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UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549

FORM 10-Q /A
  (Amendment No. 1)

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

For the quarterly period ended: September 30, 2009

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Commission file number: 000-53223

SWAV ENTERPRISES
LTD.(Exact name of registrant as specified in its
charter)

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

Suite
  2806, 505  4thStreet SW, Calgary, Alberta,
  Canada T2P 1X5(Address of principal executive offices) (zip code)

Registrants telephone number, including area code (403)
  237-8330

Securities registered under Section 12(b) of the Act:

|Title of each class | Name of each exchange on which registered
|------------------- | -----------------------------------------
|None                | N/A                                      

Securities registered under Section 12(g) of the Act:

Common Stock, $0.001 par value(Title of
class)

Copies to:
The Sourlis Law Firm 
Virginia K. Sourlis,
Esq.
214 Broad Street
Red Bank, New Jersey 07701 
T: (732) 530-9007 
F: (732) 530-9008 www.SourlisLaw.com

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Indicate by check mark if the registrant is a well-known
seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ] No
[X]

Indicate by check mark if the registrant is not required to file
reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No [X]

Note  Checking the box above will not relieve any
registrant required to file reports pursuant to Section 13 or 15(d) of the
Exchange Act from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files).
Yes [ ] No [ ]

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of "large accelerated filer,"
"accelerated filer" and "smaller reporting company" in Rule 12b-2 of the
Exchange ct. (Check one):

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

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

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

Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Section 12, 13 or 15(d) of the
Securities Exchange Act of 1934 subsequent to the distribution of securities
under a plan confirmed by a court.
Yes [ ] No [ ]

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

Indicate the number of shares outstanding of each of the registrants
  classes of common stock, as of the latest practicable date. As of February 22,
  2010, 12,234,670 shares of common stock, par value $0.0001 per share, of the
  Registrant were issued and outstanding.

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TABLE OF CONTENTS

PART I  FINANCIAL INFORMATION

|Item 1.                      | Consolidated Financial Statements                                                           |   
|---------------------------- | ------------------------------------------------------------------------------------------- | --
|                             | Consolidated Balance Sheet                                                                  | 5 
|                             | Consolidated Statement of Operations                                                        | 6 
|                             | Consolidated Statement of Cash Flows                                                        | 7 
|                             | Consolidated Statement of Stockholders Deficiency                                          | 8 
|                             | Notes to the Financial Statements                                                           | 9 
|Item 2.                      | Managements Discussion and Analysis of Financial Condition
      and Results of Operations | 14
|Item 3.                      | Quantitative and Qualitative Disclosures About Market Risk.                                 | 18
|Item 4.                      | Controls and Procedures                                                                     | 18
|Item 4T.                     | Controls and Procedures                                                                     | 18
|                             |                                                                                             |   
|PART II  OTHER INFORMATION: |                                                                                            
|Item 1.                      | Legal Proceedings                                                                           | 19
|Item 1A.                     | Risk Factors                                                                                | 19
|Item 2.                      | Unregistered Sales of Equity Securities and Use of Proceeds                                 | 19
|Item 3.                      | Defaults Upon Senior Securities                                                             | 19
|Item 4.                      | Submission of Matters to a Vote of Security Holders                                         | 19
|Item 5.                      | Other Information                                                                           | 19
|Item 6.                      | Exhibits                                                                                    | 19
|Signatures                   | 20                                                                                         

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PART I  FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

These consolidated financial statements have been prepared by
SWAV Enterprises Ltd., a Nevada corporation (the Company), without audit,
pursuant to the rules and regulations of the Securities and Exchange Commission
(the 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 September 30, 2009, and its results of operations, stockholders equity, and
its cash flows for the three months period ended September 30, 2009. 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-K filed on July 14, 2009.

See Accompanying Notes

4

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|SWAV Enterprises Ltd.                      
|-------------------------------------------
|CONSOLIDATED BALANCE SHEETS                
|As at September 30, 2009 and March 31, 2009

|                                                                                     |   | September 30, |   |   | March 31, |  
|------------------------------------------------------------------------------------ | - | ------------- | - | - | --------- | -
|                                                                                     |   | 2009          |   |   | 2009      |  
|                                                                                     |   | Unaudited     |   |   | Audited   |  
|ASSETS                                                                               |  
|Current                                                                              |   |               |   |   |           |  
|Cash and cash
      equivalents                                                      | $ | 395           |   | $ | 944       |  
|Inventory                                                                            |   | -             |   |   | 2,959     |  
|                                                                                     |   |               |   |   |           |  
|Total Assets                                                                         | $ | 395           |   | $ | 3,903     |  
|                                                                                     |   |               |   |   |           |  
|LIABILITIES                                                                          |  
|Current                                                                              |   |               |   |   |           |  
|Accounts payable and accrued liabilites                                              | $ | 6,127         |   | $ | 15,166    |  
|Due to related parties
       Note 3                                                |   | 24,290        |   |   | 1,913     |  
|                                                                                     |   |               |   |   |           |  
|Total Liabilities                                                                    |   | 30,417        |   |   | 17,079    |  
|                                                                                     |   |               |   |   |           |  
|STOCKHOLDERS'
      EQUITY                                                           |  
|Capital Stock  Note 4                                                               |   |               |   |   |           |  
|Authorized:
                25,000,000
      common stock with a par value of $0.001 |   |               |   |   |           |  
|Issued and outstanding
                12,234,670
      common stock                 |   | 12,235        |   |   | 12,235    |  
|Additional paid in capital                                                           |   | 155,795       |   |   | 155,795   |  
|Donated capital                                                                      |   | 39,998        |   |   | 38,672    |  
|Accumulated other comrehensive lost                                                  |   | (8,460        | ) |   | (5,270    | )
|Accumulated deficit                                                                  |   | (229,590      | ) |   | (214,608  | )
|                                                                                     |   |               |   |   |           |  
|Total Stockholders' Equity                                                           |   | (30,022       | ) |   | (13,176   | )
|                                                                                     |   |               |   |   |           |  
|Total Liabilites and Stockholders' Equity                                            | $ | 395           |   | $ | 3,903     |  

Going Concern  Note 2

See Accompanying Notes

5

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|SWAV Enterprises Ltd.                                               
|--------------------------------------------------------------------
|CONSOLIDATED STATEMENTS OF OPERATIONS                               
|For the three and six months ended September 30, 2009 and
      2008

|                                                    |   | For the three months |   |   | For the six months  |  
|--------------------------------------------------- | - | -------------------- | - | - | ------------------- | -
|                                                    |   | ended September 30,  |   |   | ended September 30, |  
|                                                    |   | 2009                 |   |   | 2008                |  
|                                                    |   |                      |   |   |                     |  
|Sales                                               | $ | 1,021                |   | $ | 4,680               |  
|                                                    |   |                      |   |   |                     |  
|Cost of sales                                       |   | -                    |   |   | 5,521               |  
|                                                    |   |                      |   |   |                     |  
|Gross profit (loss)                                 |   | 1,021                |   |   | (841                | )
|Consulting revenue                                  |   | 6,344                |   |   | 960                 |  
|                                                    |   |                      |   |   |                     |  
|Income before selling and operating expenses        |   | 7,365                |   |   | 119                 |  
|                                                    |   |                      |   |   |                     |  
|Selling expenses - sales commission                 |   | 184                  |   |   | (821                | )
|                                                    |   |                      |   |   |                     |  
|Income (loss) before operating expenses             |   | 7,181                |   |   | (702                | )
|                                                    |   |                      |   |   |                     |  
|Expenses                                            |   |                      |   |   |                     |  
|Administration
      fees                           |   | 683                  |   |   | -                   |  
|Filing fees                                         |   | 1,620                |   |   | 983                 |  
|Office and
      general                            |   | 3,951                |   |   | 2,621               |  
|Professional fees                                   |   | (850                 | ) |   | 12,875              |  
|Rent                                                |   | -                    |   |   | 835                 |  
|Travel and promotion                                |   | 7,897                |   |   | -                   |  
|Wages                                               |   | 2,734                |   |   | 2,981               |  
|                                                    |   |                      |   |   |                     |  
|                                                    |   | (16,035              | ) |   | (20,295             | )
|                                                    |   |                      |   |   |                     |  
|Net income (loss) for period                        |   | (8,854               | ) |   | (20,997             | )
|Other comprehensive income                          |   |                      |   |   |                     |  
|Foreign currency
      adjustment                   |   | (2,082               | ) |   | 4,274               |  
|                                                    |   |                      |   |   |                     |  
|Comprehensive income (loss)                         | $ | (10,936              | ) | $ | (16,723             | )
|                                                    |   |                      |   |   |                     |  
|Basic and diluted income (loss) per share           | $ | (0.001               | ) | $ | (0.002              | )
|                                                    |   |                      |   |   |                     |  
|Weighted average number of shares
      outstanding |   | 12,234,670           |   |   | 12,234,670          |  

See Accompanying Notes

6

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|SWAV Enterprises Ltd.                                     
|----------------------------------------------------------
|CONSOLIDATED STATEMENTS OF CASH FLOWS                     
|For the six months ended September 30, 2009 and
      2008

|                                                                         |   | For the six months  |  
|------------------------------------------------------------------------ | - | ------------------- | -
|                                                                         |   | ended September 30, |  
|                                                                         |   | 2009                |  
|Operating activities                                                     |   |                     |  
|Net income (loss) for period                                             | $ | (14,982             | )
|Non  cash
      expense  administration fee                            |   | 1,326               |  
|Changes in non-cash working
      capital balances                       |   |                     |  
|Accounts receivable                                                      |   | -                   |  
|Inventory                                                                |   | -                   |  
|Accounts payable and accrued liabilities                                 |   | (9,039              | )
|                                                                         |   |                     |  
|Net cash
      provided by (used in) operating activities                |   | (22,695             | )
|                                                                         |   |                     |  
|Financing Activities                                                     |   |                     |  
|Common share issued                                                      |   | -                   |  
|Increase
      (decrease) in related party liability                     |   | 22,377              |  
|Decrease (increase) in related
      party receivable                    |   | 2,959               |  
|Loan payable                                                             |   | -                   |  
|                                                                         |   |                     |  
|Net cash proved
      by Financing Activities                            |   | 25,336              |  
|                                                                         |   |                     |  
|Foreign exchange translation                                             |   | (3,190              | )
|                                                                         |   |                     |  
|                                                                         |   |                     |  
|Increase (decrease) in cash and cash equivalents during the
      period |   | (549                | )
|Cash and cash equivalents, beginning of the
      period                 |   | 944                 |  
|                                                                         |   |                     |  
|Cash and cash equivalents, end of the
      period                       | $ | 395                 |  
|                                                                         |   |                     |  
|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                                                             | $ | -                   |  

See Accompanying Notes

7

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|SWAV Enterprises Ltd.                                                              
|-----------------------------------------------------------------------------------
|CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY                                 
|For the six months ended September 30, 2009 and the year
      ended March 31, 2009

|                                                                              |  |              |  |   |         |  |   |               |  |   | Accumulated   |   |   |             |  |   |          |   |   |         |  
|----------------------------------------------------------------------------- |  | ------------ |  | - | ------- |  | - | ------------- |  | - | ------------- | - | - | ----------- |  | - | -------- | - | - | ------- | -
|                                                                              |  |              |  |   |         |  |   | Additional    |  |   | Other         |   |   |             |  |   |          |   |   |         |  
|                                                                              |  | Common Stock |  |   | Paid in |  |   | Comprehensive |  |   | Donated       |   |   | Accumulated |  |   |          |  
|                                                                              |  | Shares       |  |   | Amount  |  |   | Capital       |  |   | Income (Loss) |   |   | Capital     |  |   | Deficit  |   |   | Total   |  
|Balance, March 31, 2008                                                       |  | 11,400,000   |  | $ | 11,400  |  | $ | 131,590       |  | $ | (5,968        | ) | $ | 36,010      |  | $ | (195,347 | ) | $ | (22,315 | )
|                                                                              |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Issuance of shares for cash, September
      30, 2008                         |  | 834,670      |  |   | 835     |  |   | 24,205        |  |   | -             |   |   | -           |  |   | -        |   |   | 25,040  |  
|                                                                              |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Net Loss for the year ended March 31,
      2009                              |  | -            |  |   | -       |  |   | -             |  |   | -             |   |   | 2,662       |  |   | (19,261  | ) |   | (16,599 | )
|                                                                              |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Other comprehensive loss for the year
      ended March 31, 2009              |  | -            |  |   | -       |  |   | -             |  |   | 698           |   |   | -           |  |   | -        |   |   | 698     |  
|                                                                              |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Balance, March 31, 2009                                                       |  | 12,234,670   |  | $ | 12,235  |  | $ | 155,795       |  | $ | (5,270        | ) | $ | 38,672      |  | $ | (214,608 | ) | $ | (13,176 | )
|                                                                              |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Issuance of shares for cash, 
      September
      30, 2009                  |  | -            |  |   | -       |  |   | -             |  |   | -             |   |   | -           |  |   | -        |   |   | -       |  
|                                                                              |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Net Loss for the period ended 
      September
      30, 2009                 |  | -            |  |   | -       |  |   | -             |  |   | -             |   |   | 1,326       |  |   | (14,982  | ) |   | (13,656 | )
|                                                                              |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Other comprehensive loss for the 
      period
      ended September 30, 2009 |  | -            |  |   | -       |  |   | -             |  |   | (3,190        | ) |   | -           |  |   | -        |   |   | (3,190  | )
|                                                                              |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Balance, September 30, 2009                                                   |  | 12,234,670   |  | $ | 12,235  |  | $ | 155,795       |  | $ | (8,460        | ) | $ | 39,998      |  | $ | (229,590 | ) | $ | (30,022 | )

See Accompanying Notes

8

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|SWAV ENTERPRISES LTD.                         
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Unaudited)                                   
|September 30, 2009                            

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 ACCOUNTING
POLICIES

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.

Interim reporting

The accompanying unaudited interim financial statements have
been prepared in accordance with generally accepted accounting principles for
interim financial statements. They do not include all information and footnotes
required by generally accepted accounting principles for complete financial
statements. However, except as disclosed herein, they include all adjustments,
which are, in the opinion of management, necessary to present fairly the
financial position, results of operations and cash flows for the interim periods
presented in accordance with accounting principles generally accepted in the
United States of America. These interim financial statements follow the same
accounting policies and methods of their application as the Companys audited
March 31, 2009 financial statements. All adjustments are of a normal recurring
nature. It is suggested that these interim financial statements be read in
conjunction with the Companys March 31, 2009 financial statements.

Operating results for the six months ended September 30, 2009
are not necessarily indicative of the results that can be expected for the year
ending March 31, 2010.

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. These consolidated financial
statements include the Companys wholly owned subsidiary, Swav Holdings Inc, and
100% of its asset, liabilities and net income or loss. All intercompany accounts
and transactions have been eliminated

9

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|SWAV ENTERPRISES LTD.                         
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Unaudited)                                   
|September 30, 2009                            

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

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 $229,590
as at September 30, 2009 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. As at September 30, 2009, all cash amounts were
deposited in accounts that were federally insured. (All cash amounts in 2008
were likewise federally insured).

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.

Comprehensive Income (Loss)

The Company adopted Financial Accounting Standards Board
(FASB) Accounting Standards Codification (ASC) 220, 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.

10

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|SWAV ENTERPRISES LTD.                         
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Unaudited)                                   
|September 30, 2009                            

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

Net Income per Common Share

FASB ASC 260 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.

Financial Instruments

Fair Value

The fair value of financial instruments
consisting of cash and cash equivalents, accrued liabilities to related party
and notes payable to related party were estimated to approximate their carrying
values 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.

Risks

Financial instruments that potentially
subject the Company to credit risk consist principally of cash. Management does
not believe the Company is exposed to significant credit risk.

Management, as well, does not believe
the Company is exposed to significant interest rate risks during the period
presented in these financial statements.

Fair Value Measurements

The Company follows FASB ASC 820, Fair Value Measurements
and Disclosures, for all financial instruments and non-financial instruments
accounted for at fair value on a recurring basis. This new accounting standard
establishes a single definition of fair value and a framework for measuring fair
value, sets out a fair value hierarchy to be used to classify the source of
information used in fair value measurement and expands disclosures about fair
value measurements required under other accounting pronouncements. It does not
change existing guidance as to whether or not an instrument is carried at fair
value. The Company defines fair value as the price that would be received from
selling an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. When determining the fair
value measurements for assets and liabilities, which are required to be recorded
at fair value, the Company considers the principal or most advantageous market
in which the Company would transact and the market-based risk measurements or
assumptions that market participants would use in pricing the asset or
liability, such as inherent risk, transfer restrictions and credit risk.

The Company has adopted FASB ASC 825, Financial Instruments,which allows companies to choose to measure eligible financial instruments
and certain other items at fair value that are not required to be measured at
fair value. The Company has not elected the fair value option for any eligible
financial instruments.

11

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|SWAV ENTERPRISES LTD.                         
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Unaudited)                                   
|September 30, 2009                            

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

Currency risks

The Company incurs expenditures in Canadian dollars.
Consequently, some assets and liabilities are exposed to Canadian dollar foreign
currency fluctuations. As at September 30, 2009, cash, accounts receivable
advances from related parties and accounts payable and accrued charges were all
denominated in Canadian dollars.

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

Impairment losses on long-lived assets, such intellectual
assets, are recognized when events or changes in circumstances indicate that the
undiscounted cash flows estimated to be generated by such assets are less than
their carrying value and, accordingly, all or a portion of such carrying value
may not be recoverable. Impairment losses are then measured by comparing the
fair value of assets to their carrying amounts. No impairments of these types of
assets were recognized during the period ended September 30, 2009.

Revenue Recognition

The Company recognizes revenue 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.

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

Three months ended
    
    
    Year endedSeptember 30, 2009
    
    
      March 31, 2008C$ : US$ exchange rate
    
    .9327
    
    
    1.02785Average C$ : US$ exchange rate
    
    .9112
    
    
    .98200


12

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|SWAV ENTERPRISES LTD.                         
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Unaudited)                                   
|September 30, 2009                            

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

Deferred 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

Recent Accounting Pronouncements

The Company adopts new pronouncements relating to generally
accepted accounting principles applicable to the Company as they are issued,
which may be in advance of their effective date. Management does not believe
that any recently issued, but not yet effective accounting standards, if
currently adopted, would have a material effect on the accompanying financial
statements.

NOTE 3  RELATED PARTY TRANSACTIONS AND
BALANCES

Advances from (to) related parties represent advances from (to)
a shareholder, advances from a company with common management and advances from
a party related to a shareholder. The advances are without interest and have no
specified repayment terms.

The Company had the following transactions with related parties
for the three months ending September 30, 2009 and 2008:

|Expenses paid to related parties:                                    |   | 2009  |  |   | 2008  | 
|-------------------------------------------------------------------- | - | ----- |  | - | ----- | 
|Wages                                                                | $ | 2,734 |  | $ | 2,981 | 
|Rent                                                                 | $ | -     |  | $ | 835   | 
|Income received from related parties                                 |   |       |  |   |       | 
|Consulting revenue                                                   | $ | 6,344 |  | $ | 960   | 
|Services donated by related parties (shown
      as donated capital) |   |       |  |   |       | 
|Administration fees                                                  | $ | 683   |  | $ | -     | 

The transactions between the Company and the parties were
consummated at the price agreed upon between the parties.

NOTE 4 - 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 September 30, 2009, there were no shares subject to
options, warrants or other agreements.

NOTE 4  SUBSEQUENT EVENTS

The Company evaluates subsequent events up to the date and time
the financial statements were available to be issued on February 19, 2010.

13

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

Corporate Overview and Background

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.

Carlyle Gaming Limited

As previously reported by the Company on a Form 8-K filed with
the SEC on September 21, 2009 and on a Form 8-K filed with the SEC on December
22, 2009, on September 21, 2009, the Company entered into a Share Transaction
Purchase Agreement (the "Transaction Agreement") with Carlyle Gaming Limited, a
Canadian company ("Carlyle"), pursuant to which the Company issued 100 shares of
SWAV common stock to Carlyle in consideration for 100% of the issued and
outstanding shares of common stock of Carlyle. As a result of the transaction
(the "Transaction"), Carlyle became a wholly-owned subsidiary of the Company.
Mr. Sandy J. Masselli, Jr. owns 100% of Carlyle.

Simultaneously with the execution and delivery of the
Transaction Agreement, the Selling Stockholders named in that certain Stock
Purchase Agreement, dated September 21, 2009 (the "Stock Purchase Agreement),
sold an aggregate of 10,399,470 shares of their common stock of the Company to
Mr. Masselli, representing approximately 85% of the issued and outstanding
shares of common stock of the Company, for an aggregate purchase price of
$300,000.

Due to the nonpayment of the $300,000 owed the Selling
Stockholders by Mr. Masselli pursuant to the Stock Purchase Agreement, on
December 22, 2009; the Selling Stockholders unwound the above transactions.

On December 22, 2009, Mr. Masselli was dismissed as the Chief
Executive Officer and director of the Company and Pui Shan Lam and Vanleo Y.W.
Fung resumed their former positions with the Company prior to the Transaction.
Pui Shan Lam serves served as the President, Chief Executive Officer and
Director of the Company and Vanleo Y.W. Fung serves as the Chief Financial
Officer, Secretary and Director of the Company.

Our Business

SWAV Holdings has its principal operating office and a
warehouse in Calgary, Alberta, Canada.

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.

14

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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.

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.

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 18% commission on each sale in year 2008
and will also pay Able Auction 18% commissions on our sales in year 2009. 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 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.

Liquidity & Capital Resources

Our financial condition as at September 30, 2009 and March 31,
2009 and the changes between those periods for the respective items are
summarized as follows:

Working Capital

|                    |   | September 30, |   |   | March 31, |  
|------------------- | - | ------------- | - | - | --------- | -
|                    |   | 2009          |   |   | 2009      |  
|Current Assets      | $ | 395           |   | $ | 3,903     |  
|Current Liabilities |   | 30,417        |   |   | 17,079    |  
|Working Capital     | $ | (30,022       | ) | $ | (13,176   | )

As of September 30, 2009, we had working capital deficit of
$30,022. As of September 30, 2009, our total current assets were $395, which
consist of cash and cash equivalents, and our total current liabilities were
$30,417, which consist of accounts payable of $6,127 and $24,290 of due to
related party.

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.

15

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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.

Cash Flows

|                                                                         |   | September 30, |  
|------------------------------------------------------------------------ | - | ------------- | -
|                                                                         |   | 2009          |  
|Net cash provided by (used in) operating activities                      | $ | (22,695       | )
|Net cash proved by Financing Activities                                  |   | 25,336        |  
|Foreign exchange translation                                             |   | (3,190        | )
|Increase (decrease) in cash and cash equivalents during the
      period | $ | (549          | )

Cash Provided by Financing Activities

On September 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.

Due to the uncertainty of our ability to meet our current
operating and capital expenses, in their report on our audited consolidated
financial statements for the year ended March 31, 2009, our independent auditors
included an explanatory paragraph regarding substantial doubt about our ability
to continue as a going concern. Our financial statements contain additional note
disclosures describing the circumstances that led to this disclosure by our
independent auditors.

Results of Operations

Revenues

During the six months ended September 30, 2009, we generated
$1,981 in sales revenue, compared to $6,086 generated in the six months ended
September 30, 2008. This revenue was generated from sales of gift products
through various stores and also an auction house in Calgary, Canada. The cost of
sales for the six months ended September 30, 2009 was $nil compared to $5,937 in
the six months ended September 30, 2008. The cost of sales included the total
cost of purchased goods, transportation, import duty, custom tax, etc. for the
goods purchased during the six months. During the six months ended September 30,
2009, we generated $9,610 in consulting revenue compared to $960 in the six
months ended September 30, 2008.

16

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Expenses

Our expenses for the six months ended September 30, 2009 and
2008 were as follows:

|                           |   | 6 month periods ended |  
|-------------------------- | - | --------------------- | -
|                           |   | 2009                  |  
|Expenses                   |   |                       |  
|Administration fees        | $ | 1,326                 |  
|Filing fees                |   | 1,620                 |  
|Office and general         |   | 5,419                 |  
|Professional
      fees    |   | 4,650                 |  
|Rent                       |   | -                     |  
|Travel and
      promotion |   | 7,897                 |  
|Wages                      |   | 5,304                 |  
|                           | $ | (26,216               | )

We incurred a net loss of $14,982 for the six months ended
September 30, 2009, compared to $34,807 for the six months ended September 30,
2008.

Plan of Operations and Cash Requirements

All project obligations for the six months ended September 30,
2009 have been satisfied.

Off-Balance Sheet Arrangements

As of September 30, 2009, 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.

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) 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.

17

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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.

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 4T. Controls and Procedures.

Evaluation of Controls and Procedures.

In accordance with Exchange Act Rules 13a-15 and 15d-15, our
management is required to perform an evaluation under the supervision and with
the participation of the Companys management, including the Companys principal
executive officer and principal financial officer, of the effectiveness of the
design and operation of the Companys disclosure controls and procedures as of
the end of the period.

Evaluation of Disclosure Controls and Procedures

Based on their evaluation of our disclosure controls and
procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act)
as of September 30, 2009, our Principal Executive Officer and Principal
Financial Officer have concluded that our disclosure controls and procedures
were not effective to ensure that the information required to be disclosed by us
in this Report was (i) recorded, processed, summarized and reported within the
time periods specified in the SECs rules and instructions for Form 10-Q.

Our Principal
  Executive Officer and Principal Financial Officer have concluded that our disclosure
  controls and procedures had the following deficiency:

| | (i)   | lack of segregation of incompatible duties;    
| | ----- | -----------------------------------------------
| | (ii)  | Insufficient Board of Directors representation.
| | (iii) | Excessive unrecorded adjustments               

Though no material misstatements have resulted, our management
has determined that until such time as sufficient representation on our Board of
Directors can be achieved, the Companys inability to formulate an audit
committee represents a significant risk.

Changes in Internal Controls.

No change in our internal control over financial reporting (as
defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during
the fiscal quarter ended September 30, 2009 that has materially affected, or is
reasonably likely to materially affect, the Companys internal control over
financial reporting.

18

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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 September 30, 2009.

Item 5. Other Information.

None

Item 6. Exhibits.

Exhibits required by Item 601 of Regulation S-K:

|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]                                        
|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]
|10.5  | Stock Purchase Agreement, dated
      September 21, 2009, between the Selling Stockholders and Sandy J. Masselli
      [Incorporated by reference to the Companys Form 8-K filed September
      21, 2009]                  
|10.6  | Share Transaction Purchase Agreement, dated September
      21, 2009, between SWAV Enterprises Ltd. and Carlyle Gaming Limited [Incorporated
      by reference to the Companys Form 8-K filed September 21, 2009]          
|10.7  | Subsidiary Stock Purchase Agreement,
      dated September 21, 2009, between SWAV Enterprises Ltd. and Pui Shan
        Lam[Incorporated by reference to the Companys Form 8-K filed
      September 21, 2009]              
|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)                                                                                                                                                                      

19

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|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.

| | SWAV ENTERPRISES LTD.                          
| | -----------------------------------------------
| |                                                
| |                                                
| | By: /s/ Pui Shan Lam                           
| | Pui Shan Lam                                   
| | President, Chief Executive Officer and Director
| | (Principal Executive Officer)                  
| | Date: February 22,
      2010                  
| |                                                
| |                                                
| | By: /s/ Vanleo Y.W. Fung                       
| | Vanleo Y.W. Fung                               
| | Chief Financial Officer, Secretary and Director
| | (Principal Financial Officer and Principal     
| | Accounting Officer)                            
| | Date: February 22,
      2010                  

20

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