United States

Securities and Exchange Commission

Washington, D.C. 20549

Form 10-Q



xQUARTERLY REPORT UNDER SECTION 13 OR 15(d)

OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30,
2012

or

 ̈TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT



For the transition period from __________
to __________.



Commission file number 333-175692



NEW FOUND
SHRIMP, INC.

(Name of small business issuer in its
charter)

Florida

(State or other jurisdiction of incorporation
or organization)

20-8926549

(I.R.S. Employer Identification No.)



7830 Inishmore Dr., Indianapolis, IN
46214

(Address of principal executive offices
and Zip Code)



Registrant’s telephone number,
including area code:(317) 652-3077



Indicate by check mark whether the registrant
(1) 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.



xYes ̈No



Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ̈YesxNo



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. (Check one):



|Large accelerated filer ̈                      | Accelerated filer ̈ | Non-accelerated filer ̈ | Smaller reporting companyx
|--------------------------------------------- | ------------------ | ---------------------- | --------------------------
|(Do not check if a smaller reporting company)



Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ̈Nox. The number of
shares of the issuer’s common stock, par value $.00001 per share, outstanding as of June 30, 2012 was 16,000,000.











TABLE OF CONTENTS



|           |                                                                                                                                                                                      | Page
|---------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----
|           | Part I. Financial Information                                                                                                                                                        |     
|           |                                                                                                                                                                                      |     
|Item 1.    | Financial Statements.                                                                                                                                                                | 3   
|           |                                                                                                                                                                                      |     
|           | Balance Sheets for the periods ending June 30, 2012 (unaudited) and December 31, 2011 (audited).                                                                                     | 3   
|           |                                                                                                                                                                                      |     
|           | Statements of Operations for the three and six  month periods ending June 30, 2012 and 2011 and for the period April 26, 2007 (date of inception) through June 30, 2012 (unaudited). | 4   
|           |                                                                                                                                                                                      |     
|           | Statement of Change in Shareholders’ Deficit for the period April 26, 2007 (date of inception) through June 30, 2012 (unaudited).                                                    | 5   
|           |                                                                                                                                                                                      |     
|           | Statements of Cash Flows for the six  month periods ending June 30, 2012 and 2011 and for the period April 26, 2007 (date of inception) through June 30, 2012 (unaudited).           | 6   
|           |                                                                                                                                                                                      |     
|           | Notes to Financial Statements (unaudited).                                                                                                                                           | 7   
|           |                                                                                                                                                                                      |     
|Item 2.    | Management’s Discussion and Analysis of Financial Condition and Results of Operations.                                                                                               | 13  
|Item 3.    | Quantitative and Qualitative Disclosures About Market Risk.                                                                                                                          | 15  
|Item 4.    | Controls and Procedures.                                                                                                                                                             | 15  
|           |                                                                                                                                                                                      |     
|           | Part II. Other Information.                                                                                                                                                          |     
|           |                                                                                                                                                                                      |     
|Item 1.    | Legal Proceedings                                                                                                                                                                    | 16  
|Item 2.    | Unregistered Sales of Equity Securities and Use of Proceeds.                                                                                                                         | 16  
|Item 3.    | Defaults Upon Senior Securities.                                                                                                                                                     | 16  
|Item 4.    | Mine Safety Disclosure.                                                                                                                                                              | 16  
|Item 5.    | Other Information.                                                                                                                                                                   | 16  
|Item 6.    | Exhibits.                                                                                                                                                                            | 16  
|           |                                                                                                                                                                                      |     
|Signatures | 18                                                                                                                                                                                  



2







Part I. Financial Information

Item 1. Financial Statements.



New Found Shrimp, Inc.

(A Development Stage Company)



Balance Sheets



|                                                                                                                                  |  | June 30,    |          |   | December 31, |  
|--------------------------------------------------------------------------------------------------------------------------------- |  | ----------- | -------- | - | ------------ | -
|                                                                                                                                  |  | 2012        |          |   | 2011         |  
|                                                                                                                                  |  | (unaudited) |          |   | (audited)    |  
|ASSETS                                                                                                                            |  |             |          |   |              |  
|Current Assets                                                                                                                    |  |             |          |   |              |  
|Cash and cash equivalents                                                                                                         |  | $           | 266      |   |              | $
|Prepaid and other current assets                                                                                                  |  |             | 143,864  |   |              |  
|Total Current Assets                                                                                                              |  |             | 144,130  |   |              |  
|                                                                                                                                  |  |             |          |   |              |  
|TOTAL ASSETS                                                                                                                      |  | $           | 144,130  |   |              | $
|                                                                                                                                  |  |             |          |   |              |  
|LIABILITIES AND STOCKHOLDERS' DEFICIT                                                                                             |  |             |          |   |              |  
|Current Liabilities                                                                                                               |  |             |          |   |              |  
|Accounts payable                                                                                                                  |  | $           | 6,475    |   |              | $
|Accrued expenses                                                                                                                  |  |             | 3,920    |   |              |  
|Note payable, related party                                                                                                       |  |             | 100      |   |              |  
|Convertible note payable                                                                                                          |  |             | 39,136   |   |              |  
|Derivative liability                                                                                                              |  |             | 347,520  |   |              |  
|Total Current Liabilities                                                                                                         |  |             | 397,151  |   |              |  
|                                                                                                                                  |  |             |          |   |              |  
|TOTAL LIABILITIES                                                                                                                 |  |             | 397,151  |   |              |  
|                                                                                                                                  |  |             |          |   |              |  
|Stockholders' Deficit                                                                                                             |  |             |          |   |              |  
|Preferred stock: 100,000,000 authorized; $0.00001 par value -0-and -0- shares issued and outstanding, respectively                |  |             | —        |   |              |  
|Common stock: 10,000,000,000 authorized; $0.00001 par value 16,000,000 and 16,000,000 shares issued and outstanding, respectively |  |             | 1,600    |   |              |  
|Additional paid in capital                                                                                                        |  |             | (172,014 | ) |              |  
|Accumulated deficit during development stage                                                                                      |  |             | (82,607  | ) |              |  
|Total Stockholders' Deficit                                                                                                       |  |             | (253,021 | ) |              |  
|                                                                                                                                  |  |             |          |   |              |  
|TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                                                                                       |  | $           | 144,130  |   |              | $



See notes to unaudited financial statements



3







New Found Shrimp, Inc.

(A Development Stage Company)



Statements of Operations



|                                              |  |                            |            |   |                          |   |            | April 26, 2007 | 
|--------------------------------------------- |  | -------------------------- | ---------- | - | ------------------------ | - | ---------- | -------------- | 
|                                              |  | For the Three Months Ended |            |   | For the Six Months Ended |   |            | (inception)    | 
|                                              |  | June 30,                   |            |   | June 30,                 |   |            | June 30,       | 
|                                              |  | 2012                       |            |   | 2011                     |   |            | 2012           | 
|                                              |  | (unaudited)                |            |   | (unaudited)              |   |            | (unaudited)    | 
|                                              |  |                            |            |   |                          |   |            |                | 
|Revenues                                      |  | $                          | —          |   |                          | $ | 1,500      |                | 
|                                              |  |                            |            |   |                          |   |            |                | 
|Operating Expenses                            |  |                            |            |   |                          |   |            |                | 
|Professional                                  |  |                            | 37,611     |   |                          |   | 1,250      |                | 
|General and administrative                    |  |                            | 1,181      |   |                          |   | 147        |                | 
|Total operating expenses                      |  |                            | 38,792     |   |                          |   | 1,397      |                | 
|                                              |  |                            |            |   |                          |   |            |                | 
|Net loss from operations                      |  |                            | (38,792    | ) |                          |   | 103        |                | 
|                                              |  |                            |            |   |                          |   |            |                | 
|Other income (expense)                        |  |                            |            |   |                          |   |            |                | 
|Interest expense                              |  |                            | (40,056    | ) |                          |   | —          |                | 
|Change in derivative                          |  |                            | 7,824      |   |                          |   | —          |                | 
|Income taxes                                  |  |                            | —          |   |                          |   | —          |                | 
|                                              |  |                            |            |   |                          |   |            |                | 
|Net loss                                      |  | $                          | (71,024    | ) |                          | $ | 103        |                | 
|                                              |  |                            |            |   |                          |   |            |                | 
|Basic and diluted loss per share              |  | $                          | 0.00       |   |                          | $ | 0.00       |                | 
|                                              |  |                            |            |   |                          |   |            |                | 
|Weighted average number of shares outstanding |  |                            | 16,000,000 |   |                          |   | 16,000,000 |                | 



See notes to unaudited financial statements



4







New Found Shrimp, Inc.

(A Development Stage Entity)



STATEMENT OF CHANGE IN SHAREHOLDERS’
DEFICIT

From inception (April 26, 2007) to June
30, 2012



|                                                                                                                                            |  |              |            |  |           |   |       |             |  |   | Deficit     |   |  |       |        
|------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------ | ---------- |  | --------- | - | ----- | ----------- |  | - | ----------- | - |  | ----- | -------
|                                                                                                                                            |  |              |            |  |           |   |       |             |  |   | accumulated |   |  |       |        
|                                                                                                                                            |  |              |            |  |           |   |       | Additional  |  |   | during the  |   |  |       |        
|                                                                                                                                            |  | Common Stock |            |  | paid-in   |   |       | development |  |   |             |  
|                                                                                                                                            |  | Shares       |            |  | Par Value |   |       | Capital     |  |   | stage       |   |  | Total |        
|Balance at April 26, 2007 (inception)                                                                                                       |  |              | —          |  |           | $ | —     |             |  | $ | —           |   |  | $     | —      
|                                                                                                                                            |  |              |            |  |           |   |       |             |  |   |             |   |  |       |        
|Issuance of common stock in payment of organizational expenses on behalf of the Company, June 30, 2007 at $$0.0001 per share (par) (Note 4) |  |              | 5,000,000  |  |           |   | 500   |             |  |   | —           |   |  |       | —      
|                                                                                                                                            |  |              |            |  |           |   |       |             |  |   |             |   |  |       |        
|Sale of 3,700,000 shares of common stock to various investors at $0.001 per share, August 29, 2007 (Note 4)                                 |  |              | 3,700,000  |  |           |   | 370   |             |  |   | 3,330       |   |  |       | —      
|                                                                                                                                            |  |              |            |  |           |   |       |             |  |   |             |   |  |       |        
|Net loss                                                                                                                                    |  |              | —          |  |           |   | —     |             |  |   | —           |   |  |       | (833   
|                                                                                                                                            |  |              |            |  |           |   |       |             |  |   |             |   |  |       |        
|Balance at December 31, 2007                                                                                                                |  |              | 8,700,000  |  |           | $ | 870   |             |  | $ | 3,330       |   |  | $     | (833   
|                                                                                                                                            |  |              |            |  |           |   |       |             |  |   |             |   |  |       |        
|Issuance of common stock for cash to an officer and director at $0.0001 per share (par) September 22, 2008 (Note 4)                         |  |              | 7,300,000  |  |           |   | 730   |             |  |   | —           |   |  |       | —      
|                                                                                                                                            |  |              |            |  |           |   |       |             |  |   |             |   |  |       |        
|Net loss                                                                                                                                    |  |              | —          |  |           | $ | —     |             |  | $ | —           |   |  | $     | (3,105 
|                                                                                                                                            |  |              |            |  |           |   |       |             |  |   |             |   |  |       |        
|Balance at December 31, 2008                                                                                                                |  |              | 16,000,000 |  |           | $ | 1,600 |             |  | $ | 3,330       |   |  | $     | (3,938 
|                                                                                                                                            |  |              |            |  |           |   |       |             |  |   |             |   |  |       |        
|Net loss                                                                                                                                    |  |              | —          |  |           | $ | —     |             |  | $ | —           |   |  | $     | (993   
|                                                                                                                                            |  |              |            |  |           |   |       |             |  |   |             |   |  |       |        
|Balance at December 31, 2009                                                                                                                |  |              | 16,000,000 |  |           | $ | 1,600 |             |  | $ | 3,330       |   |  | $     | (4,930 
|                                                                                                                                            |  |              |            |  |           |   |       |             |  |   |             |   |  |       |        
|Net loss                                                                                                                                    |  |              | —          |  |           | $ | —     |             |  | $ | —           |   |  | $     | —      
|                                                                                                                                            |  |              |            |  |           |   |       |             |  |   |             |   |  |       |        
|Balance at December 31, 2010                                                                                                                |  |              | 16,000,000 |  |           | $ | 1,600 |             |  | $ | 3,330       |   |  | $     | (4,930 
|                                                                                                                                            |  |              |            |  |           |   |       |             |  |   |             |   |  |       |        
|Net loss                                                                                                                                    |  |              | —          |  |           | $ | —     |             |  | $ | —           |   |  | $     | (1,858 
|                                                                                                                                            |  |              |            |  |           |   |       |             |  |   |             |   |  |       |        
|Balance at December 31, 2011                                                                                                                |  |              | 16,000,000 |  |           | $ | 1,600 |             |  | $ | 3,330       |   |  | $     | (6,788 
|                                                                                                                                            |  |              |            |  |           |   |       |             |  |   |             |   |  |       |        
|Debt discount, attributable to derivative liability                                                                                         |  |              | —          |  |           |   | —     |             |  |   | (175,344    | ) |  |       | —      
|                                                                                                                                            |  |              |            |  |           |   |       |             |  |   |             |   |  |       |        
|Net loss (unaudited)                                                                                                                        |  |              | —          |  |           | $ | —     |             |  | $ | —           |   |  | $     | (75,819
|                                                                                                                                            |  |              |            |  |           |   |       |             |  |   |             |   |  |       |        
|Balance at June 30, 2012                                                                                                                    |  |              | 16,000,000 |  |           | $ | 1,600 |             |  | $ | (172,014    | ) |  | $     | (82,607



See notes to unaudited financial statements



5







New Found Shrimp, Inc.

(A Development Stage Entity)



STATEMENTS OF CASH FLOWS



|                                                                            |  |                  |         |   |             |   |     | April 26, 2007 | 
|--------------------------------------------------------------------------- |  | ---------------- | ------- | - | ----------- | - | --- | -------------- | 
|                                                                            |  |                  |         |   |             |   |     | (Inception)    | 
|                                                                            |  | Six months ended |         |   | Through     |  
|                                                                            |  | June 30,         |         |   | June 30,    |  
|                                                                            |  | 2012             |         |   | 2011        |   |     | 2012           | 
|                                                                            |  | (unaudited)      |         |   | (unaudited) |   |     | (unaudited)    | 
|Cash flows from operating activities:                                       |  |                  |         |   |             |   |     |                | 
|Net income (loss)                                                           |  | $                | (75,819 | ) |             | $ | 103 |                | 
|Adjustments to reconcile net loss to net cash used in operating activities: |  |                  |         |   |             |   |     |                | 
|Amortization of debt discount                                               |  |                  | 36,136  |   |             |   | —   |                | 
|Change in derivative                                                        |  |                  | (7,824  | ) |             |   | —   |                | 
|Stock based compensation                                                    |  |                  | —       |   |             |   | —   |                | 
|Change in assets and liabilities:                                           |  |                  |         |   |             |   |     |                | 
|Prepaid and other current assets                                            |  |                  | 36,136  |   |             |   | —   |                | 
|Accounts payable                                                            |  |                  | 4,475   |   |             |   | —   |                | 
|Accrued expenses                                                            |  |                  | 3,920   |   |             |   | —   |                | 
|Net cash used in operating activities                                       |  |                  | (2,976  | ) |             |   | 103 |                | 
|                                                                            |  |                  |         |   |             |   |     |                | 
|Cash flows from financing activities:                                       |  |                  |         |   |             |   |     |                | 
|Proceeds from notes payable                                                 |  |                  | 3,000   |   |             |   | 100 |                | 
|Issuance of common stock                                                    |  |                  | —       |   |             |   | —   |                | 
|Net cash provided by financing activities                                   |  |                  | 3,000   |   |             |   | 100 |                | 
|                                                                            |  |                  |         |   |             |   |     |                | 
|Net change in cash and cash equivalents                                     |  |                  | 24      |   |             |   | 203 |                | 
|                                                                            |  |                  |         |   |             |   |     |                | 
|Cash and cash equivalents                                                   |  |                  |         |   |             |   |     |                | 
|Beginning of period                                                         |  |                  | 242     |   |             |   | —   |                | 
|End of period                                                               |  | $                | 266     |   |             | $ | 203 |                | 
|                                                                            |  |                  |         |   |             |   |     |                | 
|Supplemental cash flow information and noncash financing activities:        |  |                  |         |   |             |   |     |                | 
|Cash paid during the period for:                                            |  |                  |         |   |             |   |     |                | 
|Income taxes                                                                |  | $                | —       |   |             | $ | —   |                | 
|Interest                                                                    |  | $                | —       |   |             | $ | —   |                | 
|                                                                            |  |                  |         |   |             |   |     |                | 
|Non-cash transactions:                                                      |  | $                | —       |   |             | $ | —   |                | 



See notes to unaudited financial statements



6







NEW FOUND SHRIMP, INC.

(A Development Stage Entity)

Notes to Financial Statements

For the period ending June 30, 2012 and
2011

(Unaudited)



NOTE 1. NATURE OF BUSINESS



ORGANIZATION



The Company was incorporated in the State
of Indiana as a for-profit Company on April 26, 2007. In June 2012, the Company amended its articles of incorporation and filed
with the state of Florida on June 26, 2012 to move its domicile from Indiana to Florida. It is a development stage company in accordance
with FASB ASC 915 Financial Reporting for Development Stage Entities. The Company was formed to provide consultation to
the aquatic farming industry. During the Period ended June 30, 2012, management determined it would better suit the long term goals
of the company, to expand its areas of consultation into other industries. The Company will continue to provide consolidation opportunities
for on-going and start up aquatic farming operations as well as other industries as the opportunities are presented. Additionally,
the company will assist with the organizational structure, customer service and marketing aspects of their business, allowing our
customers to focus on the business aspects of operating the company. The Company desires to eventually gain the classification
as a Business Development Company (“BDC”) as designated in the Investment Company Act of 1940.



The Company is headquartered in Indianapolis,
Indiana.



NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES



GOING CONCERN

The Company’s financial statements
are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which
contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet
established an ongoing source of revenues sufficient to cover its operating cost and allow it to continue as a going concern. The
ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating
losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.



In order to continue as a going concern,
the Company will need, among other things, additional capital resources. Management’s plan to obtain such resources for the
Company include, obtaining capital from management and significant stockholders sufficient to meet its minimal operating expenses.
However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans.



There is no assurance that the Company
will be able to obtain sufficient additional funds when needed or that such funds, if available, will be obtainable on terms satisfactory
to the Company. In addition, profitability will ultimately depend upon the level of revenues received from business operations.
However, there is no assurance that the Company will attain profitability. The accompanying financial statements do not include
any adjustments that might be necessary if the Company is unable to continue as a going concern.



ADVERTISING

Advertising costs are expensed as incurred.
No advertising costs have been incurred for the three and six months ended June 30, 2012 or for the period April 26, 2007 (inception)
through June 30, 2012.



7







NEW FOUND SHRIMP, INC.

(A Development Stage Entity)

Notes to Financial Statements

For the period ending June 30, 2012 and
2011

(Unaudited)



USE OF ESTIMATES

The Company prepares its financial statements
in conformity with accounting principles generally accepted in the United States of America ("GAAP"), which require management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.



UNAUDITED INTERIM FINANCIAL STATEMENTS

The accompanying unaudited financial statements
have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial
information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the financial statements do not include all
of the information and footnotes required by generally accepted accounting principles for complete financial statements.



In the opinion of management, all adjustments
consisting of normal recurring adjustments necessary for a fair statement of (a) the result of operations for the three and six
month periods ended June 30, 2012 and 2011; (b) the financial position at June 30, 2012; and (c) cash flows for the six month periods
ended June 30, 2012 and 2011, have been made.



CASH

The Company considers all highly liquid
investments with an original maturity of three months or less at the date of acquisition to be cash equivalents. There were no
cash equivalents at June 30, 2012 or December 31, 2011.



REVENUE RECOGNITION

The Company derives revenue from consulting
arrangements with clients. Revenue is generated by hourly fee structure or fixed contract costs, based on expected time to complete,
additionally, costs incurred may be billed, as defined by the contractual arrangements. The Company follows paragraph 605-10-S99-1
of the FASB Accounting Standards Codification for revenue recognition. The Company recognizes revenue when it is realized or realizable
and earned.  The Company considers revenue realized or realizable and earned when all of the following criteria are met:
(i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer,
(iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.



RESEARCH AND DEVELOPMENT

The Company expenses research and development
costs when incurred. Research and development costs include engineering and testing of product and outputs. Indirect costs related
to research and developments are allocated based on percentage usage to the research and development. We spent $-0- in research
and development costs for the period of April 26, 2007 (inception) through June 30, 2012.



DEFERRED INCOME TAXES AND VALUATION
ALLOWANCE

The Company accounts for income taxes under
FASB ASC 740 “Income Taxes.” Under the asset and liability method of FASB ASC 740, deferred tax assets and liabilities
are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of
existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted
tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or
settled. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income
in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than
not that the Company will not realize tax assets through future operations.



8







NEW FOUND SHRIMP, INC.

(A Development Stage Entity)

Notes to Financial Statements

For the period ending June 30, 2012 and
2011

(Unaudited)



NET INCOME (LOSS) PER COMMON SHARE

Net income (loss) per share is calculated
in accordance with FASB ASC 260, “Earnings Per Share.” The weighted-average number of common shares outstanding during
each period is used to compute basic earning or loss per share. Diluted earnings or loss per share is computed using the weighted
average number of shares and diluted potential common shares outstanding. Dilutive potential common shares are additional common
shares assumed to be exercised.



Basic net income (loss) per common share
is based on the weighted average number of shares of common stock outstanding at June 30, 2012 and at December 31, 2011. As of
June 30, 2012 and at December 31, 2011, the Company had no dilutive potential common shares.



RECENT ACCOUNTING PRONOUNCEMENTS

Except for rules and interpretive releases
of the SEC under authority of federal securities laws and a limited number of grandfathered standards, theFASB Accounting Standards
CodificationTM(“ASC”) is the sole source of authoritative GAAP literature recognized by the FASB and applicable
to the Company. Management has reviewed the aforementioned rules and releases and believes any effect will not have a material
impact on the Company's present or future financial statements.



NOTE 3. INCOME TAXES



The Company
has not recognized an income tax benefit for its operating losses generated based on uncertainties concerning its ability to generate
taxable income in future periods. The tax benefit for the periods presented is offset by a valuation allowance established against
deferred tax assets arising from the net operating losses and other temporary differences, the realization of which could not be
considered more likely than not. In future periods, tax benefits and related deferred tax assets will be recognized when management
considers realization of such amounts to be more likely than not. As of December 31, 2011 the Company had a loss of $6,788 and
for the period April 26, 2007 (Date of Inception) through June 30, 2012, the Company incurred losses of $82,607. The net operating
loss in the amount of $82,607, resulting from operating activities, result in deferred tax assets of approximately $28,086 at the
effective statutory rates. The deferred tax asset has been off-set by an equal valuation allowance.



NOTE 4. SHAREHOLDERS' EQUITY



COMMON STOCK

The authorized common stock of the Company consists of 150,000,000
shares with a par value of $0.00001. On April 26, 2012 the Company, through approval of its Board of Directors, amended the Articles
of Incorporation for the purpose of authorizing additional shares. The amendment changed the authorized common shares from 150,000,000
to 10,000,000,000.



The Company issued 5,000,000 shares to
David Cupp, CEO and sole Director on June 30, 2007 at a par value of $500 in exchange for incorporation services.



The Company sold for cash 3,700,000 shares
on August 29, 2007 to 37 shareholders via subscription at a value of $3,700 or $0.001 per share.



The Company issued 7,300,000 shares to
David Cupp, CEO and sole Director on September 22, 2008 for cash at a par value of $730 or $0.0001 per share.



There were 16,000,000 and 16,000,000 shares
of common stock issued and outstanding at June 30, 2012 and at December 31, 2011, respectively.



9







NEW FOUND SHRIMP, INC.

(A Development Stage Entity)

Notes to Financial Statements

For the period ending June 30, 2012 and
2011

(Unaudited)



NOTE 5. RELATED PARTY TRANSACTIONS



On May
18, 2011 David Cupp, CEO and Director opened a bank account with JPMorgan Chase Bank, N.A. and deposited $100. The amount is documented
with a demand note that carries no repayment terms and is non-interest bearing. Management will review this arrangement, in future
period, to determine if terms are required to be formalized to reflect the economic relationship. The balance due to the related
party at June 30, 2012 and December 31, 2011 was $100 and $100, respectively.



In support
of the Company’s efforts and cash requirements, it will rely on advances from shareholders and related parties until such
time that the Company can support its operations through generation of revenues or attains adequate financing through sales of
its equity and/or traditional debt financing. Although the majority shareholder has pledged support, there is no formal written
commitment for continued support by shareholders and related parties. Amounts advanced or amounts paid in satisfaction of liabilities
are considered temporary in nature and may not be formalized by a promissory note. Terms have not been defined and are considered
demand notes. The Company recognizes the nature of the financing and the economic benefit and anticipates accruing interest at
3% interest rate on such future advances and loans. As of June 30, 2012, the loans payable to shareholders were minimal and therefore
no interest has been accrued.



The officers and directors of the Company
are involved in other business activities and may, in the future, become involved in other business opportunities that become available.
They may face a conflict in selecting between the Company and other business interests. The Company has not formulated a policy
for the resolution of such conflicts.



The Company does not own or lease property
or lease office space. The office space used by the Company was arranged by the founder of the Company to use at no charge.



The above is not necessarily indicative
of the amounts that would have been incurred had a comparable transaction been entered into with independent parties.



NOTE 6. BALANCE SHEET COMPONENTS



Short Term Debt

Notes payable consisted of the following
as of June 30, 2012:



|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  | June 30, 2012 |         
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | --------
|Consulting agreement with Raven Holdings, Inc., a non related party, for accounting and other financial services.  The agreement is supported by a Promissory note due and payable May 18, 2012, maturing on January 27, 2013.  The note carries a fifteen percent (15%) APR.  Principal and interest may be repaid by converting to common stock, at the option of the holder.  The common stock will be issued at a fifty percent (50%) discount to the closing Bid price of the Company’s stock price on the day prior to the date of conversion notice.  Accrued interest to date is $1,960.               |  | $             | 90,000  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |               |         
|Consulting agreement with Apollo Holdings LTD, a non related party, for business planning, organization and management services.  The agreement is supported by a Promissory note due and payable May 18, 2012, maturing on January 27, 2013.  The note carries a fifteen percent (15%) APR.  Principal and interest may be repaid by converting to common stock, at the option of the holder.  The common stock will be issued at a fifty percent (50%) discount to the closing Bid price of the Company’s stock price on the day prior to the date of conversion notice. Accrued interest to date is $1,960. |  |               | 90,000  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |               |         
|Line of Credit from Brian Kistler, a non related party.  The loan carries a 10% APR.  Payments can be made at any time.  The line of credit does not have a maturity date.                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |               | 1,000   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |               |         
|Line of Credit to Robin Hunt, a non related party.  Certain funds were loaned for expenses.  The line of credit carries a 0% interest rate and payments can be made at any time.                                                                                                                                                                                                                                                                                                                                                                                                                               |  |               | 2,000   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |               |         
|Unamortized debt discount                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |               | (143.864
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |               |         
|Total notes payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  | $             | 39,136  





10









NEW FOUND SHRIMP, INC.

(A Development Stage Entity)

Notes to Financial Statements

For the period ending June 30, 2012
and 2011

(Unaudited)



The Company has recognized the derivative
liability associated with the convertible note agreements and has revalued the beneficial conversion feature, classifying as a
derivative liability. As of date of the original note, May 8, 2012, and the period end, June 30, 2012, the derivative liability
was calculated to be $355,344 and $347,520, respectively. A debt discount of $180,000 was recorded and is amortized over the life
of the loan. Amortized debt discount of $36,136 has been recognized as interest expense for the three months ended June 30, 2012.



The derivative valuation resulted from
calculation using an option pricing method for the conversion feature of the note payable. The Company had insufficient historical
data for volatility calculation, therefore a group of similar companies were averaged. The following assumptions were used in
our calculation:



|Weighted Average:         |  |   |    
|------------------------- |  | - | ---
|Stock Price               |  | $ | .10
|Strike Price              |  | $ | .05
|Dividend rate             |  |   | 0.0
|Risk-free interest rate   |  |   | .06
|Expected lives (years)    |  |   | .72
|Expected price volatility |  |   | 554
|Forfeiture Rate           |  |   | 0.0



NOTE 7. COMMITMENTS AND CONTINGENCY



From time to time the Company may be a
party to litigation matters involving claims against the Company. Management believes that there are no current matters that would
have a material effect on the Company’s financial position or results of operations.



NOTE 8. WARRANTS AND OPTIONS



There are no warrants
or options outstanding to acquire any additional shares of common stock of the Company.



NOTE 9. SUBSEQUENT EVENTS



On July 3, 2012, the Company issued to
David R. Cupp one share of our Class A Convertible Preferred Stock (the “Preferred A Stock”) and two billion shares
of our Common Stock. Mr. Cupp was issued the common stock and the Preferred A Stock in connection with and as consideration for
his agreement to continue as an officer and director for the Company. The certificate of designations for the Preferred A Stock
provides that as a class it possesses a number of votes equal to seventy-five percent (75%) of all votes of capital stock of the
Company that could be asserted in any matter put to a vote of the shareholders of the Company. The Company valued the common stock
at the market value, $.01 per share, for a total compensation value of $20,000,000.



11









NEW FOUND SHRIMP, INC.

(A Development Stage Entity)

Notes to Financial Statements

For the period ending June 30, 2012
and 2011

(Unaudited)



On July 10, 2012 the Company issued 8,000
shares of Preferred Series B stock, par value of $0.00001, to a non related party, in exchange for $20,000 cash ($2.50 per share)
together with a completed subscription agreement.



In accordance with ASC 855-10, the company has analyzed its
operations subsequent to June 30, 2012, through the date these financial statements were issued (date of filing with the Securities
and Exchange Commission), and has determined that it does not have any material subsequent events to disclose in these financial
statements other than the events discussed above.



12







Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations



Note Regarding Forward Looking Statements.



This quarterly report on Form 10-Q of New Found Shrimp, Inc.
for the period ended June 30, 2012 contains certain 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, which are intended to be covered
by the safe harbors created thereby. To the extent that such statements are not recitations of historical fact, such statements
constitute forward-looking statements which, by definition, involve risks and uncertainties. In particular, statements under the
Sections; Description of Business, Management's Discussion and Analysis of Financial Condition and Results of Operations contain
forward-looking statements. Where, in any forward-looking statement, the Company expresses an expectation or belief as to future
results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can
be no assurance that the statement of expectation or belief will result or be achieved or accomplished.



The following are factors that could cause actual results or
events to differ materially from those anticipated, and include but are not limited to: general economic, financial and business
conditions; changes in and compliance with governmental regulations; changes in tax laws; and the costs and effects of legal proceedings.



You should not rely on forward-looking statements in this quarterly
report. This quarterly report contains forward-looking statements that involve risks and uncertainties. We use words such as “anticipates,”
“believes,” “plans,” “expects,” “future,” “intends,” and similar expressions
to identify these forward-looking statements. Prospective investors should not place undue reliance on these forward-looking statements,
which apply only as of the date of this report. Our actual results could differ materially from those anticipated in these forward-looking
statements for many reasons, including the risks faced by New Found Shrimp, Inc. For example, a few of the uncertainties that
could affect the accuracy of forward-looking statements include:



| | 1. | Our business strategy;
| | -- | ----------------------

| | 2. | Our financial position;
| | -- | -----------------------

| | 3. | The extent to which we are leveraged;
| | -- | -------------------------------------

| | 4. | Our cash flow and liquidity;
| | -- | ----------------------------

| | 5. | Our inability to obtain additional financing in order to fund
                                                                our operations, capital expenditures, and to meet our other obligations;
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6. | Our inability to attract and retain key personnel;
| | -- | --------------------------------------------------



Financial information provided in this Form 10-Q, for periods
subsequent to December 31, 2011, is preliminary and remains subject to audit. As such, this information is not final or complete,
and remains subject to change, possibly materially.



Management’s Discussion and Analysis of Financial
Condition and Results of Operations

The management’s discussion, analysis of financial
condition, and results of operations should be read in conjunction with our financial statements and notes thereto contained elsewhere
in this reports.



Results of Operations for the three and six months ended
June 30, 2012 and June 30, 2011 and for the development stage, April 26, 2007 (date of inception) through June 30, 2012



New Found Shrimp, Inc. (The Company) was organized as of April
26, 2007. Due to the limited operations during April 26, 2007 (date of inception) through the six months ended June 30, 2012,
the results of operations for the six months ending June 30, 2012 and 2011 are not comparable. Accordingly, the results of operations
for the three and six months ended June 30, 2012 and 2011 are not comparable.



13







Revenues



Total Revenue.Total revenues for the three and six months ended June 30, 2012 and 2011 were $0, $1,500, $250 and $1,500, respectively. Total
revenues consist of consulting fees earned. Total revenues for the development stage, April 26, 2007 (date of inception) through
June 30, 2012 were $2,000.



Operating Expenses



Total Operating
Expenses. Total operating expenses for the three and six months ended June 30, 2012 and 2011 were $38,792, $1,397, $43,837
and $1,397, respectively. Total operating expenses for the development stage, April 26, 2007 (date of inception) through June
30, 2012 were $52,375, which consisted of professional fees and selling, general and administrative expenses. The changes in operating
expenses were due to consulting agreements with Apollo Holdings, LTD and Raven Holdings, Inc in the amount of $180,000, which
is being charged to operation over the life of the contract, or approximately $36,000 in the quarter ended June 30, 2012.



Financial Condition



Total Assets.
Total assets at June 30, 2012 and December 31, 2011 were $144,864 and $242, respectively. The increase is due to the unamortized
or deferred consulting agreements and will be ratably charged to expense over the future periods of the contract, as the services
are rendered. The consulting services were exchanged for convertible notes payable.



Total Liabilities.Total liabilities at June 30, 2012 and December 31, 2011 were $397,151 and $2,100, respectively. Total liabilities consist
of note payable and accounts payable. The change in total liabilities was due to consulting agreements with Apollo Holdings, LTD
and Raven Holdings, Inc., evidenced by convertible promissory notes in the amount of $180,000. Debt discounts of $180,000 was
recorded against the note and a derivative liability, in the amount of $355,344, was recorded in association with the convertible
features of the notes.



Liquidity and Capital Resources



The accompanying financial
statements have been prepared assuming that the Company will continue as a going concern which contemplates, among other things,
the realization of assets and satisfaction of liabilities in the ordinary course of business.



The Company sustained
a loss of $75,819 for the six months ended June 30, 2012. The Company had a small net income of $103 for the six months ended
June 30, 2011. The Company has an accumulated loss of $82,607 during the development stage, April 26, 2007 (date of inception)
through June 30, 2012. Because of the absence of positive cash flows from operations, the Company will require additional funding
for continuing the development and marketing of products. These factors raise substantial doubt about the Company’s ability
to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the
outcome of this uncertainty.



We are presently able
to meet our obligations as they come due. At June 30, 2012 we had minimal assets and a working capital deficit of $253,021. Our
working capital deficit is due to the results of operations and the recognition of the derivative liability.



Net cash (used in)/provided
by in operating activities for the six months ended June 30, 2012 and 2011 was ($2,976) and $103, respectively. Net cash used
in operating activities during the development stage, April 26, 2007 (date of inception) through June 30, 2012 was $7,264. Net
cash used in operating activities includes our net income (loss), accounts payable and services settled in common stock.



Net cash provided
by financing activities for the six months ended June 30, 2012 and 2011 was $3,000 and $100, respectively. Net cash provided by
financing activities for the development stage, April 26, 2007 (date of inception) through June 30, 2012 was $7,530. Net cash
provided by financing activities includes the proceeds from stock sales of $4,430 and proceeds from notes payable and related
party of $3,100.



14







We anticipate that our future liquidity
requirements will arise from the need to fund our growth from operations, pay current obligations and future capital expenditures.
The primary sources of funding for such requirements are expected to be cash generated from operations and raising additional
funds from the private sources and/or debt financing. However, we can provide no assurances that we will be able to generate sufficient
cash flow from operations and/or obtain additional financing on terms satisfactory to us, if at all, to remain a going concern.
Our continuation as a going concern is dependent upon our ability to generate sufficient cash flow to meet our obligations on
a timely basis and ultimately to attain profitability. Our CEO has agreed to continue to fund our operations as needed over the
next 12 months until cash flows are sufficient to sustain operations. Pursuant to the agreement it is binding on our CEO and he
has agreed to only the return of his capital with no interest or other consideration. In addition, our Plan of Operation for the
next twelve months is to raise capital to continue to expand our operations. We are presently engaged in capital raising activities
through one or more private offering of our company’s securities. We would most likely rely upon the transaction exemptions
from registration provided by Regulation D, Rule 506 or conduct another private offering under Section 4(2) of the Securities
Act of 1933. See “Note 2 – Going Concern” in our financial statements for additional information as to the possibility
that we may not be able to continue as a “going concern.”

.

Off-Balance Sheet Arrangements



We have made no off-balance sheet arrangements that have or
are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues
or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.



Item 3. Quantitative and Qualitative Disclosures About Market
Risk.



We are a Smaller Reporting Company as defined by Rule 12b-2
of the Securities Exchange Act of 1934 and are not required to provide the information under this item.



Item 4. Controls and Procedures.



| | (a) | Management’s
                                                                                             Conclusions Regarding Effectiveness
                                                                                             of Disclosure Controls and Procedures.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The management of the Company is responsible for establishing
and maintaining adequate internal control over financial reporting. The Company’s internal control over financial reporting
is a process designed under the supervision of the Company’s Chief Executive Officer and Chief Financial Officer to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of the Company’s financial statements
for external purposes in accordance with U.S. generally accepted accounting principles.



With respect to the period ending June 30, 2012, under the
supervision and with the participation of our management, we conducted an evaluation of the effectiveness of the design and operations
of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange
Act of 1934.



Based upon our evaluation regarding the period ending June
30, 2012, the Company’s management, including its Chief Executive Officer and Chief Financial Officer, has concluded that
its disclosure controls and procedures were not effective due to the Company’s limited internal resources and lack of ability
to have multiple levels of transaction review. Through the use of external consultants and the review process, management believes
that the financial statements and other information presented herewith are materially correct.



The Company’s disclosure controls and procedures are
designed to provide reasonable assurance of achieving their objectives. However, the Company’s management, including its
Chief Executive Officer and Chief Financial Officer, does not expect that its disclosure controls and procedures will prevent
all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute,
assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that
there are resource constraints, and the benefit of controls must be considered relative to their costs. Because of the inherent
limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances
of fraud, if any, within the Company have been detected.



15







| | (b) | Changes
                                                                                             in Internal Controls.
| | --- | --------------------------------------------------------------------------------------------------------------------------



There have been no changes in the Company’s internal
control over financial reporting during the period ended June 30, 2012 that have materially affected, or are reasonably likely
to materially affect, the Company’s internal controls over financial reporting.



Part II. Other Information



Item 1. Legal Proceedings.



None.



Item 2. Unregistered Sales of Equity Securities and Use
of Proceeds.



During the six month period ending June 30, 2012, the Company
did not issue any unregistered shares of its common stock.



Item 3. Defaults Upon Senior Securities



None.



Item 4. Mine Safety Disclosure.



None.



Item 5. Other Information.



None.



Item 6. Exhibits



|Exhibit Number and Description | Location Reference                            
|------------------------------ | ----------------------------------------------
|                               |                                               
|(a)                            | Financial Statements                          
|                               |                                               
|(b)                            | Exhibits required by Item 601, Regulation S-K;
|                               |                                               
|                               | (3.0)                                         
|                               |                                               
|                               |                                               
|                               |                                               
|                               |                                               
|                               |                                               
|                               | (10.0)                                        
|                               |                                               
|                               |                                               





16







| |        | (10.2)                                                                                                                                                          | Consulting Agreement dated May 8, 2012 See Exhibit Key |                            | See Exhibit Key
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------ | -------------------------- | ---------------
| |        |                                                                                                                                                                 |                                                        |                            |                
| |        | (10.3)                                                                                                                                                          | Consulting Agreement dated May 8, 2012 See Exhibit Key |                            | See Exhibit Key
| |        |                                                                                                                                                                 |                                                        |                           
| | (11.0) | Statement re: computation of per share Earnings.                                                                                                                |                                                        | Note 2 to Financial Stmts.
| |        |                                                                                                                                                                 |                                                        |                           
| | (14.0) | Code of Ethics                                                                                                                                                  |                                                        | See Exhibit Key           
| |        |                                                                                                                                                                 |                                                        |                           
| | (31.1) | Certificate of Chief Executive Officer Pursuant to Section 302 of the  Sarbanes-Oxley Act of 2002                                                               |                                                        | Filed herewith            
| |        |                                                                                                                                                                 |                                                        |                           
| | (31.2) | Certificate of Chief Financial Officer Pursuant to Section 302 of the  Sarbanes-Oxley Act of 2002                                                               |                                                        | Filed herewith            
| |        |                                                                                                                                                                 |                                                        |                           
| | (32.1) | Certification of Chief Executive Officer pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section
    906 of the  Sarbanes-Oxley Act of 2002                |                                                        | Filed herewith            
| |        |                                                                                                                                                                 |                                                        |                           
| | (32.2) | Certification of Chief Executive Officer Filed herewith pursuant to 18 U.S.C. § 1350, as adopted pursuant
    to Section 906 of the  Sarbanes-Oxley Act of 2002 |                                                        | Filed herewith            
| |        |                                                                                                                                                                 |                                                        |                           



Exhibit Key



|3.1  | Incorporated by reference herein to the Company’s Form 10-Q filed with the Securities and Exchange
    Commission.                                       
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                          
|3.2  | Incorporated by reference herein to the Company’s Form S-1 Registration Statement filed with the Securities and
    Exchange                             
|     | Commission on July 21, 2011.                                                                                                                             
|     |                                                                                                                                                          
|10.1 | Incorporated by reference herein to the Company’s Form S-1 Registration Statement filed with the Securities and
    Exchange Commission on July 21, 2011.
|     |                                                                                                                                                          
|10.2 | Incorporated by reference herein to the Company’s Form 10-Q filed with the Securities and Exchange Commission on
    May 14, 2012                        



17







|10.3 | Incorporated by reference herein to the Company’s Form 10-Q filed with the Securities and Exchange
    Commission on May 14, 2012                        
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                          
|14.0 | Incorporated by reference herein to the Company’s Form S-1 Registration Statement filed with the Securities and
    Exchange Commission on July 21, 2011.



SIGNATURES



In accordance with Section 13 or 15(d) of the Exchange Act,
the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



|                    |  | NEW FOUND SHRIMP, INC.                                   | 
|------------------- |  | -------------------------------------------------------- | 
|                    |  |                                                          | 
|Date: July 20, 2012 |  | By: /s/ David R. Cupp                                    | 
|                    |  | David R. Cupp                                            | 
|                    |  | Principal Executive Office, Principal Accounting Officer | 
|                    |  | Chief Financial Officer, Secretary,                      | 
|                    |  | Chairman of the Board of Directors                       | 



18