FORM 10-QSB

                       SECURITIES AND EXCHANGE COMMISSION
                              Washington D.C. 20549

                   Quarterly Report Under Section 13 or 15 (d)
                     Of the Securities Exchange Act of 1934



                      For Quarter Ended    March 31, 2005
                                         ---------------------

                      Commission File Number    0001082562
                                             -----------------


                                 INNCARDIO, INC
                                 --------------

             (Exact name of registrant as specified in its charter)



     UTAH                                                   87-0624752
(State or other jurisdiction of                          (IRS Employer
 incorporation or organization)                         Identification No.)

                                712 Fifth Avenue
                               New York, NY, 10019
                   --------------------------------------
                  (Address of principal executive offices)

     Registrant's telephone number
     including area code                          (646) 723-8940
                                                  --------------

              ------------------------------------------------

            378 North Main, #124, Layton, Utah 84041: (801) 497-9075
                  Former Address, if changed since last report

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or such shorter period that the registrant was
required to file such reports)

Yes X No
and (2) has been subject to such filing requirements for the past 90 days.



Yes   |X|    No    |_|


                                   18,010,000
                                   ----------

              (Number of shares of common stock the registrant had
                         outstanding as of May 10, 2005)

<PAGE>

                                     PART 1

ITEM 1 - FINANCIAL STATEMENTS

The condensed financial statements included herein have been prepared by the
Company, without audit, pursuant to the rules and regulations of the Securities
and Exchange Commission. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to such rules and
regulations, although the Company believes that the disclosures are adequate to
make the information presented not misleading.

In the opinion of the Company, all adjustments, consisting of only normal
recurring adjustments, necessary to present fairly the financial position of the
Company as of March 31, 2005 and the results of its operations and changes in
its financial position from December 31, 2004 through March 31, 2005 have been
made. The results of its operations for such interim period is not necessarily
indicative of the results to be expected for the entire year.

                                  Inncardio Inc
                          (a Development Stage Company)
                           Consolidated Balance Sheets


<TABLE>
<CAPTION>

                                                     March 31,        December 31,
                                                       2005              2004
                                                  --------------    --------------
                                                  (Unaudited)
                                     ASSETS
<S>                                               <C>               <C>
   Total Assets                                   $           --    $           --
                                                  ==============    ==============
                      LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
-------------------
 Accrued Expenses                                 $       30,000    $           --
 Note Payable-Related Party                              389,004           352,869
                                                  --------------    --------------
  Total Current Liabilities                              419,004           352,869

Stockholders' Equity
                                                                    --------------
 Common Stock, Authorized 50,000,000
  Shares of $.001 Par Value, Issued and
  Outstanding 18,010,000                                  18,010                 2
 Additional paid in Capital                              (18,010)               (2)
 (Deficit) Accumulated During Development Stage         (419,004)         (352,869)
                                                  --------------    --------------
  Total Stockholders' Equity                            (419,004)         (352,869)
                                                  --------------    --------------
  Total Liabilities and Stockholders' Equity      $           --    $           --
                                                  ==============    ==============
</TABLE>


See accompanying notes to financial statements.


<PAGE>

                                  Inncardio Inc
                          (a Development Stage Company)
                      Consolidated Statements of Operations
                                   (Unaudited)




                                                                 For the Period
                                                                    August 2,
                                                                      2004
                                    For the Three Months Ended     (Inception)
                                       March           March        to March
                                     31, 2005       31, 2004        31, 2005
                                   ------------    ------------   ------------

Revenues
--------

 Revenues                          $         --    $         --   $         --
                                   ------------    ------------   ------------
   Total Revenues                            --              --             --

Expenses
--------

 General and Administrative              44,663              --         59,113
 Research & Development                  21,472              --        359,891
                                   ------------    ------------   ------------
   Total Expenses                        66,135              --        419,004

   Loss from Operations                 (66,135)             --       (419,004)

Other Income (Expenses)
-----------------------

   Total Other Income (Expenses)             --              --             --
                                   ------------    ------------   ------------
   Income (Loss) Before Taxes           (66,135)             --       (419,004)

   Taxes                                     --              --             --
                                   ------------    ------------   ------------
   Net Income (Loss)               $    (66,135)             --       (419,004)
                                   ============    ============   ============

Net Income (Loss) per Share        $       0.00    $       0.00

Weighted Average Shares
  Outstanding                        18,010,000              --




See accompanying notes to financial statements.

<PAGE>

                                  Inncardio Inc
                          (a Development Stage Company)
                      Consolidated Statements of Cash Flows
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                            For the Period
                                                                                August 2,
                                                                                  2004
                                               For the Three Months Ended     (Inception)
                                                  March           March        to March
                                                31, 2005        31, 2004        31, 2005
                                              ------------    ------------   ------------

Cash Flows from Operating Activities
------------------------------------
<S>                                           <C>             <C>            <C>

Net Income (Loss)                             $    (66,135)   $         --   $   (419,004)
 Adjustments to Reconcile Net (Loss) to
 Net Cash Provided by Operating Activities:
  Increase (Decrease)in Accrued Expenses            30,000              --         30,000
                                              ------------    ------------   ------------
   Net Cash Flows Provided (Used)
   by Operating Activities                         (36,135)             --       (389,004)

Cash Flows from Investing Activities
                                                                             ------------

   Net Cash Flows Provided (Used)                       --              --             --
   by Investing Activities

Cash Flows from Financing Activities
                                                                             ------------

 Proceeds from Notes Payable                        36,135              --        389,004
                                              ------------    ------------   ------------
   Net Cash Flows Provided (Used)
   by Financing Activities                          36,135              --        389,004
                                              ------------    ------------   ------------
   Net Increase (Decrease) in Cash                      --              --             --

   Cash, Beginning of Period                            --              --             --
                                              ------------    ------------   ------------
   Cash, End of Period                        $         --    $         --   $         --
                                              ============    ============   ============
Supplemental Cash Flow Information
                                                                             ------------
 Interest                                     $         --    $         --   $         --
 Taxes                                        $         --    $         --   $         --

</TABLE>

See accompanying notes to financial statements.

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


<PAGE>

                                  Inncardio Inc
                          (a Development Stage Company)
                        Notes to the Financial Statements
                                 March 31, 2005

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


Re-organization and Basis of Presentation

Pursuant to an acquisition agreement dated February 22, 2005 between Inncardio,
Inc., ("Inncardio") a privately held Delaware corporation, and Softwall
Equipment Corporation., ("Softwall") a Utah corporation, in exchange for 100% of
the outstanding shares of Inncardio, Softwall issued shares of its common stock
to capitalize certain debts within the company which had the effect of leaving
the Softwall shareholders with 1,510,000 shares of common stock and issued
16,500,000 shares to the shareholders of Inncardio. Because Inncardio's
management and Board of Directors assumed control of the combined entity., the
acquisition has been treated as a recapitalization of Inncardio and accordingly,
the accompanying consolidated financial statements include the historical
operations of Inncardio and the capital structure of Softwall. Softwall
immediately changed its name to Inncardio, Inc.

Principles of Consolidation

The consolidated financial statements include the accounts of Inncardio, Inc.
and its wholly owned subsidiaries: Inncardio, Inc. (a Delaware Corporation) and
Inncardio Limited. (a United Kingdom Corporation) (collectively, the "Company").
All significant inter-company accounts and transactions have been eliminated.



Going Concern

The accompanying consolidated financial statements have been prepared on the
basis of accounting principles applicable to a going concern, which assume that
the Company will continue in operation for at least one year and will be able to
realize its assets and discharge its liabilities in the normal course of
operations. However, as of March 31, 2005, the Company did not have significant
cash or other material assets, nor did it have an established source of revenues
sufficient to cover its operating costs and allow it to continue as a going
concern. The Company is presently entirely dependent for its capital
requirements on a credit facility of $12 million advanced by its major
shareholder, Bioaccelerate Holdings, Inc. (Bioaccelerate). The Company's future
capital requirements will depend upon numerous factors including, but not
limited to, continued progress in developing its products, market penetration
and profitable operations from the sale of its products. These financial
statements do not reflect adjustments that would be necessary if the Company
were unable to continue as a going concern. While members of the Company's
management have been successful in raising capital for other ventures in the
past, and plan to raise equity capital for the Company, there can be no
assurance that these plans will be achieved on acceptable terms.

Nature of Business

The Company's business strategy is to develop its existing pharmaceutical
products, acquire additional pharmaceutical early-mid stage product candidates
predominantly in the oncology sector, selectively license its technology and
establish strategic collaborations to advance its product pipeline.

Concentrations of Credit Risk

The Company has no significant off-balance-sheet concentrations of credit risk
such as foreign exchange contracts, options contracts or other foreign hedging
arrangements.

Cash and Cash Equivalents

For purposes of the statement of cash flows, the Company considers all highly
liquid debt instruments purchased with a maturity of three months or less to be
cash equivalents to the extent the funds are not being held for investment
purposes.

Research and Development

Costs and expenses that can be clearly identified as research and development
are charged to expense as incurred in accordance with FASB statement No. 2,
"Accounting for Research and Development Costs."

<PAGE>


Foreign Currency Translation

The Company's primary functional currency is the British Pound. Assets and
liabilities are translated using the exchange rates in effect at the balance
sheet date. Expenses are translated at the average exchange rates in effect
during the year. Translation gains and losses not reflected in earnings are
reported in accumulated other comprehensive losses in stockholders' deficit.

Significance of Estimates


The preparation of these consolidated financial statements in conformity with
accounting principles generally accepted in the United States of America require
management to make estimates and assumptions that affect the reported amounts
and disclosures contained in these financial statements. Actual results could
differ from those estimates.


Loss per Share

In accordance with SFAS No. 128, Earnings per Share, and SEC Staff Accounting
Bulletin (SAB) No. 98, basic net loss per common share is computed by dividing
net loss for the period by the weighted average number of common shares
outstanding during the period. Under SFAS No. 128, diluted net income (loss) per
share is computed by dividing the net income (loss) for the period by the
weighted average number of common and common equivalent shares, such as stock
options and warrants, outstanding during the period. Such common equivalent
shares have not been included in the computation of net loss per share as their
effect would be anti-dilutive.


Numerator -Net loss                                      $       (66,135)

Denominator--Weighted average shares outstanding              18,010,000
Net loss per share                                       $        ( 0.00)
Incremental common shares (excluded from denominator
   because they are anti-dilutive)


Income Taxes

Income taxes are recorded in accordance with SFAS No. 109, "Accounting for
Income Taxes". This statement requires the recognition of deferred tax assets
and liabilities to reflect the future tax consequences of events that have been
recognized in the financial statements or tax returns. Measurement of the
deferred items is based on enacted tax laws. In the event the future
consequences of differences between financial reporting bases and tax bases of
the Company's assets and liabilities result in a deferred tax asset, SFAS No.
109 requires an evaluation of the probability of being able to realize the
future benefits indicated by such assets. A valuation allowance related to a
deferred tax asset is recorded when it is more likely than not that some portion
or all of the deferred tax asset will not be realized.

The Company is subject to income taxes in the United States of America and the
United Kingdom. As of March 31, 2005 the Company had net operating loss carry
forwards for income tax reporting purposes of approximately $419,004 that may be
offset against future taxable income through 2024. Current tax laws limit the
amount of loss available to be offset against future taxable income when a
substantial change in ownership occurs. Therefore, the amount available to
offset future taxable income may be limited. No tax benefit has been reported in
the financial statements because the Company believes there is a 50% or greater
chance the carry-forwards will expire unused. Accordingly, the potential tax
benefits of $142,461, the loss carry-forward is offset by a valuation allowance
of the same amount.

Fair Value of Financial Instruments

The Company's financial instruments include cash equivalents and accounts
payable. Because of the short-term nature of these instruments, their fair value
approximates their recorded value. The Company does not have material financial
instruments with off-balance sheet risk.

Recent Accounting Pronouncements

The Financial Accounting Standards Board (FASB) issues various accounting
standards and interpretations that could have an impact on the Company's
consolidated financial statements. Recent pronouncements include: FASB Statement
144 - Accounting for the impairment or disposal of long-lived assets; FASB 145 -
Rescission of FASB Statements 4, 44 and 64 and amendment of FASB 13; FASB 146 -
Costs associated with exit or disposal activities; FASB 148 - Accounting for
stock based compensation and FASB 150 - Accounting for certain financial
instruments with characteristics of both liabilities and equity. FIN 46 -
Consolidation of Variable Interest Entities, an interpretation of ARB 51.
Adoption of these standards and interpretations has not had a material effect on
the Company's financial condition, results of operations or liquidity.


On December 16, 2004 the FASB issued SFAS No. 123R, "Share-Based Payment," which
is an amendment to SFAS No. 123, "Accounting for Stock-Based Compensation." This
new standard eliminates the ability to account for share-based compensation
transactions using Accounting Principles Board, or APB, Opinion No. 25,
"Accounting for Stock Issued to Employees," and generally requires such
transactions be accounted for using a fair-value-based method and the resulting

<PAGE>

cost recognized in our financial statements. This new standard is effective for
awards that are granted, modified or settled in cash in interim and annual
periods beginning after June 15, 2005, December 15, 2005 for small business
issuers. In addition, this statement will apply to unvested options granted
prior to the effective date. The Company will adopt this new standard effective
for the first fiscal quarter of 2006 and it has not yet determined what impact
this standard will have on its financial position or results of operations.

In November 2004, the FASB issued SFAS No. 151, "Inventory Costs: an amendment
of ARB No. 43, Chapter 4," to clarify the accounting for abnormal amounts of
idle facility expense, freight, handling costs and wasted material. SFAS No. 151
is effective for inventory costs incurred during fiscal years beginning after
June 15, 2005. We do not believe the provisions of SFAS No. 151, when applied,
will have a material impact on our financial position or results of operations."


NOTE 2- EQUITY TRANSACTIONS

On February 22, 2005, Inncardio Inc., a Delaware Corporation, entered into an
agreement with Softwall Equipment Corporation ("Softwall"), in which Softwall
agreed to acquire 100% of the outstanding common stock of Inncardio in exchange
for 16,500,000 shares of Softwall common stock. Prior to the close of the
acquisition on February 22, 2005, Softwall issued 1,510,000 shares to capitalize
certain debts within the company. After Softwall issued 16,500,000 shares in the
acquisition, the Company had 18,010,000 shares of its common stock issued and
outstanding.



NOTE 3- NOTE DUE TO RELATED PARTY

On March 9, 2005, the Company entered into a secured line of credit for $12.0
million with a related party Corporation who is a shareholder of the Company,
which bears interest at 3.625%. The Company intends to use these funds to
accelerate the development of its lead products. The line of credit on an as
needed basis and will be provided and funded to the company. The facility is
secured by all of the Company's assets.

At March 31, 2005, the Company has an outstanding balance of $389,004 to the
related Company under the $12.0 million secured credit line agreement. There has
been no accrued interest associated with the note at March 31, 2005.


ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS. FORWARD LOOKING STATEMENTS: NO ASSURANCES INTENDED

This Form 10-QSB contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. This filing includes statements regarding our plans,
goals, strategies, intent, beliefs or current expectations. These statements are
expressed in good faith and based upon a reasonable basis when made, but there
can be no assurance that these expectations will be achieved or accomplished.
Sentences in this document containing verbs such as "believe," "plan," "intend,"
"anticipate," "target," "estimate," "expect," and the like, and/or future-tense
or conditional constructions ("will," "may," "could," "should," etc.) constitute
forward-looking statements that involve risks and uncertainties. Items
contemplating or making assumptions about, actual or potential future sales,
market size, collaborations, and trends or operating results also constitute
such forward-looking statements.

Although forward-looking statements in this Report on Form 10-QSB reflect the
good faith judgment of management, such statements can only be based on facts
and factors currently known by management. Consequently, forward-looking
statements are inherently subject to risks and uncertainties, and actual results
and outcomes may differ materially from the results and outcomes discussed in,
or anticipated by, the forward-looking statements. Factors that could cause or
contribute to such differences in results and outcomes, include without
limitation, those discussed in our Annual Report on Form 10-KSB for the year
ended December 31, 2004. Readers are urged not to place undue reliance on these
forward-looking statements, which speak only as of the date of this Report. We
undertake no obligation to revise or update any forward-looking statements in
order to reflect any event or circumstance that may arise after the date of this
Report. Readers are urged to carefully review and consider the various
disclosures made by us in our Annual Report on Form 10-KSB for the year ended
December 31, 2004, which attempt to advise interested parties of the risks and
factors that may affect our business, financial condition, results of operation
and cash flows.

The following discussion should be read along with the Consolidated Financial
Statements and Notes to our audited financial statements for the fiscal year
ended December 31, 2004, as well as the other interim unaudited financial
information for the current fiscal year.


<PAGE>

OVERVIEW

Description of Business

Inncardio is a biotechnology company dedicated to the development and
commercialization of therapies to treat cardiovascular and metabolic diseases.
The company's lead products are targeted against Ischemic Deficit/Stroke and
Cholesterol Reduction. The Company currently has six product candidates in
various stages of development, targeting specific areas of cardiovascular health
or directed at the amelioration of significant metabolic risk factors associated
with cardiovascular conditions including stroke, hypertension, dyslipidemia,
pulmonary hypertension, and the reduction of thrombotic and ischemic events
following invasive cardiovascular procedures.

The Company's business strategy is to develop its existing pharmaceutical
products to proof of concept, selectively license its products to sales and
marketing organizations and establish strategic collaborations to advance the
development its product pipeline. The company is intending to acquire
additional, late discovery stage product candidates, in the cardiovascular,
respiratory and metabolic disease sectors to enlarge the development pipeline
alongside its existing development products. It is anticipated that later stage
development products may be licensed in, particularly from larger fully
integrated pharmaceutical discovery, development and sales and marketing
partners in Japan and the Far East.


Business Strategy

Large pharmaceutical companies need additional drugs of substantial market
potential to fill depleted development pipelines, particularly since many of
their products will soon be losing patent protection and internal development
may fail to keep up with commercial demand for innovation. Increasingly those
companies seek to fill that gap by in-licensing drugs at the middle to late
stages of development rather than acquiring compounds at an earlier stage.
In-licensed Phase III products accounted for more 30% of the in-licensing
agreements made by large pharmaceutical companies in 2002, according to Reuters
Business Insight.

Inncardio uses a broad network of relationships it has forged in academia,
medical research centers and industry to in-license or acquire promising
early-stage compounds and existing compounds that can be reformulated, used for
new indications or used with new dosing regimens. We rely upon these
relationships and a product development network to accelerate the time it takes
for new compounds to reach the critical Phase III clinical trial level when a
drug is most attractive to large pharmaceutical companies.

We enter into development, marketing and partnership agreements with contract
research laboratories, industry experts and pharmaceutical companies to develop,
test and seek regulatory approval for our drug candidates. By relying primarily
upon contracts with third parties for research, clinical development and project
management rather than doing that work in-house, we are able to maintain a
limited and less costly infrastructure, particularly as compared with large
pharmaceutical companies. Our management believes that this streamlined
operating strategy has created an efficient and cost-effective route from
early-stage clinical development to a commercial product.


Product Development

A major element of our product development strategy is the use of third-parties
or Contract Research Organizations ("CRO") for drug development at all stages
along the path to market. CROs conduct safety and efficacy tests and clinical
studies and assist us in guiding products through the Food and Drug
Administration ("FDA") and the European Medicines Agency ("EMEA") regulatory
review and approval processes. The Company also uses the contract manufacturing,
formulation and chemistry skills of external providers.

We believe the use of third-parties to develop and manufacture our products has
several advantages over building a comprehensive infrastructure to handle all
such functions in-house. This approach generally gives us more choice and
greater selectivity in the dedicated resources we will concentrate on a
developing product than if those functions were performed by internal personnel
who were required to support the full range of our product development
activities. We believe that maintaining a limited infrastructure, particularly
focused upon early-stage processes in the drug development path will enable us
to develop products efficiently and cost effectively. Although this approach
will allow us to avoid the expense associated with developing a large internal
infrastructure to support our product development efforts, it also means that we
will continue to be dependent on the ability of outside parties to perform
critical functions for us.

The contract approach to product development requires project management by
professionals with substantial industry experience. We plan to evaluate
prospective additions to our in-house expertise as well as opportunities for
contract and advisory services in areas of critical importance to all of our
proposed products, including the management of current pipeline development
teams. The product development process is designed to identify problems
associated with a proposed product's safety and effectiveness. We also attempt
to reduce the risk that a proposed product will not be accepted in the
marketplace by conducting market research and defining a commercial strategy for
each product candidate. A drug development portfolio cannot be completely
insulated from potential clinical and market failures. It is likely that some
proposed products we select for development will not produce the clinical or
revenue results expected. Additionally, we may choose to license at an early
stage or divest product candidates from our portfolio if they produce clinical
results outside our target sector and/or require financial, development and
management resources better met by larger or more specialized pharmaceutical or
biopharmaceutical companies.


<PAGE>

Research and Development

Our primary research and development efforts have focused on identifying
promising compounds and developing them into products to treat various types of
cardiovascular related diseases. We engage in research, pre-clinical studies and
clinical development with third-party laboratories, including Sigmoid
Biotechnology Limited, Ireland, Strathclyde University, Scotland, and Queen Mary
University, London. Our research and development structure is designed to enable
us to evaluate and make the best choices for where and how projects are run and
resourced. Each is managed as a discrete project with its own budget and project
management. When it's practical and desirable, different projects will use
common resources and contracted facilities.

Our budget projections for research and development are based primarily upon
those established and set out in or pursuant to our agreements with research and
co-development partners. Projects may meet development and regulatory barriers;
however that require additional work or a change in approach which can lead to
changes in both timing and budget requirements to maintain a product's path to
market. When this situation arises we tend to be in a more flexible position to
meet such demands than a fully internally resourced pharmaceutical company that
relies on existing internal capabilities to progress.

Description of Portfolio
INC101 - ISCHEMIC DEFICIT RELATED TO STROKE
INC101 is targeted to reduce the incidence and severity of ischemic deficits in
patients with subarachnoid hemorrhage from rupture intracranial berry aneurysm.
The new formulation provides increased compliance, fewer side effects and
improved disease management. There are problems with the existing formulation,
an oral dose every 4 hours for 21 days with patients who frequently experience
swallowing difficulties. The INC101 oral formulation offers a sustained release
profile and can be taken once/twice a day in a single capsule or alternatively
the capsule contains multiple microcapsules which can be used as sprinkles
providing, improved administration and regime profile when used with distressed
patients with swallowing difficulties; improved solubility and bioavailability;
reduce costs.

INC102 - HYPERCHOLESTEROLEMIA
Reformulation of first "super statin" to become free of patent protection. There
are several clinical limitations of the existing product that the reformulation
overcomes. Reformulation provides extended release and can be targeted directly
to the liver. INC102 oral formulation providing increased bioavailability and as
a more cost effective regime will be increasingly attractive in a more
competitive market. A sustained release profile through microcapsule emulsion
delivery technology specifically reduced peak plasma levels, reduces the risk of
rhabdomyolysis and increased efficacy through consistent plasma levels.

INC103 - HYPERTENSION & HYPERCHOLESTEROLEMIA
There are estimated to be 43.6 million people in the seven major markets
diagnosed with both hypertension and hypercholesterolemia. INC103 is a
combination of a market leading statin and ACE inhibitor targeted to increase
compliance and reduce costs.

INC104 - PULMONARY HYPERTENSION
INC104 increases nitric oxide production specifically in dysfunctional vascular
endothelial cells and offers improvements in cardiovascular performance in
patients with pulmonary hypertension. There are 10 million patients with
pulmonary hypertension in the US There are a limited number of therapy options
available and they cost between $70,000 and $100,000 per patient per year.


INC105 - RESTENOSIS
INC105 provides a novel method of action, an improved delivery profile and no
inherent adverse toxicology for the prevention of restenosis post percutaneous
transluminal balloon angioplasty (PTCA) and stenting. The drug will be delivered
utilizing proprietary polymer technology from a drug eluting stent (DES).

INC106 - ANGIOTENSIN II MONOCLONAL ANTIBODY - RESTENOSIS
INC106 inhibits individual signaling pathways, and thereby inhibit the mitogenic
responses to angiotensin, while retaining the antiproliferative action. These
antibodies are directed to the Nterminal extracellular domain of the AT1
receptor, and act by blocking receptor internalization and thereby preventing
vascular smooth muscle cell proliferation migration and proliferation. It is
envisaged that this therapy will be delivered by way of a drug eluting stent.

License and Co-Development Agreements
INC101
The company has a co-development agreement with Sigmoid Biotechnology Ltd of
Ireland to develop INC101 for use as a post-stroke therapy that has a novel
delivery profile and is targeted to reduce the incidence and severity of
ischemic deficits in patients with subarachnoid hemorrhage from rupture
intracranial berry aneurysm. The company has, together with certain conditions,
the exclusive worldwide sales and marketing rights of INC101.

INC102
The company has a co-development agreement with Sigmoid Biotechnology Ltd of
Ireland to develop INC102, a new formulation of a market leading statin
providing a sustained release profile through microcapsule emulsion delivery
technology specifically reduced peak plasma levels, reduces the risk of
rhabdomyolysis and increased efficacy through consistent plasma levels. The
company has, together with certain conditions, the exclusive worldwide sales and
marketing rights of INC102.


<PAGE>

INC103
The company has a co-development and licence agreement with Innovative Pharma
Developments Ltd, England for the co-development and exclusive sales and
marketing rights of INC103, a fixed dosed combination therapy for hypertension
and hypercholesterolemia.

INC105
The company has a co-development and license agreement with Strathclyde
University, Scotland for the development and exclusive sales and marketing
rights to INC105 for the reduction of restenosis in PTCA and stenting. The
initial phase of the co-development agreement culminate in the completion of a
phase II proof of concept study to be conduction in Glasgow, Scotland.

INC106
The company have a licensee agreement with Queen Mary University, London for the
exclusive sales marketing and development rights to INC106 for the treatment of
proliferative vascular smooth muscle cells and certain other cardiovascular
diseases using a monoclonal antibody for the angiotensin II receptor developed
by Queen Mary University.

COMPANY STATUS

The Company has made significant progress in completing the formation of the
initial development portfolio through the completion of licensing and
co-development negotiations with academic institutions and biotechnology
companies. The development of our initial pipeline is now underway and provides
a combination of near market reformulations of well know and well understood
compounds together with new chemical entities that require a longer term
development time frame, and need to be regarded as higher risk-higher return
possible blockbuster opportunities. We have continued to incur losses as
expected during this emerging stage. We anticipate that the success of our
immediate product development strategy will permit us to further develop other
products and other potential products not currently in our portfolio. A major
element of the Company's product development strategy is to use third-party or
contract research organizations ("CROs") to assist in the conduct of safety and
efficacy testing and clinical studies, to assist the Company in guiding products
through the FDA and EMEA regulatory review and approval processes, and to
manufacture and distribute any FDA and EMEA approved products. The Company
believes that maintaining a limited infrastructure will enable it to develop
products efficiently and cost effectively. However consideration will be given
to opportunities to strengthen the resources and portfolio in certain areas that
may prove viable commercially and add value to the overall business in the
future.

The reader should consider the likelihood of our future success to be highly
speculative in light of our limited operating history, as well as the limited
resources, problems, expenses, risks and complications frequently encountered by
similarly situated companies. To address these risks, we must, among other
things:

o     advance our lead product candidates;

o     obtain required government and other public and private approvals on a
      timely basis;

o     enter into corporate partnerships;

o     license additional technology;

o     maintain a proprietary position in our technologies and products; and

o     attract and retain key personnel.

The Company may not be successful in addressing these risks. If we are unable to
do so, our business prospects, financial condition and results of operations
would be materially adversely affected. The likelihood of our success must be
considered in light of the development cycles of pharmaceutical and
biopharmaceutical products and technologies and the competitive and regulatory
environment in which we operate.

Results of Operations

During the first quarter ended March 31, 2005, work continued on the product
development programs as planned and the individual items are detailed below.

General and administrative expenses were $44,663 in the three months ended March
31, 2005. The main reason for the increase was the increasing of scale in
certain development activities within the Company's infrastructure to support
its planned growth.

Research & Development expenses for the three months ended March 31, 2005, were
$21,472 The majority of these expenses were in connection with the development
of our product candidates.

As a result of the continuing expenditure on research and development of the
company and its products the cumulative loss from operations since inception
increased to $419,004.


<PAGE>

Liquidity & Capital Resources - A $12million credit facility was agreed with
Bioaccelerate, Inc on March 9, 2005. The Company will be using these funds to
maintain the pace of development of its lead products. Management believe that
this investment will enable the Company to achieve significant milestones in its
lead development programs over the next twelve months. We believe this further
funding will be sufficient to support our business plan until longer term
finance can be arranged.

Should we come up against any unforeseen problems, the Company will revisit its
budget and adjust the scheduling and costs of the development programs
accordingly to allow the Company to operate until sufficient long term funding
is achieved. However, a key element of our business strategy is to continue to
acquire, obtain licenses for, and develop new technologies and products that we
believe offer unique market opportunities and/or complement our existing product
lines.

ITEM 3 - CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

Our Chief Executive Officer and Chief Financial Officer have, as of the end of
the period covered by this Report, reviewed our process of gathering, analyzing
and disclosing information that is required to be disclosed in our periodic
reports (and information that, while not required to be disclosed, may bear upon
the decision of management as to what information is required to be disclosed)
under the Exchange Act of 1934, including information pertaining to the
condition of, and material developments with respect to, our business,
operations and finances. Based on this evaluation, our Chief Executive Officer
and Chief Financial Officer have concluded that our process provides for timely
collection and evaluation of information that may need to be disclosed to
investors.

Changes in Internal Controls Over Financial Reporting

There have been no significant changes in the Company's internal controls over
financial reporting that occurred during the quarter ended March 31, 2005, that
have materially affected, or are reasonably likely to materially affect our
internal control over financial reporting.

                                     PART II
                                OTHER INFORMATION

Item 1.
Legal Proceedings From time to time, we may be involved in litigation relating
to claims arising out of our operations in the normal course of business. We
currently are not a party to any legal proceedings, the adverse outcome of
which, in management's opinion, individually or in the aggregate, would have a
material adverse effect on our results of operations or financial position.

Item 2. Changes in Securities
The Registrant entered into an Acquisition Agreement effective 22nd day of
February, wherein it agreed, subject to certain conditions, to acquire all of
the outstanding common stock of Inncardio, Inc., a Delaware Corporation, in
exchange for 16,500,000 common shares of the Registrant. After the issuance of
the 16,500,000 shares in the Acquisition, the Registrant has approximately
18,000,000 shares of its common stock issued and outstanding. The Registrant has
also effected a change its corporate name from Softwall Equipment Corporation to
Inncardio, Inc.

Item 3. Defaults Upon Senior Securities
None

Item 4. Submission of Matters to a Vote of Security Holders
On February 22nd, 2005, security shareholders consented to acquire Inncardio
Inc, a Delaware corporation, and changed the name of the company to Inncardio
Inc.

Item 5. Other Information.
On March 24, 2005, the Registrant entered into an Agreement and Plan of Merger
(the "Agreement and Plan of Merger") among the Registrant, Cengent Acquisition
Corp. ("CAC"), a wholly-owned subsidiary of the Registrant, and Cengent
Therapeutics Inc. ("Cengent"), a privately held company. Pursuant to the Merger
Agreement, CAC will merge with and into Cengent, and as a consequence of the
merger (the "Merger") Cengent will become a wholly owned subsidiary of the
Registrant. It is envisaged that after the merger that the Registrants'
shareholders will hold approximately fifty-five percent of CAC with former
shareholders of Cengent holding approximately forty-five percent.

Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits. The following exhibits are filed with this report.

31. Written Statement of Chief Executive Officer and Chief Financial Officer
with respect to compliance with Section 13(a) or 15 (d) of the Securities
Exchange Act of 1934 and Section 302 of the Sarbanes-Oxley Act of 2002.


<PAGE>

32. Written Statement of Chief Executive Officer and Chief Financial Officer
with respect to compliance with Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 and pursuant to 18 U.S.C. 1350, as adopted pursuant to ss.
906 of the Sarbanes-Oxley Act of 2002.

(b) Reports on Form 8-K. The following reports have been filed on Form 8-K
during the last fiscal quarter:

On 4th March 2005, the company filed a form 8-K, reporting that the Company had
entered into an Acquisition Agreement effective 22nd day of February, wherein it
agreed, subject to certain conditions, to acquire all of the outstanding common
stock of Inncardio, Inc., a Delaware Corporation. This Form 8-K is hereby
incorporated by reference.

On 30th March, 2004, the Company filed a form 8-K, reporting that the Company
had entered into an Agreement and Plan of Merger among the Registrant, Cengent
Acquisition Corp. ("CAC"), a wholly-owned subsidiary of the Registrant, and
Cengent Therapeutics Inc. ("Cengent"), a privately held company. This Form 8-K
is hereby incorporated by reference




                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned authorized officer.





Dated: May 20, 2005                  Inncardio Inc

                                     /S/ Bernard Ross
                                     ----------------------------------
                                     Bernard Ross
                                     CEO