UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549  FORM 10-Q  (Mark One)  X.QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  For the quarterly period ended March 31, 2009. or  .TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934  For the transition period from _______________________  to  ___________________________  Commission File Number:  000-32735  FREEDOM RESOURCES ENTERPRISES, INC. (Exact name of registrant as specified in its charter)  Nevada87-0567033(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)901 East 7800 South, Midvale, UT84047(Address of principal executive offices)(Zip Code)(801) 566-5931(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 Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  X. Yes    .  No  Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.  Large accelerated filer . Accelerated filer .  Non-accelerated filer . (Do not check if a smaller reporting company) Smaller reporting company X.  Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). X. Yes    .  No  Indicate the number of shares outstanding of each of the issuers classes of common stock, as of May 5, 2009:  2,800,000   FREEDOM RESOURCES ENTERPRISES, INC. FORM 10-Q MARCH 31, 2008  INDEX PagePART I.Financial Information3Item 1.Financial Statements3Unaudited Condensed Balance Sheets  March 31, 2009 and December 31, 20085Unaudited Condensed Statements of Operations for the three months ended March 31, 2009 and 2008, and from inception on November 6, 1996 through March 31, 20096Unaudited Condensed Statements of Cash Flows for the three months ended March 31, 2009 and 2008, and from inception on November 6, 1996 through March 31, 20097Notes to Unaudited Condensed Financial Statements8Item 2.Managements Discussion and Analysis of Financial Condition and Results of Operations10Item 3.Quantitative and Qualitative Disclosures about Market Risk11Item 4T.Controls and procedures11PART II.Other Information*11Item 6.Exhibits.11Signatures12  *(Inapplicable items have been omitted)   2   PART I. Financial Information  Item 1.  Financial Statements          FREEDOM RESOURCES ENTERPRISES, INC. [A Development Stage Company]  UNAUDITED CONDENSED FINANCIAL STATEMENTS  MARCH 31, 2009            3   FREEDOM RESOURCES ENTERPRISES, INC. [A Development Stage Company]     CONTENTS  PAGE   — Unaudited Condensed Balance Sheets, March 31, 2009 and December 31, 2008 5   — Unaudited Condensed Statements of Operations, for the three months ended March 31, 2009 and 2008 and from inception on November 6, 1996 through March 31, 2009 6   — Unaudited Condensed Statements of Cash Flows, for the three months ended March 31, 2009 and 2008 and from inception on November 6, 1996 through March 31, 2009 7    Notes to Unaudited Condensed Financial Statements 8       4   FREEDOM RESOURCES ENTERPRISES, INC. [A Development Stage Company]  UNAUDITED CONDENSED BALANCE SHEETS  ASSETS March 31,December 31,20092008CURRENT ASSETS:Cash$64$809PROPERTY AND EQUIPMENT, net--OTHER ASSETS:Manuscripts and transcripts, net--Total Assets$64$809LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)CURRENT LIABILITIES:Accounts payable$12,470$7,084Accrued interest  related party1,039939Advances from shareholders104,500102,500Total Current Liabilities118,009110,523LONG-TERM LIABILITIES:Convertible notes  related party5,0005,000Total Liabilities123,009115,523STOCKHOLDERS' EQUITY (DEFICIT):Preferred stock, $.001 par value,5,000,000 shares authorized,no shares issued and outstanding--Common stock, $.001 par value,100,000,000 shares authorized,2,800,000 shares issued and outstanding2,8002,800Capital in excess of par value86,06383,988Deficit accumulated during thedevelopment stage(211,808)(201,502)Total Stockholders' Equity (Deficit)(122,945)(114,714)$64$809  Note: The balance sheet at December 31, 2008 was taken from the audited financial statements at that date and condensed.  The accompanying notes are an integral part of these unaudited condensed financial statements.  5   FREEDOM RESOURCES ENTERPRISES, INC. [A Development Stage Company]  UNAUDITED CONDENSED STATEMENTS OF OPERATIONS  For the Three
Months Ended
March 31,From Inceptionon November 6,1996 ThroughMarch 31,200920082009REVENUE$-$-$3,560EXPENSES:Depreciation and amortization--4,174General and administrative8,13111,816159,175Research and development--15,674Impairment of long-lived assets--21,285Total Expenses8,13111,816200,308LOSS BEFORE OTHER INCOME (EXPENSE)(8,131)(11,816)(196,748)OTHER INCOME (EXPENSE):Interest income--1,216Interest expense  related party(2,175)(1,550)(20,152)Gain on settlement of debt--4,097Total Other Income (Expense)(2,175)(1,550)(14,839)LOSS BEFORE INCOME TAXES(10,306)(13,366)(211,587)CURRENT TAX EXPENSE---DEFERRED TAX EXPENSE---LOSS FROM CONTINUING OPERATIONS(10,306)(13,366)(211,587)CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE--(221)NET LOSS$(10,306)$(13,366)$(211,808)LOSS PER COMMON SHARE:Continuing operations$(.00)$(.00)Change in accounting principle--Loss per common share$(.00)$(.00)  The accompanying notes are an integral part of these unaudited condensed financial statements.  6   FREEDOM RESOURCES ENTERPRISES, INC. [A Development Stage Company]  UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS  For the Three
Months Ended
March 31,From Inceptionon November 6,1996 ThroughMarch 31,200920082009Cash Flows from Operating Activities:Net loss$(10,306)$(13,366)$(211,808)Adjustments to reconcile net loss to net cash provided(used) by operating activities:Amortization expense--2,432Depreciation expense--1,742Loss on impairment of long-lived assets--21,285Effect of change in accounting principle--221Gain on settlement of debt--(4,097)Non cash expenses2,0751,45018,945Changes in assets and liabilities:Increase (decrease) in accounts payable5,3869,85816,567Increase (decrease) in accrued taxes-(100)-Increase in accrued interest  related party1001001,207Decrease in prepaid expense-1,416-Net Cash Provided (Used) by Operating Activities(2,745)(642)(153,506)Cash Flows from Investing Activities:Purchase of property and equipment--(1,742)Organization costs--(288)Cost of manuscripts--(23,650)Net Cash (Used) by Investing Activities--(25,680)Cash Flows from Financing Activities:Proceeds from sale of common stock--59,750Stock offering costs--(5,000)Proceeds from issuance of notes payable--20,000Advances from a shareholder2,000-104,500Net Cash Provided by Financing Activities2,000-179,250Net Increase (Decrease) in Cash(745)(642)64Cash at Beginning of Period809774-Cash at End of Period$64$132$64Supplemental Disclosures of Cash Flow Information:Cash paid during the period for:Interest$-$-$-Income taxes$-$-$-Supplemental Schedule of Noncash Investing and Financing Activities:For the three months ended March 31, 2009:The Company imputed interest on advances, which totaled $2,075.  The amount was contributed to capital by a related party.For the three months ended March 31, 2008:The Company imputed interest on advances, which totaled $1,450.  The amount was contributed to capital by a related party.  The accompanying notes are an integral part of these unaudited condensed financial statements.   7    FREEDOM RESOURCES ENTERPRISES, INC. [A Development Stage Company]  NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS  NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  Organization - Freedom Resources Enterprises, Inc. (the Company) was organized under the laws of the State of Nevada on November 6, 1996.  The Company has not generated significant revenues from its planned principal operations and is considered a development stage company as defined in Statement of Financial Accounting Standards No. 7.  The Company originally planned to research and publish a self-improvement book based on the insights and understanding of major world cultures.  However, the Company never published the book but instead used the materials gathered during its research to develop a series of eight self-help workshops.  Because the Company had not generated expected revenue, on October 1, 2005, the Company decided to pursue other business opportunities.  The Company, at the present time, is defined by the SEC as a shell company.  A shell company, (other than an asset-backed issuer), is a company with no or nominal operations and either no or nominal assets, or assets consisting solely of cash and cash equivalents, or assets consisting of any amount of cash and cash equivalents and nominal other assets.  The Company has, at the present time, not paid any dividends and any dividends that may be paid in the future will depend upon the financial requirements of the Company and other relevant factors.  Condensed Financial Statements -The accompanying financial statements have been prepared by the Company without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, at March 31, 2009 and the results of operations and cash flows at March 31, 2009 and 2008 and for the periods then ended have been made.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Companys December 31, 2008 audited financial statements included in its annual report on Form 10-K.  The results of operations for the periods ended March 31, 2009 and 2008 are not necessarily indicative of the operating results for the full year.  NOTE 2 - CONVERTIBLE NOTE PAYABLE  RELATED PARTY  In August 2006, the Company issued a $5,000 note payable to a shareholder of the Company.  The note accrues interest at 8% per annum, was due in August 2008, and is convertible with accrued interest into 200,000 shares of common stock.  At March 31, 2009, accrued interest amounted to $1,039.  The note payable has been extended to March 25, 2010.  NOTE 3 - CAPITAL STOCK  Preferred Stock - The Company has authorized 5,000,000 shares of preferred stock, $.001 par value with such rights, preferences and designations and to be issued in such series as determined by the Board of Directors.  No shares are issued and outstanding at March 31, 2009.  Common Stock  The Company has authorized 100,000,000 shares of Common Stock, $.001 par value, with such rights, preferences and designations and to be issued in such series as determined by the Board of Directors.   At March 31, 2009, there were 2,800,000 shares issued and outstanding.  8   FREEDOM RESOURCES ENTERPRISES, INC. [A Development Stage Company]  NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS  NOTE 4 - RELATED PARTY TRANSACTIONS  Advance from a Shareholder   During 2009, 2008, 2007, and 2006, an officer and shareholders of the Company advanced $104,500 to the Company.  At March 31, 2009, and December 31, 2008, the Company owed $104,500 and $102,500, respectively, to the officer and shareholders. The advances bear no interest and are due on demand; however, the Company is imputing interest at 8% per annum.  During the three month period ended March 31, 2009 and 2008, respectively, the Company imputed interest expense of $2,075 and $1,450. The imputed interest has been contributed to Capital in Excess of Par.   NOTE 5 - GOING CONCERN  The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern.  However, the Company has incurred losses since its inception and has current liabilities in excess of current assets.  These factors raise substantial doubt about the ability of the Company to continue as a going concern.  In this regard, management is proposing to raise any necessary additional funds not provided by operations through loans or through additional sales of its common stock.  There is no assurance that the Company will be successful in raising this additional capital or in achieving profitable operations.  The financial statements do not include any adjustments that might result from the outcome of these uncertainties.  NOTE 6 - LOSS PER SHARE  The following data show the amounts used in computing loss per share for the periods presented:  For the Three Months EndedMarch 31,20092008Loss from continuing operations available tocommon Shareholders (numerator)$(10,306)$(13,366)Cumulative effect of change inaccounting principle (numerator)$-$-Weighted average number of common sharesoutstanding used in loss per share for theperiod (denominator)2,800,0002,800,000   At March 31, 2009, the Company had notes payable convertible into 200,000 shares of common stock which were not used in the computation of loss per share because their effect would be anti-dilutive. Dilutive loss per share was not presented, as the Company had no common stock equivalent shares for all periods presented that would affect the computation of diluted loss per share.  9   Item 2.  Managements Discussion and Analysis of Financial Condition or Plan of Operation  Forward-Looking Statement Notice  This Form 10-Q contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  For this purpose any statements contained in this Form 10-Q that are not statements of historical fact may be deemed to be forward-looking statements.  Without limiting the foregoing, words such as may, will, expect, believe, anticipate, estimate or continue or comparable terminology are intended to identify forward-looking statements.  These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within our control.  These factors include but are not limited to economic conditions generally and in the industries in which we may participate; competition within our chosen industry, including competition from such larger competitors; technological advances and failure to successfully develop business relationships.  Description of Business.  Freedom Resources Enterprises, Inc. was incorporated in the State of Nevada on November 6, 1996, to research and publish a self-improvement book based on the insights and understandings of major world cultures.  The working title for the proposed book was Personal Freedom and Prosperity.  We did not publish the book, but instead used materials gathered during our research to develop a series of eight self-help workshops.  Each self-taught workshop consisted of an audiotape and a workbook. The workshops were sold online under a marketing agreement with Life Discovery Institute, a related party that maintains a website dedicated to self-improvement products and education.  As of March 31, 2009, we have total revenue of $3,560 since inception on November 6, 1996. Because we have not generated expected revenue, on October 1, 2005 we decided to pursue other business opportunities.  Freedom Resources Enterprises, Inc. intends to seek, investigate, and if warranted, acquire an interest in a business opportunity.  We are not restricting our search to any particular industry or geographical area.  We may therefore engage in essentially any business in any industry.  Our management has unrestricted discretion in seeking and participating in a business opportunity, subject to the availability of such opportunities, economic conditions and other factors.  The selection of a business opportunity in which to participate is complex and extremely risky and will be made by management in the exercise of its business judgment.  There is no assurance that we will be able to identify and acquire any business opportunity which will ultimately prove to be beneficial to our company and shareholders.  Because we have no specific business plan or expertise, our activities are subject to several significant risks.  In particular, any business acquisition or participation we pursue will likely be based on the decision of management without the consent, vote, or approval of our shareholders.  Three Month Period Ended March 31, 2009 and 2008  Our revenues since inception total $3,560 and we have a cumulative net loss of $211,808 from inception through March 31, 2009. Our revenues for the three months ending March 31, 2009, were $0 compared to $0 for the same period in 2008. For the three months ending March 31, 2009, net loss was $10,306 compared to $13,366 for the same period in 2008.  Expenses during the three months ended March 31, 2009, consisted of $8,131 in general and administrative expense and $0 in depreciation and amortization.  Expenses during the comparable period in 2008 consisted of $0 in depreciation and amortization and $11,816 in general and administrative expenses.  The Company has one $5,000 convertible promissory note issued to a shareholder.  Accrued interest on the notes totaled $1,039 and 639 at March 31, 2009 and 2008, respectively.  As of March 31, 2009, our total assets were $64 consisting of cash.  Total liabilities at March 31, 2009 were $123,009 consisting of $12,470 in accounts payable, $1,039 in accrued interest to related parties, convertible notes payable to a shareholder of $5,000, and shareholder advances of $104,500.  The shareholder advances bear no interest, are due on demand, and were made by the President and shareholders of the Company; however, the Company is imputing interest at 8% per annum.  During the three months ended March 31, 2009 and 2008, respectively, the Company imputed interest expense of $2,075 and $1,450.  Liquidity and Capital Resources  At March 31, 2009, we had $64 in cash and have had total revenues since inception of $3,560. We estimate that general and administrative expenses for the next twelve months will be approximately $24,000.  At March 31, 2009, we also had total liabilities of $123,009.  As a result, we will need to generate up to $148,000 to pay our debts and meet our ongoing financial needs.  Since inception we have primarily financed our operations through the sale of common stock.  In order to raise the necessary capital to maintain our reporting company status, we may sell additional stock, arrange debt financing or seek advances from our officers or shareholders.  We do not have any commitments for financing.  10   Item 3. Quantitative and Qualitative Disclosures About Market Risk.  Not required by smaller reporting companies.  Item 4T. Controls and Procedures.  Evaluation of Disclosure Controls and Procedures. Our management, with the participation of our president and our principal financial officer, carried out an evaluation of the effectiveness of our "disclosure controls and procedures" (as defined in the Securities Exchange Act of 1934 (the "Exchange Act") Rules 13a-15(e) and 15-d-15(e)) as of the end of the period covered by this report (the "Evaluation Date"). Based upon that evaluation, our president and our principal financial officer concluded that, as of the Evaluation Date, our disclosure controls and procedures are not effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act (i) is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to our management, including our president and our principal financial officer, as appropriate to allow timely decisions regarding required disclosure.  Changes in Internal Control Over Financial Reporting. There were no changes in our internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.  PART II  OTHER INFORMATION  Item 6. Exhibits  Copies of the following documents are included as exhibits to this report pursuant to Item 601 of Regulation S-K.  SEC Ref. No.Title of DocumentLocation31Certification of the Principal Executive Officer/ PrincipalAttachedFinancial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 200232Certification of Chief Executive Officer and Principal FinancialAttachedOfficer pursuant to section 906 of the Sarbanes-Oxley Actof 2002   11    SIGNATURES  Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.  FREEDOM RESOURCES ENTERPRISES, INC. (Registrant)    Date: May 6, 2009 By   /s/ Neil Christiansen Neil Christiansen, President (Chief Executive Officer, Principal Financial Officer, and Chief Accounting Officer)  12