---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-Q

(Mark One)

[ x ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended June 30, 2008or

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 
For the transition period from ______________ to ______________

Commission File Number: 000-53223

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

|Nevada                                                               | N/A                                 
|-------------------------------------------------------------------- | ------------------------------------
|(State or other jurisdiction of incorporation or
      organization) | (I.R.S. Employer Identification No.)
|                                                                     |                                     
|Unit 628, 138  4thAvenue
      SE, Calgary, AB, Canada              | T2G 4Z6                             
|(Address of principal executive offices)                             | (Zip Code)                          

(403) 239-2351(Registrants telephone number,
including area code)

N/A(Former name, former address and former
fiscal year, if changed since last report

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 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 ]

APPLICABLE ONLY
  TO ISSUERS 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 Sections 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
  ISSUERS:

Indicate the number of shares outstanding of each of the issuers
  classes of common stock, as of the latest practicable date: 12,234,670
  shares of common stock issued and outstanding as of August 14, 2008

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- 1 -

PART I FINANCIAL INFORMATION

|ITEM 1. | FINANCIAL STATEMENTS
|------- | --------------------

These 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 June 30, 2008,
  and its results of operations, stockholders equity, and its cash flows
  for the three month period ended June 30, 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-K filed on July 17, 2008.

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- 2 -

|SWAV Enterprises Ltd.                 
|--------------------------------------
|CONSOLIDATED BALANCE SHEETS           
|As at June 30, 2008 and March 31, 2008

|                                                             |   | June 30, 2008 |   |   | March 31, 2008 |  
|------------------------------------------------------------ | - | ------------- | - | - | -------------- | -
|                                                             |   | Unaudited     |   |   | Audited        |  
|ASSETS                                                       |  
|Current                                                      |   |               |   |   |                |  
|Cash and cash
      equivalents                              | $ | 1,451         |   | $ | 6,237          |  
|Accounts receivable                                          |   | 520           |   |   | 791            |  
|Inventory - Note 3                                           |   | 1,731         |   |   | 1,715          |  
|                                                             |   |               |   |   |                |  
|Total Assets                                                 | $ | 3,702         |   | $ | 8,743          |  
|                                                             |   |               |   |   |                |  
|LIABILITIES                                                  |  
|Current                                                      |   |               |   |   |                |  
|Accounts payable and
      accrued liabilities               | $ | 7,546         |   | $ | 15,402         |  
|Due to related parties  Note 4                              |   | 26,772        |   |   | 10,791         |  
|Loan payable  Note
      5                                  |   | 4,909         |   |   | 4,865          |  
|                                                             |   |               |   |   |                |  
|Total Liabilities                                            |   | 39,227        |   |   | 31,058         |  
|                                                             |   |               |   |   |                |  
|STOCKHOLDERS'
      EQUITY                                   |  
|Capital Stock  Note 6                                       |   |               |   |   |                |  
|Authorized:                                                  |   |               |   |   |                |  
|25,000,000 common
      stock with a par value of $0.001     |   |               |   |   |                |  
|Issued and outstanding                                       |   |               |   |   |                |  
|12,234,670
      common stock (11,400,000 at March 31, 2008) |   | 12,235        |   |   | 11,400         |  
|Additional paid in capital                                   |   | 155,795       |   |   | 131,590        |  
|Donated capital                                              |   | 36,010        |   |   | 36,010         |  
|Accumulated other comprehensive lost                         |   | (5,445        | ) |   | (5,968         | )
|Accumulated deficit                                          |   | (209,080      | ) |   | (195,347       | )
|Subscriptions receivable                                     |   | (25,040       | ) |   | -              |  
|                                                             |   |               |   |   |                |  
|Total Stockholders' Equity                                   |   | (35,525       | ) |   | (22,315        | )
|                                                             |   |               |   |   |                |  
|Total Liabilities and Stockholders' Equity                   | $ | 3,702         |   | $ | 8,743          |  

SEE ACCOMPANYING NOTES

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- 3 -

|SWAV Enterprises Ltd.                            
|-------------------------------------------------
|CONSOLIDATED STATEMENTS OF OPERATIONS            
|For the three months ended June 30, 2008 and 2007

|                                                    |   | For the three months |  
|--------------------------------------------------- | - | -------------------- | -
|                                                    |   | ended June 30,       |  
|                                                    |   | 2008                 |  
|                                                    |   |                      |  
|Sales                                               | $ | 1,406                |  
|Cost of sales                                       |   | 416                  |  
|                                                    |   |                      |  
|Gross profit                                        |   | 990                  |  
|Consulting revenue                                  |   | -                    |  
|                                                    |   |                      |  
|Income before selling and operating
      expenses  |   | 990                  |  
|                                                    |   |                      |  
|Selling expenses - sales commission                 |   | 211                  |  
|                                                    |   |                      |  
|Income before operating expenses                    |   | 779                  |  
|                                                    |   |                      |  
|Expenses                                            |   |                      |  
|Administration fees                                 |   | 3,282                |  
|Filing fees                                         |   | 364                  |  
|Incorporation costs                                 |   | -                    |  
|Office and
      general                            |   | -                    |  
|Professional fees                                   |   | 3,960                |  
|Rent                                                |   | 1,604                |  
|Travel and promotion                                |   | 2,228                |  
|Wages                                               |   | 3,074                |  
|                                                    |   |                      |  
|                                                    |   | (14,512              | )
|                                                    |   |                      |  
|Net loss for period                                 |   | (13,733              | )
|Other comprehensive income                          |   |                      |  
|Foreign currency
      adjustment                   |   | 523                  |  
|                                                    |   |                      |  
|Comprehensive loss                                  | $ | (13,210              | )
|                                                    |   |                      |  
|Basic and diluted loss per share                    | $ | (0.001               | )
|                                                    |   |                      |  
|Weighted average number of shares
      outstanding |   | 11,402,287           |  

SEE ACCOMPANYING NOTES

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- 4 -

|SWAV Enterprises Ltd.                            
|-------------------------------------------------
|CONSOLIDATED STATEMENTS OF CASH FLOWS            
|For the three months ended June 30, 2008 and 2007

|                                                                         |   | For the three months |  
|------------------------------------------------------------------------ | - | -------------------- | -
|                                                                         |   | ended June 30        |  
|                                                                         |   | 2008                 |  
|Operating Activities                                                     |   |                      |  
|Net loss for period                                                      | $ | (13,733              | )
|Adjustment for non-cash
      expense                                    |   |                      |  
|Professional fees
      capitalized on share issuance                    |   | -                    |  
|Changes in non-cash working
      capital balances                       |   |                      |  
|Accounts receivable                                                      |   | 271                  |  
|Inventory                                                                |   | (16                  | )
|Prepaid expenses                                                         |   | -                    |  
|Accounts
      payable and accrued liabilities                           |   | (7,856               | )
|                                                                         |   |                      |  
|Net cash used in Operating
      Activities                              |   | (21,334              | )
|                                                                         |   |                      |  
|Financing Activities                                                     |   |                      |  
|Common share issued                                                      |   | -                    |  
|Increase amounts due from
      related party                            |   | 15,981               |  
|Loan payable                                                             |   | 44                   |  
|                                                                         |   |                      |  
|Net cash proved by Financing Activities                                  |   | 16,025               |  
|                                                                         |   |                      |  
|Foreign exchange translation                                             |   | 523                  |  
|                                                                         |   |                      |  
|Increase (decrease) in cash and cash equivalents during the
      period |   | (4,786               | )
|Cash and cash equivalents, beginning of the
      period                 |   | 6,237                |  
|                                                                         |   |                      |  
|Cash and cash equivalents, end of the period                             | $ | 1,451                |  
|                                                                         |   |                      |  
|Supplemented disclosure of cash flow information:                        |   |                      |  
|                                                                         |   |                      |  
|Cash paid for:                                                           |   |                      |  
|Interest                                                                 | $ | -                    |  
|Income taxes                                                             | $ | -                    |  

SEE ACCOMPANYING NOTES

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- 5 -

|SWAV Enterprises Ltd.                                                           
|--------------------------------------------------------------------------------
|CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY                              
|For the three months ended June 30, 2008 and the year
      ended March 31, 2008

|                                     |              |  |   |            |  |   |         |  |   | Accumulated   |   |   |         |  |   |             |   |   |               |   |   |         |  
|------------------------------------ | ------------ |  | - | ---------- |  | - | ------- |  | - | ------------- | - | - | ------- |  | - | ----------- | - | - | ------------- | - | - | ------- | -
|                                     | Common Stock |  |   | Additional |  |   | Other   |  |   |               |   |   |         |  |   |             |   |   |               |  
|                                     |              |  |   |            |  |   | Paid in |  |   | Comprehensive |   |   | Donated |  |   | Accumulated |   |   | Subscriptions |   |   |         |  
|                                     | Shares       |  |   | Amount     |  |   | Capital |  |   | Income (Loss) |   |   | Capital |  |   | Deficit     |   |   | Receivable    |   |   | 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,         | 2,500,000    |  | $ | 2,500      |  | $ | 65,257  |  | $ | -             |   | $ | -       |  | $ | -           |   |   |               |   | $ | 67,757  |  
|May 4, 2007                          |              |  |   |            |  |   |         |  |   |               |   |   |         |  |   |             |   |   |               |   |   |         |  
|                                     |              |  |   |            |  |   |         |  |   |               |   |   |         |  |   |             |   |   |               |   |   |         |  
|Net Loss for the year ended          |              |  |   |            |  |   |         |  |   |               |   |   |         |  |   |             |   |   |               |   |   |         |  
|March 31, 2008                       | -            |  | $ | -          |  | $ | -       |  | $ | -             |   | $ | -       |  | $ | (97,667     | ) |   |               |   | $ | (97,667 | )
|                                     |              |  |   |            |  |   |         |  |   |               |   |   |         |  |   |             |   |   |               |   |   |         |  
|Other comprehensive loss for         |              |  |   |            |  |   |         |  |   |               |   |   |         |  |   |             |   |   |               |   |   |         |  
|the year ended March 31,             | -            |  | $ | -          |  | $ | -       |  | $ | 6,274         |   | $ | -       |  | $ | -           |   |   |               |   | $ | 6,274   |  
|2007                                 |              |  |   |            |  |   |         |  |   |               |   |   |         |  |   |             |   |   |               |   |   |         |  
|                                     |              |  |   |            |  |   |         |  |   |               |   |   |         |  |   |             |   |   |               |   |   |         |  
|Balance, March 31, 2008              | 11,400,000   |  | $ | 11,400     |  | $ | 131,590 |  | $ | (5,968        | ) | $ | 36,010  |  | $ | (195,347    | ) |   |               |   | $ | (22,315 | )
|                                     |              |  |   |            |  |   |         |  |   |               |   |   |         |  |   |             |   |   |               |   |   |         |  
|Issuance of shares for cash,         | 834,670      |  | $ | 835        |  | $ | 24,205  |  | $ | -             |   | $ | -       |  | $ | -           |   | $ | (25,040       | ) | $ | -       |  
|June 30, 2008                        |              |  |   |            |  |   |         |  |   |               |   |   |         |  |   |             |   |   |               |   |   |         |  
|                                     |              |  |   |            |  |   |         |  |   |               |   |   |         |  |   |             |   |   |               |   | $ | -       |  
|Net loss for the three months        | -            |  | $ | -          |  | $ | -       |  | $ | -             |   | $ | -       |  | $ | (13,733     | ) |   |               |   | $ | (13,733 | )
|end June 30, 2008                    |              |  |   |            |  |   |         |  |   |               |   |   |         |  |   |             |   |   |               |   |   |         |  
|                                     |              |  |   |            |  |   |         |  |   |               |   |   |         |  |   |             |   |   |               |   | $ | -       |  
|Other comprehensive loss for         |              |  |   |            |  |   |         |  |   |               |   |   |         |  |   |             |   |   |               |   |   |         |  
|the three months ended June 30, 2008 | -            |  | $ | -          |  | $ | -       |  | $ | 523           |   | $ | -       |  | $ | -           |   |   |               |   | $ | 523     |  
|                                     |              |  |   |            |  |   |         |  |   |               |   |   |         |  |   |             |   |   |               |   |   |         |  
|Balance, June 30, 2008               | 12,234,670   |  | $ | 12,235     |  | $ | 155,795 |  | $ | (5,445        | ) | $ | 36,010  |  | $ | (209,080    | ) | $ | (25,040       | ) | $ | (35,525 | )

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.

SEE ACCOMPANYING NOTES

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- 6 -

|SWAV ENTERPRISES LTD.                         
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|June 30, 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.

Swav Holdings Ltd. changed its fiscal year end from May 31 to
March 31 effective for the 2007 year end. Accordingly, the 2007 fiscal year end
consists of the ten month period from June 1, 2006 to March 31, 2007.

NOTE 2  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, 2008 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, 2008 financial statements.

Operating results for the three months ended June 30, 2008 are
not necessarily indicative of the results that can be expected for the year
ending March31, 2009.

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 $209,080
as at June 30, 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

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- 7 -

|SWAV ENTERPRISES LTD.                         
|----------------------------------------------
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|June 30, 2008                                 

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.

**NOTE 3 – INVENTORIES**

All inventory are finished goods.

NOTE 4  RELATED PARTIY 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 | $ | 17,201 | 
|--------------------------------------------------------- | - | ------ | 
|Advances with interest at 5%, payable on demand           | $ | 9,571  | 

The Company had the following transactions with related parties
for the three months ended June 30, 2008 and 2007:

| | Expenses paid to related parties: |   | 2008  |  |   | 2007  | 
| | --------------------------------- | - | ----- |  | - | ----- | 
| | Wages                             | $ | 3,074 |  | $ | 729   | 
| | Rent                              | $ | 743   |  | $ | 1,888 | 
| | Inventory purchases               | $ | 416   |  | $ | -     | 
| | Administrative expenses           | $ | 705   |  | $ | -     | 

NOTE 5 - LOANS PAYABLE

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

NOTE 6 - 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.

We incurred a net loss of $13,773 for the quarter ended June 30, 2008, compared
  to $21,627 for the quarter ended June 30, 2007.

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- 8 -

|ITEM 2. | MANAGEMENTS DISCUSSION AND ANALYSIS OF
      FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|------- | -------------------------------------------------------------------------------------------

Forward Looking Statements.

This report contains forward-looking statements which relate to
future events or our future financial performance. In some cases, you can
identify forward-looking statements by terminology such as may, should,
expect, plan, anticipate, believe, estimate, predict, potential or
continue or the negative of these terms or other comparable terminology. These
statements are only predictions and involve known and unknown risks,
uncertainties and other factors, including the risks in the section entitled
Risk Factors on page 6, that may cause our or our industrys actual results,
levels of activity, performance or achievements to be materially different from
any future results, levels of activity, performance or achievements expressed or
implied by these forward-looking statements.

While these forward-looking statements, and any assumptions
upon which they are based, are made in good faith and reflect our current
judgment regarding the direction of our business, actual results will almost
always vary, sometimes materially, from any estimates, predictions, projections,
assumptions or other future performance suggested herein. Except as required by
applicable law, including the securities laws of the United States, we do not
intend to update any of the forward-looking statements to conform these
statements to actual results. The safe harbor for forward-looking statements
provided in the Private Securities Litigation Reform Act of 1995 does not apply
to this report.

In this report, unless otherwise specified, all dollar amounts
are expressed in United States dollars and all references to "common shares"
refer to the common shares in our capital stock.

As used in this report, the terms we, us, our and Swav
mean Swav Enterprises Ltd., unless the context clearly requires otherwise.

Corporate Overview

We were incorporated in the State of Nevada on March 20, 2007
under the name of Swav Enterprises Ltd. with authorized capital of 25,000,000
shares of common stock with a par value of $0.001.

On April 1, 2007, we acquired all of the issued and outstanding
share capital of Swav Holdings Inc. 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.

We are an importer and wholesaler of Chinese manufactured
goods. Recently, we have expanded our focus to office and home furnishing
products. Our principal operating office and a warehouse is in Calgary, Alberta,
Canada.

Results of Operations

During the three months ended June 30, 2008, we generated $1,406
  in revenue, compared to $1,830 generated in the three months ended June 30,
  2007. 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
  three months ended June 30, 2008 was $416 compared to $1,790 in the three months
  ended June 30, 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.

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- 9 -

During three months ended June 30, 2008, our selling expenses
  totaled $211, compared to $Nil for the same period in the previous year. Our
  operating expenses in the three months ended June 30, 2008 totaled $14,512,
  compared to $21,667 for the same period in the previous year. The operating
  expenses in the three months ended June 30, 2008 included administration fees
  of $3,282, filing fees of $364, incorporation costs of $Nil, office and general
  expenses of $Nil, professional fees of $3,960, rent of $1,604, travel and promotion
  expenses of $2,228 and wages of $3,074. The operating expenses in the three
  months ended June 30, 2007 included administration fees of $3,647, filing fees
  of $Nil, incorporation costs of $1,368, office and general expenses of $668,
  professional fees of $8,507, rent of $2,941, travel and promotion expenses of
  $2,648 and wages of $1,888.

We incurred a net loss of $13,733 for three months ended June
30, 2008, compared to $19,434 for the three months ended June 30, 2007.

Capital Resource Requirements

As of June 30, 2008, we had working capital deficit of $35,525.
Our ongoing operating expenses and working capital requirements for the next
twelve months are broken down as follows:

Estimated Expenses for the Next Twelve Month PeriodAdministration fees
    $
      15,000Filing fees
    $
      4,000Incorporation costs
    $
      -Office and general
    $
      3,000Management fees
    $
      -Professional fees
    $
      30,000Rent
    $
      6,500Travel and promotion
    $
      8,000Wages
    $
      12,000Total
    $
      78,500


Financial Condition, Liquidity and Capital Resources

As of June 30, 2008, we had working capital deficiency of
$35,525. As of June 30, 2008, our total current assets were $3,702, which
included cash and cash equivalents of $1,451, inventory of $1,731 and account
receivable of $520, and our total current liabilities were $39,227.

Management believes that our companys cash will be sufficient
to meet our working capital requirements for the next twelve month period.
Should this prove not 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.

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- 10 -

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 three months ended June 30, 2008, 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.

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.

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 June 30, 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
|------- | ----------------------------------------------------------------

Not Applicable.

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- 11 -

|ITEM 4. | CONTROLS AND PROCEDURES.
|------- | ------------------------

Disclosure Controls and Procedures

Our management evaluated the effectiveness of our disclosure
controls and procedures as of June 30, 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 June 30, 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
our Chief Financial Officer, as appropriate, to allow timely decisions regarding
required disclosure.

Changes in Internal Controls over Financial Reporting

There was no change in our internal control over financial
reporting during our first fiscal quarter ended June 30, 2008 that has
materially affected, or is reasonably likely to materially affect, our internal
control over financial reporting.

PART II  OTHER INFORMATION

|ITEM 1. | LEGAL PROCEEDINGS.
|------- | ------------------

None.

|ITEM 1A. | RISK FACTORS
|-------- | ------------

An investment in our common stock involves a number of very
significant risks. You should carefully consider the following risks and
uncertainties in addition to other information in this quarterly report in
evaluating our company and its business before purchasing shares of our
companys common stock. Our business, operating results and financial condition
could be seriously harmed due to any of the following risks. You could lose all
or part of your investment due to any of these risks.

Risks Related To Our Business

We have only recently begun selling furniture goods with
primarily Chinese or Asian style and if we fail to offer merchandise that our
customers find attractive, the demand for our products may be limited and our
operating results will be affected adversely.

We have only recently begun selling furniture goods with primarily
  Chinese or Asian style and we cannot assure you that our product offerings will
  be accepted by consumers as distinctive in design, useful, and well made. We
  may not be successful in offering products that meet these requirements. If
  our products do not become popular with our customers, if other retailers, especially
  department stores or discount retailers, offer the same products or products
  similar to those we sell, or if demand generally for design products such as
  ours decreases or fails to grow, our sales may decline or we may be required
  to offer our products at lower prices. If customers buy fewer of our products
  or if we have to reduce our prices, our net sales will decline and our operating
  results would be affected adversely.

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- 12 -

Moreover, in order to meet our strategic goals, we must successfully
  identify, obtain supplies of, and offer to our customers new, innovative and
  high quality design products on a continuous basis. These products must appeal
  to a wide range of customers whose preferences may change in the future. If
  we misjudge either the market for our products or our customers purchasing
  habits, we may be faced with significant excess inventories for some products
  and missed opportunities for products we chose not to stock.

We do not have long-term vendor contracts and we may not
have access to products that we sell. Accordingly, if we are unable to provide
our customers with continued access to popular products, our net sales will
decline and our operating results would be harmed.

All of the products that we offer are manufactured by
third-party suppliers. We do not typically enter into formal exclusive supply
agreements for our products and, therefore, have no contractual rights to
exclusively market and sell them. Since we do not have arrangements with any
vendor or distributor that would guarantee the availability or exclusivity of
our products from year to year, we do not have a predictable or guaranteed
supply of these products in the future. If we are unable to provide our
customers with continued access to popular products, our net sales will decline
and our operating results would be harmed.

Because we do not plan to stock pile inventory of our
imported goods, if we do not manage our inventory levels successfully, our
operating results will be adversely affected.

Because we do not plan to stock pile inventory of the goods we
import, we must effectively manage our inventory levels to operate our business
successfully. Our success depends upon our ability to anticipate and respond to
changing merchandise trends and customer demands in a timely manner. If we
misjudge market trends, we may overstock unpopular products and be forced to
take significant inventory markdowns, which would have a negative impact on our
operating results. Conversely, shortages of popular items could result in loss
of sales and have a material adverse effect on our operating results.

Consumer preferences may change between the time we order a
product and the time it is available for sale. We base our product selection on
our projections of consumer preferences in a future period, and our projections
may not be accurate. As a result, we are vulnerable to consumer demands and
trends, to misjudgments in the selection and timing of our merchandise purchases
and fluctuations in the economy. Additionally, our inventory is sourced from
vendors located in China. This usually requires us to order merchandise, and
enter into purchase order contracts for the purchase and manufacture of such
merchandise, well in advance of the time such products will be offered for sale,
which makes us vulnerable to changes in consumer demands and trends. If we do
not accurately predict our customers preferences and acceptance levels of our
products, our inventory levels will not be appropriate and our operating results
may be negatively impacted.

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- 13 -

We rely on foreign sources of production and as a result we
  are subject to risks of import duty and quota fluctuations and if the country
  or countries from which we currently import or import in the future become subject
  to trade restriction from Canada, we will have difficulties locating alternative
  supply of our products and our operating results will suffer.

We currently source a substantial portion of our products from
foreign manufacturers. As such, we are subject to risks and uncertainties
associated fluctuation of import duties and quotas on the goods we import into
Canada.

Additionally, countries in which our products are currently
manufactured or may be manufactured in the future may become subject to trade
restrictions imposed by the Canadian or foreign governments. Any event causing a
disruption or delay of imports from foreign vendors, including the imposition of
additional import restrictions, restrictions on the transfer of funds or
increased tariffs or quotas, or both could increase the cost or reduce the
supply of merchandise available to us and adversely affect our operating
results.

Any changes in the political and economic policies of, or
any new regulations implemented by, the Chinese governments could affect, or
even restrict, the operation of our business and our ability to generate
revenues.

Our company relies on manufacturers and distributors located in
China. Accordingly, our business, results of operations and financial conditions
are affected to a significant degree by the economic, political and legal
developments in China.

Some modifications or revisions, including the adoption of
governmental regulations affecting the export of products that our company
purchases, could have a material adverse effect on our business. Furthermore,
there is no guarantee that the Chinese governments will not impose other
economic or regulatory controls that would have a material adverse effect on our
business. Any changes in the political, economic and social conditions in China,
changes in policies by the Chinese governments or changes in the laws and
regulations imposed on the business of manufacturing and distributing furniture
products and accessories could adversely affect the manner in which we operate
our business and restrict or prohibit transactions initiated or conducted by
us.

Product liability claims or concerns about the safety of
products manufactured in China could harm our reputation, increase costs or
reduce sales.

We may experience defects or errors in products manufactured in
China after their sale to customers. Individuals could sustain injuries from our
products, and we may be subject to claims or lawsuits resulting from these
injuries. If any individual is harmed by our products, we may face product
liability claims. If we cannot successfully defend ourselves against the product
liability claim, we will incur substantial liabilities. Regardless of merit or
eventual outcome, liability claims may result in:

- decreased demand for our products;
- injury to our reputation;
- costs of related litigation;
- substantial monetary awards to plaintiffs; and

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- 14 -

- loss of revenues.

A product liability or other claim with respect to uninsured
liabilities could have a material adverse effect on our business and
prospects.

Furthermore, concerns about the safety of products manufactured
in China, whether caused by our products or not, could result in the rejection
of our products by customers, damage to our reputation, lost sales, increased
costs, any of which could harm our business.

The costs of being a public reporting company for our
company because of the requirements imposed by the Sarbanes-Oxley Act may be
very high and may cause us to devote a disproportional amount of our capital
resources to the compliance of these requirements and adversely affect our
financial conditions.

The Sarbanes-Oxley Act of 2002 and the related rules and
regulations promulgated by the Securities and Exchange Commission have increased
the scope, complexity, and cost of corporate governance, reporting, and
disclosure practices. These regulations are applicable to our company. We expect
to experience increasing compliance costs, including costs related to internal
controls, as a result of the Sarbanes-Oxley Act. These necessary costs are
proportionately higher for a public company of our size and will affect our
profitability more than that of some of our larger competitors.

We will need to raise additional funds in the near future.
If we are not able to obtain future financing when required, we might be forced
to scale back or cease operations or discontinue our business.

We do not currently have any arrangements for financing and we
can provide no assurance to investors we will be able to find such financing
when such funding is required. Obtaining additional financing would be subject
to a number of factors, including investor acceptance of our product selection
and our business model. Furthermore, there is no assurance that we will not
incur further debt in the future, that we will have sufficient funds to repay
our future indebtedness or that we will not default on our future debts, thereby
jeopardizing our business viability. Finally, we may not be able to borrow or
raise additional capital in the future to meet our needs or to otherwise provide
the capital necessary to maintain our operations, which might result in the loss
of some or all of your investment in our common stock.

All of our assets and all of our directors and officers are
outside the United States, with the result that it may be difficult for
investors to enforce within the United States any judgments obtained against us
or any of our directors or officers.

All of our assets are located outside the United States and we
do not currently maintain a permanent place of business within the United
States. In addition, all of our directors and officers are nationals and/or
residents of countries other than the United States, and all or a substantial
portion of such persons assets are located outside the United States. As a
result, it may be difficult for investors to enforce within the United States
any judgments obtained against us or our officers or directors, including
judgments predicated upon the civil liability provisions of the securities laws
of the United States or any state thereof. Consequently, you may be effectively
prevented from pursuing remedies under U.S. federal and state securities laws
against them.

Because our officers, directors and principal shareholders
control a large percentage of our common stock, such insiders have the ability
to influence matters affecting our shareholders.

Our officers and directors, in the aggregate, beneficially own
55.70% of the issued and outstanding shares of our common stock. As a result,
they have the ability to influence matters affecting our

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- 15 -

shareholders, including the election of our directors, the
  acquisition or disposition of our assets, and the future issuance of our shares.
  Because our officers, directors and principal shareholders control such shares,
  investors may find it difficult to replace our management if they disagree with
  the way our business is being operated. Because the influence by these insiders
  could result in management making decisions that are in the best interest of
  those insiders and not in the best interest of the investors, you may lose some
  or all of the value of your investment in our common stock.

Because we do not have sufficient insurance to cover our business losses, we might have uninsured losses, increasing the possibility that you would lose your investment.

We may incur uninsured liabilities and losses as a result of the conduct of our business. We do not currently maintain any comprehensive liability or property insurance. Even if we obtain such insurance in the future, we may not carry sufficient
insurance coverage to satisfy potential claims. We do not carry any business interruption insurance. Should uninsured losses occur, any purchasers of our common stock could lose their entire investment.

Risks Associated With Our Common Stock

There is no active trading market for our common stock and if a market for our common stock does not develop, our investors will be unable to sell their shares.

There is currently no active trading market for our common stock and such a market may not develop or be sustained. We currently plan to have our common stock quoted on the National Association of Securities Dealers Inc.s Over-the-Counter
Bulletin Board. In order to do this, a market maker must file a Form 15c-211 to allow the market maker to make a market in our shares of common stock. At the date hereof, we are not aware that any market maker has any such intention. However, we
cannot provide our investors with any assurance that our common stock will be traded on the Over-the-Counter Bulletin Board or a listing service or stock exchange, if traded, that a public market will materialize. Further, the Over-the-Counter
Bulletin Board is not a listing service or exchange, but is instead a dealer quotation service for subscribing members. If our common stock is not quoted on the Over-the-Counter Bulletin Board or if a public market for our common stock does not
develop, then investors may not be able to resell the shares of our common stock that they have purchased and may lose all of their investment. If we do establish a trading market for our common stock, the market price of our common stock may be
significantly affected by factors such as actual or anticipated fluctuations in our operation results, general market conditions and other factors. In addition, the stock market has from time to time experienced significant price and volume
fluctuations that have particularly affected the market prices for the shares of developmental stage companies, which may materially adversely affect the market price of our common stock.

We do not intend to pay dividends on any investment in the shares of stock of our company.

We have never paid any cash dividends and currently do not intend to ever pay any cash dividends. To the extent that we require additional funding currently not provided for in our financing plan, our funding sources may prohibit the payment of a
dividend. Because we do not intend to declare dividends, any gain on an investment in our company will need to come through an increase in the stocks price. This may never happen and investors may lose all of their investment in our
company.

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- 16 -

Our stock is a penny stock. Trading of our stock may be
  restricted by the Securities and Exchange Commissions penny stock regulations
  which may limit a stockholders ability to buy and sell our stock.

Our stock is a penny stock. The Securities and Exchange Commission has adopted Rule 15g-9 which generally defines penny stock to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise
price of less than $5.00 per share, subject to certain exceptions. Our securities are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers
and accredited investors. The term accredited investor refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding
$200,000 or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared
by the SEC which provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the
broker-dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customers account. The bid and offer quotations, and the broker-dealer and salesperson compensation
information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customers confirmation. In addition, the penny stock rules require that prior to
a transaction in a penny stock not otherwise exempt from these rules; the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchasers written agreement to
the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules. Consequently, these penny stock rules may affect the
ability of broker-dealers to trade our securities. We believe that the penny stock rules discourage investor interest in and limit the marketability of our common stock.

Financial Industry Regulatory Authority (FINRA) sales practice requirements may also limit a stockholders ability to buy and sell our stock.

In addition to the penny stock rules promulgated by the Securities and Exchange Commission (see above and the Market for Common Equity and Related Stockholder Matters section at page 28 for discussions of penny stock rules),
the FINRA has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low priced
securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customers financial status, tax status, investment objectives and other information. Under interpretations of these
rules, the FINRA believes that there is a high probability that speculative low priced securities will not be suitable for at least some customers. The FINRA requirements make it more difficult for broker-dealers to recommend that their customers
buy our common stock, which may limit your ability to buy and sell our stock and have an adverse effect on the market for our shares.

Because we can issue additional common shares, purchasers of our common stock may incur immediate dilution and may experience further dilution.

We are authorized to issue up to 25,000,000 common shares, of which 11,400,000 are issued and outstanding. Our board of directors has the authority to cause our company to issue additional shares of common stock without the consent of any of our
shareholders. Consequently, our shareholders may experience more dilution in their ownership of our company in the future.

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- 17 -

Please read this quarterly report carefully. You should rely
  only on the information contained in this quarterly report. We have not authorized
  anyone to provide you with different information. You should not assume that
  the information provided by the quarterly report is accurate as of any date
  other than the date on the front of this quarterly report.

|ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND
      USE OF PROCEEDS
|------- | -----------------------------------------------------------------

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 offering proceeds of $67,757 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 closed a private placement of 834,670
common shares at a price of US $0.03 per share for aggregate proceeds of
$25,040.10. We issued the shares to four 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.

|ITEM 3. | DEFAULTS UPON SENIOR SECURITIES
|------- | -------------------------------

None

|ITEM 4. | SUBMISSIONS OF MATTERS TO A VOTE OF SECURITY
      HOLDERS.
|------- | -----------------------------------------------------------

None

|ITEM 5. | OTHER INFORMATION
|------- | -----------------

Since the end of our last quarter, we have experienced the
following recent developments:

|1. | On April 16, 2008, Thomas Chan resigned from his position
      of the Chief Financial Officer and Director of the Company, effective
      immediately.              
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                       
|2. | On April 17, 2008, the Companys Board of Directors
      appointed Vanleo Y.W. Fung to serve as Chief Financial Officer, Secretary
      and Director of the Company.

|**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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- 18 -

|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

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- 19 -

SIGNATURES

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

|SWAV ENTERPRISES LTD.                 | 
|------------------------------------- | 
|                                      | 
|/s/ Pui Shan Lam                      | 
|By: Pui Shan Lam                      | 
|President and Chief Executive Officer | 
|(Principal Executive Officer)         | 
|Dated: August 14, 2008                | 

In accordance with the Exchange Act, this report has been
signed below by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.

|/s/
      Vanleo Y.W. Fung            | 
|------------------------------------- | 
|By: Vanleo Y.W. Fung                  | 
|Chief Financial Officer and Secretary | 
|(Principal Financial Officer)         | 
|Dated: August 14, 2008                | 

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