SECURITIES
AND EXCHANGE COMMISSION
 Washington,
D.C. 20549
 
 FORM
10-KSB
 
 xAnnual report
under Section 13 or 15(d) of the Securities Exchange Act of 1934 for the year
ended December 31, 2007.
 
 oTransition report under
Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition
period from ______________ to ______________
 
 
 Commission
file number: 000-32309
 
 CABLE
NET INC.
 (Exact
name of small business issuer as specified in its charter)
 
 
 
 NEVADA
              86-1010155(State
      or other jurisdiction of incorporation or organization)
              (I.R.S. Employer
      Identification No.)
   4500
Bankers Hall East 855 - 2nd Street S.W. Calgary, Alberta T2P 4K7
 (Address
of principal executive office) (Zip Code)
   403-298-3100
 (Issuer's
telephone number)
 
 Securities
registered under Section 12(b) of the Exchange Act: None
 
 Securities
registered under Section 12(g) of the Exchange Act: None
  Common
Stock, Par Value $.001 Per Share
 (Title of
class)
  
 1
  Check
whether the issuer: (1) 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 oNo x
   Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act).
  Yes xNo o
   Check if
there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure will be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB. x
 
  State
issuer's revenues for its most recent fiscal year. $ 0
 
  As of
December 31, 2007, we had 7,000,000 shares of our $0.001 par value common stock
issued and outstanding. As there is no public trading market for our securities,
we are unable to determine the aggregate market value of the common stock, our
only class of voting stock, held by nonaffiliates.
 
  DOCUMENTS INCORPORATED BY
REFERENCE
 None
 
  To
simplify the language in this Form 10-KSB, Cable Net, Inc. is referred to herein
as the "Company" or "We."
            2
   
 PagePart IITEM
      1.
              DESCRIPTION
      OF BUSINESS
              4The
      Company
              4Business
      of the Company
              4Employees
              4ITEM
      2
              DESCRIPTION
      OF PROPERTIES
              4ITEM
      3
              LEGAL
      PROCEEDINGS
              4ITEM
      4
              SUBMISSION
      OF MATTERS TO A VOTE OF THE SECURITY HOLDERS
              4Part
      IIITEM
      5
              MARKET
      FOR REGISTRANT'S COMMON EQUITY & RELATED STOCKHOLDER
      MATTERS
              5Market
              5Holders
              5Dividends
              5ITEM
      6
              MANAGEMENT'S
      DISCUSSION & ANALYSIS OF FINANCIAL CONDITION & RESULTS OF
      OPERATION
              5Plan
      of Operation
              5Forward-Looking
      Statements
              5ITEM
      7
              FINANCIAL
      STATEMENTS
              6ITEM
      8
              CHANGES
      IN & DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING & FINANCIAL
      DISCLOSURE
              7ITEM
      8A
              CONTROLS
      AND PROCEDURES
              7Part
      IIIITEM
      9
              DIRECTORS,
      EXECUTIVE OFFICERS, PROMOTERS & CONTROL PERSONS, COMPLIANCE WITH
      SECTION 16(a) OF THE EXCHANGE ACT
              8The
      Directors and Officers of the Company
              8Compliance
      with Section 16(a) of the Exchange Act
              8ITEM
      10
              EXECUTIVE
      COMPENSATION
              8ITEM
      11
              SECURITY
      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS & MANAGEMENT
              9Security
      Ownership of Beneficial Owners
              9Security
      Ownership of Management
              9ITEM
      12
              CERTAIN
      RELATIONSHIPS & RELATED TRANSACTIONS
              9ITEM
      13
              EXHIBITS
      AND REPORTS ON FORM 8-K
              10Exhibits
              10Reports
      on Form 8-K
              10ITEM
      14
              PRINCIPAL
      ACCOUNTANT FEES AND SERVICES
              10SIGNATURES
              11
      3
  PART
I
 
 ITEM
1. DESCRIPTION OF BUSINESS.
 
 The
Company
 
 Cable
Net, Inc. (the "Company") is a Nevada corporation formed on December 31, 1998.
Its principal place of business is located at 4500 Bankers Hall East 855 - 2nd
Street S.W.Calgary, Alberta T2P 4K7. The Company was organized to engage in any
lawful corporate business, including but not limited to, participating in
mergers with, and the acquisitions of, other companies. The Company has been in
the developmental stage since its inception and has no operating history other
than organizational matters.
 
 Business
of the Company
 
 The
primary activity of the Company currently involves seeking a company or
companies that it can acquire or with whom it can merge. The Company has not
selected any company as an acquisition target or merger partner and does not
intend to limit potential candidates to any particular field or industry, but
does retain the right to limit candidates, if it so chooses, to a particular
field or industry. The Company's plans are in the conceptual stage
only.
 
 Employees
 
 The
Company has no employees at the present time and only two
officers/directors, who will devote as much time as they determine
necessary to carry out the affairs of the Company.
 
  ITEM
2. DESCRIPTION OF PROPERTIES
 
 The
Company has no assets, property, or operating capital.
 
  ITEM
3. LEGAL PROCEEDINGS
 
 The
Company is not a party to any pending legal proceedings and no such proceedings
are known to the Company to be threatened or contemplated by or against
it.
  
 ITEM
4. SUBMISSION OF MATTERS TO A VOTE OF THE SECURITY HOLDERS
 
 No matter
was submitted to a vote of the security holders during the fourth quarter of the
fiscal year covered by this report.
     4
  PART
II
 
 ITEM
5. MARKET FOR REGISTRANT'S COMMON EQUITY & RELATED STOCKHOLDER
MATTERS
 
 Market
 
 To the
knowledge of current management, there is no public trading market for the
Company's common stock
 
 Holders
 
 At December 31, 2007, there
were approximately 33 holders of record of the Company's common
stock.
  Dividends
 
 The
Company has not declared any cash dividends since inception, nor does the
Company anticipate or contemplate paying dividends in the foreseeable
future.
 
  ITEM
6. MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION & RESULTS
OF OPERATION
 
 Plan of
Operation
 
 The
Company's plan is to seek, investigate, and if such investigation warrants,
acquire an interest in one or more business opportunities presented to it by
persons or firms desiring the perceived advantages of a publicly held
corporation. At this time, the Company has no plan, proposal, agreement,
understanding, or arrangement to acquire or merge with any specific business or
company, and the Company has not identified any specific business or company for
investigation and evaluation. No member of Management or any promoter of the
Company, or an affiliate of either, has had any material discussions with any
other company with respect to any acquisition of that company. The Company will
not restrict its search to any specific business, industry, or geographical
location, and may participate in business ventures of virtually any kind or
nature. Discussion of the proposed business under this caption and throughout
this Financial Statement is purposefully general and is not meant to restrict
the Company's virtually unlimited discretion to search for and enter into a
business combination.
 
 Forward-Looking
Statements
 
 This
statement includes projections of future results and "forward-looking
statements" as that term is defined in Section 27A of the Securities Act of 1933
as amended (the "Securities Act"), and Section 21E of the
Securities Exchange Act of 1934 as amended (the "Exchange Act"). All statements
that are included in  this Financial Statement, other than statements of
historical fact, are forward-looking statements. Although Management believes
that the expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that such expectations will prove to have
been correct. Important factors that could cause actual results to differ
materially from the expectations are disclosed in this Statement, including,
without limitation, in conjunction with those forward-looking statements
contained in this Statement.
 
   5
  ITEM
7. FINANCAIL STATEMENTS





CABLE
NET, INC.


FINANCIAL
STATEMENTS


DECEMBER
31, 2007










TABLE OF
      CONTENTSPAGEREPORT OF
      INDEPENDENT REGISTERED PUBLICACCOUNTING
      FIRM
            F-1REPORT OF
      INDEPENDENT REGISTERED PUBLICACCOUNTING
      FIRM
            F-2BALANCE
      SHEET
            F-3STATEMENTS OF
      OPERATIONS
            F-4STATEMENTS OF
      STOCKHOLDERS’ DEFICIT
            F-5STATEMENTS OF
      CASH FLOWS
            F-6NOTES TO
      FINANCIAL STATEMENTS
            F-7






6






REPORT
OFINDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM





To
      the Board of Directors and
Stockholders


CABLE
      NET, INC.


Calgary,
      Alberta Canada





We have
audited the accompanying statements of operations, stockholders’ (deficit), and
cash flows for the year ended December 31, 2006, of CABLE NET, INC.(a Nevada development
stage company).  These financial statements are the responsibility of
the Company’s management.  Our responsibility is to express an opinion
on these financial statements based on our audit.





We conducted our audit in
accordance with the standards of the Public Company Accounting Oversight Board
(United States).  Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement.  The Company has determined that it is
not required to have, nor were we engaged to perform, an audit of its internal
control over financial reporting. Our audit included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation.  We believe that our audit provides a
reasonable basis for our opinion.





In our
opinion, the financial statements referred to above present fairly, in all
material respects, the results of operations and cash flows ofCABLE NET, INC. for the year ended December
31, 2006, in conformity with accounting principles generally accepted in the
United States of America.





The
accompanying financial statements have been prepared assuming the Company will
continue as a going concern.  As discussed in Note 1 to the financial
statements, the Company is in the development stage, has not commenced
operations. It has sustained losses to date and has a deficit in working capital
and stockholders’ equity that raises substantial doubt about its ability to
continue as a going concern. Management’s plans in regard to these matters are
also described in Note 1.  The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.














/s/  Braverman
International, P.C.


Braverman
International, P.C.


Prescott,
Arizona


March 4,
2007








F-1






REPORT
OFINDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM





To
      the Board of Directors and
Stockholders


CABLE
      NET, INC.


Calgary,
      Alberta Canada





We have
audited the accompanying balance sheet of CABLE NET, INC.(a Nevada development
stage company) as of December 31, 2007, and the related statements of
operations, stockholders’ equity (deficit), and cash flows for the year ended
December 31, 2007, and for the period from December 31, 1998 (inception) to
December 31, 2007.  These financial statements are the responsibility
of the Company’s management.  Our responsibility is to express an
opinion on these financial statements based on our audits.





We conducted our audit in
accordance with the standards of the Public Company Accounting Oversight Board
(United States).  Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement.  The Company has determined that it is
not required to have, nor were we engaged to perform, an audit of its internal
control over financial reporting. Our audit included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation.  We believe that our audit provides a
reasonable basis for our opinion.





In our
opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of CABLE NET, INC., as of December 31,
2007, and the results of its operations and its cash flows for the year ended
December 31, 2007, and for the period from December 31, 1998 (inception) to
December 31, 2007, in conformity with accounting principles generally accepted
in the United States of America.





The
accompanying financial statements have been prepared assuming the Company will
continue as a going concern.  As discussed in Note 1 to the financial
statements, the Company is in the development stage, and has not commenced
operations. It has sustained losses to date and has a deficit in working capital
and stockholders’ equity that raises substantial doubt about its ability to
continue as a going concern. Management’s plans in regard to these matters are
also described in Note 1.  The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.














/s/  Nick Herb
Accounting Services, P.C.


Nick Herb
Accounting Services, P.C.


Prescott,
Arizona


March 12,
2008





F-2







CABLE
      NET, INC.(A
      DEVELOPMENT STAGE ENTERPRISE)BALANCE
      SHEETDecember
      31, 2007ASSETSTOTAL
      ASSETS - Prepaid expenses
            
            $
            603LIABILITIES AND
      STOCKHOLDERS' (DEFICIT)CURRENT
      LIABILITIESAccounts
      payable
            
            
            $
            104Accounts
      payable - related parties
            
            
            53,224Total
      Current Liabilities
            
            
            
            53,328COMMITMENTS
      AND CONTINGENCIESSTOCKHOLDERS'
      (DEFICIT)Common
      stock, par value $.001, 25,000,000shares
      authorized, 7,000,000 issued andoutstanding
            
            
            
            7,000Paid
      in Capital
            
            
            
            17,600(Deficit)
      accumulated during the development stage
            
            (77,326)Total
      Stockholders' (Deficit)
            
            
            
            (52,726)$
            603SEE
      ACCOMPANYING NOTES TO FINANCIAL
STATEMENTS







F-3





CABLE
      NET, INC.(A
      DEVELOPMENT STAGE ENTERPRISE)STATEMENTS
      OF OPERATIONSCumulativefromDecember
      31,1998For
      the years ended
            
            
            (Inception)December
      31,
            
            
            to2007
            
            
            2006
            
            
            December
      31, 2007REVENUES
            
            $
            -
            
            
            $
            -
            
            
            $
            -EXPENSESGeneral
      and administrative
            
            
            16,750
            
            
            
            15,690
            
            
            
            77,326Total
      expenses
            
            
            16,750
            
            
            
            15,690
            
            
            
            77,326NET
      (LOSS)
            
            $
            (16,750
            )
            
            $
            (15,690
            )
            
            $
            (77,326
            )NET
      (LOSS) PER SHARE
            
            
            *
            
            
            
            *WEIGHTED
      AVERAGE NUMBER OFCOMMON
      SHARES OUTSTANDING
            
            
            7,000,000
            
            
            
            7,000,000*  less
      than $(.01) per shareSEE
      ACCOMPANYING NOTES TO FINANCIAL
STATEMENTS







F-4





CABLE
      NET, INC.(A
      DEVELOPMENT STAGE ENTERPRISE)STATEMENTS
      OF STOCKHOLDERS' (DEFICIT)(Deficit)AccumulatedDuring
      theCommon
      Stock
            
            
            Paid-in
            
            
            DevelopmentShares
            
            
            Amount
            
            
            Capital
            
            
            Stage
            
            
            TotalBalances,
      at inception
            
            
            -
            
            
            $
            -
            
            
            $
            -
            
            
            $
            -
            
            
            $
            -Issuance
      of stock, January 12,1999at
      $.001 per share
            
            
            7,000,000
            
            
            
            7,000
            
            
            
            
            
            
            
            
            
            
            
            7,000Net
      (loss) for the year
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            (3,735
            )
            
            
            (3,735
            )Balances,
      December 31, 1999
            
            
            7,000,000
            
            
            
            7,000
            
            
            
            -
            
            
            
            (3,735
            )
            
            
            3,265Net
      (loss) for the year
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            (4,485
            )
            
            
            (4,485
            )Balances,
      December 31, 2000
            
            
            7,000,000
            
            
            
            7,000
            
            
            
            -
            
            
            
            (8,220
            )
            
            
            (1,220
            )Net
      (loss) for the year
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            (4,185
            )
            
            
            (4,185
            )Balances,
      December 31, 2001
            
            
            7,000,000
            
            
            
            7,000
            
            
            
            -
            
            
            
            (12,405
            )
            
            
            (5,405
            )Net
      (loss) for the year
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            (4,335
            )
            
            
            (4,335
            )Balances,
      December 31, 2002
            
            
            7,000,000
            
            
            
            7,000
            
            
            
            -
            
            
            
            (16,740
            )
            
            
            (9,740
            )Net
      (loss) for the year
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            (4,358
            )
            
            
            (4,358
            )Balances,
      December 31, 2003
            
            
            7,000,000
            
            
            
            7,000
            
            
            
            -
            
            
            
            (21,098
            )
            
            
            (14,098
            )Paid
      in capital
            
            
            
            
            
            
            
            
            
            
            17,600
            
            
            
            
            
            
            
            17,600Net
      (loss) for the year
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            (8,127
            )
            
            
            (8,127
            )Balances,
      December 31, 2004
            
            
            7,000,000
            
            
            
            7,000
            
            
            
            17,600
            
            
            
            (29,225
            )
            
            
            (4,625
            )Net
      (loss) for the year
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            (15,661
            )
            
            
            (15,661
            )Balances,
      December 31, 2005
            
            
            7,000,000
            
            
            
            7,000
            
            
            
            17,600
            
            
            
            (44,886
            )
            
            
            (20,286
            )Net
      (loss) for the year
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            (15,690
            )
            
            
            (15,690
            )Balances,
      December 31, 2006
            
            
            7,000,000
            
            
            
            7,000
            
            
            
            17,600
            
            
            
            (60,576
            )
            
            
            (35,976
            )Net
      (loss) for the year
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            (16,750
            )
            
            
            (16,750
            )Balances,
      December 31, 2007
            
            
            7,000,000
            
            
            $
            7,000
            
            
            $
            17,600
            
            
            $
            (77,326
            )
            
            $
            (52,726
            )The
      accompanying notes are an integral part of these financial
      statements








F-5


CABLE
      NET, INC.(A
      DEVELOPMENT STAGE ENTERPRISE)STATEMENTS
      OF CASH FLOWSCumulativefromDecember
      31,1998For
      the years ended
              
              
              (Inception)December
      31,
              
              
              to2007
              
              
              2006
              
              
              December
      31, 2007OPERATING
      ACTIVITIESNet
      (loss)
              
              $
              (16,750
              )
              
              $
              (15,690
              )
              
              $
              (77,326
              )Increase
      in Prepaid Expenses
              
              
              (603
              )
              
              
              
              
              
              $
              (603
              )Decrease
      in Accounts Payable
              
              
              (140
              )
              
              
              (156
              )
              
              
              104NET
      CASH (USED BY) OPERATING ACTIVITIES
              
              
              (17,492
              )
              
              
              (15,846
              )
              
              
              (77,824
              )FINANCING
      ACTIVITIESAccounts
      payable - related parties
              
              
              17,492
              
              
              
              15,846
              
              
              
              70,824Proceeds
      from sale of common stock
              
              
              
              
              
              
              
              
              
              
              7,000NET
      CASH PROVIDED BY FINANCING ACTIVITIES
              
              
              17,492
              
              
              
              15,846
              
              
              
              77,824NET
      INCREASE IN CASH
              
              
              (0
              )
              
              
              (0
              )
              
              
              (0
              )CASH,
      BEGINNING OF PERIOD
              
              
              
              
              
              
              
              
              
              
              -CASH,
      END OF PERIOD
              
              $
              (0
              )
              
              $
              (0
              )
              
              $
              (0
              )SUPPLEMENTAL
      INFORMATIONOfficer
      advances contributed to capital
              
              
              
              
              
              
              
              
              
              $
              17,600The
      accompanying notes are an integral part of these financial
      statements


F-6
 CABLE
NET, INC.
 (A
Development Stage Enterprise)
 NOTES
TO FINANCIAL STATEMENTS





NOTE
      1 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
 
 History
 
 Cable
Net, Inc. (the Company), is in the development stage as defined in Financial
Accounting Standards Board Statement No. 7. It is a Nevada corporation, formed
December 31, 1998. Since inception it has had no operations and is a reporting
company having filed a Form 10-SB which became effective. The Company’s year-end
is December 31.
 
 Going
Concern
 
 The
Company’s financial statements have been presented on the basis that it is a
going concern, which contemplates the realization of assets and the satisfaction
of liabilities in the normal course of business.  The Company’s
ability to continue in existence is dependent on its ability to develop
additional sources of capital, locate and merge with a profitable merger
candidate, or achieve profitable operations. Management’s plan is to pursue a
stock exchange transaction with a viable entity.  The accompanying
financial statements do not include any adjustments that might result from the
outcome of these uncertainties.
 
 Income
Taxes
 
 Income
taxes are provided for using the liability method of accounting. A deferred tax
asset or liability is recorded for all temporary difference between financial
and tax reporting. Deferred tax expense (benefit) results from the net change
during the year of deferred tax assets and liabilities.  Valuation
allowances are established when necessary to reduce deferred tax assets to the
amount expected to more likely than not be realized in future tax returns. Tax
law and rate changes are reflected in income in the period such changes are
enacted.
  Earnings
(loss) Per Common Share
 
 Loss per
common share has been calculated based upon the weighted average number of
common shares outstanding during the period in accordance with the Statement of
Financial Accounting Standards Statement No. 128, “Earnings per
Share”.  For loss per share and financial presentation purposes, all
shares outstanding were considered issued at inception of the
Company.
 
 Use
of Estimates in the Preparation of Financial Statements
 
 The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities, the disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting periods.  Actual results could differ from those
estimates and assumptions.








F-7
 
 CABLE
NET, INC.
 (A
Development Stage Enterprise)
 NOTES
TO FINANCIAL STATEMENTS








NOTE
2 – INCOME TAXES





Deferred
tax assets for income taxes as of December 31, 2007, of $10,845 were reduced to
zero, after considering the valuation allowance of $10,845, since there is no
assurance of future taxable income. As of December 31, 2007 there was a net
operating loss carryforward of $16,693, which expires as follows:





Expiring
      Year
            Amount2019
            $         1502020
            1502021
            1502022
            1502023
            1502024
            9432025
            5,0002026
            5,0002027
            5,000Total
            $     16,693








The
following is an analysis of deferred tax assets as of December 31,
2007:






Deferred
            
            
            ValuationTax Assets
            
            
            Allowance
            
            
            BalanceDeferred tax
      assets at December 31, 2006
            
            $
            8,035
            
            
            $
            ( 8,035
            )
            
            $
            -0-Additions for
      the year
            
            
            2,810
            
            
            
            (
      2,810
            )
            
            
            -0-Deferred tax
      assets at December 31, 2007
            
            $
            10,845
            
            
            $
            (
      10,845
            )
            
            $
            -0-




Included
in total deferred tax assets as of December 31, 2007, are the tax benefits of
the net operating loss carryforward of $3,339, and deferred start up costs of
$7,507.





The
following is reconciliation from the expected statutory federal income tax rate
to the Company’s actual income tax rate for the years ended December
31:






2007
            
            
            2006Expected
      income tax (benefit) atfederal
      statutory tax rate -20%
            
            $
            ( 3,350
            )
            
            $
            ( 3,138
            )Permanent
      differences
            
            
            540
            
            
            
            540Valuation
      allowance
            
            
            2,810
            
            
            
            2,598Income tax
      expense
            
            $
            - 0
      -
            
            
            $
            - 0
      -




The tax
effects of temporary differences which were computed at a Federal statutory rate
of 20%, that give rise to deferred tax assets as of December 31,2007 and 2006
are as follows:


2007
              
              
              2006Net operating
      loss carryforwards
              
              $
              3,339
              
              
              $
              2,339Deferred
      start-up costs to be amortized
              
              
              7,506
              
              
              
              5, 696Total gross
      deferred tax assets
              
              
              10,845
              
              
              
              8,035Valuation
      allowance
              
              
              (10,845
              )
              
              
              ( 8,035
              )Net deferred
      tax assets, December 31,
              
              $
              -0-
              
              
              $
              -0-




F-8
 
 CABLE
NET, INC.
 (A
Development Stage Enterprise)
 NOTES
TO FINANCIAL STATEMENTS





NOTE 2 – INCOME TAXES -
continued




All start
up costs incurred since inception have been expensed for financial statement
presentation purposes only. For income tax purposes, such costs, except for
interest, taxes and research and development expenses, are deferred and are
either amortized ratably over 5 years at the time our business commences, or
permanently capitalized if no election to amortize them is timely made.
Commencing in 2005, the Internal Revenue Code provides for an annual deduction
of start up costs of $5,000. As of December 31, 2007, total deferred start up
costs were $37,533.








NOTE
3 - COMMITMENTS AND CONTINGENCIES





No income
tax returns have been filed since inception, nor is there any income tax
liability associated with such returns.








NOTE
4 - THE EFFECT OF RECENTLY ISSUED ACCOUNTING STANDARDS





Recently Adopted Accounting
Standards





In
May 2005, the FASB issued Statement of Financial Accounting Standards
No. 154, Accounting Changes and Error Corrections (SFAS No. 154). SFAS
No. 154 requires retrospective application to prior-period financial
statements of changes in accounting principles, unless a new accounting
pronouncement provides specific transition provisions to the contrary or it is
impracticable to determine either the period-specific effects or the cumulative
effect of the change. SFAS No. 154 also redefines “restatement” as the
revising of previously issued financial statements to reflect the correction of
an error. We adopted the provision of SFAS No. 154 in its first fiscal
quarter of 2006. The adoption did not have a material effect on our financial
statements.





Effective
January 1, 2006, we adopted the fair value recognition provisions of SFAS 123R,
Share-Based Payments
("SFAS No. 123(R)"), which is a revision of SFAS No. 123.





In
February 2006, the FASB issued Statement of Financial Accounting Standards
No. 155, Accounting for Certain Hybrid Financial Instruments — an amendment
of FASB Statements No. 133 and 140 (SFAS No. 155). SFAS No. 155
permits an entity to measure at fair value any financial instrument that
contains an embedded derivative that otherwise would require bifurcation. This
statement is effective for all financial instruments acquired, issued, or
subject to a remeasurement event occurring after the beginning of an entity’s
first fiscal year that begins after September 15, 2006. The adoption of
SFAS No. 155 did not have a material impact on our financial
statements.





In June
2006, the FASB issued FASB Interpretation No. 48 (“FIN 48”), Accounting for Uncertainty in Income
Taxes, an Interpretation of FASB Statement No. 109,”which deals with the
accounting for uncertainty in income taxes.  FIN 48 will be effective
for the quarter ending March 31, 2007.  Since as a result of our
history of operating losses, its effects, if any, will be solely on our income
tax-related disclosures and, therefore, the adoption of FIN 48 did not have a
material impact on our financial position and results of operations or cash
flows.





In
September 2006, the FASB issued SFAS 158, Employers’ Accounting for Defined
Benefit Pension and Other Postretirement Plans—an amendment of FASB Statements
No. 87, 88, 106, and 132(R) (“SFAS 158”).  SFAS 158 requires an
employer to recognize the overfunded or underfunded status of a defined benefit
postretirement plan (other than a multiemployer plan) as an asset or liability
in its statement of financial position and to recognize changes in that funded
status in the year in which the changes occur through comprehensive income. This
guidance is effective as of the end of the fiscal
year for years ending after December 15, 2006. The adoption did not have a
material effect on our consolidated financial statements.





F-9
 
 CABLE
NET, INC.
 (A
Development Stage Enterprise)
 NOTES
TO FINANCIAL STATEMENTS




NOTE
4 - THE EFFECT OF RECENTLY ISSUED ACCOUNTING STANDARDS -
continued




New Accounting Standards Not
Yet Adopted





In
September 2006, the FASB issued SFAS No. 157, Fair Value Measurements. This
statement defines fair value, establishes a framework for measuring fair value
in generally accepted accounting principles, and expands disclosure about fair
value measurements. The statement does not require any new fair value
measurements, but for some entities, the application of the statement will
change current practice. This statement is effective for financial statements
issued for fiscal years beginning after November 15, 2007, and interim periods
within those fiscal years. We have not evaluated the potential impact of
adopting SFAS No. 157 for our financial statements.





In
February 2007, the FASB issued SFAS No. 159, the Fair Value Option for Financial
Assets and Financial Liabilities. SFAS 159 provides entities with an option to
report selected financial assets and liabilities at fair value and establishes
presentation and disclosure requirements designed to facilitate comparisons
between companies that select different measurement attributes. SFAS 159 is
effective for fiscal years beginning after November 15, 2007. We have not
evaluated the potential impact of adopting SFAS No. 159 for our financial
statements.





In June
2007, the Emerging Issues Task Force (“EITF”) issued Issue No. 07-3, Accounting
for Nonrefundable Advance Payments for Goods or Services To Be Used in Future
Research and Development Activities (“EITF 07-3”) which concluded that
nonrefundable advance payments for goods or services to be received in the
future for use in research and development activities should be deferred and
capitalized. The capitalized amounts should be expensed as the related goods are
delivered or services are performed. Such capitalized amounts should be charged
to expense if expectations change such that the goods will not be delivered or
services will not be performed. The provisions of EITF 07-3 are effective for
new contracts entered into during fiscal years beginning after December 15,
2007. The consensus on EITF 07-3 may not be applied to earlier periods and early
adoption is not


permitted.
The Company does not expect that the adoption of EITF 07-3 will have a material
impact on its financial position and results of operations.





In
December 2007, the FASB issued SFAS No. 141 (Revised 2007), Business
Combinations - Revised 2007. SFAS 141 R provides guidance on improving the
relevance, representational faithfulness, and comparability of information that
a reporting entity provides in its financial reports about a business
combination and its effects. SFAS 141R applies to business combinations where is
the acquisition date is on or after the beginning of the first annual reporting
period beginning on or after December 15, 2008. We do not expect the adoption of
SFAS No. 141 to have a material impact on our financial
statements.





In
December 2007, the FASB issued SFAS No. 160, Noncontrolling Interests in
Consolidated Financial Statements - an Amendment of Accounting Research Bulletin
No. 51 (“SFAS No. 160”), which establishes accounting and Reporting standards
for ownership interests in subsidiaries held by parties other than the parent,
the amount of consolidated net income attributable to the parent and to the
noncontrolling interest, changes in a parent’s ownership interest and the
valuation of retained noncontrolling equity investments when a subsidiary is
deconsolidated. SFAS No. 160 also establishes reporting requirements that
provide sufficient disclosures that clearly identify and distinguish between the
interests of the parent and the interests of the noncontrolling owners. SFAS No.
160 is effective for fiscal years, and interim periods within those fiscal
years, beginning on or after December 15, 2008. The Company is currently
evaluating the impact that the adoption of SFAS No. 160 will have on its
financial statements.




NOTE
5 – ACCOUNTS PAYABLE – RELATED PARTY





Since we
do not have a bank account, we were advanced funds for our overhead and
operating expenses by an affiliated company owned by our President since 2004.
During 2007 and 2006, the affiliate was credited with incurred accounting fees
of $11,149 and various fees of $3,399, totaling $14,548, and accounting fees of
$10,444 and various fees of $2,308, totaling $12,752, respectively. We also
accrued payroll for our President for each of the years 2007 and 2006, of
$1,500, and office rent of $1,200, which we consider to be the fair value for
such items. No accruals to our President have been paid since he took office in
2004.  As of December 31, 2007 we owed the affiliate $44,974, and our
President $8,250.







F-10


ITEM
8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE.
  Braverman International, P.C. resigned on February 17,
2008.
 
 Pursuant to Item 304(a)(1)(ii) of Regulation S-B, the
President of the Company has reviewed the audit reports of Braverman
International, P.C.
 
 Pursuant to Item 304(a)(1)(iv)(A) of Regulation S-B
there were no disagreements, resolved or not, with Braverman International,
P.C., on any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which have caused them to make
reference to subject matter of the disagreements in connection with their
reports during anytime of their engagement.
 
 Pursuant to section 4.01, Changes in Registrants
Certifying Accountant, the President, Frank Marasco, announced the Engagement as
of February 19, 2008 of Nick Herb Accounting Services, P.C. at PCAOB Registered
Firm, as the Company’s new Certifying Accountants.
 
 There
have been no changes in and/or disagreements with Nick Herb Accounting Services, P.C. on accounting
and financial disclosure matters.
 ITEM
8A. CONTROLS AND PROCEDURES
 
 Evaluation
of Disclosure Controls and Procedures
  Disclosure
controls and procedures are designed to ensure that information required to be
disclosed in the reports filed or submitted under the Exchange Act of 1934 is
recorded, processed, summarized and reported, within the time periods specified
in the rules and forms of the Securities and Exchange Commission. Disclosure
controls and procedures include, without limitation, controls and procedures
designed to ensure that information required to be disclosed in the reports
filed under the Securities Exchange Act of 1934 is accumulated and communicated
to management, including our Chief Executive Officer, as appropriate, to allow
timely decisions regarding required disclosure.
 At end of
the period covered by this report, we carried out an evaluation of the
effectiveness of the design and operation of our disclosure controls and
procedures pursuant to Exchange Act Rule 13a-15 and 15d-15(e). This evaluation
was done under the supervision and with the participation of our Principal
Executive Officer.  Due to the lack of any revenue generating
activities, and the limited expenses incurred to maintain corporate existence
and compliance, the nature of our business is simple. Our President is currently
the only active person in the company who relies mainly on outside professionals
retained to assist him in the required information gathering and reporting
process, but there are no formally established internal controls for this
process. Based on these circumstances, our President has concluded that our
disclosure controls and procedures are effective in gathering, analyzing and
disclosing information needed to satisfy our disclosure obligations under the
Exchange Act. Having said this, our arrangements can only provide reasonable,
but not absolute assurance as to the system requirements.
 
 Changes
in Internal Control over Financial Reporting
 
 During
our most recent fiscal quarter, concluding the end fiscal year, there were no
changes in our procedures constituting internal controls over financial
reporting that have materially affected, or are reasonably likely to materially
affect, our financial reporting.
   7
 
 PART
III
 
 ITEM
9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS & CONTROL PERSONS, COMPLIANCE
WITH SECTION 16(a) OF THE EXCHANGE ACT
 
 The
Directors and Officers of the Company are as follows:
  Name
              Age
              Positions
      and Offices HeldFrank
      Marasco
              52
              President
      / DirectorMaria
      Marasco
              56
              Secretary,
      Treasurer and Director
 
  Frank
Marasco has been President and Director of Cable Net Inc. since Sept 7, 2004.
Mr. Marasco has a strong business sense. He inspires confidence in people by
empowering them to do their job, appreciating and respecting them for their
accomplishments. Mr. Marasco is experienced in financing matters and the
continuous growth of business. He has strategic insight in putting business
deals together.
 
 Maria
Marasco has been Secretary Treasurer and Director of Cable Net Inc. since Sept.
7, 2004. Ms. Marasco attended University of Calgary. For the last twenty years,
she has worked as administrative assistant for various privately held
companies.
 
 Compliance
with Section 16(a) of the Exchange Act
 
 The
Company does not have a class of equity securities registered pursuant to
Section 12 of the Exchange Act. As a result, no reports are required to be filed
pursuant to Section 16(a).
 
  ITEM
10. EXECUTIVE COMPENSATION
 
 During
the last fiscal year, the Company's officers and directors did not receive any
salary, wage or other compensation. During the current fiscal year, the Company
has no present plans or means to pay compensation to its officers and
directors.
    8
 
  ITEM
11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS &
MANAGEMENT
 
 As of
December 31, 2007, there were 7,000,000 shares of our common stock, $.001 par
value outstanding. The following tabulates holdings of our shares by each person
who, subject to the above, at the date of this registration, holds of record or
is known by our management to own beneficially more than 5.0% of the common
shares and, in addition, by all of our directors and officers individually and
as a group. To the best of our knowledge, each named beneficial owner has sole
voting and investment power with respect to the shares set forth
 opposite
his name.
 
  Security
      Ownership of Beneficial Owners:Beneficial
      Owner
              Class
              Amount
              Nature
      of Ownership
              PercentageBig
      Mountain Development Ltd.
              Common
              4,467,258
              Direct
              63%Estate
      of Frank Marasco Sr.
              Common
              2,039,484
              Direct
              29%Dan
      Pacholik
              Common
              467,258
              Direct
              6%Security
      Ownership of Management:Beneficial
      Owner
              Class
              Amount
              Nature of
      Ownership
              PercentageFrank
    Marasco
              Common
              -0-
              Direct
              0-%President and
      DirectorMaria
    Marasco
              Common
              -0-
              Direct
              0-%Secretary
      Treasurer DirectorTOTALCommon
    Shares:
              
              -0-
   ITEM
12. CERTAIN RELATIONSHIPS & RELATED TRANSACTIONS
 
 Frank
Marasco and Maria Marasco individually own 22% of the common shares of Big
Mountain Development Ltd. collectively totaling 44% ownership of the outstanding
shares of Big Mountain Development Ltd.
    9
 
 ITEM
13. EXHIBITS AND REPORTS ON FORM 8-K
 
 Exhibits
 
 (a)
Exhibits
 
 EXHIBIT
 NUMBER
              DESCRIPTION10.1
              Articles
      of Incorporation*10.2
              Bylaws*31.1
              Certificate
      of CEO as Required by Rule 13a-14(a)/15d-1431.2
              Certificate
      of CFO as Required by Rule 13a-14(a)/15d-1432.1
              Certificate
      of CEO as Required by Rule 13a-14(b) and Rule 15d-14(b) (17 CFR
      240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United
      States Code
 
 *Incorporated by Reference on Form
10SB12G filed February 7, 2001, and amended on March 13,
2001.
  (b)
Reports on Form 8-K
 None
  
 ITEM
14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
  Audit
Fee
  The
aggregate fees billed for each of the last two fiscal years for professional
services rendered by the principal accountant for the audit of Company
annual financial statement and review of financial statements included
in Company 10-QSB reports and services normally provided by the accountant
in connection with statutory and regulatory filings or engagements were $8,047
for fiscal year ended 2007 and $7,500 for fiscal year ended 2006.
  Audit-Related
Fees
  There
were no fees for other audit related services for fiscal year ended 2007 and
2006.
  Tax Fees
  There
were no fees for tax compliance, tax advice and tax planning for the fiscal
years 2007 and 2006.
  All Other
Fees
  There
were no other aggregate fees billed in either of the last two fiscal years for
products and services provided by the principal accountant, other than the
services reported above.
   10
 
 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 thereunder duly authorized.
  CABLE
      NET INC.(Registrant)Date: March
      25, 2008
              By:
              /s/ Frank
      MarascoFrank
      MarascoTitle :
      President and Director
 
 Pursuant
to the requirements of the Securities Exchange Act of 1934, this Report has been
signed by the following persons on behalf of the Registrant and in the
capacities and on the dates indicated.
  CABLE
      NET INC.(Registrant)Date: March
      25, 2008
              By:
              /s/ Frank
      MarascoFrank
      MarascoTitle :
      President and Director
      11