10-Q 1 g2963.txt QTRLY REPORT FOR THE QTR ENDED 1-31-2009 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JANUARY 31, 2009 Commission file number 333-148735 JASPER VENTURES INC. (Exact name of registrant as specified in its charter) NEVADA (State or other jurisdiction of incorporation or organization) 69 Ross Street West #638 Moose Jaw, Saskatchewan S6H 2M0 (Address of principal executive offices, including zip code) (416)981-7838 (telephone number, including area code) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the last 90 days. YES [X] NO [ ] Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer, "accelerated filer," "non-accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act. Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X] Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES [X] NO [ ] State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 6,160,000 shares as of February 23, 2009. ITEM 1. FINANCIAL STATEMENTS. The un-audited quarterly financial statements for the period ended January 31, 2009, prepared by the company, immediately follow. 2 JASPER VENTURES INC. (An Exploration Stage Company) Balance Sheets --------------------------------------------------------------------------------

See Notes to Financial Statements 3 JASPER VENTURES INC. (An Exploration Stage Company) Statements of Operations (Unaudited) --------------------------------------------------------------------------------

See Notes to Financial Statements 4 JASPER VENTURES INC. (An Exploration Stage Company) Statements of Cash Flows (Unaudited) --------------------------------------------------------------------------------

See Notes to Financial Statements 5 JASPER VENTURES INC. Notes to Financial Statements (An Exploration Stage Company) January 31, 2009 -------------------------------------------------------------------------------- 1. BASIS OF PRESENTATION The accompanying unaudited interim financial statements of Jasper Ventures, Inc.("Jasper" or the "Company") have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for our interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2009, as reported in the Form 10-K, have been omitted. These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company anticipates future losses in the development of its business, raising doubt about the Company's ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand, loans from directors and/or issuance of common shares. 2. RELATED PARTY The President of the Company provides management fees and office premises to the Company at no charge. The donated services are valued at $1,000 per month for the management fees and donated office premises are valued at $500 per month. For the quarter ended January 31, 2009 a total of $4,500 was posted as management and additional paid in capital. 6 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION. FORWARD LOOKING STATEMENTS This section of this report includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of our report. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions. We are an exploration stage company and have not yet generated or realized any revenues. BUSINESS Jasper Ventures Inc. was incorporated in Nevada on November 28, 2006 to engage in the acquisition, exploration and development of natural resource properties. We are an exploration stage company with no revenues and limited operating history. The principal executive offices are located at 69 Ross Street West #638, Moose Jaw, Saskatchewan. The telephone number is (416)981-7838. Our mineral claim has been acquired per Quebec government requirements and we hired a professional geologist to prepare a geological report. We have not yet commenced any exploration activities on the claim. Our property, known as the River Property may not contain any mineral reserves and funds that we spend on exploration will be lost. Even if we complete our current exploration program and are successful in identifying a mineral deposit we will be required to expend substantial funds to bring our claim to production. The cost of the proposed exploration program is $63,982. We plan to commence the first phase of the exploration program in Spring 2009. The property is situated in the Otish Mountains, 199 miles northeast of the town of Chibougamau, near the geographic centre of the Province of Quebec. The nearest population centre is the Cree Village of Mistissini, 53 miles by road north of Chibougamau. The nearest all weather road is the access road from Mistissini to the float plane base at Riviere Temiscamie, where a single Turbo-Otter float-plane is stationed and available for charter. The distance from Temiscamie to the property is 102 miles. There is no permanent population or developed infrastructure in the area. The property can be reached by float plane (summer), or ski plane (winter), from Riviere Temiscamie or a helicopter can be chartered in Chibougamau. The area has a continental climate typical for this latitude, characterised by long winters lasting from late October to late April and short, cool summers with temperatures up to 59 degrees. Lakes freeze over in late October and are usable again for float planes in early May. Most precipitation falls in the form of snow during the wintertime with accumulations of several meters considered normal. Total precipitation averages 32 inches. RESULTS OF OPERATIONS We have generated no revenues since inception and have incurred $85,343 in expenses from inception through January 31, 2009. These expenses were comprised of management fees and general and administrative costs. We incurred expenses of $9,730 and $5,325 for the three month periods ended January 31, 2009 and 2008, respectively. Our net loss since inception (November 28, 2006) through January 31, 2009 was $85,343. 7 The following table provides selected financial data about our company for the period ended January 31, 2009. Balance Sheet Data: 1/31/09 ------------------- ------- Cash $7,862 Total assets $7,862 Total liabilities $5,205 Shareholders' equity $2,657 In December 2006, a total of 5,000,000 shares of common stock were issued in exchange for $5,000 US, or $.001 per share. These securities were issued to the directors of the company. In January 2007 we offered and sold 240,000 common stock shares at $0.01 per share to 6 non-affiliated private investors for proceeds of $2,400. In April 2007 we offered and sold 360,000 common stock shares at $0.01 per share to 9 non-affiliated private investors for proceeds of $3,600. In September 2007 we offered and sold 360,000 common stock shares at $0.05 per share to 18 non-affiliated private investors for proceeds of $18,000. In October 2007 we offered and sold 200,000 common stock shares at $0.10 per share to 4 non-affiliated private investors for proceeds of $20,000. PLAN OF OPERATION Our plan of operation for the next twelve months is to complete the first of the three phases of the exploration program on our claim. In addition to the $20,002 we anticipate spending for the first phase of the exploration program as outlined below, we anticipate spending an additional $4,000 on professional fees, including fees payable in connection with compliance with reporting obligations and general administrative costs. Total expenditures over the next 12 months are therefore expected to be approximately $24,000. If we experience a shortage of funds we may utilize funds from our directors, however they have no formal commitment, arrangement or legal obligation to advance or loan funds to the company. The following three phase exploration proposal and cost estimate is offered with the understanding that each phase is contingent upon positive (encouraging) results being obtained from the prior phases and our ability to raise additional capital: Phase 1 DATA EVALUATION AND PROSPECTING Aeromagnetic data for the claim area should be researched for anomalies potentially caused by kimberlite. Priority areas for prospecting will be any such aeromagnetic anomalies. A team of 2 prospectors can systematically cover the area to prospect for kimberlite rocks in float or in outcrop in 10 to 15 days. Any kimberlite rock found will be sampled and analyzed for diamonds and diamond indicator minerals. Phase 2 GEOCHEMICAL SAMPLING: All aeromagnetic kimberlite targets found will be prospected in detail and systematic soil sampling will be done along lines spaced no more than 100 meters apart and with samples at 50 or 25 meter intervals. Aeromagnetic targets totally covered by overburden should also be sampled. Sampling methods should follow the MMI protocol and samples need to be analyzed at a specialized MMI laboratory. Positive results will be the outline of kimberlite bodies, through indicator element signatures. Total duration of the field campaign depends on the number of targets present. Duration will be 1 to 2 days per target for a 2 person prospecting-sampling crew. Processing of samples during summer can be up to 6 weeks 8 Phase 3 Drilling: Positive targets will need to be drill tested, the amount of drilling will depend on the success of phase 1 and 2. BUDGET PHASE 1 PROSPECTING AND RESEARCH C $ US $ ---------------------------------- ----- ----- Mobilization and travel cost to Chibougamau 2,500 2,500 Prospector 8 days @ $350/day 2,800 2,800 Assisstant 8 days @ $275/day 2,200 2,200 Camping equipment and food 2,500 2,500 Floatplane rental 6,000 6,001 Organization planning and aeromagnetic research 4,000 4,001 ------ ------ TOTAL 20,000 20,002 PHASE 2 GEOCHEMICAL SAMPLING ---------------------------- Mobilization and travel cost to Chibougamau 2,500 2,500 Technician 15 days @ $400/day 6,000 6,001 Assisstant 15 days @ $275/day 4,125 4,126 Camping equipment and food 2,500 2,500 Floatplane rental 6,000 6,001 Sampling equipment 600 600 MIM analysis 250 samples @ C$35 8,750 8,751 Sample shipping 500 500 Drafting Interpretation and report 8,000 8,001 Assessment fees 2,000 2,000 Organization planning and aeromagnetic research 3,000 3,000 ------ ------ TOTAL 43,975 43,980 ------ OVERALL TOTAL 63,982 ====== We plan to commence Phase 1 of the exploration program on the claim in Spring 2009. We expect this phase to take 8 days to complete and an additional one to two months for the geologist to prepare his report. The above program costs are management's estimates based upon the recommendations of the professional geologist's report and the actual project costs may exceed our estimates. To date, we have not commenced exploration. Following phase one of the exploration program, if it proves successful in identifying mineral deposits, we intend to proceed with phase two of our exploration program. Subject to financing and the results of phase one, we anticipate commencing with phase 2 in Summer 2009. We have a verbal agreement with Andre Pauwels, the professional geologist who prepared the geology report on the River property, to retain his services for our planned exploration program. We will require additional funding to proceed with any subsequent work on the claim; we have no current plans on how to raise the additional funding. We cannot provide any assurance that we will be able to raise sufficient funds to proceed with any work after the first phase of the exploration program. LIQUIDITY AND CAPITAL RESOURCES Our cash balance at January 31, 2009 was $7,862, with $5,205 in outstanding liabilities. Total expenditures over the next 12 months are expected to be approximately $24,000. If we experience a shortage of funds for operating 9 expenses our director has agreed to loan the company money to pay for those expenses. There is no written agreement with the director to do so. We are an exploration stage company and have generated no revenue to date. ITEM 4. CONTROLS AND PROCEDURES. Under the supervision and with the participation of our management, including our principal executive officer and the principal financial officer, we have conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as of the end of the period covered by this report. Based on this evaluation, our principal executive officer and principal financial officer concluded as of the evaluation date that our disclosure controls and procedures were effective such that the material information required to be included in our Securities and Exchange Commission reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms relating to our company, particularly during the period when this report was being prepared. Additionally, there were no significant changes in our internal control over financial reporting or in other factors that could significantly affect these controls subsequent to the evaluation date. We have not identified any significant deficiencies or material weaknesses in our internal controls, and therefore there were no corrective actions taken. PART II. OTHER INFORMATION ITEM 6. EXHIBITS. The following exhibits are included with this quarterly filing. Those marked with an asterisk and required to be filed hereunder, are incorporated by reference and can be found in their entirety in our original Form SB-2 Registration Statement, filed under SEC File Number 333-148735, at the SEC website at www.sec.gov: Exhibit No. Description ----------- ----------- 3.1 Articles of Incorporation* 3.2 Bylaws* 31.1 Sec. 302 Certification of Principal Executive Officer 31.2 Sec. 302 Certification of Principal Financial Officer 32.1 Sec. 906 Certification of Principal Executive Officer 32.2 Sec. 906 Certification of Principal Financial Officer 10 SIGNATURES Pursuant to the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. March 2, 2009 Jasper Ventures, Inc., Registrant /s/ Jean Smith ------------------------------------------------- By: Jean Smith (Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer & Director) /s/ Allen Bond ------------------------------------------------- By: Allen Bond (Director) In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. March 2, 2009 Jasper Ventures, Inc., Registrant /s/ Jean Smith ------------------------------------------------- By: Jean Smith (Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer & Director) /s/ Allen Bond ------------------------------------------------- By: Allen Bond (Director) 11

Jasper Ventures Inc. 10-Q