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| Nevada                                                              | 26-1909139                             |
|---------------------------------------------------------------------|----------------------------------------|
| (State      or other jurisdiction of incorporation or organization) | (IRS      Employer Identification No.) |

| 13511 Granville Ave., Clermont,      Florida, 34711 |
|-----------------------------------------------------|
| (Address      of principal executive offices)       |

| 352-729-0150                                                                                 |
|----------------------------------------------------------------------------------------------|
| (Issuer’s      telephone number)                                                       |
|  _______________________________________________________________                        |
| (Former      name, former address and former fiscal year, if changed since last      report) |

| o Large      accelerated filer Accelerated filer | o Non-accelerated      filer |
|-------------------------------------------------------|-----------------------------------|
| x Smaller      reporting company                 | o Accelerated      filer     |

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Tableof Contents

TABLE OFCONTENTS

|                                             |                                                                                                 | Page |
|--------------------------------------------------|-------------------------------------------------------------------------------------------------|------|
|  PART I – FINANCIAL INFORMATION  |
| Item 1:                                          | Financial      Statements                                                                       | 3    |
| Item 2:                                          | Management’s Discussion and Analysis      of Financial Condition and Results ofOperations | 4    |
| Item 4T:                                         | Controls and      Procedures                                                                    | 7    |
|  PART II – OTHER  INFORMATION         |
| Item 1:                                          | Legal      Proceedings                                                                          | 8    |
| Item 2:                                          | Unregistered Sales of Equity      Securities and Use of Proceeds                                | 8    |
| Item 3:                                          | Defaults Upon Senior      Securities                                                            | 9    |
| Item 4:                                          | Submission of Matters to a Vote of      Security Holders                                        | 9    |
| Item 5:                                          | Other      Information                                                                          | 9    |
| Item 6:                                          | Exhibits                                                                                        | 9    |

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Tableof Contents

Item 1.     Financial Statements

| Our      unaudited financial statements included in this Form 10-Q are as      follows: |
|-----------------------------------------------------------------------------------------|
| F-1                                                                                     | Balance Sheets as      of  September 30, 2009, 2008 and March 31, 2009      (Unaudited); |
| F-2                                                                                     | Statements of Operations      (unaudited) for the six and  three  months ended      September 30, 2009 and 2008 |
| F-3                                                                                     | Statements of Cash Flows      (unaudited) for the six months ended September 30, 2009 and      2008 |
| F-5                                                                                     | Notes to Unaudited Financial      Statements |

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Tableof Contents

BLUE EARTH SOLUTIONS, INC.

| ASSETS                                                                                 |   |               |       |   |        |   |       |           |   |
|----------------------------------------------------------------------------------------|--------|--------------------|------------|--------|-------------|--------|------------|----------------|--------|
|                                                                                   |   | September      30, |       |   |        |   |       | March      31, |   |
|                                                                                   |   | 2009               |       |   | 2008        |   |       | 2009           |   |
|                                                                                   |   | (unaudited)        |       |   | (unaudited) |   |       | (unaudited)    |   |
| CURRENT      ASSETS                                                                    |   |               |       |   |        |   |       |           |   |
| Cash      and cash equivalents                                                         |   | $                  | 340,457    |   |        | $      | 2,637,702  |           |   | $ | 50,695 |   |
| Accounts      receivable 2009 net of $17,000 allowance                                 |   |               | 912,213    |   |        |   | 1,503      |           |   |   | 10,907 |   |
| Prepaid      expenses                                                                  |   |               | 19,211     |   |        |   | 103,967    |           |   |   | 41,421 |   |
| Inventory                                                                              |   |               | 273,886    |   |        |   | 62,917     |           |   |   | 231,153 |   |
| Investments                                                                            |   |               | 144,204    |   |        |   | -          |           |   |   | - |   |
| Total      Current Assets                                                              |   |               | 1,689,971  |   |        |   | 2,806,089  |           |   |   | 334,176 |   |
|                                                                                   |   |               |       |   |        |   |       |           |   |   |   |   |
| PROPERTY      AND EQUIPMENT, net                                                       |   |               | 5,268,808  |   |        |   | 2,460,916  |           |   |   | 4,098,283 |   |
|                                                                                   |   |               |       |   |        |   |       |           |   |   |   |   |
| OTHER      ASSETS                                                                      |   |               |       |   |        |   |       |           |   |   |   |   |
| Investments                                                                            |   |               | 1,447,269  |   |        |   | -          |           |   |   | - |   |
| Depository      funds                                                                  |   |               | 8,234,332  |   |        |   | 8,538,958  |           |   |   | 8,206,990 |   |
| Goodwill                                                                               |   |               | 339,514    |   |        |   | -          |           |   |   | - |   |
| Deposits      & deposits on equipment                                              |   |               | 2,828,680  |   |        |   | 2,813,619  |           |   |   | 2,877,619 |   |
|                                                                                   |   |               |       |   |        |   |       |           |   |   |   |   |
| TOTAL      ASSETS                                                                      |   | $                  | 19,808,574 |   |        | $      | 16,619,582 |           |   | $ | 15,517,068 |   |
|                                                                                   |   |               |       |   |        |   |       |           |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS'      EQUITY                                              |   |               |       |   |        |   |       |           |   |   |   |   |
| CURRENT      LIABILITIES                                                               |   |               |       |   |        |   |       |           |   |   |   |   |
| Accounts      payable and accrued expenses                                             |   | $                  | 2,761,457  |   |        | $      | 1,344,797  |           |   | $ | 1,399,145 |   |
| Accounts      payable and accrued expenses - Related Parties                           |   |               | 627,653    |   |        |   | 6,897      |           |   |   | 152,508 |   |
| Notes      payable                                                                     |   |               | 35,729     |   |        |   | -          |           |   |   | - |   |
| Notes      payable - related parties                                                   |   |               | 5,382,171  |   |        |   | 20,000     |           |   |   | 462,500 |   |
|                                                                                   |   |               |       |   |        |   |       |           |   |   |   |   |
| Total      Current Liabilities                                                         |   |               | 8,807,009  |   |        |   | 1,371,694  |           |   |   | 2,014,153 |   |
|                                                                                   |   |               |       |   |        |   |       |           |   |   |   |   |
| LONG-TERM      LIABILITIES                                                             |   |               |       |   |        |   |       |           |   |   |   |   |
| Notes      payable                                                                     |   |               | 1,238,199  |   |        |   | 1,049,000  |           |   |   | 1,049,000 |   |
|                                                                                   |   |               |       |   |        |   |       |           |   |   |   |   |
| Total      Liabilities                                                                 |   |               | 10,045,208 |   |        |   | 2,420,694  |           |   |   | 3,063,153 |   |
|                                                                                   |   |               |       |   |        |   |       |           |   |   |   |   |
| STOCKHOLDERS'      EQUITY                                                              |   |               |       |   |        |   |       |           |   |   |   |   |
| Preferred      stock, Series A, $0.001 par value, 10,000,000                           |   |               |       |   |        |   |       |           |   |   |   |   |
|    shares      authorized, -0- shares issued and outstanding            |   |               | -          |   |        |   | 400        |           |   |   | - |   |
| Preferred      stock, Series B, $0.001 par value, 5,000,000                            |   |               |       |   |        |   |       |           |   |   |   |   |
|    shares      authorized, -0-  shares issued and outstanding |   |               |       |   |        |   |       |           |   |   |   |   |
| Preferred      stock, Series C, $0.001 par value, 5,000,000                            |   |               |       |   |        |   |       |           |   |   |   |   |
|    shares      authorized, 14,130 shares                                |   |               |       |   |        |   |       |           |   |   |   |   |
|    issued      and outstanding                                          |   |               | 14         |   |        |   | 14         |           |   |   | 14 |   |
| Common      stock, $0.001 par value, 100,000,000 shares                                |   |               |       |   |        |   |       |           |   |   |   |   |
|    authorized,      33,532,602 and 32,025,300 shares                    |   |               |       |   |        |   |       |           |   |   |   |   |
|    issued      and outstanding, respectively                            |   |               | 33,082     |   |        |   | 26,013     |           |   |   | 32,025 |   |
| Unrealized      (Loss) on Available For Sales Securities                               |   |               | (1,308,527 | )      |        |   | -          |           |   |   | - |   |
| Additional      paid-in capital                                                        |   |               | 15,275,865 |   |        |   | 14,739,807 |           |   |   | 15,052,300 |   |
| Accumulated      deficit                                                               |   |               | (4,237,067 | )      |        |   | (567,346   | )              |   |   | (2,630,424 | ) |
|                                                                                   |   |               |       |   |        |   |       |           |   |   |   |   |
| Total      Stockholders' Equity                                                        |   |               | 9,763,366  |   |        |   | 14,198,888 |           |   |   | 12,453,915 |   |
|                                                                                   |   |               |       |   |        |   |       |           |   |   |   |   |
| TOTAL      LIABILITIES AND STOCKHOLDERS' EQUITY                                        |   | $                  | 19,808,574 |   |        | $      | 16,619,582 |           |   | $ | 15,517,068 |   |
|                                                                                   |   |               | -          |   |        |   | -          |           |   |   | - |   |

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Tableof Contents

Statements of Operations

|                                             | For      the Three Months Ended |   |       | For      the Six Months Ended |   |
|--------------------------------------------------|---------------------------------|--------|------------|-------------------------------|--------|
|                                             | September,      30              |   |       | September,      30            |   |
|                                             |                            | 2009   |       |                          | 2008   |   |   | 2009 |   |   | 2008 |   |
|                                             |                            |   |       |                          |   |   |   |   |   |   |   |   |
| REVENUES                                         |                            | $      | 1,997,095  |                          |   | $ | 4,282 |   |   | $ | 2,020,995 |   |   | $ | 14,516 |   |
| COST      OF SALES                               |                            |   | 1,737,576  |                          |   |   | 2,592 |   |   |   | 1,828,769 |   |   |   | 3,935 |   |
|                                             |                            |   |       |                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross      Profit                                |                            |   | 259,519    |                          |   |   | 1,690 |   |   |   | 192,226 |   |   |   | 10,581 |   |
|                                             |                            |   |       |                          |   |   |   |   |   |   |   |   |   |   |   |   |
| OPERATING      EXPENSES                          |                            |   |       |                          |   |   |   |   |   |   |   |   |   |   |   |   |
|                                             |                            |   |       |                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation      expense                        |                            |   | 7,899      |                          |   |   | 13,750 |   |   |   | 8,348 |   |   |   | 32,083 |   |
| General      and administrative                  |                            |   | 1,046,606  |                          |   |   | 435,014 |   |   |   | 1,522,689 |   |   |   | 575,896 |   |
|                                             |                            |   |       |                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Operating Expenses                    |                            |   | 1,054,505  |                          |   |   | 448,764 |   |   |   | 1,531,037 |   |   |   | 607,979 |   |
|                                             |                            |   |       |                          |   |   |   |   |   |   |   |   |   |   |   |   |
| LOSS      FROM OPERATIONS                        |                            |   | (794,986   | )                             |   |   | (447,074 | ) |   |   | (1,338,811 | ) |   |   | (597,398 | ) |
|                                             |                            |   |       |                          |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER      INCOME (EXPENSES)                     |                            |   |       |                          |   |   |   |   |   |   |   |   |   |   |   |   |
|                                             |                            |   |       |                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      income                             |                            |   | 23,894     |                          |   |   | 50,075 |   |   |   | 91,248 |   |   |   | 50,075 |   |
| Loss      on sales of assets                     |                            |   | (132,815   | )                             |   |   | - |   |   |   | (137,957 | ) |   |   | - |   |
| Interest      (expense) Related Party            |                            |   | (151,500   | )                             |   |   | (3,000 | ) |   |   | (161,404 | ) |   |   | (3,000 | ) |
| Interest      (expense)                          |                            |   | (19,696    | )                             |   |   | (12,440 | ) |   |   | (39,902 | ) |   |   | (12,440 | ) |
|                                             |                            |   |       |                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Other Income (Expenses)               |                            |   | (280,116   | )                             |   |   | 34,635 |   |   |   | (248,014 | ) |   |   | 34,635 |   |
|                                             |                            |   |       |                          |   |   |   |   |   |   |   |   |   |   |   |   |
| NET      (LOSS) BEFORE INCOME TAXES              |                            |   | (1,075,102 | )                             |   |   | (412,439 | ) |   |   | (1,586,825 | ) |   |   | (562,763 | ) |
|                                             |                            |   |       |                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      taxes                                |                            |   | -          |                          |   |   | - |   |   |   | 19,817 |   |   |   | - |   |
|                                             |                            |   |       |                          |   |   |   |   |   |   |   |   |   |   |   |   |
| NET      (LOSS)                                  |                            | $      | (1,075,102 | )                             |   | $ | (412,439 | ) |   | $ | (1,606,642 | ) |   | $ | (562,763 | ) |
|                                             |                            |   |       |                          |   |   |   |   |   |   |   |   |   |   |   |   |
| BASIC      AND DILUTED (LOSS) PER COMMON SHARE   |                            |   | (0.03      | )                             |   | $ | (0.02 | ) |   | $ | (0.05 | ) |   | $ | (0.03 | ) |
|                                             |                            |   |       |                          |   |   |   |   |   |   |   |   |   |   |   |   |
| WEIGHTED      AVERAGE NUMBER OF                  |                            |   |       |                          |   |   |   |   |   |   |   |   |   |   |   |   |
|    COMMON      SHARES OUTSTANDING |                            |   | 31,850,986 |                          |   |   | 25,286,300 |   |   |   | 32,091,252 |   |   |   | 19,190,867 |   |

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Tableof Contents

Statements of Cash Flows

|                                                                               |   | For      the Six Months Ended |       |
|------------------------------------------------------------------------------------|--------|-------------------------------|------------|
|                                                                               |   | September      30,            |       |
|                                                                               |   | 2009                          |       |   | 2008 |   |
|                                                                               |   |                          |       |   |   |   |
| OPERATING      ACTIVITIES                                                          |   |                          |       |   |   |   |
|                                                                               |   |                          |       |   |   |   |
| Net      loss                                                                      |   | $                             | (1,606,642 | ) |   | $ | (562,763 | ) |
| Adjustments      to Reconcile Net Loss to Net Cash Used in Operating    Activities |   |                          |       |   |   |   |   |   |
| Write      off of discontinued inventory                                           |   |                          | 176,325    |   |   |   | - |   |
|                                                                               |   |                          |       |   |   |   |   |   |
| Cash      Used in Operating Activities:                                            |   |                          |       |   |   |   |   |   |
| Depreciation      expense                                                          |   |                          | 215,204    |   |   |   | 32,083 |   |
| Shares      issued for services                                                    |   |                          | (14,736    | ) |   |   | 30,650 |   |
| Loss      on sale of assets                                                        |   |                          |       |   |   |   |   |   |
| Unrealized      (Loss) on Available For Sale Securities                            |   |                          | (1,308,527 | ) |   |   | - |   |
|                                                                               |   |                          |       |   |   |   |   |   |
| Changes      in operating assets and liabilities:                                  |   |                          |       |   |   |   |   |   |
| (Increase)      decrease in prepaid expenses                                       |   |                          | 22,210     |   |   |   | (105,522 | ) |
| (Increase)      decrease in accounts receivable                                    |   |                          | (2,034,306 | ) |   |   | (1,503 | ) |
| (Increase)      decrease in depository accounts                                    |   |                          | (27,342    | ) |   |   | (8,538,958 | ) |
| (Increase)      decrease in inventory                                              |   |                          | (411,058   | ) |   |   | (62,917 | ) |
| (Increase)      decrease in deposits                                               |   |                          | 48,939     |   |   |   | - |   |
| Increase      (decrease) in accounts payable                                       |   |                          |       |   |   |   |   |   |
| and      accrued expenses                                                          |   |                          | 2,631,462  |   |   |   | 1,152,128 |   |
|                                                                               |   |                          |       |   |   |   |   |   |
| Net      Cash Used in Operating Activities                                         |   |                          | (2,308,471 | ) |   |   | (8,056,802 | ) |
|                                                                               |   |                          |       |   |   |   |   |   |
| INVESTING      ACTIVITIES                                                          |   |                          |       |   |   |   |   |   |
|                                                                               |   |                          |       |   |   |   |   |   |
| Sale      of Equipment                                                             |   |                          | 261,145    |   |   |   | - |   |
| Purchase      of property and equipment, net                                       |   |                          | (3,341,874 | ) |   |   | (3,710,646 | ) |
| Investments      in avaiable for sale securities                                   |   |                          | (144,204   | ) |   |   | - |   |
| Accrued      Dividends                                                             |   |                          | (565,200   | ) |   |   | - |   |
| Acquisition      of American Marketing                                             |   |                          | 6,719,060  |   |   |   | - |   |
| Investment      in securities                                                      |   |                          | (1,200,000 | ) |   |   | - |   |
|                                                                               |   |                          |       |   |   |   |   |   |
| Net      Cash Provided by Investing Activities                                     |   |                          | 1,728,927  |   |   |   | (3,710,646 | ) |
|                                                                               |   |                          |       |   |   |   |   |   |
| FINANCING      ACTIVITIES                                                          |   |                          |       |   |   |   |   |   |
|                                                                               |   |                          |       |   |   |   |   |   |
| Repayment      of notes payable                                                    |   |                          | -          |   |   |   | (200,000 | ) |
| Settlement      of contract Net                                                    |   |                          | 214,950    |   |   |   | - |   |
| Borrowings      of notes payable                                                   |   |                          | 654,356    |   |   |   | 20,000 |   |
| Issuance      of preferred shares for cash                                         |   |                          | -          |   |   |   | 14,570,000 |   |
|                                                                               |   |                          |       |   |   |   |   |   |
| Net      Cash Provided by Financing Activities                                     |   |                          | 869,306    |   |   |   | 14,390,000 |   |
|                                                                               |   |                          |       |   |   |   |   |   |
| NET      DECREASE IN CASH                                                          |   |                          | 289,762    |   |   |   | 2,622,552 |   |
|                                                                               |   |                          |       |   |   |   |   |   |
| CASH      AT BEGINNING OF PERIOD                                                   |   |                          | 50,695     |   |   |   | 15,150 |   |
|                                                                               |   |                          |       |   |   |   |   |   |
| CASH      AT END OF PERIOD                                                         |   | $                             | 340,457    |   |   | $ | 2,637,702 |   |
|                                                                               |   |                          |       |   |   |   |   |   |
|                                                                               |   |                          |       |   |   |   |   |   |
| SUPPLEMENTAL      DISCLOSURES OF CASH FLOW INFORMATION                             |   |                          |       |   |   |   |   |   |
|                                                                               |   |                          |       |   |   |   |   |   |
| CASH      PAID FOR:                                                                |   |                          |       |   |   |   |   |   |
| Interest                                                                           |   | $                             | 39,258     |   |   | $ | - |   |
| Income      taxes                                                                  |   | $                             | 19,817     |   |   | $ | - |   |
|                                                                               |   |                          |       |   |   |   |   |   |
| NON      CASH FINANCING & INVESTING ACTIVITIES:                                |   |                          |       |   |   |   |   |   |
| Stock      issued for the purchase of AMS                                          |   | $                             | 630,000    |   |   |   |   |   |
| Goodwill                                                                           |   |                          |       |   |   |   |   |   |
| Settlement      of contract Net                                                    |   |                          |       |   |   |   |   |   |

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Tableof Contents

Statements of Stockholders' Equity

|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          | Deficit     |                                                                                                                |    |
|-----------------------------------------------------------|---------------------------------------------------------------------------------------------|--------|---------|---------------------------------------------------------------------------------|-------------------|---------------------------------------------------------------------------------------------------------------------|---------|---------------------------------------------------------------------------------------|-------------------------|---------------------------------------------------------------------------------------------------------|-------------|---------------------------------------------------------------------------------------------------------------|-------------|---------------------------------------------------------------------------------------------------------------------|---------|
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          | Accumulated |                                                                                                                |    |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |  Unrealized                                                                                        | Additional  | During      the                                                                                               |        |                                                                                                                |
|                                                      | Preferred      Stock                                                                        |   |    |                                                                            | Common      Stock |                                                                                                                |    |                                                                                  |  Gain      or loss | Paid-In                                                                                                 | Development |                                                                                                          |        |
|                                                      | Shares                                                                                      |   | Amount  |                                                                            | Shares            |                                                                                                                | Amount  |                                                                                  |                    |                                                                                                    | Capital     |                                                                                                          | Stage       |                                                                                                                | Total   |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Balance,      February 5, 2008                            |                - |   |  $ |              - |              |                    - |  $ |               - |  $                 |                  - |  $     |                   - |  $     |                    - |  $ |                    - |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Common      shares issued to founders                     |                - |   |    |              - |              |     7,000,000                                                                                   |    |       7,000                                             |                    |                                                                                                    |        |          (6,850)                                                 |        |                    - |    |               150 |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Series      A preferred shares                            |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
|   issued      to founders                       |    400,000                                                                   |   |    |         400                             |              |                    - |    |               - |                    |                                                                                                    |        |             (400)                                 |        |                    - |    |                    - |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Series      B preferred shares issued in a                |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
|    private      placement at $10 per share |      36,500                                                        |   |    |           37                  |              |                    - |    |               - |                    |                                                                                                    |        |       364,963                                                                   |        |                    - |    |        365,000 |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Net      loss from inception                              |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
|    through      March 31, 2008             |                - |   |    |              - |              |                    - |    |               - |                    |                                                                                                    |        |                   - |        |          (4,583)                                                       |    |          (4,583) |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Balance,      March 31, 2008                              |    436,500                                                                   |   |    |         437                             |              |     7,000,000                                                                                   |    |       7,000                                             |                    |                  - |        |       357,713                                                                   |        |          (4,583)                                                       |    |        360,567 |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Recapitalization                                          |                - |   |    |              - |              |   20,759,300                                                                                              |    |     20,759                                                        |                    |                  - |        |           7,099                                             |        |                    - |    |          27,858 |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Common      shares returned and cancelled                 |                - |   |    |              - |              |   (3,200,000)                                                                                             |    |      (3,200)                                                 |                    |                  - |        |           3,200                                             |        |                    - |    |                    - |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Series      B preferred shares issued in a                |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
|    private      placement at $10 per share |      44,000                                                        |   |    |           44                  |              |                    - |    |               - |                    |                  - |        |       439,956                                                                   |        |                    - |    |        440,000 |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Series      B preferred shares                            |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
|   converted      to common                      |     (80,500)                                                            |   |    |         (81)                            |              |     1,449,000                                                                                   |    |       1,449                                             |                    |                  - |        |          (1,368)                                                 |        |                    - |    |                    - |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Common      shares issued for services                    |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
|    at      $6.13 per share                 |                - |   |    |              - |              |          17,000                                                        |    |            17                  |                    |                  - |        |         80,733                                                        |        |                    - |    |          80,750 |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Series      C preferred shares issued in a                |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
|   private      placement at $1,000 per share    |      14,130                                                        |   |    |           14                  |              |                    - |    |               - |                    |                  - |        |  14,129,986                                                                                              |        |                    - |    |   14,130,000 |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Dividends      on preferred stock                         |                - |   |    |              - |              |                    - |    |               - |                    |                  - |        |      (945,355)                                                                       |        |                    - |    |      (945,355) |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Series      A preferred shares converted to common stock  |   (400,000)                                                                       |   |    |     (400)                                                   |              |     6,000,000                                                                                   |    |       6,000                                             |                    |                  - |        |          (5,600)                                                 |        |                    - |    |                    - |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Fair      value of warrants granted                       |                - |   |    |              - |              |                    - |    |               - |                    |                  - |        |       985,936                                                                   |        |                    - |    |        985,936 |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Net      loss for the twelve months ended                 |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
|    through      March 31, 2009             |                - |   |    |              - |              |                    - |    |               - |                    |                  - |        |                   - |        |   (2,625,841)                                                                                             |    |   (2,625,841) |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Balance,      March 31, 2009                              |      14,130                                                        |   |    |           14                  |              |   32,025,300                                                                                              |    |     32,025                                                        |                    |                  - |        |  15,052,300                                                                                              |        |   (2,630,424)                                                                                             |    |   12,453,915 |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Common      shares returned and cancelled                 |                - |   |    |              - |              |      (425,000)                                                                             |    |         (425)                                 |                    |                  - |        |              425                             |        |                    - |    |                    - |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Cash-less      exercise of warrant                        |                - |   |    |              - |              |          49,302                                                        |    |            49                  |                    |                  - |        |         65,523                                                        |        |                    - |    |          65,572 |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Dividends      on preferred stock                         |                - |   |    |              - |              |                    - |    |               - |                    |                  - |        |      (565,200)                                                                       |        |                    - |    |      (565,200) |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Canceled      Common shares issued for                    |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
|    services      at $6.13 per share        |                - |   |    |              - |              |        (17,000)                                                                  |    |           (17)                      |                    |                  - |        |        (80,733)                                                            |        |                    - |    |        (80,750) |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Acquisition      of American Marketing & Sales (AMS)  |                - |   |    |              - |              |     1,000,000                                                                                   |    |       1,000                                             |                    |                  - |        |       449,000                                                                   |        |                    - |    |        450,000 |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Shares      issued to AMS shareholders                    |                - |   |    |              - |              |        400,000                                                                   |    |          400                             |                    |                  - |        |       179,600                                                                   |        |                    - |    |        180,000 |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Settlement      of contract                               |                                                                                        |   |    |                                                                            |              |        500,000                                                                   |    |            50                  |                    |                  - |        |       174,950                                                                   |        |                                                                                                                |    |        175,000 |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Unrealized      Loss on investments held for resale       |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |  (1,308,527)                                                                                       |        |                                                                                                          |        |                                                                                                                |    |   |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Net      loss for the nine months ended                   |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
|    through      Septmber 30, 2009          |                - |   |    |              - |              |                    - |    |               - |                    |                  - |        |                   - |        |   (1,606,642)                                                                                             |    |   (1,606,642) |
|                                                      |                                                                                        |   |    |                                                                            |              |                                                                                                                |    |                                                                                  |                    |                                                                                                    |        |                                                                                                          |        |                                                                                                                |    |   |
| Balance,      September 30, 2009                          |      14,130                                                        |   |  $ |           14                  |              |   33,532,602                                                                                              |  $ |     33,082                                                        |  $                 |  (1,308,527)                                                                                       |  $     |  15,275,865                                                                                              |  $     |   (4,237,066)                                                                                             |  $ |   11,071,894 |

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NOTE 1 - CONDENSED FINANCIAL STATEMENTS

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| ·   | $1,450,899      in stocks. |
|--------------------|----------------------------|

| ·   | $14,228      in a money market account, |
|--------------------|-----------------------------------------|

| ·   | $25,688      in municipal bonds that yield 5.5% interest and mature on July 1,      2010.   |
|--------------------|-------------------------------------------------------------------------------------------------------|

| ·   | $100,658      in a long term-certificate of deposit (CD) yields interest of 1.85% and      matures on July 27, 2010. |
|--------------------|----------------------------------------------------------------------------------------------------------------------|

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|            |   | September      30, 2009 |   |   | March      31, 2009 |   |
|----------------------|--------|-------------------------|--------|--------|---------------------|--------|
| Raw      materials   |   | $                       | 11,209 |   |                | $      | 231,153 |   |
| Finished      goods  |   |                    | 8,672  |   |                |   | - |   |
| Work      in process |   |                    | -      |   |                |   | - |   |
| Total                |   | $                       | 19,881 |   |                | $      | 231,153 |   |

|            |   | September      30, 2009 |    |   | March      31, 2009* |   |
|----------------------|--------|-------------------------|---------|--------|----------------------|--------|
| Raw      materials   |   | $                       | 2,100   |   |                 | $      | 4,560 |   |
| Finished      goods  |   |                    | 186,935 |   |                 |   | 587,033 |   |
| Work      in process |   |                    | 64,970  |   |                 |   | 176,309 |   |
| Total                |   | $                       | 254,005 |   |                 | $      | 767,902 |   |

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| Dec.      31, |   | Payments |    |   | Principal |   |    | Interest |   |
|---------------|--------|----------|---------|--------|-----------|--------|---------|----------|--------|
| 2009          |   |     | 49,110  |   |      |   | 35,729  |     |   |   | 13,381 |   |
| 2010          |   |     | 93,918  |   |      |   | 83,183  |     |   |   | 10,735 |   |
| 2011          |   |     | 93,918  |   |      |   | 88,754  |     |   |   | 5,164 |   |
| 2012          |   |     | 37,979  |   |      |   | 37,560  |     |   |   | 419 |   |
| Totals        |   |     | 274,925 |   |      |   | 245,226 |     |   |   | 29,699 |   |

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| ·   | On      March 18, 2009, Datameg Corporation, a Delaware corporation ("Seller")      entered into a Stock Purchase Agreement and purchase money promissory note      Assignment and Assumption Agreement incident to its proposed sale of its      wholly owned subsidiary, American Marketing & Sales, Inc., a      Massachusetts corporation. The sale was subject to the consent of a      majority of Datameg’s shareholders, which consent was      obtained. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Assets      acquired were $4,116,000 including: |
|--------------------|-------------------------------------------------|

| o   |     $689,000      Cash |
|---------------|--------------------------------------------|

| o   | $1,133,000  Net      Trade Receivables |
|---------------|--------------------------------------------------|

| o   |     $192,000  Inventory |
|---------------|-------------------------------------------------------|

| o   | $1,695,000   Property      Plant & Equipment |
|---------------|-----------------------------------------------------------------|

| o   |    $400,000   Investments |
|---------------|---------------------------------------------------------|

| o   |        $7,000   Other |
|---------------|-------------------------------------------------------------------------|

| ·   | Liabilities      acquired were $1,438,000 |
|--------------------|-------------------------------------------|

| o   | $1,193,000   Accounts      Payable & Accrued Expenses |
|---------------|--------------------------------------------------------------------------|

| o   |    $245,000   Bank      Loan |
|---------------|------------------------------------------------------------|

| ·   | Leonard      J. Tocci is the representative of the Principal Shareholders (Leonard J.      Tocci, Lynel J. Tocci, Leanne J. Whitney, and Linnea J. Clary) who are the      former AMS owners and are now owners of the 150,000 Datameg shares in      escrow from their sale of American Marketing to Datameg Corporation in      December 2007. The Principal Shareholders also hold a purchase money note      ("Note") secured by all of the assets of American Marketing concerning an      election to return the 150,000 Datameg shares in favor of full payment of      the purchase money note. As of September 30, 2009, the principal and      interest due on the Note is approximately $5.600,000 consisting of      $5.400,000 in principal and $200,000 of  interest. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | The      purchase of American Marketing & Sales, Inc. was made pursuant to a      Stock Purchase Agreement. The Stock Purchase Agreement contained, among      other things, representations and warranties of the aforementioned Parties      and covenants of the Companies. Blue Earth      Solutions is allowed to make additional draws from available cash of AMS      for the purpose of meeting additional operating capital with respect to      new customers secured by the Company for AMS after the closing of the      Agreement. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Among      other terms, Datameg received 1 million (restricted with piggy-back      registration rights) common shares of the Company in exchange for the      transfer of American Marketing shares to the Company. Datameg delivered to      the Principal Shareholders from escrow 150,000 Datameg common shares in      exchange for (1) a complete release of Datameg and its directors and      officers, etc. from further liability upon the Note and otherwise (2) the      Principal Shareholders’ written consent to the assumption of the Note by      the Company (3) the Company's written assumption of the Note and (4) the      Principal Shareholder’s and the Company’s agreement to extend the term of      the Note for one year. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

| ·   | For      their assumption of the additional loans from American Marketing &      Sales, Inc. on the Note, the Company was issued 500,000      unregistered Datameg common shares at the  Closing. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The      Principal Shareholders released their security interest in NetSymphony      Corporation stock and returned the stock certificate to      Datameg. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | In      consideration of their aforementioned acts and consents, the      Company delivered to the Principal Shareholders 400,000 (restricted      with piggy-back registration rights) common shares of the      Company common shares. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Item 2.     Management’s Discussion and Analysisof Financial Condition and Results of Operations

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| ·   | $2,409,259      and $8,056.802 for the six months ended September 30, 2009 and 2008      respectively. |
|--------------------|--------------------------------------------------------------------------------------------------------|

| o   | The      primary uses in Operating Activitieswere: |
|---------------|----------------------------------------------------|

| §   |  Net      losses of $1,606,642 and $562,763,respectively |
|--------------------|---------------------------------------------------------------|

| §   | Unrealized      loss of $1,450,000 |
|--------------------|------------------------------------|

| §   |  A      decrease in Accounts Receivable of $233,976 and an increase of $1,503,      respectively |
|--------------------|-------------------------------------------------------------------------------------------------------|

| §   | Depository      Accounts increased $27,342 and $8,538,958,  respectively |
|--------------------|--------------------------------------------------------------------------|

| ·   | $1,484,356      and $3,710,646 for the six months ended September 30, 2009 and 2008,      respectively |
|--------------------|--------------------------------------------------------------------------------------------------------|

| o   | The      primary uses in Investing of Activitieswere: |
|---------------|-------------------------------------------------------|

| §   | Assumption      of notes $5,229,114, offset by; |
|--------------------|-------------------------------------------------|

| ·   | Investment      in AMS $2,111,000 |
|--------------------|-----------------------------------|

| ·   | Goodwill      of $329,514 |
|--------------------|---------------------------|

| ·   | Investment      in securities of $800,000 |
|--------------------|-------------------------------------------|

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| §   | $408,133      and $14,390,000 for the six months ended September 30, 2009 and 2008,      respectively. |
|--------------------|--------------------------------------------------------------------------------------------------------|

Item 4T.     Controls andProcedures

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Item 1.     Legal Proceedings

Item 2.     Unregistered Sales of EquitySecurities and Use of Proceeds

| a.   | Lynel      J. Tocci      | 100,      000 shares |
|----------------|---------------------------------------------------|----------------------|
| b.   | \Leanne      J. Whitney                 | 100,000      shares  |

| c.   | Linnea      J. Clary      | 100,000      shares |
|----------------|-----------------------------------------------|---------------------|
| d.   | John      Roncone, Sr     | 20,000      shares  |

| e.   | Leonard      J. Tocci   | 80,000      shares |
|----------------|-----------------------------------|--------------------|

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Item 3.     Defaults upon SeniorSecurities

Item 4.     Submission of Matters to a Vote ofSecurity Holders

Item 5.     Other Information

Item 6.      Exhibits

| Exhibit Number | Description of Exhibit                                                                                                                                                                       |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1           | Certification of Chief      Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant      to Section 302 of the Sarbanes-Oxley Act of  2002                                 |
| 31.2           | Certification of Chief      Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant      to Section 302 of the Sarbanes-Oxley Act of  2002                                 |
| 32.1           | Certification of Chief      Executive Officer and Chief Financial Officer pursuant to 18 U.S.C.      Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act      of 2002 |

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SIGNATURES

|   | Blue      Earth Solutions, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Date:  | December      24, 2009                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | By:       /S/ Patricia      Cohen                                                Patricia      CohenTitle:    Chief      Executive Officer and  Director |

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