UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

~~WASHINGTON~~Washington, D.C. 20549

FORM 10-Q

~~(MARK ONE)~~ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(Dd) OF THE SECURITIES EXCHANGE ACT OF 1934

~~FOR~~For ~~THE~~the ~~QUARTERLY~~Quarterly ~~PERIOD~~Period ~~ENDED~~Ended ~~JULY~~October 31, 2010

o TRANSITION REPORT ~~UNDER~~PURSUANT TO SECTION 13 OR 15(Dd) OF THE SECURITIES EXCHANGE ACT OF 1934

~~FOR~~For ~~THE~~the ~~TRANSITION~~Transition ~~PERIOD~~Period ~~FROM __________________ TO __________________~~From to

~~COMMISSION~~Commission ~~FILE~~File ~~NUMBER~~Number: 000-53804

BLUEWAVE GROUP, INC.

(Exact name of registrant as specified in its charter)

NEVADA		26-1679683
Nevada	26-1679683
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)	~~(I.R.S. Employer Identification No.)~~
2881 E. Oakland Park Blvd., Suite 407 Ft. Lauderdale, Florida	33306
(Address of principal executive offices)	(Zip Code)

2881 E. Oakland Park Blvd., Suite 407, Ft. Lauderdale, FL 33306

(Address of principal executive offices) (Zip Code)

(954) 459-8229

(Registrant'’s telephone number, including area code)

~~CAPE~~Indicate ~~COD~~by ~~AQUACULTURE~~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 

~~401~~Indicate E.by ~~Las~~check ~~Olas~~mark ~~Blvd.~~whether the registrant has submitted electronically and posted on its corporate Web site, ~~Suite~~if ~~1560~~any, Ftevery Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 ~~Lauderdale,~~of ~~FL 33301~~this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨ No ¨

~~(Former~~Indicate ~~name~~by check mark whether the registrant is a large accelerated filer, ~~former~~an ~~address~~accelerated ~~and~~filer, ~~former~~a ~~fiscal~~non-accelerated ~~year~~filer or a smaller reporting company. See the definitions of “large accelerated filer,” if“accelerated ~~changed~~filer” ~~since~~and ~~last~~“smaller ~~report)~~reporting company” in Rule 12b-2 of the Exchange Act.

~~Check~~Large ~~whether~~accelerated ~~the~~filer  Accelerated 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 past 90 days. Yes x No ofiler 

~~Indicate~~Non-accelerated byfiler  (Do not check ~~mark whether the registrant has submitted electronically and posted on its corporate website,~~ if ~~any,~~a ~~every~~smaller ~~interactive~~reporting ~~data file required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter~~company) Smaller ~~during~~reporting ~~the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).~~company x 

~~Yes~~Indicate ¨by Nocheck ¨mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No x

~~Indicate~~At byDecember ~~check~~17, ~~mark~~2010, ~~whether~~there ~~the~~were ~~registrant~~97,740,000 isshares aof ~~shell~~the ~~company~~registrant’s ~~(as~~Common ~~defined~~Stock inoutstanding, ~~Rule~~par ~~12b-2~~value of$0.001 ~~the~~per ~~Exchange Act)~~share.

~~Yes~~BLUEWAVE ~~o No~~GROUP, xINC.

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. (Check one):

Large Accelerated Filer o Accelerated Filer o Non-Accelerated Filer o Smaller Reporting Company x

Number of shares outstanding of the issuer’s common stock as of the latest practicable date: 97,740,000 shares of common stock, $.001 par value per share, as of September 17, 2010.

Transitional Small Business Disclosure Format (Check one): Yes o No x

TABLE OF CONTENTS

Index

PART I. FINANCIAL INFORMATION				Page
PART I FINANCIAL INFORMATION			PAGE
Item 1.	Financial Statements (Unaudited) 4	~~Financial Statements~~		4
		Balance Sheets at July 31, 2010 (unaudited) and April 30, 2010		4
		Condensed Balance Sheets	4
		Statements of Operations for the three months ended July 31, 2010 and 2009 (unaudited) and for the period from January 30, 2008 (Inception) to July 31, 2010 (unaudited)		5
		Condensed Statements of Operations	5
		Statements of Cash Flows for the three months ended July 31, 2010 and 2009 (unaudited) and for the period from January 30, 2008 (Inception) to July 31, 2010 (unaudited)		6
		Condensed Statements of Cash Flows	6
		Notes to Financial Statements (unaudited)		7
		Notes to Condensed Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	~~Management’s Discussion and Analysis or Plan of Operation~~	9	8
Item 4.		Controls and Procedures		10
Item 3.	Quantitative and Qualitative Discussion About Market Risk		12
PART II. OTHER INFORMATION
Item 4T.	Controls and Procedures		12
Item 1.		Legal Proceedings		11
PART II OTHER INFORMATION
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds		11
Item 1.	Legal Proceedings		14
Item 3.		Defaults Upon Senior Securities		11
Item 2 Unregistered Sales of Equity Securites and Use of Proceeds			14
Item 4.		Removed and Reserved		11
Item 3. Defaults Upon Senior Securities			14
Item 5.		Other Information		11
Item 4. Submission of Matters to a Vote of Security Holders			14
Item 6.		Exhibits		11
Item 5. Other Information			14
Item 6.	Exhibits		15

~~CAUTIONARY STATEMENT REGARDING~~ FORWARD-LOOKING ~~INFORMATION~~STATEMENTS

~~Certain~~This ~~statements in this~~ report ~~contain~~contains orcertain ~~may contain~~ forward-looking statements. ~~These~~and ~~statements,~~information ~~identified~~that byare ~~words~~based ~~such~~on asassumptions ~~"plan",~~made ~~"anticipate",~~by ~~"believe",~~management ~~"estimate", "should," "expect"~~ and ~~similar~~on ~~expressions~~information ~~include~~currently ~~our~~available. When ~~expectations~~used ~~and~~in ~~objectives~~this ~~regarding~~report, ~~our~~the ~~future~~words ~~financial~~“anticipate,” ~~position~~“believe,” ~~operating~~“estimate,” ~~results~~“expect,” ~~and~~“intend,” ~~business strategy. These statements are subject to known and unknown risks~~“plan,” ~~uncertainties~~ and ~~other~~similar ~~factors which may cause actual results~~expressions, ~~performance~~as orthey ~~achievements~~relate to beour ~~materially~~company ~~different~~or ~~from~~its ~~any future results~~management, ~~performance~~are orintended ~~achievements~~to ~~expressed~~identify ~~or implied by such~~ forward - looking statements. These ~~forward-looking~~ statements ~~were~~reflect ~~based~~management’s oncurrent ~~various~~view ~~factors~~of ~~and~~the ~~were~~company ~~derived~~concerning ~~utilizing~~future ~~numerous~~events ~~assumptions~~ and other factors that could cause our actual results to differ materially from those in the forward-looking statements.. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. Readers are ~~cautioned~~subject ~~not~~ to ~~place~~certain ~~undue~~risks, ~~reliance~~uncertainties onand ~~these forward-looking statements~~assumptions, ~~which~~including ~~speak~~among ~~only~~many asothers of the ~~date~~following: changes ~~of this report. Readers should carefully review this report~~ in ~~its entirety~~federal, ~~including~~state ~~but~~or ~~not~~municipal ~~limited~~laws togoverning ~~our~~the ~~financial~~distribution ~~statements~~ and ~~the~~performance ~~notes~~of ~~thereto~~financial ~~and~~services; ~~the~~a ~~risks~~general ~~described~~economic indownturn; our ~~Annual~~startup ~~Report~~phase onof ~~Form~~operations; ~~10-K~~reliance ~~for~~on ~~the~~third ~~fiscal~~party ~~year~~processors ~~ended~~and ~~April~~product ~~30,~~suppliers; ~~2010. We advise you to carefully review~~ the ~~reports~~inability ~~and documents we file from time~~ to ~~time~~locate ~~with~~suitable ~~the~~acquisition ~~Securities~~targets; and ~~Exchange~~other ~~Commission~~risks ~~(the "SEC"), particularly our quarterly reports on Form 10-Q~~ and ~~our current reports on Form 8-K~~uncertainties. Should ~~Except~~any ~~for~~of ~~our~~these ~~ongoing~~risks ~~obligations~~or touncertainties ~~disclose~~materialize, ~~material~~or ~~information~~should ~~under~~underlying ~~the~~assumptions ~~Federal~~prove ~~securities laws~~incorrect, weactual ~~undertake~~results nomay ~~obligation~~vary tomaterially ~~release~~from ~~publicly~~those ~~any~~described ~~revisions~~in tothis ~~any~~report ~~forward-looking~~as ~~statements~~anticipated, toestimated ~~report events~~ or ~~to report the occurrence of unanticipated events~~expected.

~~OTHER~~Unless ~~PERTINENT~~otherwise ~~INFORMATION~~provided in this report, references to “we”, “us”, “our” and “Company” refer to Bluewave Group, Inc.

When used in this report, the terms "We Sell," "we," the "Company," "our," and "us" refers to Bluewave Group, Inc., a Nevada corporation.

PART I ~~- FINANCIAL INFORMATION~~

~~ITEM 1.~~ FINANCIAL ~~STATEMENTS AND NOTES~~INFORMATION

~~BLUEWAVE~~Item ~~GROUP, INC~~1. Financial Statements

f/k/a Cape Cod Aquaculture

BLUEWAVE GROUP, INC.
f/k/a Cape Cod Aquaculture
(A Development Stage Enterprise)
CONDENSED BALANCE SHEETS




	October 31, 2010			April 30, 2010
	(Unaudited)


ASSETS

Current Assets:

Cash and cash equivalents	$	2,724		$	2,587
Prepaid Expenses		3,214			-
Total Current Assets		5,938			2,587


Total Assets	$	5,938		$	2,587


LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

Current Liabilities:

Accounts payable	$	64,052		$	42,961
Accrued interest		1,075			184
Notes payable - related party		50,100			17,800

Total Current Liabilities		115,227			60,945

Total Liabilities		115,227			60,945

Commitments and Contingencies

Stockholders' Equity (Deficit):

Preferred stock - $.001 par value; 25,000,000 shares authorized; none
issued and outstanding.		-			-
Common stock, $001 par value, 475,000,000 authorized;
97,740,000 and 97,740,000 shares issued and outstanding, respectively.		97,740			97,740
Additional paid-in capital		(65,640	)		(65,640	)
Deficit accumulated during development stage		(141,389	)		(90,458	)

Total Stockholders' Equity (Deficit)		(109,289	)		(58,358	)

Total Liabilities and Stockholders' Equity (Deficit)	$	5,938		$	2,587

(AThe ~~Development~~accompanying ~~Stage~~notes ~~Company)~~are an integral part of these financial statements.

BALANCE SHEETS

	July 31, 2010			April 30, 2010
	(unaudited)
ASSETS
CURRENT ASSETS
Cash	$	1,999		$	2,587
TOTAL CURRENT ASSETS		1,999			2,587
TOTAL ASSETS	$	1,999		$	2,587
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts payable	$	42,218		$	42,961
Accrued interest		531			184
Notes payable - related party		34,300			17,800
TOTAL CURRENT LIABILITIES		77,049			60,945
TOTAL LIABILITIES		77,049			60,945
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ DEFICIT
Preferred stock, $.001 par value, 25,000,000 shares authorized, none issued and outstanding		-			-
Common stock, $.001 par value, 475,000,000 shares authorized, 97,740,000 shares issued and outstanding, respectively		97,740			97,740
Additional paid in capital		(65,640	)		(65,640	)
Deficit accumulated during development stage		(107,150	)		(90,458	)
Total Stockholders’ Deficit		(75,050	)		(58,358	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	1,999		$	2,587

The accompanying notes are an integral part of these financial statements

BLUEWAVE GROUP, INC.

BLUEWAVE GROUP, INC.
f/k/a Cape Cod Aquaculture
(A Development Stage Enterprise)
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)



	For the Six Months Ended October 31, 2010			For the Six Months Ended October 31, 2009			For the Three Months Ended October 31, 2010			For the Three Months Ended October 31, 2009			For the Period January 30, 2008 (Inception) to October 31, 2010




Revenues	$	-		$	-		$	-		$	-		$	-

Costs and Expenses
Selling		470			-			-			-			25,470
General and administrative		8,193			22,651			1,114			16,311			46,350
Legal and Professional Fees		41,375			-			32,579			-			68,492
Total Costs and Expenses		50,038			22,651			33,693			16,311			140,312

Loss from Operations		(50,038	)		(22,651	)		(33,693	)		(16,311	)		(140,312	)

Other Expenses:
Interest expense - related party		893						546						1,077
Total Other (Income) Expenses		893			-			546			-			1,077


Net Loss	$	(50,931	)	$	(22,651	)	$	(34,239	)	$	(16,311	)	$	(141,389	)

Net Loss per Common Share - Basic and Diluted	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)

Weighted Average Common Shares Outstanding		97,740,000			97,740,000			97,740,000			97,740,000

~~f/k/a~~The ~~Cape~~accompanying ~~Cod~~notes ~~Aquaculture~~are an integral part of these financial statements.

(A Development Stage Company)

STATEMENTS OF OPERATIONS

(unaudited)

							For The Period From January 30, 2008 (Inception) to July 31, 2010
	For The Thee Months Ended July 31,
	2010			2009
Sales	$	-		$	-		$	-
Cost of sales		-			-			-
Gross Income		-			-			-
OPERATING EXPENSES
Professional fees		8,796			-			35,913
Advertising		470			-			25,470
General and administrative		7,079			4,305			45,236
Total Operating Expenses		16,345			4,305			106,619
LOSS FROM OPERATIONS		(16,345	)		(4,305	)		(106,619	)
OTHER EXPENSES:
Interest Expense		347			-			531
Total Other Expenses		347			-			531
NET LOSS	$	(16,692	)	$	(4,305	)	$	(107,150	)
Net loss per share - basic and diluted	$	(0.00	)	$	(0.00	)
Weighted average number of shares outstanding during the period - basic and diluted		97,740,000			97,740,000

The accompanying notes are an integral part of these financial statements

BLUEWAVE GROUP, INC.

BLUEWAVE GROUP, INC.
f/k/a Cape Cod Aquaculture
(A Development Stage Enterprise)
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)



	For the Six Months Ended						For the Period January 30, 2008 (Inception) to
	October 31, 2010			October 31, 2009			October 31, 2010
Cash Flows from Operating Activities:
Net Loss	$	(50,931	)	$	(22,651	)	$	(141,389	)
Adjustments to reconcile net loss to net cash used
by operating activities:
Changes in assets and liabilities:
(Increase) in accounts payable		(3,214	)		-			(3,214	)
Increase in accounts payable		21,091			2,950			49,052
Increase in accrued interest		891			-			1,133
Net Cash (Used) in Operating Activities		(32,163	)		(19,701	)		(94,418	)

Cash Flows from Investing Activities:

Net Cash Provided by (Used in) Investing Activities		-			-			-

Cash Flow from Financing Activities:
Proceeds from sale of common stock		-			-			32,100
Proceeds from Notes payable - Related party		32,300			-			55,100

Net Cash Provided by Financing Activities		32,300			-			87,200

Increase (Decrease) in Cash		137			(19,701	)		2,724

Cash at Beginning of Period		2,587			19,701			-

Cash at End of Period	$	2,724		$	-		$	2,724


Supplemental Cash Flow Information:

Cash Paid For Interest	$	1		$	-		$	1

Cash Paid For Income Taxes	$	-		$	-		$	-

~~f/k/a~~The ~~Cape~~accompanying ~~Cod~~notes ~~Aquaculture~~are an integral part of these financial statements.

(A Development Stage Company)

STATEMENTS OF CASH FLOWS

(unaudited)

							For The Period From January 30, 2008 (Inception) to July 31, 2010
	For the Three Months Ended July 31,
	2010			2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(16,692	)	$	(4,305	)	$	(107,150	)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in operating assets and liabilities:
Accrued interest		347			-			531
Increase in account payable		(743	)		-			42,218
Net Cash Used In Operating Activities		(17,088	)		(4,305	)		(64,401	)
CASH FLOWS FROM INVESTING CTIVITIES:		-			-			-
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable - related party		16,500			-			34,300
Proceeds from issuance of common stock		-			-			32,100
Net Cash Provided By Financing Activities		16,500			-			66,400
NET INCREASE (DECREASE) IN CASH		(588	)		(4,305	)		1,999
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		2,587			19,701			-
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	1,999		$	15,396		$	1,999
Supplemental disclosure of non cash investing & financing activities:
Cash paid for income taxes	$	-		$	-		$	-
Cash paid for interest expense	$	-		$	-		$	-

The accompanying notes are an integral part of these financial statements

Bluewave Group, Inc.

(FKA Cape Cod Aquaculture Corp.)

(A DEVELOPMENT STAGE COMPANY)

NOTES TO UNAUDITED FINANCIAL STATEMENTS

FOR THREE MONTHS ENDED JULY 31, 2010 AND 2009

AND THE PERIOD FROM JANUARY 30, 2008 (INCEPTION) TO JULY 31, 2010

NOTE 1. ORGANIZATION AND BUSINESS

Bluewave Group, Inc. ~~formally~~formerly known as Cape Cod Aquaculture Corp. (A Development Stage Company)(“the Company”), was incorporated on January 30, 2008 under the laws of the State of Nevada. It As ~~has~~of nothe ~~operations~~date ~~since~~of ~~its~~the ~~incorporation~~issuance of this report, the Company had not commenced operations. In accordance with Accounting Standards Codification (“"ASC”") 915, Development Stage Entities, the Company is considered to be in the development stage.

Our primary focus is the entertainment industry. We are entering three lines of business: the promotion of new and established musical artists; the manufacture of musical products and the promotion of sports and entertainment events. Our target customer is one with lower disposable income. Our goal is to provide high quality premium designed musical products and top notch sports and entertainment events to our targeted customer at a more affordable price.

On February 17, 2010 the Board of Directors approved the name change from Cape Cod Aquaculture to Bluewave Group, Inc.

The accompanying unaudited condensed financial statements are presented in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting only of normal occurring accruals) considered necessary in order to make the financial statements not misleading, have been included. ~~Operating results for the three months ended July 31, 2010 are not necessarily indicative of results that may be expected for the year ending April 30, 2011.~~

~~NOTE~~Operating ~~2. COMMITMENTS~~results ~~AND~~for ~~CONTINGENCIES~~the six months ended October 31, 2010 are not necessarily indicative of results that may be expected for the year ending April 30, 2011.

InThe ~~March 2010 the~~ Company ~~entered~~is ~~into~~ a ~~services~~development ~~agreement~~stage incompany ~~the~~and ~~amount~~has ofnot ~~$25,000,~~commenced ~~for~~planned ~~which~~principal ~~the~~operations. The Company ~~has~~had anno ~~option~~revenues toand ~~settle~~incurred ina ~~cash~~net orloss ~~for 45,455 shares~~ of ~~common stock in lieu of the~~ $2550,~~000~~931 ~~payment.~~for ~~The method of payment is at~~ the ~~choice~~six ofmonths ~~the~~ended ~~Company.~~October ~~The~~31, ~~Company~~2010 ~~has~~and ~~not~~a ~~yet~~net ~~determined~~loss ~~if it will issues shares~~ of ~~common~~$141,389 ~~stock.~~for Atthe ~~April~~period January 30, ~~2010~~2008 ~~and~~(inception) ~~July~~to October 31, 2010,. These ~~$25,000~~factors ~~has~~raise ~~been~~substantial ~~recorded~~doubt inabout ~~accounts~~the ~~payable~~Company’s ability to ~~reflect~~continue ~~this~~as ~~obligation~~a going concern.

~~NOTE~~There 3can be no assurance that sufficient funds will be generated during the next year or thereafter from operations or that funds will be available from external sources such as debt or equity financings or other potential sources. ~~RELATED~~ The ~~PARTY~~lack of additional capital could force the Company to curtail or cease operations and would, therefore, have a material adverse effect on its business. Furthermore, there can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant dilutive effect on the Company's existing stockholders.

AsThe ofCompany ~~July~~is ~~31,~~attempting ~~2010~~to ~~the~~address ~~Company~~its ~~borrowed~~lack ~~from~~of anliquidity ~~affiliate~~by araising ~~total~~additional ~~of $34~~funds,~~300~~ ~~pursuant~~either toin ~~ten~~the ~~notes~~form ~~payable.~~of ~~The~~debt ~~notes~~or ~~accrue~~equity ~~interest~~or atsome acombination ~~rate~~thereof. During ofthe 5%six ~~per~~months ~~annum~~ended ~~and~~October ~~are~~31, ~~payable~~2010 ~~upon~~the ~~demand.~~Company borrowed $1632,~~500~~300 ~~was~~from ~~borrowed~~a ~~during~~related ~~the~~party, ~~three~~for ~~months~~working ~~ended~~capital ~~July 31, 2010~~purposes. ~~Accrued~~There ~~interest~~can atbe ~~July~~no ~~31,~~assurances ~~2010~~that ~~amounted~~the Company will be able to ~~$531~~raise the additional funds it requires.

NOTE 4. SUBSEQUENT EVENTS

On August 5, 2010 the Company borrowed $500 pursuant to a note payable from an affiliate. The note accrues interest at a rate of 5% per annum and a payable upon demand.

On August 5, 2010 the Company borrowed $3,000 pursuant to a note payable from an affiliate. The note accrues interest at a rate of 5% per annum and a payable upon demand.

On August 25, 2010 the Company borrowed $1,000 pursuant to a note payable from an affiliate. The note accrues interest at a rate of 5% per annum and a payable upon demand.

On September 2, 2010 the Company borrowed $4,000 pursuant to a note payable from an affiliate. The note accrues interest at a rate of 5% per annum and a payable upon demand.

On September 16, 2010 the Company borrowed $9,000 pursuant to a note payable from an affiliate. The note accrues interest at a rate of 5% per annum and a payable upon demand.

~~ITEM~~Bluewave 2.Group, ~~MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION~~Inc.

~~This~~(FKA ~~discussion~~Cape ~~and~~Cod ~~analysis~~Aquaculture ~~should be read in conjunction with the accompanying Financial Statements and related notes~~Corp. Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of any contingent liabilities at the financial statement date and reported amounts of revenue and expenses during the reporting period. On an on-going basis we review our estimates and assumptions. Our estimates are based on our historical experience and other assumptions that we believe to be reasonable under the circumstances. Actual results are likely to differ from those estimates under different assumptions or conditions, but we do not believe such differences will materially affect our financial position or results of operations. Our critical accounting policies, the policies we believe are most important to the presentation of our financial statements and require the most difficult, subjective and complex judgments, are discussed below in ‘‘Critical Accounting Policies,’’ and have not changed significantly.)

~~FORWARD-LOOKING~~(A ~~STATEMENTS~~DEVELOPMENT STAGE COMPANY)

~~Certain~~NOTE ~~statements made in this report may constitute “forward-looking statements on our current expectations and projections about future events ”~~1. ~~These~~ORGANIZATION ~~forward-looking~~AND ~~statements~~BUSINESS involve known or unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases you can identify forward-looking statements by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions. These statements are based on our current beliefs, expectations, and assumptions and are subject to a number of risks and uncertainties. Although we believe that the expectations reflected-in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. These forward-looking statements are made as of the date of this report, and we assume no obligation to update these forward-looking statements whether as a result of new information, future events, or otherwise, other than as required by law. In light of these assumptions, risks, and uncertainties, the forward-looking events discussed in this report might not occur and actual results and events may vary significantly from those discussed in the forward-looking statements.(Continued)

The accompanying condensed financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.

Certain items in these unaudited condensed financial statements have been reclassified to conform to the current period presentation.

NOTE 2. COMMITMENTS AND CONTINGENCIES

In March 2010 the Company entered into a services agreement in the amount of $25,000, for which the Company has an option to settle in cash or for 45,455 shares of common stock in lieu of the $25,000 payment. The method of payment is at the choice of the Company. The Company has not yet determined if it will issues shares of common stock. At April 30, 2010, July 31, 2010 and October 31, 2010, $25,000 has been recorded in accounts payable to reflect this obligation.

NOTE 3. PREFERRED STOCK

The Company’s Board of Directors may, without further action by the Company’s stockholders, from time to time, direct the issuance of any authorized but unissued or unreserved shares of preferred stock in series and at the time of issuance, determine the rights, preferences and limitations of each series. The holders of preferred stock may be entitled to receive a preference payment in the event of any liquidation, dissolution or winding-up of the Company before any payment is made to the holders of the common stock. Furthermore, the board of directors could issue preferred stock with voting and other rights that could adversely affect the voting power of the holders of the common stock.

NOTE 4. RELATED PARTY

As of October 31, 2010, the Company had borrowed from affiliated companies a total of $50,100 pursuant to fifteen (15) separate notes payable. The notes all accrue interest at a rate of 5% per annum and are payable upon demand. $32,300 was borrowed during the six months ended October 31, 2010 and accrued interest to date on all of the notes totaled $1,075 as of October 31, 2010.

NOTE 5. SUBSEQUENT EVENTS

On November 2, 2010 the Company borrowed $11,000 pursuant to a note payable from an affiliate. The note accrues interest at a rate of 5% per annum and is payable on demand.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results ofOperations

This discussion and analysis should be read in conjunction with the accompanying Financial Statements and related notes. Our discussion and anaylis of our financial condition and reslults of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of financial statements in conformity with accounting priciples generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of any contingent liabilities at the financial statement date and reported amounts of revenue and expenses during the reported period. On an on-going basis we review our estimates and assumptions. Our estimates are based on our historical experience and other assumptions that we believe to be reasonable under the circumstances. Actual results are likely to differ from those estimates under different assumptions or conditions, but we do not believe such differe4nces will marerially affect our financial position or results of operations. Our critical accounting policies which we believe are most important to the presentation of our financial statements and require most difficult, subjective and complex judgments, are discussed below in “Critical Accounting Policies” and have not changed significantly.

Forward Looking Statements

Statements made in this Quarterly Report, including without limitation this Management’s Discussion and Analysis of Financial Condition and Results of Operations, other than statements of historical information, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Private Securities Litigation Reform Act of 1995 is not available to us as a non-reporting issuer. Further, Section 27A(b)(2)(D) of the Securities Act and Section 21E(b)(2)(D) of the Securities Exchange Act expressly state that the safe harbor for forward looking statements does not apply to statements made in connection with an aim for initial public offering at later days to be announced. These forward-looking statements may sometimes be identified by such words as “may”, “will”, "estimates," "projects," "plans," "believes," "expects," "anticipates," "intends," or the negative or other variations, or by discussions of strategy that involve risks and uncertainties. We believe it is important to communicate our future expectations to investors. However, these forward-looking statements involve many risks and uncertainties. Our actual results could differ materially from those indicated in such forward-looking statements as a result of certain factors. We are under no duty to update any of the forward-looking statements after the date of this Quarterly Report to conform these statements to actual results. Factors that may cause actual results, our performance or achievements, or industry results, to differ materially from those contemplated by such forward-looking statements include without limitation:

·	International, national, and local general economic conditions;

·	Our ability to sustain, manage, or forecast growth;

·	Our ability to successfully make and integrate acquisitions;

·	New product development and introduction;

·	Existing government regulations and changes in, or the failure to comply with, government regulating statements;

·	Our ability to attract and retain management, and to integrate and maintain technical information and management information systems;

·	Our ability to raise capital when needed and on acceptable terms and conditions;

·	The intensity of competition; and

·	General economic conditions.

The following discussion should be read in conjunction with our financial statements and related notes thereto as filed with the Securities and Exchange Commission.

Overview

Bluewave Group, Inc. formerly known as Cape Cod Aquaculture Corp. (A Development Stage Company)(“the Company”), was incorporated on January 30, 2008 under the laws of the State of Nevada. As toof ~~cultivate~~the ~~and~~date ~~sell~~of ~~oysters.~~the Itissuance ~~has~~of nothis ~~operations~~report, ~~and~~the inCompany had not commenced operations. In accordance with Accounting Standards Codification ("ASC") 915, Development Stage Entities, the Company is considered to be in the development stage.

On Our ~~December~~primary 1,focus ~~2009,~~is the ~~Board~~entertainment ofindustry. ~~Directors~~We ~~authorized~~are aentering ~~nine~~three ~~to one~~lines (9of business:~~1) forward~~ ~~stock~~the ~~dividend~~promotion toof ~~be paid~~new onand ~~December~~established ~~17,~~musical ~~2009~~artists; tothe ~~all holders~~manufacture of ~~record~~musical onproducts ~~December~~and 3,the ~~2009~~promotion of sports and entertainment events. ~~The~~ ~~dividend~~Our ~~was~~target ~~approved~~customer byis ~~FINRA~~one onwith ~~December~~lower ~~16,~~disposable ~~2009~~income. AsOur agoal ~~result,~~is ~~issued~~to ~~and~~provide ~~outstanding~~high ~~shares~~quality ~~increased~~premium ~~from~~designed ~~10,860,000~~musical ~~shares~~products toand ~~97,740,000~~top ~~shares.~~notch ~~The~~sports ~~financial~~and ~~statements~~entertainment ~~have~~events ~~been~~to ~~retroactively~~our ~~adjusted~~targeted tocustomer ~~reflect~~at ~~this~~a ~~stock~~more ~~dividend~~affordable price.

On ~~February~~December 171, ~~2010~~2009, ~~the~~our Board of ~~Director~~Directors ~~approved~~authorized ana ~~increase~~nine infor ~~the~~one ~~number~~(9:1) offorward ~~shares of authorized~~ stock ~~from~~dividend ~~100,000,000~~which ~~shares~~was topaid ~~500,000,000~~on ~~shares;~~December ~~and authorized the creation of 25~~17,~~000,000~~ of2009 ~~the 500,000,000 authorized shares as “blank check” preferred stock~~ to beall ~~designated~~of inour ~~such~~shareholders ~~series or classes~~ as of the ~~Board~~record ofdate ~~Directors~~ of ~~the~~December ~~Corporation~~3, ~~shall determine~~2009. OnAs ~~January~~a ~~29,~~result ~~2010,~~of the ~~shareholders~~dividend, ~~representing~~the ~~74.47%~~number of ~~our~~issued and outstanding shares of the Company’s common stock ~~approved~~increased anfrom ~~amendment~~10,860,000 shares to ~~our~~97,740,000 ~~certificate of incorporation authorizing such action~~shares. OnOur ~~March~~financial ~~17,~~statements ~~2010~~have ~~the~~been ~~amendment~~retroactively adjusted to ~~the~~reflect ~~certificate~~this ofstock ~~incorporation was effective~~dividend.

On February 17, 2010, our Board of Directors approved an increase in the number of authorized common stock from 100,000,000 shares to 500,000,000 shares of which 475,000,000 are common shares and 25,000,000 are “blank check” preferred shares. This was approved by shareholders representing 74.47% of our issued and outstanding common stock, the amendment was filed with the Secretary of State of Nevada and became effective on March 17, 2010.

Key Accounting Policies

Key accounting policies are defined as those that are reflective of significant judgments and uncertainties, and potentially result in materially different results under different assumptions and conditions. There were no changes to our key accounting policies for the quarter ended October 31, 2010.

Results of Operations

~~The~~For ~~following discussion should be read in conjunction with~~ the ~~Company's~~three ~~Annual~~months ~~Report on Form 10-K for the year~~ ended ~~April~~October 3031, 2010.

~~Results for interim periods may not be indicative of results for the full year.~~Revenue

Results of Operations

Since its inception, the Company has not generated any revenue.

8Operating Expenses

~~Total~~Operating ~~operating~~ expenses ~~and net loss for the three months ending July 31, 2010~~ were $1633,~~345~~693 and $16,~~692~~311 ~~as compared to $4,305 and $4,305~~ for the ~~three~~quarters ~~months ending July 31, 2009. The expenses for the quarter~~ ended ~~July~~October 31, 2010 ~~were comprised primarily of professional fees~~ and ~~general~~2009, ~~and~~respectively, ~~administrative~~representing ~~expenses~~an ~~and~~increase toof a$ ~~lesser~~17,382 ~~extent~~or ~~advertising expenses~~106%. The ~~expenses~~components ~~for~~of ~~the~~our second quarter ~~ended~~2010 ~~July~~operating ~~31,~~expenses ~~2009~~are ~~were comprised solely of~~ general and administrative ~~expenses~~costs (3. ~~Basic~~3%) ~~net~~professional ~~loss~~fees ~~per share amounting to $~~(96.007%). There ~~for~~were ~~the~~no ~~three~~salary ~~months~~or ~~ending~~wages ~~July~~paid ~~31,~~during ~~2010~~this ~~and July 31, 2009~~quarter.

Liquidity and Capital Resources

At July 31, 2010 we had working capital deficit of $75,050 as compared to working capital deficit of $58,358 at April 30, 2010. At July 31, 2010 we had cash and cash equivalents of $1,999 as compared to $2,587 at April 30, 2010.

Net cash used in operating activities for the three months ending July 31, 2010 was $17,088 as compared to $4,305 for the three months ending July 31, 2009. The cash used in operating activities was comprised of the net loss for each period and for the three months ended July 31, 2010 and July 31 ,2009 an increase in accounts payable of $743 offset for the three months ended July 31, 2010 by accrued interest of $347.

Net cash from financing activities consisted of the proceeds of a note payables from a related party of $16,500 for the period ended July 31, 2010.

Current and Future Financing Needs

We have incurred an accumulated deficit of $107,150 through July 31, 2010. We have incurred negative cash flow from operations since we started our business. We have spent, and expect to continue to spend, money in connection with implementing our business strategy, and fees in connection with regulatory compliance and corporate governance. At the present time we have minimal cash to run our business and will need to raise money in the near future. The actual amount of funds we will need to operate is subject to many factors, some of which are beyond our control. We do not currently have any committed sources of revenue. Therefore, we will need to raise additional capital from a financing, whether through a stock offering or otherwise, in order to continue our operations. Furthermore, if our expenses exceed our anticipations, we will need funds in addition to those estimated to implement our business plan. If we do not have adequate working capital we will not be able to fully establish our business or continue operations.

Our continued operations in the long term will depend on whether we are able to raise additional funds through various potential sources, such as equity and debt financing. Such additional funds may not become available on acceptable terms and there can be no assurance that any additional funding that we do obtain will be sufficient to meet our needs in the long term. We will continue to fund operations from cash on hand and through the similar sources of capital previously described. We can give no assurances that any additional capital that we are able to obtain will be sufficient to meet our needs.

Critical Accounting Policies

Our financial statements and related public financial information are based on the application of accounting principles generally accepted in the United States (“GAAP”). GAAP requires the use of estimates; assumptions, judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, revenues and expense amounts reported. These estimates can also affect supplemental information contained in our external disclosures including information regarding contingencies, risk and financial condition. We believe our use of estimates and underlying accounting assumptions adhere to GAAP and are consistently and conservatively applied. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. We continue to monitor significant estimates made during the preparation of our financial statements.

Our significant accounting policies are summarized in the notes to our Annual Report on Form 10-K for the year ended April 30, 2010. While all these significant accounting policies impact our financial condition and results of operations, we view certain of these policies as critical. Policies determined to be critical are those policies that have the most significant impact on our financial statements and require management to use a greater degree of judgment and estimates. Actual results may differ from those estimates. Our management believes that given current facts and circumstances, it is unlikely that applying any other reasonable judgments or estimate methodologies would effect our consolidated results of operations, financial position or liquidity for the periods presented in this report.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not applicable to a smaller reporting company.

ITEM 4. CONTROLS AND PROCEDURES

As required by SEC rules, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures at the end of the period covered by this report. This evaluation was carried out under the supervision and with the participation of our management, including our Chief Executive Officer, who is our principal executive officer and our principal financial officer. Management has been advised by its auditors that any company with one individual serving in the role of Chief Executive Officer and Chief Financial Officer has, per se, inadequate controls and procedures over financial reporting due to the lack of segregation of duties. Prior to receiving this advice from its auditors, Management was aware of the lack of segregation issue but did not believe that its control and procedures were inherently ineffective. Management recognizes that its controls and procedures would be substantially improved if there was segregation of the duties of Chief Executive Officer and Chief Financial Officer and as such is actively seeking to remediate this issue. Management believes that the material weakness in its controls and procedures referenced by its auditors did not have an effect on our financial results. There were no changes in our internal control over financial reporting or in other factors that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Disclosure controls and procedures are our controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file under the Exchange Act is accumulated and communicated to our management, including principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating our controls and procedures, our management recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of disclosure controls and procedures are met. Additionally, in designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

~~PART~~General IIand administrative expenses were $1,114 and $16,311 for the quarters ended October 31, 2010 and 2009, respectively, representing an decrease of $15,197 or approximately 1,500%. The ~~OTHER~~decrease ~~INFORMATION~~resulted largely from the fact the Company has not generated any revenue and was not able to retain personnel.

~~ITEM~~Net ~~1. LEGAL PROCEEDINGS.~~loss

~~None~~We incurred net losses of $33,693 and $16,311 for the quarters ended October 31, 2010 and 2009, respectively, representing an increase in net loss of $17,382 or 106%, this increase in our net was directly attributable to an increase of professional fees.

~~ITEM~~Liquidity ~~1A.~~and ~~RISK~~Capital ~~FACTORS.~~Resources

~~Not~~As ~~applicable~~of toOctober a31, ~~smaller~~2010, ~~reporting~~cash ~~company~~totaled $2,724 as compared with $2,587 at April 30, 2010, resulting in an increase of $137 in cash and cash equivalents.

~~ITEM~~Working 2capital was ($109,289) at October 31, 2010, as compared with working capital of ($58,358) at April 30, 2010. This ~~UNREGISTERED~~decrease ~~SALES~~in OFworking ~~EQUITY~~capital ~~SECURITIES~~was ~~AND~~a ~~USE~~result OFof ~~PROCEEDS~~using new funds and stock to fund operations and related expenses.

~~None.~~Off-Balance Sheet Arrangements

~~ITEM~~During 3.the ~~DEFAULTS~~quarter ~~UPON~~ended ~~SENIOR~~October ~~SECURITIES~~31, 2010, we did not engage in any off-balance sheet arrangements.

~~None.~~Stock-Based Compensation

"On June 30, 2009, the Financial Accounting Standards Board (FASB) issued FASB Statement No. 168, The FASB Accounting Standards Codification™ and the Hierarchy of Generally Accepted Accounting Principles-a replacement of FASB Statement No. 162. On the effective date of this standard, FASB Accounting Standards Codification™ (ASC) became the source of authoritative U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the Securities and Exchange Commission (SEC). FASB ASC significantly changes the way financial statement preparers, auditors, and academics perform accounting research."

"This statement is effective for financial statements issued for interim and annual periods ending after September 15, 2009. If an accounting change results from the application of this guidance, an entity should disclose the nature and reason for the change in accounting principle in their financial statements. This new standard flattens the GAAP hierarchy to two levels: one that is authoritative (in FASB ASC) and one that is non-authoritative (not in FASB ASC). Exceptions include all rules and interpretive releases of the SEC under the authority of federal securities laws, which are sources of authoritative GAAP for SEC registrants, and certain grandfathered guidance having an effective date before March 15, 1992. This standard creates Topic 105, Generally Accepted Accounting Principles, in FASB ASC."

"FASB Statement No. 168 is the final standard that will be issued by FASB in that form. It was added to FASB ASC through Accounting Standards Update No. 2009-02 on June 30, 2009. There will no longer be, for example, accounting standards in the form of statements, staff positions, Emerging Issues Task Force (EITF) abstracts, or AICPA Accounting Statements of Position. Instead, FASB will issue Accounting Standards Updates. FASB will not consider Accounting Standards Updates as authoritative in their own right. Instead, they will serve only to update FASB ASC, provide background information about the guidance, and provide the basis for conclusions on changes made to FASB ASC."

"FASB ASC is a major restructuring of accounting and reporting standards designed to simplify user access to all authoritative U.S. generally accepted accounting principles (GAAP) by providing the authoritative literature in a topically organized structure. FASB ASC disassembled and reassembled thousands of nongovernmental accounting pronouncements (including those of FASB, the EITF, and the AICPA) to organize them under approximately 90 topics and include all accounting standards issued by a standard setter within levels A-D of the current U.S. GAAP hierarchy. FASB ASC also includes relevant portions of authoritative content issued by the SEC, as well as selected SEC staff interpretations and administrative guidance issued by the SEC; however, FASB ASC is not the official source of SEC guidance and does not contain the entire population of SEC rules, regulations, interpretive releases, and staff guidance. Moreover, FASB ASC does not include governmental accounting standards. FASB ASC is not intended to change U.S. GAAP or any requirements of the SEC."

Subsequent Events

On December 2, 2010, Bluewave Group, Inc. (the “Company”) (1) dismissed LBB and Associates Ltd., LLP (“LLB”) as its independent registered public accounting firm responsible for auditing its financial statements; and (2) retained Wolinetz, Lafazan & Company, PC (“WLC”) as its new independent registered public accounting firm responsible for auditing the Company’s financial statements.

LBB issued its report on the Company’s financial statements for the year ended April 30, 2010 and such report did not contain an adverse opinion or disclaimer of opinion, nor was it modified as to uncertainty, audit scope, or accounting principles, except that the report for the year ended April 30, 2010 contained an explanatory paragraph stating that the Company’s absence of significant revenues, recurring losses from operations, and its need for additional financing in order to fund its projected loss in 2011 raise substantial doubt about its ability to continue as a going concern.

The decision to dismiss LBB and retain WLC was recommended and unanimously approved by the Company’s board of directors.

In connection with its audit of the Company’s financial statements for the fiscal year ended April 30, 2010 and subsequent interim periods through December 2, 2010 (the date of dismissal) there were no disagreements with LBB on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of LBB, would have caused it to make reference to the subject matter of the disagreement in connection with its reports on the Company’s financial statements for such year. During the fiscal year ended April 30, 2010 and through November 16, 2010, there were no reportable events as the term described in Item 304(a)(1)(iv) of Regulation S-K.

During the Company’s two most recent fiscal years and through December 2, 2010 (the date of engagement), the Company did not consult with WLC regarding the application of accounting principles to a specified transaction, either contemplated or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements, in either case where written or oral advice was provided that was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue, or with any of the matters outlined in Item 304(a)(2)(ii) of Regulation S-K.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As a smaller reporting company, we have elected not to provide the disclosure required by this item.

Item 4T. Controls and Procedures

Controls and Procedures

Any control system, no matter how well designed and operated, can provide only reasonable (not absolute) assurance that its objectives will be met. Furthermore, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

(a) Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our sole chief executive officer and chief financial officer, carried out an evaluation of the effectiveness of our “disclosure controls and procedures” (as defined in the Securities Exchange Act of 1934 (the “Exchange Act”) Rules 13a-15(e) and 15-d-15(e)) as of the end of the period covered by this report (the “Evaluation Date”). Based upon that evaluation, the chief executive officer and chief financial officer, whom is our sole officer and director, concluded that as of the Evaluation Date, our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act (i) is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms and (ii) is accumulated and communicated to our management, including the chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

Our management, whom is comprised our sole chief executive officer and chief financial officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.

(b) 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). Our management assessed the effectiveness of our internal control over financial reporting as of October 31, 2010. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework. Our management has concluded that, as of October 31, 2010, our internal control over financial reporting is effective based on these criteria. This report does not include an attestation report of our 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 SEC that permit us to provide only management's report in this report.

There were no changes in our internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1. Legal Proceedings

None

ITEM 1A. RISK FACTORS

Not applicable to a smaller reporting company

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

None

ITEM 3. DEFAULTS UPON SENIOR DEBT

None

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None

ITEM 5. OTHER INFORMATION.

~~None~~On December 2, 2010, Bluewave Group, Inc. (the “Company”) (1) dismissed LBB and Associates Ltd., LLP (“LLB”) as its independent registered public accounting firm responsible for auditing its financial statements; and (2) retained Wolinetz, Lafazan & Company, PC (“WLC”) as its new independent registered public accounting firm responsible for auditing the Company’s financial statements.

~~ITEM~~ LBB 6.issued ~~EXHIBITS~~its report on the Company’s financial statements for the year ended April 30, 2010 and such report did not contain an adverse opinion or disclaimer of opinion, nor was it modified as to uncertainty, audit scope, or accounting principles, except that the report for the year ended April 30, 2010 contained an explanatory paragraph stating that the Company’s absence of significant revenues, recurring losses from operations, and its need for additional financing in order to fund its projected loss in 2011 raise substantial doubt about its ability to continue as a going concern.

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

The decision to dismiss LBB and retain WLC was recommended and unanimously approved by the Company’s board of directors.

11 In connection with its audit of the Company’s financial statements for the fiscal year ended April 30, 2010 and subsequent interim periods through December 2, 2010 (the date of dismissal) there were no disagreements with LBB on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of LBB, would have caused it to make reference to the subject matter of the disagreement in connection with its reports on the Company’s financial statements for such year. During the fiscal year ended April 30, 2010 and through November 16, 2010, there were no reportable events as the term described in Item 304(a)(1)(iv) of Regulation S-K.

Item 6. Exhibits

Exhibit No.		Description

31.1		Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 of the Principal Executive Officer.


32.1		Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of the Principal Executive Officer.

SIGNATURE PAGE FOLLOWS

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the ~~Registrant~~registrant has duly caused this report to be signed on its behalf by the undersigned ~~thereunto~~hereunto duly authorized.

DATE: September 17, 2010	BLUEWAVE GROUP, INC. (Registrant)
	Bluewave Group, Inc.
	By:	/s/ Derek Jackson
Date: December 20, 2010	By:	/s/ Derek Jackson
		Derek Jackson, President, Chief Executive Officer and Chief Financial Officer (Principal Executive Officer and Principal Accounting Officer)
		Derek Jackson, President
		(Principal Executive and Financial Officer)

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