---

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, 2009

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

Commission file number: 000-53223

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

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

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

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

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

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

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

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

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 12, 2009, 12,234,670 shares of the Company's $.0001 par value common
stock were issued and outstanding.

---

TABLE OF CONTENTS

|**PART I  FINANCIAL INFORMATION** |                                                                                            
|---------------------------------- | -------------------------------------------------------------------------------------------
|                                   |                                                                                            
|Item 1.                            | Consolidated Financial Statements                                                          
|                                   |                                                                                            
|                                   | Consolidated Balance Sheet                                                                 
|                                   |                                                                                            
|                                   | Consolidated Statement of Operations                                                       
|                                   |                                                                                            
|                                   | Consolidated Statement of Cash Flows                                                       
|                                   |                                                                                            
|                                   | Consolidated Statement of Stockholders Deficiency                                         
|                                   |                                                                                            
|                                   | Notes to the Financial Statements                                                          
|                                   |                                                                                            
|Item 2.                            | Managements Discussion and Analysis of Financial Condition
      and Results of Operations
|                                   |                                                                                            
|Item 3.                            | Quantitative and Qualitative Disclosures About Market Risk.                                
|                                   |                                                                                            
|Item 4.                            | Controls and Procedures                                                                    
|                                   |                                                                                            
|Item 4T.                           | Controls and Procedures                                                                    
|                                   |                                                                                            
|**PART II  OTHER INFORMATION:**   |                                                                                            
|                                   |                                                                                            
|Item 1.                            | Legal Proceedings                                                                          
|                                   |                                                                                            
|Item 1A.                           | Risk Factors                                                                               
|                                   |                                                                                            
|Item 2.                            | Unregistered Sales of Equity Securities and Use of Proceeds                                
|                                   |                                                                                            
|Item 3.                            | Defaults Upon Senior Securities                                                            
|                                   |                                                                                            
|Item 4.                            | Submission of Matters to a Vote of Security Holders                                        
|                                   |                                                                                            
|Item 5.                            | Other Information                                                                          
|                                   |                                                                                            
|Item 6.                            | Exhibits                                                                                   
|                                   |                                                                                            
|Signatures                         | 21                                                                                         

---

PART I  FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

These consolidated financial statements have been prepared by
SWAV Enterprises Ltd. (the Company) without audit, pursuant to the
rules and regulations of the Securities and Exchange Commission (SEC).
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been omitted in accordance with such SEC rules and regulations. In the
opinion of management, the accompanying statements contain all adjustments
necessary to present fairly the financial position of the Company as of June 30,
2009, and its results of operations, stockholders equity, and its cash flows
for the three months period ended June 30, 2009. The results for these interim
periods are not necessarily indicative of the results for the entire year. The
accompanying financial statements should be read in conjunction with the
financial statements and the notes thereto filed as a part of the Companys
annual report on Form 10-K filed on July 14, 2009.

4

---

SWAV Enterprises Ltd.CONSOLIDATED BALANCE SHEETS
As at June 30, 2009 and March 31, 2009

|                                                         |   | June 30,  |   |   | March 31, |  
|-------------------------------------------------------- | - | --------- | - | - | --------- | -
|                                                         |   | 2009      |   |   | 2009      |  
|                                                         |   | Unaudited |   |   | Audited   |  
|ASSETS                                                   |  
|Current                                                  |   |           |   |   |           |  
|Cash and cash
      equivalents                          | $ | 488       |   | $ | 944       |  
|Due from related parties  Note 3                        |   | 3,504     |   |   | 2,959     |  
|                                                         |   |           |   |   |           |  
|Total Assets                                             | $ | 3,992     |   | $ | 3,903     |  
|                                                         |   |           |   |   |           |  
|LIABILITIES                                              |  
|Current                                                  |   |           |   |   |           |  
|Accounts payable and accrued
      liabilities           | $ | 14,590    |   | $ | 15,166    |  
|Due to related parties
       Note 3                    |   | 9,171     |   |   | 1,913     |  
|                                                         |   |           |   |   |           |  
|Total Liabilities                                        |   | 23,761    |   |   | 17,079    |  
|                                                         |   |           |   |   |           |  
|STOCKHOLDERS'
      EQUITY                               |  
|Capital Stock  Note 4                                   |   |           |   |   |           |  
|Authorized:                                              |   |           |   |   |           |  
|25,000,000 common
      stock with a par value of $0.001 |   |           |   |   |           |  
|Issued and outstanding                                   |   |           |   |   |           |  
|12,234,670 common
      stock                            |   | 12,235    |   |   | 12,235    |  
|Additional paid in capital                               |   | 155,795   |   |   | 155,795   |  
|Donated capital                                          |   | 39,315    |   |   | 38,672    |  
|Accumulated other comprehensive lost                     |   | (6,378    | ) |   | (5,270    | )
|Accumulated deficit                                      |   | (220,736  | ) |   | (214,608  | )
|                                                         |   |           |   |   |           |  
|Total Stockholders' Equity                               |   | (19,769   | ) |   | (13,176   | )
|                                                         |   |           |   |   |           |  
|Total Liabilities and Stockholders' Equity               | $ | 3,992     |   | $ | 3,903     |  

5

SEE ACCOMPANYING NOTES

---

SWAV Enterprises Ltd.CONSOLIDATED STATEMENTS OF
OPERATIONS For the three months ended June 30, 2009 and 2008

|                                              |   | For the three months |  
|--------------------------------------------- | - | -------------------- | -
|                                              |   | ended June 30,       |  
|                                              |   | 2009                 |  
|                                              |   | Unaudited            |  
|                                              |   |                      |  
|Sales                                         | $ | 960                  |  
|                                              |   |                      |  
|Cost of sales                                 |   | -                    |  
|                                              |   |                      |  
|Gross profit                                  |   | 960                  |  
|Consulting revenue                            |   | 3,266                |  
|                                              |   |                      |  
|Income before selling and operating expenses  |   | 4,226                |  
|                                              |   |                      |  
|Selling expenses - sales commission           |   | 173                  |  
|                                              |   |                      |  
|Income before operating expenses              |   | 4,053                |  
|                                              |   |                      |  
|Expenses                                      |   |                      |  
|Administration fees                           |   | 643                  |  
|Filing fees                                   |   | -                    |  
|Office and general                            |   | 1,468                |  
|Professional fees                             |   | 5,500                |  
|Rent                                          |   | -                    |  
|Travel and promotion                          |   | -                    |  
|Wages                                         |   | 2,570                |  
|                                              |   |                      |  
|                                              |   | (10,181              | )
|                                              |   |                      |  
|Net income (loss) for period                  |   | (6,128               | )
|Other comprehensive income                    |   |                      |  
|Foreign currency
      adjustment             |   | (1,108               | )
|                                              |   |                      |  
|Comprehensive income (loss)                   | $ | (7,236               | )
|                                              |   |                      |  
|Basic and diluted income (loss) per share     | $ | (0.000               | )
|                                              |   |                      |  
|Weighted average number of shares outstanding |   | 12,234,670           |  

6

SEE ACCOMPANYING NOTES

---

SWAV Enterprises Ltd.CONSOLIDATED STATEMENTS OF CASH
FLOWS For the three months ended June 30, 2009 and 2008

|                                                                         |   | For the three months |  
|------------------------------------------------------------------------ | - | -------------------- | -
|                                                                         |   | ended June 30        |  
|                                                                         |   | 2009                 |  
|                                                                         |   | Unaudited            |  
|Operating activities                                                     |   |                      |  
|Net income (loss) for period                                             | $ | (6,128               | )
|Non  cash expense
       administration fee                            |   | 643                  |  
|Changes in non-cash working capital balances                             |   |                      |  
|Accounts
      receivable                                                |   | -                    |  
|Inventory                                                                |   | -                    |  
|Accounts
      payable and accrued liabilities                           |   | (5,76                | )
|                                                                         |   |                      |  
|Net cash provided by (used
      in) operating activities                |   | (6,061               | )
|                                                                         |   |                      |  
|Financing Activities                                                     |   |                      |  
|Common share issued                                                      |   | -                    |  
|Increase (decrease) in
      related party liability                     |   | 7,258                |  
|Decrease (increase) in related party receivable                          |   | (545                 | )
|Loan payable                                                             |   | -                    |  
|                                                                         |   |                      |  
|Net cash proved by Financing
      Activities                            |   | 6,713                |  
|                                                                         |   |                      |  
|Foreign exchange translation                                             |   | (1,108               | )
|                                                                         |   |                      |  
|Increase (decrease) in cash and cash equivalents
      during the period |   | (456                 | )
|Cash and cash equivalents, beginning of the period                       |   | 944                  |  
|                                                                         |   |                      |  
|Cash and cash equivalents, end of the period                             | $ | 488                  |  
|                                                                         |   |                      |  
|Supplemented disclosure of cash flow information:                        |   |                      |  
|                                                                         |   |                      |  
|Non-cash Financing Activities                                            |   |                      |  
|Issue
      of common shares for debt to related party                   | $ | -                    |  
|                                                                         |   |                      |  
|Cash paid for:                                                           |   |                      |  
|Interest                                                                 | $ | -                    |  
|Income
      taxes                                                       | $ | -                    |  

7

SEE ACCOMPANYING NOTES

---

SWAVEnterprisesLtd.CONSOLIDATED
STATEMENT OF STOCKHOLDERS' DEFICIENCY For the three months ended June 30,
2009 and the year ended March 31, 2009

|                         |  |              |  |   |         |  |   |               |  |   | Accumulated   |   |   |             |  |   |          |   |   |         |  
|------------------------ |  | ------------ |  | - | ------- |  | - | ------------- |  | - | ------------- | - | - | ----------- |  | - | -------- | - | - | ------- | -
|                         |  |              |  |   |         |  |   | Additional    |  |   | Other         |   |   |             |  |   |          |   |   |         |  
|                         |  | Common Stock |  |   | Paid in |  |   | Comprehensive |  |   | Donated       |   |   | Accumulated |  |   |          |  
|                         |  | Shares       |  |   | Amount  |  |   | Capital       |  |   | Income (Loss) |   |   | Capital     |  |   | Deficit  |   |   | Total   |  
|Balance, March 31, 2008  |  | 11,400,000   |  | $ | 11,400  |  | $ | 131,590       |  | $ | (5,968        | ) | $ | 36,010      |  | $ | (195,347 | ) | $ | (22,315 | )
|                         |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|                         |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Issuance of shares for   |  | 834,670      |  | $ | 835     |  | $ | 24,205        |  | $ | -             |   | $ | -           |  | $ | -        |   | $ | 25,040  |  
|cash, June 30, 2008      |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|                         |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Net Loss for the year    |  | -            |  | $ | -       |  | $ | -             |  | $ | -             |   | $ | 2,662       |  | $ | (19,261  | ) | $ | (16,599 | )
|ended March 31, 2009     |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|                         |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Other comprehensive loss |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|for the year ended       |  | -            |  | $ | -       |  | $ | -             |  | $ | 698           |   | $ | -           |  | $ | -        |   | $ | 698     |  
|March 31, 2009           |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|                         |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Balance, March 31, 2008  |  | 12,234,670   |  | $ | 12,235  |  | $ | 155,795       |  | $ | (5,270        | ) | $ | 38,672      |  | $ | (214,608 | ) | $ | (13,176 | )
|                         |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|                         |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Issuance of shares for   |  | -            |  | $ | -       |  | $ | -             |  | $ | -             |   | $ | -           |  | $ | -        |   | $ | -       |  
|cash, June 30, 2009      |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|                         |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Net Loss for the period  |  | -            |  | $ | -       |  | $ | -             |  | $ | -             |   | $ | 643         |  | $ | (6,128   | ) | $ | (5,485  | )
|ended June 30, 2009      |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|                         |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Other comprehensive loss |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|for the period ended     |  | -            |  | $ | -       |  | $ | -             |  | $ | (1,108        | ) | $ | -           |  | $ | -        |   | $ | (1,108  | )
|June 30, 2009            |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|                         |  |              |  |   |         |  |   |               |  |   |               |   |   |             |  |   |          |   |   |         |  
|Balance, June 30, 2009   |  | 12,234,670   |  | $ | 12,235  |  | $ | 155,795       |  | $ | (6,378        | ) | $ | 39,315      |  | $ | (220,736 | ) | $ | (19,769 | )

---

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

NOTE 1 - OPERATIONS AND RESTRUCTURING

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

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

NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES

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

Interim reporting

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

Operating results for the three months ended June 30, 2009 are
not necessarily indicative of the results that can be expected for the year
ending March31, 2010.

Basis of Presentation

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

9

---

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

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

Going concern

These financial statements have been prepared on the going
concern basis, which presumes that the Company will continue operations for the
foreseeable future and will be able to realize assets and discharge liabilities
in the normal course of business. The Company has accumulated losses of $220,736
as at June 30, 2009 and has not generated sufficient cash flow from operations
to fund its activities. There can be no assurance that a self-supporting level
of operation will ever be achieved. Further, it requires additional capital in
order to continue.

The continuation of the Company is dependent on its ability to
obtain the necessary capital to achieve profitability and to meet the
requirements, from time to time, of lenders, if any, who are willing to provide
this financing. Management believes that its operations will generate additional
funds and that it will be able to obtain additional capital primarily through
the issue of shares and debt from outside investors and management.

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

Cash and Cash Equivalents

For purposes of the Statement of Cash Flows, management
considers liquid investments with an original maturity of three months or less
to be cash equivalents. As at June 30, 2009, the Company did not have any cash
equivalents ($nil  2008). As at June 30, 2009, all cash amounts were deposited
in accounts that were federally insured. (All cash amounts in 2008 were likewise
federally insured).

Use of Estimates

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

Comprehensive Income (Loss)

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

10

---

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

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

Net Income per Common Share

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

Financial Instruments

The fair value of financial instruments consisting of cash and
cash equivalents, accounts receivable, accounts payable, loans from and to
related parties and loans payable, 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

Effective April 1, 2008, the Company adopted SFAS No. 157,
'Fair Value Measurements,' for all financial instruments and non-financial
instruments accounted for at fair value on a recurring basis. SFAS 157
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.

SFAS 157 established market and observable inputs as the
preferred source of values, followed by assumptions based on hypothetical
transaction in the absence of market inputs. The valuation techniques required
by SFAS 57 are based upon observable and unobservable inputs. Observable inputs
reflect market data obtained from independent sources, while unobservable inputs
reflect the Company's market assumptions. These two types of inputs create the
following fair value hierarchy:

Level 1 - Quoted prices in active markets for identical asset
or liabilities.

Level 2 - Observable inputs other than quoted prices included
in Level 1, such as quoted prices for similar assets and liabilities in active
markets; quoted prices for identical or similar assets and liabilities in
markets that are not active; or other inputs that are observable or can be
corroborated by observable market data.

Level 3 - Unobservable inputs that are supported by little or
no market activity and that are significant to the fair value of the assets or
liabilities. This includes certain pricing models, discounted cash flow
methodologies and similar techniques that use significant unobservable
inputs.

11

---

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

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

Fair Value Measurements (Contd)

In October 2008, the FASB issued FASB Staff Position No. FAS
157-3, Determining the Fair Value of a Financial Asset in a Market That Is Not
Active (FSP 157-3), which clarifies the application of SFAS 157 when the market
for a financial asset is inactive. Specifically, FSP 157-3 clarifies how (1)
managements internal assumptions should be considered in measuring fair value
when observable data are not present, (2) observable market information from an
inactive market should be taken into account, and (3) the use of broker quotes
or pricing services should be considered in assessing the relevance of
observable and unobservable data to measure fair value. The guidance in FSP
157-3 became effective immediately.

Currency risks

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

Costs of Goods Sold

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

Impairment of Long-Lived Assets

The Company evaluates the recoverability of its fixed assets
and other assets in accordance with Statement of Financial Accounting Standards
No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets
(SFAS 144). SFAS 144 requires recognition of impairment of long-lived
assets in the event the net book value of such assets exceeds its expected cash
flows, it is considered to be impaired and is written down to fair value, which
is determined based on either discounted future cash flows or appraised values.
The Company adopted the statement on inception. No impairments of these types of
assets were recognized during the period ended June 30, 2009.

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

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

12

---

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

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

Foreign currency translation (Contd)

For financial reporting purposes, the financial statements of
the Company which are prepared using the functional currency have been
translated into United States dollars. Assets and liabilities are translated at
the exchange rates at the balance sheet dates and revenue and expenses are
translated at the average exchange rates and stockholders equity is translated
at historical exchange rates. Any translation adjustments resulting are not
included in determining net income but are included in foreign exchange
adjustment to other comprehensive income, a component of stockholders equity
(deficit).

| |                                |  | Three months        |  |  | Year ended     | 
| | ------------------------------ |  | ------------------- |  |  | -------------- | 
| |                                |  | ended               |  |  | March 31, 2008 | 
| |                                |  | June
      30, 2009 |  |  |                | 
| | C$ : US$ exchange rate         |  | .8166               |  |  | 1.02785        | 
| | Average C$ : US$ exchange rate |  | .8248               |  |  | .98200         | 

Deferred Taxes

Income taxes are provided in accordance with Statement of
Financial Accounting Standards No. 109 (SFAS No. 109), Accounting for Income
Taxes. A deferred tax asset or liability is recorded for all temporary
differences between financial and tax reporting and net operating loss-carry
forwards.

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

Recent Accounting Pronouncements

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

NOTE 3  RELATED PARTY TRANSACTIONS AND BALANCES

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

13

---

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

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

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

|Expenses paid to related parties:                                    |   | 2009  |  |   | 2008  | 
|-------------------------------------------------------------------- | - | ----- |  | - | ----- | 
|Wages                                                                | $ | 2,570 |  | $ | 3,074 | 
|Rent                                                                 | $ | -     |  | $ | 7,43  | 
|Inventory purchases                                                  | $ | -     |  | $ | 416   | 
|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.

As at June 30, 2009, there were no shares subject to options,
warrants or other agreements.

14

---

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

Corporate Overview and Background

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

Our Business

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

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

In addition, because our President and Chief Executive Officer,
Pui Shan Lam, has traveled frequently to China and has become generally familiar
with doing business with Chinese businesses, we have provided consulting
services to other companies in Canada who wish to carry out various projects in
China.

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

SWAV Holdings has successfully conducted business through
various distribution channels, such as auctions and trade shows. We engage Able
Auctions, an auction house in Calgary, Alberta, Canada to conduct auctions for
us, which generally occur once a month. We have effectively used auctions to
dispose of our excess inventory. Through our engagement of Able Auctions, we do
not have to pay for any of the operating expenses related to the auction house
other than paying a commission on any sale. The auction house does its own
advertising as it deems necessary and provides warehousing facility as required.
We paid Able Auction a total cost of 18% commission on each sale in year 2008
and will also pay Able Auction 18% commissions on our sales in year 2009. There
is no other cost involved with Able Auctions. We deliver the furniture to Able
Auctions premise and the buyers take care of their own delivery. Able Auctions
charges all of their clients the same commission rate. There is no written
agreement signed between Able Auctions and our company.

In addition to the auction house, we have also been selling
furniture privately to various home owners. In these private sales to home
owners, we would show our furniture catalogues to the home owners, who would
then place an order to us directly. After receiving the order, we would ship the
ordered furniture products from China and make arrangement for delivery to the
home owners directly.

15

---

Liquidity & Capital Resources

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

Working Capital

June 30,
    
    
    March 31,2009
      
    
    2009Current Assets
    $
    3,992
    
    $
    3,903Current Liabilities
    
    23,761
      
    
    17,079Working Capital
    $
    (19,769
      )
    $
    (13,176
      )


As of June 30, 2009, we had working capital deficit of $19,769.
As of June 30, 2009, our total current assets were $3,992, which consist of cash
and cash equivalents of $488 and $3,504 due from related party, and our total
current liabilities were $23,761.

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

|                                                                         |   | Jun 30, |  
|------------------------------------------------------------------------ | - | ------- | -
|                                                                         |   | 2009    |  
|Net cash provided by (used in) operating activities                      | $ | (6,061  | )
|Net cash proved by Financing Activities                                  |   | 6,713   |  
|Increase (decrease) in cash and cash equivalents
      during the period | $ | (456    | )

Cash Provided by Financing Activities

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

16

---

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

Results of Operations

Revenues

During the period ended June 30, 2009, we generated $960 in
sales revenue, compared to $1,406 generated in the period ended June 30, 2008.
This revenue was generated from sales of gift products through various stores
and also an auction house in Calgary, Canada. The cost of sales for the period
ended June 30, 2009 was $nil compared to $416 in the period ended June 30, 2008.
The cost of sales included the total cost of purchased goods, transportation,
import duty, custom tax, etc. for the goods purchased during the period. During
the period ended June 30, 2009, we generated $3,266 in consulting revenue
compared to $Nil in the period ended June 30, 2008.

Expenses

Our expenses for the period ended June 30, 2009 and 2008 were
as follows:

|                     |   | 3 month periods ended |  
|-------------------- | - | --------------------- | -
|                     |   | 2009                  |  
|Expenses             |   |                       |  
|Administration fees  | $ | 643                   |  
|Filing fees          |   | -                     |  
|Office and general   |   | 1,468                 |  
|Professional fees    |   | 5,500                 |  
|Rent                 |   | -                     |  
|Travel and promotion |   | 1,996                 |  
|Wages                |   | 2,570                 |  
|                     | $ | (10,181               | )

We incurred a net loss of $6,128 for the period ended June 30,
2009, compared to $9,773 for the period ended June 30, 2008.

Plan of Operations and Cash Requirements

All project obligations for calendar year 2008 have been
satisfied and new large obligatory project expenses will not be due until August
2009.

Off-Balance Sheet Arrangements

As of June 30, 2009, we had no off-balance sheet arrangements,
including any outstanding derivative financial statements, off-balance sheet
guarantees, interest rate swap transactions or foreign currency contracts. We do
not engage in trading activities involving non-exchange traded contracts.

17

---

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 4. Controls and Procedures.

Effectiveness of Disclosure

Our management, including our principal executive officer, our
principal financial officer and our principal accounting officer and our Board
of Directors, is responsible for establishing and maintaining a process to
provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles.

Our management, with the participation of our principal
executive officer and our principal financial officer, evaluated the
effectiveness of our internal control over financial reporting as of June 30,
2009. Our managements evaluation of our internal control over financial
reporting was based on the framework in Internal ControlIntegrated Framework,
issued by the Committee of Sponsoring Organizations of the Treadway
Commission.

18

---

Based on such evaluation, management determined that our
internal control over financial reporting was not effective as of June 30, 2009
because the following material weakness in internal control over financial
reporting existed as of June 30, 2009.

| | (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.

A material weakness is a deficiency or a combination of control
deficiencies in internal control over financial reporting such that there is a
reasonable possibility that a material misstatement of our annual or interim
financial statements will not be prevented or detected on a timely basis.

This annual report does not include an attestation report of
our companys independent registered public accounting firm regarding internal
control over financial reporting. Managements report was not subject to
attestation by our companys independent registered public accounting firm
pursuant to temporary rules of the SEC that permit our company to provide only
managements report in this annual report.

Limitations on Effectiveness of Controls

Our principal executive officer and principal financial officer
do not expect that our disclosure controls or our internal control over
financial reporting will prevent all errors and all fraud. A control system, no
matter how well conceived and operated, can provide only reasonable, not
absolute, assurance that the objectives of the control system are met. Further,
the design of a control system must reflect the fact that there are resource
constraints, and the benefits of controls must be considered relative to their
costs. Because of the inherent limitations in all control systems, no evaluation
of controls can provide absolute assurance that all control issues and instances
of fraud, if any, within our company have been detected. These inherent
limitations include the realities that judgments in decision-making can be
faulty, and that breakdowns can occur because of a simple error or mistake.
Additional controls can be circumvented by the individual acts of some persons,
by collusion of two or more people, or by management override of the controls.
The design of any system of controls also is based in part upon certain
assumptions about the likelihood of future events, and there can be no assurance
that any design will succeed in achieving its stated goals under all potential
future conditions; over time, controls may become inadequate because of changes
in conditions, or the degree of compliance with the policies or procedures may
deteriorate. Because of the inherent limitations in a cost-effective control
system, misstatements due to error or fraud may occur and not be detected.

Changes in Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining
adequate internal control over financial reporting, as such term is defined in
Exchange Act Rules 13a-15(f). There was no change in our internal control over
financial reporting during our fiscal quarter ended June 30, 2009 that has
materially affected, or is reasonably likely to materially affect, our internal
control over financial reporting.

Item 4T. Controls and Procedures.

N/A

19

---

PART IIOTHER INFORMATION

Item 1. Legal Proceedings.

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

Item 1A. Risk Factors.

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

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

None.

Item 3. Defaults Upon Senior Securities.

None.

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

There were no matters submitted to a vote of security holders
during the three months ended June 30, 2009.

Item 5. Other Information.

None

Item 6. Exhibits.

Exhibits required by Item 601 of Regulation S-K:

|No.   | Description                                                                                                                                                                                                                        
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                    
|3.1   | Articles of
        Incorporation [Incorporated by reference to the Companys Form SB-2
        filed January 14, 2008]                                                                                                            
|      |                                                                                                                                                                                                                                    
|3.2   | Bylaws [Incorporated
        by reference to the Companys Form SB-2 filed January 14, 2008]                                                                                                                                       
|      |                                                                                                                                                                                                                                    
|10.1  | Share Exchange
        Agreement between Swav Enterprises Ltd. and Pui Shan Lam dated April 1,
        2007 [Incorporated by reference to the Companys Form SB-2 filed
        January 14, 2008]                                  
|      |                                                                                                                                                                                                                                    
|10.2  | Form of Subscription
        Agreement used in the private placements that closed on May 4, 2007 between
        our company and 45 investors [Incorporated by reference to the Companys
        Form SB-2 filed January 14, 2008]
|      |                                                                                                                                                                                                                                    
|10.3  | Form of Subscription
        Agreement used in the private placements that closed on May 4, 2007 between
        our company and 45 investors [Incorporated by reference to the Companys
        Form SB-2 filed January 14, 2008]
|      |                                                                                                                                                                                                                                    
|10.4  | Form of Subscription
        Agreement used in the private placements that closed on June 30, 2008
        between our company and four investors [Incorporated by reference to the
        Companys Form 8-K filed June 21, 2008]
|      |                                                                                                                                                                                                                                    
|21    | Subsidiaries
        of Swav Enterprises Ltd.: 
        Swav Holdings Inc., an Alberta corporation                                                                                                                                 
|      |                                                                                                                                                                                                                                    
|31.1* | Rule
        13(a)-14(a)/15(d)-14(a) Certifications (CEO)                                                                                                                                                                          
|      |                                                                                                                                                                                                                                    
|31.2* | Rule
        13(a)-14(a)/15(d)-14(a) Certifications (CFO)                                                                                                                                                                          
|      |                                                                                                                                                                                                                                    
|32.1* | Section
        1350 Certifications (CEO)                                                                                                                                                                                          
|      |                                                                                                                                                                                                                                    
|32.2* | Section
        1350 Certifications (CFO)                                                                                                                                                                                          

*filed herewith

20

---

SIGNATURES

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

SWAV ENTERPRISES LTD.



By: /s/ Pui Shan Lam Pui Shan LamPresident, Chief
Executive Officer and Director Principal Executive Officer Date: August
12, 2009



By: /s/ Vanleo Y.W. Fung Vanleo Y.W. Fung Chief
Financial Officer, Secretary and DirectorPrincipal Financial Officer and
Principal Accounting Officer Date: August 12, 2009

21

---