets                                                                                      
|Cash                                                                                                
|                                                                                                    
|TOTAL ASSETS                                                                                        
|                                                                                                    
|LIABILITIES AND SHAREHOLDER EQUITY                                                                  
|                                                                                                    
|LIABILITIES                                                                                         
|Accrued Expenses                                                                                    
|Due to Related Parties (Note II)                                                                    
|TOTAL LIABILITIES                                                                                   
|                                                                                                    
|SHAREHOLDER EQUITY                                                                                  
|Preferred Stock: $0.001 par value; 10,000,000 authorized,         none issued and outstanding       
|                                                                                                    
|Common Stock: $0.001 par value; 100,000,000             authorized, 1,712,000 issued and outstanding
|                                                                                                    
|Additional Pain-in Capital                                                                          
|                                                                                                    
|Deficit Accumulated During the Development Stage                                                    
|                                                                                                    
|TOTAL SHAREHOLDER EQUITY                                                                            
|                                                                                                    
|TOTAL LIABILITIES AND SHAREHOLDER EQUITY                                                            
|                                                                                                    

SEE ATTACHED NOTES





ELDERWATCH, INC.

(A DEVELOPMENT STAGE ENTERPRISE)

STATEMENT OF OPERATIONS

FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2005 AND 2004

AND FOR THE PERIOD NOVEMBER 18 (INCEPTION)

THROUGH SEPTEMBER 30, 2005



18 Nov 1998

(INCEPTION)

THROUIGH



Sept 30 2005      Sept 30 2004      Sept 30 2005



|REVENUES                                             | $               - | $             - | $             - 
|---------------------------------------------------- | ----------------- | --------------- | ----------------
|                                                     |                   |                 |                 
|Operating Expenses                                   |                   |                 |                 
|Consulting                                           | 1,890             | 380             | 7,270           
|Legal and Accounting                                 | 22,520            | 3,879           | 57,471          
|Taxes and Licenses                                   | 0                 | 0               | 240             
|Office Expenses                                      | 1,000             | 1,992           | 5627            
|Bank Charges                                         | 120               | 0               | 120             
|Travel and Market Research                           | 1,125             | 0               | 9,448           
|                                                     |                   |                 |                 
|TOTAL OPERATING EXPENSES                             | 26,655            | 0               | 80,176          
|                                                     |                   |                 |                 
|NET LOSS                                             | $(    26,655)     | $(    6,251)    | $(   80,176)    
|                                                     |                   |                 |                 
|Net Loss per Common Share                            | $              -  | $     0.015     | $              -
|                                                     |                   |                 |                 
|Weighted average number of Common Shares Outstanding | 1,996,000         | 1,712,000       | 1,567,576       
|                                                     |                   |                 |                 







SEE ATTACHED NOTES







ELDERWATCH, INC.

(A DEVELOPMENT STAGE ENTERPRISE)



STATEMENTS OF CASH FLOWS

FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2005 AND 2004

AND FOR THE PERIOD NOVEMBER 18, 1998 (INCEPTION)

THROUGH SEPTEMBER 30, 2005



18-N0V 98    (INCEPTION)      THROUGH



Sept 30 2005                       Sept 30 2005                  Sept 30 2005

|Cash Flows from Operating Activities                                       |                   |                 |                  
|-------------------------------------------------------------------------- | ----------------- | --------------- | -----------------
|Net Loss                                                                   | $        (26,655) | $       (6,251) | $        (80,176)
|Adjustments to Reconcile Net Loss to Net Cash used by Operating Activities |                   |                 |                  
|                                                                           |                   |                 |                  
|Accounts Payable and Accrued Expenses                                      | (1,533)           | 0               | 22,792           
|                                                                           |                   |                 |                  
|Total Adjustments                                                          | (1,533)           | 0               | 22,792           
|                                                                           |                   |                 |                  
|Net Cash Used by Operating Activities                                      | (28,188)          | (6,251)         | (57,384)         
|                                                                           |                   |                 |                  
|Cash Flows from Investing Activities                                       | 0                 | 0               | 0                
|                                                                           |                   |                 |                  
|Cash Flows from Financing Activities                                       |                   |                 |                  
|Issuance of Common Stock                                                   | 71,000            | 0               | 97,000           
|Proceeds from Related Party                                                | 6,000             | 7,000           | 13,000           
|Repayment to Related Party                                                 | (11,000)          | (2,000)         | (13,000)         
|                                                                           |                   |                 |                  
|Net Cash Provided By Financing Activities                                  | 66,000            | 5,000           | 97,000           
|                                                                           |                   |                 |                  
|Net Increase (Decrease) In Cash                                            | $      37,812     | $  (   1,251)   | $    39,616      
|                                                                           |                   |                 |                  
|Cash At Beginning Of Period                                                | 1,804             | 1,568           | 0                
|                                                                           |                   |                 |                  
|Cash At End Of Period                                                      | $      39,616     | $          317  | $    39,616      
|                                                                           |                   |                 |                  
|                                                                           |                   |                 |                  







SEE ATTACHED NOTES







NOTES TO UNAUDITED FINANCIAL STATEMENTS

(Un-audited)



NOTE 1 - BASIS OF PRESENTATION



The accompanying financial statements have been prepared in accordance with US Securities and Exchange Commission ("SEC") requirements for interim financial statements.  Therefore, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The financial statements should be read in conjunction with the year ended December 31, 2004 financial statements of Elderwatch, Inc.



The results of operations for the interim period shown in this report are not necessarily indicative of the results to be expected for the full year.  In the opinion of management, the information contained herein reflects all adjustments necessary to make the results of operations for the interim periods a fair statement of such operation.  All such adjustments are of a normal recurring nature.



NOTE II  DUE TO RELATED PARTY



A shareholder of the registrant has advanced a total of $ 13,000 to help defray the costs of preparation and filing of the registrants registration statement and this report of Form 10Q.  Repayment of the advance was made in the third quarter.



Item 2.

Managements Discussion and Analysis or Plan of Operation.



Elderwatch, Inc. is a corporation formed under the laws of the state of Florida on November 18, 1998.  Our principal offices are located in Sunrise, Florida. Our business objectives are to establish a regular monitoring and visitation service for elderly citizens whether they are living alone, in assisted living facilities or complete-care nursing homes.  This service can be obtained by the elderly themselves or by members of the family that are geographically removed from their family members.  Our purpose is to observe and report on the general conditions of the facility and the resident or patient. Our services will be provided by Elderwatch representatives (representatives) that will be trained to fulfill our mandate to observe and report.  Our representatives will be derived from retirees, some as young as in their fifties and sixties that would desire and enjoy the opportunity to both augment their income and have something worthwhile to occupy some of their time.  Representatives will be required to accompany Mr. Weiss on several calls to observe first hand how visits are conducted.  Because our mandate is to simply observe and report more emphasis will be placed on the selection of potential representatives.  Because we intend to select our representatives from the ranks of the retired we will be paying particular attention to their empathy with the elderly.



On November 18, 1998, we were formed for the purpose of establishing a business that would provide assistance for senior citizens, particularly in Florida, Arizona and California.  We intend to offer regular visits to the elderly in whatever facility in which the elderly are housed, ensuring that they are receiving proper care and attention.  These visits can be had weekly, bi-weekly or monthly with a full report (with a dated photograph available on demand) submitted after each





visit to the concerned family.  We believe that the implementation of our services will result in the better treatment for our elderly clients, peace of mind for the family of our clients and financial savings for the clients as a result of our oversight.



We will provide the elderly regular visits, assist in problem solving and endeavor to protect our clients from being victimized.   For elderly in assisted living facilities, we intend to provide a monitoring service that attempts to make certain that the patient/client gets properly dressed, takes medication(s) properly and as scheduled and that meals are properly provided.  For elderly in nursing homes, we intend to provide a relatively inexpensive service that will check on the patient in the nursing home, making sure that they are kept clean, that their bedding is clean and changed regularly, that their hair is clean and presentable and that they have no complaints of mistreatment. Enhancing our mandate to observe and report, our visits are randomly scheduled, adding further chances to find sub-standard treatment, if present.  As our visits are random visits, there is no assurance that the service will be successful in attempting to make certain that all of the items listed above will be satisfactorily accomplished for their clients. While the cost of the service shall be determined, it is intended to make the service affordable for our clients.  We will provide the elderly regular visits, primarily to observe and report and by reporting we will draw attention to any observed deficiencies, report on the patients general attitude and frame of mind.   For elderly in assisted living facilities, we intend to report on the accommodation and basic assistance, commenting on dress, whether or not they take their medication(s) and satisfaction on their meals.  For elderly in nursing homes, we intend to provide an inexpensive service that will check on the patient in the nursing home, reporting patient cleanliness, condition of their bedding, that their hair is clean and presentable and that they have no complaints of mistreatment.



Liquidity and Capital Resources



On April 14, 2005 the Securities and Exchange Commission declared effective our SB2 registration statement registering for sale 957,000 shares of our common stock, including 157,000 shares registered on behalf of selling shareholders.  The effective period was for ninety days.  On July 13, 2005 the effective period expired.  On that date we had received subscriptions for 284,000 shares of common stock for a total of $71,000.



Management is considering its best course of action, taking into consideration that funds raised were only marginally in excess of the minimum amount stated in our prospectus.



We believe that our existing capital will be sufficient to meet our cash needs, including the costs of instituting our business plan on the minimal basis outlined in the prospectus and compliance with the continuing reporting requirements of the Securities Exchange Act. There is no assurance, however, that the available funds will ultimately prove to be adequate to allow us to reach a profitable position before these funds run out.  Should this occur the Company's needs for additional financing are likely to increase.



No commitments to provide additional funds have been made by management or other stockholders.  Accordingly, there can be no assurance that any additional funds will be available.







PART II

OTHER INFORMATION



Item 1. Legal Proceedings



None



Item 2.

Changes in Securities



Subsequent to this reporting period, on July 17, 2005 the Board of Directors of the registrant passed unanimously a resolution authorizing a forward split of the issued and outstanding shares on a five to one (5  1) basis bringing the total common shares issued and outstanding to 9,9750,000 and after the cancellation of 3,750,000 common shares arriving at a total of 6,225,000 issued and outstanding common shares.

A copy of the Form 8K reflecting this action is attached to this report as Exhibit 99.1.



Item 3.

Defaults Upon Senior Securities



Not Applicable



Item 4.

Submission of Matters to a Vote of Securities Holders



None



Item 6. Exhibits and Reports on Form 8K



A copy of the registrants Form 8K filed July 17, 2005 and reflecting the forward split of its issued and outstanding common stockis attached as Exhibit 99.1.



The Company filed a Form 8K on

SIGNATURES



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



ELDERWATCH, INC.



Dated November 17, 2005

/S/ Allan Weiss

Allan Weiss, President and Director















EXHIBIT 99.1





REPORT ON FORM 8K





UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549





FORM 8-K





CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934





Date of report (Date of earliest event reported) November 10, 2005

--------------

ELDERWATCH, INC.

(Name of Small Business issuer in its charter)





FLORIDA

000-51249               65-0891381

(State or other jurisdiction of            (Commission File No.)    (IRS Employer

incorporation or organization)

Identification No.)





11731 Briarwood Circle, #1, Boynton Beach, FL 33437

(Address of principal executive offices)



(561) 740-0103

(Registrants telephone number)

-------------------------





Item 4.  Changes in Registrants Certifying Accountant



(a) Effective on November 10, 2005, the Registrant dismissed Jewett, Schwartz & Associates by declining to renew the engagement of Jewett, Schwartz & Associates as the independent accountant engaged to audit the financial statements of the Registrant and engaged Jewett, Schwarz & Associates as its new independent registered public accounting firm for fiscal year ending December 31, 2004 and December 31, 2003.



Jewett, Schwartz & Associates performed the audit of the Registrants financial statements for year endingDecember 31, 2004 and December 31, 2003.  During this period and the subsequent interim period prior to the Registrant declining to renew their engagement, there were no disagreements with Jewett, Schwartz & Associates on any matter of accounting  principles or practices, financial   statement   disclosure  or  auditing   scope  or  procedure, which disagreements if not resolved to Jewett, Schwartz & Associates  satisfaction would have caused Jewett, Schwartz & Associates to make reference to this subject matter of the disagreements in connection with Jewett, Schwartz & Associates report, nor were there any "reportable  events" as such term is defined in  Item  304(a)(3) of  Regulation  S-B,  promulgated  under  the  Securities Exchange Act of 1934, as amended.



The Registrant determined that, although the registrant was very satisfied with the quality of the audits prepared by Jewett, Schwartz & Associates, a new independent certified public accountant would be in the best interests of the shareholders of the Registrant. The decision to not to renew the engagement with Jewett, Schwartz & Associates was approved by the Registrants Board of Directors.



The audit  reports  of Jewett, Schwartz & Associates for the  Registrant's  year ending on December 31, 2004  and December 31, 2003 did not contain an adverse  opinion,  or a disclaimer of opinion, or qualification or modification as to uncertainty,  audit scope, or accounting principles, other than the uncertainty that the Registrant might not be able to operate as a going concern.



The  Registrant  has  requested  Jewett, Schwartz & Associates to  furnish  it with a  letter addressed to the Securities and Exchange  Commission  stating  whether it agrees with  the  statements  made  above  by the  Registrant.  A copy of such letter is filed as Exhibit 16.1 to this Form 8-K.



(b)  Effective on November 10, 2005 the Registrant has engaged Madsen & Associates, CPAs Inc. as the new principal accountant to audit its financial statements.  The decision to engage Madsen & Associates, CPAs Inc. was approved by the Registrant's Board of Directors The Registrant has not consulted with Madsen & Associates on any accounting matters prior to its engagement.



SIGNATURES



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





Elderwatch, Inc.



/S/ Allan Weiss

Allan Weiss, President

Date   November 16, 2005



















EXHIBIT 16:1











|Jewett, Schwartz & Associates

Certified Public Accountants | 
|----------------------------------------------------------- | 

November 10, 2005





US Securities and Exchange Commission

Mail Stop 11-3

450 5th Street, NW

Washington, DC  20549



Dear Sirs:



We have read and agreed with the statements under Item 4.01 of Form 8-K report dated November 10, 2005 regarding our firm.



We have no basis to agree or disagree with any matter reported therein.





Very truly yours,



Jewett, Schwartz & Associates

/s/ Jewett, Schwartz & Associates

________________________
Jewett, Schwartz & Associates