UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWashington, 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 October 31, 2006

OR

[  ]

TRANSITION REPORT PURSUANT TO SECTION 13

OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ______________

Commission File Number 333-124405

HOMASSIST CORPORATION

(Exact name of registrant as specified in its charter)



|Nevada                         |  | 98-0434357         
|------------------------------ |  | -------------------
|State or other jurisdiction of |  | (I.R.S. Employer   
|incorporation or organization  |  | Identification No.)

107-1520 McCallum Rd Suite# 29, Abbotsford, British Columbia, Canada, V2S 8B2

(Address of principal executive offices) (Zip Code)



Issuers telephone number, including area code:  (604) 313-5410



Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X   No



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



APPLICABLE ONLY TO CORPORATE ISSUERS



Number of shares outstanding of the registrants class of common stock as of December 12, 2006: 72,800,000



Transitional Small Business Disclosure Format:

Yes ­­___    No     X





PART I  FINANCIAL INFORMATION



Item 1. Financial Statements.







HOMASSIST CORPORATION

(A Development Stage Company)

FINANCIAL STATEMENTS



OCTOBER 31, 2006













|                                  |            
|--------------------------------- | -----------
|                                  |            
|Financial Statements:             | Page       
|                                  |            
|Balance Sheets                    | F-2        
|                                  |            
|Statements of Operations          | F-3 to F-4 
|                                  |            
|Statements of Cash Flows          | F-5        
|                                  |            
|Statement of Stockholders Equity | F-6        
|                                  |            
|Notes to Financial Statements     | F-7 to F-12





F-1



HOMASSIST CORPORATION

(A Development Stage Company)



BALANCE SHEETS



|                                                                                               |   | October 31, 2006 |   | January 31, 2006
|---------------------------------------------------------------------------------------------- | - | ---------------- | - | ----------------
|                                                                                               |   | (Unaudited)      |   | (See Note 1)    
|                                                                                               |   |                  |   |                 
|ASSETS                                                                                         |   |                  |   |                 
|                                                                                               |   |                  |   |                 
|Current                                                                                        |   |                  |   |                 
|Cash                                                                                           | $ | 3,584            | $ | 12,332          
|Inventory                                                                                      |   | 4,019            |   | -               
|                                                                                               |   |                  |   |                 
|Total Current Assets                                                                           |   | 7,603            |   | 12,332          
|                                                                                               |   |                  |   |                 
|Computer Equipment, net of depreciation                                                        |   | 4,799            |   | -               
|Office Furniture, net of depreciation                                                          |   | 6,964            |   | -               
|Website Development Costs, net of amortization                                                 |   | 1,445            |   | 1,945           
|                                                                                               |   |                  |   |                 
|TOTAL ASSETS                                                                                   | $ | 20,811           | $ | 14,277          
|                                                                                               |   |                  |   |                 
|LIABILITIES AND STOCKHOLDERS EQUITY                                                           |   |                  |   |                 
|                                                                                               |   |                  |   |                 
|LIABILITIES                                                                                    |   |                  |   |                 
|                                                                                               |   |                  |   |                 
|Current                                                                                        |   |                  |   |                 
|Accounts payable                                                                               | $ | 625              | $ | 2,135           
|Accrued liabilities                                                                            |   | 2,050            |   | 3,000           
|Total current liabilities                                                                      |   | 2,675            |   | 5,135           
|                                                                                               |   |                  |   |                 
|                                                                                               |   |                  |   |                 
|STOCKHOLDERS EQUITY                                                                           |   |                  |   |                 
|                                                                                               |   |                  |   |                 
|Capital Stock                                                                                  |   |                  |   |                 
|Authorized:                                                                                    |   |                  |   |                 
|75,000,000 common shares, par value $0.001 per share                                           |   |                  |   |                 
|                                                                                               |   |                  |   |                 
|Issued and outstanding:                                                                        |   |                  |   |                 
|72,800,000 and 57,200,000 common shares as of July 31, 2006 and January 31, 2006, respectively |   | 72,800           |   | 22,000          
|Additional paid-in capital                                                                     |   | 9,200            |   | -               
|                                                                                               |   |                  |   |                 
|Deficit Accumulated During the Development Stage                                               |   | (63,864)         |   | (12,858)        
|                                                                                               |   | 18,136           |   | 9,142           
|                                                                                               |   |                  |   |                 
|TOTAL LIABILITIES AND STOCKHOLDERS EQUITY                                                     | $ | 20,811           | $ | 14,277          

The accompanying notes are an integral part of these statements.



F-2



HOMASSIST CORPORATION

(A Development Stage Company)



STATEMENTS OF OPERATIONS



PERIOD FROM INCEPTION, JULY 15, 2004, TO OCTOBER 31, 2006

(Unaudited)





|                                              |   | Three-month
period ending
October 31, 2006 |   | Three-month period ending
October 31, 2005
|--------------------------------------------- | - | ------------------------------------------ | - | ------------------------------------------
|                                              |   |                                            |   |                                           
|Revenue                                       | $ | -                                          | $ | -                                         
|                                              |   |                                            |   |                                           
|Expenses                                      |   |                                            |   |                                           
|Amortization                                  |   | 1,224                                      |   | -                                         
|Consulting                                    |   | -                                          |   | -                                         
|Office and administration                     |   | 1,630                                      |   | -                                         
|Organizational costs                          |   | -                                          |   | 303                                       
|Professional fees                             |   | 2,775                                      |   | 506                                       
|Marketing                                     |   | -                                          |   | -                                         
|Telecom and website hosting                   |   | -                                          |   | -                                         
|                                              |   | 5,629                                      |   | 809                                       
|                                              |   |                                            |   |                                           
|Net Loss from Operations                      |   | (5,629)                                    |   | (809)                                     
|                                              |   |                                            |   |                                           
|Other Income                                  |   |                                            |   |                                           
|Interest income                               |   | -                                          |   | -                                         
|                                              |   |                                            |   |                                           
|Net Loss for the Period                       | $ | (5,629)                                    | $ | (809)                                     
|                                              |   |                                            |   |                                           
|                                              |   |                                            |   |                                           
|Basic and Diluted Loss Per Share              | $ | Nil                                        |   | Nil                                       
|                                              |   |                                            |   |                                           
|                                              |   |                                            |   |                                           
|Weighted Average Number of Shares Outstanding |   | 72,800,000                                 |   | 57,200,000                                

The accompanying notes are an integral part of these statements.



F-3







HOMASSIST CORPORATION

(A Development Stage Company)



STATEMENTS OF OPERATIONS



PERIOD FROM INCEPTION, JULY 15, 2004, TO OCTOBER 31, 2006

(Unaudited)





|                                              |   | Nine-month
period ending
October 31, 2006 |   | Nine-month period ending
October 31, 2005 |   | Cumulative amounts from July 15, 2004 (Date of Inception) to October 31, 2006
|--------------------------------------------- | - | ----------------------------------------- | - | ----------------------------------------- | - | -----------------------------------------------------------------------------
|                                              |   |                                           |   |                                           |   |                                                                              
|Revenue                                       | $ | -                                         | $ | -                                         | $ | -                                                                            
|                                              |   |                                           |   |                                           |   |                                                                              
|Expenses                                      |   |                                           |   |                                           |   |                                                                              
|Amortization                                  |   | 2,125                                     |   | -                                         |   | 2,180                                                                        
|Consulting                                    |   | 6,500                                     |   | -                                         |   | 6,500                                                                        
|Office and administration                     |   | 4,435                                     |   | 360                                       |   | 5,109                                                                        
|Organizational costs                          |   | -                                         |   | -                                         |   | 1,083                                                                        
|Professional fees                             |   | 18,646                                    |   | 7,650                                     |   | 29,646                                                                       
|Marketing                                     |   | 19,300                                    |   | -                                         |   | 19,300                                                                       
|Telecom and website hosting                   |   | -                                         |   | -                                         |   | 135                                                                          
|                                              |   | 51,006                                    |   | 8,010                                     |   | 63,953                                                                       
|                                              |   |                                           |   |                                           |   |                                                                              
|Net Loss from Operations                      |   | (51,006)                                  |   | (8,010)                                   |   | (63,953)                                                                     
|                                              |   |                                           |   |                                           |   |                                                                              
|Other Income                                  |   |                                           |   |                                           |   |                                                                              
|Interest income                               |   | -                                         |   | -                                         |   | 89                                                                           
|                                              |   |                                           |   |                                           |   |                                                                              
|Net Loss for the Period                       | $ | (51,006)                                  | $ | (8,010)                                   | $ | (63,864)                                                                     
|                                              |   |                                           |   |                                           |   |                                                                              
|                                              |   |                                           |   |                                           |   |                                                                              
|Basic and Diluted Loss Per Share              | $ | Nil                                       |   | Nil                                       |   | Nil                                                                          
|                                              |   |                                           |   |                                           |   |                                                                              
|                                              |   |                                           |   |                                           |   |                                                                              
|Weighted Average Number of Shares Outstanding |   | 70,342,587                                |   | 57,200,000                                |   | 60,360,906                                                                   





The accompanying notes are an integral part of these statements.



F-4



HOMASSIST CORPORATION

(A Development Stage Company)



STATEMENTS OF CASH FLOWS



PERIOD FROM INCEPTION, JULY 15, 2004, TO OCTOBER 31, 2006

(unaudited)



|                                                                           |   | Nine month period ended October 31, 2006 |   | Nine month period ended October 31, 2005 |   | Cumulative amounts from July 15, 2004 (Date of Inception) to October 31, 2006
|-------------------------------------------------------------------------- | - | ---------------------------------------- | - | ---------------------------------------- | - | -----------------------------------------------------------------------------
|                                                                           |   |                                          |   |                                          |   |                                                                              
|Cash Flows from Operating Activities                                       |   |                                          |   |                                          |   |                                                                              
|Net loss for the period                                                    | $ | (51,006)                                 | $ | (8,010)                                  | $ | (63,864)                                                                     
|                                                                           |   |                                          |   |                                          |   |                                                                              
|Adjustments to Reconcile Net Loss to Net Cash used by Operating Activities |   |                                          |   |                                          |   |                                                                              
|Amortization                                                               |   | 2,125                                    |   | -                                        |   | 2,180                                                                        
|Inventory                                                                  |   | (4,019)                                  |   | -                                        |   | (4,019)                                                                      
|Accounts payable and accrued liabilities                                   |   | (2,460)                                  |   | 300                                      |   | 2,675                                                                        
|Net Cash (used in) Operating Activities                                    |   | (55,360)                                 |   | (7,710)                                  |   | (63,028)                                                                     
|                                                                           |   |                                          |   |                                          |   |                                                                              
|Cash Flows from Investing Activity                                         |   |                                          |   |                                          |   |                                                                              
|Additions to capital assets                                                |   | (13,388)                                 |   | -                                        |   | (13,388)                                                                     
|Additions to intangibles                                                   |   | -                                        |   | -                                        |   | (2,000)                                                                      
|Net Cash (used in) Investing Activities                                    |   | (13,388)                                 |   | -                                        |   | (15,388)                                                                     
|                                                                           |   |                                          |   |                                          |   |                                                                              
|Cash Flows from Financing Activity                                         |   |                                          |   |                                          |   |                                                                              
|Issuance of common shares                                                  |   | 60,000                                   |   | -                                        |   | 82,000                                                                       
|Net Cash provided by Financing Activities                                  |   | 60,000                                   |   | -                                        |   | 82,000                                                                       
|                                                                           |   |                                          |   |                                          |   |                                                                              
|Increase (Decrease) in Cash during the Period                              |   | (8,748)                                  |   | (7,710)                                  |   | 3,584                                                                        
|                                                                           |   |                                          |   |                                          |   |                                                                              
|Cash, Beginning of Period                                                  |   | 12,332                                   |   | 20,798                                   |   | -                                                                            
|                                                                           |   |                                          |   |                                          |   |                                                                              
|Cash, End Of Period                                                        | $ | 3,584                                    | $ | 13,088                                   | $ | 3,584                                                                        
|Supplemental Disclosure of Cash Flow Information                           |   |                                          |   |                                          |   |                                                                              
|Cash paid for:                                                             |   |                                          |   |                                          |   |                                                                              
|Interest                                                                   | $ | -                                        | $ | -                                        | $ | -                                                                            
|Income taxes                                                               |   | -                                        |   | -                                        |   | -                                                                            

The accompanying notes are an integral part of these statements.



F-5



HOMASSIST CORPORATION

(A Development Stage Company)



STATEMENT OF STOCKHOLDERS EQUITY



OCTOBER 31, 2006

(unaudited)







| |                                                         |             |            | DEFICIT     |      
| | ------------------------------------------------------- | ----------- | ---------- | ----------- | -----
| | CAPITAL STOCK                                           | ACCUMULATED |           
| |                                                         |             | ADDITIONAL | DURING THE  |      
| |                                                         |             | PAID-IN    | DEVELOPMENT |      
| | SHARES                                                  | AMOUNT      | CAPITAL    | STAGE       | TOTAL
| |                                                         |             |            |             |      
| | July  15, 2004  Shares issued for cash at $0.00038     | 41,600,000  | $          | 16,000      | $    
| | September 13, 2004  Shares issued for cash at $0.00038 | 15,600,000  |            | 6,000       |      
| |                                                         |             |            |             |      
| | Net loss for the year                                   | -           |            | -           |      
| |                                                         |             |            |             |      
| | Balance, January 31, 2005                               | 57,200,000  |            | 22,000      |      
| |                                                         |             |            |             |      
| | Net loss for the year                                   | -           |            | -           |      
| |                                                         |             |            |             |      
| | Balance, January 31, 2006                               | 57,200,000  |            | 22,000      |      
| |                                                         |             |            |             |      
| | March 16, 2006  Shares
issued for cash at $0.00385     | 15,600,000  |            | 50,800      |      
| |                                                         |             |            |             |      
| | Net loss for the period                                 | -           |            | -           |      
| |                                                         |             |            |             |      
| | Balance, October 31, 2006                               | 72,800,000  | $          | 72,800      | $    

The accompanying notes are an integral part of these statements.



F-6



HOMASSIST CORPORATION

(A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

OCTOBER 31, 2006







Note 1

Unaudited Statements



While the information presented in the accompanying interim financial statements is unaudited, it includes all adjustments which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented.  Except as disclosed below, these interim financial statements follow the same accounting policies and methods of their application as the Companys audited January 31, 2006 annual financial statements.  It is suggested that these interim financial statements be read in conjunction with the Company audited financial statements for the year ended January 31, 2006, included in the annual report previously filed with the Securities and Exchange Commission on Form 10-KSB.  The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year.



The information as of January 31, 2006 is taken from the audited financial statements of that date.



Note 2

Nature and Continuance of Operations



a)

Organization

The Company was incorporated in the State of Nevada, United States of America on July 15, 2004.  The Companys year-end is January 31st.



On July 13, 2006, the Board of Directors authorized a 26-for-1 stock split of the Companys $0.001 par value common stock.  As a result of the split, 70,000,000 additional shares were issued and capital and additional paid-in capital were adjusted accordingly.  All references in the accompanying financial statements to the number of common shares and per share amounts have been retroactively restated to reflect the stock split.



b)

Development Stage Activities

The Company is in the development stage and has not yet realized any revenues from its planned operations.  Homassists business plan is to teach and aid family members and friends to provide home care to the disabled and/or the elderly.



Based upon the Company's business plan, it is a development stage enterprise.  Accordingly, the Company presents its financial statements in conformity with the accounting principles generally accepted in the United States of America that apply in establishing operating enterprises.  As a development stage enterprise, the Company discloses the deficit accumulated during the development stage and the cumulative statements of operations and cash flows from inception to the current balance sheet date.





Note 3

Significant Accounting Policies



This summary of significant accounting policies is presented to assist in understanding the Companys financial statements. The financial statements and notes are representations of the Companys management, who is responsible for their integrity and objectivity.  These

F-7





accounting policies conform to generally accepted accounting principles in the United States of America and have been consistently applied in the preparation of the financial statements.  The financial statements are stated in U.S. dollars.



a)

Organizational and Start-up Costs

Costs of start-up activities, including organizational costs, are expensed as incurred in accordance with SOP 98-5.



b)

Income Taxes

The Company has adopted the Statement of Financial Accounting Standards No. 109  Accounting for Income Taxes (SFAS 109), which requires the use of the asset and liability method of accounting of 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 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.



c)

Basic and Diluted Loss Per Share

In accordance with SFAS No. 128  Earnings Per Share, the basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding.  Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.  At October 31, 2006, the Company had no stock equivalents that were anti-dilutive and excluded in the earnings per share computation.



d)

Estimated Fair Value of Financial Instruments

The carrying value of the Companys financial instruments, consisting of accounts payable and accrued liabilities approximate their fair 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 statements.



e)

Revenue Recognition

The Company has had no revenues to date. It is the Companys policy that revenues will be recognized in accordance with SEC Staff Accounting Bulletin (SAB) No. 101, "Revenue Recognition in Financial Statements."  Under SAB 101, product revenues (or service revenues) are recognized when persuasive evidence of an arrangement exists, delivery has occurred (or service has been performed), the sales price is fixed and determinable and collectibility is reasonably assured.



f)

Currency

The functional currency of the Company is the U.S. Dollar.





F-8



g)

Use of Estimates

The preparation of the Companys financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes.  Actual results could differ from those estimates.



h)

Cash and Cash Equivalents

The Company considers all highly liquid debt instruments with an original maturity of three months or less to be cash equivalents.



i)

Furniture and Equipment

Property and equipment are recorded at cost and depreciated over their estimated useful lives.  The Company uses the straight-line method of depreciation.

A summary of the estimated useful lives are:

Computer equipment

3 years

Furniture and fixtures

5 years



Expenditures for maintenance and repairs which do not materially extend the useful lives of property and equipment are charged to earnings.  When property or equipment is sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the respective accounts with the resulting gain or loss reflected in earnings.



j)

Website Development Costs

Website development costs representing capitalized costs of design, configuration, coding, installation and testing of the Companys website are capitalized until initial implementation.  Upon implementation, the asset will be amortized to expense over its estimated useful life of three years using the straight-line method.  Ongoing website post-implementation costs of operation, including training and application maintenance, will be charged to expense as incurred.



k)

Concentrations

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents.  At October 31, 2006, the Company had US $3,584 on deposit in a business bank account which is not insured.



l)

Inventory

Inventory is stated at the lower of cost or estimated net realizable value on a first-in first-out basis.



m)

Recent Accounting Pronouncements

In January 2003, the Financial Accounting Standards Board (FASB) issued FIN No. 46, "Consolidation of Variable Interest Entities," and a revised interpretation of FIN 46 ("FIN 46-R") in December 2003. FIN 46 requires certain variable interest entities



F-9



("VIEs") to be consolidated by the primary beneficiary of the entity if the equity investors in the entity do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The provisions of FIN 46 are effective immediately for all arrangements entered into after January 31, 2003. Since January 31, 2003, the Company has not invested in any entities it believes are variable interest entities for which the Company is the primary beneficiary. For all arrangements entered into after January 31, 2003, the Company was required to continue to apply FIN 46 through April 30, 2004. The Company was required to adopt the provisions of FIN 46-R for those arrangements on May 1, 2004. For arrangements entered into prior to February 1, 2003, the Company was required to adopt the provisions of FIN 46-R on May 1, 2004. The adoption of this statement did not impact the Company's financial position, results of operations, or cash flows.



In December 2004, the FASB issued FAS 123 (R) Shareholder Based Payments that, upon implementation, will impact the Companys net earnings and earnings per share, and change the classification of certain elements of the statement of cash flows.  FAS 123(R) requires stock options and other share-based payments made to employees to be accounted for as compensation expense and recorded at fair value, and to reflect the related tax benefit received upon exercise of the options in the statement of cash flows as a financing activity inflow rather than an adjustment of operating activity as currently represented.  Consistent with provisions of the new standard, the Company adopted FAS 123(R) in the first quarter of 2005, and to implement it on a prospective basis.



There were various other accounting standards and interpretations issued during 2005 and 2004, none of which are expected to have a material impact on the Companys consolidated financial position, operations or cash flows.



n)

Other

The Company consists of one reportable business segment.

The Company paid no dividends during the periods presented.





Note 4

Basis of Presentation  Going Concern



The accompanying financial statements have been prepared in conformity with generally accepted accounting principles (GAAP) in the United States, which contemplates the continuation of the Company as a going concern. However, the Company has sustained losses and has no business operations to date.  These matters raise substantial doubt about the Company's ability to continue as going concern.   In view of these matters, realization of certain of the assets in the accompanying balance sheet is dependent upon the Company's ability to meet its financing requirements, and the success of its future operations. The Company intends to commence its operations through equity offerings received.  There is no assurance of the eventual profitability of the Company.  Management believes that actions planned and presently being taken to revise the Company's operating and financial requirements provide the opportunity for the Company to continue as a going concern.  The financial statements do not include any adjustments that might result from these uncertainties.



F-10



Note 5

Common Stock



The Companys authorized common stock consists of 75,000,000 shares with a par value of $0.001 per share.



On July 15, 2004, the Company issued 41,600,000 post-split shares of common stock at a price of $0.00038 for cash totaling $16,000.



On September 13, 2004, the Company issued 15,600,000 post-split shares of common stock at a price of $0.00038 for cash totaling $6,000.



On March 16, 2006, the Company issued 15,600,000 post-split shares of common stock at a price of $0.00385 for cash totaling $60,000.



On July 13, 2006, the Board of Directors authorized a 26 for 1 stock split of the Companys $0.001 par value common stock.  As a result of the split, 70,000,000 additional shares were issued and capital and additional paid-in capital were adjusted accordingly.  All references in the accompanying financial statements to the number of common shares and per share amounts have been retroactively restated to reflect the stock split.



Note 6

Income Taxes



The Company is subject to foreign and domestic income taxes.  The Company has had no income, and therefore has paid no income tax.



Deferred income taxes arise from temporary timing differences in the recognition of income and expenses for financial reporting and tax purposes. The Companys deferred tax assets consist entirely of the benefit from net operating loss (NOL) carry-forwards.  The Companys deferred tax assets are offset by a valuation allowance due to the uncertainty of the realization of the net operating loss carry-forwards.  Net operating loss carry-forwards may be further limited by a change in company ownership and other provisions of the tax laws.



The Companys deferred tax assets, valuation allowance, and change in valuation allowance are as follows:





|Period Ending    |  | Estimated NOL Carryforward |  | NOL Expires |  | Estimated Tax Benefit from NOL |  | Valuation Allowance |  | Change in Valuation Allowance |  | Net Tax Benefit
|---------------- |  | -------------------------- |  | ----------- |  | ------------------------------ |  | ------------------- |  | ----------------------------- |  | ---------------
|January 31, 2005 |  | 2,202                      |  | 2025        |  | 551                            |  | (551)               |  | (551)                         |  |               
|January 31, 2006 |  | 12,858                     |  | 2026        |  | 3,215                          |  | (3,215)             |  | (2,664)                       |  |               
|October 31, 2006 |  | 63,864                     |  | 2026        |  | 15,966                         |  | (15,966)            |  | (12,751)                      |  |               





F-11





Income taxes at the statutory rate are reconciled to the Companys actual income taxes as follows:

|Income tax benefit at statutory rate resulting from net operating loss carryforward |  | (25%)
|----------------------------------------------------------------------------------- |  | -----
|Deferred income tax valuation allowance                                             |  | 25%  
|Actual tax rate                                                                     |  | 0%   





Note 7

Related Party Transactions



The Company has used and currently uses office space provided by its President for no consideration.  No provision for these costs has been provided since they have been determined to be negligible.





F-12









Item 2.   Managements Plan of Operation.



Homassist Corporation was incorporated on July 15, 2004, in the State of Nevada.  The Company's principal executive offices are located at #107- 1520 McCallum Rd Unit #29, Abbotsford, British Columbia, Canada V2S 8B2.  Our telephone number is (604) 313-5410.  Our companys fiscal year end is January 31.



On February 3, 2006 our registration statement on Form SB-2 was declared effective and on March 16, 2006 we completed the maximum offering of 600,000 pre-split common shares at a price of $0.10 per share (post split price of $0.00385 per share). On June 7, 2006, we obtained regulatory approval to post our common shares for trading on the OTC/BB under the trading symbol HMAS.  On August 1, 2006 we affected a 26 for 1 forward split on our outstanding common shares.  Common stockholders of record on July 13, 2006, were given 25 additional common shares for each common share held.  As a result, there were 72,800,000 common shares outstanding subsequent to the forward split.  On September 29, 2006, two members of the Board of Directors and one Officer resigned and were replaced.  See PART II-Item 5, Other Information.



We currently have no revenues. We are in a start-up phase with our existing assets and we have no significant assets, tangible or intangible. There can be no assurance that we will generate revenues in the future, or that we will be able to operate profitably in the future, if at all. We have incurred net losses in each fiscal year since inception of our operations. We have never declared bankruptcy, have never been in receivership, and never been involved in any legal action or proceedings.  Since becoming incorporated, we have not made any significant purchase or sale of assets, nor has it been involved in any mergers, acquisitions or consolidations.



We are in the process of establishing ourselves as an educational service provider for non-professional caregivers, to aid them in the proper methods and mechanics of home care for the disabled and/or elderly.  We believe there is a market for assisted living as a viable alternative to nursing homes and hospitals, which are either facing closures and downsizing, or significantly increasing costs.We believe the need for such an alternative will help family and friends cope and provide the long term care needs for their loved ones. Our intention is that the education and tools that we provide to the caregiver will result in an enhanced quality of life for those in need of assistance.



PLAN OF OPERATION



The following discussion of the plan of operation, financial condition, results of operations, cash flows and changes in financial position of our Company should be read in conjunction with our most recent financial statements and notes appearing elsewhere in this Form 10-QSB; our Annual Quarterly Report on Report for the year ended January 31, 2006 on Form 10KSB filed on May 15, 2005; our Quarterly Report on Form 10-QSB for the period ended April 30, 2006 filed on June 14, 2006; and our Quarterly Report on Form 10-QSB for July 31, 2006 filed on September 14, 2006.



Our immediate plan of operation is to identify and obtain financing to enable us to continue as a going concern.  Our continuing operations are dependent upon the identification and successful completion of additional long-term or permanent equity financing, the support of creditors and shareholders, and, ultimately, the achievement of profitable operations. There can be no assurances that we will be successful, which would in turn significantly affect our ability to roll out our business plan. If not, we will likely be required to reduce operations or liquidate assets.  We will continue to evaluate our projected expenditures relative to our available cash and to seek additional means of financing in order to satisfy our working capital and other cash requirements.



We intend to operate with very limited administrative support, and our current officers and directors will continue to be responsible for these duties, without compensation, for at least the first year of operations. This will enable us to preserve capital.



We are a development stage company with no operations, no revenue, no financial backing and few assets. How long we can continue to satisfy its cash requirements is dependent on how quickly our company can generate revenue to cover our ongoing expenses.



Homassists business is focused on the needs and desires of family members and friends to provide nurturing and safe environments for their disabled, chronically ill or elderly loved ones.  We believe we can provide a valuable service by

2



helping and training friends and families realize their goal of providing these environments through instruction, training and aids. Our comprehensive approach to home care of the elderly or the disabled will focus on personal grooming, meeting dietary needs, communication skills, mental or physical exercise, comfort and safety aids, as well as medication and pain management.  We will also be presenting a clear message on the importance of caregivers working in conjunction with medical professionals and building good relationships with them.  Networking and developing support systems for both the caregiver and their loved one will also be covered in our overall educational plan.



During the first year of operations, we are planning to focus primarily on the urban areas of Vancouver, British Columbia and Edmonton, Alberta, Canada.  As we gain experience and revenues, we plan to develop markets in other large cities in British Columbia and Alberta, Canada.



Milestones



A web server space has been contracted from a local internet service provider.  We have spent $2,000 to date on our website, which provides basic information about the services we will be offering.  The website, www.homassist.com does give background information but is presently under construction.  In the future, it will have the facility for prospective clients to contact us with questions and inquiries.



We are completing a brochure, which will serve as our primary advertising tool.  We anticipate having our brochure ready by the end of the January 2007.  We also plan to rely on other forms of direct marketing, such as direct home mail pieces, telephone directories, and advertising in local newspapers.



We have purchased office equipment and supplies totaling $8,013.  Demonstration aids were purchased at a total cost of $4,018.  In addition, we have spent $6,500 for consultation with and training from industry experts.  To date, we have spent $19,300 towards the design and production of marketing and promotional materials.  We have also spent $5,880 for a portable display.  Additional promotional materials and travel expenses to promote our service will be incurred on an as-needed basis.



The design and building of the portable display unit has been delayed with an expected delivery now by the end of January 2007.  The display unit will be used to provide a corporate presence and marketing outlet at senior centers and related organizations.



Our goal is that by February 1, 2007, we will have sufficient support and promotional material to begin seminars targeted at senior centers, community leagues, and church groups.  We plan to commence our training classes and seminars which will include conducting one-on-one training, seminars, and classes.  The seminars and classes will be conducted at various venues including churches and community colleges.



Expenditures



The following table indicates our use of our remaining proceeds raised from our recently closed offering over the next 3 months:



|Website Development
Miscellaneous Administration Costs
Total | 225
726
951
|------------------------------------------------------------ | -----------



The above expenditure items are defined as follows:



Website Development:  This expense is the cost associated with further development of our website.



Miscellaneous Administrative Costs:  This expense refers to any miscellaneous costs that have not been otherwise listed - such as bank service charges and other sundry items.



3



We do not anticipate making any major purchases of capital assets in the next 3 months, or conducting any research and development. Our current corporate employee count is expected to remain the same for the next 3 months.



Liquidity and Capital Resources



We currently have limited working capital with which to satisfy our cash requirements.  As of October 31, 2006, we have $4,928 in working capital.   We will require significant additional capital in order our proposed business plan.



We believe we do not have sufficient cash resources to satisfy our needs over the next 3 months. Our ability to satisfy our cash requirement and the need for additional funding is dependent on our ability to generate revenue from our business in sufficient quantity and on a profitable basis.  There is no assurance that we will receive this revenue.  Also, there is no assurance that we will be successful in raising additional debt or equity financing on terms acceptable to our company.  The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.



Item 3. Controls And Procedures



As of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation of our chief executive officer and chief financial officer of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based upon this evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms.



There has been no change in our internal control over financial reporting during the current quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.



PART II  OTHER INFORMATION





Item 1.

Legal Proceedings.



None.



Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds.



Previously reported.



Item 3.

Defaults Upon Senior Securities.



None.



Item 4.

Submission of Matters to a Vote of Security Holders.



None.



Item 5.

Other Information.



On September 29, 2006, the Issuer received the resignations of Marie Legere as Director and Secretary-Treasurer and Barbara Ceretzke as Director of the Issuer.



4



On September 29, 2006, Mr. Ernest Cheung was appointed to the Board of Directors and elected as Secretary-Treasurer of the Issuer.   Also, on September 29, 2006, Mr. Danny C. Hon was appointed to the Board of Directors of the Issuer.



These items were reported on our Current Report on Form 8-K dated September 29, 2006.



Item  6.

Exhibits



Exhibit

Number

Description





3.1

Articles of Incorporation*

3.2

By-laws*

31.1 CERTIFICATION OF CEO PURSUANT TO 18 U.S.C. ss. 1350, SECTION 302

31.2 CERTIFICATION OF CFO PURSUANT TO 18 U.S.C. ss. 1350, SECTION 302

32.1 CERTIFICATION PURSUANT  TO 18 U.S.C.  ss.1350,  SECTION 906

32.2 CERTIFICATION PURSUANT  TO 18 U.S.C.  ss. 1350, SECTION 906



*Incorporated by reference to our SB2 Registration Statement, file number 333-124405,filed on April 28, 2005.



5









SIGNATURES



Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on

this 14th  day of December, 2006.





HOMASSIST CORPORATION





Date: December 14, 2006

By: /s/ Irene Braham

Name:

Irene Braham

Title:

President/CEO

(principal executive officer)











Date: December 14, 2006

By: /s/ Ernest Cheung

Name:

Ernest Cheung

Title:

Chief Financial Officer

(principal financial officer and principal accounting officer)

6