---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-Q

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

For the quarterly period ended: June 30, 2010

[ ] 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)                                    |                                     

Otto-Spesshardt-Str. 16Eisenach 99817,
Germany(Address of principal executive offices)

+49 369 188 7600Issuers telephone number

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

---

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
August 18, 2010, 14,499,910 shares of common stock, par value $0.0001 per share,
of the Registrant were issued and outstanding.

---

TABLE OF CONTENTS

|PART I  FINANCIAL INFORMATION
|------------------------------
|Item 1.                       
|                              
|                              
|                              
|                              
|                              
|Item
      2.                 
|Item 3.                       
|Item
      4.                 
|Item 4T.                      
|                              
|PART II  OTHER INFORMATION:  
|Item
      1.                 
|Item 1A.                      
|Item
      2.                 
|Item 3.                       
|Item
      4.                 
|Item 5.                       
|Item
      6.                 
|Signatures                    

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PART I  FINANCIAL INFORMATION

Item 1.Financial Statements

|SWAV Enterprises Ltd.                 
|--------------------------------------
|BALANCE SHEETS                        
|As at June 30, 2010 and March 31, 2010

|                                                                                                                                                                                                               |   | June 30,  |   |   | March 31, |  
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - | --------- | - | - | --------- | -
|                                                                                                                                                                                                               |   | 2010      |   |   | 2010      |  
|                                                                                                                                                                                                               |   | Unaudited |   |   | Audited   |  
|ASSETS                                                                                                                                                                                                         |  
|Current                                                                                                                                                                                                        |   |           |   |   |           |  
|Cash and cash
      equivalents                                                                                                                                                                                | $ | -         |   | $ | 507       |  
|Accounts receivable                                                                                                                                                                                            |   | -         |   |   | 744       |  
|Inventory                                                                                                                                                                                                      |   | 2         |   |   | 4,610     |  
|                                                                                                                                                                                                               |   | 2         |   |   | 5,861     |  
|                                                                                                                                                                                                               |   |           |   |   |           |  
|Intangible assets - goodwill, contracts, licenses and
      software                                                                                                                                           |   |           |   |   |           |  
|Output! Ltd.                                                                                                                                                                                                   |   | 14,998    |   |   | -         |  
|Bones HealthCare                                                                                                                                                                                               |   | 35,000    |   |   | -         |  
|Tool Box                                                                                                                                                                                                       |   | 115,000   |   |   | -         |  
|                                                                                                                                                                                                               |   | 164,998   |   |   | -         |  
|                                                                                                                                                                                                               |   |           |   |   |           |  
|Total Assets                                                                                                                                                                                                   | $ | 165,000   |   | $ | 5,861     |  
|                                                                                                                                                                                                               |   |           |   |   |           |  
|LIABILITIES                                                                                                                                                                                                    |  
|Current                                                                                                                                                                                                        |   |           |   |   |           |  
|Accounts payable and accrued
      liabilities                                                                                                                                                                 | $ | 20,500    |   | $ | 9,755     |  
|Advances from
      related party                                                                                                                                                                              |   | -         |   |   | 28,814    |  
|Total Liabilities                                                                                                                                                                                              |   | 20,500    |   |   | 38,569    |  
|                                                                                                                                                                                                               |   |           |   |   |           |  
|STOCKHOLDERS' EQUITY                                                                                                                                                                                           |  
|Capital Stock  Note 4                                                                                                                                                                                         |   |           |   |   |           |  
|Authorized:                                           
      25,000,000 common stock with a par value of $0.001                                                                                                |   |           |   |   |           |  
|Issued
      and
      outstanding                                           
      14,499,910 common
      stock                                            (12,234,670
      common stock at March 31, 2009) |   | 14,500    |   |   | 12,235    |  
|Additional paid in capital                                                                                                                                                                                     |   | 318,530   |   |   | 155,795   |  
|Donated capital                                                                                                                                                                                                |   | 41,422    |   |   | 41,422    |  
|Accumulated other comprehensive lost                                                                                                                                                                           |   | (9,572    | ) |   | (9,572    | )
|Accumulated deficit                                                                                                                                                                                            |   | (220,380  | ) |   | (232,588  | )
|Total Stockholders' Equity                                                                                                                                                                                     |   | 144,500   |   |   | (32,708   | )
|                                                                                                                                                                                                               |   |           |   |   |           |  
|Total Liabilities and Stockholders' Equity                                                                                                                                                                     | $ | 165,000   |   | $ | 5,861     |  
|                                                                                                                                                                                                               |   |           |   |   |           |  
|Going Concern - Note 2                                                                                                                                                                                         |   |           |   |   |           |  

See Accompanying Notes

---

|SWAV Enterprises Ltd.                            
|-------------------------------------------------
|STATEMENTS OF OPERATIONS                         
|For the three months ended June 30, 2010 and 2009
|(Unaudited)                                      

|                                                    |   | For the three months |  
|--------------------------------------------------- | - | -------------------- | -
|                                                    |   | ended June 30,       |  
|                                                    |   | 2010                 |  
|Sales                                               | $ | -                    |  
|Cost of sales                                       |   | -                    |  
|Gross profit                                        |   | -                    |  
|Consulting revenue                                  |   | -                    |  
|Income before selling and operating
      expenses  |   | -                    |  
|Selling expenses - sales commission                 |   | -                    |  
|Income before operating expenses                    |   | -                    |  
|Expenses                                            |   |                      |  
|Administration fees                                 |   | -                    |  
|Office and general                                  |   | -                    |  
|Professional fees                                   |   | 20,500               |  
|Wages                                               |   | -                    |  
|                                                    |   | (20,500              | )
|Other Income (expense)                              |   |                      |  
|Gain on sale of
      SWAV Holdings Ltd.            |   | 100                  |  
|Debt foregiveness                                   |   | 32,608               |  
|                                                    |   | 32,708               |  
|Net income (loss) for period                        |   | 12,208               |  
|Other comprehensive income                          |   |                      |  
|Foreign currency adjustment                         |   | -                    |  
|Comprehensive income (loss) for the period          | $ | 12,208               |  
|Basic and diluted income (loss) per share           | $ | -                    |  
|Weighted average number of shares
      outstanding |   | 13,877,591           |  

See Accompanying Notes

---

|SWAV Enterprises Ltd.                            
|-------------------------------------------------
|STATEMENTS OF CASH FLOWS                         
|For the three months ended June 30, 2010 and 2009
|(Unaudited)                                      

|                                                                         |   | For the three months |  
|------------------------------------------------------------------------ | - | -------------------- | -
|                                                                         |   | ended June 30        |  
|                                                                         |   | 2010                 |  
|Operating activities                                                     |   |                      |  
|Net income (loss) for period                                             | $ | 12,208               |  
|Non  cash items                                                         |   | -                    |  
|Administration fee                                                       |   | -                    |  
|Gain on sale of subsidiary                                               |   | (100                 | )
|Changes in non-cash working capital balances                             |   |                      |  
|Accounts receivable                                                      |   | 744                  |  
|Inventory                                                                |   | 4,610                |  
|Accounts payable and
      accrued liabilities                           |   | 10,745               |  
|Net cash provided by (used in) operating activities                      |   | 28,207               |  
|Investing Activities                                                     |   |                      |  
|Proceeds from sale of subsidiary                                         |   | 100                  |  
|Net cash provided by Investing Activities                                |   | 100                  |  
|                                                                         |   |                      |  
|Financing Activities                                                     |   |                      |  
|Increase (decrease) in related party liability                           |   | -                    |  
|Decrease (increase) in related party receivable                          |   | (28,814              | )
|Net cash provided by Financing Activities                                |   | (28,814              | )
|Foreign exchange translation                                             |   | -                    |  
|                                                                         |   |                      |  
|Increase (decrease) in cash and cash
      equivalents during the period |   | (507                 | )
|Cash and cash equivalents, beginning of the period                       |   | 507                  |  
|Cash and cash equivalents, end of the
      period                       | $ | -                    |  
|                                                                         |   |                      |  
|Supplemented disclosure of cash flow
      information:                  |   |                      |  
|Non-cash Financing Activities                                            |   |                      |  
|Issue of 2,265,240 common
      shares for the following                 |   |                      |  
|- Inventory                                                              | $ | 2                    |  
|- OUTPUT! Ltd.                                                           |   | 14,998               |  
|- Bones Health Care                                                      |   | 35,000               |  
|- Tool Box                                                               |   | 115,000              |  
|                                                                         | $ | 165,000              |  
|Cash paid for:                                                           |   |                      |  
|Interest                                                                 | $ | -                    |  
|Income taxes                                                             | $ | -                    |  

See Accompanying Notes

---

|SWAV Enterprises Ltd.                    
|-----------------------------------------
|Notes to the Interim Financial Statements
|June 30, 2010                            
|(Unaudited)                              

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 was 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 was the legal acquirer, SWAV Holdings Inc. was 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 provided management services and imported Chinese
manufactured goods.

Effective April 26, 2010, the Company sold its ownership of
SWAV Holdings Ltd. for $100. At the same time the Company entered into an Asset
Purchase Agreement with Lotus Holdings Limited pursuant to which the Company
issued an aggregate of 2,265,240 shares of its common stock in consideration for
100% of certain assets of Lotus Holdings Ltd. Simultaneously, the existing
shareholders sold 11,984,770 shares to the managing director of Lotus Holdings
Ltd. Accordingly, the Asset Purchase Agreement was a non-arms length
transaction, and the value of the assets acquired was recorded according the
Financial Accounting Standards Board (FASB) Accounting Standards Codification
(Codification) topic 845.10 Non monetary transactions.That guidance
stipulates the value is the carrying value of the vendor when neither the assets
received nor the assets relinquished are determinable within reasonable
limits.

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, 2010 financial statements.

Operating results for the three months ended June 30, 2010 are
not necessarily indicative of the results that can be expected for the year
ending March31, 2011.

---

|SWAV Enterprises Ltd.                    
|-----------------------------------------
|Notes to the Interim Financial Statements
|June 30, 2010                            
|(Unaudited)                              

NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -
continued

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 $220,380
as at June 30, 2010 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 as a result of the asset purchased, it
will generate additional funds and that it will be able to obtain additional
capital as required to meet projected operational requirements.

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 June 30, 2010, the Company did not have any cash
equivalents ($nil  2009).

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 FASB Codification topic 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.

---

|SWAV Enterprises Ltd.                    
|-----------------------------------------
|Notes to the Interim Financial Statements
|June 30, 2010                            
|(Unaudited)                              

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Net Income per Common Share

FASB Codification topic 260, Earnings per share,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

The fair value of financial instruments consisting of accounts payable and accrued liabilities 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.

Fair Value Measurements

The Company follows FASB Codification topic 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 Codification topic 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.

Impairment of Long-Lived Assets

The Company evaluates the recoverability of its fixed assets and other assets in accordance with FASB Codification topic, 360.10, Property, Plant and Equipment, Impairment or Disposal of Long-Lived Assets.This guidance requires recognition
of impairment of long-lived assets in the event the net book value of such assets exceeds its expected cash flows, it is considered to be impaired and is written down to fair value, which is determined based on either discounted future cash flows or
appraised values. No impairment has been recognized in the accounts.

---

|SWAV Enterprises Ltd.                    
|-----------------------------------------
|Notes to the Interim Financial Statements
|June 30, 2010                            
|(Unaudited)                              

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Revenue Recognition

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

Foreign currency translation

As a result of the Asset Purchase Agreement and the shares issued thereon, the functional currency of the Company has changed from Canadian dollars to US dollars  Previous to this event, for financial reporting purposes, the financial statements of
the Company were translated into US dollars. Assets and liabilities were translated at the exchange rates at the balance sheet dates and revenue and expenses were translated at the average exchange rates and stockholders equity was 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).

Deferred Taxes

Income taxes are provided in accordance with FASB Codification topic 740,Accounting for Income Taxes.A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss-carry
forwards.

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

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 represented advances from (to) a shareholder, advances from a company with common management and advances from a party related to a shareholder. The advances were without interest and had no specified repayment
terms.

The Company had the following transactions with related parties for the three months ending June 30, 2010 and 2009:

---

|SWAV Enterprises Ltd.                    
|-----------------------------------------
|Notes to the Interim Financial Statements
|June 30, 2010                            
|(Unaudited)                              

NOTE 3  RELATED PARTY TRANSACTIONS AND BALANCES -
continued

|                                                                     |   | 2010 |  |   | 2009  | 
|-------------------------------------------------------------------- | - | ---- |  | - | ----- | 
|Expenses paid to related parties:                                    |   |      |  |   |       | 
|Wages                                                                | $ | -    |  | $ | 2,570 | 
|Rent                                                                 | $ | -    |  | $ | -     | 
|Inventory purchases                                                  | $ | -    |  | $ | -     | 
|Income received from related parties                                 |   |      |  |   |       | 
|Consulting revenue                                                   | $ | -    |  | $ | 3,266 | 
|Services donated by related parties (shown
      as donated capital) |   |      |  |   |       | 
|Administration fees                                                  | $ | -    |  | $ | 705   | 

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.

On April 26, 2010, the Company issued 2,265,240 shares in
aggregate for goodwill, inventory, licenses, customer lists and computer
software valued at $165,000.

As at June 30, 2010, there were no shares subject to options,
warrants or other agreements.

---

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

General

We were incorporated on March 20, 2007, in the State of Nevada.

As previously reported on a Form 8-K filed on April 26, 2010
and as amended on May 7, 2010 and July 12, 2010, on April 26, 2010, the Company
entered into an Asset Purchase Agreement (the Asset Purchase Agreement) with
Lotus Holdings Limited (Lotus) pursuant to which the Company issued an
aggregate of 2,265,240 shares of SWAVs common stock to Lotus in consideration
for 100% of certain assets of the Lotus (the Acquisition).

Lotus is a holding company specializing in software technology
and training services, particularly in the areas of advanced software
development tools, innovative point-of-care electronic health record (EHR)
software, and sales training.

Simultaneously with the consummation of the Acquisition, the
Selling Stockholders named in those certain Stock Purchase Agreements, dated
April 26, 2010, sold an aggregate of 11,984,770 shares of their common stock of
the Company for an aggregate purchase price of $370,000.

Also, on April 26, 2010, the Company consummated the sale of
100% of SWAV Holdings, Inc., a wholly-owned subsidiary of the Company, to Pui
Shan Lam, the former Chief Executive Officer and Director of the Company,
pursuant to a Subsidiary Stock Purchase Agreement, dated April 26, 2010, for a
purchase price of $100.

List of Lotus Assets Acquired by SWAV

Asset
    Business
    Percentage
      TransferredTool Box Assets
    IPRs - Software development
      tools - Social media software Customer base
    100%Bones Assets
    IPRs -
      Software for HealthCare - Medical/HealthCare database Contracts
    100%OUTPUT! Ltd
    Adult Education/Training -
      Sales - Marketing Customer base Contracts
    100%


The following is a description of the Lotus assets purchased by
SWAV:

Tool Box Assets

| | 1. | Carousel                                                             
| | -- | ---------------------------------------------------------------------
| |    |                                                                      
| |    | Visual image rendering plug-in for Notes 8+.
      Modeled on iTunes.
| |    |                                                                      
| |    | Written in: Eclipse SWT                                              
| |    |                                                                      
| |    | Component assets: Java animation, dynamic image
      manipulation   
| |    | Implementing customers: None                                         

---

| | 2. | Alpheus                                                                                                                                                                                                                                                                                                                                                                                                                           
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    | Mail file analyzer/replication manager                                                                                                                                                                                                                                                                                                                                                                                            
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    | Written in: Lotusscript                                                                                                                                                                                                                                                                                                                                                                                                           
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    | Component assets: Cross-replica analyzer, Mail file
    contents analyzer                                                                                                                                                                                                                                                                                                                                                         
| |    | Implementing customers: PGA Tour, Bay Area
    Hospital                                                                                                                                                                                                                                                                                                                                                                           
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | 3. | Squawk Lightweight Social Networking
    Solution                                                                                                                                                                                                                                                                                                                                                                                
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    | Domino micro-blogging system                                                                                                                                                                                                                                                                                                                                                                                                      
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    | Written in: Java/Xpages                                                                                                                                                                                                                                                                                                                                                                                                           
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    | Component assets: Wingman concept, dynamic charting,
      digest-based data model, branding, forced UNIDs                                                                                                                                                                                                                                                                                                                      
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    | Implementing customers: None                                                                                                                                                                                                                                                                                                                                                                                                      
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    | Squawk is the revolutionary lightweight social
      networking solution. Like Twitter for the enterprise, it is a simple, yet
      incredibly powerful collaboration solution. Based on Lotus Domino Xpages
      technology, it is easy to deploy, highly scalable, and integrated with the
      rest of the Lotus portfolio, including Domino, Quickr, Connections,
      Sametime, and Websphere Portal.                  
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    | Often referred to as micro-blogging, the purpose of
      Squawk is to share knowledge and collaborate in a community with similar
      interests in near real-time. Squawk has the brevity and immediacy of
      instant messaging with the value of continuity and open
    collaboration.                                                                                                                                  
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    | Squawk can be installed in your environment in just
      seconds, or it is available as a web service that can be integrated with
      and even embedded into your existing applications. Since it is based on
      Lotus Domino, the application can be replicated to multiple servers and
      synchronized or even clustered for distributed processing and high
      availability supporting tens of thousands of users.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    | The business value of Squawk:                                                                                                                                                                                                                                                                                                                                                                                                     
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                   

---

| |    | Key Features:                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | Squawking: Post a short statement about what you are
      doing, a question you have, a topic you want to discuss, or a response to
      any of the above.                                                                                                                                                                                                                                                                                                                         
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | Profile Integration: Maintain and share information about
      yourself that is relevant to the community. My Replies: Track
      responses to your squawks.                                                                                                                                                                                                                                                                                                                       
| |    | My Flock: Filter squawks to the individuals that you want
      to follow.                                                                                                                                                                                                                                                                                                                                                                                                           
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | Polling: Post a question and allow other users to vote
      for or against it, then view real-time responses in a live chart, or track
      more detailed responses over time.                                                                                                                                                                                                                                                                                                     
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | Knowledge Discovery: Filter or search squawks for past or
      current topics and find subject matter experts based on key
  words.                                                                                                                                                                                                                                                                                                                                                 
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | Portability: Most Squawk features can be embedded into
      other collaborative applications, such as blogs or discussions, or easily
      accessed from mobile devices.                                                                                                                                                                                                                                                                                                          
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | Hosted Service: Squawk can be installed inside your
      firewall or easily integrated into your organization as a hosted
      service.                                                                                                                                                                                                                                                                                                                                           
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | Bidding: Post an item and allow other users to respond
      with a specific format, such as a bid on an item, then report on progress
      and a final result, such as a progressive bid, the current leader, and an
      eventual winner.                                                                                                                                                                                                                                        
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | Squawk Live: Integrates with Lotus Sametime to provide
      presence awareness, instant messaging, group chat, and instant meeting
      capabilities.                                                                                                                                                                                                                                                                                                                             
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | Pricing:                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | Up to 30 users: $999 + $10 for each additional user. OR                                                                                                                                                                                                                                                                                                                                                                                                                              
| |    | $5,000 per server cluster for unlimited users. OR                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | As little as $1 per user per month hosted.                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | 4. | Blueprint                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | Notes client application framework                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | Written in: Lotusscript                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | Component assets: Dynamic interface construction, dynamic
      validation engine, abstract workflow engine, dynamic data modeling engine,
      DXL/CSS compatible design element structure, rules-based view
      constructor                                                                                                                                                                                                                                                     
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | 5. | Crowded WisdomEngage. Envision.
      Empower.                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | Social decision engine/Social link tracker                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | Written in: Xpages                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | Component assets: Stack ranking model, Dual-axis
      evaluation, Branding, Write-Behind Cache, Reputation scoring, Q&A
      rating engine, Link tracking                                                                                                                                                                                                                                                                                                                          
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | Crowded Wisdom is a social idea management and business
      decision support solution. Featuring a sophisticated Web 2.0 interface,
      Crowded Wisdom allows employees, customers, vendors and partners to share
      ideas that can then be quickly and easily evaluated on multiple criteria by the
      defined community. Ideas can be contributed by anyone at any time, and
      become immediately available for other users to add to their personal
      Wishlist.

---

| |    | But the wisdom of crowds doesn't end there. Participants
      can organize their wishlists by ranking and rating ideas with simple drag
      & drop gestures. By sorting ideas in order of priority, users can
      express not simply that they like an idea, but where they rank it among
      other ideas they like. They can also rate ideas independent of their
      ranking, creating a deeper understanding of priorities and
    preferences.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    | Site administrators can group ideas together into
      Scorecards, which are then made available to crowd participants.
      Scorecards can be limited to a preset collection of ideas, or be
      open-ended. Once participants have submitted their scores, administrators
      can see rankings and ratings for all the ideas. Administrators can also
      assign weighting values to participants, which will differentiate their
      scoring, allowing key customers and users to have a stronger
  voice.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    | For example, imagine you are a major fast food chain and
      want to seek ideas from your customer base about what products or services
      to offer. You could start by having an open collection of ideas, letting
      people feed off of and rate each other's ideas, building a loyal community
      of interest. Then you can create a targeted Scorecard of the highest rated
      ideas that are actually feasible and publish that to the community to
      prioritize and rate ideas AGAINST each other, giving you valuable market
      intelligence about what changes you could make that would have the highest
      impact to your community. That is the power of Crowded
    Wisdom.                                                                                                                                                                                                                                                                                                               
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    | Built on the latest Domino technology, Crowded Wisdom
      can be deployed and managed on one server or across multiple clustered
      servers in just minutes, and can be easily integrated into other web
      applications for maximum exposure and business value.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    | Pricing:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    | Up to 25 users: $999 + $12 for each additional user. OR
      $10,000 per server cluster for unlimited users. OR $3 to $5 per
      user per month hosted.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | 6. | TruePresence Unified Communications &
      Collaboration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    | UC2 for Foundations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    | Written in: Java                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    | Component assets: Asterisk dial plan assembler, SIP
      presence tracking, Sametime click-to-call plugin, Sametime Bluetooth
      binding plugin                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |    | Implementing customers: None                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    | TruePresence PBX: No need to implement a separate and
      expensive phone system. Just plug in the appliance or install the software
      on your existing server hardware, configure it for your network, and plug
      in the IP phones of your choice (and/or softphones), and you have an
      advanced phone system with all the features you would expect and no
      recurring annual fees.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    | IBM Lotus Sametime Real-time Collaboration: The
      TruePresence appliance includes an integrated Sametime server with
      enterprise instant messaging and public chat network interoperability,
      VoIP services, mobile access, video chats, and web conferencing
      capabilities all with the security features required for business use. The
      Sametime Chat client is an extensible application platform that exposes
      all of these services and runs on Windows, Macintosh, and even Linux
      desktops. But many of these features can also be easily accessed from
      everyday applications such as Lotus Notes, Symphony, Quickr, Websphere
      Portal, Microsoft Office, Sharepoint, Microsoft Outlook, web browsers, and
      even mobile devices. TruePresence for Sametime adds the powerful
      integration to truly unify your communications and collaboration
      solutions. Features such as Phone Status Awareness (e.g., "on the phone"),
      Instant Phone Conference

---

Bridge from Sametime, Instant Web
Meetings with Integrated Telephony Services.

Strong security with content and
identity control: The Lotus Sametime Instant Messaging server can be connected
to public instant messaging networks such as AOL, Yahoo!, and GoogleTalk,
allowing you to control your users' identities, log all activity, and encrypt
confidential communications rather than have a free-for-all of unsecured
public tools.

IP Telephony Integration:
TruePresence for Sametime can be used with the TruePresence PBX or customized
to work with your telephony system of choice.

TruePresence Ultimate Small Business
Server: This all-in-one solution based on Lotus Foundations includes all of the
TruePresence features on a secure Linux-based server with email, collaborative
applications, instant messaging, IP telephony PBX, directory, file & print
services, firewall, anti-virus, anti- spam, integrated backup, automatic
updates, autonomic recovery, and remote access.

The business value of UCC

- Streamline business processes to improve
  productivity and reduce costs.
- Empower employees to improve responsiveness to
  boost customer satisfaction and loyalty.
- Fast access to subject matter experts without
  having to know who they are.
- Lay a scalable, adaptable foundation for added
  functionality.
- Gain control over the unmanaged use of public
  networks.
- Provide multiple communications options in the
  context of their regular activities.
- Lower telephony and travel costs.

Pricing:

As low as $490 for first 10 users +
$49 for each additional user. OR $3 to $5 per user per month hosted.

| | 7. | Envoy                                                                                                                                                                                                                                                                                                                           
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                 
| |    | DXL-based version tracking/control/assembler                                                                                                                                                                                                                                                                                    
| |    |                                                                                                                                                                                                                                                                                                                                 
| |    | Written in: Lotusscript                                                                                                                                                                                                                                                                                                         
| |    |                                                                                                                                                                                                                                                                                                                                 
| |    | Component assets: DXL assembler, version mapper, CSS
      style applier, Domino source searching Provides change tracking, rollback,
      dependency checking, compliance monitoring and automated test builds for
      Notes/Domino applications. Currently in beta as part of our Beyond the
      Cloud  hosting service.

Bones Health Care

Bones Health Care is a electronic health recording (EHR)
technology designed to be used at point-of-care, such as a hospital, clinic, or
physicians office. Based around a sophisticated touch sensitive interface, it
allows the patient and physician to securely enter data (HIPPA / CCHIT
compliant), interact with patient history information, and various data bases
(such as prescription drug information) and in parallel, will automatically
codes and bills the encounter to the appropriate insurance provider. Bones
provides a multitude of advantages including increasing physician efficiency,
and where the product is a self contained technology, it reduces or eliminates
the need for IT support.

OUTPUT! Ltd.

OUTPUT! Ltd (Professional Trainers for Sales) provides uniquely
customized sales, negotiation, CRM utilization, customer care and sales
management training to companies and individuals across the U.S. and the EU to
help sales organizations become more productive in their sales communication
with their customers. Through the quick & easy implementation of our unique
sales methodology and systems, we help our clients entire sales
staff to increase sales effectiveness which has proven to increase top line
revenue while lowering costs and increasing margins. OUTPUT! focuses on
Telecommunications, Telemarketing and Software Sales Organizations. OUTPUT! is
currently working with 65 customers in Europe and the US.

---

Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officer; Compensatory Arrangements of Certain
Officers.

Upon the consummation of the Acquisition, Pui Shan Lam and
Vanleo Y.W. Fung resigned from their respective positions with the Company,
effective immediately. Prior to her resignation, Pui Shan Lam had served as the
President, Chief Executive Officer and Director of the Company. Prior to his
resignation, Vanleo Y.W. Fung had served as the Chief Financial Officer,
Secretary and Director of the Company. There were no disagreements on any matter
relating to the Companys operations, policies or practices nor was the director
removed for cause from the Board of Directors.

Effective on the closing of the Acquisition, the Companys
directors appointed Joerg Ott to serve as the sole director of the Company and
to serve as the Chief Executive Officer of the Company. Mr. Ott does not have a
familial relationship with any director or executive officer of the Company.

Directors hold office until the next annual meeting of the
stockholders or until their successors have been elected and qualified. The
officers of the Company are appointed by the board of directors and hold office
until their death, resignation or removal from office.

Liquidity & Capital Resources

Our financial condition as at June 30, 2010 and March 31, 2010
and the changes between those periods for the respective items are summarized as
follows:

Working Capital

|                            |   | At
      June 30, 2010 |   |   | At
      March 31, 2010 |  
|--------------------------- | - | ---------------------- | - | - | ----------------------- | -
|                            |   |                        |   |   |                         |  
|Current Assets              | $ | 2                      |   | $ | 5,861                   |  
|Current Liabilities         |   | 20,500                 |   |   | 38,569                  |  
|Working Capital (deficiency | $ | (20,498                | ) | $ | (32,708                 | )

As of June 30, 2010, we had working capital deficiency of
$20,498. As of June 30, 2010, our total current assets were $165,000, which
consist of $0 in cash and cash equivalents, $0 in accounts receivable and $2 in
inventory. We also had long term assets of $164,998 in intangible assets
(goodwill, contracts, licenses and software).

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

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

Cash Flows

|                                                                         |   | Three Months Ended |  
|------------------------------------------------------------------------ | - | ------------------ | -
|                                                                         |   | June 30,           |  
|                                                                         |   | 2010               |  
|Net cash provided by (used in) operating
      activities                | $ | 28,207             |  
|Net cash proved by Financing Activities                                  | $ | (28,814            | )
|Foreign exchange translation                                             | $ | -                  |  
|Increase (decrease) in cash and cash equivalents during the
      period | $ | (507               | )
|Cash and cash equivalents, beginning of
      period                     | $ | 507                |  
|Cash and cash equivalents, end of period                                 | $ | -                  |  

---

Cash Provided by Financing Activities

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, 2010, 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 three months ended June 30, 2010, we generated $0 in
sales revenue, compared to $960 generated in the three months ended June 30,
2009. The cost of sales for the three months ended June 30, 2010 was $0 compared
to $0 for the three months ended June 30, 2009. During the three months ended
June 30, 2010, we generated $0 in consulting revenue compared to $3,266 for the
three months ended June 30, 2009.

Expenses

Our expenses for the three months ended June 30, 2010 and 2009
were as follows:

|                         |   | Three month periods ended |  
|------------------------ | - | ------------------------- | -
|                         |   | June 30,                  |  
|                         |   | 2010                      |  
|Expenses                 |   |                           |  
|Administration fees      | $ | -                         |  
|Office
      and general |   | -                         |  
|Professional fees        |   | 20,500                    |  
|Wages                    |   | -                         |  
|                         | $ | (20,500                   | )

We had net income of $12,208 for the three months ended June
30, 2010, compared to a net loss of $6,128 for the three months ended June 30,
2009.

For the three months ended June 30, 2009, we had $32,608 in
debt forgiveness. The forgiveness arose when the Selling Stockholders named in
those certain Stock Purchase Agreements, dated April 26, 2010, sold an aggregate
of 11,984,770 shares of their common stock of the Company for an aggregate
purchase price of $370,000 and forgave the balance of their debt owing from the
Company.

Plan of Operations and Cash Requirements

All project obligations for calendar year 2010 have been
satisfied.

Off-Balance Sheet Arrangements

As of June 30, 2010, 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.

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 June 30, 2010, 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 June 30, 2010 that has materially affected, or is
reasonably likely to materially affect, the Companys internal control over
financial reporting.

---

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.

On August 3, 2010, the Company filed a Preliminary Schedule 14C
Information Statement with the Securities and Exchange Commission therein
reporting that the Company had attained majority stockholder approval to amend
the Companys Certificate of Incorporation to change the name (the Name Change
Amendment) of the Company from Swav Enterprises Ltd. to GBS Enterprises
Incorporated. On August 16, 2010, the Company filed a Definitive Schedule 14C
Information Statement with the Securities and Exchange Commission and commenced
the mailing of the Definitive Information Statement to stockholders of record as
of the close of business on August 2, 2010.

The approval of the Name Change Amendment by the written
consent of the Companys stockholders required the consent of the holders of at
least a majority of the Companys outstanding shares of common stock as of
August 2, 2010 (the Record Date). As of the Record Date, 15,000,000 shares of
our Common Stock were issued and outstanding. Each share of the Companys common
stock was entitled to one vote. The holders of 9,021,963 shares of the Companys
Common Stock, representing approximately 60% of the shares entitled to vote on
the Record Date, executed the Action by Written Consent of the Stockholders in
Lieu of a Special Meeting. Consequently, and no additional votes are required to
approve the Name Change Amendment.

Item 5. Other Information.

The Company has applied to the Financial Industry Regulatory
Authority (FINRA) to change the Companys trading symbol to GBSE effective
upon the Companys filing the name change amendment to its Certificate of
Incorporation with the Secretary of State of the State of Nevada, anticipated to
be on or around September 6, 2010.

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Item 6. Exhibits.

|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]                     
|10.8  | Asset Purchase Agreement, dated April 26, 2010, between
      SWAV Enterprises Ltd. and Lotus Holdings Limited [Incorporated by
      reference to the Companys Form 8-K filed April 26, 2010]                              
|10.9  | Non-Affiliate Stock Purchase Agreement, dated April 26,
      2010, between the Selling Stockholders and Joerg Ott [Incorporated by
      reference to the Companys Form 8-K filed April 26, 2010]                          
|10.10 | Affiliate Stock Purchase Agreement, dated April 26, 2010,
      between the Selling Stockholders and Joerg Ott [Incorporated by reference
      to the Companys Form 8-K filed April 26, 2010]                              
|10.11 | Subsidiary Stock Purchase Agreement, dated April 26,
      2010, between SWAV Enterprises Ltd. and Pui Shan Lam [Incorporated by
      reference to the Companys Form 8-K filed April 26, 2010]                             
|31.1  | Rule 13(a)-14(a)/15(d)-14(a) Certifications                                                                                                                                                                                  
|32.1  | Section 1350 Certifications                                                                                                                                                                                                  

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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:                        
| |                            
| |                            
| |                            
| |                            
| |                            
| | Date:                      

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