UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549



FORM 10-Q





QUARTERLY REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934





FOR THE QUARTERLY PERIOD ENDED December 31,
2011





COMMISSION FILE NUMBER: 000-54341





ORGANIC SPICE IMPORTS, INC.

(Exact Name of Registrant as Specified in its
Charter)







|DELAWARE                 | 45-1545032                 
|------------------------ | ---------------------------
|(State of Incorporation) | (I.R.S. Employer ID Number)







7910 Ivanhoe Ave. #414

La Jolla, California 92037

Tel: 858-459-1133

(Address and telephone number of principal
executive offices)



Copies to:

Daniel C. Masters, Esq.

P. O. Box 66

La Jolla, CA 92038

(858) 459-1133 - Tel

(858) 459-1103 - Fax





Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the 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 (§232.405 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 /X/ No / /



Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.





|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 / /





The number of Registrant’s shares of common stock, $0.0001
par value, outstanding as of January 23, 2012 was 11,180,000.

















ITEM 1. FINANCIAL STATEMENTS



The un-audited quarterly financial statements for the period ended
December 31, 2011, prepared by the company, immediately follow.





















ORGANIC SPICE IMPORTS, INC.

(A Development Stage Company)

BALANCE SHEETS









ASSETS

|                                                                                                     | December
    31, 2011 |             | March 31,
        2011
|---------------------------------------------------------------------------------------------------- | --------------------- | ----------- | ----------------------
|                                                                                                     |                       | (Unaudited) |                       
|CURRENT ASSETS                                                                                       |                       |             |                       
|Cash                                                                                                 | $                     | 4,862       |                       
|                                                                                                     |                       |             |                       
|TOTAL ASSETS                                                                                         | $                     | 4,862       |                       
|                                                                                                     |                       |             |                       
|LIABILITIES AND STOCKHOLDERS’ DEFICIT                                                               
|                                                                                                     |                       |             |                       
|CURRENT LIABILITIES                                                                                  |                       |             |                       
|Accounts payable and accrued expenses                                                                | $                     | 4,915       |                       
|Notes payable -related party                                                                         |                       | 31,962      |                       
|                                                                                                     |                       |             |                       
|Total Current Liabilities                                                                            |                       | 36,277      |                       
|                                                                                                     |                       |             |                       
|TOTAL LIABILITIES                                                                                    |                       | 36,277      |                       
|                                                                                                     |                       |             |                       
|STOCKHOLDERS’ DEFICIT                                                                                |                       |             |                       
|Common Stock, $.001
par value, 200,000,000 shares authorized,1,715,004 shares issued and outstanding |                       | 1,715       |                       
|Additional paid-in capital                                                                           |                       | 258,845     |                       
|Deficit accumulated during the development stage                                                     |                       | (294,837)   |                       
|                                                                                                     |                       |             |                       
|Total Stockholders’ Deficit                                                                          |                       | (34,277)    |                       
|                                                                                                     |                       |             |                       
|TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                                                          | $                     | 2,000       |                       







See Notes to Financial Statements

















ORGANIC SPICE IMPORTS, INC.

(A Development Stage Company)

STATEMENT OF OPERATIONS

(Unaudited)











|                                            |   |                       |   |                     |   |                              
|------------------------------------------- | - | --------------------- | - | ------------------- | - | -----------------------------
|                                            |   |                       |   |                     |   | Cumulative                   
|                                            |   | For the
Three 
Months |   | For the
Nine
Months |   | December 30, 2010 (inception)
|                                            |   | December              |   | December            |   | December                     
|                                            |   | 31, 2011              |   | 31, 2011            |   | 31, 2011                     
|                                            |   |                       |   |                     |   |                              
|Revenues                                    | $ | -                     | $ | -                   | $ | -                            
|Total Revenue                               |   | -                     |   | -                   |   | -                            
|                                            |   |                       |   |                     |   |                              
|                                            |   |                       |   |                     |   |                              
|Expenses                                    |   |                       |   |                     |   |                              
|Professional Exps.                          |   | 3,650                 |   | 3,650               |   | 3,650                        
|General & Admin Exps                        |   | 370                   |   | 370                 |   | 626                          
|Operating Expenses                          |   | 4,020                 |   | 4,020               |   | 4,276                        
|                                            |   |                       |   |                     |   |                              
|Other
    Income (Expense)                  |   |                       |   |                     |   |                              
|                                            |   |                       |   |                     |   |                              
|Current
    Income Tax                      |   | -                     |   | -                   |   | -                            
|Income
    Tax benefit                      |   |                       |   |                     |   |                              
|Net Income (Loss)                           |   | (4,020)               |   | (4,020)             |   | (4,276)                      
|                                            |   |                       |   |                     |   |                              
|Basic
    and Diluted Earnings              |   |                       |   |                     |   |                              
|                                            |   |                       |   |                     |   |                              
|(Loss)
    per Share                        |   | (0.0004)              |   | (0.0004)            |   |                              
|                                            |   |                       |   |                     |   |                              
|Weighted
    average number of comon shares |   | 11,180,000            |   | 11,180,000          |   |                              
|Outstanding                                 |   |                       |   |                     |   |                              























See Notes to Financial Statements













ORGANIC SPICE IMPORTS, INC.

(A Development Stage Company)

STATEMENT OF CASH FLOWS

(Unaudited)









|                                                                            | Nine
    Months Ended December     31, 2011 |         | Period from Inception December 30, 2010
        through December 
31, 2011
|--------------------------------------------------------------------------- | ------------------------------------------- | ------- | --------------------------------------------------------------------------
|Cash Flows From Operating Activities                                        |                                             |         |                                                                           
|Net Income (Loss)                                                           | $                                           | (4,020) |                                                                           
|                                                                            |                                             |         |                                                                           
|Adjustments to reconsile net income (loss) to net cash (used in) operations |                                             | -       |                                                                           
|                                                                            |                                             |         |                                                                           
|Changes In Operating assets and liabilities                                 |                                             |         |                                                                           
|Increase in current liabilities (accrued expenses)                          |                                             | 4,020   |                                                                           
|Net cash  provided by (used in) operations                                  |                                             | -       |                                                                           
|                                                                            |                                             |         |                                                                           
|Cash Flows From Ivesting Activities                                         |                                             |         |                                                                           
|Net cash provided by investing activities                                   |                                             | -       |                                                                           
|                                                                            |                                             |         |                                                                           
|Cash Flows From Financing Activities                                        |                                             |         |                                                                           
|Common Stock issued for cash                                                |                                             | -       |                                                                           
|Common Stock issued for expense                                             |                                             | -       |                                                                           
|Net cash provided by financing activities                                   |                                             | -       |                                                                           
|Net increase (decrease)                                                     |                                             | -       |                                                                           
|Cash beginning of period                                                    |                                             | 4,862   |                                                                           
|Cash end of period                                                          |                                             | 4,862   |                                                                           
|                                                                            |                                             |         |                                                                           
|Non Cash Investing and Financing Activities                                 |                                             |         |                                                                           
|Common stock issued per court order                                         |                                             |         |                                                                           
|                                                                            |                                             |         |                                                                           
|Supplemental Disclosures of Cash Flow Information                           |                                             |         |                                                                           
|Interest Paid                                                               |                                             | -       |                                                                           
|Income Taxes paid                                                           |                                             |         |                                                                           









See Notes to Financial Statements















ORGANIC SPICE IMPORTS, INC.

(A Development Stage Company)

Notes to Financial Statements

December 31, 2011

(Unaudited)







NOTE 1. NATURE AND BACKGROUND OF BUSINESS



Organic Spice Imports, Inc. (“the Company” or “the
Issuer”) was organized under the laws of the State of Delaware on December 30, 2010. The Company was established as part
of the Chapter 11 reorganization of Spicy Gourmet Organics, Inc. (“SGO”). Under SGO’s Plan of Reorganization,
as confirmed by the U.S. Bankruptcy Court for the Central District of California, the Company was incorporated to: (1) receive
and own any interest which SGO had in the development of an organic spice importing business; and (2) issue shares of its common
stock to SGO’s general unsecured creditors, to its administrative creditors, and to its shareholder. The Company has been
in the development stage since its formation and has not yet realized any revenues from its planned operations.





NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



a. BASIS OF ACCOUNTING



The Company’s financial statements
are prepared using the accrual method of accounting. The Company has elected a March 31 year-end.



BASIS OF PRESENTATION – DEVELOPMENT STAGE
COMPANY



The Company is a development stage company as
defined by ASC 915-10-05, “Development Stage Entity.” The Company is still devoting substantially all of its efforts
to establishing the business and its planned principal operations have not commenced. All losses accumulated since inception have
been considered as part of the Company’s development stage activities.



b. BASIC EARNINGS PER SHARE



The Company computes net income (loss) per share
in accordance with the FASB Accounting Standards Codification (“ASC”). The ASC specifies the computation, presentation
and disclosure requirements for earnings (loss) per share for entities with publicly held common stock.



Basic net earnings (loss) per share amounts are
computed by dividing the net earnings (loss) by the weighted average number of common shares outstanding. Diluted earnings (loss)
per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company.



c. ESTIMATES



The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could differ from those estimates.



d. CASH and CASH EQUIVALENT



For the Balance Sheet and Statements of Cash Flows, all highly
liquid investments with maturity of three months or less are considered to be cash equivalents.



e. REVENUE RECOGNITION



The Company recognizes revenues and the related costs when persuasive
evidence of an arrangement exists, delivery and acceptance has occurred or service has been rendered, the price is fixed or determinable,
and collection of the resulting receivable is reasonably assured. Amounts invoiced or collected in advance of product delivery
or providing services are recorded as deferred revenue. The Company accrues for warranty costs, sales returns, bad debts, and other
allowances based on its historical experience.



f.  STOCK-BASED COMPENSATION



The Company records stock-based compensation in accordance with
the FASB Accounting Standards Classification using the fair value method. All transactions in which goods or services are the consideration
received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the
fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the
cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued.



g. INCOME TAXES



Income taxes are provided in accordance with the FASB Accounting
Standards Classification. A deferred tax asset or liability is recorded for all temporary differences between financial and tax
reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of
deferred tax assets and liabilities.



Deferred tax assets are reduced by a valuation allowance when,
in the opinion of management, it is more likely than 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.



h. IMPACT OF NEW ACCOUNTING STANDARDS



The Company does not expect the adoption of recently issued accounting
pronouncements to have a significant impact on the Company's results of operations, financial position, or cash flow.





NOTE 3. GOING CONCERN



The Company's financial statements are prepared in accordance with
generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation
of liabilities in the normal course of business. Currently, the Company does not have significant cash or other material assets,
nor does it have operations or a source of revenue sufficient to cover its operation costs and allow it to continue as a going
concern. The officers and directors have committed to advancing certain operating costs of the Company.





NOTE 4. STOCKHOLDERS' EQUITY COMMON STOCK



The authorized share capital of the Company consists of 100,000,000
shares of common stock with $0.0001 par value, and 20,000,000 shares of preferred stock also with $0.0001 par value. No other classes
of stock are authorized.



COMMON STOCK: As ofDecember
31, 2011, there were a total of 11,180,000 common shares issued and outstanding.



The Company’s first issuance of common stock, totaling 1,180,000
shares, took place on December 30, 2010 pursuant to the Chapter 11 Plan of Reorganization confirmed by the U.S. Bankruptcy Court
in the matter of Spicy Gourmet Organics, Inc. (“SGO”). The Court ordered the distribution
of shares inOrganic Spice Imports, Inc. to all general unsecured creditors of SGO, with these
creditors to receive their pro rata share (according to amount of debt held) of a pool of 80,000 shares in the Company.
The Court also ordered the issuance of 100,000 shares in the Company to the sole shareholder of SGO. The Court also ordered the
distribution of 1,000,000 shares in the Company to the administrative creditors of SGO; these creditors received one share of common
stock in the Company for each $0.05 of SGO’s administrative debt which they held.



The Court also ordered the distribution
of warrants in the Company to all administrative creditors of SGO, with these creditors to receive five warrants in the Company
for each $0.05 of SGO’s administrative debt which they held. These creditors received an aggregate of 5,000,000 warrants
consisting of 1,000,000 “A Warrants” each convertible into one share of common stock at an exercise price of $3.00;
1,000,000 “B Warrants” each convertible into one share of common stock at an exercise price of $4.00; 1,000,000 “C
Warrants” each convertible into one share of common stock at an exercise price of $5.00; 1,000,000 “D Warrants”
each convertible into one share of common stock at an exercise price of $6.00; and 1,000,000 “E Warrants” each convertible
into one share of common stock at an exercise price of $7.00. All warrants are exercisable at any time prior to November
19, 2015. This warrant distribution also took place on December 30, 2010.



On March 29, 2011 the Company’s two officers acquired a total
of 10,000,000 common shares from the Issuer in a private placement. The shares were purchased at the price of $0.0005 per share
for a total of $5,000.



As a result of these issuances there were a total 11,180,000 common
shares issued and outstanding, and a total of 5,000,000 warrants to acquire common shares issued and outstanding, at December 31,
2011.



PREFERRED STOCK:The authorized
share capital of the Company includes 20,000,000 shares of preferred stock with $0.0001 par value. As of December 31, 2011 no shares
of preferred stock had been issued and no shares of preferred stock were outstanding.





NOTE 5. INCOME TAXES



The Company has had no business activity and made no U.S. federal
income tax provision since its inception on December 30, 2010.





NOTE 6. RELATED PARTY TRANSACTIONS



The Company neither owns nor leases any real or personal property.
An officer of the corporation provides office services without charge. Such costs are immaterial to the financial statements and
accordingly, have not been reflected therein. The officers and directors for the Company are involved in other business activities
and may, in the future, become involved in other business opportunities. If a specific business opportunity becomes available,
such persons may face a conflict in selecting between the Company and their other business interests. The Company has not formulated
a policy for the resolution of such conflicts.





NOTE 7. WARRANTS AND OPTIONS



On December 30, 2010 (inception), the
Company issued 5,000,000 warrants exercisable into 5,000,000 shares of the Company’s common stock. These warrants were issued
per order of the U.S. Bankruptcy Courtin the matter of Spicy Gourmet Organics, Inc. (“SGO”) to the administrative
creditors of SGO.These creditors received an aggregate of5,000,000 warrants consisting of 1,000,000
“A Warrants” each convertible into one share of common stock at an exercise price of $3.00; 1,000,000 “B Warrants”
each convertible into one share of common stock at an exercise price of $4.00; 1,000,000 “C Warrants” each convertible
into one share of common stock at an exercise price of $5.00; 1,000,000 “D Warrants” each convertible into one share
of common stock at an exercise price of $6.00; and 1,000,000 “E Warrants” each convertible into one share of common
stock at an exercise price of $7.00. All warrants are exercisable at any time prior to November 19,
2015.As of the date of this report, no warrants have been exercised.





NOTE 8. COMMITMENT AND CONTIGENTCY



There is no commitment or contingency to disclose during the period
ended December 31, 2011.





NOTE 9. SUBSEQUENT EVENTS



The Company has performed an evaluation of subsequent events in
accordance with ASC Topic 855 and the Company is not aware of any subsequent events which would require recognition or disclosure
in the financial statements.

















ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND

RESULTS OF OPERATIONS



FORWARD-LOOKING STATEMENTS



The discussion contained herein contains
"forward-looking statements" that involve risk and uncertainties. These statements may be identified by the use of terminology
such as "believes," "expects," "may," "should" or anticipates" or expressing this
terminology negatively or similar expressions or by discussions of strategy. The cautionary statements made in this Form 10-Q should
be read as being applicable to all related forward-looking statements wherever they appear in this Form 10-Q. Our actual results
could differ materially from those discussed in this report.



BUSINESS AND PLAN OF OPERATION



Organic Spice Imports, Inc. (the "Company"),
was incorporated on December 30, 2010 under the laws of the State of Delaware. The Company was established as part of the Chapter
11 reorganization of Spicy Gourmet Organics, Inc. (“SGO”). Under SGO’s Plan of Reorganization, as confirmed by
the U.S. Bankruptcy Court for the Central District of California, the Company was incorporated to: (1) receive and own the spice
importation business of SGO; and (2) issue shares of its common stock to SGO’s general unsecured creditors, to its administrative
creditors, and to its equity interest holder in order to enhance their opportunity to recover from the bankruptcy estate.



Management believes the Company lacks the
resources to effectively develop such an import business on its own at this time and is therefore engaged in a search for a strategic
business partner or a merger or acquisition partner with the resources to take the Company in a new direction and bring greater
value to its shareholders. The Company has been in the development stage since its formation and has not yet realized any revenues
from operations.



LIQUIDITY AND CAPITAL RESOURCES



As of December 31, 2011 we had assets of $4,862,
all in cash, liabilities of $4,020, and an accumulated deficit of $4,276. As of March 31, 2011, our last audit date, we also had
assets of $4,862, all in cash, but at that time we had no liabilities, and we had an accumulated deficit of $256. Thus expenses
increased significantly during the period. This was largely the result of increased activity related to the search for and discussions
with potential merger or acquisition partners. We will, in all likelihood, continue to sustain operating expenses without corresponding
revenues, at least until the closing of a merger with or acquisition of an operating business.



We are dependent upon our officers to meet
any costs we may incur in excess of our limited cash on hand. Our President and our Secretary have agreed to provide the necessary
funds, without interest, for the Company to comply with the Securities Exchange Act of 1934, as amended, provided that they are
officers and directors of the Company when the obligation is incurred. All advances will be interest-free.



RESULTS OF OPERATIONS



The Company has no current operations and
does not have any revenues or earnings from operations. Moreover, the Company has had no operations and no revenues since its inception
on December 30, 2010, and no operations will develop unless and until the Company is successful in its plan to merge with or acquire
an operating business.



GOING CONCERN.



The accompanying financial statements are presented
on a going concern basis. The company's financial condition raises substantial doubt about the Company's ability to continue as
a going concern. The Company does not have significant cash or other material assets, nor does it have any operations or revenues
from operations. It is relying on advances from stockholders, officers and directors to meet its limited operating expenses.





OFF-BALANCE SHEET ARRANGEMENTS



We do not have any off-balance sheet arrangements
that have or are reasonably

likely to have a current or future effect on our financial condition,
changes in

financial condition, revenues or expenses, results of operations,
liquidity,

capital expenditures or capital resources that is material to investors.





ITEM 4. CONTROLS AND PROCEDURES



EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES



Our management team, under the supervision
and with the participation of our principal executive officer and our principal financial officer, evaluated the effectiveness
of the design and operation of our disclosure controls and procedures as such term is defined under Rule 13a-15(e) promulgated
under the Exchange Act, as of the last day of the fiscal period covered by this report, December 31, 2011. The term disclosure
controls and procedures means our controls and other procedures that are designed to ensure that information required to be disclosed
by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the
time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and
procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange
Act is accumulated and communicated to management, including our principal executive and principal financial officer, or persons
performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based on this evaluation,
our principal executive officer and our principal financial officer concluded that, as of December 31, 2011, our disclosure controls
and procedures were effective at a reasonable assurance level.



CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING



There have been no changes in our internal
control over financial reporting during the period ended December 31, 2011 that materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting.















PART II - OTHER INFORMATION



ITEM 1. LEGAL PROCEEDINGS



None.



ITEM 1A. RISK FACTORS



There have been no material changes to the
risks to our business from those described in our initial Form 10 filing as filed with the SEC on April 7, 2011, and the subsequent
amendment thereto.



ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS



None.



ITEM 3. DEFAULTS UPON SENIOR SECURITIES



None.



ITEM 4. REMOVED AND RESERVED





ITEM 5. OTHER INFORMATION



None.



ITEM 6. - EXHIBITS



No. 	Description

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

31.1Certification of Chief Executive Officer required by Rule 13a-14(a)
or Rule

15d-14(a) of the Securities Exchange Act of
1934, as adopted pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002



31.2Certification of Chief Financial Officer required by Rule 13a-14(a)
or Rule

15d-14(a) of the Securities Exchange Act of
1934, as adopted pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002



32.1Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350,
as adopted

pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002



32.2Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350,
as adopted

pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002



101	The following materials from the Company’s Quarterly
Report on Form 10-Q for

the quarter ended December 31, 2011, formatted in XBRL
(eXtensible Business Reporting Language); (i) Balance Sheets at December 31, 2011 and March 31, 2011, (ii) Statement of Operations
for the three and nine months ended December 31, 2011, (iii) Statement of Cash Flows for the nine months ended December 31, 2011,
and (iv) Notes to Financial Statements.













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, thereunto duly
authorized.





Date: February 2, 2012 Organic Spice Imports, Inc.





By: /s/ Ali Balaban

_________________________________

Ali Balaban

President, CEO and Director





By: /s/ Daniel Masters

_________________________________

Daniel Masters

CFO, Secretary, and Director