Cable Net 10QSB Quarterly report (small business)

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-QSB

x Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31,2007.

o Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______________ to ______________

Commission file number: 000-32309

CABLE NET INC.

(Exact name of small business issuer as specified in its charter)

NEVADA	86-1010155
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

4500 Bankers Hall East 855 - 2nd Street S.W. Calgary, Alberta T2P 4K7

(Address of principal executive office) (Zip Code)

403- 298-3100

(Issuer's telephone number)

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.

Yes x No o

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

Yes x No o

The number of outstanding shares of the issuer's common stock, $0.001 par value, as of March 31, 2007 was 7,000,000.

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	CABLE NET, INC.
	(A DEVELOPMENT STAGE ENTERPRISE)
	Index to Financial Statements	Page
Part I	Financial Information	3
Item 1.	Financial Statements:	3
	Condensed Balance Sheets - March 31, 2007 (unaudited) and December 31, 2006	3
	Unaudited Condensed Statements of Operations for the three months ended March 31, 2007 and 2006, and cumulative from inception on December 31, 1998 through March 31, 2007	4
	Unaudited Condensed Statements of Cash Flows for the three months ended March 31, 2007 and 2006, and cumulative from inception on December 31, 1998 through March 31, 2007	5
	Statement of Stockholders' (deficit) for the period from December 31, 1998 to March 31, 2007 (unaudited)	6
	Notes to Financial Statements (unaudited)	7
Item 2.	Plan of operation	7
Part II	Other Information	8
Item 1.	Legal Proceedings	8
Item 2.	Changes in Securities	8
Item 6.	Exhibits and Reports on Form 8-K	8
	Signatures	8

2

Part I - Financial Information

ITEM 2. Financial Statements

CABLE NET, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
CONDENSED BALANCE SHEETS
		March 31,			December 31,
		2007			2006
ASSETS
CURRENT ASSETS	$	-		$	-
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
CURRENT LIABILITIES
Accounts payable	$	275		$	244
Accounts payable - related parties		41,757			35,732
Total Current Liabilities		42,032			35,976
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' (DEFICIT)
Common stock, par value $.001, 25,000,000
shares authorized, 7,000,000 issued and
outstanding		7,000			7,000
Paid in Capital		17,600			17,600
(Deficit) accumulated during the development stage		(66,632	)		(60,576	)
Total Stockholders' (Deficit)		(42,032	)		(35,976	)
	$	-		$	-
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS

3

CABLE NET, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
CONDENSED STATEMENTS OF OPERATIONS
								Cumulative
								from
								December 31,
								1998
		For the three months ended						(Inception)
		March 31,						to
		2007			2006			March 31, 2007
REVENUES	$	-		$	-		$	-
EXPENSES
General and administrative		6,056			6,768			66,632
Total expenses		6,056			6,768			66,632
NET (LOSS)	$	(6,056	)	$	(6,768	)	$	(66,632	)
NET (LOSS) PER SHARE		*			*
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING		7,000,000			7,000,000
* less than $(.01) per share
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS

4

CABLE NET, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
CONDENSED STATEMENTS OF CASH FLOWS
								Cumulative
								from
								December 31,
								1998
		For the three months ended						(Inception)
		March 31,						to
		2007			2006			March 31, 2007
OPERATING ACTIVITIES
Net (loss) from operations	$	(6,056	)	$	(6,768	)	$	(66,632	)
Increase in Accounts Payable		31						275
NET CASH (USED BY) OPERATING ACTIVITIES		(6,025	)		(6,768	)		(66,357	)
FINANCING ACTIVITIES
Accounts payable - related parties		6,025			6,768			59,357
Proceeds from sale of common stock								7,000
NET CASH PROVIDED BY FINANCING ACTIVITIES		6,025			6,768			66,357
NET INCREASE IN CASH		(0	)		(0	)		(0	)
CASH, BEGINNING OF PERIOD								-
CASH, END OF PERIOD	$	(0	)	$	(0	)	$	(0	)
SUPPLEMENTAL INFORMATION
Officer advances contributed to capital							$	17,600
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS

5

CABLE NET, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENTS OF STOCKHOLDERS' (DEFICIT)
							(Deficit)
							Accumulated
							During the
	Common Stock				Paid-in		Development
	Shares		Amount		Capital		Stage			Total
Balances, at inception	-	$	-	$	-	$	-		$	-
Issuance of stock, January 12,1999
at $.001 per share	7,000,000		7,000							7,000
Net (loss) for the year							(3,735	)		(3,735	)
Balances, December 31, 1999	7,000,000		7,000		-		(3,735	)		3,265
Net (loss) for the year							(4,485	)		(4,485	)
Balances, December 31, 2000	7,000,000		7,000		-		(8,220	)		(1,220	)
Net (loss) for the year							(4,185	)		(4,185	)
Balances, December 31, 2001	7,000,000		7,000		-		(12,405	)		(5,405	)
Net (loss) for the year							(4,335	)		(4,335	)
Balances, December 31, 2002	7,000,000		7,000		-		(16,740	)		(9,740	)
Net (loss) for the year							(4,358	)		(4,358	)
Balances, December 31, 2003	7,000,000		7,000		-		(21,098	)		(14,098	)
Paid in capital					17,600					17,600
Net (loss) for the year							(8,127	)		(8,127	)
Balances, December 31, 2004	7,000,000		7,000		17,600		(29,225	)		(4,625	)
Net (loss) for the year							(15,661	)		(15,661	)
Balances, December 31, 2005	7,000,000		7,000		17,600		(44,886	)		(20,286	)
Net (loss) for the year							(15,690	)		(15,690	)
Balances, December 31, 2006	7,000,000		7,000		17,600		(60,576	)		(35,976	)
(unaudited)
Net (loss) for the period							(6,056	)		(6,056	)
Balances, March 31, 2007 (unaudited)	7,000,000	$	7,000	$	17,600	$	(66,632	)	$	(42,032	)
The accompanying notes are an integral part of these financial statements

6

CABLE NET, INC.

(A DEVELOPMENT STAGE ENTERPRISE)

Notes to Financial Statements (unaudited)

Note 1 - BASIS OF PRESENTATION

In the opinion of management, the accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB. 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 of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position as of March 31, 2007 and the results of its operations and cash flows for the three months ended March 31, 2007 have been made. Operating results for the three months ended March 31, 2007 are not necessarily indicative of the results that may be expected for the year ended December 31, 2007.

These condensed financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Form 10-KSB for the year ended December 31, 2006.

NOTE 2 - GOING CONCERN

Our financial statements have been presented on the basis that we are a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Our ability to continue in existence is dependent on our ability to develop additional sources of capital, locate and merge with a profitable merger candidate, or achieve profitable operations. Since our inception, we have sustained losses and have a deficit in equity. Management’s plan is to pursue a stock exchange transaction with a viable entity. The accompanying financial statements do not include any adjustments that might result from the outcome of these uncertainties.

NOTE 3 - ACCOUNTS PAYABLE - RELATED PARTIES

Since we do not have a bank account, we were advanced funds for our overhead and operating expenses by an affiliated company owned by our President since 2004. During the quarters ended March 31, 2007 and 2006, the affiliate was credited with incurred accounting fees of $4,881 and various fees of $500, totaling $5,381, and accounting fees of $5,270 and various fees of $823, totaling $6,093, respectively. We also accrued payroll for our President for each of the periods ending March 31, 2007 and 2006, of $375, and office rent of $300, which we consider to be the fair value for such items. No accruals to our President have been paid since he took office in 2004. As of March 31, 2007 we owed the affiliate $34,332, and our President $7,425.

ITEM 2. PLAN OF OPERATION

For the near term, we continue to seek merger and/or acquisition candidates. We have had no operations since inception and are financially dependent on our shareholders, who have financed our existence to date. Management of the Company believes that its shareholders will continue to provide the finances the Company requires, without the need to raise additional capital.

7

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None

Item 2. Changes in Securities

None

Item 6. Exhibits and Reports on Form 8-K

(a) Exhibits

31.1 Certificate of CEO as Required by Rule 13a-14(a)/15d-14

31.2 Certificate of CFO as Required by Rule 13a-14(a)/15d-14

32 Certificate of CEO as Required by Rule Rule 13a-14(b) and Rule 15d-14(b) (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 ofTitle 18 of the United States Code

(b) Reports on Form 8-K

None

SIGNATURES

In accordance with Section 12 of the Securities Exchange Act of 1934, the registrant caused this registration statement to be signed on its behalf by the undersigned, thereto duly authorized.

CABLE NET INC.

(Registrant)

By:/s/ Frank Marasco Frank Marasco Principal Executive Officer	Date: May 9, 2007
By:/s/ Maria Marasco Maria Marasco Principal Financial Officer	Date: May 9, 2007
By:/s/ Maria Marasco Maria Marasco Principal Accounting Officer	Date: May 9, 2007

In accordance with the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:/s/ Frank Marasco Frank Marasco Director Date: May 9, 2007  

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