UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549  FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  For the quarterly period ended May 31, 2010 COMMISSION FILE NUMBER: 333-121044  W. S. INDUSTRIES, INC. _____________________________________________________________ (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)  Nevada 98-0439650 _______________________               ____________________________________ (State of organization)               (I.R.S. Employer Identification No.)  4255 Arbutus St. Suite 250, Vancouver, BC V6J 4R1 _______________________________________ (Address of principal executive offices)  Tel: 604-830-6499 _________________________________________________ Registrants telephone number, including area code    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  o  Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, 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  o    No  ý   Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. Large accelerated file   o                                Accelerated filer  o Non-accelerated filer  o                            Smaller reporting company  ý   1    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ý                        No  o   State the number of shares outstanding of each of registrants classes of common equity, for the period covered by this report and as at the latest practicable date:   Title of each classNumber of sharesCommon Stock, par value $0.001 per share21,088,680  2    Contents  PART I | OTHER INFORMATION 3 ITEM 1 | FINANCIAL STATEMENTS 4 ITEM 2 | MANAGEMENTS DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS10 Financial Condition 10 Results of Operations 10 Results of Operations - continued 11 Liquidity and Capital Requirements 11 ITEM 3 | DISCLOSURES ABOUT MARKET RISK 11 Foreign Currency 11 ITEM 4 | CONTROLS AND PROCEDURES 12 PART II | OTHER INFORMATION 13 ITEM 1 | LEGAL PROCEEDINGS 13 ITEM 1A | RISK FACTORS 13 ITEM 2 | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 13 ITEM 3 | DEFAULTS UPON SENIOR SECURITIES 13 ITEM 4 | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 13 ITEM 5 | OTHER INFORMATION 13 ITEM 6 | EXHIBITS AND REPORTS ON FORM 8-K 13 ITEM 7 | SIGNATURES 14    3


W.S. INDUSTRIES, INC. (A Development Stage Company) INTERIM FINANCIAL STATEMENTS May 31, 2010 (Unaudited) (Stated in US Dollars)


2


PART I | OTHER INFORMATION    ITEM 1 | FINANCIAL STATEMENTS  W.S. INDUSTRIES, INC. (A Development Stage Company) INTERIM BALANCE SHEETS May 31, 2010 and August 31, 2009 (Unaudited) (Stated in US Dollars)


|                                                  |                                                       |        |            |        |  | 
|------------------------------------------------- | ----------------------------------------------------- | ------ | ---------- | ------ |  | 
|                                                  | May 31,                                               |        | August 31,
|ASSETS                                            | 2010                                                  |        | 2009      
|                                                  |                                                       |        |           
|Current                                           |                                                       |        |           
|Cash                                              | $
2,307                                               |        | $
856     
|                                                  |                                                       |        |           
|Equipment- Note 3                                 | 216                                                   |        | 279       
|                                                  |                                                       |        |           
|                                                  | $
2,523                                               |        | $
1,135   
|                                                  |                                                      
|                                                  | LIABILITIES                                          
|                                                  |                                                      
|Current                                           |                                                       |        |           
|Accounts payable and accrued liabilities  Note 5 | $
367,763                                             |        | $
209,712 
|Loans and advances  Note 5                       | 28,699                                                |        | 25,599    
|                                                  |                                                       |        |           
|                                                  | 396,462                                               |        | 235,311   
|                                                  |                                                       |        |           
|                                                  | SHAREHOLDERS EQUITY                                 
|                                                  |                                                       |        |           
|Capital Stock  Note 4                            |                                                       |        |           
|Common Stock, $0.001 par value                    |                                                       |        |           
|25,000,000                                        | authorized,                                           |        |            |       
|21,088,680                                        | issued and outstanding ( August 31, 2009: 21,088,680) | 21,089 |            | 21,089
|Additional paid-in capital                        | 214,097                                               |        | 214,097   
|Deficit accumulated during the development stage  | (634,478)                                             |        | (474,877) 
|Accumulated other comprehensive income            | 5,353                                                 |        | 5,515     
|                                                  |                                                       |        |           
|                                                  | (393,939)                                             |        | (234,176) 
|                                                  |                                                       |        |           
|                                                  | $
2,523                                               |        | $
1,135   

APPROVED BY THE DIRECTOR: Jack DempseyDirectorJack Dempsey  SEE ACCOMPANYING NOTES


3


W.S. INDUSTRIES, INC. (A Development Stage Company) INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS for the nine months ended May 31, 2010 and 2009 and for the period from April 5, 2004 (Date of Inception) to May 31, 2010 (Unaudited) (Stated in US Dollars)


|                                              |                    |                   |               |             |               |  |  |  |  |  |  |  |  |  |  |  |  | 
|--------------------------------------------- | ------------------ | ----------------- | ------------- | ----------- | ------------- |  |  |  |  |  |  |  |  |  |  |  |  | 
|                                              |                    |                   |               |             | April 5, 2004
|                                              |                    |                   |               |             | (Date of     
|                                              | Three months ended | Nine months ended | Inception) to
|                                              | May 31,            | May 31,           | May 31,       | May 31,     | May 31,      
|                                              | 2010               | 2009              | 2010          | 2009        | 2010         
|                                              |                    |                   |               |             | (cumulative) 
|Revenue                                       |                    |                   |               |             |              
|Storage rental fee                            | $
-                | $
-               | $
-           | $
-         | $
17,285     
|Expenses                                      |                    |                   |               |             |              
|                                              |                    |                   |               |             |              
|Administrative services                       | 5,400              | 5,400             | 16,200        | 16,200      | 43,200       
|Bad debt expense                              | -                  | -                 | -             | -           | 8,085        
|Bank charges and interest                     | 7,818              | 4,014             | 17,784        | 9,359       | 33,935       
|Consulting fees                               | -                  | -                 | -             | -           | 8,878        
|Courier and postage                           | -                  | -                 | -             | -           | 177          
|Depreciation                                  | 21                 | 89                | 63            | 267         | 2,025        
|Entertainment                                 | -                  | -                 | -             | 858         | 2,810        
|Management fees and bonus - Note 5            | 30,300             | 30,300            | 90,900        | 90,900      | 291,700      
|Office and miscellaneous                      | -                  | -                 | 25            | 1,000       | 12,671       
|Professional fees                             | 5,287              | 8,165             | 28,434        | 25,851      | 158,424      
|Registration and filing fees                  | 1,315              | 553               | 5,960         | 9,905       | 34,032       
|Rent                                          | -                  | -                 | -             | -           | 17,418       
|Research and marketing                        | -                  | -                 | -             | -           | 7,500        
|Telephone                                     | -                  | -                 | -             | -           | 3,027        
|Travel                                        | -                  | -                 | -             | -           | 6,154        
|Wages                                         | -                  | -                 | -             | -           | 6,139        
|                                              | 50,141             | 48,521            | 159,366       | 154,340     | 636,175      
|Loss before other items                       | (50,141)           | (48,521)          | (159,366)     | (154,340)   | (618,890)    
|Interest income (expense)                     | -                  | -                 | -             | -           | 4,327        
|Foreign exchange loss                         | (61)               | 251               | (235)         | (781)       | (9,913)      
|Impairment of investment                      | -                  | -                 | -             | -           | (10,000)     
|Net loss for the period                       | (50,202)           | (48,270)          | (159,601)     | (155,121)   | (634,476)    
|Foreign currency translation adjustment       | -                  | -                 | (162)         | -           | 5,353        
|Comprehensive loss for the period             | $
(50,202)         | $
(48,270)        | $
(159,763)   | $
(155,121) | $
(629,123)  
|Basic loss per share                          | $
0.00             | $
0.00            | $
0.00        | $
0.00      |              
|Weighted average number of shares outstanding | 21,088,680         | 21,088,680        | 21,088,680    | 21,088,680  |              

SEE ACCOMPANYING NOTES


4


W.S. INDUSTRIES, INC. (A Development Stage Company) INTERIM STATEMENTS OF CASH FLOWS for the nine months ended May 31, 2010 and 2009 and for the period from April 5, 2004 (Date of Inception) to May 31, 2010 (Unaudited) (Stated in US Dollars)


|                                                    |                        |                         |                         
|--------------------------------------------------- | ---------------------- | ----------------------- | ------------------------
|                                                    |                        |                         | April 5, 2004           
|                                                    |                        |                         | (Date of                
|                                                    | Nine months ended      | Inception) to          
|                                                    | May 31,                | May 31,                
|                                                    | 2010                   | 2009                    | 2010                    
|                                                    |                        |                         | (cumulative)            
|Cash Flows used in Operating Activities             |                        |                         |                         
|Net loss for the period                             | $            159,601)  | $         (155,121)     | $            (634,478)  
|Items not affecting cash:                           |                        |                         |                         
|Depreciation                                        | 63                     | 267                     | 2,025                   
|Impairment of investment                            | -                      | -                       | 10,000                  
|Changes in non-cash working capital balances:       |                        |                         |                         
|Accounts payable and accrued liabilities            | 158,051                | 133,739                 | 424,263                 
|                                                    |                        |                         |                         
|Net cash provided by (used in) operating activities | (1,487)                | (21,115)                | (198,190)               
|                                                    |                        |                         |                         
|Cash Flows from Financing Activities                |                        |                         |                         
|Loans and advances                                  | 3,100                  | 24,283                  | 27,383                  
|Common stock issued                                 | -                      | -                       | 297,186                 
|Common stock repurchased                            | -                      | -                       | (62,000)                
|                                                    |                        |                         |                         
|Net cash provided by financing activities           | 3,100                  | 24,283                  | 262,569                 
|                                                    |                        |                         |                         
|Cash Flows used in Investing Activities             |                        |                         |                         
|Acquisition of equipment                            | -                      | -                       | (4,247)                 
|Acquisition of investments                          | -                      | (2,605)                 | (64,903)                
|                                                    |                        |                         |                         
|Net cash used in investing activities               | -                      | (2,605)                 | (69,330)                
|                                                    |                        |                         |                         
|Effect of exchange rate changes on cash             | (162)                  | -                       | 7,258                   
|                                                    |                        |                         |                         
|Net increase (decrease) in cash during the period   | 1,451                  | 563                     | 2,307                   
|                                                    |                        |                         |                         
|Cash, beginning of period                           | 856                    | 524                     | -                       
|                                                    |                        |                         |                         
|Cash, end of period                                 | $                2,307 | $                 1,087 | $                  2,307
|                                                    |                        |                         |                         
|                                                    |                        |                         |                         

SEE ACCOMPANYING NOTES


5


W.S. INDUSTRIES, INC. (A Development Stage Company) STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIENCY) for the period April 5, 2004 (Date of Inception) to May 31, 2010 (Unaudited) (Stated in US Dollars)


|                                                             |                       |            |                       |               |           |            
|------------------------------------------------------------ | --------------------- | ---------- | --------------------- | ------------- | --------- | -----------
|                                                             |                       |            | Deficit               |               |          
|                                                             |                       |            | Accumulated           | Accumulated   |          
|                                                             | (Note 4)              | Additional | During the            | Other         |          
|                                                             | Common Shares         | Paid-in    | Development           | Comprehensive |          
|                                                             | Number                | Par Value  | Capital               | Stage         | Income    | Total      
|Issued for cash:
Private placement agreements
 at $0.000049 | 20,007,680
20,007,680 | $
20,008   | $
(19,022)
$
(19,022) | $
-           | $
-
$
-   | $
986
$
986
| at $0.01                                                   | 2,000,000             | 2,000      | 18,000                | -             | -         | 20,000     
| at $0.20                                                   | 81,000                | 81         | 16,119                | -             | -         | 16,200     
|Foreign currency translation adjustment                      | -
-                   | -
-        | -
-                   | -
-           | 380
-
380 | 380
380    
|Net loss for the period                                      | -                     | -          | -                     | (11,573)      | -         | (11,573)   
|                                                             |                       |            |                       |               |           |            
|Balance, August 31, 2004                                     | 22,088,680            | 22,089     | 15,097                | (11,573)      | 380       | 25,993     
|Foreign currency translation adjustment                      | -                     | -          | -                     | -             | 1,279     | 1,279      
|Net loss for the year                                        | -                     | -          | -                     | (32,276)      | -         | (32,276)   
|                                                             |                       |            |                       |               |           |            
|Balance, August 31, 2005                                     | 22,088,680            | 22,089     | 15,097                | (43,849)      | 1,659     | (5,004)    
|Issued for cash:                                             |                       |            |                       |               |           |            
|Private placement agreements
 at $0.20                      | 1,000,000             | 1,000      | 199,000               | -             | -         | 200,000    
|Shares repurchased
 at $0.20                                | (2,000,000)           | (2,000)    | (398,000)             | -             | -         | (400,000)  
|Capital contribution                                         | -                     | -          | 398,000               | -             | -         | 398,000    
|Foreign currency translation adjustment                      | -                     | -          | -                     | -             | 4,788     | 4,788      
|Net loss for the year                                        | -                     | -          | -                     | (51,090)      | -         | (51,090)   
|                                                             |                       |            |                       |               |           |            
|Balance, August 31, 2006                                     | 21,088,680            | 21,089     | 214,097               | (94,939)      | 6,447     | 146,694    
|Issued for cash:                                             |                       |            |                       |               |           |            
|Private placement agreements
 at $0.20                      | 300,000               | 300        | 59,700                | -             | -         | 60,000     
|Shares repurchased  Note 4
 at $0.20                       | (300,000)             | (300)      | (59,700)              | -             | -         | (60,000)   
|Foreign currency translation adjustment                      | -                     | -          | -                     | -             | 785       | 785        
|Net loss for the year                                        | -                     | -          | -                     | (54,962)      | -         | (54,962)   
|                                                             |                       |            |                       |               |           |            
|Balance, August 31, 2007                                     | 21,088,680            | 21,089     | 214,097               | (149,901)     | 7,232     | 92,517     
|Foreign currency translation adjustment                      | -                     | -          | -                     | -             | (944)     | (944)      
|Net loss for the year                                        | -                     | -          | -                     | (128,431)     | -         | (128,431)  
|                                                             |                       |            |                       |               |           |            
|Balance, August 31, 2008                                     | 21,088,680            | 21,089     | 214,097               | (278,332)     | 6,288     | (36,858)   
|Foreign currency translation adjustment                      | -                     | -          | -                     | -             | (773)     | (773)      
|Net loss for the year                                        | -                     | -          | -                     | (196,545)     | -         | (196,545)  
|                                                             |                       |            |                       |               |           |            
|Balance, August 31, 2009                                     | 21,088,680            | 21,089     | 214,097               | (474,877)     | 5,515     | (234,176)  
|Foreign currency translation adjustment                      | -                     | -          | -                     | -             | (162)     | (162)      
|Net loss for the period                                      | -                     | -          | -                     | (159,601)     | -         | (159,601)  
|                                                             |                       |            |                       |               |           |            
|Balance, May 31, 2010                                        | 21,088,680            | $
21,089   | $
214,097             | $
(634,478)   | $
5,353   | $
(393,939)
|                                                             |                       |            |                       |               |           |            
|                                                             |                       |            |                       |               |           |            

SEE ACCOMPANYING NOTES


6


W.S. INDUSTRIES, INC. (A Development Stage Company) NOTES TO THE INTERIM FINANCIAL STATEMENTS May 31, 2010 (Unaudited) (Stated in US Dollars)   Note 1 Nature of Operations and Ability to Continue as a Going Concern  The Company is in the development stage and is currently seeking suitable early stage business opportunities.  The Company was incorporated in the State of Nevada, United States of America on April 5, 2004 and its fiscal year end is August 31.  Effective July 2, 2008, the Company is listed for trading on the Over-the-Counter Bulletin Board in the United States of America.  These financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America on a going concern basis, which assumes that the Company will continue to realize its assets and discharge its obligations and commitments in the normal course of operations. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. At May 31, 2010 the Company had an accumulated deficit of $634,478 (August 31, 2009: $474,877) and has a working capital deficiency of $394,155 (August 31, 2009: $234,455) and expects to incur further losses in the development of its business, all of which casts substantial doubt about the Companys ability to continue as a going concern. The Companys ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but is considering obtaining additional funds by debt financing to the extent there is a shortfall from operations. While the Company is expending its best efforts to achieve the above plans, there is no assurance that any such activity will generate funds for operations.  These financial statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for fair presentation of the information contained therein. It is suggested that these interim financial statements be read in conjunction with the audited financial statements of the Company for the year ended August 31, 2009. The interim results are not necessarily indicative of the operating results expected for the full fiscal year ending on August 31, 2010. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures herein are adequate to make the information presented not misleading.  The financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgement.  Actual results may vary from these estimates.


7


Note 2 Significant Accounting Polices  Development Stage  The Company is a development stage company as it is devoting substantially all of its efforts to establish a new business and planned principal operations have not commenced. All losses accumulated since inception have been considered as part of the Companys development stage activities  Foreign Currency Translation  The Companys functional currency is in Canadian dollars as substantially all of the Companys operations are in Canada and funds raised are denominated in Canadian dollars.  The Company uses the United States dollar as its reporting currency.  Foreign assets and liabilities that are denominated in a foreign currency are translated at the exchange rate in effect at the period end and capital accounts are translated at historical rates.  Income statement accounts are translated at the average rates of exchange prevailing during the period.  Translation adjustments from the use of different exchange rates from period to period are included in the Accumulated Other Comprehensive Income account in Stockholders Equity (Deficiency), if applicable.  Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date.  Any exchange gains and losses are included in non-operating expenses on the Statements of Operations and Comprehensive Loss.  Fair Value Measurements  Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for such asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value should maximize the use of observable inputs and minimize the use of unobservable inputs. To measure fair value, the Company uses the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable:  Level 1Quoted prices in active markets for identical assets or liabilities. Level 2Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.


8


Note 2 Significant Accounting Polices  (contd)  Recent Accounting Pronouncements  In January 2010, the FASB issued amended guidance to improve disclosure requirements related to Fair Value Measurements and Disclosures-Overall Subtopic 820-10 of the FASB Accounting Standards Codification originally issued as FASB Statement No. 157, Fair value Measurements. The amended guidance requires companies to disclose separately the amounts of significant transfers in and out of Level 1 and Level 2 fair value measurements and describe the reasons for such transfers. These additional disclosure requirements were effective for the interim period beginning March 1, 2010. For the three months ended May 31, 2010, the Company did not have any transfers in and out of Level 1 and Level 2 fair value measurements. The amended guidance also requires additional disclosures related to Level 3 fair value measurements. The Company does not currently have Level 3 fair value measurements.  Note 3 Equipment  May 31, 2010AccumulatedCostDepreciationNetComputer equipment$
1,940$
1,724$
216  August 31, 2009CostAccumulatedNetDepreciationComputer equipment$
1,940$
1,661$
279  Note 4 Capital Stock  On May 31, 2004, the Company forward split its common stock on the basis of 20.3 new for 1 old.  The number of shares issued and outstanding, par value and additional paid-in capital has been restated to give retroactive effect to the forward split of its common stock.  Private Placements  On May 31, 2004, the Company issued 20,007,680 common shares at $0.000049 per share, for total proceeds of $986.  During June 2004, the Company issued 2,000,000 common shares at $0.01 per share, for total proceeds of $20,000.  During June, July, and August 2004, the Company issued 81,000 common shares at $0.20 per share, for total proceeds of $16,200. On July 20, 2006, the Company issued 1,000,000 common shares at $0.20 per share, for total proceeds of $200,000.  On July 27, 2007, the Company issued 300,000 common shares at $0.20 per share, for total proceeds of $60,000.


9


Note 4 Capital Stock  (contd)  Private Placements  (contd)  During the year ended August 31, 2006, the Company reacquired 2,000,000 common shares from a director of the Company for $2,000 pursuant to a promissory note, which was paid prior to August 31, 2006.  The fair value of this transaction was recorded at $0.20 per share and consequently the Company has received a capital contribution of $398,000.  In December 2006, the Company received an order for production from the British Columbia Securities Commission to provide certain information and documents relating to, inter alia, the sale of the above noted 1,000,000 common shares at $0.20 per share to verify the availability of the registration and prospectus exemptions relied upon by the Company in offering such shares to residents of British Columbia.  To resolve the matter, the Company issued a voluntary rescission offer to rescind any previous subscriptions of these shares and offered a full refund of the subscription monies.  In lieu and in place of these shares, the Company offered an equivalent number of shares for sale pursuant to the updated private placement dated June 27, 2007.  Of the nine original investors included in the 1,000,000 share private placement, three of these investors accepted the rescission offer at $0.20 per share and were refunded the total amount of their investment of $60,000 and 300,000 common shares were returned to treasury and cancelled.  The remaining six investors rejected the rescission offer and three new investors completed and paid the remaining portion of the private placement by the payment of $60,000.  Note 5 Related Party Transactions  Pursuant to a resolution dated June 1, 2008, the President of the Company is to be paid a monthly management fee of $2,600 per month.  The amount may be adjusted from time to time at the discretion of the Board of Directors.  During the three and nine months ended May 31, 2010, the Company incurred management fees of $7,800 and $23,400 respectively (2009: $7,800 and $23,400 respectively) payable to the President of the Company.  As at May 31, 2010, accounts payable includes $89,700 (August 31, 2009: $66,300) due to the director of the Company with respect to the unpaid above noted fees and bonus and unpaid administrative reimbursements.  The amount is unsecured, non-interest bearing, and due on demand.  The Loans and advances of $28,699 (August 31, 2009: $25,599) are unsecured, non-interest bearing and have no specific terms of repayment.


10


ITEM 2 | MANAGEMENTS DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS  This section of this report includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this report. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions.  Financial Condition We are a development stage corporation and have realized limited operations and generated limited revenues from our business operations. On July 2, 2008 the Company began trading on the over-the-counter-bulletin-board (OTCBB) under the symbol WSID.  For the interim period ended May 31, 2010 we generated no revenues from operations and have experienced losses since inception. As of the period ended May 31, 2010 the Company has cash on hand of $2,307, compared to $856 as at August 31, 2009.  There is substantial doubt about our ability to continue as a going concern and we are currently seeking suitable early stage business opportunities. At May 31, 2010, the Company estimated that it would require $125,000 to meet its operating needs for the current fiscal year, the Company has not yet satisfied its need for cash. The Company will rely on its President to determine how to raise these funds, bearing in mind the best interests of the Company.   Results of Operations There is limited historical financial information about us upon which to base an evaluation of our performance. We are in development stage operations and have generated limited revenues. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources and possible cost overruns. To date, the Company has not recognized significant revenue through its operations and had an accumulated deficit of $634,478 since inception. We have no assurance that, if needed, future financing will be available to us on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop or expand our operations. Equity financing could result in additional dilution to existing shareholders. On July 2, 2008 the Company began trading on the over-the-counter-bulletin-board (OTCBB) under the symbol WSID.  We have no revenues from operations, have experienced losses since inception, have been issued a going concern opinion by our auditors and rely upon the sale of our securities to fund operations. In the nine month period ended May 31, 2010 our net loss was $ 159,601 compared to $1 55,121 for the nine month period ended May 31, 2009.  This difference was due to an increase in several areas.


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Results of Operations - continued Professional fees, which include accounting and audit fees and legal fees, increased for the period ended May 31, 2010, to $28,434 from $25,851 in 2009.  Bank charges and interest were higher at $17,784 for 2010; in 2009 bank charges and interest were $9,359.  This increase is a result of interest charges incurred on unpaid management fees. Office and miscellaneous costs decreased for this period ended May 31, 2010, at $25 versus $1,000 in 2009.  This cost was primarily due to the Company paying for expenses hosting the website.  Liquidity and Capital Requirements As of May 31, 2010, the Company had total assets of $2,523, and total liabilities of $396,462. As of May 31, 2010, the Company had cash of $2,307 and negative working capital of $394,155. Cash used in operating activities for the nine months ended May 31, 2010 was $1,487 as compared to cash used in operating activities for the same period in 2009 of $21,115.   The Company has no other capital resources other than the ability to use its common stock to raise additional capital. The Companys current cash is not sufficient to sustain operations in the next 3 months. Estimated cash needed for next 12 months is $125,000.  The cash will be mainly used for general administrative, corporate (legal, accounting and audit), financing and management. No commitments to provide additional funds have been made by management or other stockholders except as set forth above.  Accordingly, there can be no assurance that any additional funds will be available to the Company to allow it to cover operation expenses.   There are no assurances that we will be able to secure further funds required for our continued operations.  We will pursue various financing alternatives to meet our immediate and long-term financial requirements.  There can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms.  If we are not able to obtain the additional financing on a timely basis, we will be unable to conduct our operations as planned, and we will not be able to meet our other obligations as they become due.  In such event, we will be forced to scale down or perhaps even cease our operations.  ITEM 3 | DISCLOSURES ABOUT MARKET RISK  Foreign Currency In addition to the U.S. Dollar, we conduct business in Canadian Dollars and, therefore, are subject to foreign currency exchange risk on cash flows primarily related to expenses.   Accounting and management fees which make up approximately three quarters of our expenses are paid in US funds.   Since we primarily operate in US dollars our exposure to foreign currency risk should the Canadian dollar appreciate is limited.  To date we have not engaged in hedging activities to hedge our foreign currency exposure.  In the future, we may enter into hedging instruments to manage our foreign currency exchange risk or continue to be subject to exchange rate risk. Inflation Although inflation has not materially impacted our operations in the recent past, increased inflation could have a negative impact on our operating and general and administrative expenses, as these costs could increase.


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ITEM 4 | CONTROLS AND PROCEDURES   Evaluation of Disclosure Controls and Procedures  We conducted an evaluation as of May 31, 2010, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, which are defined under SEC rules as controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within required time periods. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were not effective.  Limitations on the Effectiveness of Controls  Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all error 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 benefit 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 the Company have been detected. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.  Changes in Internal Controls Over Financial Reporting  During the quarter ended May 31, 2010, there were no changes in our internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.


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PART II | OTHER INFORMATION     ITEM 1 | LEGAL PROCEEDINGS  None.  ITEM 1A | RISK FACTORS  There has been no change to the risk factors since the year ended August 31, 2009 as filed with the audited financial statements.    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  None   ITEM 5 | OTHER INFORMATION  None   ITEM 6 | EXHIBITS AND REPORTS ON FORM 8-K  There were no reports on Form 8-K filed during the quarter for which this report is filed.  The following exhibits are filed with this report:  31.1 Certification of Chief Executive Officer 31.2 Certification of Chief Financial Officer 32.1 Section 906 Certification 32.2 Section 906 Certification


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ITEM 7 | SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date:  July 14, 2010 W. S. INDUSTRIES, INC.  /s/James F. Dempsey  James F. Dempsey President and Chief Executive Officer


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