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 March 31, 2012

SALAMON GROUP INC.
(Exact name of registrant as specified in its charter)

Nevada	93-1324674
(State or other jurisdiction of	(I.R.S. Employer Identification
incorporation or organization)	no.)

5-215 Neave Road	V1V 2L9
Kelowna, BC, Canada	(Zip Code)
(Address of principal executive offices)

(778)-753-5675
(Registrant’s telephone number, including area code)

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

Title of each class
None

Name of each exchange on which registered
None

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

Common Stock, $0.001 par value per share
(Title of class)

Check whether the registrant (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 past 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 definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

(Check one):

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]

State issuer’s revenues for its most recent fiscal year. $3,126

As of March 31, 2012, the aggregate market value of the Registrant’s voting stock held by non-affiliates was approximately $9,680,000

Number of shares of the issuer’s common stock, $0.001 par value, outstanding as of March 31, 2012: 40,000,000 shares

TABLE OF CONTENTS

PART I.	FINANCIAL INFORMATION		3
	ITEM 1.	FINANCIAL STATEMENTS	3
	ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION	16
	ITEM 4T.	CONTROLS AND PROCEDURES	19
PART II.	OTHER INFORMATION		21
	ITEM 1.	LEGAL PROCEEDINGS	21
	ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	21
	ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	21
	ITEM 4.	SUBMISSIONS OF MATTERS TO A VOTE OF SECURITY HOLDERS	21
	ITEM 5.	OTHER INFORMATION	21
	ITEM 6.	EXHIBITS	22
	SIGNATURES		22

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Salamon Group, Inc.
(A Development Stage Company)
Consolidated Balance Sheets
(Expressed in US dollars)

	March 31,		December 31,
	2012		2011
	$		$
	(unaudited)
ASSETS

Current assets:

Cash	27,110		783
Accounts receivable (net of allowance of $nil)	969,942		-
Costs of uncompleted contracts in excess of related billings	630,921		-
Loans receivable (Note 5)	-		782,706
Convertible note receivable (Note 4)	500,000		-
Short-term investment (Note 3)	15,682,062		-
Total Current Assets	17,810,035		783,489

Patents (Note 7)	3,805,545		-
Property and equipment (Note 6)	55,815		46,874
Total Assets	21,671,395		830,363

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Current Liabilities:

Accounts payable and accrued liabilities	509,290		287,550
Convertible debt, net of unamortized discount of $959 (Note 9)	28,495,836		366,708
Loans payable (Note 10)	75,068		353,988
Advances from directors (Note 8)	953,210		393,592
Current portion of deferred revenues (Note 2(l))	2,500		2,500
Total Current Liabilities	30,035,904		1,404,338

Deferred revenues, long-term portion (Note 2(l))	43,332		44,374
Total Liabilities	30,079,236		1,448,712

Going Concern (Note 1)
Commitments (Note 12)
Subsequent Events (Note 14)

Stockholders’ Deficit:

Preferred stock, no par value; 10,000,000 shares authorized, no shares issued and outstanding	-		-
Common stock, $0.001 par value; 40,000,000 shares authorized, 40,000,000 (December 31, 2011 – 40,000,000) shares issued and outstanding	40,000		40,000
Additional paid-in capital	2,002,125		2,002,125
Common shares subscribed	100,000		-
Donated capital (Note 8)	6,665		5,332
Accumulated other comprehensive loss	(6,840,119	)	-
Accumulated deficit	(3,716,512	)	(2,665,806	)
Total Stockholders’ Deficit	(8,407,841	)	(618,349	)
Total Liabilities and Stockholders’ Deficit	21,671,395		830,363

See accompanying notes to the consolidated financial statements

Salamon Group, Inc.
(A Development Stage Company)
Consolidated Statements of Operations
(Expressed in US dollars)
(Unaudited)

					For the Period
	For the Three		For the Three		from April 27,
	Months Ended		Months Ended		2001 (Inception)
	March 31,		March 31,		to March 31,
	2012		2011		2012
	$		$		$

Revenues	1,042		-		4,168

Expenses
Bad debt	575,068		-		575,068
Depreciation	1,059		-		11,395
Donated rent (Note 8)	1,333		1,333		6,665
General and administrative (Note 8)	378,019		64,639		1,608,072
Interest expense	96,269		-		166,476
Research and development	-		-		315,000
Total Expenses	1,051,748		65,972		2,682,676
Loss Before Other Expenses	(1,050,706	)	(65,972	)	(2,678,508	)

Other Expenses
Impairment of intangible asset	-		-		(1,299,595	)
Impairment of property and equipment	-		-		(74,305	)
Interest income	-		-		10,997

Loss before Income Taxes	(1,050,706	)	(65,972	)	(4,041,411	)
Deferred income tax recovery	-		-		324,899
Net Loss	(1,050,706	)	(65,972	)	(3,716,512	)

Other Comprehensive Loss Item
Unrealized loss on available for sale securities	(6,840,119	)	-		(6,840,119	)
Comprehensive Loss	(7,890,825	)	(65,972	)	(10,556,631	)

Loss Per Share – Basic and Diluted	(0.03	)	(0.00	)
Weighted Average Shares Outstanding	40,000,000		26,710,728

See accompanying notes to the consolidated financial statements

Salamon Group, Inc.
(A Development Stage Company)
Consolidated Statements of Cash Flows
(Expressed in US dollars)
(Unaudited)

	For the Three		For the Three		For the Period
	Months Ended		Months Ended		from April 27,
	March 31,		March 31,		2001 (Inception)
	2012		2011		to March 31, 2012
	$		$		$

Cash flow from operating activities:

Net loss	(1,050,706	)	(65,972	)	(3,716,512	)

Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of intangible asset	-		-		55,000
Bad debt expense	575,068		-		575,068
Estimated fair value of common stock issued for patents	-		-		315,000
Accretion on convertible debt	57,333		-		91,708
Beneficial conversion of amounts due to related party	-		-		35,833
Depreciation of property and equipment	1,059		-		11,395
Estimated fair value of common stock issued for services	-		-		168,216
Donated rent	1,333		1,333		6,665
Deferred income tax recovery	-		-		(324,899	)
Impairment of write-down of intangible asset	-		-		1,299,595
Impairment of write-down of property and equipment	-		-		74,305
Changes in operating assets and liabilities:
Accounts payable	263,579		9,404		410,318
Accounts receivable	103,971		-		103,971
Accrued liabilities	-		5,000		-
Deferred revenues	(1,042	)	-		45,832
Due to related party	59,618		-		444,618
Costs of uncompleted contracts in excess of related billings	(83,886	)	-		(83,886	)

Net cash provided by (used in) operating activities	(73,673	)	(50,235	)	(487,773	)

Cash flows from investing activities:
Cash received on acquisition of Sunlogics Power	-		-		1
Purchase of property and equipment	-		-		(4,515	)
Purchase of license	-		-		(50,000	)

Net cash used in investing activities	-		-		(54,514	)

Cash flows from financing activities:
Bank overdraft	-		(4	)	-
Advances from directors	-		50,239		346,415
Proceeds from common shares subscribed	100,000		-		100,000
Proceeds from issuance of convertible debt	-		-		425,000
Loans receivable	-		-		(428,718	)
Proceeds from related party note payable	-		-		23,700
Issuance of common stock for cash	-		-		103,000

Net cash provided by (used in) financing activities	100,000		50,235		569,397

Net increase in cash	26,327		-		27,110

Cash, beginning of period	783		-		-

Cash, end of period	27,110		-		27,110

Non-cash Financing Activities:
Common stock issued upon conversion of amounts due to related parties	-		-		458,588
Common stock to be issued or to be issued to settle accounts payable	-		-		28,059
Common stock issued upon conversion of related party note payable	-		-		23,700
Common stock issued for license	-		-		5,000
Common stock and warrants issued for acquisition of Sunlogics Power	-		-		811,872

See accompanying notes to the consolidated financial statements

SALAMON GROUP INC 10-Q