BIOQUEST CORP.

CIK:0001182011|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended
	Oct. 31, 2011	Oct. 31, 2010
REVENUES
Crude oil	$ 7,032	$ 32,849
COST OF GOODS SOLD	0	42,579
GROSS PROFIT (LOSS)	7,032	(9,730)
EXPENSES
Lease operating expense	316	15,394
Salary and wages - officers	103,212	100,832
General and administrative	97,898	187,646
Depletion, depreciation, amortization, and accretion	6,188	4,939
Total expenses	207,614	308,811
NET LOSS FROM OPERATIONS	(200,582)	(318,541)
OTHER INCOME (EXPENSE)
Gain (loss) on settlement of debt	0	(225,000)
Interest expense	(5,585)	(62,239)
Total other income (expense)	(5,585)	(287,239)
NET LOSS	$ (206,167)	$ (605,780)
Basic and diluted income (loss) per share, from continuing operations	$ (0.02)	$ (0.09)
Weighted average shares outstanding - basic and diluted	12,335,144	6,856,389

Supplemental Cash Flow Information

3 Months Ended

Oct. 31, 2011

Note 8 – Supplemental Cash Flow Information

Non-cash investing and financing activities for the year ended July 31, 2011 included the following:

	For the Three Months Ended
	October 31,
	2011		2010
Cash paid for:
Interest	$	-	$	-
Income taxes	$	-	$	-

Non cash financing activities:
Issuance of common stock for prepaid expenses	$	-	$	100,000

Condensed Consolidated Balance Sheets (USD $)	Oct. 31, 2011	Jul. 31, 2011
Current Assets:
Cash	$ 6,392	$ 2,624
Accounts receivable, net	2,009	0
Prepaid expenses	26,205	4,088
Notes receivable, related party	0	2,500
Total current assets	34,606	9,212
Deposits	12,638	12,638
Property, Plant & Equipment
Oil and gas properties (full cost method)	909,671	909,671
Other property, plant and equipment	138,300	138,300
Total property, plant and equipment	1,047,971	1,047,971
Accumulated depletion, depreciation and amortization	(30,056)	(24,737)
Total property, plant and equipment, net	1,017,915	1,023,234
Total assets	1,065,159	1,045,084
Current liabilities:
Accounts payable and accrued expenses	274,976	246,331
Accrued officer salaries	694,809	626,082
Convertible notes payable	105,000	135,300
Convertible notes payable - related party	59,500	29,200
Notes payable - related party	7,200	0
Notes payable	248,066	248,066
Total current liabilities	1,389,551	1,284,979
Asset retirement obligation	33,700	32,830
COMMITMENTS AND CONTINGENCIES (see Note 7)
STOCKHOLDERS' DEFICIT
Preferred stock, $0.001 par value; 1,000,000 shares authorized; no issued and outstanding, respectively.	0	0
Common stock, $0.001 par value; 100,000,000 shares authorized; 13,544,375 and 11,704,375 shares outstanding, respectively	13,544	11,704
Additional paid-in capital	3,636,333	3,517,373
Accumulated deficit	(4,007,969)	(3,801,802)
Total Stockholders' Deficit	(358,092)	(272,725)
Total Liabilities and Stockholders' Deficit	$ 1,065,159	$ 1,045,084