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                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                                   FORM 10-Q

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
     ACT OF 1934
     FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2008

                                  OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
     EXCHANGE ACT OF 1934

                 COMMISSION FILE NUMBER: 001-32574

                        JK ACQUISITION CORP.
             (Exact name of registrant as specified in its charter)

                DELAWARE                             87-0745202
(State or other jurisdiction of          (I.R.S. Employer Identification No.)
 incorporation or organization)

           4265 SAN FELIPE
             SUITE 1100
           HOUSTON, TEXAS                              77027
   (Address of principal executive                   (Zip Code)
             offices)

                           (713) 968-9881
           Registrant's telephone number, including area code

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 is large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check
one):
        Large accelerated filer  [ ]                Accelerated filer [X]
                             Non-accelerated filer [ ]

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

As of November 13, 2008, 5,505,556 shares of the registrant's common stock, par
value $0.001 per share, were outstanding.

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


<PAGE>

                              JK ACQUISITION CORP.
                               TABLE OF CONTENTS

                                                                          Page
PART I - FINANCIAL INFORMATION
    Item 1. Financial Statements                                             1
            Balance Sheets (Unaudited)                                       1
            Statements of Operations (Unaudited)                             2
            Statements of Cash Flows (Unaudited)                             3
            Notes to Unaudited Financial Statements                          4
    Item 2. Management's Discussion and Analysis of Financial
               Condition and Results of Operations                           6
    Item 3. Quantitative and Qualitative Disclosures about Market Risk       8
    Item 4. Controls and Procedures                                          8
    Item 5.02 Departure of Directors or Principal Officers                   8
PART II - OTHER INFORMATION
    Item 1. Legal Proceedings                                                9
    Item 1a. Risk Factors
    Item 4. Submission of Matters to Vote of Securities Holders
    Item 5. Other Information                                                9
    Item 6. Exhibits                                                        10
SIGNATURES                                                                  11
INDEX TO EXHIBITS                                                           12
    Certification Pursuant to Section 302
    Certification Pursuant to Section 302
    Certification Pursuant to Section 906
  -------------------------------------

<PAGE>


                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                              JK ACQUISITION CORP.
                         (A DEVELOPMENT STAGE COMPANY)
                                BALANCE SHEETS
                 AS OF SEPTEMBER 30, 2008 AND DECEMBER 31, 2007
                                  (UNAUDITED)

                                                September 30,    December 31,
                                                    2008             2007
                                                ------------     ------------
ASSETS

Current assets:
    Cash                                        $     1,974      $     109,917
    Trust fund                                            -         80,402,166
    Other current assets                                132                  -
                                                 ----------      -------------
Total current assets                                  2,106         80,512,083
                                                 ----------      -------------
                Total Assets                    $     2,106   $     80,512,083
                                                ===========   ================

                 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

Current liabilities:
    Accounts payable and accrued expenses       $    42,228   $       866,387
    Due to related parties                           34,103                 -
    Advances from shareholders                            -           825,000
    Short term debt - due to shareholders           928,182                 -
                                                -----------   ---------------
  Total Current Liabilities                       1,004,513         1,691,387
                                                -----------   ---------------
Commitments and Contingencies:
Common stock subject to redemption,
   903,437 shares                                         -        15,928,705
                                                -----------   ---------------
     Total Commitments and Contingencies                  -        15,928,705

Stockholders' equity (deficit):
   Preferred stock, $0.0001 par value,
   1,000,000 shares authorized, none issued and
   outstanding                                           -                  -
Common stock, $0.0001 par value, 600,000,000
   shares authorized, 5,505,556 shares
   issued and outstanding at September 30,
   2008 and December 31, 2007  (including
   903,437 shares subject to redemption at
   December 31, 2007)                                 551                 551
Paid-in capital                                   928,182          60,505,392
Earnings accumulated during the development
   stage                                       (1,931,140)          2,386,048
                                               ----------      --------------
Total Stockholders' Equity (Deficit)           (1,002,407)         62,891,991
                                               ----------      --------------
Total Liabilities and Stockholders'
   Equity (Deficit)                           $     2,106     $    80,512,083
                                              ===========     ===============

                       See notes to financial statements.

                                       1
<PAGE>

                              JK ACQUISITION CORP.
                         (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF OPERATIONS
                THREE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007,
                 NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007,
                                      AND
           PERIOD FROM MAY 11, 2005 (INCEPTION) TO SEPTEMBER 30, 2008
                                  (UNAUDITED)

                                                                     Period from
                                                                    Inception to
                            Three Months Ended     Nine Months Ended  Sept. 30,
                                 September 30,       September 30,
                                2008        2007     2008      2007      2008

Operating Expenses:
General &
   administrative       $    34,973    108,292    170,162   345,286    930,382
Impairment of deferred
   transaction costs              -    381,286            1,356,704  1,828,626
                          -----------------------------------------------------
Operating Loss              (34,973)  (498,578) (170,162)(1,701,990)(2,759,008)

Other income and expense:
Interest income                   -    718,800   886,540  2,101,058  5,663,530
Interest expense           (939,785)            (939,785)             (939,785)
Gain on settlement of debt        -          -   662,720               662,720
Gain on derivative
   liabilities                    -          -         - 1,468,600     203,596
                        ------------------------------------------------------
Total other income
   (expense)               (939,785)   718,800   609,475 3,569,658   5,590,061

Income (loss) before income
   tax expense             (974,758)   229,222   439,313 1,867,668   2,831,053
Income tax expense                -          -         -        77       5,692
                        ------------------------------------------------------
 Net income (loss)     $   (974,758)   229,222   439,313 1,867,591   2,825,361
                       =======================================================

Net income (loss) per
   share
      Basic            $      (0.18)      0.04      0.08 $    0.34
                       ===========================================
      Diluted          $      (0.18)      0.03      0.01 $    0.28
                       ===========================================

Weighted average number of common shares outstanding:
     Basic                5,505,556  5,505,556 5,505,556 5,505,556
                       ===========================================
     Diluted              5,505,556  6,721,864 35,790,906 6,731,121
                       ===========================================

                       See notes to financial statements.

                                       2
<PAGE>

                              JK ACQUISITION CORP.
                         (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF CASH FLOWS
               NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007 AND
           PERIOD FROM MAY 11, 2005 (INCEPTION) TO SEPTEMBER 30, 2008
                                  (UNAUDITED)

                                                                    Period from
                                                                   Inception to
                            Nine Months Ended September 30,        September 30,
                                  2008             2007               2008

CASH FLOWS FROM OPERATING ACTIVITIES
Net income                $       439,313      1,867,591            2,825,361
Adjustments to reconcile
net income to net cash
provided by (used in)
operating activities:
   Investment income             (886,540)    (2,101,058)          (5,663,530)
   Gain on derivative
      liabilities                       -     (1,468,600)            (203,596)
   Gain on settlement
      of debt                    (662,720)             -             (662,720)
   Impairment of Deferred
      Transaction Costs                 -      1,356,704            1,828,626
   Valuation of beneficial
      conversion feature of
      convertible notes           928,182              -              928,182
Change in:
   Other current assets              (132)                               (132)
   Accounts payable and
     accrued expenses            (161,441)       284,220              704,946
   Due to related party            34,103                              34,103
   Federal Income Tax
     Payable                            -         (7,228)                   -
                         ----------------------------------------------------
Net cash used  in
   operating activities          (309,235)       (68,371)            (208,760)

CASH FLOWS FROM INVESTING ACTIVITIES
Deferred transaction costs              -       (568,470)          (1,828,626)
Payment to trust account                -              -          (76,532,404)
Special Dividend Payment      (81,190,596)                        (81,190,596)
Disbursements from trust
   account                     81,288,706          7,228           82,195,934
                        -----------------------------------------------------
Net cash provided by (used in)
   investing activities            98,110       (561,242)         (77,355,692)

CASH FLOWS FROM FINANCING ACTIVITIES
Gross proceeds from public
   offering                             -              -           79,350,000
Gross proceeds from private
   placement                            -              -            2,000,004
Proceeds from sale of stock             -              -               31,250
Proceeds from sale of
   underwriter option                   -              -                  100
Proceeds from advances
   from stockholders              103,182        500,000            1,257,182
Payments on advances from
   stockholders                         -              -             (329,000)
Cash paid for offering
   costs                                -              -           (4,743,110)
                         ----------------------------------------------------
Net cash provided by
   financing activities           103,182        500,000           77,566,426

Net change in cash               (107,943)      (129,613)               1,974
Cash at beginning of period       109,917        220,104                    -
                        -----------------------------------------------------
Cash at end of period   $           1,974         90,491                1,974

Supplemental disclosures:
Cash paid for interest  $               -              -                    -
Cash paid for income taxes              -          7,228                7,228

Non-cash transactions:
Common stock subject to
   redemption          $      (15,299,099)    15,963,244                    -
Increase(Decrease)  in
   value of common stock
   subject to redemption         (629,606)       418,556                    -
Conversion of Shareholder
   Advances to Notes              928,182              -              928,182
Reclassification of common
   stock to APIC for reverse
   3 for 1 stock split            (1,101)                              (1,101)

                       See notes to financial statements.

                                       3
<PAGE>

                              JK ACQUISITION CORP.
                         (A DEVELOPMENT STAGE COMPANY)
                         NOTES TO FINANCIAL STATEMENTS
                                  (UNAUDITED)

NOTE 1 - BASIS OF PRESENTATION

         The  accompanying  unaudited  interim  financial  statements  of  JK
Acquisition  Corp.  (also  hereinafter  referred  to  as "JK Acquisition" or the
"Company") have been prepared in accordance with accounting principles generally
accepted  in  the  United  States of America and the rules of the Securities and
Exchange  Commission ("SEC"), and should be read in conjunction with the audited
financial  statements  and  notes  thereto  contained in JK Acquisition's annual
report  filed with the SEC on Form 10-K for the year ended December 31, 2007. In
the  opinion  of  management,  all  adjustments,  consisting of normal recurring
adjustments,  necessary  for  a  fair presentation of financial position and the
results  of  operations  for  the  interim periods presented have been reflected
herein.  The  results  of  operations  for  interim  periods are not necessarily
indicative  of  the  results  to  be  expected  for  the full year. Notes to the
financial  statements  which  would  substantially  duplicate  the  disclosures
contained  in  the  audited financial statements for the year ended December 31,
2007  and  the  period  from  May  11,  2005 (inception) to December 31, 2007 as
reported  in  the  Form  10-K  have  been  omitted.

DELISTING OF SECURITIES

On May 28, 2008 the Company voluntarily de-listed its securities on the American
Stock  Exchange  (the "AMEX") and trading on the AMEX was suspended. The Company
intends  to  remain  a  reporting  company with the U.S. Securities and Exchange
Commission.  The  Company  was  informed that effective May 28, 2008, its common
stock  was  trading  on the OTC Bulletin Board under the symbol "JKAQ," and that
the  Company's  warrants  and  units were trading in the over-the-counter market
under the respective symbols of "JKAQW" and "JKAQU." Effective June 17, 2008, in
conjunction  with  the  reverse  stock  split,  as  approved  by  the  company's
shareholders  as  described  in Item 4. of Part II of this quarterly report, the
company's  common  stock  was trading on the OTC Bulletin Board under the symbol
"JKAK"  and  that  the  warrants  and units were trading in the over-the-counter
market  under  the respective symbols of "JKAKW" and "JKAKU". In the future, the
Company  may  seek  to  have  its  warrants and units traded on the OTC Bulletin
Board,  but  there  can  be  no  assurance  that  it  will  be  able  to  do  so

DEVELOPMENT STAGE COMPANY

JK Acquisition Corp. has had no operations since inception and is a development
stage company.

USE OF ESTIMATES

In preparing financial statements, management makes estimates and assumptions
that affect the reported amounts of assets and liabilities in the balance sheet
and revenue and expenses in the income statement. Actual results could differ
from those estimates.

BASIC AND DILUTED NET INCOME (LOSS) PER SHARE

The  basic  net  income  (loss) per common share is computed by dividing the net
income  (loss)  by the weighted average number of common shares outstanding. The
diluted  net  income per common share reflects the potential dilution that could
occur  if securities or other contracts to issue common shares were exercised or
converted  into  common shares or resulted in the issuance of common shares that
then  shared  the  earnings. For the three months ending September 30, 2008, all
such  shares  are  antidilutive  due  to  the  net  loss  for  the  period.  A
reconciliation of earnings per share used for the basic and diluted earnings per
share  computations  for the nine months ended September 30, 2008 is as follows:

Weighted average common shares outstanding - basic          5,505,556
Effect of dilutive securities - convertible debt           30,285,350
Effect of warrants and units (antidilutive)                         -
                                                           ----------
Weighted average common shares outstanding - diluted       35,790,906
                                                           ==========

REVERSE STOCK SPLIT

On June 17, 2008, JK Acquisition implemented a 1 for 3 reverse stock split. The
par value of the common stock was not affected by the reverse stock split. The
effect of the stock split changed the issued and outstanding shares of our
common stock to 5,505,556.  All shares and per share amounts have been restated
in the financial statements and in the notes to financial statements for all
periods presented, to reflect the reverse stock split as if it occurred on the
first day of the first period presented.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

JK Acquisition Corp. does not expect the adoption of recently issued accounting
pronouncements to have a significant impact on its results of operations,
financial position or cash flow.

NOTE 2-GOING CONCERN AND LIQUIDATION OF TRUST ACCOUNT

          JK Acquisition's cash position as of September 30, 2008 is $1,974.  JK
Acquisition has outstanding payables of $76,331 as of September 30, 2008.  As of
September  30,  2008,  short  term  debt  was  $928,182.

                                       4
<PAGE>

Because  of  the  abandonment  of  the  merger discussed above and the Company's
current  cash  position  versus  its outstanding payables and accruals, there is
substantial  doubt  about  the Company's ability to continue as a going concern.
The  accompanying  financial  statements have been prepared assuming the Company
will  continue  as  a going concern. The future of the Company is dependent upon
the  development  of  new  business  opportunities. Management may need to raise
additional  funds  via  a  combination  of  equity  and/or debt offerings. These
financial  statements  do not include any adjustments that might arise from this
uncertainty.

The  Company  commenced the process of liquidating the Trust Fund established by
the  Company  at the consummation of its initial public offering (the "IPO") and
into  which  a certain amount of the net proceeds of the IPO were deposited (the
"Trust  Fund").  The payment date for distributions from the Trust Fund was June
2,  2008.  The  ex  dividend  date was set at June 3, 2008.  Public stockholders
holding  shares as of the end of the day preceding the "ex dividend" date set by
the Financial Industry Regulatory Authority (FINRA) were entitled to receive the
distributions.  Public  stockholders  who  sold  their  shares  before  the  "ex
dividend"  date also sold the right to the distribution by virtue of a due bill.
Due  bills were redeemable on June 5, 2008.  At the date of liquidation, June 2,
2008,  the  Trust Fund had a balance of $81,190,595 (net of $98,110 withheld for
taxes).  The  liquidation  of the Trust Fund resulted in a distribution of $6.14
per  share  to  eligible  shareholders.

NOTE 3 - ADVANCES FROM SHAREHOLDERS, NOVATION AGREEMENT AND CONVERTIBLE NOTES

          On  May  23,  2007,  June  14, 2007, July 19, 2007, September 6, 2007,
October  9,  2007 and December 29, 2007, JK Acquisition received an aggregate of
$825,000  in  advances  for  expenses  from two shareholders, Messrs. Wilson and
Spickelmier.  Proceeds from each of the advances funded JK Acquisition's ongoing
continuing  operating  expenses.

     On  May 22, 2008 and May 30, 2008 the Company borrowed from James P. Wilson
and Keith D. Spickelmier an aggregate amount of $103,182 in order to pay certain
outstanding  Company  payables.  Each  of  Messrs.  Wilson and Spickelmier is an
officer  and  a  director  of  the  Company.  Messrs. Wilson and Spickelmier had
previously advanced to the Company an aggregate of $825,000 pursuant to separate
advance agreements, as described above. The additional $103,182 advance was made
pursuant to a Novation Agreement, which, among other things, replaced all of the
previous  advance  agreements.  The  Novation  Agreement  provided  that (a) the
aggregate  amount  of Company indebtedness to Messrs. Wilson and Spickelmier was
$928,182,  after  the  additional $103,182 advance, (b) all amounts owing by the
Company  to  Messrs.  Wilson  and Spickelmier would bear interest at the rate of
five  percent  (5.0%)  per  annum,  (c)  all amounts owing by the Company to the
Messrs.  Wilson  and Spickelmier would be due and payable in full on demand, and
(d)  Messrs.  Wilson  and Spickelmier have the right, at their election, to have
the  indebtedness  owed  to  them represented by a promissory note. The Novation
Agreement  also  provided  for  the  release  of  certain agreements between the
Company, on the one hand, and Messrs. Wilson and Spickelmier, on the other hand,
entered  into  in  connection  with the Company's initial public offering. These
agreements were released because they no longer had any relevance in view of the
proposed  amendments  to the Company's Certificate of Incorporation that were to
be  considered  (and  that were subsequently approved) at the special meeting of
stockholders  scheduled  for  May  27,  2008.  See  Note 6 for discussion of the
special  meeting  of  stockholders.

In  July,  2008, the Company revised the terms of the above stated debt with its
shareholders, by issuing new promissory notes. Under the terms of the new notes,
the  principal  and any accrued but unpaid interest may be converted at any time
into common stock at a conversion rate of $.008. The other terms of the note are
substantially  the  same  as  those  described  in  the  preceding  paragraph.

The  Company  has  evaluated  the  application  of SFAS No. 133, "Accounting for
Derivative  Instruments  and  Hedging  Activities,"  and  EITF  Issue  00-19,
"Accounting  for  Derivative  Financial  Instruments  Indexed to and Potentially
Settled in a Company's Own Stock," to its embedded conversion feature within its
convertible  debt  instruments.  The  Company  determined  that  the  conversion
feature  did  not  meet  the  definition  of  a  liability and therefore did not
bifurcate  the  conversion  feature  and account for it as a separate derivative
liability.

The  Company evaluated the conversion feature under EITF 98-5 and EITF 00-27 for
a  beneficial  conversion  feature at inception.  The effective conversion price
was compared to the market price on the date of the original note and was deemed
to  be less than the market value of the Company's stock at the inception of the
notes. A beneficial conversion  feature  was recognized and gave  rise to a debt
discount  of $928,182. The full amount of this discount was recorded directly to
interest expense, since the notes are due on demand, with an offsetting entry to
additional  paid  in  capital.

NOTE 4 - STOCK OPTION

          JK  Acquisition  sold to Ferris Baker, Watts, Inc. for $100, an option
to  purchase up to a total of 700,000 units. This option was issued upon closing
of  the initial public offering. The units that would be issued upon exercise of
this  option  are identical to those sold in the initial public offering, except
that each of the warrants underlying this option entitles the holder to purchase
one  share  of our common stock at a price of $6.25. This Underwriter's Purchase
Option  ("UPO")  is exercisable at $7.50 per unit at the latter of one year from
the  effective  date,  or  the consummation of a business combination and may be
exercised  on  a  cashless basis. The UPO was terminated effective June 12, 2008
through  a  release  agreement  between  JK Acquisition and Ferris Baker, Watts.

NOTE 5 - RELATED PARTY TRANSACTION

          JK Acquisition has agreed to pay 4350 Management, LLC, a related party
and privately-held company owned by JK Acquisition's chief executive officer, an
administrative  fee  of  $7,500  per  month for office space and administrative,
technology  and  secretarial  services  from  the  effective date of the initial
public  offering  through  the  acquisition  date  of  a target business.  As of
September 30, 2008, $22,500 has been accrued but not paid for the administrative
fee. Also, see Note 3 regarding advances from shareholders.  Accrued interest to
related  parties  is  $11,603  as  of  September  30,  2008.

NOTE 6- TERMINATION OF PROPOSED MERGER AGREEMENT AND SPECIAL MEETING OF
STOCKHOLDERS

     On  September  6,  2006,  the  Company,  Multi-Shot, LLC ("Multi-Shot") and
various  other  parties  entered  into the Agreement and Plan of Merger ("Merger
Agreement")  and  related  agreements.  Over the course of this transaction, the
parties  twice  amended the terms of the Merger Agreement and twice extended the
transaction.  On  January  31,  2008,  the  Company  announced  that the special
meeting  of  its stockholders to vote on the proposed merger with Multi-Shot had
been  cancelled.  The  Company  determined  and  informed  Multi-Shot  that  the
proposed  merger  would  not  receive the votes of its stockholders required for
approval.  The  agreement  and  plan  of  merger  governing  the proposed merger
expired  on  January  31,  2008,  and  the  proposed  merger with Multi-Shot was
abandoned.  In view of the preceding, the board of directors has determined that
it  is  no  longer  possible for the Company to consummate a qualifying business
combination  prior  to the Termination Date (as defined in the Trust Agreement).
Based upon this determination, the obligation related to the redemption of stock
was eliminated and reclassified back to paid in capital.  The board of directors
initiated  a  process  to  return to the holders of our common stock the amounts
held in the Trust Fund with interest (net of applicable taxes).   See Note 2 for
further  discussion  of  the  liquidation  of  the  Trust  Account.

                                       5
<PAGE>

     As  a  result of the termination of the Merger Agreement, a special meeting
of  Stockholders  was  held on Tuesday, May 27, 2008 for the following purposes:
     1.  To  consider  and  vote  on three proposals to amend our certificate of
incorporation:
     * to permit the continuance of our company as a corporation beyond the time
       currently  specified in our certificate of incorporation without the
       limitations related  to  its  IPO  (the "Article Five Elimination
       Proposal") - Specifically, this  proposal  would  remove  the  Fifth
       Article  from  our  certificate  of incorporation,  which,  among  other
       blank check company- related restrictions, requires  us  to  dissolve
       following  distribution  of  the Trust Fund. If this proposal  is
       approved,  our  stockholders  will not have the right to receive a
       liquidating  distribution  of any net assets outside of the Trust Fund.
       However, there  are  no  net  assets  outside  of  the  IPO  trust
       account available for distribution  to  stockholders;
     * to increase the authorized shares of common stock from 50,000,000 shares
       to  600,000,000  shares of common stock (the "Authorized Share Proposal")
       - This proposal  will  be  acted  upon  following,  and  will  be
       conditioned upon, the approval  of  the  Article  Five  Elimination
       Proposal;  and
     * to  effect a three-for-one reverse stock split (the "Reverse Stock Split
       Proposal")  of our common stock, $.0001 par value per share ("Common
       Stock"), in which every three shares of Common Stock outstanding as of
       the effective date of the  amendment  will be converted into one share of
       Common Stock - This proposal will  be acted upon following, and will be
       conditioned upon, the approval of the Article  Five  Elimination
       Proposal;  and
     2.  To  consider and vote on a proposal to adjourn the special meeting to a
later  date or dates, if necessary, to permit further solicitation of proxies in
the  event  there  are  insufficient votes at the time of the special meeting to
approve  the  Article  Five Elimination Proposal, the Authorized Share Proposal,
and/or  the  Reverse  Split  Proposal  (the  "Adjournment  Proposal").

The  Board  of  Directors  fixed  the close of business on April 21, 2008 as the
record  date  for determining the stockholders entitled to notice of and to vote
at  the  special  meeting  and  any  adjournment  thereof.  On May 27, 2008, the
special  meeting of Stockholders was held and the Company issued a press release
stating  its  stockholders  approved  of  all  three  proposed amendments to the
Company's  Certificate  of  Incorporation  and  the  Company  will  continue its
corporate  existence.

NOTE 7-GAIN ON SETTLEMENT OF ACCRUED EXPENSES

     JK  Acquisition  reached  settlement  with  various  service  providers  in
conjunction  with  the termination of the proposed merger agreement described in
Note  6.  The  settlements  resulted in a reduction of accrued expenses totaling
$662,720.  These  amounts  were recorded as a gain on settlement of debt for the
nine  months  ended  September  30,  2008.

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

          This Quarterly Report on Form 10-Q includes forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section  21E  of  the Securities Exchange Act of 1934, as amended. We have based
these  forward-looking  statements  on  our current expectations and projections
about  future  events,  and  we  assume  no  obligation  to  update  any  such
forward-looking  statements.  These  forward-looking  statements  are subject to
known  and  unknown risks, uncertainties and assumptions about us that may cause
our  actual results to be materially different from any future results expressed
or  implied  by such forward-looking statements. In some cases, you can identify
forward-looking  statements  by  terminology  such  as "may," "should," "could,"
"would,"  "expect,"  "plan," "anticipate," "believe," "estimate," "continue," or
the  negative  of  such  terms  or other similar expressions. Factors that might
cause  our  future  results to differ from those statements include, but are not
limited  to,  those  described  in  the  section  entitled "Risk Factors" of the
prospectus  filed with the Securities and Exchange Commission in connection with
our  initial  public  offering.  The  following  discussion  should  be  read in
conjunction  with  our  condensed financial statements and related notes thereto
included  elsewhere  in this report and with the section entitled "Risk Factors"
of  the  prospectus  filed  with  the  Securities  and  Exchange  Commission  in
connection  with  our  initial  public  offering.

On  September  6,  2006, the Company, Multi-Shot, LLC ("Multi-Shot") and various
other parties entered into the Agreement and Plan of Merger ("Merger Agreement")
and  related agreements.  Over the course of this transaction, the parties twice
amended  the  terms  of the Merger Agreement and twice extended the transaction.
On  January  31,  2008,  the  Company  announced that the special meeting of its
stockholders  to vote on the proposed merger with Multi-Shot had been cancelled.
The  Company  determined  and informed Multi-Shot that the proposed merger would
not  receive the votes of its stockholders required for approval.  The agreement
and  plan  of  merger governing the proposed merger expired on January 31, 2008,
and  the  proposed  merger  with  Multi-Shot  was  abandoned.  .  In view of the
preceding,  the  board of directors has determined that it is no longer possible
for  the  Company  to  consummate a qualifying business combination prior to the
Termination  Date  (as  defined  in  the  Trust  Agreement).  Based  upon  this
determination,  the obligation related to the redemption of stock was eliminated
and  reclassified back to paid in capital.  The Company commenced the process of
liquidating the Trust Fund established by the Company at the consummation of its
initial  public  offering (the "IPO") and into which a certain amount of the net
proceeds  of  the  IPO  were  deposited (the "Trust Fund"). The payment date for
distributions from the Trust Fund was June 2, 2008. The ex dividend date was set
at  June  3,  2008.  Public stockholders holding shares as of the end of the day
preceding  the  "ex  dividend"  date  set  by  the Financial Industry Regulatory
Authority  (FINRA)  were  entitled  to  receive  the  distributions.  Public
stockholders  who  sold their shares before the "ex dividend" date also sold the
right to the distribution by virtue of a due bill.  Due bills were redeemable on
June  5,  2008.  At  the date of liquidation, June 2, 2008, the Trust Fund had a
balance  of $81,190,595 (net of $98,110 withheld for taxes).  The liquidation of
the  Trust  Fund  resulted  in  a  distribution  of  $6.14 per share to eligible
shareholders.

                                       6
<PAGE>

RESULTS OF OPERATIONS

Comparison of Nine Months Ended September 30, 2008 and 2007

     For  the  nine  months  ended  September  30,  2008,  we  had net income of
$439,313,  compared  to  net  income  of  $1,867,591  for  the nine months ended
September  30,  2007.  For the nine months ended September 30, 2008, we incurred
$170,162  of  general  and  administrative  expenses  and  $939,785  of interest
expense,  including the value of the beneficial conversion feature of the notes,
offset by interest income of $886,540 and gain on settlement of debt of $662,720
as  compared  to  the  nine  months  ended  September 30, 2007, when we incurred
$345,286  of  general  and  administrative expenses and $1,356,704 of impairment
expenses,  offset  by  gain on derivative liabilities of $1,468,600 and interest
income  on  the  trust  fund  investments  of  $2,101,058.

Comparison of Three Months Ended September 30, 2008 and 2007

     For  the  three  months  ended  September  30,  2008,  we had a net loss of
$974,758,  compared  to  net  income  of  $229,222  for  the  three months ended
September  30,  2007. For the three months ended September 30, 2008, we incurred
$34,973 of general and administrative expenses and $939,785 of interest expense,
including the  value  of  the  beneficial  conversion  feature  of the notes, as
compared to the three months ended September 30, 2007, when we incurred $108,292
of  general  and  administrative  expenses  and $381,286 of impairment expenses,
offset  by  interest  income  on  the  trust  fund  investments  of  $718,800.

CHANGES IN FINANCIAL CONDITION

Liquidity and Capital Resources

          JK Acquisition's cash position as of September 30, 2008 is $1,974.  JK
Acquisition has outstanding payables of $76,331 as of September 30, 2008.  As of
September  30,  2008,  short  term  debt  was  $928,182.

Because  of the abandonment of the merger discussed above, the Company's current
cash position versus its outstanding payables and accruals, there is substantial
doubt  about  the  Company's  ability  to  continue  as  a  going  concern.  The
accompanying  financial  statements have been prepared assuming the Company will
continue  as  a  going  concern. The future of the Company is dependent upon the
development  of  new  business  opportunities.  Management  may  need  to  raise
additional  funds  via  a  combination  of  equity  and/or debt offerings. These
financial  statements  do not include any adjustments that might arise from this
uncertainty.

On  May  23,  2007,  June 14, 2007, July 19, 2007, September 6, 2007, October 9,
2007  and December 29, 2007, JK Acquisition received an aggregate of $825,000 in
advances  for  expenses  from  two shareholders, Messrs. Wilson and Spickelmier.
Proceeds  from  each  of the advances funded JK Acquisition's ongoing continuing
operating  expenses.  Under  the  original terms of the advances, JK Acquisition
would:  (i)  pay  no interest and (ii) the amounts of the advances are due to be
reimbursed  upon  the  consummation  of  a business combination. In the event JK
Acquisition  fails  to  complete  a  business combination with any entity (I) by
October  10,  2007  or,  (II)  if  a letter of intent, agreement in principle or
definitive agreement is executed, but not consummated, by October 10, 2007, then
by  April  10,  2008,  then  JK  Acquisition  shall not be required to repay the
advances. The two shareholders who advanced such funds, have waived any recourse
against JK Acquisition's trust account with respect to the advances in the event
that  a  business  combination  is not consummated by JK Acquisition in a timely
manner  as  described  herein  above.

On  May  22, 2008 and May 30, 2008 the Company borrowed from James P. Wilson and
Keith  D.  Spickelmier  an  aggregate amount of $103,182 in order to pay certain
outstanding  Company  payables.  Each  of  Messrs.  Wilson and Spickelmier is an
officer  and  a  director  of  the  Company.  Messrs. Wilson and Spickelmier had
previously advanced to the Company an aggregate of $825,000 pursuant to separate
advance agreements, as described above. The additional $103,182 advance was made
pursuant to a Novation Agreement, which, among other things, replaced all of the
previous  advance  agreements.  The  Novation  Agreement  provided  that (a) the
aggregate  amount  of Company indebtedness to Messrs. Wilson and Spickelmier was
$928,182,  after  the  additional $103,182 advance, (b) all amounts owing by the
Company  to  Messrs.  Wilson  and Spickelmier would bear interest at the rate of
five  percent  (5.0%)  per  annum,  (c)  all amounts owing by the Company to the
Messrs.  Wilson  and  Spickelmier would be due in payable in full on demand, and
(d)  Messrs.  Wilson  and Spickelmier have the right, at their election, to have
the  indebtedness  owed  to  them represented by a promissory note. The Novation
Agreement  also  provided  for  the  release  of  certain agreements between the
Company, on the one hand, and Messrs. Wilson and Spickelmier, on the other hand,
entered  into  in  connection  with the Company's initial public offering. These
agreements were released because they no longer had any relevance in view of the
proposed  amendments  to the Company's Certificate of Incorporation that were to
be  considered  (and  that were subsequently approved) at the special meeting of
stockholders  scheduled  for  May  27,  2008.  See  Note  6  of the accompanying
financial  information  for  discussion  of the special meeting of stockholders.
In July, 2008, the Company revised the terms of the above stated debt with its
shareholders, by issuing new promissory notes. Under the terms of the new notes,
the principal and any accrued but unpaid interest may be converted at any time
into common stock at a conversion rate of $.008. The other terms of the note are
substantially the same as those described in the preceding paragraph.

                                       7
<PAGE>

Off-Balance  Sheet  Arrangements

          Other  than  contractual  obligations incurred in the normal course of
business,  we  do  not  have  any  off-balance  sheet  financing arrangements or
liabilities,  guarantee  contracts,  retained  or  contingent  interests  in
transferred assets or any obligation arising out of a material variable interest
in  an  unconsolidated  entity.  We do not have any majority-owned subsidiaries.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

          Market  risk  is  a  broad  term  for the risk of economic loss due to
adverse  changes  in the fair value of a financial instrument. These changes may
be  the  result  of  various factors, including interest rates, foreign exchange
rates,  commodity  prices  and/or  equity prices. Our exposure to market risk is
limited  to  interest income sensitivity with respect to the funds placed in the
trust  account.  However, the funds held in our trust account have been invested
only in U.S. "government securities," defined as any Treasury Bill issued by the
United  States  having  a  maturity of one hundred and eighty days or less or in
money  market funds meeting certain conditions under Rule 2a-7 promulgated under
the  Investment  Company  Act  of 1940, so we are not deemed to be an investment
company  under  the  Investment Company Act. Thus, we are subject to market risk
primarily  through  the  effect  of  changes  in  interest  rates  on government
securities.  The  effect  of  other  changes,  such  as  foreign exchange rates,
commodity  prices and/or equity prices, does not pose significant market risk to
us.

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation  of  Disclosure  Controls  and  Procedures

 We  carried  out  an  evaluation,  under the supervision of our Chief Executive
Officer  and  Chief  Financial  Officer,  of the effectiveness of our disclosure
controls  and  procedures  pursuant to Rule 13a-15 under the Securities Exchange
Act of 1934 as of the end of the period covered by this quarterly report. In the
course  of this evaluation, our management considered the material weaknesses in
our  internal  control  over  financial reporting discussed below. Based on that
evaluation,  our  Chief  Executive Officer and Chief Financial Officer concluded
that,  as  a  result  of  this  material  weakness,  our disclosure controls and
procedures  as  of  June  30,  2008,  were  not  effective  in ensuring that the
information required to be disclosed by us in reports filed under the Securities
Exchange  Act of 1934 is recorded, processed, summarized and reported within the
time  periods  specified  in  the  rules  and  forms  of  the  SEC.

DEFICIENCIES  IN  THE  SEGREGATION  OF  DUTIES.

The  role  and  duties  of  Chief  Executive  Officer,  Chairman of the Board of
Directors,  Secretary  ,Principal  Financial and Accounting Officer are held and
performed  by  one individual who is actively involved in the preparation of the
financial  statements,  and  therefore  cannot provide an independent review and
quality  assurance function within the accounting and financial reporting group.
Furthermore,  that  individual has wide-spread access to create and post entries
in  the  Company's  financial accounting system. There is a risk that a material
misstatement  of  the  financial  statements could be caused, or at least not be
detected  in  a  timely  manner,  due  to  insufficient  segregation  of duties.

To  address  the  material  weakness, we performed additional analysis and other
post-closing  procedures  in  an  effort  to  ensure  our consolidated financial
statements included in this interim report have been prepared in accordance with
generally  accepted accounting principles. Accordingly, management believes that
the  financial statements included in this report fairly present in all material
respects  our  financial condition, results of operations and cash flows for the
periods  presented.

CHANGES  IN  INTERNAL  CONTROL  OVER  FINANCIAL  REPORTING

          There  were  no  changes  in  our  internal  controls  over  financial
reporting in connection with the evaluation required by Rule 13a-15(d) under the
Exchange Act that occurred during the period covered by this Quarterly Report on
Form  10-Q that have materially affected, or are reasonably likely to materially
affect,  our  internal  controls  over  financial  reporting.

ITEM 5.02.       DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF
DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS.

On May 22, 2008, Herbert C. Williamson, a director of JK Acquisition Corp. (the
"Company"), notified the Company that he was resigning from its board of
directors, effective immediately, The resignation was not the result of any
disagreement on Mr. Williamson's part. The Company accepted Mr. Williamson's
resignation in view of the change in the Company's business plan, due to
amendments to its Certificate of Incorporation and the distribution of the
amounts in the Trust Fund.

                                       8

<PAGE>

                          PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

          On  July  16, 2007, we filed suit in the 234th Judicial District Court
of  Harris  County, Texas (the "Court") against Multi-Shot, LLC and twelve other
named defendants. We were seeking injunctive relief and other damages related to
various  claims  of  breach of contract in connection with the First Amended and
Restated  Agreement  and Plan of Merger previously entered into with Multi-Shot,
LLC  and other parties on February 14, 2007. Pursuant to a Settlement Agreement,
JKA,  Multi-Shot  and  the  other  parties  thereto  agreed to abate the current
lawsuit  among  the  parties  pending  in the Court in exchange for, among other
consideration,  entering  into  the Amended Merger Agreement. The parties to the
Settlement  Agreement  have  also  agreed  to waive any prior claims the parties
have,  or  may  have had, on the date of the Settlement Agreement against any of
the  other parties to the Settlement Agreement.    The parties to the Settlement
Agreement  have  agreed  that the Court will retain continuing jurisdiction over
any  dispute filed regarding the Settlement Agreement, and that any such dispute
will  be  submitted  to  the Court for resolution. In addition, the parties have
agreed  that any dispute regarding the Amended Merger Agreement will be tried in
the  district  courts  in  Harris  County,  Texas.  None  of  the parties to the
Settlement  Agreement  have  admitted  any  liability  or  violation.

 ITEM  1A.  RISK  FACTORS

     There  have  been  no  material  changes  to  the  risk  factors previously
disclosed  in the registration statement on Form S-1 (File No. 333-133197) filed
in connection with our initial public offering, which the SEC declared effective
on  April  10,  2006.

ITEM  4.  SUBMISSION  OF  MATTER  TO  A  VOTE  OF  SECURITY  HOLDERS

     On January 31, 2008, the Company announced that the special meeting of
stockholders to vote on the proposed merger with Multi-Shot, LLC ("Multi-Shot")
had been cancelled. The Company determined and informed Multi-Shot that the
proposed merger would not receive the votes of our stockholders required for
approval. The agreement and plan of merger governing the proposed merger expired
on January 31, 2008, and the proposed merger with Multi-Shot was abandoned.
As a result of the termination of the Multi-Shot merger, the board of directors
determined it would be in the best interests of our stockholders to distribute
to stockholders holding shares of our common stock ("IPO Shares") issued in our
initial public offering ("IPO") all amounts in the Trust Fund (net of applicable
taxes) established by us at the consummation of its IPO and into which a certain
amount of the net proceeds of the IPO were deposited (the "Trust Fund").
Further, our board of directors also determined that it would be in the best
interests of our stockholders for our company to continue its corporate
existence after the distribution of the Trust Fund, rather than dissolve as
required by our certificate of incorporation, and to do so with a new
certificate of incorporation that would be suitable for our company as a
non-blank check company.

Accordingly, we called a special meeting of Stockholders to be held on Tuesday,
May 27, 2008 at our offices located at 4400 Post Oak Parkway, Suite 2530,
Houston, Texas at 9:00 A.M. Central daylight time for the following purposes:

1. To consider and vote on three proposals to amend our certificate of
incorporation:

* to permit the continuance of our company as a corporation beyond the time
currently specified in our certificate of incorporation without the limitations
related to its IPO (the "Article Five Elimination Proposal") - Specifically,
this proposal would remove the Fifth Article from our certificate of
incorporation, which, among other blank check company- related restrictions,
requires us to dissolve following distribution of the Trust Fund. If this
proposal is approved, our stockholders will not have the right to receive a
liquidating distribution of any net assets outside of the Trust Fund. However,
there are no net assets outside of the IPO trust account available for
distribution to stockholders;

* to increase the authorized shares of common stock from 50,000,000 shares to
600,000,000 shares of common stock (the "Authorized Share Proposal") - This
proposal will be acted upon following, and will be conditioned upon, the
approval of the Article Five Elimination Proposal; and

* to effect a three-for-one reverse stock split (the "Reverse Stock Split
Proposal") of our common stock, $.0001 par value per share ("Common Stock"), in
which every three shares of Common Stock outstanding as of the effective date of
the amendment will be converted into one share of Common Stock - This proposal
will be acted upon following, and will be conditioned upon, the approval of the
Article Five Elimination Proposal; and

2. To consider and vote on a proposal to adjourn the special meeting to a later
date or dates, if necessary, to permit further solicitation of proxies in the
event there are insufficient votes at the time of the special meeting to approve
the Article Five Elimination Proposal, the Authorized Share Proposal, and/or the
Reverse Split Proposal (the "Adjournment Proposal").

                                       9
<PAGE>

The  Board  of  Directors  fixed  the close of business on April 21, 2008 as the
record  date  for determining the stockholders entitled to notice of and to vote
at  the  special  meeting  and  any  adjournment  thereof.  On May 27, 2008, the
special  meeting of Stockholders was held and the Company issued a press release
stating  its  stockholders  approved  of  all  three  proposed amendments to the
Company's  Certificate  of  Incorporation at the special meeting of stockholders
held  on May 27, 2008 so that the Company will continue its corporate existence.
The  shareholder  vote  resulting  in  the  following  results;


                                                                 Percentage of
                                                                Votes "Aainst",
                             Percentage                             Votes
                     Votes    of Votes     Votes    Abstain or    Abstaining
                      For       For       Against   Non-Vote     And Non-Votes
                     -----    --------    ------   ----------    -------------
Article Five
  Elimination
  Proposal       14,565,972     88.2%     321,339  1,629,356       11.8%
Authorized Share
  Proposal       12,686,032     76.8%   2,209,279  1,621,356       23.2%
Reverse Stock
  Split Proposal 12,688,032     76.8%   2,209,279  1,619,356       23.2%

ITEM  5.  OTHER  INFORMATION

Delisting of Securities

On May 28, 2008 the Company voluntarily de-listed its securities on the American
Stock  Exchange  (the "AMEX") and trading on the AMEX was suspended. The Company
intends  to  remain  a  reporting  company with the U.S. Securities and Exchange
Commission.  The  Company  was  informed that effective May 28, 2008, its common
stock  was  trading  on the OTC Bulletin Board under the symbol "JKAQ," and that
the  Company's  warrants  and  units were trading in the over-the-counter market
under the respective symbols of "JKAQW" and "JKAQU." Effective June 17, 2008, in
conjunction  with  the  reverse  stock  split,  as  approved  by  the  company's
shareholders  as  described  in  Item  4.  above, the company's common stock was
trading  on the OTC Bulletin Board under the symbol "JKAK" and that the warrants
and  units  were  trading  in  the  over-the-counter market under the respective
symbols  of  "JKAKW"  and "JKAKU".   In the future, the Company may seek to have
its  warrants  traded  on  the OTC Bulletin Board, but there can be no assurance
that  it  will  be  able  to  do  so.

ITEM 6. EXHIBITS.

NUMBER          DESCRIPTION

31.1     Certification by Principal Executive Officer pursuant to Section
         302 of the Sarbanes-Oxley Act of 2002

31.2     Certification by Principal Financial Officer pursuant to Section
         302 of the Sarbanes-Oxley Act of 2002

32.1     Certification by Principal Executive Officer and Principal
         Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted
         pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

                                       10

<PAGE>
                                   SIGNATURES

    Pursuant to the requirements of Section 13 or 15(d) 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.

                             JK ACQUISITION CORP.

Date: November 14, 2008      By:     /s/ James P. Wilson
                                     -------------------
                                     James P. Wilson
                                     Chairman of the Board of Directors, Chief
                                     Executive Officer and Secretary
                                    (Principal Executive Officer)
                                    (Principal Financial and Accounting Officer)

                                       11

<PAGE>

                               INDEX TO EXHIBITS

NUMBER          DESCRIPTION

31.1          Certification by Principal Executive Officer pursuant to Section
              302 of the Sarbanes-Oxley Act of 2002

31.2          Certification by Principal Financial Officer pursuant to Section
              302 of the Sarbanes-Oxley Act of 2002

32.1          Certification by Principal Executive Officer and Principal
              Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted
              pursuant to Section 906 of the Sarbanes-Oxley Act of 2002


                                       12