UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A

ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended March 31, 2011

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 organization)		(I.R.S. Employer Identification No.)

650 S Hill St., J-4, Los Angeles, CA		90014
(Address of principal executive offices)		(Zip Code)

Registrant’s Telephone Number, including area code:

(877) 538-7717

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

Title of each class:

Name of each exchange on which registered:

N/A

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

N/A

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. [ ] Yes [X] No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. [ ] Yes [X] No

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act 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 Website, 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 [x] No

(Not required)

Indicate by check mark if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-K contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ ]

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


Large accelerated 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 [x] No

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter. $0.00. Registrant was approved for trading on the OTCBB on November 12, 2008. No trading occurred during Registrant’s second quarter.

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date: 10,000,000 shares of common stock as of March 6, 2012.

PART I

Item 1. Business

Business Development

jetPADS, Inc. was incorporated on March 26, 2008, in the state of Nevada. As of March 31, 2011, we have commenced revenue generating activities. The Company has entered into several agreements to act as a short-term rental agent on behalf of owners of various vacation properties. These agreements allow for the Company to be compensated by commission based on a percentage of the gross rental fee charged to a user of the property. We have never declared bankruptcy, we have never been in receivership, and we have never been involved in any legal action or proceedings except as set forth below. Since becoming incorporated, we have not made any significant purchase or sale of assets, nor have we been involved in any mergers, acquisitions, or consolidations.

Business of Issuer

jetPADS, Inc. (the “Company” or “jetPADS”) is in the business of developing, owning, operating, and franchising jetPAD luxury vacation rentals and resort hotel condo suites worldwide. jetPAD rentals and their amenities are designed to appeal particularly to up-market travelers, featuring many of the creature comforts of a luxurious home or condo and providing well-appointed, high quality amenities and service to a burgeoning marketplace. Through the rapid development and franchising of jetPAD properties in key international markets, the Company's goal is to capitalize on an underserved demand for worldwide luxury extended stay travel homes and resort hotel condo suites by creating and fostering a brand based on luxury, service, and commitment to excellence.

The Company launched its Website in the fall of 2008, and has launched into the first phase of its development of franchising and branding luxuriously appointed homes and condominiums with the jetPADS name.

The concept of jetPADS involves tapping into the growth of the vacation rental market industry. jetPADS will cost-effectively initiate the Company’s first phase of its development by securing contracts with existing luxury homes and condominiums in highly vacationed spots around the world, and branding them with the jetPADS name. jetPADS will all feature amenities such as high-end electronics, luxurious finishes, custom embroidered linens, fully-equipped chef kitchens, immaculate furnishings and design, views/location, and a team of people dedicated to customer satisfaction and excellence. The Company has secured contracts with luxury home and condo owners. This will allow jetPADS representatives to market an existing inventory to high-end clientele world-wide. The Company will secure up to a 30% commission for all bookings made for properties in its portfolio and create a proven business model that it can then expand into the second phase of its operations, the design and construction of jetPAD Hotels worldwide.

GROWTH AND DEVELOPMENT STRATEGIES

The Company plans to secure contracts with prospective homeowners through the contacts and connections of its president and director, Mr. Kanaat. Mr. Kanaat’s contacts own some of the most luxurious homes and condominiums around the world and have tentatively agreed to participate in the jetPADS program.

The Company intends to secure contracts and implement its brand development strategy by placing key advertisements strategically throughout print and Web-based media. While focusing on fostering its brand and continuously securing additional high-end properties worldwide, the Company will simultaneously launch into a sales campaign, utilizing an enterprise version of the TenantWIZ Vacation Rental Software system to manage and close all sales leads.

OPERATING STRATEGIES

The Company’s operating strategies will be primarily based around securing and marketing jetPAD luxury homes and condominiums in its first phase of development.

The Company’s founder, Mr. Kanaat, will utilize his connections to create a base inventory of secured luxury properties worldwide to be used in the marketing and advertising of jetPADS. Sales associates and concierge staff will be brought on board as customers begin signing up for memberships for the jetPADS program.

The Company operates its day-to-day business by utilizing an enterprise version of the TenantWIZ Vacation Rental Software system which tracks all leads, sales, properties, digital contracts and more through one streamlined system. The Company is working to foster its brand, while striving to deliver service at competitive prices.

REPORTS TO SECURITY HOLDERS

We filed a Prospectus as part of a Form S-1, as amended, with the Securities and Exchange Commission and will file reports, including quarterly and annual reports, with the Commission pursuant to Section 12(b) or (g) of the Exchange Act. These reports and any other materials filed with the SEC may be read and copied at the SEC's Public Reference Room at 100 F Street NE, Washington, D.C. 20549. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. The Company files its reports electronically with the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The address of that site is http://www.sec.gov.

Item 1A. Risk Factors

Not applicable.

Item 1B. Unresolved Staff Comments

Not Applicable.

Item 2. Properties

The Company’s executive offices are located at 650 S. Hill St., #J-4, Los Angeles, CA 90014. The office is provided by the Company’s officer free of charge. The Company currently owns no other properties at this time.

Item 3. Legal Proceedings

On May 18, 2011, the Company was sued in California Superior Court for the return of funds deposited with it for a vacation rental. The complaint alleges, inter alia, breach of contract, conversion and bad faith. The amount of the conversion claim is $31,800. Even if successful, the Company does not believe the claim will materially affect its financial statements. The claim has been recorded in the Company’s financial statements.

Item 4. (Removed and Reserved)

PART II

Market price of and Dividends on the Registrant’s Common Equity and Related Stockholder Matters

Our common stock is currently quoted on the OTC Electronic Bulletin Board (OTCBB) operated by the Financial Industry Regulatory Authority (“FINRA”) under the symbol “JPAD.” Our common stock has not had any trading activity since first being quoted on November 12, 2008.

Of the 10,000,000 shares of common stock outstanding as of March 31, 2011, 2,750,000 shares were owned by our officer and director, and may only be resold in compliance with Rule 144 of the Securities Act of 1933.

Holders

As of March 31, 2011, we have 10,000,000 shares of $0.001 par value common stock issued and outstanding held by 31 shareholders of record.

Dividends

There are no restrictions in our articles of incorporation or bylaws that restrict us from declaring dividends. The Nevada Revised Statutes, however, do prohibit us from declaring dividends where, after giving effect to the distribution of the dividend:

(1) we would not be able to pay our debts as they become due in the usual course of business; or (2) our total assets would be less than the sum of our total liabilities, plus the amount that would be needed to satisfy the rights of shareholders who have preferential rights superior to those receiving the distribution.

We have not declared any dividends. We do not plan to declare any dividends in the foreseeable future.

Recent Sales of Unregistered Securities

In May, 2008, the Company undertook a private offering of 10,000,000 shares of its common stock, with an offering price of $0.001 per share. The proceeds from this offering are to be used to cover further start-up and organizational costs of the Corporation. This offering was undertaken directly by the Corporation. The Private Placement was completed in May 2008, pursuant to Section 4(2), and/or Regulation D, of the Securities Act. No commissions or fees were paid in connection with the offering.

The class of persons to whom these offerings were made was "sophisticated investors." As a result, offers were made only to persons that the Company believed, and had reasonable grounds to believe, either (a) have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of the proposed investment, or (b) can bear the economic risks of the proposed investment (that is, at the time of investment, could afford a complete loss). Additionally, sales were made only to persons whom the Company believed, and had reasonable grounds to believe immediately prior to such sale and upon making reasonable inquiry, (a) are capable of bearing the economic risk of the investment, and (b) either personally possess the requisite knowledge and experience, or, together with their offeree's representative, have such knowledge and experience.

Securities authorized for issuance under equity compensation plans

We do not have any equity compensation plans and accordingly we have no securities authorized for issuance thereunder.

Purchases of Equity Securities by the Registrant and Affiliated Purchasers

We did not purchase any of our shares of common stock or other securities during the year ended March 31, 2011.

Item 6. Selected Financial Data.





	Year Ended	Year Ended
	March 31,	March 31,
	2011	2010

Total operating expenses	$ 580,519	$ 227,870
Net operating revenue	171,042	69,461
Net loss	(435,862)	(163,839)
Net cash provided (used in) by financing activities	(14,523)	72,555
Cash used in operating activities	(8,401)	(36,066)
Cash and cash equivalents on hand	-	-
Net loss per common share: Basic and Diluted	(0.04)	(0.02)
Weighted average number of common shares outstanding:
Basic and diluted	10,000,000	10,000,000
Stockholders’ deficit	$(627,445)	$ (194,674)

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion should be read in conjunction with the Company's Financial Statements and notes thereto appearing elsewhere in this Annual Report.

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.

During the year ended March 31, 2010, the Company booked six reservations for a property owned by our President totaling $12,279. This resulted in cleaning fee and commission revenue of $26 and $815, respectively. As of March 31, 2010, there is no balance due to the property owner as a result of these bookings and $500 due to one customer representing a refundable security deposit. These amounts are included in the account totals in the previous paragraph. No such bookings occurred in the year ended March 31, 2011.

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 jetPADS. Sales associates and concierge staff will be brought on board as revenues for rentals continue throughout 2011 for the jetPADS program.

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

The Company has begun negotiating contracts with homeowners for inclusion in the jetPADS worldwide luxury rental inventory. The Company has begun generating revenues and for the year ended March 31, 2011, the Company has generated net revenue of $149,867. Total operating expenses for the year ended March 31, 2011, were $580,519, and consisted of $102,196 in professional fees for accountants, attorneys and transfer agent, $158,333 in other general and administrative expenses, $132,700 in travel expenses, $93,989 of officer compensation, $20,914 of bad debts and $72,387 in advertising costs.

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.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 8. Financial Statements and Supplementary Data.

[jetpads10k33111amendmentd001.jpg]


jetPADS, Inc.
Balance Sheets

		March 31,
		2011		2010
		(Restated – Note 10)
ASSETS
Current assets
	Cash	$	-	$	-
	Restricted cash		10,758		36,524
	Accounts receivable, net of allowance of $7,489 in 2011 and $0 in 2010		17,473		41,676
	Prepaid expenses		3,854		9,500
Total current assets			32,085		87,700

	Equipment, less accumulated depreciation of $225 and $0		2,469		-

Total assets		$	34,554	$	87,700

LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities
	Checks drawn in excess of bank balances	$	7,477	$	-
	Accounts payable and accrued liabilities		16,388		21,328
	Customer payables		324,527		53,686
	Property owner payables		224,401		106,959
	Related party payables		50,948		72,948
	Deferred revenue		38,258		27,453
Total current liabilities			661,999		282,374

Stockholders' deficit
	Common stock, par value $0.001; 100,000,000 shares authorized; 10,000,000 shares issued and outstanding		10,000		10,000
	Additional paid-in capital		4,758		1,519
	Other comprehensive loss		(148)		-
	Deficit accumulated during the development stage		(642,055)		(206,193)
Total stockholders' deficit			(627,445)		(194,674)

Total liabilities and stockholders' deficit		$	34,554	$	87,700

See accompanying notes to the financial statements.

F-2


jetPADS, Inc.
Statements of Operations


		Year Ended March 31,
		2011		2010
		(Restated – Note 10)
Revenue, net of discounts and refunds		$	223,495	$	83,568
Cost of services			(73,628)		(14,107)
Net revenue			149,867		69,461

Operating expenses
	Professional fees		102,196		69,985
	Officer compensation		93,989		25,095
	Bad debt		20,914		-
	Advertising		72,387		45,698
	Travel		132,700		29,802
	Other general & administrative		158,333		57,292
Total operating expenses			580,519		227,870

Other income (expense)
	Interest expense		(6,354)		(4,389)
	Interest income		12		-
	Foreign currency transaction loss		(133)		(1,043)
	Other income		1,265		2
Total other income (expense)			(5,210)		(5,430)

Net loss available to common stockholders		$	(435,862)	$	(163,839)

Other comprehensive loss
	Foreign currency translation adjustment		(148)		-
Total comprehensive loss		$	(436,010)	$	(163,839)

Basic and diluted loss per common share		$	(0.04)	$	(0.02)

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

See accompanying notes to the financial statements.

F-3


jetPADS, Inc.
Statement of Changes in Stockholders' Deficit

	Common Stock			Additional Paid-In Capital		Other Comprehensive Loss		Accumulated Deficit		Total
	Shares	Amount		Additional Paid-In Capital		Other Comprehensive Loss		Accumulated Deficit		Total
Balance, April 1, 2009	10,000,000	$	10,000	$	-	$	-	$	(42,354)	$	(32,354)

Imputed interest	-		-		1,519		-		-		1,519
Net loss, year ended March 31, 2010	-		-		-		-		(163,839)		(163,839)
Balance, March 31, 2010	10,000,000		10,000		1,519		-		(206,193)		(194,674)

Imputed interest	-		-		3,239		-		-		3,239
Foreign currency translation	-		-		-		(148)		-		(148)
Net loss, year ended March 31, 2011 (Restated – Note 10)	-		-		-		-		(435,862)		(435,862)
Balance, March 31, 2011 (Restated – Note 10)	10,000,000	$	10,000	$	4,758	$	(148)	$	(642,055)	$	(627,445)

See accompanying notes to the financial statements.

F-4


jetPADS, Inc.
Statements of Cash Flows


			Year Ended March 31,
			2011		2010
			(Restated – Note 10)
Cash flows from operating activities
	Net loss		$	(435,862)	$	(163,839)
	Depreciation expense			225		-
	Changes in operating assets and liabilities:
		Imputed interest on related party payable		3,239		1,519
		(Increase) decrease in accounts receivable		16,714		(41,676)
		Increase in allowance for doubtful accounts		7,489		-
		Decrease (increase) in prepaid expenses		5,646		(9,500)
		Increase (decrease) in accounts payable and accrued liabilities		(4,940)		(10,668)
		Increase (decrease) in customer payables		270,841		53,686
		Increase (decrease) in property owner payables		117,442		106,959
		Increase (decrease) in deferred revenue		10,805		27,453
Net cash used in operating activities				(8,401)		(36,066)

Cash flows from investing activities
		Purchase of equipment		(2,694)		-
		Decrease (increase) in restricted cash		25,766		(36,524)
Net cash provided by (used in) investing activities				23,072		(36,524)

Cash flows from financing activities
		Increase in checks drawn in excess of bank balances		7,477		-
		Proceeds from related party payables		-		72,948
		Repayments of related party payables		(22,000)		(393)
		Proceeds from sale of common stock		-		-
Net cash provided by (used in) financing activities				(14,523)		72,555

Effect of exchange rate on cash				(148)		-

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

Supplemental Cash Flow Information:
	Cash paid for interest		$	1,753	$	-
	Cash paid for income taxes		$	-	$	-

See accompanying notes to the financial statements.

F-5

jetPADS, INC.

Notes to the Financial Statements

For the Years Ended March 31, 2011 and 2010

Note 1 – Nature of Business

jetPADS, Inc. (the “Company”) was incorporated on March 26, 2008 in the State of Nevada. Its operations are primarily based in Los Angeles, CA. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, and the Company’s fiscal year-end is March 31.

The Company acts as a short-term rental agent for various home owners for which bookings the Company collects a commission. The Company plans to further pursue the business of securing contracts on existing luxury homes, condominiums, apartments, and hotels. Once the contracts have been secured, the Company will provide further high-end luxurious amenities and ultimately sell or rent its products and services to third parties.

Note 2 – Significant Accounting Policies

Cash

For financial statement presentation purposes, the Company considers short-term, highly liquid investments with original maturities of three months or less to be cash and cash equivalents. The Company maintains cash and cash equivalent balances at a financial institution that is insured by the Federal Deposit Insurance Corporation up to $250,000. At March 31, 2011 and 2010, the Company had $0 in cash, $10,758 and $36,524 in restricted cash and no cash equivalents, respectively. Restricted cash is reserved for the repayment of customer deposits.

Revenue Recognition

The Company's financial statements are prepared under the accrual method of accounting. Revenues are recognized in the period the services are performed and in accordance with revenue recognition policies consistent with SEC Staff Accounting Bulletin No. 104, primarily when the customer completes its stay. Costs are recorded in the period incurred rather than paid. The Company recognized revenues net of discounts and refunds of $244,670 and $83,568 during the years ended March 31, 2011 and 2010, respectively.

Deferred revenue arises as the Company receives payments from customers for the reservation of a rental property when that stay is in the future. Deferred revenue is recognized upon completion of the stay.

Income taxes

The Company accounts for income taxes under FASB ASC 740 "Income Taxes." Under the asset and liability method of FASB ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations.

F-6

jetPADS, INC.

Notes to the Financial Statements

For the Years Ended March 31, 2011 and 2010

Note 2 – Significant Accounting Policies (continued)

Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Property and Equipment

Property and equipment are carried at cost. Expenditures for maintenance and repairs are charged against operations. Renewals and betterments that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period.

Depreciation is computed for financial statement purposes on a straight-line basis over estimated useful lives of the related assets. The estimated useful lives of depreciable assets are:


	Estimated Useful Lives
Furniture and Fixtures	5 - 10 years
Computer Equipment	2 - 5 years
Vehicles	5 - 10 years

For reporting purposes, depreciation is computed under the straight-line method. At March 31, 2011, the Company had the following property and equipment (none at March 31, 2010):


	Cost		Accumulated Depreciation		Net Book Value
Computers	$	2,694	$	(225)	$	2,469

Advertising Costs

Advertising and promotion costs are expensed as incurred. The Company incurred $72,387 and $45,698 of such costs during the years ended March 31, 2011 and 2010.

Going concern

The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company has no material assets other than restricted cash and accounts receivable, nor does it have operations or a source of revenue sufficient to cover its operating costs and allow it to continue as a going concern. The Company is currently attempting to increase revenues while controlling costs in order to initiate its business plan which will, if successful, mitigate these factors, which raise substantial doubt about the Company’s ability to continue as a going concern. The Company will be dependent upon the raising of this additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. The officer and director has committed to advancing funds to cover certain operating costs of the Company.

F-7

jetPADS, INC.

Notes to the Financial Statements

For the Years Ended March 31, 2011 and 2010

Note 2 – Significant Accounting Policies (continued)

Recent Accounting Pronouncements

Accounting Standard Updates through number 2011-12 have been issued but do not apply to the Company.

Note 3 – Stockholders’ Equity

Common Stock

On March 26, 2008, the Company was formed with one class of common stock, par value $0.001. The Company authorized 100,000,000 shares of common stock.

In May 2008, the Company issued 10,000,000 shares of its common stock for cash at $.001 per share for a total cash consideration of $10,000. At March 31, 2011 and 2010, the Company had 10,000,000 common shares issued and outstanding. There are no preferred shares authorized, issued or outstanding. The Company has no stock option plan, warrants or other dilutive securities.

Net loss per common share

Net loss per share is calculated in accordance with FASB ASC 260, “Earnings Per Share.” The weighted-average number of common shares outstanding during each period is used to compute basic loss per share. Diluted loss per share is computed using the weighted averaged number of shares and dilutive potential common shares outstanding. Dilutive potential common shares are additional common shares assumed to be exercised.

Basic net loss per common share is based on the weighted average number of shares of common stock outstanding during 2011 or 2010 and since inception. As of March 31, 2011 and 2010 and since inception, the Company had no potentially dilutive common shares.

Note 4 – 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 March 31, 2011 of approximately $642,055 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 $269,664 have been completely offset by a valuation allowance that increased by $183,063 and $68,812 during the years ended March 31, 2011 and 2010, respectively.

F-8

jetPADS, INC.

Notes to the Financial Statements

For the Years Ended March 31, 2011 and 2010

Note 4 – Income Taxes (continued)

The Company follows the provisions of uncertain tax positions as addressed in FASC 740-10-65-1. The Company recognized no increase in the liability for unrecognized tax benefits. The Company has no tax positions at March 31, 2011 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes interest accrued related to unrecognized tax benefits (if any) in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the periods presented. The Company had no accruals for interest and penalties at March 31, 2011 or 2010. Tax years ending March 31, 2008 to through March 31, 2011 are open to examination by the taxing authorities.

Note 5 – Subsequent Events

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

Note 6 – Commitments and Contingencies

A former customer of the Company has brought a suit against it in which the customer claims he is entitled to a full refund of amounts paid for a booking that was not carried out plus punitive damages totaling over $100,000. The Company has fully accrued for liabilities relating to this suit for probable damages of $31,800.

Note 7 – Related Party Transactions

During the years ended March 31, 2011 and 2010, the Company received loans totaling $0 and $72,948 to fund operations from related parties. The loans carry a 0% interest rate, are due on demand and, as such, are included in current liabilities. Imputed interest of $3,239 and $1,519 for the years ended March 31, 2011 and 2010 has been imputed and is included in additional paid-in capital. Additionally, the Company repaid an outstanding shareholder and CEO loan of $22,000 and $393 during the years ended March 31, 2011 and 2010. There were outstanding shareholder loans of $50,948 and $72,948 as of March 31, 2011 and 2010.

The Company’s president provides management services on a contract basis. During the years ended March 31, 2011 and 2010, there were $93,989 and $10,281 charged to operations as management fees.

A relative of the Company’s president provides administrative services as needed. During the years ended March 31, 2011 and 2010, there were $6,500 and $1,850 charged to general and administrative expenses.

The Company utilizes a reservation tracking system called TenantWIZ. The system allows for tracking of reservations, customer payments and payments remitted to property owners. TenantWIZ was developed by the Company’s sole officer and director and is owned by TenantWIZ Software Corp., a company under his control. Payments of $4,000 and $17,406 were made to TenantWIZ Software Corp. for use of the system during the years ended March 31, 2011 and 2010, respectively.

F-9

jetPADS, INC.

Notes to the Financial Statements

For the Years Ended March 31, 2011 and 2010

Note 8 – Rental Agent Contracts

The Company has 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% - 40% 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 60%-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 Company records commission revenues on a “net” basis as an agent for the property owners.

During the year ended March 31, 2010, the Company booked six reservations for a property owned by our President totaling $12,279. This resulted in cleaning fee and commission revenue of $726 and $815, respectively. As of March 31, 2010, there is no balance due to the property owner as a result of these bookings and $500 due to one customer representing a refundable security deposit. These amounts are included in the account totals in the previous paragraph. No such bookings occurred in the year ended March 31, 2011.

Note 9 – Leases

During the year ended March 31, 2010, the Company entered into a lease for property which it intends to sub-lease to customers. The lease requires minimum monthly rental payments of $7,000 through March 2012. This property resulted in sub-lease revenues totaling $10,235 and deferred revenues totaling $5,888 during and as of the year ended March 31, 2011. Total rent expense for the years ended March 31, 2011 and 2010 was $71,943 and $14,107, respectively.

Note 10 - Restatement

Subsequent to issuance, Management has subsequently determined to correct revenues and deferred revenues and has amended the March 31, 2011 financial statements.

The Company corrected the early recognition of revenues.

Accordingly, the accompanying balance sheet, statement of operations, and statement of cash flows for the period amended at March 31, 2011, have been retroactively adjusted as summarized below:

F-10


Effect of Corrections		As Previously Reported				As Restated				Adjustment
BALANCE SHEET
At March 31, 2011
LIABILITIES
Deferred Revenue	$	17,083			$	38,258			$	21,195
-Total current liabilities	$	640,824			$	661,999			$	21,175

STOCKHOLDERS’ DEFICIT
-Deficit Accumulated During the Development Stage	$	(620,880)			$	(642,055)			$	(21,175)
-Total stockholders’ deficit	$	(606,270)			$	(627,445)			$	(21,175)

STATEMENT OF OPERATIONS
Year ended March 31, 2011
-Revenue, net of discounts and refunds	$	244,670			$	223,495			$	(21,175)
-Net Revenue		171,042				149,867				(21,175)
-Net loss available to common stockholders	$	(414,687)			$	(435,862)			$	(21,175)

STATEMENT OF STOCKHOLDERS’ EQUITY
At March 31, 2011
-Net loss, year ended March 31, 2011	$	(414,687)			$	(435,862)			$	(21,175)
-Balance, March 31, 2011	$	(620,880)			$	(642,055)			$	(21,175)

STATEMENT OF CASH FLOWS
Year ended March 31, 2011
-Net loss			$	(414,687)			$	(435,862)			$	(21,179)
Decrease (Increase) in deferred revenue			$	(10,370)			$	10,805			$	21,175

F-11

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

From inception and up to the present time, the principal independent accountant for the Company has neither resigned (nor declined to stand for reelection) nor been dismissed. The independent auditor for the Company is Child, Van Wagoner & Bradshaw, PLLC, 5296 South Commerce Drive, Suite 300, Salt Lake City, UT 84107. This firm was engaged on or about May 6, 2008.

Item 9A. Controls and Procedures.

As of March 31, 2011, the Company carried out an evaluation of the effectiveness of the Company’s disclosure controls and procedures (as defined by Rule 13a-15(e) under the Securities Exchange Act of 1934) under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer. Based on and as of the date of such evaluation, the aforementioned officers have concluded that the Company’s disclosure controls and procedures were not effective for the reasons discussed herein.

The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (1) inadequate segregation of duties consistent with control objectives. The aforementioned material weakness was identified by our Chief Executive Officer in connection with the review of our financial statements as of March 31, 2011.

Management believes that the material weakness set forth above did not have an effect on our financial results.

The Company also maintains a system of internal accounting controls that is designed to provide assurance that assets are safeguarded and that transactions are executed in accordance with management’s authorization and properly recorded. This system is continually reviewed and is augmented by written policies and procedures, the careful selection and training of qualified personnel and an internal audit program to monitor its effectiveness. During the fiscal year ended March 31, 2011, there were no significant changes to this system of internal controls or in other factors that could significantly affect those controls.

Management’s Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Exchange Act. Internal control over financial reporting refers to a process designed by, or under the supervision of our Chief Executive Officer and Chief Financial Officer and effected by our Board, management, and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles, including those policies and procedures that:


	-	pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;

	-	provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and


	-	provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.

Because of its inherent limitations, internal control over financial reporting cannot provide absolute assurance of the prevention or detection of misstatements. In addition, projections of any evaluation of effectiveness to future periods are subject to risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In connection with the preparation of this Annual Report on Form 10-K for the year ended March 31, 2011, management, with the participation of our Chief Executive Officer and Principal Financial Officer, has evaluated the effectiveness of our internal controls over financial reporting, pursuant to Rule 13a-15 under the Exchange Act. Management conducted its evaluation of the Company’s internal control over financial reporting based on the framework in Internal Control – Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on that evaluation, our Chief Executive Officer and Chief Financial Officer has concluded that the design and operation of our internal controls and procedures were not effective as of March 31, 2011, for the reasons disclosed above. There were no significant changes in our internal controls over financial reporting that occurred during the fourth fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

This Annual Report on Form 10-K does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit us to provide only management’s report in this Annual Report on Form 10-K.

Item 9B. Other Information

None.

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

The following table sets forth certain information regarding each person who is a Director or Executive Officer of the Company.


Name	Age	Position
Robert Kanaat	32	Chairman of the Board, President, Chief Executive Officer, Chief Financial Officer, Treasurer, Secretary

Robert Kanaat is Chairman of the Board, President and Chief Executive Officer of the Company since its inception. On March 3, 2009, Mr. Kanaat was appointed Chief Financial Officer, Treasurer and Secretary. Mr. Kanaat earned a Bachelor of Arts degree in Political Science (2000) from New York University's College of Arts and Sciences. Mr. Kanaat began his entrepreneurial activities in 2001 when he founded iSculptors, Inc., a firm specializing in interactive Web design services, developing feature-rich websites and web applications with Active Server Pages (ASP), Macromedia Flash, Databases, and other Web-based technologies. In 2004, Mr. Kanaat was the co-founder and CEO of Elemental Software, Inc., a Los Angeles-based Internet technology company which developed proprietary Web-based Shopping Cart software which was marketed within North America. Mr. Kanaat created all of the product and service offerings and assisted in recruiting talented personnel at important stages in the development of the business. Since May 2007, Mr. Kanaat has been the founder and President of TenantWIZ Software Corp. which is the proprietary developer of a web-based Vacation Rental software system, Tenantwiz.com.

Legal Proceedings.

On May 18, 2011, the Company was sued in California Superior Court for the return of funds deposited with jetPADS for a vacation rental. The complaint alleges, inter alia, breach of contract, conversion and bad faith. The amount of the conversion claim is $31,800. Even if successful, the Company does not believe the claim will materially affect its financial statements.

Other than the action referenced above, during the past ten years, our Director and Officer has not been a party to any bankruptcy proceeding; has not been convicted in a criminal proceeding; is not subject to any order, judgment or decree of any court of competent jurisdiction permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; and not been found by a court of competent jurisdiction, the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law.

Compliance with Section 16(a) of the Exchange Act

Because we do not have a class of equity securities registered pursuant to Section 12 of the Exchange Act, our executive officers, directors and persons who beneficially own more than 10% of our common stock are not required to file initial reports of ownership and reports of changes in ownership with the SEC under Section 16(a) of the Exchange Act.

Code of Ethics

As of the date of this Annual Report, we have not adopted a corporate code of ethics.

Audit Committee

The Company does not currently have a separate audit committee. All of the members of the Board of Directors currently serve as the audit committee. None of the Directors qualify as a financial expert.

Item 11. Executive Compensation.

Following is the Summary Compensation table showing compensation of officers for the years ended March 31, 2011 and 2010.


SUMMARY COMPENSATION TABLE
Name and principal position	Year	Salary ($)	Bonus ($)	Stock Awards ($)	Option Awards ($)	Non-Equity Incentive Plan Compensation ($)	Nonqualified Deferred Compensation Earnings ($)	All Other Compensation ($)	Total ($)
Robert Kanaat, President	2011 2010	$ 93,989.44 $10,281.21⁽¹⁾	$ 0 $ 0	$ 0 $ 0	$ 0 $ 0	$ 0 $ 0	$ 0 $ 0	$ 0 $ 14,813.53⁽¹⁾	$ 93,989.44 $ 25,094.74

(1)

Mr. Kanaat received $10,281.21 as management fees and $14,813.53 in consideration for the forgiveness of debt owed to the Company by Mr. Kanaat.

There are no annuity, pension or retirement benefits proposed to be paid to officers, directors, or employees of the corporation in the event of retirement at normal retirement date pursuant to any presently existing plan provided or contributed to by the corporation or any of its subsidiaries.

Director Compensation

Members of the Company’s Board of Directors do not receive compensation, as such, at this time. Following is the Summary Compensation table showing compensation for directors paid for the years ended March 31, 2011 and 2010.


DIRECTOR COMPENSATION
Name	Fees Earned or Paid in Cash ($)	Stock Awards ($)	Option Awards ($)	Non-Equity Incentive Plan Compensation ($)	Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)	All Other Compensation ($)	Total ($)
Robert Kanaat	0	0	0	0	0	0	0

Stock Option Grants

As of the date of this Annual Report the Company has not granted any stock options

Employment Agreements

We do not have any employment or consultant agreements with our officers and directors.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The following table sets forth certain information regarding beneficial ownership of the Common Stock as of March 31, 2011, hereby (i) by each person who is known by the Company to beneficially own more than five percent of the Common Stock, (ii) by each of the Company's Directors, (iii) by each of the Named Executive Officers and (iv) by all Executive Officers and Directors as a group. Except as otherwise indicated, the persons named in the table have sole voting and investment power with respect to all shares beneficially owned, subject to community property laws where applicable.


Name of Beneficial Owner of Common Shares	Address of Beneficial Owner of common Shares	Number of Common Shares Owned	Percentage of Issued and Outstanding Common Shares
Robert Kanaat, Chairman of the Board, CEO	17022 Calahan St Northridge, CA 91325	2,750,000	27.5%
Officers and Directors as a Group (1)		2,750,000	27.5%

As of the date of this Report, no transactions with related persons, promoters and certain control persons have been entered into by the Company.

Item 14. Principal Accounting Fees and Services.

Audit Fees: All fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements and the review of financial statements included in the registrant's Form 10-Q or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

2011:

$12,500

2010

$15,275

Audit-Related Fees: All fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit or review of the registrant's financial statements and are not reported under Item 9(e)(f1) of Schedule 14A.

2011:

$ 0

2010:

Tax Fees: The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning:

2011:

$ 0

Nature of Services:

2010:

$ 0

Nature of Services

Preparation of the Company’s corporate tax return for the fiscal year ended March 31, 2010 is currently underway.

All Other Fees:

2011:

$ 0

2010:

$ 0

PART IV

Item 15. Exhibits, Financial Statement Schedules.

The following exhibits are included with this filing:

Exhibit

Number

Description

3.1

Articles of Incorporation (1)

3.2

Bylaws (1)

31.1

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

32.1

Section 1350 Certification

(1)

Filed with the Securities and Exchange Commission on June 24, 2008, as an exhibit numbered as indicated above, to the Registrant’s registration statement on Form S-1 (file no. 333-151867), which exhibit is incorporated herein by reference.

SIGNATURES

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

jetPADS, Inc.

By:

/s/ Robert Kanaat

Robert Kanaat

Chairman of the Board, Chief Executive Officer,

Principal Financial Officer,

Principal Accounting Officer

JETPADS, INC. 10-K/A