U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

                 Quarterly Report under Section 13 or 15 (d) of
                         Securities Exchange Act of 1934

                      For the Period ended October 31, 2007


                                HL VENTURES INC.
              (Exact name of small business issuer in its charter)

            Nevada                       333-145897              20-0215404
(State or other jurisdiction of         (Commission            (IRS Employer
 incorporation or organization)         File Number)         Identification No.)

                      Office 404 - 4th Floor, Albany House
                              324-326 Regent Street
                         London, United Kingdom W1B 3HH
                    (Address of principal executive offices)

                     Issuer's telephone number: 702-993-6122

Check 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. Yes [X] No [ ]

Check whether the registrant is an accelerated filer (as defined in Rule 12b-2
of the Exchange Act). Yes [ ] No [X]

Check whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act). Yes [X] No [ ]

There were 3,000,000 shares of Common Stock outstanding as of October 31, 2007.
<PAGE>
ITEM 1. FINANCIAL STATEMENTS

The un-audited quarterly financial statements for the period ended October 31,
2007, prepared by the company, immediately follow.



                                       2
<PAGE>
                                HL VENTURES INC.
                         (An Exploration Stage Company)
                                 Balance Sheet
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                    As of              As of
                                                               October 31, 2007    July 31, 2007
                                                               ----------------    -------------
<S>                                                             <C>                <C>
                                     ASSETS

CURRENT ASSETS
  Cash                                                             $  3,400           $  8,000
                                                                   --------           --------
TOTAL CURRENT ASSETS                                                  3,400              8,000
                                                                   --------           --------

      TOTAL ASSETS                                                 $  3,400           $  8,000
                                                                   ========           ========

                       LIABILITIES & STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
  Accounts Payable                                                 $     --           $    590
                                                                   --------           --------
TOTAL CURRENT LIABILITIES                                                --                590

      TOTAL LIABILITIES                                                  --                590

STOCKHOLDERS' EQUITY
  Common stock, ($0.001 par value, 75,000,000 shares
   authorized; 3,000,000 shares issued and outstanding
   as of October 31, 2007 and July 31, 2007)                          3,000              3,000
  Additional paid-in capital                                         12,000             12,000
  Deficit accumulated during development stage                      (11,600)            (7,590)
                                                                   --------           --------
TOTAL STOCKHOLDERS' EQUITY                                            3,400              7,410
                                                                   --------           --------

      TOTAL LIABILITIES & STOCKHOLDERS' EQUITY                     $  3,400           $  8,000
                                                                   ========           ========
</TABLE>


                       See Notes to Financial Statements

                                       3
<PAGE>
                                HL VENTURES INC.
                         (An Exploration Stage Company)
                             Statement of Operations
--------------------------------------------------------------------------------

                                                                 May 21, 2007
                                           Three Months           (inception)
                                              Ended                 through
                                         October 31, 2007       October 31, 2007
                                         ----------------       ----------------
REVENUES
  Revenues                                  $       --             $       --
                                            ----------             ----------
TOTAL REVENUES                                      --                     --

OPERATIONG EXPENSES
  Professional Fees                              1,500                  1,500
  Property Expenditures                            750                  7,750
  Office and Administration                      1,760                  2,350
                                            ----------             ----------
TOTAL OPERATING EXPENSES                        (4,010)               (11,600)
                                            ----------             ----------

NET INCOME (LOSS)                           $   (4,010)            $  (11,600)
                                            ==========             ==========

BASIC EARNINGS PER SHARE                    $    (0.00)
                                            ==========
WEIGHTED AVERAGE NUMBER OF
 COMMON SHARES OUTSTANDING                   3,000,000
                                            ==========


                       See Notes to Financial Statements

                                       4
<PAGE>
                                HL VENTURES INC.
                         (An Exploration Stage Company)
                             Statement of Cash Flows
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                            May 21, 2007
                                                                       Three Months          (inception)
                                                                          Ended                through
                                                                      October 31, 2007     October 31, 2007
                                                                      ----------------     ----------------
<S>                                                                      <C>                  <C>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net income (loss)                                                      $ (4,010)            $(11,600)
  Adjustments to reconcile net loss to net cash
   provided by (used in) operating activities:

  Changes in operating assets and liabilities:
     Increase (decrease) in Accounts Payable                                 (590)                  --
                                                                         --------             --------
          NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES              (4,600)             (11,600)

CASH FLOWS FROM INVESTING ACTIVITIES

          NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES                  --                   --

CASH FLOWS FROM FINANCING ACTIVITIES
  Issuance of common stock                                                     --                3,000
  Additional paid-in capital                                                   --               12,000
                                                                         --------             --------
          NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES                  --               15,000
                                                                         --------             --------

NET INCREASE (DECREASE) IN CASH                                            (4,600)               3,400

CASH AT BEGINNING OF PERIOD                                                 8,000                   --
                                                                         --------             --------
CASH AT END OF PERIOD                                                    $  3,400             $  3,400
                                                                         ========             ========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid during period for:
  Interest                                                               $     --             $     --
                                                                         ========             ========
  Income Taxes                                                           $     --             $     --
                                                                         ========             ========
</TABLE>


                       See Notes to Financial Statements

                                       5
<PAGE>
                                HL VENTURES INC.
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                October 31, 2007


NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS

HL Ventures Inc. (the Company) was  incorporated  under the laws of the State of
Nevada on May 21,  2007.  The Company  was formed to engage in the  acquisition,
exploration and development of natural resource properties.

The  Company  is in the  exploration  stage.  Its  activities  to date have been
limited to capital formation, organization and development of its business plan.
The Company has not commenced operations.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. BASIS OF ACCOUNTING

The Company's  financial  statements  are prepared  using the accrual  method of
accounting. The Company has elected a July 31, year-end.

B. BASIC EARNINGS PER SHARE

In February  1997,  the FASB issued SFAS No. 128,  "Earnings  Per Share",  which
specifies the computation, presentation and disclosure requirements for earnings
(loss) per share for entities  with  publicly  held common  stock.  SFAS No. 128
supersedes the provisions of APB No. 15, and requires the  presentation of basic
earnings (loss) per share and diluted earnings (loss) per share. The Company has
adopted the provisions of SFAS No. 128 effective May 21, 2007 (inception).

Basic net loss per share  amounts is computed  by  dividing  the net loss by the
weighted average number of common shares outstanding. Diluted earnings per share
are the same as basic  earnings  per share due to the lack of dilutive  items in
the Company.

C. CASH EQUIVALENTS

The Company considers all highly liquid  investments  purchased with an original
maturity of three months or less to be cash equivalents.

D. USE OF ESTIMATES AND ASSUMPTIONS

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires 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
the  reported  amounts of revenues  and expenses  during the  reporting  period.
Actual results could differ from those estimates. In accordance with FASB 16 all
adjustments are normal and recurring.

                                       6
<PAGE>
                                HL VENTURES INC.
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                October 31, 2007


NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

E. INCOME TAXES

Income taxes are provided in accordance  with Statement of Financial  Accounting
Standards No. 109 (SFAS 109),  Accounting for Income Taxes. A deferred tax asset
or liability is recorded for all temporary differences between financial and tax
reporting and net operating loss  carryforwards.  Deferred tax expense (benefit)
results  from  the net  change  during  the  year of  deferred  tax  assets  and
liabilities.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of
management,  it is more likely than not that some portion of all of the deferred
tax assets will be realized.  Deferred tax assets and  liabilities  are adjusted
for the effects of changes in tax laws and rates on the date of enactment.

NEW ACCOUNTING PRONOUNCEMENTS:

In November 2004, the Financial  Accounting  Standards  Board (FASB) issued SFAS
151,  Inventory  Costs - an amendment of ARB No. 43,  Chapter 4. This  Statement
amends the guidance in ARB No. 43,  Chapter 4,  "Inventory  Pricing," to clarify
the accounting for abnormal amounts of idle facility expense,  freight, handling
costs,  and  wasted  material  (spoilage).  Paragraph  5 of ARB 43,  Chapter  4,
previously  stated  that  "...  under  some  circumstances,  items  such as idle
facility expense,  excessive spoilage,  double freight, and rehandling costs may
be so  abnormal  as to require  treatment  as current  period  charges..."  This
Statement  requires  that those items be recognized  as  current-period  charges
regardless  of whether they meet the  criterion of "so  abnormal."  In addition,
this Statement  requires that  allocation of fixed  production  overheads to the
costs  of  conversion  be  based  on  the  normal  capacity  of  the  production
facilities.  The  provisions of this Statement will be effective for the Company
beginning  with its fiscal year ending  November 30, 2006.  Management  believes
that the adoption of this Statement will not have any immediate  material impact
on the Company.

In December  2004,  the FASB issued  SFAS No. 152,  "Accounting  for Real Estate
Time-Sharing Transactions--an amendment of FASB Statements No. 66 and 67" ("SFAS
152) The amendments  made by Statement 152 This Statement  amends FASB Statement
No.  66,  Accounting  for  Sales of Real  Estate,  to  reference  the  financial
accounting and reporting guidance for real estate time-sharing transactions that
is  provided in AICPA  Statement  of Position  (SOP)  04-2,  Accounting  No. 67,
Accounting for Costs and Initial Rental  Operations of Real Estate Projects,  to
state that the guidance for (a) incidental  operations and (b) costs incurred to
sell  real  estate   projects  does  not  apply  to  real  estate   time-sharing
transactions.  The accounting  for those  operations and costs is subject to the
guidance in SOP 04-2.  This Statement is effective for financial  statements for
fiscal years beginning after June 15, 2005, with earlier application encouraged.
The Company  believes that the  implementation  of this standard will not have a
material impact on its financial position, results of operations or cash flows.

                                       7
<PAGE>
                                HL VENTURES INC.
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                October 31, 2007


NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

In December 2004, the FASB issued SFAS 123 (revised 2004) "Share-Based Payment".
This  Statement   requires  that  the  cost   resulting  from  all   share-based
transactions be recorded in the financial statements.  The Statement establishes
fair value as the measurement  objective in accounting for  share-based  payment
arrangements and requires all entities to apply a  fair-value-based  measurement
in accounting for share-based payment transactions with employees. The Statement
also  establishes  fair value as the measurement  objective for  transactions in
which an entity  acquires  goods or services from  non-employees  in share-based
payment transactions. The Statement replaces SFAS 13 "Accounting for Stock-Based
Compensation"  and supersedes APB Opinion No. 25 "Accounting for Stock Issued to
Employees".  The  provisions of this Statement will be effective for the Company
beginning with its fiscal year ending  November 30, 2006.  The Company  believes
that the  implementation of this standard will not have a material impact on its
financial position, results of operations or cash flows.

In March 2005,  the  Securities  and  Exchange  Commission  (SEC)  issued  Staff
Accounting  Bulletin No. 107 (SAB 107) which  provides  guidance  regarding  the
interaction  of SFAS 123 (R) and  certain  SEC  rules and  regulations.  The new
guidance  includes  the  SEC's  view on the  valuation  of  share-based  payment
arrangements  for  public  companies  and may  simplify  some of SFAS 123 (R) `s
implementation  challenges for registrants and enhance the information investors
receive.

In  March  2005,  the FASB  issued  FIN 47,  Accounting  for  Conditional  Asset
Retirement  Obligations,  which  clarifies  that  the  term  `conditional  asset
retirement  obligation'  as used in SFAS 143,  Accounting  for Asset  Retirement
Obligations,  refers  to a legal  obligation  to  perform  an  asset  retirement
activity in which the timing and/or method of settlement  are  conditional  on a
future  event that may or may not be within the  control of the  entity.  FIN 47
requires an entity to recognize a liability  for the fair value of a conditional
asset retirement obligation if the fair value can be reasonably  estimated.  FIN
47 is effective  no later than the end of the fiscal year ending after  December
15, 2005.  The Company does not believe that FIN 47 will have a material  impact
on its financial position or results from operations.

In  August  2005,  the FASB  issued  SFAS  154,  Accounting  Changes  and  Error
Corrections.  This  statement  applies to all  voluntary  changes in  accounting
principle  and  to  changes  required  by an  accounting  pronouncement  if  the
pronouncement does not include specific  transition  provisions,  and it changes
the  requirements   for  accounting  for  and  reporting  them.   Unless  it  is
impractical,  the statement requires retrospective application of the changes to
prior periods' financial statements.  This statement is effective for accounting
changes and  correction of errors made in fiscal year  beginning  after December
15, 2005.

                                       8
<PAGE>
                                HL VENTURES INC.
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                October 31, 2007


NOTE 3. GOING CONCERN

The  accompanying  financial  statements are presented on a going concern basis.
The Company had no operations during the period from May 21, 2007 (inception) to
October 31, 2007 and  generated a net loss of  $11,600.  This  condition  raises
substantial  doubt about the Company's  ability to continue as a going  concern.
Because  the  Company is  currently  in the  exploration  stage and has  minimal
expenses,  management  believes  that the  company's  current  cash of $3,400 is
sufficient  to cover the expenses  they will incur during the next twelve months
in a limited operations scenario or until they raise additional funding.

Management  plans to raise  additional  funds through debt or equity  offerings.
Management's  current plan includes a SB-2 registration  statement with the U.S.
Securities  and Exchange  Commission  of  3,200,000  shares for sale at $.02 per
share to raise capital of $64,000 to implement their business plan.  There is no
guarantee that the Company will be able to raise any capital through this or any
other offerings.

NOTE 4. WARRANTS AND OPTIONS

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

NOTE 5. RELATED PARTY TRANSACTIONS

The Company neither owns nor leases any real or personal property.  The officers
and directors of the Company are involved in other business  activities and may,
in the future,  become involved in other business  opportunities  as they become
available.

Thus they may face a conflict in  selecting  between the Company and their other
business  interests.  The Company has not formulated a policy for the resolution
of such conflicts.

Deniz Hassan and Adrian Lee, the officers and directors of the Company, will not
be paid for any underwriting services that they perform on behalf of the Company
with respect to the Company's upcoming SB-2 offering. They will also not receive
any interest on any funds that they advance to the Company for offering expenses
prior to the offering being closed which will be repaid from the proceeds of the
offering.

                                       9
<PAGE>
                                HL VENTURES INC.
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                October 31, 2007


NOTE 6. INCOME TAXES

                                                          As of October 31, 2007
                                                          ----------------------
     Deferred tax assets:
     Net operating tax carryforwards                            $ 11,600
     Other                                                             0
                                                                --------
     Gross deferred tax assets                                     3,944
     Valuation allowance                                          (3,944)
                                                                --------

     Net deferred tax assets                                    $      0
                                                                ========

Realization of deferred tax assets is dependent upon  sufficient  future taxable
income during the period that deductible temporary differences and carryforwards
are expected to be available to reduce  taxable  income.  As the  achievement of
required  future taxable income is uncertain,  the Company  recorded a valuation
allowance.

NOTE 7. NET OPERATING LOSSES

As of October 31, 2007,  the Company has a net operating  loss  carryforward  of
approximately $11,600. Net operating loss carryforward expires twenty years from
the date the loss was incurred.

NOTE 8. STOCK TRANSACTIONS

Transactions,  other than  employees'  stock  issuance,  are in accordance  with
paragraph 8 of SFAS 123. Thus issuances shall be accounted for based on the fair
value of the consideration received. Transactions with employees' stock issuance
are in accordance with paragraphs  (16-44) of SFAS 123. These issuances shall be
accounted for based on the fair value of the consideration  received or the fair
value  of  the  equity   instruments   issued,  or  whichever  is  more  readily
determinable.

On June 29, 2007 the Company issued a total of 1,600,000  shares of common stock
to one director for cash at $0.005 per share for a total of $8,000.

On July 18, 2007 the Company issued a total of 1,400,000  shares of common stock
to one director  for cash  advanced on behalf of the Company at $0.005 per share
for a total of $7,000.

As of October 31, 2007 the Company had  3,000,000  shares of common stock issued
and outstanding.

                                       10
<PAGE>
                                HL VENTURES INC.
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                October 31, 2007


NOTE 9. STOCKHOLDERS' EQUITY

The  stockholders'  equity section of the Company contains the following classes
of capital stock as of October 31, 2007:

     *    Common  stock,  $  0.001  par  value:  75,000,000  shares  authorized;
          3,000,000 shares issued and outstanding.


                                       11
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

RESULTS OF OPERATIONS

We are still in our exploration stage and have generated no revenues to date.

We incurred operating expenses of $4,010 for the three months ended October 31,
2007. These expenses consisted of general operating expenses and professional
fees incurred in connection with the day to day operation of our business and
the preparation and filing of our SB-2 Registration Statement.

Our net loss from inception through October 31, 2007 was $11,600.

We have sold $8,000 in equity securities to pay for our minimum level of
operations and issued $7,000 in common stock in exchange for mineral property
expenses paid by our officer on our behalf.

LIQUIDITY AND CAPITAL RESOURCES

Our cash balance at October 31, 2007 was $3,400. In order to achieve our
exploration program goals, we will need the funding from the offering of
registered shares pursuant to our SB-2 Registration Statement filed with the SEC
under file number 333-145897 which became effective on September 18, 2007. If we
experience a shortage of funds prior to funding we may utilize funds from our
director, who has informally agreed to advance funds to allow us to pay for
offering costs, filing fees, and professional fees, however he has no formal
commitment, arrangement or legal obligation to advance or loan funds to us.

We are an exploration stage company and have generated no revenue to date.

OFF-BALANCE SHEET ARRANGEMENTS

We do not have any 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.

PLAN OF OPERATION

Our exploration target is to find exploitable minerals on our property. Our
success depends on achieving that target. There is the likelihood of our mineral
claims containing little or no economic mineralization or reserves of silver and
other minerals. There is the possibility that our claims do not contain any
reserves and funds that we spend on exploration will be lost. Even if we
complete our current exploration program and are successful in identifying a
mineral deposit we will be required to expend substantial funds to bring our
claims to production. We are unable to assure investors that we will be able to
raise the additional funds necessary to implement any future exploration or
extraction program even if mineralization is found.

Our plan of operation for the twelve months is to complete the three phases of
the exploration program. In addition to the $57,000 we anticipate spending for
the exploration program as outlined below, we anticipate spending an additional
$10,000 on professional fees and general administrative costs. Total
expenditures over the next 12 months are therefore expected to be approximately
$67,000. We will require the funds from our offering to proceed.

                                       12
<PAGE>
The following work program has been recommended by the consulting geologist who
prepared the geology report.

PHASE 1

Detailed prospecting, mapping and soil geochemistry.
The program is expected to take four weeks to complete
including the turn around time on sample analyses. The
estimated cost for this program is all inclusive                       $ 8,500

PHASE 2

Magnetometer and VLF electromagnetic, grid controlled
surveys over the areas of interest determined by the
Phase 1 survey. The program is expected to take two
weeks to complete. The estimated cost includes
transportation, travel, accommodation, board, grid
installation, two geophysical surveys, maps and report                   8,500

PHASE 3

Induced polarization survey over grid controlled
anomalous areas of interest outlined by Phase 1&2
programs. Hoe or bulldozer trenching, mapping and
sampling of bedrock anomalies. Includes assays, maps
and reports                                                             40,000
                                                                       -------

                                                      Total            $57,000
                                                                       =======

Each phase following phase 1 is contingent upon favorable results from the
previous phase.

If we are successful in raising the funds from our offering we plan to commence
Phase 1 of the exploration program on the claims in the spring of 2008. We
expect this phase to take four weeks to complete.

The above program costs are management's estimates based upon the
recommendations of the professional consulting geologist's report and the actual
project costs may exceed our estimates. To date, we have not commenced
exploration.

Following phase one of the exploration program, if it proves successful in
identifying mineral deposits, we intend to proceed with phase two of our
exploration program. The estimated cost of this program is $8,500 and will take
approximately 2 weeks to complete and an additional one to two months for the
consulting geologist to receive the results from the assay lab and prepare his
report.

Following phase two of the exploration program, if it proves successful, we
intend to proceed with phase three of our exploration program. The estimated
cost of this program is $40,000 and will take approximately 4 weeks to complete
and an additional two months for the consulting geologist to receive the results
from the assay lab and prepare his report.

We anticipate commencing the second phase of our exploration program in early
summer 2008 and phase 3 in late summer or early fall 2008. We have a verbal
agreement with James McLeod, the consulting geologist who prepared the geology

                                       13
<PAGE>
report on our claims, to retain his services for our planned exploration
program. We cannot provide investors with any assurance that we will be able to
raise sufficient funds to proceed with any work after the exploration program if
we find mineralization.

SIGNIFICANT ACCOUNTING POLICIES

The un-audited financial statements as of October 31, 2007 included herein have
been prepared without audit pursuant to the rules and regulations of the U.S.
Securities and Exchange Commission. Certain information and footnote disclosures
normally included in financial statements prepared in accordance with general
accepted accounting procedures have been condensed or omitted pursuant to such
rules and regulations. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. It is suggested that these financial statements be read in
conjunction with our July 31, 2007 audited financial statements and notes
thereto, which can be found in our Form SB-2 Registration Statement and the
amendments thereto on the SEC website at www.sec.gov under our SEC File Number
333-145897.

BASIS OF ACCOUNTING

The Company's financial statements are prepared using the accrual method of
accounting. The Company has elected a July 31, year-end.

BASIC EARNINGS PER SHARE

In February 1997, the FASB issued SFAS No. 128, "Earnings Per Share", which
specifies the computation, presentation and disclosure requirements for earnings
(loss) per share for entities with publicly held common stock. SFAS No. 128
supersedes the provisions of APB No. 15, and requires the presentation of basic
earnings (loss) per share and diluted earnings (loss) per share. The Company has
adopted the provisions of SFAS No. 128 effective May 21, 2007 (inception).

Basic net loss per share amounts is computed by dividing the net loss by the
weighted average number of common shares outstanding. Diluted earnings per share
are the same as basic earnings per share due to the lack of dilutive items in
the Company.

CASH EQUIVALENTS

The Company considers all highly liquid investments purchased with an original
maturity of three months or less to be cash equivalents.

USE OF ESTIMATES AND ASSUMPTIONS

The preparation of financial statements in conformity with generally accepted
accounting principles requires 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
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates. In accordance with FASB 16 all
adjustments are normal and recurring.

INCOME TAXES

Income taxes are provided in accordance with Statement of Financial Accounting
Standards No. 109 (SFAS 109), Accounting for Income Taxes. A deferred tax asset

                                       14
<PAGE>
or liability is recorded for all temporary differences between financial and tax
reporting and net operating loss carryforwards. Deferred tax expense (benefit)
results from the net change during the year of deferred tax assets and
liabilities.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of
management, it is more likely than not that some portion of all of the deferred
tax assets will be realized. Deferred tax assets and liabilities are adjusted
for the effects of changes in tax laws and rates on the date of enactment.

NEW ACCOUNTING PRONOUNCEMENTS

In November 2004, the Financial Accounting Standards Board (FASB) issued SFAS
151, Inventory Costs - an amendment of ARB No. 43, Chapter 4. This Statement
amends the guidance in ARB No. 43, Chapter 4, "Inventory Pricing," to clarify
the accounting for abnormal amounts of idle facility expense, freight, handling
costs, and wasted material (spoilage). Paragraph 5 of ARB 43, Chapter 4,
previously stated that "... under some circumstances, items such as idle
facility expense, excessive spoilage, double freight, and rehandling costs may
be so abnormal as to require treatment as current period charges..." This
Statement requires that those items be recognized as current-period charges
regardless of whether they meet the criterion of "so abnormal." In addition,
this Statement requires that allocation of fixed production overheads to the
costs of conversion be based on the normal capacity of the production
facilities. The provisions of this Statement will be effective for the Company
beginning with its fiscal year ending November 30, 2006. Management believes
that the adoption of this Statement will not have any immediate material impact
on the Company.

In December 2004, the FASB issued SFAS No. 152, "Accounting for Real Estate
Time-Sharing Transactions--an amendment of FASB Statements No. 66 and 67" ("SFAS
152) The amendments made by Statement 152 This Statement amends FASB Statement
No. 66, Accounting for Sales of Real Estate, to reference the financial
accounting and reporting guidance for real estate time-sharing transactions that
is provided in AICPA Statement of Position (SOP) 04-2, Accounting No. 67,
Accounting for Costs and Initial Rental Operations of Real Estate Projects, to
state that the guidance for (a) incidental operations and (b) costs incurred to
sell real estate projects does not apply to real estate time-sharing
transactions. The accounting for those operations and costs is subject to the
guidance in SOP 04-2. This Statement is effective for financial statements for
fiscal years beginning after June 15, 2005, with earlier application encouraged.
The Company believes that the implementation of this standard will not have a
material impact on its financial position, results of operations or cash flows.

In December 2004, the FASB issued SFAS 123 (revised 2004) "Share-Based Payment".
This Statement requires that the cost resulting from all share-based
transactions be recorded in the financial statements. The Statement establishes
fair value as the measurement objective in accounting for share-based payment
arrangements and requires all entities to apply a fair-value-based measurement
in accounting for share-based payment transactions with employees. The Statement
also establishes fair value as the measurement objective for transactions in
which an entity acquires goods or services from non-employees in share-based
payment transactions. The Statement replaces SFAS 13 "Accounting for Stock-Based
Compensation" and supersedes APB Opinion No. 25 "Accounting for Stock Issued to
Employees". The provisions of this Statement will be effective for the Company
beginning with its fiscal year ending November 30, 2006. The Company believes

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that the implementation of this standard will not have a material impact on its
financial position, results of operations or cash flows.

In March 2005, the Securities and Exchange Commission (SEC) issued Staff
Accounting Bulletin No. 107 (SAB 107) which provides guidance regarding the
interaction of SFAS 123 (R) and certain SEC rules and regulations. The new
guidance includes the SEC's view on the valuation of share-based payment
arrangements for public companies and may simplify some of SFAS 123 (R) `s
implementation challenges for registrants and enhance the information investors
receive.

In March 2005, the FASB issued FIN 47, Accounting for Conditional Asset
Retirement Obligations, which clarifies that the term `conditional asset
retirement obligation' as used in SFAS 143, Accounting for Asset Retirement
Obligations, refers to a legal obligation to perform an asset retirement
activity in which the timing and/or method of settlement are conditional on a
future event that may or may not be within the control of the entity. FIN 47
requires an entity to recognize a liability for the fair value of a conditional
asset retirement obligation if the fair value can be reasonably estimated. FIN
47 is effective no later than the end of the fiscal year ending after December
15, 2005. The Company does not believe that FIN 47 will have a material impact
on its financial position or results from operations.

In August 2005, the FASB issued SFAS 154, Accounting Changes and Error
Corrections. This statement applies to all voluntary changes in accounting
principle and to changes required by an accounting pronouncement if the
pronouncement does not include specific transition provisions, and it changes
the requirements for accounting for and reporting them. Unless it is
impractical, the statement requires retrospective application of the changes to
prior periods' financial statements. This statement is effective for accounting
changes and correction of errors made in fiscal year beginning after December
15, 2005.

FORWARD LOOKING STATEMENTS

Some of the statements contained in this Form 10-QSB that are not historical
facts are "forward-looking statements" which can be identified by the use of
terminology such as "estimates," "projects," "plans," "believes," "expects,"
"anticipates," "intends," or the negative or other variations, or by discussions
of strategy that involve risks and uncertainties. We urge you to be cautious of
the forward-looking statements, that such statements, which are contained in
this Form 10-QSB, reflect our current beliefs with respect to future events and
involve known and unknown risks, uncertainties and other factors affecting our
operations, market growth, services, products and licenses. No assurances can be
given regarding the achievement of future results, as actual results may differ
materially as a result of the risks we face, and actual events may differ from
the assumptions underlying the statements that have been made regarding
anticipated events.

All written forward-looking statements made in connection with this Form 10-QSB
that are attributable to us, or persons acting on our behalf, are expressly
qualified in their entirety by these cautionary statements. Given the
uncertainties that surround such statements, you are cautioned not to place
undue reliance on such forward-looking statements.

The safe harbors of forward-looking statements provided by the Securities
Litigation Reform Act of 1995 are unavailable to issuers not subject to the

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reporting requirements set forth under Section 13(a) or 15(D) of the Securities
Exchange Act of 1934, as amended. As we have not registered our securities
pursuant to Section 12 of the Exchange Act, such safe harbors set forth under
the Reform Act are unavailable to us.

ITEM 3. CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Under the supervision and with the participation of our management, including
our principal executive officer and the principal financial officer, we have
conducted an evaluation of the effectiveness of the design and operation of our
disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e)
under the Securities and Exchange Act of 1934, as of the end of the period
covered by this report. Based on this evaluation, our principal executive
officer and principal financial officer concluded as of the evaluation date that
our disclosure controls and procedures were effective such that the material
information required to be included in our Securities and Exchange Commission
reports is recorded, processed, summarized and reported within the time periods
specified in SEC rules and forms relating to our company, particularly during
the period when this report was being prepared.

Additionally, there were no significant changes in our internal controls or in
other factors that could significantly affect these controls subsequent to the
evaluation date. We have no identified any significant deficiencies or material
weaknesses in our internal controls, and therefore there were no corrective
actions taken.

                           PART II - OTHER INFORMATION

ITEM 6. EXHIBITS

The following exhibits are included with this quarterly filing. Those marked
with an asterisk and required to be filed hereunder, are incorporated by
reference and can be found in their entirety in our original Form SB-2
Registration Statement, filed under SEC File Number 333-145897, at the SEC
website at www.sec.gov:

     Exhibit No.                        Description
     -----------                        -----------

        3.1           Articles of Incorporation*
        3.2           Bylaws*
       31.1           Sec. 302 Certification of Principal Executive Officer
       31.2           Sec. 302 Certification of Principal Financial Officer
       32.1           Sec. 906 Certification of Principal Executive Officer
       32.2           Sec. 906 Certification of Principal Financial Officer

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                                   SIGNATURES

Pursuant to the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

December 17, 2007        HL Ventures Inc.


                             /s/ Deniz Hassan
                             ---------------------------------------------------
                         By: Deniz Hassan
                             (Chief Executive Officer, Chief Financial Officer,
                             Principal Accounting Officer, President, Secretary,
                             Treasurer & Director)

In accordance with the requirements of the Securities Act of 1933, this
registration statement was signed by the following person in the capacities and
date stated.


/s/ Deniz Hassan                                              December 17, 2007
-------------------------------------                         -----------------
Deniz Hassan, President & Director                                  Date
(Chief Executive Officer, Chief Financial Officer,
Principal Accounting Officer)

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