**SECURITIES
      AND EXCHANGE COMMISSION**


Washington
      D.C. 20549




**FORM
      10-QSB**





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





**For
      Quarter Ended March 31, 2006**





Commission
      File Number 0001082562





**INNCARDIO,
      INC**





(Exact
      name of registrant as specified in its charter)





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





712
      Fifth
      Avenue, 19 th Floor,
      New York, NY, 10019





(Address
      of principal executive offices)





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










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 o





and
      (2)
      has been subject to such filing requirements for the past 90 days.


Yes x
      No o





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


Yes o
      No x





Transitional
                Small Business Disclosure Format (Check one): Yes o No
x




The
      number of shares outstanding of the registrant's common stock, par value $0.001,
      as of May 19, 2006, was 18,010,000.











**Inncardio
      Inc**





**Form
      10-QSB for the quarter ended March 31, 2006**





**INDEX**




PagePart
                  I - FINANCIAL INFORMATIONItem
                  1.
              Financial
                  Statements
              3Item
                  2.
              Management
                  Discussion and Analysis of Financial Condition and Results of
                  Operations
              10Item
                  3.
              Controls
                  and Procedures
              14Part
                  II - OTHER INFORMATIONItem
                  1.
              Legal
                  Proceedings
              15Item
                  2.
              Changes
                  in Securities
              15Item
                  3.
              Default
                  upon Senior Securities
              15Item
                  4.
              Submission
                  of Matters to a Vote of Security Holders
              15Item
                  5.
              Other
                  Information
              15Item
                  6.
              Exhibits
                  and Reports on Form 8-K
              15Signatures
              16





2




**PART
      I - FINANCIAL INFORMATION**





**ITEM
      1 - FINANCIAL STATEMENTS**





**INNCARDIO
      INC**


(A
      Development Stage Company)


**CONSOLIDATED
      BALANCE SHEET**





(Unaudited)


March
                31,
              2006**ASSETS**Current
                Assets
            
            $
            0**TOTAL
                ASSETS**
            
            $
            0**LIABILITIES
                AND STOCKHOLDERS' DEFICIT****Current
                Liabilities**Accounts
                payable and accrued expenses
            
            $
            68,535Interest
                payable
            
            
            101,600Amounts
                due to related parties
            
            
            120,000Note
                payable to related party
            
            
            2,933,269**Total
                Liabilities**
            
            
            3,223,404**STOCKHOLDERS'
                DEFICIT**Common
                stock, par value $0.001, 50,000,000 shares authorized,18,010,000
                shares issued and outstanding
            
            
            18,010Additional
                paid in capital
            
            
            (18,010
            )Accumulated
                (deficit) during development stage
            
            
            (3,223,404
            )**Total
                Stockholders’ Deficit**
            
            
            (3,223,404
            )**TOTAL
                LIABILITIES AND STOCKHOLDERS’ DEFICIT**
            
            $
            0







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


3





**INNCARDIO
      INC**


(A
      Development Stage Company)


**CONSOLIDATED
      STATEMENTS OF OPERATIONS**


(Unaudited)





Three
                months ended
              March
                31, 2006
            
            Three
                months
              ended
              March
                31, 2005
            
            From
                Inception August 2, 2004 to March 31, 2006Revenue
            
            $
            0
            
            $
            0
            
            $
            0Operating
                expenses :Research
                and development
            
            
            28,727
            
            
            21,472
            
            
            2,539,770General
                and administrative
            
            
            81,171
            
            
            44,663
            
            
            582,034Total
                Expenses
            
            
            109,898
            
            
            66,135
            
            
            3,121,804Net
                (Loss) from Operations
            
            
            (109,898
            )
            
            (66,135
            )
            
            (3,121,804
            )Other
                Income (Expenses) :Loan
                interest expense
            
            
            (36,066
            )
            
            0
            
            
            (101,600
            )Total
                Other Income (Expenses)
            
            
            (36,066
            )
            
            0
            
            
            (101,600
            )Net
                (Loss)
            
            $
            (145,964
            )
            $
            (66,135
            )
            $
            (3,223,404
            )Basic
                earnings per share:Net
                loss per share, basic and diluted
            
            $
            (0.01
            )
            $
            (0.00
            )Weighted
                average number of shares outstanding, basic and diluted
            
            
            18,010,000
            
            
            18,010,000







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





4




**INNCARDIO
      INC**


(A
      Development Stage Company)


**CONSOLIDATED
      STATEMENTS OF CASH FLOWS**


(Unaudited)





Three
                months ended
              March
                31, 2006
            
            Three
                months ended
              March
                31, 2005
            
            From
                Inception
              August
                2, 2004 to
              March
                31, 2006Cash
                flows from operating activities:Net
                Loss
            
            $
            (145,964
            )
            $
            (66,135
            )
            $
            (3,223,404
            )Changes
                in operating assets and liabilities :Increase
                (decrease) in accounts payable and accrued interest
            
            
            35,679
            
            
            30,000
            
            
            170,135Increase
                in amounts due to related parties
            
            
            30,000
            
            
            0
            
            
            120,000Net
                cash (used in) operating activities
            
            
            (80,285
            )
            
            (36,135
            )
            
            (2,933,269
            )Cash
                flows from investing activities :Net
                cash (used in) investing activities
            
            
            0
            
            
            0
            
            
            0Cash
                flows from financing activities :Proceeds
                from notes payable
            
            
            80,285
            
            
            36,135
            
            
            2,933,269Net
                cash provided by financing activities
            
            
            80,285
            
            
            36,135
            
            
            2,933,269Net
                increase in cash and cash equivalents
            
            
            0
            
            
            0
            
            
            0Cash
                and cash equivalents at beginning of the period
            
            
            0
            
            
            0
            
            
            0Cash
                and cash equivalents at end of the period
            
            $
            0
            
            $
            0
            
            $
            0









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




5


**INNCARDIO
      INC**


(A
      Development Stage Company)





**NOTES
      TO THE FINANCIAL STATEMENTS**


March
      31,
      2006




**NOTE
      1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**





**Re-organization
      and Basis of Presentation**





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, 2006 and the results of its operations and changes in its
      financial position from December 31, 2005 through March 31, 2006 have been
      made.
      The results of its operations for such interim period are not necessarily
      indicative of the results to be expected for the entire year.





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, 2006, 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 cardiovascular sector, selectively license its technology
      and establish strategic collaborations to advance its product
      pipeline.





6


**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."





**Foreign
      Currency Translation**





Where
      the
      Company's subsidiary’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 period. Translation gains and losses not reflected in earnings are
      reported in accumulated other comprehensive income 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
            
            $
            (145,964
            )Denominator
                - Weighted average shares outstanding
            
            
            18,010,000Net
                loss per share
            
            $
            (0.01
            )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.


7




The
      Company is subject to income taxes in the United States of America and the
      United Kingdom. As of March 31, 2006 the Company had net operating loss carry
      forwards for income tax reporting purposes of approximately $3,223,404 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 the loss carry-forward are 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.





In
      May
      2005, the FASB issued SFAS No. 154, ACCOUNTING CHANGES AND ERROR CORRECTIONS.
      This Statement replaces APB No. 20, ACCOUNTING CHANGES and FASB No. 3, REPORTING
      ACCOUNTING CHANGES IN INTERIM FINANCIAL STATEMENTS, and changes the requirements
      for the accounting for and reporting of a change in accounting principle. This
      Statement applies it all voluntary changes in accounting principle. It also
      applies to changes required by an accounting pronouncement in the unusual
      instance that the pronouncement include specific transition provisions. When
      a
      pronouncement includes specific transition provisions, those provisions should
      be followed. This Statement requires retrospective application to prior periods’
financial statements of changes in accounting principle, unless it is
      impracticable to determine either the period-specific effects or the cumulative
      effect of the change. The adoption of SFAS No. 154 did not have an impact on
      the
      Company’s consolidated financial statements.





In
      February 2006, the Financial Accounting Standards Board (“FASB”) issued FASB
      Statement No. 155, “Accounting for Certain Hybrid Financial Instruments -
      an amendment of FASB Statements No. 133 and 140” (“FAS 155”). FAS 155
      amends FASB Statements No. 133, “Accounting for Derivative Instruments and
      Hedging Activities,” and No. 140, “Accounting for Transfers and Servicing
      of Financial Assets and Extinguishments of Liabilities.” FAS 155 permits fair
      value re-measurement for any hybrid financial instrument that contains an
      embedded derivative that otherwise would require bifurcation, clarifies which
      interest-only strips and principal-only strips are not subject to the
      requirements of Statement 133, establishes a requirement to evaluate interests
      in securitized financial assets to identify interests that are freestanding
      derivatives or that are hybrid financial instruments that contain an embedded
      derivative requiring bifurcation, clarifies that concentrations of credit risk
      in the form of subordination are not embedded derivatives, and amends Statement
      140 to eliminate the prohibition on a qualifying special-purpose entity from
      holding a derivative financial instrument that pertains to a beneficial interest
      other than another derivative financial instrument. FAS 155 was issued to
      improve financial reporting by eliminating the exemption from applying Statement
      133 to interests in securitized financial assets so that similar instruments
      are
      accounted for similarly regardless of the form of the instruments. Providing
      a
      fair value measurement election also results in more financial instruments
      being
      measured at what the FASB regards as the most relevant attribute for financial
      instruments, fair value. FAS 155 is effective for all financial instruments
      acquired or issued after the beginning of an entity’s first fiscal year that
      begins after September 15, 2006. Earlier adoption is permitted as of the
      beginning of an entity’s fiscal year, provided the entity has not
      yet
      issued financial statements, including financial statements for any interim
      period for that fiscal year. At adoption, any difference between the total
      carrying amount of the individual components of the existing bifurcated hybrid
      financial instrument and the fair value of the combined hybrid financial
      instrument should be recognized as a cumulative-effect adjustment to beginning
      retained earnings. We do not expect the adoption of FAS 155 to have a material
      impact on our financial condition or results of operations.





8


In
      March
      2006, the Financial Accounting Standards Board (“FASB”) issued FASB Statement
      No. 156, “Accounting for Servicing of Financial Assets—an amendment of FASB
      Statement No. 140.” This Statement requires an entity to recognize a servicing
      asset or servicing liability each time it undertakes an obligation to service
      a
      financial asset by entering into a servicing contract in any of the following
      situations: (a) a transfer of the servicer’s financial assets that meets the
      requirements for sale accounting, (b) a transfer of the servicer’s financial
      assets to a qualifying special-purpose entity in a guaranteed mortgage
      securitization in which the transferor retains all of the resulting securities
      and classifies them as either available-for-sale securities or trading
      securities in accordance with FASB Statement No. 115, or (c) an acquisition
      or
      assumption of an obligation to service a financial asset that does not relate
      to
      financial assets of the servicer or its consolidated affiliates. This Statement
      requires all separately recognized servicing assets and servicing liabilities
      to
      be initially measured at fair value, if practicable. The Statement permits
      an
      entity to choose either of the following subsequent measurement methods for
      each
      class of separately recognized servicing assets and servicing liabilities:
      (a)
      a *mortization
      method, or (b) fair value measurement method* .
      At its
      initial adoption, the statement permits a one-time reclassification of
      available-for-sale securities to trading securities by entities with recognized
      servicing rights, without calling into question the treatment of other
      available-for-sale securities under Statement 115, provided that the
      available-for-sale securities are identified in some manner as offsetting the
      entity’s exposure to changes in fair value of servicing assets or servicing
      liabilities that a servicer elects to subsequently measure at fair value. This
      Statement requires separate presentation of servicing assets and servicing
      liabilities subsequently measured at fair value in the statement of financial
      position and additional disclosures for all separately recognized servicing
      assets and servicing liabilities. An entity should adopt this Statement as
      of
      the beginning of its first fiscal year that begins after September 15, 2006.
      Earlier adoption is permitted as of the beginning of an entity’s fiscal year,
      provided the entity has not yet issued financial statements, including interim
      financial statements, for any period of that fiscal year. We do not expect
      the
      adoption of FAS 156 to have a material impact on our financial condition or
      results of operations.





**NOTE
      2 - EQUITY TRANSACTIONS**





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, Softwall issued 16,500,000 shares
      of its common stock to the shareholders of Inncardio Inc. This was to capitalize
      certain debts within the company after effecting a 7.388:1 reverse stock split.
      This had the effect of leaving the Softwall shareholders with 1,510,000 shares
      of common stock, (in exchange for 100% of the outstanding shares of Inncardio,
      Inc), and 16,500,000 shares with the shareholders of Inncardio. Inncardio's
      management and Board of Directors, therefore, 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.





**NOTE
      3 - RELATED PARTY PAYABLE**





On
      January 3, 2005 the Company entered into an agreement with Sterling FCS a
      shareholder of the Company. Sterling FCS provides financial and consultancy
      services, which include both management and financial reporting, together with
      other management and corporate services in accordance with the contract. As
      of
      March 31, 2006 the charge for these services was $120,000. The contract can
      be
      cancelled by either party by providing six months notice.




**NOTE
      4 - 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 4.45%. The Company intends to use these funds to accelerate
      the development of its lead products. The line of credit is drawn on an as
      needed basis. The facility is secured by all of the Company's
      assets.


9




At
      March
      31, 2006 the Company has an outstanding balance of $3,034,869 to the related
      Company under the $12.0 million secured credit line agreement. The balance
      outstanding includes accrued interest associated with this note of $101,600
      as
      of March 31, 2006.




**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,
      2005. 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, 2005,
      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, 2005, as well as the other interim unaudited financial
      information for the current fiscal year.




**OVERVIEW**





**Description
      of Business**





Inncardio
      acquires, develops and seeks to commercialize drugs to treat cardiovascular
      disease and metabolic conditions that pose significant risk factors for
      cardiovascular disease. In 2003, the global market for cardiovascular products
      was $78 billion, according to Reuters Business Insight, and analysts expect
      it
      to rise to $103 billion by 2009. Demographic trends, including a large aging
      population and increasing incidence of obesity, support forecasts of continued
      strong growth. Cardiovascular disease accounts for 17 million deaths worldwide
      each year, according to the World Health Organization.





Our
      objective is to develop and market safe and effective therapeutics that may
      save
      or prolong the lives of patients living with chronic cardiovascular disease
      and
      conditions considered risk factors for strokes, heart attacks and other
      potentially devastating cardiac events.


10




**Business
      Strategy**





Large
      pharmaceutical companies need additional drugs of substantial market potential
      to fill 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 develop new compounds to reach the critical
      Phase III clinical trial level when a drug is most attractive to large
      pharmaceutical companies.





Our
      strategy is to enter into development, commercialization, 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 with particular
      focus 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 define a 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. Still, 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 would 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.





11




**Research
      and Development**





Our
      primary research and development efforts have focused on identifying promising
      compounds and developing them into products. We engage in research, pre-clinical
      studies and clinical development with third party laboratories and researchers.
      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**





**Clinical
      candidates**




**INC103
      - Hypertension & Hypercholseterolemia**





INC103
      is
      a combination therapy of a market-leading statin to lower LDL cholesterol and
      an
      angiotensin converting enzyme (ACE) inhibitor to lower blood pressure. This
      product candidate also uses an innovative proprietary drug delivery technology
      to provide a controlled release formulation to treat the two most common risk
      factor conditions at the same time. We believe INC103 could increase patient
      compliance and reduce the cost of treatment.





Market
      Opportunity: Reuters Business Insight estimates that 43.6 million people in
      the
      seven major markets have been diagnosed with both hypertension and
      hypercholesterolemia. Hypertensive therapies continue to be the largest single
      class of drugs by sales globally, generating $40 billion in 2003. Analysts
      anticipate sales will reach $48 billion in 2009. Reuters forecasts that some
      of
      the demand in statin therapies will give way to combination therapies entering
      the market.





Partnerships:
      On January 10, 2005, the Company signed a co-development and
      co-commercialization agreement with Innovative Pharma Developments Ltd in
      England in which Inncardio has an exclusive global license to market and sell
      INC103.





Patents:
      There is a published patent application covering the formulation technology
      dated October 2004. Ownership, maintenance and upkeep of the patents relating
      to
      formulation technology are the responsibility of our partner. A patent
      application is being prepared specifically for the fixed dosed combination
      for
      which ownership, maintenance and upkeep of the patents relating to the
      formulation technology are the responsibility of Innovative Pharma.




**PRE-CLINICAL
      PROJECTS**





**INC
      104 - Pulmonary Hypertension**





Description.
      INC 104 is the first in a new class of oral drugs to treat abnormally high
      blood
      pressure in the lungs. The disease is linked to changes in he small blood
      vessels in the lungs. These changes increase resistance to blood flowing through
      the vessels. As that resistance increases, it puts a strain on the right
      ventricle which has to work harder to move enough blood through the lungs.
      INC
      104 increases nitric oxide (a naturally occurring vasodilator) production in
      cells inside blood vessels that fail to produce enough nitric oxide on their
      own. The action of this NCE has been shown to be highly selective and has lower
      risk of side effects than currently available treatments. We believe INC 104
      may
      improve cardiovascular performance in patients with pulmonary hypertension,
      diabetes or atherosclerosis.


12




Market
      Opportunity. There are 10 million patients with pulmonary hypertension in the
      U.S. and only three treatment options available. Current therapies cost between
      $70,000 and $100,000 per patient per year. The American Heart Association
      estimates that between 500 and 1,000 new cases of primary pulmonary hypertension
      are diagnosed each year in the U.S. We believe this product candidate may fill
      a
      critical unmet need.





Partnerships.
      The Company has agreed on principal terms with a co-development partner for
      this
      product candidate and is in the final stages of licensing in this product
      candidate.





Status.
      Pre-clinical development work is scheduled to begin in the third quarter of
      2006. We may have an opportunity to get FDA fast-track status for this
      candidate.





Patents.
      A U.S. patent application was filed in January 2005. The Company expects to
      file
      additional composition of matter patents to cover individual compounds that
      arise as the development program progresses.




**Company
      Status**





The
      Company has made significant progress towards completing the formation of the
      initial development portfolio through licensing and o-development negotiations
      with academic institutions and biotechnology companies. The development of
      our
      initial pipeline is 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.





13


**Results
      of Operations**





During
      the first quarter ended March 31, 2006, work continued on the product
      development programs as planned and the individual items are detailed
      above.





General
      and administrative expenses were $81,171 in the three months ended March 31,
      2006 compared with $44,663 in the three months ended March 31, 2005. The main
      reason for the increase was the increasing level of support required to manage
      and administer the Company's planned growth in development
      activities.





Research
      and Development expenses for the three months ended March 31, 2006, were $28,727
      compared with $21,472 in the three months ended March 31, 2005. These expenses
      were related to 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 $3,223,404.





Liquidity
      & Capital Resources - A $12 million 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 believes
      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
      financing 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**





As
      of the
      end of March 31, 2006, the Company carried out an evaluation, under the
      supervision and with the participation of the Company's management, including
      the Company's Chief Executive Officer and the Company's Chief Financial Officer,
      of the effectiveness of the design and operation of the Company's disclosure
      controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under
      the
      Securities Exchange Act of 1934, as amended). Based on this evaluation, the
      Company's Chief Executive Officer and Chief Financial Officer concluded that
      the
      Company's disclosure controls and procedures were effective in timely ensuring
      that (i) information required to be disclosed in the reports that the Company
      files or submits under the Securities Exchange Act of 1934, as amended, is
      recorded, processed, summarized and reported, within the time periods specified
      in the rules and forms of the Securities and Exchange Commission and (ii)
      information required to be disclosed in the reports that the Company files
      or
      submits under the Securities Exchange Act of 1934, as amended, is accumulated
      and communicated to management, including the Company's Chief Executive Officer
      and Chief Financial Officer, or persons performing similar functions, as
      appropriate to allow timely decisions regarding required disclosure. It should
      be noted that, in designing and evaluating the disclosure controls and
      procedures, management recognizes that any controls and procedures, no matter
      how well designed and operated, can provide only reasonable assurance of
      achieving the desired control objectives, and management necessarily will apply
      its judgment in evaluating the cost-benefit relationship of possible controls
      and procedures.





**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, 2006,
      that
      have materially affected, or are reasonably likely to materially affect our
      internal control over financial reporting.


14





**PART
      II**


**OTHER
      INFORMATION**





**Item
      1. Legal Proceedings**





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 18,010,000 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**





None.




**Item
      5. Other Information.**





None.




**Item
      6. Exhibits and Reports on Form 8-K**





(a)
      Exhibits: The following exhibits are included as part of this
      report:




Exhibit
              Number
            Title
                of Document31.1
            Certification Pursuant to Section 302
              of the
              Sarbanes-Oxley Act of 2002.31.2
            Certification Pursuant to Section 302
              of the
              Sarbanes-Oxley Act of 2002.32.1
            Certification Pursuant to Section 906
              of the
              Sarbanes-Oxley Act of 2002.32.2
            Certification Pursuant to Section 906
              of the
              Sarbanes-Oxley Act of 2002.





15





**SIGNATURES**





In
      accordance with the requirements of the Exchange Act, the registrant caused
      this
      report to be signed on its behalf by the undersigned, thereto duly
      authorized.







Inncardio
              IncDate: May
              19,
              2006
            By:
            /s/ *Bernard
              Ross*Bernard Ross
              *CEO, President and Director*(Principal
              Executive Officer)


**COMPANY
              NAME CORPORATION**Date: May
              19,
              2006
            By:
            /s/ *Alan
              Bowen*Alan Bowen
              CFO, Secretary, Treasurer &
                Director(Principal
              Financial Officer)





16