UNITED STATES

SECURITIES
AND EXCHANGE COMMISSION

Washington,
D. C. 20549



FORM 10-Q



|[X]   | QUARTERLY REPORT UNDER
    TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2018
|----- | -------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                      
|      | OR                                                                                                                                   
|      |                                                                                                                                      
|[   ] | TRANSITION REPORT PURSUANT TO SECTION 13
    OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                         



Commission
File Number 000-30675



EnXnet,
Inc.

(Name of
issuer in its charter)



|Oklahoma                                                           | 73-1561191                              
|------------------------------------------------------------------ | ----------------------------------------
|(State or other
    jurisdiction of incorporation or organization) | (I.R.S. Employer
    Identification No.)



7450
S Winston Ave - Tulsa, Ok 74136

(Address
of principal executive offices & zip code)



(918)
494 - 6663

Registrant’s
telephone number, including area code:



Indicate by check mark whether
the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the last 90 days.   YES [X]     NO [ ]



Indicate by check mark whether
the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T (SS 232.405 of this chapter) during the preceding 12 months
(or for such shorter period that the registrant was required to submit and post such files).

YES [ ]     NO
[X]



Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See
the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,”
and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):



| | Large Accelerated Filer                         | [   ] |  | Accelerated Filer         | [   ]
| | ----------------------------------------------- | ----- |  | ------------------------- | -----
| | Non-accelerated Filer                           | [   ] |  | Smaller Reporting Company | [X]  
| | (Do not check if smaller reporting
    company) |       |  |                          



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

YES [ ]     NO
[X]



APPLICABLE
ONLY TO CORPORATE ISSUERS:



As of August
13, 2018, there were outstanding 58,376,518 shares of the registrant’s common stock, $0.00005 par value.
















Table of
Contents



|                                  | Page                                                                                                   
|--------------------------------- | -------------------------------------------------------------------------------------------------------
|                                  |                                                                                                        
|PART
    I. FINANCIAL INFORMATION |                                                                                                        
|                                  |                                                                                                        
|Item 1.                           | Financial Statements                                                                                   
|                                  | Consolidated Balance Sheets as of June 30, 2018
    and March 31, 2018 (unaudited)                     
|                                  | Consolidated Statements of Operations for the
    Three months ended June 30, 2018 and 2017 (unaudited)
|                                  | Consolidated Statements of Cash Flows for the
    Three months ended June 30, 2018 and 2017 (unaudited)
|                                  | Notes to Consolidated Financial Statements (unaudited)                                                 
|                                  |                                                                                                        
|Item 2.                           | Management’s Discussion and Analysis of
    Financial Condition and Results of Operations              
|Item 3.                           | Quantitative and Qualitative Disclosures About
    Market Risk                                         
|Item 4.                           | Controls and Procedures                                                                                
|                                  |                                                                                                        
|                                  |                                                                                                        
|                                  | PART II. OTHER
    INFORMATION                                                                         
|                                  |                                                                                                        
|Item 1.                           | Legal Proceedings                                                                                      
|Item 1A.                          | Risk Factors                                                                                           
|Item 6.                           | Exhibits and Reports on Form 8-K                                                                       
|                                  |                                                                                                        
|Signatures                        | 16                                                                                                     
|                                  |                                                                                                        
|Exhibit Index                     | 17                                                                                                     















PART
I.  FINANCIAL INFORMATION



| | ITEM
                          1. | FINANCIAL
                                         STATEMENTS.
| | --------------------------------- | --------------------------------------------------------------



ENXNET,
INC

CONSOLIDATED
BALANCE SHEETS

(Unaudited)



|                                                                                                                                              |  |                   
|--------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------
|                                                                                                                                              |  | June
    30,  2018
|ASSETS                                                                                                                                        |  |                   
|CURRENT ASSETS                                                                                                                                |  |                   
|Cash                                                                                                                                          |  | $                 
|Restricted
    cash                                                                                                                           |  |                   
|Prepaid
    expenses                                                                                                                          |  |                   
|TOTAL
    CURRENT ASSETS                                                                                                                      |  |                   
|OTHER ASSETS                                                                                                                                  |  |                   
|Oil
    and gas cash bond                                                                                                                     |  |                   
|                                                                                                                                              |  |                   
|TOTAL
    OTHER ASSETS                                                                                                                        |  |                   
|TOTAL
    ASSETS                                                                                                                              |  | $                 
|                                                                                                                                              |  |                   
|LIABILITIES AND STOCKHOLDERS’
    DEFICIT                                                                                                     |  |                   
|CURRENT LIABILITIES                                                                                                                           |  |                   
|Accounts
    payable and accrued expenses                                                                                                     |  | $                 
|Advances
    from officer - related party                                                                                                     |  |                   
|Advances
    from stockholder                                                                                                                 |  |                   
|Note
    payable-stockholder                                                                                                                  |  |                   
|Note
    payable-related party                                                                                                                |  |                   
|Convertible
    notes payable                                                                                                                 |  |                   
|Convertible
    notes payable - related party                                                                                                 |  |                   
|TOTAL
    CURRENT LIABILITIES                                                                                                                 |  |                   
|LONG-TERM LIABILITIES                                                                                                                         |  |                   
|Convertible
    note payable                                                                                                                  |  |                   
|TOTAL
    LONG-TERM LIABILITIES                                                                                                               |  |                   
|TOTAL
    LIABILITIES                                                                                                                         |  |                   
|STOCKHOLDERS’
    DEFICIT                                                                                                                     |  |                   
|Common stock, $0.00005
    par value; 200,000,000 shares authorized, 55,276,518and
    55,276,518 shares issued and outstanding, respectively |  |                   
|Additional
    paid-in capital                                                                                                                |  |                   
|Accumulated
    deficit                                                                                                                       |  |                   
|Other
    comprehensive loss                                                                                                                  |  |                   
|TOTAL
    STOCKHOLDERS’ DEFICIT                                                                                                               |  |                   
|TOTAL
    LIABILITIES AND STOCKHOLDERS’ DEFICIT                                                                                               |  | $                 





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

3







ENXNET,
INC

CONSOLIDATED
STATEMENTS OF OPERATIONS

(Unaudited)





|                                                                               |  | For
    the Three Months Ended
|------------------------------------------------------------------------------ |  | ------------------------------
|                                                                               |  | June
    30,                  
|                                                                               |  | 2018                          
|                                                                               |  |                               
|EXPENSES                                                                       |  |                               
|Oil
    and gas exploration                                                    |  | $                             
|Impairment
    of oil and gas properties, unproven                             |  |                               
|Payroll                                                                        |  |                               
|Professional
    services                                                      |  |                               
|Occupancy
    and offices                                                      |  |                               
|Travel                                                                         |  |                               
|Total
    Expenses                                                             |  |                               
|LOSS
    FROM OPERATIONS                                                       |  |                               
|OTHER EXPENSE                                                                  |  |                               
|Interest
    expense                                                           |  |                               
|NET
    LOSS                                                                   |  | $                             
|BASIC
    AND DILUTED NET LOSS PER SHARE                                       |  | $                             
|WEIGHTED
    AVERAGE NUMBER OF COMMON SHARES OUTSTANDING,BASIC
    AND DILUTED |  |                               



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

4







ENXNET,
INC

CONSOLIDATED
STATEMENTS OF CASH FLOWS

(Unaudited)





|                                                                                                 |  | For
    the Three Months
|------------------------------------------------------------------------------------------------ |  | ------------------------
|                                                                                                 |  | June 30,                
|                                                                                                 |  | 2018                    
|CASH FLOWS FROM OPERATING
    ACTIVITIES                                                         |  |                         
|Net
    loss                                                                                     |  | $                       
|Adjustments
    to reconcile net loss to net cash used in operating activities:                  |  |                         
|Common
    stock issued for additional interest                                                  |  |                         
|Impairment
    of oil and gas properties, unproved                                               |  |                         
|Changes
    in operating assets and liabilities:                                                 |  |                         
|Prepaid
    expenses                                                                             |  |                         
|Accounts
    payable & accrued expenses                                                          |  |                         
|Net
    cash used in operating activities                                                        |  |                         
|                                                                                                 |  |                         
|CASH FLOWS FROM INVESTING
    ACTIVITIES                                                         |  |                         
|Additions to oil and
    gas properties, unproved                                                |  |                         
|Purchase
    of cash bond                                                                        |  |                         
|Net
    cash used in investing activities                                                        |  |                         
|CASH FLOWS FROM FINANCING
    ACTIVITIES                                                         |  |                         
|Proceeds
    from advances from officer-related party                                            |  |                         
|Payment
    of advances from officer-related party                                               |  |                         
|Proceeds
    from convertible note payable-stockholder                                           |  |                         
|Proceeds
    from note payable-stockholder                                                       |  |                         
|Net
    cash provided by financing activities                                                    |  |                         
|NET DECREASE IN CASH,
    CASH EQUIVALENTS AND RESTRICTED CASH                                   |  |                         
|CASH,
    CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of period                             |  |                         
|CASH,
    CASH EQUIVALENTS AND RESTRICTED CASH - End of period                                   |  | $                       
|SUPPLEMENTAL
    CASH FLOW DISCLOSURES:                                                          |  |                         
|Cash
    paid for interest                                                                       |  | $                       
|Cash
    paid for taxes                                                                          |  | $                       
|NON-CASH FINANCING
    AND INVESTING TRANSACTIONS:                                               |  |                         
|Conversion
    of advances from officer-related party to convertible notes payable-related party |  | $                       







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

5







ENXNET,
INC

NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)



NOTE 1 - BASIS OF PRESENTATION



The accompanying unaudited consolidated
financial statements of EnXnet, Inc. (“EnXnet” or “the Company”) for the three months ended June 30, 2018
have been prepared in accordance with generally accepted accounting principles in the United States of America, pursuant to the
rules and regulations of the U.S. Securities and Exchange Commission for interim financial information. Accordingly, the
financial statements do not include all information and footnotes required by generally accepted accounting principles in the
United States for complete annual financial statements. In the opinion of management, the accompanying unaudited interim
consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for
a fair presentation. The results of operations for the interim periods are not necessarily indicative of the results to be
expected for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the
financial statements and notes thereto included in the Company’s March 31, 2018 Annual Report on Form 10-K.



Reclassification



Certain amounts in the 2017 financial
statements have been reclassified to conform to the 2018 financial presentation. These reclassifications have no impact on net
loss.



Cash, Cash Equivalents and Restricted
Cash





|Cash, cash equivalents
    and restricted cash consist of the following: |  |                  
|------------------------------------------------------------------------ |  | -----------------
|                                                                         |  | June
    30, 2018
|Cash                                                                     |  |                  
|Cash equivalents                                                         |  |                  
|Restricted
    cash                                                      |  |                  
|Total
    cash, cash equivalents and restricted cash                     |  | $                





Recent Accounting Pronouncements



In November 2016, the FASB issued
ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force). ASU
2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and
amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted
cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period
and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for all interim and annual reporting
periods beginning after December 15, 2017. The attached financial statements include the adoption of ASU 2016-18 which was adopted
by the Company on April 1, 2018. The adoption did not have a material impact on the Company’s Consolidated Financial Statements
“, other than certain reclassifications have been made in the Company’s consolidated statements of cash flows to conform
with the current period presentation.



The Company does not expect the
adoption of other recently issued accounting pronouncements to have a significant impact on the Company's results of operation,
financial position or cash flows.



NOTE 2 – GOING CONCERN



The Company has a working capital
deficit and has incurred losses since inception. These factors raise substantial doubt about the Company’s ability to continue
as a going concern.  The financial statements do not include any adjustments that may be necessary if the Company is unable
to continue as a going concern.



Management of the Company has undertaken
certain actions to address these conditions.    Funds required to carry out management’s plans are expected to
be derived from future stock sales and borrowings from outside parties. There can be no assurances that the Company will be successful
in executing its plans.





6





NOTE 3
– NOTES PAYABLE



|Note
    payable-stockholder consists of the following:  |  |                  
|-------------------------------------------------------- |  | -----------------
|                                                         |  | June
    30, 2018
|5.75%
    note payable to stockholder, due May 17, 2018. |  | $                
|                                                         |  |                  



|Note
    payable-related party consists of the following:  |  |                  
|---------------------------------------------------------- |  | -----------------
|                                                           |  | June
    30, 2018
|5.75%
    note payable to related party, due May 17, 2018. |  | $                
|                                                           |  |                  



|Convertible
    notes payable-related party consists of the following:                                                                                                      |  |                  
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -----------------
|                                                                                                                                                                            |  | June
    30, 2018
|2% convertible
    notes payable to Ryan Corley, President of the Company, due on demand, convertible into a maximum of 38,238,984 common shares                            |  |                  
|2% convertible note
    payable to an entity controlled by Ryan Corley, President of the Company, due on demand, convertible into a maximum of 978,000
    common shares    |  |                  
|3% convertible notes
    payable to an entity controlled by Ryan Corley, President of the Company, due on demand, convertible into a maximum of 1,619,500
    common shares |  |                  
|2%
    convertible notes payable to Douglas Goodsell, a related party, due on demand, convertible into a maximum of 519,828 common
    shares                               |  |                  
|Total
    notes payable-related party                                                                                                                                       |  | $                





|Convertible
    notes payable consists of the following:                                                                  |  |                  
|------------------------------------------------------------------------------------------------------------------------- |  | -----------------
|                                                                                                                          |  | June
    30, 2018
|7% convertible
    notes payable to stockholder, which is past due, convertible into a maximum of 250,000 common shares,  |  |                  
|7% convertible notes
    payable to stockholder, due August 12, 2018 convertible into a maximum of 250,000 common shares, |  |                  
|4% convertible notes
    payable to a stockholder, due on demand, convertible into a maximum of 350,000 common shares     |  |                  
|2%
    convertible notes payable to stockholders, due on demand, convertible into a maximum of 1,100,000 common shares    |  |                  
|Total
    notes payable                                                                                                   |  | $                





|Long
    Term Convertible notes payable consists of the following:                                                              |  |                  
|------------------------------------------------------------------------------------------------------------------------------- |  | -----------------
|                                                                                                                                |  | June
    30, 2018
|7% convertible
    note payable to stockholder, due on August 15, 2019, convertible into a maximum of 250,000 common shares,    |  |                  
|7%
    convertible note payable to stockholder, due on September 10, 2019, convertible into a maximum of 250,000 common shares, |  |                  
|Total
    notes payable                                                                                                         |  | $                



7









On April 1,
2018, the Company converted $15,000 of the advances from an officer into a convertible note payable. The note bears interest of
2% and is convertible with the accrued interest into common shares of the Company at a rate of $0.025 per share.



In April 2018,
our CEO and President acquired a $50,000 interest in a note payable-stockholder that is due May 17, 2018, and at June 30, 2018
was in default. on August 13, 2018 the Company paid this note with the issuance of 1,250,000 shares of stock.





NOTE 4
– RELATED PARTY TRANSACTIONS



Advances
from Stockholder:

Advances from
a stockholder at June 30, 2018 and March 31, 2018 was $31,000.



Advances
from Officer:

Our CEO, Ryan
Corley, has made advances to the Company in prior years. During the three months ended June 30, 2018 and the year ended March
31, 2018, respectively, the CEO made additional unsecured advances totaling $-0- and $15,500. During the three months ended June
30, 2018 and the year ended March 31, 2018, the Company made payments on these advances of $-0- and $500, respectively. At June
30, 2018 and March 31, 2018, respectively, advances from the CEO were $-0- and $15,000, respectively.



Accrued
Interest - officer

The Company
has notes payable to the CEO in the aggregate amount of $764,455 and $749,455 as of June 30, 2018 and March 31, 2018, respectively.
Accrued interest owed on these notes at June 30, 2018 and March 31, 2018 is $208,684 and $204,861, respectively. These notes and
accrued interest are convertible into 40,783,799 and 41,411,316 shares of restricted common stock of the Company, as of June 30,
2018 and March 31, 2018 respectively.



Advances
from officer - related party

At June 30,
2018 and March 31, 2018, advances from the entity controlled by the CEO was $10,500 and notes payable totaled $160,250. Accrued
interest owed on these notes at June 30, 2018 and March 31, 2018 is $35,873 and $35,188, respectively. These notes and accrued
interest are convertible into 3,168,016 and 3,155,917 shares of restricted common stock of the Company, as of June 30, 2018 and
March 31, 2018, respectively.



Oil and
Gas Leases

During the
three months ended June 30, 2018, the Company paid $100 in transfer fees to acquire a lease on an additional 640 acres in the
Rocky Mountain range located in the state of Colorado for a 4-year term. The lease was acquired from our President and CEO. Each
year, the Company is responsible for making additional lease payments of $2.50 per acre to keep the lease



The Company
conducts its business from the office of its CEO, Ryan Corley, rent free.





NOTE 5 – STOCK OPTIONS



On July 24, 2001, the Company filed
with the SEC Form S-8, for its 2002 Stock Option Plan, (the Plan). An aggregate amount of common stock that may be awarded and
purchased under the Plan is 3,000,000 shares of the Company’s common stock.





8





A summary of the status of the
Company’s stock options as of June 30, 2018 is presented below:



|                                             |  | June
    30, 2018
|-------------------------------------------- |  | -----------------
|Options
    outstanding at beginning of year |  |                  
|Options granted                              |  |                  
|Options exercised                            |  |                  
|Options
    expired                          |  |                  
|Options
    outstanding at end of year       |  |                  



The following table summarizes
the information about the stock options as of June 30, 2018:

|Weighted
                                         Average of
        Exercise
        Price |                 | Number
        Outstanding |           | Weighted
                                         Average
        Remaining
        Contractual
        Life
        Years |      | Number
        Exercisable
|------------------------------------------------------------------------------------------- | --------------- | -------------------------- | --------- | -------------------------------------------------------------------------------------------------------------------------- | ---- | --------------------------
|                                                                                            | 0.08            |                            | 900,000   |                                                                                                                            | 4.05 |                           
|                                                                                            | 0.10            |                            | 240,000   |                                                                                                                            | 4.05 |                           
|                                                                                            | 0.12            |                            | 150,000   |                                                                                                                            | .05  |                           
|$                                                                                           | 0.08
    - 0.12 |                            | 1,290,000 |                                                                                                                            | 3.59 |                           



NOTE 6 – SUBSEQUENT EVENTS



On July 10, 2018, the Company extended
and repriced options that were expiring. A total of 100,000 options of the 150,000 options expiring were extended for one year
at a price of $0.25 per option.



On August 13, 2018, the Company
issued 600,000 shares of common stock in exchange for $30,000.



On August 13, 2018,
the Company issued 2,500,000 common shares  to retire two note payable in the aggregate amount of $100,000. These notes were
in default. Prior to retiring the note, our CEO acquired a one-half interest in the note. Of these shares, 1,250,000 were
issued to the CEO as payment of the note



9





| | ITEM
                          2. | MANAGEMENT’S
                                         DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
| | --------------------------------- | -------------------------------------------------------------------------------------------------------------------------------



STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS.



This Quarterly Report includes
“forward-looking statements” within the meaning of Section 27A of the Exchange Act which represent the expectations
or beliefs concerning future events that involve risks and uncertainties, including but not limited to the demand for Company
products and services and the costs associated with such goods and services. All other statements other than statements of historical
fact included in this Quarterly Report including, without limitation, the statements under “Management’s Discussion
and Analysis or Plan of Operations” and elsewhere in the Quarterly Report, are forward-looking statements.  While the
Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that
such expectations will prove to have been correct.



The following discussion of the
results of operations and financial conditions should be read in conjunction with the financial statements and related notes appearing
in this report.



EnXnet, Inc.
(the “Company”) was formed under the laws of the State of Oklahoma on March 30, 1999. On August 7, 2015, the Company
incorporated EnXnet Energy Company LLC. in the State of Colorado as a wholly owned subsidiary. EnXnet Inc. and its wholly owned
subsidiary, EnXnet Energy Company, LLC. (“the Company”) is a natural gas and petroleum exploitation, development and
production company engaged in locating and developing hydrocarbon resources, primarily in the Rocky Mountain region. The Company’s
principal business strategy is to enhance stockholder value by generating and developing high-potential exploitation resources
in these areas. The Company’s principal business is the acquisition of leasehold interests in petroleum and natural gas
rights, either directly or indirectly, and the exploitation and development of properties subject to these leases. The Company
has leased property in Colorado and is currently searching for additional opportunities in the natural gas and petroleum industry.
Our goal is to lease the oil and gas properties of acreage that has a high likelihood of becoming a producing property. We will
require additional funding to drill and complete a producing natural gas and petroleum well.



The Company
currently can satisfy its current cash requirements for approximately 90 days and will raise additional working capital by the
sale of shares of the Company common stock to select perspective individuals and from additional borrowings. This plan should
provide the additional necessary funds required to enable the Company to initiate its drilling program on the oil and gas lease
properties.



The Company
does not anticipate any significant cash requirements for the purchase of any facilities.



The Company
currently has no full-time employee on the payroll.





Results of Operations –
Three months ended June 30, 2018 and 2017.



The Company incurred operating
expenses of $35,848 and $ 10,227 for the three months ended June 30, 2018 and 2017, respectively, an increase of $25,621. The
increase in operating expenses for the three months ended June 30, 2018 when compared to the three-month period ended June 30,
2017 consist of:

| | · | Increase
                                         in the impairment of oil and gas properties of $17,128
| | - | --------------------------------------------------------------------------------------------------------

·  
Impairment of oil and gas properties, unproved increased $17,128 for the three months ended June 30, 2018 from the previous year.
In the current period the Company determined that carrying value of the unproved oil and gas properties was not supported as we
have not been able to raise funds to complete a drilling program on these properties.

| | · | Increase
                                         in professional services of $9,084
| | - | ------------------------------------------------------------------------------------

·  
Professional services in the three months ended June 30, 2018 includes fees for our year end reporting cycle. Similar fees for
the prior year’s annual reporting cycle were not recorded until the following quarter when the annual report was filed.

| | · | And
                                         other decreases of $591
| | - | --------------------------------------------------------------------



During the three months ended June
30, 2018 and 2017 we incurred net losses of $46,731 and $23,596, respectively.

10











Liquidity and Capital Resources.



From inception through June 30,
2018, the Company has issued 55,276,518 shares of its Common Stock to officers, directors and outside shareholders.  The
Company has little operating history and no material assets other than the oil and gas cash bond and 22,507 acres of mineral lease
properties. The Company has $11,726 of unrestricted cash and $2,489 of restricted cash as of June 30, 2018.



The Company has incurred operating
losses each year since its inception and has a working capital deficit at June 30, 2018. At June 30, 2018 and March 31, 2018,
the working capital deficit was $2,055,147 and $2,008,416, respectively. The working capital deficit and operating losses raise
substantial doubt about the Company’s ability to continue as a going concern.  As a result of these factors, the Company’s
independent certified public accountants have included an explanatory paragraph in their reports on the Company’s March
31, 2018 financial statements which expressed substantial doubt about the Company’s ability to continue as a going concern.



Contractual Obligations.



At the present time, the Company
has no material commitments for capital expenditures.  If capital expenditures are required after operations commence,
the Company will pay for the same through the sale of common stock, or through loans from third parties.  There is no
assurance, however, that such financing will be available and in the event such financing is not available, the Company may have
to cease operations.



CRITICAL ACCOUNTING POLICIES
AND ESTIMATES.



Management’s discussion and
analysis of financial condition and results of operations are based upon our consolidated financial statements. These statements
have been prepared in accordance with generally accepted accounting principles in the United States of America.



Use of estimates in preparation
of financial statements



The preparation of financial statements
in conformity with generally accepted accounting principles requires management to make certain estimates, judgments and assumptions
that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and
liabilities. On an on-going basis, we evaluate our estimates, based on historical experience, and various other assumptions that
are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying
values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates
under different assumptions or conditions. The following critical accounting policies rely upon assumptions, judgments and estimates
and were used in the preparation of our consolidated financial statements:



Cash and cash equivalents

Cash equivalents are highly liquid
investments with an original maturity of three months or less.



Use of estimates

The preparation of financial statements
in conformity with accounting principles generally accepted in the United States necessarily requires management to make estimates
and assumptions that affect the amounts reported in the financial statements. We regularly evaluate estimates and judgments based
on historical experience and other relevant facts and circumstances. Actual results could differ from those estimates.





11





Fair Value of Financial Instruments

Under FASB ASC 825 the Company
is required to disclose the fair value of financial instruments for which it is practicable to estimate value.



The Company’s financial instruments
consist of cash, accounts receivable, accounts payable, accrued liabilities and debt.  The Company believes that the
carrying amounts approximate fair value for all such instruments.



FASB ASC 820 defines fair value,
establishes a framework for measurement, and expands disclosure about fair value measurements.  Topic No. 820 defines
fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date (exit price).  Topic No. 820 classifies the inputs used to measure fair
value into the following hierarchy:



| | Level 1: | Quoted prices for identical
    assets or liabilities in active markets.                                                                                                                                                                                                                  
| | -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Level 2: | Quoted market prices for similar assets or liabilities
    in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived
    valuations whose inputs are observable or whose significant value drivers are observable.
| | Level 3: | Pricing inputs are unobservable for the assets
    and liabilities, including situations in which there is little to no market activity.                                                                                                                                                  





Stock Based Compensation

FASB ASC 718 requires that measurement
of the cost of employee services received in exchange for an award of equity instruments be based on the grant-date fair value
of the award. Such costs are recorded over the periods employees are required to render services in exchange for the awards.



Income taxes

Deferred tax assets and liabilities
are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to reverse.



We have net operating loss carryforwards
available to reduce future taxable income. Future tax benefits for these net operating loss carryforwards are recognized to the
extent that realization of these benefits is considered more likely than not. To the extent that we will not realize a future
tax benefit, a valuation allowance is established.



Basic and diluted net loss per
share



Basic loss per share is computed
using the weighted average number of shares of common stock outstanding during each period. Diluted loss per share includes the
dilutive effects of common stock equivalents on an “as if converted” basis. For the periods ended June 30, 2018 and
2017, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per
common share



Recent Accounting Pronouncements





In November 2016, the FASB issued
ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force). ASU
2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and
amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted
cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period
and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for all interim and annual reporting
periods beginning after December 15, 2017. The attached financial statements include the adoption of ASU 2016-18. The adoption
did not have a material impact on the Company’s Consolidated Financial Statements “, other than certain reclassifications
have been made in the Company’s consolidated statements of cash flows to conform with the current period presentation.





12





The Company does not expect the
adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operation,
financial position or cash flows.



Unaudited Financial Statements



The accompanying unaudited financial
statements for the three months ended June 30, 2018 have been prepared in accordance with generally accepted accounting principles
for interim financia1 information.  In the opinion of management all adjustments considered necessary for a fair presentation,
which consist of normal recurring adjustments, have been included.  The accompanying unaudited financial statements
should be read in conjunction with the financial statements and notes thereto included in the Company’s March 31, 2018 Annual
Report on Form 10-K.



Off Balance Sheet Arrangements



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



CURRENT TRADING MARKET FOR THE
COMPANY’S SECURITIES.



Currently the Company’s stock
is traded under the symbol “EXNT” on the OTC PINK. There can be no assurance that an active or regular trading market
for the common stock will develop or that, if developed, will be sustained. Various factors, such as operating results, changes
in laws, rules or regulations, general market fluctuations, changes in financial estimates by securities analysts and other factors
may have a significant impact on the market of the Company securities. The market price for the securities of public companies
often experience wide fluctuations that are not necessarily related to the operating performance of such public companies such
as high interest rates or impact of overseas markets.



13









| | ITEM
                          3. | QUANTITATIVE
                                         AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
| | --------------------------------- | ----------------------------------------------------------------------------------------------------



Not Applicable





| | ITEM
                          4. | CONTROL
                                         AND PROCEDURES.
| | --------------------------------- | ----------------------------------------------------------------



Evaluation of Disclosure Controls
and Procedures. Our Chief Executive Officer and Chief Financial Officer have concluded, based on their evaluation as of the end
of the period covered by this report, that our disclosure controls and procedures (as defined in Rules 13(a)-15(e) under the Securities
Act of 1934, as amended) are not effective to ensure that all information required to be disclosed by us in the reports filed
or submitted by us under the Securities and Exchange Act is recorded, processed, summarized and reported within the time periods
specified in the SEC’s rules and forms, and include controls and procedures designed to ensure that information required
to be disclosed by us in such reports is accumulated and communicated to the management, including the Chief Executive Officer
and the Chief Financial Officer, as appropriate and allow timely decisions regarding required disclosure.



Changes in Internal Controls.In
connection with the above-referenced evaluation, no change in our internal control over financial reporting occurred during the
period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control
over financial reporting.





PART
II. OTHER INFORMATION





| | ITEM
                          1. | LEGAL
                                         PROCEEDINGS.
| | --------------------------------- | -----------------------------------------------------------



The Company is not involved in
litigation at this time.  We may from time to time be a party to various legal actions in the ordinary course of business. 
There can be no assurance that the Company will not be a party to litigation in the future that could have an adverse effect on
the Company.





| | ITEM
                          1A. | RISK
                                         FACTORS.
| | ---------------------------------- | ------------------------------------------------------



There have been no material changes
with regard to the risk factors previously disclosed in our most recent Annual Report on Form 10-K.



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



On August
13, 2018, the Company issued 2,500,000 common stock shares in payment of a $100,000 note that matured on May 31, 2018. Prior to
this payment, our CEO and President had acquired one half interest in the loan.



On August 13, 2018, the Company
issued 600,000 shares of common stock in exchange for $30,000.





14





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



The following are included herein:
The following are included herein:



|        |                                                                                                             | Incorporated
    by reference | Filed  
|------- | ----------------------------------------------------------------------------------------------------------- | ----------------------------- | -------
|Exhibit | Document
    Description                                                                                    | Form                          | Date   
|3.1     | Articles
    of Incorporation.                                                                              | 10-SB                         | 5/22/00
|        |                                                                                                             |                               |        
|3.2     | First
    Amendment to Articles of Incorporation.                                                           | 10-SB                         | 5/22/00
|        |                                                                                                             |                               |        
|3.3     | Second
    Amendment to Articles of Incorporation.                                                          | 10-SB                         | 5/22/00
|        |                                                                                                             |                               |        
|3.4     | Bylaws.                                                                                                     | 10-SB                         | 5/22/00
|        |                                                                                                             |                               |        
|10.1    | Sub-License
    Agreement with Ryan Corley as Nominee.                                                      | 10-SB                         | 5/22/00
|        |                                                                                                             |                               |        
|10.2    | License
    agreement for Clear Video.                                                                      | 10-SB                         | 5/22/00
|        |                                                                                                             |                               |        
|10.3    | License
    agreement for Clear Video – addendum.                                                           | 10-SB                         | 5/22/00
|        |                                                                                                             |                               |        
|31.1    | Certification
    of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |                               |        
|        |                                                                                                             |                               |        
|31.2    | Certification
    of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |                               |        
|        |                                                                                                             |                               |        
|32.1    | Certification
    of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.     |                               |        
|        |                                                                                                             |                               |        
|32.2    | Certification
    of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.     |                               |        
|        |                                                                                                             |                               |        
|101.INS | XBRL Instance Document.                                                                                     |                               |        
|        |                                                                                                             |                               |        
|101.SCH | XBRL Taxonomy Extension – Schema.                                                                           |                               |        
|        |                                                                                                             |                               |        
|101.CAL | XBRL Taxonomy Extension – Calculations.                                                                     |                               |        
|        |                                                                                                             |                               |        
|101.DEF | XBRL Taxonomy Extension – Definitions.                                                                      |                               |        
|        |                                                                                                             |                               |        
|101.LAB | XBRL Taxonomy Extension – Labels.                                                                           |                               |        
|        |                                                                                                             |                               |        
|101.PRE | XBRL Taxonomy Extension – Presentation.                                                                     |                               |        





15







SIGNATURES



Pursuant to the requirements of
the Securities Exchange Act of 1934, this registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized on this 14th day of August 2018.



| | ENXNET,
    INC.      
| | ----------------------
| | (the
    “Registrant”)
| |                       
| | BY:                   
| |                       
| |                       
| |                       
| | BY:                   
| |                       
| |                       







16







EXHIBIT
INDEX



|        |                                                                                                             | Incorporated
    by reference | Filed  
|------- | ----------------------------------------------------------------------------------------------------------- | ----------------------------- | -------
|Exhibit | Document
    Description                                                                                    | Form                          | Date   
|3.1     | Articles
    of Incorporation.                                                                              | 10-SB                         | 5/22/00
|        |                                                                                                             |                               |        
|3.2     | First
    Amendment to Articles of Incorporation.                                                           | 10-SB                         | 5/22/00
|        |                                                                                                             |                               |        
|3.3     | Second
    Amendment to Articles of Incorporation.                                                          | 10-SB                         | 5/22/00
|        |                                                                                                             |                               |        
|3.4     | Bylaws.                                                                                                     | 10-SB                         | 5/22/00
|        |                                                                                                             |                               |        
|10.1    | Sub-License
    Agreement with Ryan Corley as Nominee.                                                      | 10-SB                         | 5/22/00
|        |                                                                                                             |                               |        
|10.2    | License
    agreement for Clear Video.                                                                      | 10-SB                         | 5/22/00
|        |                                                                                                             |                               |        
|10.3    | License
    agreement for Clear Video – addendum.                                                           | 10-SB                         | 5/22/00
|        |                                                                                                             |                               |        
|31.1    | Certification
    of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |                               |        
|        |                                                                                                             |                               |        
|31.2    | Certification
    of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |                               |        
|        |                                                                                                             |                               |        
|32.1    | Certification
    of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.     |                               |        
|        |                                                                                                             |                               |        
|32.2    | Certification
    of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.     |                               |        
|        |                                                                                                             |                               |        
|101.INS | XBRL Instance Document.                                                                                     |                               |        
|        |                                                                                                             |                               |        
|101.SCH | XBRL Taxonomy Extension – Schema.                                                                           |                               |        
|        |                                                                                                             |                               |        
|101.CAL | XBRL Taxonomy Extension – Calculations.                                                                     |                               |        
|        |                                                                                                             |                               |        
|101.DEF | XBRL Taxonomy Extension – Definitions.                                                                      |                               |        
|        |                                                                                                             |                               |        
|101.LAB | XBRL Taxonomy Extension – Labels.                                                                           |                               |        
|        |                                                                                                             |                               |        
|101.PRE | XBRL Taxonomy Extension – Presentation.                                                                     |                               |        







17