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 June 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 June 30, 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                         5
Item 2.    Management's Discussion and Analysis of Financial
              Condition and Results of Operations                          7
Item 3.    Quantitative and Qualitative Disclosures about Market Risk      9
Item 4.    Controls and Procedures                                         9
Item 5.02. Departure of Directors or Principal Officers                    9
PART II - OTHER INFORMATION
Item 1.    Legal Proceedings                                              10
Item 1a.   Risk Factors                                                   10
Item 4.    Submission of Matter to Vote of Security Holders               10
Item 5.    Other Information                                              11
Item 6.    Exhibits                                                       11
SIGNATURES                                                                12
INDEX TO EXHIBITS                                                         13
   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 JUNE 30, 2008 AND DECEMBER 31, 2007
                                  (UNAUDITED)

                                                June 30,          December 31,
                                                  2008               2007

ASSETS

Current assets
Cash                                            $     32,754      $     109,917
Trust fund                                                 -         80,402,166
Other current assets                                     132                  -
                                                -------------------------------
Total current assets                                  32,886         80,512,083


   Total Assets                                 $     32,886      $  80,512,083
                                                ===============================

                 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable and accrued expenses           $     38,032      $     866,387
Accounts Payable to Related Parties                   22,500                  -
Advances from Shareholders                           928,182            825,000
                                                -------------------------------

    Total Current Liabilities                        988,714          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, 5,505,056 shares issued
   and outstanding at March 31,2008 and
   December 31, 2007  (including 903,437
   shares subject to redemption at December
   31, 2007)                                             551                551
Paid-in capital                                            0         60,505,437
Earnings (Deficit) accumulated during the
   development stage                                (956,379)         2,386,048
                                                 ------------------------------
   Total Stockholders' Equity (Deficit)             (955,828)        62,891,991
                                                 ------------------------------
Total Liabilities and Stockholders'
   Equity (Deficit)                              $    32,886     $   80,512,083
                                                 ==============================

                       See notes to financial statements.

                                       1

<PAGE>

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

                                                                    Period from
                            Three Months Ended   Six Months Ended  Inception to
                                Ended June 30,       June 30,         June 30,
                               2008        2007     2008      2007      2008

Operating Expenses:
General & administrative  $  72,416     172,131   135,189    237,074    895,409
Impairment of deferred
  transaction costs               -     975,419         -    975,419  1,828,626
                          -----------------------------------------------------
Operating Loss              (72,416) (1,147,550) (135,189)(1,212,493)(2,724,035)


Other income:
Interest income             313,999     713,720   886,540  1,382,258  5,663,530
Gain on settlement of
   accrued expenses         662,720               662,720               662,720
Gain on derivative
   liabilities                    -           -         -  1,468,600    203,596
                          -----------------------------------------------------
Total other income          976,719     713,720 1,549,260  2,850,858  6,529,846


Net income (loss) before
   income tax expense       904,303    (433,830)1,414,071  1,638,365  3,805,811
Income tax expense                -           -         -          -      5,692
                          -----------------------------------------------------
Net income (loss)        $  904,303    (433,830)1,414,071  1,638,365  3,800,119
                          =====================================================

Net income (loss) per share
Basic                    $     0.16       (0.08)     0.26 $     0.30
                         ===========================================
Diluted                  $     0.16       (0.08)     0.24 $     0.25
                         ===========================================

Weighted average number of common shares outstanding:
Basic                     5,505,556   5,505,556 5,505,556  5,505,556
                         ===========================================
Diluted                   5,505,556   5,505,556 5,885,353  6,648,216
                         ===========================================

                       See notes to financial statements.

                                       2
<PAGE>

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

                                                                  Period from
                                                                 Inception to
                                Six Months Ended June 30,           June 30,
                                   2008           2007                2008
                               ------------   ------------       ------------

CASH FLOWS FROM OPERATING ACTIVITIES
Net income                    $     1,414,071   1,638,365          3,800,119
Adjustments to reconcile net
  income to net cash used in
  operating activities:
Investment income                    (886,540) (1,382,258)        (5,663,530)
Gain on derivative liabilities              -  (1,468,600)          (203,596)
Gain on settlement of accrued
  expenses                            662,720           -            662,720
Impairment of Deferred Transaction
  Costs                                     -     975,419          1,828,626
Change in:
  Other current assets                   (132)                          (132)
  Accrued liabilities and accounts
    payable                          (143,135)     79,640           (602,187)
  Federal Income Tax Payable                -      (7,228)                 -
                               ---------------------------------------------
Net cash used  in operating
  activities                         (278,456)   (164,663)          (177,980)

CASH FLOWS FROM INVESTING ACTIVITIES
Deferred transaction costs                  -    (187,185)        (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 from (used) in
  investing activities                 98,110    (179,957)       (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     200,000          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     200,000         77,566,426

Net change in cash                    (77,164)   (144,620)            32,754
Cash at beginning of period           109,917     220,104                  -
                               ---------------------------------------------
Cash at end of period          $       32,754      75,484             32,754
                               =============================================

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

                                       3
<PAGE>


Non-cash transactions:
Common stock subject to
  redemption                   $ (15,299,099)           -                  -
Increase(Decrease)  in value
  of common stock subject to
  redemption                        (629,606)     133,641                  -
Adjustment for elimination of
  derivatives at fair value -
  warrants                                 -   14,168,233                  -
Reclassification of common stock
  to APIC for reverse 3 for 1
  stock split                         (1,101)

                       See notes to financial statements.

                                       4
<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,  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.

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 - ADVANCES FROM SHAREHOLDERS AND NOVATION AGREEMENT

     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 terms of the advances, JK Acquisition will: (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.

                                       5
<PAGE>


     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 or 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 7 for discussion of the
special  meeting  of  stockholders.

NOTE 3 - STOCK OPTION

     During  2006, 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  that  cancelled  the  option  to  purchase  the  units.

NOTE 4 - 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. This
agreement  was  terminated,  effective  April  10,  2008. During the period from
January  1,  2008 through the termination date, $22,500 has been accrued but not
paid  for  the  administrative  fee.  Also,  see  Note 2 regarding advances from
shareholders.

NOTE 5 - 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 8 for
further  discussion  of  the  liquidation  of  the  Trust  Account.

     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

                                       6
<PAGE>


     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  all  three  proposed  amendments  to  the Company's
Certificate  of  Incorporation  and  the  Company  will  continue  its corporate
existence.

NOTE  6 - GAIN  ON  SETTLEMENT  OF  ACCRUED  EXPENSES

     JK  Acquisition  reached  settlement  with various service providers, which
resulted  in  a  reduction  of  previously  accrued  costs  totaling $662,720 in
conjunction  with  the termination of the proposed merger agreement described in
Note  5. These amounts were recorded as a gain on settlement of accrued expenses
for the three and six months ended June 30, 2008. These amounts were recorded as
accounts  payable  as  of  March  31,  2008.

NOTE  7  -  LIQUIDITY,  GOING  CONCERN  AND  LIQUIDATION  OF  TRUST ACCOUNT

     JK  Acquisition's  cash  position  as  of  June  30,  2008  is  $32,754. JK
Acquisition  has outstanding payables of $60,532 as of June 30, 2008. As of June
30,  2008,  advances  from  shareholders  were  $928,182.  Messrs.  Wilson  and
Spickelmier  have  agreed  to  indemnify  us against any claims by any vendor or
other  entities that are owed money by us for services rendered or products sold
to  us  that  would  otherwise  reduce  the  amounts  of the funds in the trust.
However,  we  cannot assure you that Messrs. Wilson and Spickelmier will be able
to  satisfy  those  obligations.

     Because  of  the  abandonment  of the merger discussed above, the Company's
current  cash  position  versus  its  outstanding payables and accruals, lack of
revenues and accumulated deficit, 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
state  franchise  taxes).  The  liquidation  of  the  Trust  Fund  resulted in a
distribution  of  $6.14  per  share  to  eligible  shareholders.

NOTE 8 - SUBSEQUENT EVENTS

     In  July,  2008,  the  Company  revised  the  terms  of  its  debt with two
shareholders,  described in Note 2 above, 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
Note  2.


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.

                                       7
<PAGE>


RESULTS OF OPERATIONS

Comparison of Six Months Ended June 30, 2008 and 2007

     For  the  six  months ended June 30, 2008, we had net income of $1,414,071,
compared to net income of $1,638,365 for the six months ended June 30, 2007. For
the  six  months  ended  June  30,  2008,  we  incurred  $135,189 of general and
administrative expenses, offset by interest income on the trust fund investments
of  $886,540, and gain on settlement of accrued expenses of $662,720 as compared
to  the six months ended June 30, 2007, when we incurred $237,074 of general and
administrative  expenses  and $975,419 of impairment expenses, offset by gain on
derivative  liabilities  of  $1,468,600  and  interest  income on the trust fund
investments  of  $1,382,258.

Comparison of Three Months Ended June 30, 2008 and 2007

     For  the  three  months ended June 30, 2008, we had net income of $904,303,
compared to a net loss of $433,830 for the three months ended June 30, 2007. For
the  three  months  ended  June  30,  2008,  we  incurred $72,416 of general and
administrative expenses, offset by interest income on the trust fund investments
of  $313,999  and gain on settlement of accrued expenses of $662,720 as compared
to  the  three  months ended June 30, 2007, when we incurred $172,131 of general
and  administrative  expenses  and  $975,419  of  impairment expenses, offset by
interest  income  on  the  trust  fund  investments  of  $713,720.

CHANGES IN FINANCIAL CONDITION

Liquidity and Capital Resources

          JK  Acquisition's  cash  position  as of June 30, 2008 is $32,754.  JK
Acquisition has outstanding payables of $60,532 as of June 30, 2008.  As of June
30,  2008,  advances  from  shareholders  were $928,182.  Such shareholders 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  above.  Messrs.  Wilson  and
Spickelmier  have  agreed  to  indemnify  us against any claims by any vendor or
other  entities that are owed money by us for services rendered or products sold
to  us  that  would  otherwise  reduce  the  amounts  of the funds in the trust.
However,  we  cannot assure you that Messrs. Wilson and Spickelmier will be able
to  satisfy  those  obligations.

     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

     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  failed  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  would not be required to repay the
advances.  The  two  shareholders  who  advanced such funds, waived any recourse
against JK Acquisition's trust account with respect to the advances in the event
that  a  business  combination was 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  or  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 5 of the accompanying financial information for discussion
     of  the  special  meeting  of  stockholders.

          In  July,  2008,  the  Company  revised the terms of its debt with two
     shareholders,  described  in Note 2 above, 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
     price  of  $.008. The other terms of the note are substantially the same as
     those  described  in  Note  2.

                                       8
<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.

                                       9
<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").

                                       10
<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
                                Percent-                             "Against",
                                age of                                Votes
                                Votes      Votes      Abstain or  Abstaining and
                   Votes "For"  "For"    "Against"    Non-Vote      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

                                       11

<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: August 11, 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)

                                       12

<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

                                       13