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UNITED STATESSECURITIES
AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-Q

[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: December 31, 2008

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Commission file number: **000-53223**

SWAV ENTERPRISES LTD.(Name
of Small Business Issuer in its charter)

|Nevada                                           | ____________                        
|------------------------------------------------ | ------------------------------------
|(State or other jurisdiction of incorporation or | (I.R.S. Employer Identification No.)
|organization)                                    |                                     

Suite 628, 138  4thAvenue S.E.,
Calgary, Alberta, Canada T2G 4Z6(Address of principal executive
offices)

(403) 229-2351 (Issuer's telephone number)

________________________(Former name, former address and
former fiscal year, if changed since last report)

Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or
for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes
_X_ No ___

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of large accelerated filer,
accelerated filer and smaller reporting company in Rule 12b-2 of the
Exchange Act.

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

Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes ___ No X

1

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APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant filed all documents and reports
required to be filed by Section l2, 13 or 15(d) of the Exchange Act after the
distribution of securities under a plan confirmed by a court. Yes [ ] No [ ]

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date: At February 13,
2009, there were 12,234,670 shares of common stock outstanding.

Transitional Small Business Disclosure Format (Check one): Yes [
] No [X]

2

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TABLE OF CONTENTS

PART I  FINANCIAL INFORMATION

|Item 1.                      | Consolidated Financial Statements                                                           |   
|---------------------------- | ------------------------------------------------------------------------------------------- | --
|                             |                                                                                             |   
|                             | Consolidated Balance Sheet                                                                  | 4 
|                             |                                                                                             |   
|                             | Consolidated Statement of Operations                                                        | 5 
|                             |                                                                                             |   
|                             | Consolidated Statement of Cash Flows                                                        | 6 
|                             |                                                                                             |   
|                             | Consolidated Statement of Stockholders Deficiency                                          | 7 
|                             |                                                                                             |   
|                             | Notes to the Financial Statements                                                           | 8 
|                             |                                                                                             |   
|Item 2.                      | Managements Discussion and Analysis of Financial Condition
      and Results of Operations | 14
|                             |                                                                                             |   
|Item 3.                      | Quantitative and Qualitative Disclosures About Market Risk.                                 | 17
|                             |                                                                                             |   
|Item 4.                      | Controls and Procedures                                                                     | 17
|                             |                                                                                             |   
|Item 4T.                     | Controls and Procedures                                                                     | 17
|                             |                                                                                             |   
|                             |                                                                                            
|PART II  OTHER INFORMATION: |                                                                                            
|                             |                                                                                             |   
|Item 1.                      | Legal Proceedings                                                                           | 18
|                             |                                                                                             |   
|Item 1A.                     | Risk Factors                                                                                | 18
|                             |                                                                                             |   
|Item 2.                      | Unregistered Sales of Equity Securities and Use of Proceeds                                 | 18
|                             |                                                                                             |   
|Item 3.                      | Defaults Upon Senior Securities                                                             | 18
|                             |                                                                                             |   
|Item 4.                      | Submission of Matters to a Vote of Security Holders                                         | 18
|                             |                                                                                             |   
|Item 5.                      | Other Information                                                                           | 18
|                             |                                                                                             |   
|Item 6.                      | Exhibits                                                                                    | 18
|                             |                                                                                            
|Signatures                   | 19                                                                                         

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PART I  FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

These consolidated financial statements have been prepared by
SWAV Enterprises Ltd. (the Company) without audit, pursuant to the
rules and regulations of the Securities and Exchange Commission (SEC).
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been omitted in accordance with such SEC rules and regulations. In the
opinion of management, the accompanying statements contain all adjustments
necessary to present fairly the financial position of the Company as of December
31, 2008, and its results of operations, stockholders equity, and its cash
flows for the six month period ended December 31, 2008. The results for these
interim periods are not necessarily indicative of the results for the entire
year. The accompanying financial statements should be read in conjunction with
the financial statements and the notes thereto filed as a part of the Companys
annual report on Form 10-KSB filed on July 17, 2008.

4

SEE ACCOMPANYING NOTES

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|SWAV Enterprises Ltd.                     
|------------------------------------------
|CONSOLIDATED BALANCE SHEETS               
|As at December 31, 2008 and March 31, 2008

|                                                         |   | December 31, |   |   | March 31, |  
|-------------------------------------------------------- | - | ------------ | - | - | --------- | -
|                                                         |   | 2008         |   |   | 2008      |  
|                                                         |   | Unaudited    |   |   | Audited   |  
|ASSETS                                                   |  
|Current                                                  |   |              |   |   |           |  
|Cash and cash
      equivalents                          | $ | 527          |   | $ | 6,237     |  
|Accounts receivable                                      |   | 547          |   |   | 791       |  
|Inventory                                                |   | -            |   |   | 1,715     |  
|                                                         |   |              |   |   |           |  
|Total Assets                                             | $ | 1,074        |   | $ | 8,743     |  
|                                                         |   |              |   |   |           |  
|LIABILITIES                                              |  
|Current                                                  |   |              |   |   |           |  
|Accounts payable and
      accrued liabilities           | $ | 18,454       |   | $ | 15,402    |  
|Due to related parties  Note 3                          |   | 17,427       |   |   | 10,791    |  
|Loan payable  Note 4                                    |   | -            |   |   | 4,865     |  
|                                                         |   |              |   |   |           |  
|Total Liabilities                                        |   | 35,881       |   |   | 31,058    |  
|                                                         |   |              |   |   |           |  
|STOCKHOLDERS'
      EQUITY                               |  
|Capital Stock                                            |   |              |   |   |           |  
|Authorized:                                              |   |              |   |   |           |  
|25,000,000 common
      stock with a par value of $0.001 |   |              |   |   |           |  
|Issued and outstanding                                   |   |              |   |   |           |  
|12,234,670 common
      stock                            |   | 12,235       |   |   | 11,400    |  
|Additional paid in capital                               |   | 155,795      |   |   | 131,590   |  
|Donated capital                                          |   | 36,010       |   |   | 36,010    |  
|Accumulated other comprehensive lost                     |   | (1,359       | ) |   | (5,968    | )
|Accumulated deficit                                      |   | (237,488     | ) |   | (195,347  | )
|                                                         |   |              |   |   |           |  
|Total Stockholders' Equity                               |   | (34,807      | ) |   | (22,315   | )
|                                                         |   |              |   |   |           |  
|Total Liabilities and Stockholders' Equity               | $ | 1,074        |   | $ | 8,743     |  

5

SEE ACCOMPANYING NOTES

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|SWAV Enterprises Ltd.                                               
|--------------------------------------------------------------------
|CONSOLIDATED STATEMENTS OF OPERATIONS                               
|For the three and nine months ended December 31, 2008 and
      2007

|                                                    |   | For the three months |   |   | For the nine months |  
|--------------------------------------------------- | - | -------------------- | - | - | ------------------- | -
|                                                    |   | ended December 31,   |   |   | ended December 31,  |  
|                                                    |   | (Unaudited)          |   |   | (Unaudited)         |  
|                                                    |   | 2008                 |   |   | 2007                |  
|                                                    |   |                      |   |   |                     |  
|Sales                                               | $ | 4,398                |   | $ | 7,193               |  
|                                                    |   |                      |   |   |                     |  
|Cost of sales                                       |   | 2,222                |   |   | 3,141               |  
|                                                    |   |                      |   |   |                     |  
|Gross profit (loss)                                 |   | 2,176                |   |   | 4,052               |  
|Consulting revenue                                  |   | 1,650                |   |   | -                   |  
|                                                    |   |                      |   |   |                     |  
|Income before selling and operating expenses        |   | 3,826                |   |   | 4,052               |  
|                                                    |   |                      |   |   |                     |  
|Selling expenses - sales commission                 |   | 762                  |   |   | -                   |  
|                                                    |   |                      |   |   |                     |  
|Income (loss) before operating expenses             |   | 3,064                |   |   | 4,052               |  
|                                                    |   |                      |   |   |                     |  
|Expenses                                            |   |                      |   |   |                     |  
|Administration
      fees                           |   | -                    |   |   | 611                 |  
|Filing fees                                         |   | 325                  |   |   | 1,128               |  
|Incorporation
      costs                           |   | -                    |   |   | -                   |  
|Office and general                                  |   | 1,554                |   |   | 2,763               |  
|Professional
      fees                             |   | 5,317                |   |   | 15,610              |  
|Rent                                                |   | 718                  |   |   | 3,134               |  
|Travel and
      promotion                          |   | -                    |   |   | 502                 |  
|Wages                                               |   | 2,561                |   |   | 3,163               |  
|                                                    |   |                      |   |   |                     |  
|                                                    |   | (10,475              | ) |   | (26,911             | )
|                                                    |   |                      |   |   |                     |  
|Net income (loss) for period                        |   | (7,411               | ) |   | (22,859             | )
|Other comprehensive income                          |   |                      |   |   |                     |  
|Foreign currency adjustment                         |   | 4,342                |   |   | 290                 |  
|                                                    |   |                      |   |   |                     |  
|Comprehensive income (loss)                         | $ | (3,069               | ) | $ | (22,569             | )
|                                                    |   |                      |   |   |                     |  
|Basic and diluted income (loss) per share           | $ | (0.001               | ) | $ | (0.002              | )
|Weighted average number of shares
      outstanding |   | 12,234,670           |   |   | 11,400,000          |  

6

SEE ACCOMPANYING NOTES

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|SWAV Enterprises Ltd.                               
|----------------------------------------------------
|CONSOLIDATED STATEMENTS OF CASH FLOWS               
|For the nine months ended December 31, 2008 and 2007

|                                                                         |   | For the nine months |  
|------------------------------------------------------------------------ | - | ------------------- | -
|                                                                         |   | ended December 31,  |  
|                                                                         |   | (Unaudited)         |  
|                                                                         |   | 2008                |  
|Operating activities                                                     |   |                     |  
|Net income (loss) for
      period                                       | $ | (42,141             | )
|Changes in non-cash working capital
      balances                       |   |                     |  
|Accounts receivable                                                      |   | 244                 |  
|Inventory                                                                |   | 1,715               |  
|Prepaid expenses                                                         |   | -                   |  
|Accounts payable
      and accrued liabilities                           |   | 3,052               |  
|                                                                         |   |                     |  
|Net cash provided by (used in)
      operating activities                |   | (37,130             | )
|                                                                         |   |                     |  
|Financing Activities                                                     |   |                     |  
|Common share issued                                                      |   | 25,040              |  
|Increase (decrease) in related party
      liability                     |   | 6,636               |  
|Loan payable                                                             |   | (4,865              | )
|                                                                         |   |                     |  
|Net cash proved by
      Financing Activities                            |   | 26,811              |  
|                                                                         |   |                     |  
|Foreign exchange translation                                             |   | 4,609               |  
|                                                                         |   |                     |  
|Increase (decrease) in cash and cash
      equivalents during the period |   | (5,710              | )
|Cash and cash equivalents, beginning of the period                       |   | 6,237               |  
|                                                                         |   |                     |  
|Cash and cash equivalents, end of the period                             | $ | 527                 |  
|                                                                         |   |                     |  
|Supplemented disclosure of cash flow information:                        |   |                     |  
|                                                                         |   |                     |  
|Non-cash Financing Activities                                            |   |                     |  
|Issue of common shares for debt to related party                         | $ | -                   |  
|                                                                         |   |                     |  
|Cash paid for:                                                           |   |                     |  
|Interest                                                                 | $ | -                   |  
|Income taxes                                                             | $ | -                   |  

7

SEE ACCOMPANYING NOTES

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|SWAV Enterprises Ltd.                                                              
|-----------------------------------------------------------------------------------
|CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY                                 
|(Unaudited)                                                                        
|For the nine months ended December 31, 2008 and the year
      ended March 31, 2008

|                                                                             |  |              |  |   |         |  |   |               |  |   | Accumulated   |   |   |             |  |   |          |   |   |         |  
|---------------------------------------------------------------------------- |  | ------------ |  | - | ------- |  | - | ------------- |  | - | ------------- | - | - | ----------- |  | - | -------- | - | - | ------- | -
|                                                                             |  |              |  |   |         |  |   | Additional    |  |   | Other         |   |   |             |  |   |          |   |   |         |  
|                                                                             |  | Common Stock |  |   | Paid in |  |   | Comprehensive |  |   | Donated       |   |   | Accumulated |  |   |          |  
|                                                                             |  | Shares       |  |   | Amount  |  |   | Capital       |  |   | Income (Loss) |   |   | Capital     |  |   | Deficit  |   |   | Total   |  
|Balance, March 31, 2007                                                      |  | 8,900,000    |  | $ | 8,900   |  | $ | 66,333        |  | $ | (12,242       | ) | $ | 36,010      |  | $ | (97,680  | ) | $ | 1,321   |  
|                                                                             |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Issuance of shares for cash, May 4, 2007                                     |  | 2,500,000    |  | $ | 2,500   |  | $ | 65,257        |  | $ | -             |   | $ | -           |  | $ | -        |   | $ | 67,757  |  
|                                                                             |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Net Loss for the year ended March 31, 2008                                   |  | -            |  | $ | -       |  | $ | -             |  | $ | -             |   | $ | -           |  | $ | (97,667  | ) | $ | (97,667 | )
|                                                                             |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Other comprehensive loss for the year ended March 31, 2008                   |  | -            |  | $ | -       |  | $ | -             |  | $ | 6,274         |   | $ | -           |  | $ | -        |   | $ | 6,274   |  
|                                                                             |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Balance, March 31, 2008                                                      |  | 11,400,000   |  | $ | 11,400  |  | $ | 131,590       |  | $ | (5,968        | ) | $ | 36,010      |  | $ | (195,347 | ) | $ | (22,315 | )
|                                                                             |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Issuance of shares for cash, June 30, 2008                                   |  | 834,670      |  | $ | 835     |  | $ | 24,205        |  | $ | -             |   | $ | -           |  | $ | -        |   | $ | 25,040  |  
|                                                                             |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Net Loss for the nine months end December
      31, 2008                     |  | -            |  | $ | -       |  | $ | -             |  | $ | -             |   | $ | -           |  | $ | (42,141  | ) | $ | (42,141 | )
|                                                                             |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Other comprehensive income for the nine months ended
      December 31, 2008 |  | -            |  | $ | -       |  | $ | -             |  | $ | 4,609         |   | $ | -           |  | $ | -        |   | $ | 4,609   |  
|                                                                             |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Balance, December 31, 2008                                                   |  | 12,234,670   |  | $ | 12,235  |  | $ | 155,795       |  | $ | (1,359        | ) | $ | 36,010      |  | $ | (237,488 | ) | $ | (34,807 | )

As described in Note 1, the Company completed a reverse
takeover with SWAV Holdings Inc., on April 1, 2007 whereby the latter company
was treated as the acquirer for accounting purposes and the acquisition was
treated as a recapitalization. Accordingly, this consolidated statement presents
the historical Statement of Stockholders Equity of SWAV Holdings Inc., giving
retroactive effect to the capitalization.

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|SWAV ENTERPRISES LTD.                         
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Unaudited)                                   
|December 31, 2008                             

NOTE 1 - OPERATIONS AND RESTRUCTURING

Swav Enterprises Ltd. (The Company) was incorporated in the
State of Nevada on March 20, 2007 and did not have any operations until April 1,
2007. On that date, the Company completed an agreement to acquire 100% of the
outstanding common shares of Swav Holdings Inc. for an aggregate of 8,900,000
authorized but heretofore unissued shares of common stock, par value $.001 per
share. For accounting purposes, the acquisition has been treated as a
recapitalization of Swav Holdings Inc. with Swav Holdings Inc as the acquirer
(reverse take-over). Accordingly, the accompanying consolidated financial
statements reflect the historical financial statements of Swav Holdings Inc.,
the accounting acquirer, as adjusted for the exchange of shares on its equity
accounts, the inclusion of the net liabilities of the accounting subsidiary as
of the date of the merger on their historical basis and the inclusion of the
accounting subsidiarys results of operations from that date. Although the
Company is the legal acquirer, Swav Holdings Inc. will be treated as having
acquired the Company for accounting purposes and all of the operations reported
represent the historical financial statements of Swav Holdings Inc.

The company provides management services and imports and
wholesales Chinese manufactured goods.

NOTE 2  SUMMARY OF SIGNIFICANT
ACCOUNTINGPOLICIES

This summary of significant accounting policies is presented to
assist in understanding the financial statements. The financial statements and
notes are the representations of the Companys management, who is responsible
for their integrity and objectivity.

Basis of Presentation

The Companys financial statements included herein are prepared
under the accrual basis of accounting in accordance with accounting principles
generally accepted in the United States of America

Going concern

These financial statements have been prepared on the going
concern basis, which presumes that the Company will continue operations for the
foreseeable future and will be able to realize assets and discharge liabilities
in the normal course of business. The Company has accumulated losses of $237,488
as at December 31, 2008 and has not generated sufficient cash flow from
operations to fund its activities. There can be no assurance that a
self-supporting level of operation will ever be achieved. Further, it requires
additional capital in order to continue. The continuation of the Company is
dependent on its ability to obtain the necessary capital to achieve
profitability and to meet the requirements, from time to time, of lenders, if
any, who are willing to provide this financing. Management believes that its
operations will generate additional funds and that it will be able to obtain
additional capital primarily through the issue of shares and debt from outside
investors and management.

These financial statements do not reflect the adjustments or
reclassifications to the assets and liabilities which would be necessary if the
Company was unable to continue its operations.

Cash and Cash Equivalents

For purposes of the Statement of Cash Flows, management
considers liquid investments with an original maturity of three months or less
to be cash equivalents.

9

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|SWAV ENTERPRISES LTD.                         
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Unaudited)                                   
|December 31, 2008                             

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONT'D.)

Use of Estimates

The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosures of contingent assets and
liabilities at the date of financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ
from those estimates. The financial statements above reflect all of the costs of
doing business.

Revenue Recognition

The Company recognizes revenue in accordance with SEC Staff
Accounting Bulletin (SAB) No. 104, Revenue Recognition. Under these guidelines,
revenue is recognized when persuasive evidence of an arrangement exists,
shipment has occurred or services rendered, the price is fixed or determinable
and payment is reasonably assured. Customers take ownership at point of sale and
bear the costs and risks of delivery.

Comprehensive Income (Loss)

The Company adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards (SFAS) No. 130, Reporting
Comprehensive Income, which establishes standards for the reporting and
display of comprehensive income and its components in the financial statements.
Comprehensive income consists of net income and other gains and losses affecting
stockholder's equity that are excluded from net income, such as unrealized gains
and losses on investments available for sale, foreign currency translation gains
and losses and minimum pension liability. Since inception, the Companys other
comprehensive income represents foreign currency translation adjustments.

Net Income per Common Share

Statement of Financial Accounting Standard (SFAS) No. 128
requires dual presentation of basic and diluted earnings per share (EPS) with a
reconciliation of the numerator and denominator of the EPS computations. Basic
earnings per share amounts are based on the weighted average shares of common
stock outstanding. If applicable, diluted earnings per share would assume the
conversion, exercise or issuance of all potential common stock instruments such
as options, warrants and convertible securities, unless the effect is to reduce
a loss or increase earnings per share. Diluted net income (loss) per share on
the potential exercise of the equity-based financial instruments is not
presented where anti-dilutive. There were no adjustments required to net income
for the period presented in the computation of diluted earnings per share.

Deferred Taxes

Income taxes are provided in accordance with Statement of
Financial Accounting Standards No. 109 (SFAS No. 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-carry
forwards.

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

10

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|SWAV ENTERPRISES LTD.                         
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Unaudited)                                   
|December 31, 2008                             

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONT'D.)

Fair Value of Financial Instruments

The carrying amounts reported in the balance sheet for cash and
cash equivalents, accounts receivable and accounts payable approximate fair
value based on the short-term maturity of these instruments. Unless otherwise
noted, it is managements opinion that the Company is not exposed to significant
interest or credit risks arising from these financial instruments.

Currency risks

The Company incurs expenditures in Canadian dollars.
Consequently, some assets and liabilities are exposed to Canadian dollar foreign
currency fluctuations. As at December 31, 2008, cash, accounts receivable
advances from related parties and accounts payable and accrued charges were all
denominated in Canadian dollars.

Accounts Receivable

Accounts deemed uncollectible are written off in the year they
become uncollectible. No receivables were deemed uncollectible as of December
31, 2008.

Costs of Goods Sold

The Company does not manufacture its own goods. The costs of
goods sold include all direct costs incurred to acquire goods for sale,
including original cost, duty and freight in. There are no warehousing
costs.

Impairment of Long-Lived Assets

The Company evaluates the recoverability of its fixed assets
and other assets in accordance with Statement of Financial Accounting Standards
No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets
(SFAS 144).SFAS 144 requires recognition of impairment of long-lived
assets in the event the net book value of such assets exceeds its expected cash
flows, it is considered to be impaired and is written down to fair value, which
is determined based on either discounted future cash flows or appraised values.

The Company adopted the statement on inception. No impairments
of these types of assets were recognized during the period ended December 31,
2008.

Foreign currency translation

The functional currency of the Company is Canadian dollars
(C$). The Company maintains its financial statements in the functional
currency. Monetary assets and liabilities denominated in currencies other than
the functional currency are translated into the functional currency at rates of
exchange prevailing at the balance sheet dates. Transactions denominated in
currencies other than the functional currency are translated into the functional
currency at the exchanges rates prevailing at the dates of the transaction.
Exchange gains or losses arising from foreign currency transactions are included
in the determination of net income for the respective periods.

For financial reporting purposes, the financial statements of
the Company which are prepared using the functional currency have been
translated into United States dollars. Assets and liabilities are translated at
the exchange rates at the balance sheet dates and revenue and expenses are
translated at the average exchange rates and stockholders equity is translated
at historical exchange rates. Any translation adjustments resulting are not
included in

11

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|SWAV ENTERPRISES LTD.                         
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Unaudited)                                   
|December 31, 2008                             

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONT'D.)

Foreign currency translation  (continued)

determining net income but are included in foreign exchange
adjustment to other comprehensive income, a component of stockholders equity
(deficit).

|                               |  | Three months |  |  | Year ended     | 
|------------------------------ |  | ------------ |  |  | -------------- | 
|                               |  | ended        |  |  | March 31, 2008 | 
|                               |  | December 31, |  |  |                | 
|                               |  | 2008         |  |  |                | 
|C$ : US$ exchange rate         |  | .8166        |  |  | 1.02785        | 
|Average C$ : US$ exchange rate |  | .8248        |  |  | .98200         | 

Recent Accounting Pronouncements

In December 2007, the FASB issued SFAS 141(revised 2007),
Business Combinations (SFAS 141R). SFAS 141R will significantly change the
accounting for business combinations in a number of areas including the
treatment of contingent consideration, contingencies, acquisition costs,
IPR&D and restructuring costs. In addition, under SFAS 141R, changes in
deferred tax asset valuation allowances and acquired income tax uncertainties in
a business combination after the measurement period will impact income tax
expense. SFAS 141R is effective for fiscal years beginning after December 15,
2008.

The Company is currently evaluating the impact of SFAS 141(R)
on its consolidated financial statements but does not expect it to have a
material effect.

In December 2007, the FASB issued SFAS 160, Noncontrolling
Interests in Consolidated Financial Statements, an amendment of ARB No. 51
(SFAS 160). SFAS 160 will change the accounting and reporting for minority
interests, which will be recharacterized as noncontrolling interests (NCI) and
classified as a component of equity.

This new consolidation method will significantly change the
account with minority interest holders. SFAS 160 is effective for fiscal years
beginning after December 15, 2008. The Company is currently evaluating the
impact of SFAS 141(R) on its consolidated financial statements but does not
expect it to have a material effect

In March 2008, the FASB issued SFAS No. 161 Disclosure About
Derivative Instruments and Hedging Activities-an amendment to FASB Statement
133 (SFAS 161). SFAS 161 requires enhanced disclosures about derivatives and
hedging activities and the reasons for using them. SFAS 161 is effective for
fiscal years beginning after November 15, 2008, the year beginning April 1, 2009
for the Company. The Company is currently reviewing the provisions of SFAS 161
to determine any impact for the Company.

NOTE 3  RELATED PARTY TRANSACTIONS AND
BALANCES

Advances from related parties represent advances from a
shareholder, advances from a company with common management and advances from a
party related to a shareholder.

A breakdown of the terms of those advances is as follows:

|Advances without interest or stated
      repayment terms | $ | 17,427 | 
|--------------------------------------------------------- | - | ------ | 

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|SWAV ENTERPRISES LTD.                         
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Unaudited)                                   
|December 31, 2008                             

NOTE 3  RELATED PARTY TRANSACTIONS AND BALANCES
(CONTD.)

The Company had the following transactions with related parties
for the three months ended December 31, 2008 and 2007:

|Expenses paid to related parties: |   | 2008  |  |   | 2007  | 
|--------------------------------- | - | ----- |  | - | ----- | 
|Wages                             | $ | 2,561 |  | $ | 3,062 | 
|Rent                              | $ | -     |  | $ | 2,554 | 
|Inventory purchases               | $ | 2,222 |  | $ | -     | 

NOTE 4 - LOANS PAYABLE

Loans payable are unsecured, payable on demand and bear
interest at 5% per annum.

NOTE 5 - CAPITAL STOCK

On March 20, 2007 the Company issued 8,900,000 shares in
aggregate for $75,462 of debt. On May 4, 2007, the Company completed a private
placement, issuing 2,500,000 shares for $67,757 in cash. On June 30, 2008, the
Company completed a private placement, issuing 834,670 shares for $25,040 in
cash. As at June 30, 2008, there were no shares subject to options, warrants or
other agreements.

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

Overview

SWAV Enterprises Ltd. (we, us, the Company or like terms)
was incorporated on March 20, 2007, in the State of Nevada. On April 1, 2007, we
acquired SWAV Holdings Inc. of Calgary, Alberta. SWAV Holdings is an importer
and wholesaler of Chinese manufactured goods. SWAV Holdings was incorporated in
the Province of Alberta, Canada in March 1999. On April 1, 2007, we acquired all
of the issued and outstanding share capital of SWAV Holdings by completing two
share exchange agreements with then shareholders of SWAV Holdings. Pursuant to
the share exchange agreements, the then shareholders of SWAV Holdings exchanged
all of their common shares in SWAV Holdings with 8,900,000 common shares of our
company on April 1, 2007.

Recently, SWAV Holdings has expanded its focus to office and
home furnishing products. SWAV Holdings has its principal operating office and a
warehouse in Calgary, Alberta, Canada.

Corporate Background

SWAV Holdings initially imported a variety of goods from China
and wholesaled them in the Calgary area. Early products included: various
promotional gift products, womens clothing, ballroom dancing shoes, and womens
fashion accessories. The original warehouse doubled as a showroom, where clients
could browse through the products and immediately fill their orders. Most of the
early clients were from Calgary and the surrounding areas. SWAV Holdings then
began focusing on personalized promotional products. This enabled the company to
fill numerous orders for goods such as: tailored pens, promotional key chains,
business card holders, and even political paraphernalia. Clients included local
accounting firms, auto dealerships, restaurants, and regional politicians.

In addition, because our President and Chief Executive Officer,
Pui Shan Lam, has traveled frequently to China and has become generally familiar
with doing business with Chinese businesses, we have provided consulting
services to other companies in Canada who wish to carry out various projects in
China. However, we have ceased provision of consulting services as a part of our
business in summer of 2007 after we established a focus on importing furniture
goods manufactured in China.

SWAV Holdings has successfully conducted business through
various distribution channels, such as auctions and trade shows. We engage Able
Auctions, an auction house in Calgary, Alberta, Canada to conduct auctions for
us, which generally occur once a month. We have effectively used auctions to
dispose of our excess inventory. Through our engagement of Able Auctions, we do
not have to pay for any of the operating expenses related to the auction house
other than paying a commission on any sale. The auction house does its own
advertising as it deems necessary and provides warehousing facility as required.
We paid Able Auction a total cost of 12% commission on each sale in year 2007
and will pay Able Auction 13% commissions on our sales in year 2008. There is no
other cost involved with Able Auctions. We deliver the furniture to Able
Auctions premise and the buyers take care of their own delivery. Able Auctions
charges all of their clients the same commission rate. There is no written
agreement signed between Able Auctions and our company.

In addition, SWAV Holdings has rented kiosks in the General
Store, which is located in a shopping mall in Calgary, Alberta, Canada and
outdoor events to try and further promote and sell its goods. Through the
arrangement with the General Store, we do not have to engage sale staff as it is
provided by the General Store, which charges rent for the kiosks and a
commission on all the sales. We use kiosks in the General Store mainly to sell
gift and other promotional products. Because we only pay a monthly fee of
approximately US$300 which include for the cost of sale staff, store space and
all other operating expenses, we believe that this is an economical and
efficient way to market its gift and promotional products. We have been
profitable in using this method and intend to continue to use this method in the
future for the sale of gift and other promotional products.

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As for using the auction house for selling furniture products,
we pay a commission on each sale. There are no monthly or other charges
involved. We believe this is an economical way to market our furniture products
and intends to continue this as the principal method in selling our furniture
products. In addition to the auction house, we have also been selling furniture
privately to various home owners. In these private sales to home owners, we
would show our furniture catalogues to the home owners, who would then place an
order to us directly. After receiving the order, we would ship the ordered
furniture products from China and make arrangement for delivery to the home
owners directly.

Beginning in early 2007, SWAV Holdings recognized an
opportunity in the furniture market due to strong housing activities in Alberta.
SWAV Holdings decided to expand its business to take advantage of this growth.
Presently our company has established and aims to further develop those working
relationships with China-based furniture suppliers and manufacturers developed
by our President and Chief Executive Officer, Pui Shan Lam. We believe this will
serve as a competitive advantage and provide significant benefits and future
opportunities

Location and Facilities

SWAV Holdings maintains its head office in downtown Calgary,
Alberta, Canada. The company also has a warehouse in the industrial sector of
the city. There are also showroom facilities at both locations. Our company has
also utilized auction warehouse facilities as storage. Able Auctions does not
charge the company for the use of this space.

Results of Operations

Three Months Ended December 31, 2008 Compared to Three
Months Ended December 31, 2007

During the quarter ended December 31, 2008, we generated
revenues in the amount of $4,398 from sales of gift products and furniture
through various stores and also an auction house in Calgary, Canada. We
generated revenues in the amount of $7,193 from the same business operations
during the quarter ended December 31, 2007. During the quarter ended December
31, 2008, we generated an income before operating expenses of $3,064, compared
to income before operating expenses of $4,052 generated in the quarter ended
December 31, 2007. The cost of sales for the quarter ended December 31, 2008 was
$2,222 compared to $3,141 in the quarter ended December 31, 2007. The cost of
sales included the total cost of purchased goods, transportation, import duty,
custom tax, etc. for the goods purchased during the period.

During the quarter ended December 31, 2008, our operating
expenses totaled $10,474 compared to $26,911 for the same period in the previous
year. The operating expenses in the quarter ended December 31, 2008 included
filing fees of $325, office and general expenses of $1,554, professional fees of
$5,317, rent of $718, and wages of $2,561. The operating expenses in the quarter
ended December 31, 2007 included administration fees of $611, filing fees of
$1,128, office and general expenses of $2,763, professional fees of $15,610,
rent of $3,134, travel and promotion expenses of $502 and wages of $3,163.

We incurred a net loss of $7,411 for the quarter ended December
31, 2008, compared to a net loss of $22,859 for the quarter ended December 31,
2007.

Nine Months Ended December 31, 2008 Compared to Nine Months
Ended December 31, 2007

During the nine month period ended December 31, 2008, we
generated revenues in the amount of $10,484 from sales of gift products and
furniture through various stores and also an auction house in Calgary, Canada.
We generated revenues in the amount of $22,543 from the same business operations
during the nine month period ended December 31, 2007. During the nine month
period ended December 31, 2008, we generated income before operating expenses of
$3,141, compared to $6,037 generated in the nine month period ended December 31,
2007.

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The cost of sales for the nine month period ended December 31,
2008 was $8,159 compared to $16,506 in the nine month period ended December 31,
2007. The cost of sales included the total cost of purchased goods,
transportation, import duty, custom tax, etc. for the goods purchased during the
period.

During the nine month period ended December 31, 2008, our
operating expenses totaled $45,282 compared to $76,360 for the same period in
the previous year. The operating expenses in the nine month period ended
December 31, 2008 included filing fees of $1,672, office and general expenses of
$7,457, professional fees of $22,152, rent of $3,157, travel and promotion
expenses of $2,228 and wages of $8,616. The operating expenses in the nine month
period ended December 31, 2007 included administration fees of $15,676, filing
fees of $2,656, incorporation cost of $1,368, office and general expenses of
$5,543, professional fees of $29,633, rent of $8,629, travel and promotion
expenses of $4,742 and wages of $8,113.

We incurred a net loss of $42,141 for the nine month period
ended December 31, 2008, compared to a net loss of $70,323 for the nine month
period ended December 31, 2007.

Financial Condition, Liquidity and Capital Resources

As of December 31, 2008, we had a working capital deficit of
$34,807. As of December 31, 2008, our total current assets were $1,074, which
included cash and cash equivalents of $527, and account receivable of $547, and
our total current liabilities were $35,881.

Management believes that our companys cash will not be
sufficient to meet our working capital requirements for the next twelve month
period. Should this prove to be the case, our company plans to raise the capital
required to satisfy our immediate short-term needs and additional capital
required to meet our estimated funding requirements for the next twelve months
primarily through the private placement of our equity securities. There is no
assurance that our company will be able to obtain further funds required for our
continued working capital requirements.

There is substantial doubt about our ability to continue as a
going concern as the continuation of our business is dependent upon the
continued financial support from our shareholders, our ability to obtain
necessary equity financing to continue operations, and achieving a profitable
level of operations. The issuance of additional equity securities by us could
result in a significant dilution in the equity interests of our current
stockholders. Obtaining commercial loans, assuming those loans would be
available, will increase our liabilities and future cash commitments.

On May 4, 2007, we issued an aggregate of 2,500,000 common
shares to the selling security holders at an offering price of $0.03 per share
for gross offering proceeds of $75,000 in an offshore transaction relying on
Rule 903 of Regulation S of the Securities Act of 1933. The proceeds will
be used for working capital. We issued all of the 2,500,000 common shares to a
non U.S. person (as that term is defined in Regulation S of the Securities Act
of 1933) in an offshore transaction relying on Regulation S and/or Section 4(2)
of the Securities Act of 1933.

On June 30, 2008, we issued an aggregate of 834,670 common
shares to the selling security holders at an offering price of $0.03 per share
for gross offering proceeds of $25,040 in an offshore transaction relying on
Rule 903 of Regulation S of the Securities Act of 1933. The proceeds will
be used for working capital. We issued all of the 834,670 common shares to non
U.S. persons (as that term is defined in Regulation S of the Securities Act of
1933) in an offshore transaction relying on Regulation S and/or Section 4(2) of
the Securities Act of 1933.

Critical Accounting Policies and Estimates

Financial Reporting Release No. 60 recommends that all
companies include a discussion of critical accounting policies used in the
preparation of their financial statements. The Securities and Exchange
Commission (SEC)

16

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defines critical accounting policies as those that are, in
management's view, most important to the portrayal of our financial condition
and results of operations and those that require significant judgments and
estimates.

The preparation of these financial statements requires our
management to make estimates and assumptions that affect the reported amounts of
assets, liabilities, revenues and expenses, as well as the disclosure of
contingent assets and liabilities at the date of our financial statements. We
base our estimates on historical experience, actuarial valuations and various
other factors that we believe to be reasonable under the circumstances, the
results of which form the basis for making judgments about the carrying value of
assets and liabilities that are not readily apparent from other sources. Some of
those judgments can be subjective and complex and, consequently, actual results
may differ from these estimates under different assumptions or conditions. While
for any given estimate or assumption made by our management there may be other
estimates or assumptions that are reasonable, we believe that, given the current
facts and circumstances, it is unlikely that applying any such other reasonable
estimate or assumption would materially impact the financial statements.

Accounts subject to significant accounting estimates are
donated capital and valuation allowance for income taxes. Donated capital has
been based on the estimated fair value that would have been paid to third
parties to perform the services during the periods when no cash outlay was made
for those services. The income tax valuation is based on the fact that the
Company does not have a stable earnings history and has a significant
accumulated deficit.

The accounting principles we utilized in preparing our
financial statements conform in all material respects to generally accepted
accounting principles in the United States of America.

Off-Balance Sheet Arrangements

As of December 31, 2008, we had no off-balance sheet
arrangements, including any outstanding derivative financial statements,
off-balance sheet guarantees, interest rate swap transactions or foreign
currency contracts. We do not engage in trading activities involving
non-exchange traded contracts.

Item 3. Quantitative and Qualitative Disclosures About
Market Risk.

The disclosure required under this item is not required to be
reported by small reporting companies; as such term is defined by Item 305(e) of
Regulation S-K.

Item 4. Controls and Procedures.

Effectiveness of Disclosure

Our management evaluated the effectiveness of our disclosure
controls and procedures as of December 31, 2008 as defined in Rules 13a-15(e)
and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the
Exchange Act. Our management recognizes that any controls and procedures, no
matter how well designed and operated, can provide only reasonable assurance of
achieving their objectives and management necessarily applies its judgment in
evaluating the cost-benefit relationship of possible controls and procedures.
Based on the evaluation of our disclosure controls and procedures as of December
31, 2008, our Chief Executive Officer and our Chief Financial Officer, concluded
that, as of such date, our disclosure controls and procedures were effective to
assure that information required to be declared by us in reports that we file or
submit under the Exchange Act is (1) recorded, processed, summarized, and
reported within the periods specified in the SECs rules and forms and (2)
accumulated and communicated to our management, including our Chief Executive
Officer and Chief Financial Officer, as appropriate, to allow timely decisions
regarding required disclosure.

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Changes in Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining
adequate internal control over financial reporting, as such term is defined in
Exchange Act Rules 13a-15(f). There was no change in our internal control over
financial reporting during our second fiscal quarter ended December 31, 2008
that has materially affected, or is reasonably likely to materially affect, our
internal control over financial reporting.

Item 4T. Controls and Procedures.

N/A

PART IIOTHER INFORMATION

Item 1. Legal Proceedings.

The Company presently is not a party to, nor is management
aware of, any pending, legal proceedings.

Item 1A. Risk Factors.

The disclosure required under this item is not required to be
reported by small reporting companies, as such term is defined by Item 503(e) of
Regulation S-K.

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

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Submission of Matters to a Vote of Security Holders.

There were no matters submitted to a vote of security holders
during the three months ended December 31, 2008.

Item 5. Other Information.

None

Item 6. Exhibits.

Exhibits required by Item 601 of Regulation S-K:

|Exhibit No. | Description                                                                                                                                                                          
|----------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|            |                                                                                                                                                                                      
|3.1         | Articles of Incorporation
      [Incorporated by reference to the Companys Form SB-2 filed January 14,
      2008]                                                                  
|            |                                                                                                                                                                                      
|3.2         | Bylaws [Incorporated by reference to the Companys Form
      SB-2 filed January 14, 2008]                                                                                           
|            |                                                                                                                                                                                      
|10.1        | Share Exchange Agreement between Swav Enterprises Ltd.
      and Pui Shan Lam dated April 1, 2007 [Incorporated by reference to the
      Companys Form SB-2 filed January 14, 2008]

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|10.2  | Form of Subscription Agreement
      used in the private placements that closed on May 4, 2007 between our company
      and 45 investors [Incorporated by reference to the Companys Form SB-2
      filed January 14, 2008]
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                              
|10.3  | Form of Subscription Agreement
      used in the private placements that closed on May 4, 2007 between our company
      and 45 investors [Incorporated by reference to the Companys Form SB-2
      filed January 14, 2008]
|      |                                                                                                                                                                                                                              
|10.4  | Form of Subscription Agreement
      used in the private placements that closed on June 30, 2008 between our
      company and four investors [Incorporated by reference to the Companys
      Form 8-K filed June 21, 2008]
|      |                                                                                                                                                                                                                              
|21    | Subsidiaries of Swav Enterprises
      Ltd.:                                                                                                                                                                                 
|      |                                                                                                                                                                                                                              
|      | Swav Holdings Inc., an Alberta
      corporation                                                                                                                                                                             
|      |                                                                                                                                                                                                                              
|31.1* | Rule
      13(a)-14(a)/15(d)-14(a) Certifications (CEO)                                                                                                                                                                      
|      |                                                                                                                                                                                                                              
|31.2* | Rule
      13(a)-14(a)/15(d)-14(a) Certifications (CFO)                                                                                                                                                                      
|      |                                                                                                                                                                                                                              
|32.1* | Section
      1350 Certifications (CEO)                                                                                                                                                                                      
|      |                                                                                                                                                                                                                              
|32.2* | Section
      1350 Certifications (CFO)                                                                                                                                                                                      

*filed herewith

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized on
February 13, 2009.

| | SWAV ENTERPRISES LTD.
| | ---------------------
| |                      
| | By:                  
| |                      

Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on behalf of
the Registrant and in the capacities indicated on February 13, 2009.

|Signature                               | Title                                                    
|--------------------------------------- | ---------------------------------------------------------
|/s/ Pui Shan Lam Pui Shan Lam           | President, Principal Executive Officer and
      Director
|/s/ Vanleo Y. W. Fung Vanleo Y. W. Fung | Chief Financial Officer, Secretary and Director          

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