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UNITED STATESSECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549

FORM 10-QSB(Mark One)

[ X ]Quarterly Report Pursuant To Section 13 Or 15(d) Of
The Securities Exchange Act Of 1934

For the quarterly period ended January 31,
2006

[ ] Transition Report Under Section 13 Or 15(d) Of The Securities
  Exchange Act Of 1934

For the transition period ________to ________

COMMISSION FILE NUMBER000-50459

INVISION CAPITAL,
INC.(Exact name of small business issuer as specified in its
charter)

|NEVADA                                                 | 98-0396733                       
|------------------------------------------------------ | ---------------------------------
|(State or other jurisdiction of incorporation
      or | (IRS Employer Identification No.)
|organization)                                          |                                  

768 Westcot PlaceWest Vancouver, British
Columbia, Canada V7S 1N9(Address of principal executive offices)

(604) 657-2443Issuer's telephone number

NOT APPLICABLE(Former name, former address and
former fiscal year, if changed since last report)

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 twelve months
(or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days. Yes [ X ]No [ ]

Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes [ X ]No [ ]

State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date: As of March 15,
2006, the Issuer had 10,398,400 Shares of Common Stock outstanding.

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

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

2

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|INVISION CAPITAL, INC.        
|------------------------------
|(An Exploration Stage Company)
|                              
|                              
|FINANCIAL STATEMENTS          
|                              
|                              
|                              
|JANUARY 31, 2006              
|(Unaudited)                   
|(Stated in U.S. Dollars)      

F-1

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|INVISION CAPITAL, INC.        
|------------------------------
|(An Exploration Stage Company)
|                              
|BALANCE SHEET                 
|(Unaudited)                   
|(Stated in U.S. Dollars)      

|                                                           |   | January 31, |  
|---------------------------------------------------------- | - | ----------- | -
|                                                           |   | 2006        |  
|                                                           |   |             |  
|ASSETS                                                     |   |             |  
|                                                           |   |             |  
|Current                                                    |   |             |  
|Cash                                                       | $ | 297         |  
|                                                           |   |             |  
|LIABILITIES                                                |   |             |  
|                                                           |   |             |  
|Current                                                    |   |             |  
|Accounts payable
      and accrued liabilities             | $ | 2,894       |  
|Indebtedness to related party (Note
      2)               |   | 6,225       |  
|                                                           |   | 9,119       |  
|                                                           |   |             |  
|STOCKHOLDERS DEFICIENCY                                   |   |             |  
|                                                           |   |             |  
|Common stock, $0.001
      par value, 200,000,000 shares   |   |             |  
|authorized,
      10,398,400 shares issued and outstanding |   | 10,399      |  
|Additional paid-in
      capital                           |   | 63,611      |  
|Accumulated deficit                                        |   | (83,104     | )
|Cumulative translation
      adjustment                    |   | 272         |  
|                                                           |   | (8,822      | )
|                                                           |   |             |  
|                                                           | $ | 297         |  

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

F-2

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|INVISION CAPITAL, INC.        
|------------------------------
|(An Exploration Stage Company)
|                              
|STATEMENTS OF OPERATIONS      
|(Unaudited)                   
|(Stated in U.S. Dollars)      

|                                 |   |                    |   |   |                  |   |   |                |     |  |            |   |   | January 24, |  
|-------------------------------- | - | ------------------ | - | - | ---------------- | - | - | -------------- | --- |  | ---------- | - | - | ----------- | -
|                                 |   |                    |   |   |                  |   |   |                |     |  |            |   |   | 2003        |  
|                                 |   | Three Months Ended |   |   | Six Months Ended |   |   | (Inception) to |    
|                                 |   | January 31,        |   |   | January 31,      |   |   | January 31,    |    
|                                 |   | 2006               |   |   | 2005             |   |   | 2006           |     |  | 2005       |   |   | 2006        |  
|                                 |   |                    |   |   |                  |   |   |                |     |  |            |   |   |             |  
|Expenses                         |   |                    |   |   |                  |   |   |                |     |  |            |   |   |             |  
|Contributed rent (Note 2)        | $ | 300                |   | $ | 300              |   | $ | 600 $          |     |  | 600        |   | $ | 3,600       |  
|Contributed
      administrative |   |                    |   |   |                  |   |   |                |     |  |            |   |   |             |  
|Support (Note 2)                 |   | 50                 |   |   | 50               |   |   | 100            |     |  | 50         |   |   | 550         |  
|Unproven
      mineral interest  |   |                    |   |   |                  |   |   |                |     |  |            |   |   |             |  
|acquisition costs                |   | -                  |   |   | -                |   |   | -              |     |  | -          |   |   | 7,420       |  
|Unproven
      mineral interest  |   |                    |   |   |                  |   |   |                |     |  |            |   |   |             |  
|exploration costs                |   | -                  |   |   | -                |   |   | -              |     |  | -          |   |   | 18,787      |  
|Professional
      fees          |   | 2,090              |   |   | 1,105            |   |   | 3,388          |     |  | 2,625      |   |   | 35,970      |  
|Office                           |   | 95                 |   |   | 252              |   |   | 599            |     |  | 1,370      |   |   | 13,565      |  
|Other                            |   | 1,103              |   |   | 329              |   |   | 1,136          |     |  | 364        |   |   | 3,212       |  
|Total Expenses                   |   | 3,638              |   |   | 2,036            |   |   | 5,823          |     |  | 5,009      |   |   | 83,104      |  
|                                 |   |                    |   |   |                  |   |   |                |     |  |            |   |   |             |  
|Loss from Operations             |   | (3,638             | ) |   | (2,036           | ) |   | (5,823         | )   |  | (5,009     | ) |   | (83,104     | )
|                                 |   |                    |   |   |                  |   |   |                |     |  |            |   |   |             |  
|Income tax provision             |   |                    |   |   |                  |   |   |                |     |  |            |   |   |             |  
|(Note
      4)                   |   | -                  |   |   | -                |   |   | -              |     |  | -          |   |   | -           |  
|                                 |   |                    |   |   |                  |   |   |                |     |  |            |   |   |             |  
|Net Loss                         | $ | (3,638             | ) | $ | (2,036           | ) | $ | (5,823         | ) $ |  | (5,009     | ) | $ | (83,104     | )
|                                 |   |                    |   |   |                  |   |   |                |     |  |            |   |   |             |  
|                                 |   |                    |   |   |                  |   |   |                |     |  |            |   |   |             |  
|                                 |   |                    |   |   |                  |   |   |                |     |  |            |   |   |             |  
|Basic and Diluted Loss per       |   |                    |   |   |                  |   |   |                |     |  |            |   |   |             |  
|Share                            | $ | (0.00              | ) | $ | (0.00            | ) | $ | (0.00          | ) $ |  | (0.00      | ) |   |             |  
|                                 |   |                    |   |   |                  |   |   |                |     |  |            |   |   |             |  
|                                 |   |                    |   |   |                  |   |   |                |     |  |            |   |   |             |  
|Weighted Average Shares          |   |                    |   |   |                  |   |   |                |     |  |            |   |   |             |  
|Outstanding                      |   | 10,398,400         |   |   | 10,398,400       |   |   | 10,398,400     |     |  | 10,398,400 |   |   |             |  

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

F-3

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|INVISION CAPITAL, INC.        
|------------------------------
|(An Exploration Stage Company)
|                              
|STATEMENTS OF CASH FLOWS      
|(Unaudited)                   
|(Stated in U.S. Dollars)      

|                                                         |   |                  |   |   |                |   |   | January 24, |  
|-------------------------------------------------------- | - | ---------------- | - | - | -------------- | - | - | ----------- | -
|                                                         |   |                  |   |   |                |   |   | 2003        |  
|                                                         |   | Six Months Ended |   |   | (Inception) to |  
|                                                         |   | January 31,      |   |   | January 31,    |  
|                                                         |   | 2006             |   |   | 2005           |   |   | 2006        |  
|                                                         |   |                  |   |   |                |   |   |             |  
|Operating Activities:                                    |   |                  |   |   |                |   |   |             |  
|Net loss                                                 | $ | (5,823           | ) | $ | (5,009         | ) | $ | (83,104     | )
|                                                         |   |                  |   |   |                |   |   |             |  
|Adjustments to reconcile net loss
      to cash:         |   |                  |   |   |                |   |   |             |  
|Donated services and expenses                            |   | 700              |   |   | 650            |   |   | 4,150       |  
|                                                         |   |                  |   |   |                |   |   |             |  
|Change in operating
      assets and liabilities:        |   |                  |   |   |                |   |   |             |  
|Change
      in accounts payable and accrued liabilities |   | (106             | ) |   | (2,700         | ) |   | 2,894       |  
|Net Cash Provided by Operating Activities                |   | (5,229           | ) |   | (7,059         | ) |   | (76,060     | )
|                                                         |   |                  |   |   |                |   |   |             |  
|Financing Activities:                                    |   |                  |   |   |                |   |   |             |  
|Capital contribution by an officer
      (Note 2)        |   | -                |   |   | -              |   |   | 99          |  
|Proceeds from officer
      loan (Note 2)                |   | 3,000            |   |   | -              |   |   | 6,225       |  
|Proceeds from the sale of common
      stock             |   | -                |   |   | -              |   |   | 69,761      |  
|Net Cash Provided by Financing Activities                |   | 3,000            |   |   | -              |   |   | 76,085      |  
|                                                         |   |                  |   |   |                |   |   |             |  
|Effect of Exchange Rate Changes on Cash                  |   | 58               |   |   | 149            |   |   | 272         |  
|                                                         |   |                  |   |   |                |   |   |             |  
|Increase (Decrease) in Cash                              |   | (2,171           | ) |   | (6,910         | ) |   | 297         |  
|                                                         |   |                  |   |   |                |   |   |             |  
|Cash, Beginning of Period                                |   | 2,468            |   |   | 10,672         |   |   | -           |  
|                                                         |   |                  |   |   |                |   |   |             |  
|Cash, End of Period                                      | $ | 297              |   | $ | 3,762          |   | $ | 297         |  
|                                                         |   |                  |   |   |                |   |   |             |  
|                                                         |   |                  |   |   |                |   |   |             |  
|Supplemental Disclosure of Cash Flow Information:        |   |                  |   |   |                |   |   |             |  
|Cash paid during
      the period for:                   |   |                  |   |   |                |   |   |             |  
|Income
      taxes                                       | $ | -                |   | $ | -              |   | $ | -           |  
|Interest                                                 | $ | -                |   | $ | -              |   | $ | -           |  

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

F-4

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|INVISION CAPITAL, INC.        
|------------------------------
|(An Exploration Stage Company)
|                              
|NOTES TO FINANCIAL STATEMENTS 
|(Unaudited)                   
|(Stated in U.S. Dollars)      

|1. | BASIS OF PRESENTATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | The financial statements presented herein have been
        prepared by Invision Capital, Inc. (the Company) in accordance
        with the accounting policies in its audited financial statements for the
        year ended July 31, 2005 as filed in its Form 10-KSB and should be read
        in conjunction with the notes thereto. The Company is in the exploration
        stage in accordance with Industry Guide 7. On July 7, 2003, the Company
        entered into an Option to Purchase and Royalty Agreement to acquire an
        unproven mineral claim located in the Thunder Bay Mining Division, Ontario,
        Canada (see Note 3).
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | In the opinion of management, all adjustments (consisting
        only of normal recurring adjustments) which are necessary to provide a
        fair presentation of operating results for the interim period presented
        have been made. The results of operations for the periods presented are
        not necessarily indicative of the results to be expected for the year.                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | Interim financial data presented herein are unaudited.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | The Companys functional currency is the Canadian
        dollar; however, the accompanying financial statements and footnotes refer
        to United States (U.S.) dollars unless Canadian dollars are
        specifically designated with CDN.                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|2. | RELATED PARTY TRANSACTIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | An officer contributed office space to the Company for
        all periods presented. The office space was valued at $100 per month based
        on the market rate in the local area and is included in the accompanying
        financial statements as contributed rent expense with a corresponding
        credit to additional paid-in capital.                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | Officers have contributed administrative services to
        the Company since inception. The time and effort has been recorded in
        the accompanying financial statements based on the prevailing rates for
        such services, which equals $50 per hour based on the level of services
        performed. The services are reported as contributed administrative services
        with a corresponding credit to additional paid-in capital.                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | During July and November 2005, the president advanced
        the Company CDN$4,000 (US$3,225) and $3,000 for working capital. The loan
        does not carry an interest rate and is due on demand. The balance owed
        the officer is included in the accompanying financial statements as indebtedness
        to related party.                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | In January 2003, the Company sold 4,000,000 shares of
        its restricted common stock to an officer for $4,000 ($.001/share).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

F-5

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|INVISION CAPITAL, INC.        
|------------------------------
|(An Exploration Stage Company)
|                              
|NOTES TO FINANCIAL STATEMENTS 
|(Unaudited)                   
|(Stated in U.S. Dollars)      

|**3.** | OPTION ON UNPROVEN MINERAL INTERESTS                                                                                                                                                                                                                                                                   
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                        
|       | On July 7, 2003, the Company entered into
        an Option to Purchase and Royalty Agreement (the Agreement)
        to acquire an unproven mineral claim located in the Thunder Bay Mining
        Division, Ontario, Canada. Under the terms of the Agreement, the Company
        is required to:
|       |                                                                                                                                                                                                                                                                                                        
|       | 1.                                                                                                                                                                                                                                                                                                     

| | Cash Payments |        | Exploration Expenditures |       | Due Date | 
| | ------------- | ------ | ------------------------ | ----- | -------- | 
| |               |        |                          |       |          | 
| | CDN $         | 10,000 |                          | CDN $ | -        | 
| | CDN $         | -      |                          | CDN $ | 35,000   | 
| | CDN $         | -      |                          | CDN $ | 75,000   | 
| | CDN $         | -      |                          | CDN $ | 100,000  | 
| | CDN $         | 50,000 |                          | CDN $ | -        | 

|       |                                                                                                                                                                                                                                                                                                                                                                         | *****                                                                                                                         | During June 2004, the optionor reduced the amount of
        exploration costs to be incurred through June 30, 2004 from CDN$35,000
        to CDN$25,370. The Company paid CDN$25,370 (US$18,787) in accordance with
        the revised terms of the Agreement.
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                               |                                                                                                                                                                                                                                                                  
|       |                                                                                                                                                                                                                                                                                                                                                                         | **                                                                                                                            | During June 2005, the optionor extended the remaining
        deadlines for completion of the exploration program by a period of one
        year.                                                                                                               
|       |                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                               |                                                                                                                                                                                                                                                                  
|       | 2.                                                                                                                                                                                                                                                                                                                                                                      | Make advance royalty payments of CDN$50,000
        per year, commencing January 1, 2008, until termination of the Agreement.
|       |                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                               |                                                                                                                                                                                                                                                                  
|       | 3.                                                                                                                                                                                                                                                                                                                                                                      | Issue 250,000 shares of its common stock to
        the optionor upon commencement of commercial production.                 
|       |                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                               |                                                                                                                                                                                                                                                                  
|       | In addition to the above terms, the optionor
        will retain a four percent net smelter royalty in the mineral claims.                                                                                                                                                                                                                                             
|       |                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                               |                                                                                                                                                                                                                                                                  
|**4.** | INCOME TAXES                                                                                                                                                                                                                                                                                                                                                           
|       |                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                               |                                                                                                                                                                                                                                                                  
|       | The Company records its income taxes in accordance
        with SFAS No. 109, Accounting for Income Taxes. The Company
        incurred net operating losses during the periods shown on the financial
        statements resulting in a deferred tax asset, which was fully allowed
        for; therefore, the net benefit and expense result in $-0- income taxes.

F-6

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
OPERATION.

Cautionary Statement Regarding Forward-Looking
Statements

Certain statements contained in this Quarterly Report
constitute "forward-looking statements". These statements, identified by words
such as plan, "anticipate," "believe," "estimate," "should," "expect" and
similar expressions, include our expectations and objectives regarding our
future financial position, operating results and business strategy. These
statements reflect the current views of management with respect to future events
and are subject to risks, uncertainties and other factors that may cause our
actual results, performance or achievements, or industry results, to be
materially different from those described in the forward-looking statements.
Such risks and uncertainties include those set forth under this caption
"Management's Discussion and Analysis or Plan of Operation" and elsewhere in
this Quarterly Report. We do not intend to update the forward-looking
information to reflect actual results or changes in the factors affecting such
forward-looking information. We advise you to carefully review the reports and
documents we file from time to time with the United States Securities and
Exchange Commission (the SEC), particularly our Annual Reports on Form 10-KSB
and our Current Reports on Form 8-K.

As used in this Quarterly Report, the terms "we", "us", "our",
the Company and Invision mean Invision Capital, Inc. unless otherwise
indicated. All dollar amounts in this Quarterly Report are in U.S. dollars
unless otherwise stated.

INTRODUCTION

The following discussion and analysis summarizes our plan of
operation for the next twelve months, our results of operations for the second
quarter and six month period ended January 31, 2006 and changes in our financial
condition from July 31, 2005. This discussion should be read in conjunction with
the Managements Discussion and Analysis or Plan of Operation included in our
Amended Annual Report on Form 10-KSB/A for the fiscal year ended July 31, 2005,
filed with the SEC on November 1, 2005.

Invision Capital, Inc. was incorporated in the State of Nevada
on January 24, 2003 and is an exploration stage company engaged in the
acquisition, exploration and development of mineral properties. There are no
assurances that a commercially viable mineral deposit (a reserve) exists on
our claim. Effective March 9, 2006, our Board of Directors approved a 5-for-1
split of our common stock. As a result of the stock split, our authorized
capital will increase from 200,000,000 shares of common stock with a par value
of $0.001 per share, of which there are 10,398,400 shares issued and
outstanding, to 1,000,000,000 shares of common stock with a par value of $0.001
per share, of which there will be 51,992,000 shares issued and outstanding. The
5-for-1 stock split is expected to become effective on or about March 27,
2006.

We currently own an option to acquire a 100% undivided interest
in a mineral property located in the Thunder Bay Mining Division in the Province
of Ontario, Canada that we call the Muriel Lake Property. Under our option
agreement for the Muriel Lake Property, which was amended effective June 30,
2005, we will be required to:

| | (a) | incur exploration expenditures on the Muriel Lake
      Property of $75,000 CDN (approximately $65,850 US) by June 30,
  2006;                                 
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                
| | (b) | incur exploration expenditures on the Muriel Lake
      Property of $100,000 CDN (approximately $87,800 US) by June 30, 2007;
      and                        
| |     |                                                                                                                                                                
| | (c) | pay a total of $50,000 CDN (approximately $43,900 US) as
      pre-paid royalties to the recorded holders of the Muriel Lake Property by
      January 1, 2008.

3

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PLAN OF OPERATION

Our plan of operation for the next twelve months will involve
securing financing in an amount sufficient to allow us to complete the planned
Phase II of our exploration program on the Muriel Lake Property. Phase II of our
exploration program will involve diamond drilling of the Muriel Lake Property as
well as additional geological mapping, prospecting and geochemical sampling.
Diamond drilling involves the use of a drilling machine with a rotating, hollow,
diamond studded bit which extracts a circular sample from the earth that can
then be analyzed for its mineralization. In addition, as recommended in the
report we received on Phase I of our exploration program, we may seek to acquire
additional mining claims extending to the east, west and north of the Muriel
Lake Property. It is anticipated that Phase II of our exploration program,
including the costs of acquiring the additional claims, will cost approximately
$120,000 to complete.

In order to exercise our right to acquire the Muriel Lake
Property, we will be required to spend $75,000 CDN (approximately $65,850 US) on
exploration activities on or before June 30, 2006, in addition to the
exploration expenditures that we have incurred to date. If we do not incur
exploration expenditures equal to this amount by June 30, 2006, we may lose our
interest in the Muriel Lake Property. As of the date of filing of this Quarterly
Report, we do not have sufficient financial resources necessary to fund the
above plan of operation and to retain our rights to the Muriel Lake Property. If
we are unable to acquire the necessary financing, we will not be able to proceed
with Phase II of our exploration program and we may lose our interest in the
Muriel Lake Property. If this occurs, we may consider the acquisition of other
mineral properties.

We do not expect to earn revenues in the foreseeable future,
and we expect that we will continue to require substantial additional financing.
As of January 31, 2006, the date of our most recently available financial
statements, we had cash in the amount of $297 and a working capital deficit of
$8,822. We anticipate that any additional financing will likely be in the form
of equity financing as we do not expect substantial debt financing to be as
available at this stage of our business.

Currently, we do not have any financing arrangements in place
and there is no assurance that we will be able to acquire financing in an amount
sufficient to proceed with our plan of operation.

RESULTS OF OPERATIONS

Second Quarter and Six Months Summary

|                  | Second Quarter Ended January 31 |          | Six Months Ended January 31
|----------------- | ------------------------------- | -------- | ---------------------------
|                  |                                 |          | Percentage                 
|                  |                                 |          | Increase /                 
|                  | 2006                            | 2005     | (Decrease)                 
|Revenue           | $ --                            | $ --     | N/A                        
|
|Expenses          | 3,638                           | 2,036    | 78.7%                      
|Net Income (Loss) | $(3,638)                        | $(2,036) | 78.7%                      
|
|

Revenues

We have not earned any revenues to date and we do not
anticipate earning revenues until such time as we enter into commercial
production of our mineral properties. We are presently in the exploration

4

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stage of our business and we can provide no assurance that we
will discover commercially exploitable levels of mineral resources on our
properties, or if such deposits are discovered, that we will enter into further
substantial exploration programs.

Expenses

Our operating expenses for the quarterly periods ended January
31, 2006 and 2005 consisted of the following:

|                                               | Second Quarter Ended January 31 |        | Six Months Ended January 31
|---------------------------------------------- | ------------------------------- | ------ | ---------------------------
|                                               |                                 |        | Percentage                 
|                                               |                                 |        | Increase /                 
|                                               | 2006                            | 2005   | (Decrease)                 
|Contributed Rent                               | $300                            | $300   | --                         
|Contribute Administrative
             Support | 50                              | 50     | --                         
|
|Professional Fees                              | 2,090                           | 1,105  | 89.1%                      
|Office                                         | 95                              | 252    | (62.3)%                    
|Other                                          | 1,103                           | 329    | 235.3%                     
|Total Operating Expenses                       | $3,638                          | $2,036 | 78.7%                      

Our operating expenses remained relatively stable during the
quarter ended January 31, 2006 as compared to the same period ended January 31,
2005. The increase in total expenses of $1,602 is primarily the result of an
increase in the amount of professional fees incurred by us

Contributed expenses are recognized in order to account for the
costs of administrative services and office space provided to us at no charge.
Contributed expenses are recognized at fair value, with a corresponding increase
to additional paid-in capital.

Subject to our ability to obtain additional financing, of which
there is no assurance, we anticipate our operating expenses will increase as we
undertake our plan of operation.

LIQUIDITY AND CAPITAL RESOURCES

Working Capital

|                          |                           |   |                        |   | Percentage            | 
|------------------------- | ------------------------- | - | ---------------------- | - | --------------------- | 
|                          | At
      January 31, 2006 |   | At
      July 31, 2005 |   | Increase / (Decrease) | 
|Current Assets            | $297                      |   | $2,468                 |   | (88.1)%               | 
|Current Liabilities       | (9,119                    | ) | (6,225                 | ) | 46.5%                 | 
|Working Capital (Deficit) | $(8,822                   | ) | $(3,757                | ) | 135.0%                | 

5

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Cash Flows

|                                        | Six Months Ended October 31
|--------------------------------------- | ---------------------------
|                                        | 2006                       
|Cash Flows used in Operating Activities | $(5,229)                   
|Cash Flows from Investing Activities    | --                         
|Cash Flows from Financing Activities    | 3,000                      
|Net Decrease in Cash During Period      | $(2,171)                   

The increase in our working capital deficit at January 31, 2006
as compared to our fiscal year ended July 31, 2005 is primarily a result of the
fact that we had no sources of revenue and limited sources of financing during
the period. As a result, we were required to use existing cash reserves in order
to meet our obligations during the period.

As of January 31, 2006, the date of our most recently available
financial statements, we had cash on hand of $297. Since our inception, we have
used sales of our common stock to raise money for our operations and for our
property acquisitions. We have not attained profitable operations and are
dependent upon obtaining financing to pursue our plan of operation.

We currently do not have sufficient resources to finance the
Phase II of our exploration program and we do not anticipate earning revenues
from our mineral exploration business in the foreseeable future. Accordingly, we
will require substantial additional financing in order to fund our plan of
operation for the next twelve months, regardless of whether the proposed
business acquisition is completed or not. We anticipate that any additional
financing will likely be in the form of equity financing as substantial debt
financing will not be as available at this stage of our business. We do not
currently have any financing arrangements in place and there are no assurances
that sufficient financing will be available to us on terms that are acceptable
to us or at all.

OFF-BALANCE SHEET ARRANGEMENTS

We have no significant off-balance sheet arrangements that have
or are reasonably likely to have a current or future effect on our financial
condition, changes in financial condition, revenues or expenses, results of
operations, liquidity, capital expenditures or capital resources that is
material to our stockholders.

CRITICAL ACCOUNTING POLICIES

The financial statements presented with this Quarterly Report
on Form 10-QSB have been prepared in accordance with generally accepted
accounting principles in the United States of America for interim financial
information. These financial statements do not include all information and
footnote disclosures required for an annual set of financial statements prepared
under United States generally accepted accounting principles. In the opinion of
our management, all adjustments (consisting solely of normal recurring accruals)
considered necessary for a fair presentation of the financial position, results
of operations and cash flows as at January 31, 2006 and for all periods
presented in the attached financial statements, have been included. Interim
results for the six-month period ended January 31, 2006 are not necessarily
indicative of the results that may be expected for the fiscal year as a
whole.

6

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We have identified certain accounting policies, described
below, that are most important to the portrayal of our current financial
condition and results of operations. Our significant accounting policies are
disclosed in the notes to the consolidated financial statements included with
our amended Annual Report on Form 10-KSB/A filed with the SEC on November 1,
2005.

Use of Estimates

The preparation of financial statements in accordance with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
the disclosure of contingent assets and liabilities at the date of financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.

Unproven Mineral Interest Costs

Our unproven mineral interest costs, including acquisition
costs, have been paid in cash. Exploration and development expenditures are
expensed in the period incurred until such time as we establish the existence of
commercial feasibility, at which time these costs will be deferred.
Administrative expenditures are expensed in the period incurred. Mineral
interest acquisition costs and related interest and financing costs may be
deferred until the property is placed into production, sold or abandoned only
when and if proven and probable reserves have been found to exist. No proven or
probable reserves are currently known to exist.

Contributed Executive Services

Pursuant to SAB topic 1:B(1) and the last paragraph of SAB 5:T,
we are required to report all costs of conducting our business. Accordingly, we
record the fair value of contributed executive services and contributed office
space provided to us, with a corresponding increase to additional paid-in
capital, in the year which the services and office space are provided.

RISKS AND UNCERTAINTIES

At present, we do not know whether or not the claim contains
commercially exploitable reserves of gold or any other valuable mineral.

Additionally, the proposed expenditures to be made by us in the
exploration of the claim may not result in the discovery of commercial
quantities of ore. Problems such as unusual or unexpected formations and other
unforeseen conditions involved in mineral exploration often result in
unsuccessful exploration efforts. In such a case, we would be unable to complete
our business plan.

We do not have sufficient resources to complete our plan of
operation without substantial additional financing.

Our current operating funds are inadequate to complete Phase II
of our exploration program for the Muriel Lake Property. If we do not incur
exploration expenditures of $75,000 CDN (approximately $65,850 US) by June 30,
2006, our rights to the Muriel Lake Property will expire. As a result, we will
require additional financing to continue with our exploration and development
plans. Even if our exploration program is successful we may not be able to
obtain commercial production of any reserves discovered on the Muriel Lake
Property. If our program is successful and commercial quantities of ore are
discovered we will require significant amounts of additional funds to place the
claim into commercial production.

We currently do not have any arrangements for financing and we
may not be able to obtain financing when required.

7

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If we complete a financing through the sale of additional
shares of our common stock, shareholders will experience dilution.

The most likely source of future financing presently available
to us is through the issuance of our common stock. Any sale of share capital
will result in dilution to existing shareholders. The only other anticipated
alternative for the financing of further exploration would be the offering by us
of an interest in our properties to be earned by another party or parties
carrying out further exploration thereof.

ITEM 3. CONTROLS AND PROCEDURES.

Evaluation Of Disclosure Controls And Procedures

As of the end of the period covered by this report, our
management carried out an evaluation, under the supervision and with the
participation of our principal executive officer and principal financial
officer, of the effectiveness of the design and operation of our disclosure
controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the
Exchange Act). Based on this evaluation, our principal executive officer and
principal financial officer has concluded that our disclosure controls and
procedures are, as of the date covered by this Quarterly Report, effective to
ensure that the 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 rules and forms.

Changes In Internal Controls Over Financial
Reporting

In connection with the evaluation of our internal controls
during our last fiscal quarter, our principal executive officer and principal
financial officer has determined that there have been no changes to our internal
controls over financial reporting that has materially affected, or is reasonably
likely to materially effect, our internal controls over financial reporting.

8

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PART II - OTHER INFORMATION

|ITEM 1. | LEGAL PROCEEDINGS.                                          
|------- | ------------------------------------------------------------
|        |                                                             
|None.   |                                                             
|        |                                                             
|ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
|        |                                                             
|None.   |                                                             
|        |                                                             
|ITEM 3. | DEFAULTS UPON SENIOR SECURITIES.                            
|        |                                                             
|None.   |                                                             
|        |                                                             
|ITEM 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.        
|        |                                                             
|None.   |                                                             
|        |                                                             
|ITEM 5. | OTHER INFORMATION.                                          

Regulation FD Disclosure

Proposed 5-for-1 Stock Split

Effective March 9, 2006, our Board of Directors approved a
5-for-1 split of our common stock. As a result of the stock split, our
authorized capital will increase from 200,000,000 shares of common stock with a
par value of $0.001 per share, of which there are 10,398,400 shares issued and
outstanding, to 1,000,000,000 shares of common stock with a par value of $0.001
per share, of which there will be 51,992,000 shares issued and outstanding. The
5-for-1 stock split is expected to become effective on or about March 27,
2006.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

|Exhibit Number | Description of Exhibit                                                                                                                                
|-------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------
|3.1            | Articles of Incorporation.(1)                                                                                                                         
|3.2            | Bylaws.(1)                                                                                                                                            
|4.1            | Specimen Common Stock Certificate.(1)                                                                                                                 
|10.1           | Option Purchase and Royalty Agreement.(1)                                                                                                             
|10.2           | Amendment to Option Purchase
      and Royalty Agreement.                                                                                             
|31.1           | Certification
      of Chief Executive Officer and Chief Financial Officer as adopted pursuant
      to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|32.1           | Certification
      of Chief Executive Officer and Chief Financial Officer as adopted pursuant
      to Section 906 of the Sarbanes-Oxley Act of 2002.
|

| | (1) | Filed as an exhibit to our Registration Statement on Form
      10-SB originally filed with the SEC on November 5,
2003.
| | --- | ------------------------------------------------------------------------------------------------------------------------

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REPORTS ON FORM 8-K

The following Current Reports on Form 8-K were filed since the
beginning of our quarterly period ended January 31, 2006:

Date of Reporton Form 8-K(YYYY/MM/DD)
      Date of Filingwith
      the SEC(YYYY/MM/DD)
      Description of
          Form 8-K2006/03/13
      2006/03/15
      Item 5.02 - Resignation of David Duval as director
        and appointment of John Boschert as Director.


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.

|      |                |     | INVISION CAPITAL, INC.                          
|----- | -------------- | --- | ------------------------------------------------
|      |                |     |                                                 
|      |                |     |                                                 
|Date: | March 17, 2006 | By: | /s/ Frank J. Rigney                             
|      |                |     | FRANK J. RIGNEY                                 
|      |                |     | Chief Executive Officer, Chief Financial Officer
|      |                |     | President, Secretary and Treasurer              
|      |                |     | (Principal Executive Officer                    
|      |                |     | and Principal Accounting Officer)               

10

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