UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 10-Q

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X	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
	ACT OF 1934
For the quarterly period ended: March 31, 2009
or

	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from: _____________ to _____________

———————

Jamaica Jim, Inc.

(Exact name of registrant as specified in its charter)

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Nevada	333-148042	20-8538041
(State or Other Jurisdiction	(Commission	(I.R.S. Employer
of Incorporation)	File Number)	Identification No.)

360 Main Street

Washington, VA 22747

(Address of principal executive offices)
(540) 675-3149
(Issuer's telephone number)

(Former name, former address and former fiscal year, if changed since last report) ———————

[X] Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


[X]	Indicate by check whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

The number of shares outstanding of each of the issuer's classes of common equity as of March 31, 2009: 6,000,000 shares of common stock

Transitional Small Business Disclosure Format (check one): Yes [ ] No [X]

JAMAICA JIM, INC.
Index


		Page
		Number
PART I.	FINANCIAL INFORMATION	3
ITEM 1.	Financial Statements	3
	Consolidated Balances Sheets (unaudited)	4
	Consolidated Statements of Operations (unaudited)	5
	Consolidated Statements of Cash Flows (unaudited)	6
	Notes to the Consolidated Financial Statements	7
ITEM 2.	Management's Discussion and Analysis of Financial Condition
	and Plan of Operations	11
ITEM 3.	Controls and Procedures	15
PART II.	OTHER INFORMATION	15
ITEM 1.	Legal Proceedings	15
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	16
ITEM 3.	Defaults Upon Senior Securities	16
ITEM 4.	Submission of Matters to a Vote of Security Holders	16
ITEM 5.	Other Information	16
ITEM 6.	Exhibits and Reports on Form 8-K	16
SIGNATURES		17

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Jamaica Jim, Inc.

(A Development Stage Company)

Balances Sheets

For the Period January 26, 2007 (Inception)

to September 30, 2008

And The Three Month Ended March 31, 2009 - Unaudited


ASSETS:	Unaudited		Audited
	Three Months Ending 3/31/2009		Fiscal Year Ending 9/30/2008
Current Assets:
Cash	$	0	$	0
Inventory		0		0
Totals Current Assets (1)	$	0	$	0
Long Term Assets – Trademark		0		61,300
Total Assets		0		61,300
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Accounts payable and accrued expenses (See Item2) (1)	$	3,500	$	6,855
Total Current Liabilities		3,500		6,855
Long Term Liabilities		0		0
Stockholders’ Equity:
Common Stock, $0.001 par value, 10,000,000 shares authorized, 6,000,000 shares issued and outstanding		6,000		6,000
Additional paid-in capital (1)		55,300		55,300
Retained Earning (Accumulated Deficit)		(64,800)		(6,855)
Total Stockholders’ Equity		(3500)		54,445
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	0	$	61,300

The accompanying notes are an integral part of these financial statements.

Jamaica Jim, Inc.

(A Development Stage Company)

Statement of Operations

For the Period January 26, 2007 (Inception)

to March 31, 2009

And The Three Month Period December 31, 2007 and March 31, 2009 - Unaudited


	Three months ended March 31, 2009		Three months ended March 31, 2008			Six months ended March 31, 2009			Six months ended March 31, 2008		Period January 26, 2007 (inception) to March 31, 2009
Revenue	$	0		$	0		$	0		0		0
Expenses
General, executive and administrative expenses (1)		64,800			0			64,800		0		64,800
Total Expenses
Net (Loss)	$	(64,800)		$	0		$	(64,800)		0		(64,800)
Weighted average number of common shares outstanding - basic and fully diluted		6,000,000			6,000,000			6,000,000		6,000,000		6,000,000
Net loss per share - basic and fully diluted		.0108			0			.0108		0		.0108

The accompanying notes are an integral part of these financial statements.

Jamaica Jim, Inc.

(A Development Stage Company)

Statement of Cash Flows

For the Period January 26, 2007 (Inception)

to March 31, 2009

And The Three Month Period December 31, 2007 and March 31, 2009 - Unaudited


	Three months ended March 31, 2009		Three months ended March 31, 2008		Audited Period January 26, 2007 (inception) to March 31, 2009
Cash Flows From Operating Activities:
Net (Loss) (1)	$	(3,500)	$	0	$	(6,855)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock issued for services		0		0		0
Changes in assets and liabilities:
Increase in accounts payable		3,500		0		5,855
Net Cash Used in Operating Activities		0		0		1,000
Cash Flow From Financing Activities:
Issuance of common stock		61,300		61,300		61,300
Net Cash Provided By Financing Activities		0		0		0
Increase (Decrease) in Cash		(61,300)		0		0
Cash and Cash Equivalents - Beginning of period (1)		61,300		61,300		61,300
Cash and Cash Equivalents - End of period	$	(3,500)	$	61,300	$	54,445
Supplemental Cash Flow Information:
Interest paid	$	-	$	-	$	-
Taxes paid	$	-	$	-	$	-

The accompanying notes are an integral part of these financial statements.

JAMAICA JIM INC.

(A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

March 31, 2009

(Stated in US Dollars)

Note 1 Nature and Continuance of Operations

The Company was incorporated in the State of Nevada, United States of America on January 26, 2007 and its fiscal year ends is September 30. Jamaica Jim, Inc. is organized under the laws of the State of Nevada to market various products, including suntan lotions, sun block lotions, T-Shirts, sunglasses and accessories, cigars, alcoholic beverages, etc., under the trademarked brand named Jamaica Jim. Jamaica Jim, Inc. will contract to produce, distribute, and sell suntan oil and sunscreen lotion as well as the above mentioned products. On March 19, 2009, the Company’s principal officer and director James Silvester sold his entire stock holding in the Company to Belmont Partners of Washington, Virginia. This sale represented 3,995,000 shares of Company Stock.

Note 2 Summary of Significant Accounting Policies

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment. Actual results may vary from these estimates.

Development Stage Company

The Company complies with Financial Accounting Standard Board Statement (“FAS”) No. 7 and The Securities and Exchange Commission Act Guide 7 for its characterization of the Company as development stage.

Revenue And Expense Recognition

We recognize revenue from product sales when the following four revenue recognition criteria are met: persuasive evidence of an arrangement exists, delivery has occurred, the selling price is fixed or determinable, and collection is reasonably assured. Product sales and shipping revenues, net of promotional discounts, rebates, and return allowances, are recorded when the products are shipped and title passes to customers. As a manufacturing company the Company generally recognizes revenue from product sales at the time the products are shipped provided no significant vendor obligations remain and the resulting receivable is deemed collectible by management. Upon shipment, the Company provides for estimated product returns and the estimated cost that may be incurred for product warranties. There are no revenues from rentals, leases, or services.

The Company recognizes revenue from product sales upon shipment to end users. Reserves for sales returns and allowances are recorded at the time of shipment. The Company’s sales to distributors are made with agreements allowing for returns or credits under certain circumstances and, effective the first day of 2008, the company defers recognition of revenue on sales to distributors until products are resold by the distributor to the end user.

The Jamaica Jim Trademark held by the Company revert back to James L. Silvester for no consideration on March 19, 2009. The $61,300 Trademark value reported in prior periods has been adjusted in the financial statements of the Company to reflect these transaction. In addition, the current liabilities reflect in the prior period in the amount of $6,855 has been adjusted in the financial statements as this amount was paid, or to be paid, by Company’s president, James L. Silvester which are expensed and then refected as a Company liability held by Mr. Silvester. As part of the acquisition agreement with Mr. Silvester, Mr. Silvester has agreed to a blanket forgiveness of all Company debts due him.

Impairment of Long-lived Assets

Capital assets are reviewed for impairment in accordance with FAS No. 144, “Accounting for the Impairment or Disposal of Long-lived Assets”, which was adopted effective January 1, 2002. Under FAS No. 144, these assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. An impairment charge is recognized for the amount, if any, which the carrying value of the asset exceeds the fair value.

Technology and Content

Technology and content expenses consist principally of consultants’ fees and expenses related to trademark website development, editorial content, and systems support. Technology and content costs are expensed as incurred.

Foreign Currency Translation

The financial statements are presented in United States dollars. In accordance with Statement of Financial Accounting Standards No. 52, “Foreign Currency Translation”, since the functional currency of the Company is U.S. dollars, the foreign currency financial statements of the Company’s subsidiaries are re-measured into U.S. dollars. Monetary assets and liabilities are re-measured using the foreign exchange rate that prevailed at the balance sheet date. Revenue and expenses are translated at weighted average rates of exchange during the year and stockholders’ equity accounts and furniture and equipment are translated by using historical exchange rates. Any re-measurement gain or loss incurred is reported in the income statement.

Net Loss per Share

Basic loss per share includes no dilution and is computed by dividing loss available to common stockholders by the weighted average number of common shares outstanding for the period. Dilutive losses per share reflect the potential dilution of securities that could share in the losses of the Company. Because the Company does not have any potentially dilutive securities, the accompanying presentation is only of basic loss per share.

Stock-based Compensation

The Company has not adopted a stock option plan and has not granted any stock options. Accordingly no stock-based compensation has been recorded to date.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes in accordance with FAS No. 109 “Accounting for Income Taxes”. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and loss carry forwards 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.

Fair Value of Financial Instruments

The carrying value of the Company’s financial instruments consisting of cash, accounts payable and accrued liabilities, agreement payable and due to related party approximate their carrying value due to the short-term maturity of such instruments. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, currency, or credit risks arising from these financial instruments.

Recent Accounting Pronouncements

In June 2008, the FASB issued FASB Staff Position EITF 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities, (“FSP EITF 03-6-1”). FSP EITF 03-6-1 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting, and therefore need to be included in the computation of earnings per share under the two-class method as described in FASB Statement of Financial Accounting Standards No. 128, “Earnings per Share.” FSP EITF 03-6-1 is effective for financial statements issued for fiscal years beginning on or after December 15, 2008 and earlier adoption is prohibited. We are not required to adopt FSP EITF 03-6-1; neither do we believe that FSP EITF 03-6-1 would have material effect on our consolidated financial position and results of operations if adopted.

In May 2008, the Financial Accounting Standards Board (“FASB”) issued SFAS No. 163, “Accounting for Financial Guarantee Insurance Contracts-and interpretation of FASB Statement No. 60”. SFAS No. 163 clarifies how Statement 60 applies to financial guarantee insurance contracts, including the recognition and measurement of premium revenue and claims liabilities. This statement also requires expanded disclosures about financial guarantee insurance contracts. SFAS No. 163 is effective for fiscal years beginning on or after December 15, 2008, and interim periods within those years. SFAS No. 163 has no effect on the Company’s financial position, statements of operations, or cash flows at this time.

In May 2008, the Financial Accounting Standards Board (“FASB”) issued SFAS No. 162, “The Hierarchy of Generally Accepted Accounting Principles”. SFAS No. 162 sets forth the level of authority to a given accounting pronouncement or document by category. Where there might be conflicting guidance between two categories, the more authoritative category will prevail. SFAS No. 162 will become effective 60 days after the SEC approves the PCAOB’s amendments to AU Section 411 of the AICPA Professional Standards. SFAS No. 162 has no effect on the Company’s financial position, statements of operations, or cash flows at this time.

In March 2008, the Financial Accounting Standards Board, or FASB, issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities—an amendment of FASB Statement No. 133. This standard requires companies to provide enhanced disclosures about (a) how and why an entity uses derivative instruments, (b) how derivative instruments and related hedged items are accounted for under Statement 133 and its related interpretations, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. This Statement is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008, with early application encouraged. The Company has not yet adopted the provisions of SFAS No. 161, but does not expect it to have a material impact on its consolidated financial position, results of operations or cash flows.

In December 2007, the SEC issued Staff Accounting Bulletin (SAB) No. 110 regarding the use of a "simplified" method, as discussed in SAB No. 107 (SAB 107), in developing an estimate of expected term of "plain vanilla" share options in accordance with SFAS No. 123 (R), Share-Based Payment. In particular, the staff indicated in SAB 107 that it will accept a company's election to use the simplified method, regardless of whether the company has sufficient information to make more refined estimates of expected term. At the time SAB 107 was issued, the staff believed that more detailed external information about employee exercise behavior (e.g., employee exercise patterns by industry and/or other categories of companies) would, over time, become readily available to companies. Therefore, the staff stated in SAB 107 that it would not expect a company to use the simplified method for share option grants after December 31, 2007. The staff understands that such detailed information about employee exercise behavior may not be widely available by December 31, 2007. Accordingly, the staff will continue to accept, under certain circumstances, the use of the simplified method beyond December 31, 2007. The Company currently uses the simplified method for “plain vanilla” share options and warrants, and will assess the impact of SAB 110 for fiscal year 2009. It is not believed that this will have an impact on the Company’s consolidated financial position, results of operations or cash flows.

In December 2007, the FASB issued SFAS No. 160, Noncontrolling Interests in Consolidated Financial Statements—an amendment of ARB No. 51. This statement amends ARB 51 to establish accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. It clarifies that a noncontrolling interest in a subsidiary is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements. Before this statement was issued, limited guidance existed for reporting noncontrolling interests. As a result, considerable diversity in practice existed. So-called minority interests were reported in the consolidated statement of financial position as liabilities or in the mezzanine section between

liabilities and equity. This statement improves comparability by eliminating that diversity. This statement is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2008 (that is, January 1, 2009, for entities with calendar year-ends). Earlier adoption is prohibited. The effective date of this statement is the same as that of the related Statement 141 (revised 2007). The Company will adopt this Statement beginning March 1, 2009. It is not believed that this will have an impact on the Company’s consolidated financial position, results of operations or cash flows.

In December 2007, the FASB, issued FAS No. 141 (revised 2007), Business Combinations’. This Statement replaces FASB Statement No. 141, Business Combinations, but retains the fundamental requirements in Statement 141. This Statement establishes principles and requirements for how the acquirer: (a) recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree; (b) recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase; and (c) determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. This statement applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. An entity may not apply it before that date. The effective date of this statement is the same as that of the related FASB Statement No. 160, Noncontrolling Interests in Consolidated Financial Statements. The Company will adopt this statement beginning March 1, 2009. It is not believed that this will have an impact on the Company’s consolidated financial position, results of operations or cash flows.

In February 2007, the FASB, issued SFAS No. 159, The Fair Value Option for Financial Assets and Liabilities—Including an Amendment of FASB Statement No. 115. This standard permits an entity to choose to measure many financial instruments and certain other items at fair value. This option is available to all entities. Most of the provisions in FAS 159 are elective; however, an amendment to FAS 115 Accounting for Certain Investments in Debt and Equity Securities applies to all entities with available for sale or trading securities. Some requirements apply differently to entities that do not report net income. SFAS No. 159 is effective as of the beginning of an entity’s first fiscal year that begins after November 15, 2007. Early adoption is permitted as of the beginning of the previous fiscal year provided that the entity makes that choice in the first 120 days of that fiscal year and also elects to apply the provisions of SFAS No. 157 Fair Value Measurements. The Company will adopt SFAS No. 159 beginning March 1, 2008 and is currently evaluating the potential impact the adoption of this pronouncement will have on its consolidated financial statements.

In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements This statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. This statement applies under other accounting pronouncements that require or permit fair value measurements, the Board having previously concluded in those accounting pronouncements that fair value is the relevant measurement attribute. Accordingly, this statement does not require any new fair value measurements. However, for some entities, the application of this statement will change current practice. This statement is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. Earlier application is encouraged, provided that the reporting entity has not yet issued financial statements for that fiscal year, including financial statements for an interim period within that fiscal year. The Company will adopt this statement March 1, 2008, and it is not believed that this will have an impact on the Company’s consolidated financial position, results of operations or cash flows.

Note 3 Capital Stock

The total number of common shares authorized that may be issued by the Company is 10,000,000 shares with a par value of one tenth of one cent ($0.001) per share and no other class of shares is authorized. During the period from January 26, 2007 (inception) to March 31, 2009, the Company issued 6,000,000 shares of common stock to its directors and consultants for $0.0102 per share valued at approximately $61,300.00.

The shares of James L. Silvester, the Company largest shareholder, are subject to Rule 144 provisions.

As of March 31, 2009, the Company has not granted any stock options and has not recorded any stock-based compensation.

Note 4 Related Party Transactions

a) The President of the Company provides management services to the Company at no charge.

b) The President of the Company provides office rent to the Company. The rent is valued at $200 per month, but is provided free of charge. During the period ended December 31, 2007 office rent valued $1,600.00 was provided to the Company. During the quarter ending March 31, 2009, the Company President continued to provide office space to the Company free of charge valued at $200.00 per month for a total value of $600.00.

c) As of the quarter ending March 31, 2009, the President of the Company provided management services to the Company free of charge and paid for the Company’s operational expenses without the anticipation of additional remuneration either in the form of cash, equity, or debt.

Note 5 Income Taxes

There has been no provision for U.S. federal, state, or foreign income taxes for any period because the Company has generated no income since its inception on January 26, 2007. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred tax assets are as follows:


Deferred tax assets:
Net operating loss carry-forwards	$	0
Valuation allowance for deferred tax assets		0
Net deferred tax assets	$	0

Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Utilization of the net operating loss may be subject to substantial annual limitations due to the ownership change limitations provided by the Internal Revenue Code and similar state provisions. The annual limitation could result in the expiration of the net operating loss before utilization.\

Note 6 Going Concern

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

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

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

Note 7 Sale Of Stock By James L. Silvester

On March 19, 2009, the Company’s principal officer and director James Silvester sold his entire stock holding in the Company to Belmont Partners of Washington, Virginia. This sale represented 3,995,000 shares of Company Stock.

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

This statement may include projections of future results and “forward looking statements” as that term is defined in Section 27A of the Securities Act of 1933 as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934 as amended (the “Exchange Act”). All statements that are included in this Annual Report, other than statements of historical fact, are forward looking statements.

Summary of Operations

During the quarter ending March 31, 2009 Jamaica Jim, Inc. had no business operations and is still considered a development stage company.

Investor Relations & Market Maker

The company currently has 6,000,000 common shares outstanding representing 52 shareholders.

The Company has successfully pursued its goal of securing a FINRA Market Maker in order to secure listing on the Over-The-Counter Bulletin Board. Negotiations with BMA Securities of Rolling Hills Estates, California were terminated. The Company entered talks with of Pennaluna & Company of Coeur d’Alene, Idaho. Pennaluna & Company filed a Form 211 application with the Financial Industry Regulatory Authority (FINRA) to secure a ticker symbol and listing on the OTC Bulletin Board. FINRA reviewed the application and issues relating to said application has been resolved. The Company had no prior relationship with Pennaluna or its principals. The Company has been approved by the Financial Industry Regulatory Authority (FINRA) to trade its stock. The Company is trading under the symbol JJIM on the Over the Counter Bulletin Board and Pink Sheets.

Employees/Consultants

Jamaica Jim, Inc. currently has one full time and three part time employees. James L. Silvester manages the Company’s affairs without pay. The three part time employees also receive no compensation. Services are provided by StockTransfer.Com, of Burlington, Vermont, who serves as our Stock Transfer Agent. The Company retains, Thomas Cooke, of Las Vegas, Nevada as the our legal counsel in matters related to the United States Securities and Exchange Commission (SEC) and Moore & Associates, of Las Vegas, concerning SEC related accounting issues.

Corporate Office

The Company maintains commercial office space located at 102 Lakeside Drive, Stephens City, Virginia 22655

Financial Summary

Results of Operations for the Quarter ended March 31, 2009

The Company reports no revenues and expenses of $3,500 for the quarter ended March 31, 2009; versus no revenues or expenses for the fiscal quarter ended March 31, 2008. This represents total accumulated expenses since inception.

Liquidity and Capital Resources

During the quarter ended March 31, 2009 the Company’s working capital has declined by $3,500 from the previous comparative period of fiscal year ending March 31, 2008

Management’s Plan of Operations

Management called for a General Shareholder’s Meeting. Notice was given and mailed January 31, 2008, and the Annual Shareholder’s Meeting was held on February 22, 2008.

The purpose of this meeting is to elect directors, appoint officers, form an audit committee, and to discuss and formulate the overall strategy of the Company.

We cannot anticipate at this time that enough positive internal operating cash flow until such time as we can generate sustained and substantial revenues. In the event we cannot obtain the necessary capital to pursue our strategic plan, we may have to cease or significantly curtail our operations. This would materially impact our ability to continue operations.

Our near term cash requirements are anticipated to be offset through the receipt of funds from private placement offerings and loans obtained through private sources. Since inception, we have financed cash flow requirements through the issuance of common stock for cash and services. As we expand operational activities, we may experience net negative cash flows from operations and will be required to obtain additional financing to fund operations through common stock offerings and bank borrowings to the extent necessary to provide working capital.

Over the next twelve months we believe that existing capital and anticipated funds from operations may not be sufficient to sustain operations and planned expansion. Consequently, we may be required to seek additional capital in the future to fund growth and expansion through additional equity or debt financing or credit facilities. No assurance can be made that such financing would be available, and if available it may take either the form of debt or equity. In either case, the financing could have a negative impact on our financial condition and our Stockholders. We anticipate that we may incur additional operating losses over the next twelve months. Our recently developed sources of revenue, as compared to our prior operating history makes predictions of future operating results difficult to ascertain. Our prospects must be considered in light of the risks, expenses and difficulties frequently encountered by companies in their development stage. Such risks include, but are not limited to, an evolving and unpredictable business model and the management of growth. To address these risks we must, among other things, obtain a customer base, implement and successfully execute our business and marketing strategy, continue to develop and upgrade technology and products, respond to competitive developments, and attract, retain and motivate qualified personnel. There can be no assurance that we will be successful in addressing such risks, and the failure to do so can have a material adverse effect on our business prospects, financial condition and results of operations.

Going Concern

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

The financial statements do not include any adjustments relating to the recoverability and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company’s continuation as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis and ultimately to attain profitability. The Company has limited capital with which to pursue its business plan. There can be no assurance that the Company’s future operations will be significant and profitable, or that the Company will have sufficient resources to meet its objectives.

These financial statements have been prepared on a going concern basis. The Company has no working capital. Working capital is defined as current assets less current liabilities, therefore the Company has a working capital deficit of $3,500. Its ability to continue as a going concern is dependent upon the ability of the Company to generate profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The outcome of these matters cannot be predicted with any certainty at this time. These factors raise substantial doubt that the company will be able to continue as a going concern.

Management plans to continue to provide for its capital needs by the issuance of common stock and related party advances. These financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern.

Ongoing Internal Control Evaluation

James L. Silvester, has served as Assistant Vice President of First Federal Savings and Loan, Vice President of Mortgage America, and President of BAS Mortgage. He was twice approved by the Virginia Bureau of Financials to hold a mortgage license. No stop orders of any kind have been issued against Mr. Silvester and he is a passed the Series 63 (Uniform Securities Agent State Law) exam. He holds an MBA degree in finance and taught corporate and business finance on the college level. He is a noted business author (books and articles) on entrepreneurial issues and currently operates a business and financial consulting firm in Virginia.

Jamaica Jim Audit Control Program

The Company operates on an accrual basis where revenues are recognized and recorded when physically received and expenses are recognized when physically paid.

All checks are written with an appropriate account number on each check taken from the chart of accounts, and posted in the memo section of the check designating the proper expense category. All journal transactions are coded with appropriate account numbers from the table of accounts designing the proper expense category.

All purchase transactions are made by “purchase order requisition (PO)”. When a purchase transaction is paid, a check number, or journal transaction number if paid by electronic transfer, is entered upon the PO and conversely a PO number is applied to the check or journal transaction entry.

All business and financial decisions and transactions will be conducted employing only proper ethnics. No assets will be overstated in value or liabilities understand in value. All acquisitions will be based on fair evaluation and appraisal. The following statement shall be incorporated into the bylaws of the Company, “Should investigations and appraisals be called for by stockholders representing twenty (20) percent or more of the voting shares of the Company on any matter, then no less than two non-affiliate licensed analysts and/ or appraisers will be selected by majority vote of above referenced shareholders to render independent value judgments and opinions on any business or financial transaction deemed suspect by said stockholders.”The board of directors has been expanded to seven (7) members, one of which is an outside director. The of board of directors has appointed an “audit and acquisitions” committee of the board with the responsibility of overseeing all financial audits conducted by the

Company and also act as a reviewer of any acquisitions being considered. At least one “outside” board of director’s member shall sit on the audit and acquisition committee.

Upon the expansion of the board of directors as recited above, two signatures will be required on all checks and for all electronic transfers.

During fiscal 2008 the Company’s internal control system was utilized to analyze a potential purchase of the Company by a third party. The audit committee tabled the offer. In addition, the audit committee reviewed this 2008 annual financial statement and approved the content and filing with the SEC.

SEC Registration Statement

The Company filed a Form SB-2 registration statement with the United States Securities And Exchange Commission on December 13, 2007 on behalf of selling shareholders. This registration statement became effective on January 8, 2008 at 12 noon. There have been three amendments since the initial effective date.

Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

The accounting firm of Moore & Associates, Chartered Accountants, and Advisors audited our financial statements. Since inception, we have had no changes in or disagreements with our accountants.

Explanation of Accounts Payable And Third Party Related Transactions

The increase in accounts payable breaks down as follows

$3,500 to Moore & Associates, Chartered Accountants, and Advisors

It, should be noted that Mr. Silvester has forgiven all debts due him by the company amounting to $6,855

ITEM 3.CONTROLS AND PROCEDURES

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control system was designed to provide reasonable assurance to our management and Board of Directors regarding the preparation and fair presentation of published financial statements. Our management, including our Chief Executive Officer and Acting Chief Financial Officer (one individual) assessed the effectiveness of our internal control over financial reporting as of March 31, 2009. In making this assessment, it used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework Based on our assessment we believe that, as of March 31, 2009, our internal control over financial reporting was not effective based on those criteria. The determination of ineffective internal control is based upon the lack of separation of duties. Our entire management is comprised of one individual. It is impossible to create a system of checks and balances with oversight in this circumstance. It is management’s intention to bring additional people into the management team. Once there are more members of management, responsibilities can be divided and oversight roles created. This annual report does not include an attestation report of the Company’s registered accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to temporary rules of the SEC.

Disclosure Controls and Procedures

Our management, with the participation of our chief executive officer and acting chief financial officer (one individual), has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”) as of March 31, 2009. Based on this evaluation, our chief executive officer and acting chief financial officer have concluded that, as of March 31, 2009, our disclosure controls and procedures were not effective. Our conclusion was based on (1) our lack of systematic accounting and disclosure procedures, (2) the lack of development of our IT systems, (3) the lack of

hiring and development of new personnel and (4) the number of adjustments identified by our independent auditors during the course of their review. We attribute all of the identified weaknesses to the formative stage of our organizational development. We currently lack the personnel resources to ensure that our disclosure controls and procedures are adequate. We intend to address the procedural and control issues by adding more formalized accounting procedures.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None, for the quarter ended March 31, 2009

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

None, during the quarter ended March 31, 2009

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None

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

None during the quarter ended March 31, 2009

ITEM 5. OTHER INFORMATION

None

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K


Exhibits

Jamaica Jim, Inc.. includes herewith the following exhibits:

31.1		Certification of Principal Executive Officer (Rule 13a-14(a)/15(d)-14(a)
32.1		Certification of Principal Executive Officer (18 U.S.C. 1350)

Reports on Form 8-K

For the period ended March 31, 2009 an 8-K report was filed with the United States Securities Exchange Commission on March 26, 2009 and filed with the SEC’s Edgar System.

Item 1.01

Entry into a Material Definitive Agreement.

On March 19, 2009 Jamaica Jim, Inc. (the “Company”) entered into a material definitive agreement with Belmont Partners, LLC by which Belmont Partners LLC acquired three million nine hundred ninety five thousand (3,995,000) restricted common stock shares of the Company. Following the transaction, Belmont Partners, LLC controls 66.58% of the Company’s outstanding capital stock.

SECTION 5 – CORPORATE GOVERNANCE AND MANAGEMENT

Item 5.02

Departure of Principal Officers; Election of Directors; Appointment of Principal Officers.

On March 19, 2009, Joseph Meuse was appointed to the Board of Directors as Director, and as President and Secretary of the Company.

Set forth below is certain biographical information regarding the New Director and Officer:

Appointment of Joseph Meuse: Director, President and Secretary of the Company.

Joseph Meuse, age 38, resides in Warrenton, VA. Mr. Meuse has been involved with corporate restructuring since 1995. He is the Managing Member of Belmont Partners, LLC and previously was a Managing Partner of Castle Capital Partners. Additionally, Mr. Meuse maintains a position as a Board member of the following corporations: Grand Niagara Mining and Development Company, Retail Holdings, Inc., NuOasis Laughlin, Inc., Big Red Gold, Inc., PacWest Transfer, LLC, Global Filings, Network Capital, Inc. and Heroes, Inc. Mr. Meuse attended the College of William and Mary.

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		Jamaica Jim, Inc.


Date: March 31, 2009	By:	/s/ Joseph Meuse
		President
		Principal Executive Officer
		Principal Accounting Officer & Treasurer

JAMAICA JIM, INC. 10-Q