UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

[ x ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2010

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _____________ to _____________

COMMISSION FILE NUMBER 333-151867

JETPADS, INC.

(Exact name of Registrant as specified in its charter)



NEVADA	26-2347451
(State or other jurisdiction of incorporation or	(IRS Employer Identification Number)
organization)

650 S. HILL ST. #J-4, LOS ANGELES, CA 90014

(Address of principal executive offices)

(310) 728-6579
(Registrant's telephone number)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ x ] No [ ]

Indicate by checkmark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

[ ] Yes

[ ]

No (Not Required)

Indicate by check mark whether the Registrant is a larger accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “larger accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ]

Accelerated filer [ ]

Non-accelerated filer [ ] (Do not check if a smaller reporting company) 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 [ ] No [X]

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As at November 17, 2010, there were 10,000,000 common shares issued and outstanding.

PART I – FINANCIAL INFORMATION

ITEM 1. INTERIM FINANCIAL STATEMENTS

The accompanying interim unaudited financial statements of jetPADS, Inc. (a Nevada corporation) (a development stage company) (the “Company”) are condensed and, therefore, do not include all disclosures normally required by accounting principles generally accepted in the United States of America. These statements should be read in conjunction with the Company's most recent audited financial statements for the year ended March 31, 2010, included in a Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on August 9, 2010. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying condensed financial statements and consist of only normal recurring adjustments. The results of operations presented in the accompanying condensed financial statements for the period ended September 30, 2010, are not necessarily indicative of the operating results that may be expected for the full year ending March 31, 2011.


jetPADS, Inc.
(A Development Stage Company)
Balance Sheets

		September 30, 2010		March 31, 2010
		September 30, 2010		March 31, 2010
		(Unaudited)
ASSETS
Current assets
	Cash	$	-	$	-
	Restricted cash (Note 3)		2,287		36,524
	Accounts receivable (Note 3)		81,890		41,676
	Prepaid expenses		30,309		9,500
Total current assets			114,486		87,700

Total assets		$	114,486	$	87,700

LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities
	Bank overdraft	$	4,261	$	-
	Accounts payable and accrued liabilities		41,112		21,328
	Customer payables (Note 3)		222,386		53,686
	Property owner payable (Note 3)		156,847		106,959
	Related party payables		50,948		72,948
	Deferred revenue (Note 3)		25,324		27,453
Total current liabilities			500,878		282,374

Stockholders' deficit
	Common stock, par value $.001, 100,000,000 shares authorized, 10,000,000 shares issued and outstanding		10,000		10,000
	Additional paid-in capital		3,217		1,519
	Other comprehensive loss		(89)		-
	Deficit accumulated during the development stage		(399,520)		(206,193)
Total stockholders' deficit			(386,392)		(194,674)

Total liabilities and stockholders' deficit		$	114,486	$	87,700

See accompanying notes to the financial statements


jetPADS, Inc.
(A Development Stage Company)
Statements of Operations

										Period of March 26, 2008 (inception) to September 30, 2010

		Three months ended September 30,				Six months ended September 30,
		2010		2009		2010		2009
Revenue, net of discounts and refunds		$	70,926	$	17,148	$	125,652	$	17,603	$	209,221
Property rent			(21,074)		-		(42,360)		-		(56,467)
Net revenue			49,852		17,148		83,292		17,603		152,754

Operating Expenses
	Professional fees		72,266		40,421		127,285		41,096		261,270
	Advertising		21,354		11,279		30,830		12,358		76,528
	Travel		19,157		10,771		62,602		10,771		92,404
	Other general & administrative		32,791		9,351		54,049		13,814		114,219
Total operating expenses			145,568		71,822		274,766		78,039		544,421

Other income (expense)
	Interest expense		(843)		(384)		(1,771)		(908)		(6,730)
	Interest income		-		-		6		-		6
	Foreign currency transaction gain (loss)		(161)		-		(88)		-		(1,131)
	Other income		-		-		-		2		2
Total other income (expense)			(1,004)		(384)		(1,853)		(906)		(7,853)

Net loss available to common stockholders		$	(96,720)	$	(55,058)	$	(193,327)	$	(61,342)	$	(399,520)

Other comprehensive loss
	Foreign currency translation adjustment		10		-		(89)		-		(89)
Total comprehensive loss		$	(96,710)	$	(55,058)	$	(193,416)	$	(61,342)	$	(399,609)

Basic and diluted loss per common share		$	(0.01)	$	(0.01)	$	(0.02)	$	(0.01)

Weighted average shares outstanding			10,000,000		10,000,000		10,000,000		10,000,000

See accompanying notes to the financial statements


jetPADS, Inc.
(A Development Stage Company)
Statements of Cash Flows

							For the period March 26, 2007 (inception) to September 30, 2010


			Six months ended September 30,
			2010		2009
Cash flows from operating activities
	Net loss		$	(193,327)	$	(61,342)	$	(399,520)
	Changes in operating assets and liabilities:
		Imputed interest charged to paid in capital		1,698		315		3,217
		Increase in accounts receivable		(40,214)		(59,417)		(81,890)
		Increase in prepaid expenses		(20,809)		-		(30,309)
		Increase in bank overdraft		4,261		-		4,261
		Increase (decrease) in accounts payable and accrued liabilities		19,784		(11,996)		41,112
		Increase in customer payables		168,700		20,410		222,386
		Increase in property owner payable		49,888		71,099		156,847
		(Decrease) increase in deferred revenue		(2,129)		24,085		25,324
Net cash used in operating activities				(12,148)		(16,846)		(58,572)

Cash flows from investing activities
		Decrease (increase) in restricted cash		34,237		(13,761)		(2,287)
Net cash used in investing activities				34,237		(13,761)		(2,287)

Cash flows from financing activities
		Proceeds from related party payables		-		30,965		51,341
		Repayments of related party payables		(22,000)		(393)		(393)
		Proceeds from sale of common stock		-		-		10,000
Net cash provided by financing activities				(22,000)		30,572		60,948

Effect of exchange rate on cash				(89)		-		(89)

Net change in cash				-		(35)		-
Cash at beginning of period				-		35		-
Cash at end of period			$	-		-	$	-

Supplemental Cash Flow Information:
	Cash paid for interest		$	-	$	-	$	-
	Cash paid for income taxes		$	-	$	-	$	-

See accompanying notes to the financial statements

jetPADS, Inc.

(A Development Stage Company)

Notes to the Unaudited Financial Statements

For the Three and Six Months Ended September 30, 2010 and 2009 and the

Period of March 26, 2008 (Inception) to September 30, 2010

Note 1 – Condensed Financial Statements

The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the periods ended September 30, 2010 and for all periods presented have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's March 31, 2010 audited financial statements as reported in Form 10-K. The results of operations for the period ended September 30, 2010 are not necessarily indicative of the operating results for the full year ended March 31, 2011.

Note 2- Going Concern

The Company's financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plans to obtain such resources for the Company include (1) obtaining capital from management and significant stockholders sufficient to meet its minimal operating expenses, and (2) as a last resort, seeking out and completing a merger with an existing operating company. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

jetPADS, Inc.

(A Development Stage Company)

Notes to the Unaudited Financial Statements

For the Three and Six Months Ended September 30, 2010 and 2009 and the

Period of March 26, 2008 (Inception) to September 30, 2010

Note 3 – Rental Agent Contracts

During the year ended March 31, 2010, the Company entered into various agreements with vacation property owners to act as a short-term rental agent on behalf of the owners. The agreements allow for the Company to retain a commission of 10% - 60% of the gross rental booking. Since rental contracts between the owners and renters are cancellable up to the point of use of the owners’ properties by the renters, commissions are deferred and recognized as revenue once the renters complete their use of the owners’ properties. The remaining 40%-90% of gross rental bookings, plus applicable taxes paid by the renters, are remitted to the owners upon the renters’ use of the owners’ properties. At the time of booking, renters are required to pay a security deposit that is refundable to them after ensuring no damage was done to the owners’ properties subsequent to use by the renters.

Since inception and as of September 30, 2010, the Company had booked a total of $917,139 in gross rental charges, plus booking fees, cleaning fees, and taxes totaling $112,535, resulting in net revenue and deferred revenue of $152,754 and $25,324, respectively. At September 30, 2010, the Company had received total cash of $1,221,892, including $228,067 in refundable security deposits and $70,700 of customer over-payments. Of this amount, $633,161 has been remitted to the property owners, with $156,847 remaining payable to property owners upon renters’ use of the properties. At September 30, 2010, the Company had a balance of $2,287 in restricted cash which represents a restricted cash deficit of $295,056. The restricted cash deficit is calculated by adding the refundable security deposits, customer credits and cash payable to property owners, less a receivable due from renters of $81,890 payable prior to the renters’ use of the owners’ properties less the restricted cash on hand.

Note 4 – Subsequent Events

The Company has evaluated subsequent events through the filing date of this document and determined there are no items to disclose.

Note 5 – Income Taxes

The Company recognizes the tax effects of transactions in the year in which such transactions enter into the determination of net income, regardless of when reported for tax purposes. Deferred taxes are normally provided in the financial statements under ASC Topic No. 740 to give effect to the resulting temporary differences which may arise from differences in the bases of fixed assets, depreciation methods, allowances, and start-up costs based on the income taxes expected to be payable in future years. Operating loss carry forwards generated during the period from March 26, 2008 (date of inception) through September 30, 2010 of $399,520 will begin to expire in 2028, and may be limited by the provisions of Internal Revenue Code Section 382 and other provisions as to their utilization. Deferred tax assets of approximately $139,832 have been completely offset by a valuation allowance that increased by approximately $67,664 and $21,470 during the six months ended September 30, 2010 and 2009, respectively.

jetPADS, Inc.

(A Development Stage Company)

Notes to the Unaudited Financial Statements

For the Three and Six Months Ended September 30, 2010 and 2009 and the

Period of March 26, 2008 (Inception) to September 30, 2010

Note 6 – Leases

During the year ended March 31, 2010, the Company entered into a non-cancellable lease for a property which it intends to rent to customers. The lease requires minimum annual rental payments of $84,000 through March 2011.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following plan of operation should be read in conjunction with our financial statements and the notes thereto included elsewhere in this report. Statements contained herein which are not historical facts are forward-looking statements, as that term is defined by the Private Securities Litigation Reform Act of 1995, including statements relating to our plans, objectives, expectations, and intentions. Although we believe that the expectations reflected in such forward-looking statements are reasonable, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. We caution investors that any forward-looking statements made by us are not guarantees of future performance and that actual results may differ materially from those in the forward-looking statements. Such risks and uncertainties include, without limitation: established competitors who have substantially greater financial resources and operating histories, regulatory delays or denials, ability to compete as a start-up company in a highly competitive market, and access to sources of capital.

OVERVIEW

The Company began operations in March 2008, and has secured contracts with homeowners and agents through the contacts and connections of its president and director, Mr. Kanaat. The Company has implemented its brand development strategy by placing key advertisements strategically throughout the Internet.

Since inception and as of September 30, 2010, the Company had booked a total of $917,139 in gross rental charges, plus booking fees, cleaning fees, and taxes totaling $112,535, resulting in net revenue and deferred revenue of $152,754, and $25,324, respectively. At September 30, 2010, the Company had received total cash of $1,221,892, including $228,067 in refundable security deposits and $70,700 of customer over-payments. Of this amount, $633,161 has been remitted to the property owners, with $156,847 remaining payable to property owners upon renters’ use of the properties. At September 30, 2010, the Company had a balance of $2,287 in restricted cash which represents a restricted cash deficit of $299,317. The restricted cash deficit is calculated by adding the refundable security deposits, customer credits and cash payable to property owners, less a receivable due from renters of $81,890 payable prior to the renters’ use of the owners’ properties less the restricted cash on hand.

The Company’s founder, Mr. Kanaat, has utilized his connections to create a base inventory of secured luxury properties worldwide used in the marketing and advertising of jetPAD Homes. Sales associates and concierge staff will be brought on board as revenues for rentals continue throughout 2010 for the jetPAD Homes program. The Company has launched websites such as www.jetpadsdublin.com, www.jetpadsbahamas.com and www.jetpadslosangeles.com, and is working to launch European villas in Athens, Bahamas, Crete, Cannes, Dubai, Dublin, Florence, Ibiza, Istanbul, Madrid, Mallorca, Mykonos, Rome, Nice, Monte Carlo, Marseilles, Cannes, and Venice.

The Company is already known for providing homes and condominiums around the world to customers based on a transient rental basis (less than 30 days per rental).

RESULTS OF OPERATIONS

During the three months ended September 30, 2010, we generated $70,926 in revenues from the rental of properties, compared to $17,148 during the same period in 2009, and $209,221 from inception. During the six months ended September 30, 2010, we generated $125,652 in revenue from the rental of properties, compared to $17,603 during the same period in 2009. For the three month period ended September 30, 2010, we incurred operating expenses totaling $145,568, as compared to $71,822 during the same period in 2009.

For the six month period ended September 30, 2010, we had expenses totaling $274,767, as compared to $78,039 during the same period in 2009. Expenses for 2010 have consisted primarily of legal and accounting fees, advertising costs, travel expenses and general and administrative expenses. Since inception, we have incurred $544,421 in operating expenses through September 30, 2010.

As of September 30, 2010, the Company had $0 in cash on hand, restricted cash (see below for additional information) of $2,287, and accounts receivable of $81,890. We had current liabilities of $500,878 and no long-term liabilities as of September 30, 2010.

During the year ended March 31, 2010, we entered into various agreements with vacation property owners to act as a short-term rental agent on behalf of the owners. The agreements allow for us to retain a commission of 10% - 60% of the gross rental booking. Since rental contracts between the owners and renters are cancellable up to the point of use of the owners’ properties by the renters, commissions are deferred and recognized as revenue once the renters complete their use of the owners’ properties. The remaining 40%-90% of gross rental bookings, plus applicable taxes paid by the renters, are remitted to the owners upon the renters’ use of the owners’ properties. At the time of booking, renters are required to pay a security deposit that is refundable to them after ensuring no damage was done to the owners’ properties subsequent to use by the renters.

The following discussion should be read in conjunction with the Company's financial statements and notes thereto appearing elsewhere in this quarterly report.

Limited Operating History; Need for Additional Capital

There is no historical financial information about us upon which to base an evaluation of our performance. We are a start-up corporation and have generated minimal revenues from operations. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in the development of our business plan, and possible cost overruns due to price and cost increases in services.

We have no assurance that future financing will be available to us on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop, or expand our operations. Equity financing could result in additional dilution to existing stockholders.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that are material to investors.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required by smaller reporting companies.

ITEM 4T. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Robert Kanaat, our Chief Executive and Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) as of the end of the period covered by this quarterly report (the Evaluation Date). Based on such evaluation, he has concluded that, as of the Evaluation Date, our

disclosure controls and procedures are effective in alerting us on a timely basis to material information required to be included in our reports filed or submitted under the Exchange Act.

Changes in Internal Controls

There were no significant changes in our internal controls or, to the Company's knowledge, in other factors that could significantly affect the Company's disclosure controls and procedures subsequent to the date the Company carried out this evaluation.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

Not applicable.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. [REMOVED AND RESERVED]

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

The following exhibits are included with this 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 S-1 Registration Statement, filed under SEC File Number 333-151867, at the SEC website at www.sec.gov:

Exhibit

Number

Description

3.1

Articles of Incorporation*

3.2

Bylaws*

Rule 13a-14(a)/15d-14a(a) Certifications

Section 1350 Certifications

Signatures

Pursuant to the requirements 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.



	JETPADS, INC.
	(Registrant)

November 19, 2010	BY:	*/s/ Robert Kanaat*
Date
		Robert Kanaat
		President, Chief Executive Officer, Principal Financial Officer, Principal Accounting Officer, and member of the Board of Directors

JETPADS, INC. 10-Q