UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 10-K /A

(Amendment No. 2)



(Mark One)



|X| ANNUAL REPORT UNDER SECTION 13 OR
15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934





For the fiscal year ended December 31, 2009



|_| TRANSITION REPORT UNDER SECTION 13
OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934



For the transition period from ______________
to ______________



Commission File Number 000-53701



MAYQUEST VENTURES, INC.

(Exact name of registrant as specified in its
charter)





|Delaware                        | To be applied for  
|------------------------------- | -------------------
|(State or other jurisdiction of | (I.R.S. Employer   
|incorporation or organization)  | Identification No.)



Mayquest Ventures, Inc.

c/o Hydrangea Holdings Ltd.

1 Glafkou Street, Office 1

1085 Nicosia, Cyprus



(Address of principal executive offices)



Tel: +357 22 511 880

(Registrant’s telephone number, including
area code)



Securities registered under Section 12(b) of
the Exchange Act:

None.



Securities registered under Section 12(g) of
the Exchange Act:

Common Stock, $0.0001 par value per share

(Title of Class)





Indicate by check mark if the registrant is
a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes |_| No |X|



Indicate by check mark if the registrant is
not required to file reports pursuant to Section 13 or Section 15(d) of the Act. |_|







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 for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes |X|  No |_|



Indicate by check mark whether the registrant
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 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 if disclosure of delinquent
filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s
knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment
to this Form 10-K. |_|



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” 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 a smaller reporting company.) |     |                          



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



The aggregate market value of the common stock
held by non-affiliates of the issuer was $0.00 on December 31, 2009.



As of December 1, 2010, there were 31,340,000
shares of common stock, par value $.0001, outstanding.










EXPLANATORY NOTE



This Form 10-K/A (Amendment No.2) is being filed by Mayquest
Ventures, Inc. (the “Company”) to amend the Company’s Form 10-K for the year ended December 31, 2009, which was
filed with the Securities and Exchange Commission (“SEC”) on March 31, 2010 (“Initial 10-K”). This Form
10-K/A (Amendment No.2) is filed to amend the Initial 10-K in response to comments received from the SEC. We are correcting the
disclosures on page 17 of the Initial 10-K to correctly indicate Item 9A (T) Controls and Procedures.

No attempt has been made in this Amendment
to modify or update the other disclosures presented in the 10-K. This Amendment does not reflect events occurring after the filing
of the original 10-K (i.e., those events occurring after March 31, 2010) or modify or update those disclosures that may be affected
by subsequent events. Such subsequent matters are addressed in subsequent reports filed with the SEC. Accordingly, this Amendment
should be read in conjunction with the 10-K and our other filings with the SEC.

In addition, as required by Rule 12b-15 under
the Securities Exchange Act of 1934, as amended, new certifications by our principal executive officer and principal financial
officer are filed as exhibits to this Amendment.







Table
of contents



PART II



Item
9A (T)Controls and Procedures



Part
IV



Item
15	Exhibits and Financial Statement Schedules





Signatures





PART II



Item
9A (T)Controls and Procedures



Evaluation of Disclosure Controls and Procedures



The Company’s management is responsible
for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under
the Exchange Act) that is designed to ensure that information required to be disclosed by the Company in the reports that the Company
files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the
Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed
to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act
is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal
financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required
disclosure.



In accordance with Exchange Act Rules 13a-15
and 15d-15, an evaluation was completed under the supervision and with the participation of the Company’s management, including
the Company’s President, Principal Financial Officer and Secretary, of the effectiveness of the design and operation of the
Company’s disclosure controls and procedures as of the end of the period covered by this Amendment No2 to Annual Report.
Based on that evaluation and in response to comments received from the SEC the Company’s
sole officer concluded that the Company’s disclosure controls and procedures were not effective due to the ineffectiveness
of internal controls for financial reporting that is mentioned hereunder in paragraph Evaluation of Internal Controls over Financial
Reporting.



Evaluation of Internal Controls over Financial
Reporting



As of the year ended December 31, 2009 management
assessed the effectiveness of our internal control over financial reporting. In making this assessment, management used the criteria
set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework. Management’s
assessment included an evaluation of the design of our internal control over financial reporting and testing of the operational
effectiveness of these controls.



The matters involving internal controls and
procedures that our management considered to be material weaknesses were:



(1)	The lack of a functioning audit committee
due to a lack of a majority of independent members and a lack of a majority of outside directors on our board of directors, resulting
in ineffective oversight in the establishment and monitoring of required internal controls and procedures;



(2)	Inadequate segregation of duties consistent
with control objectives; and



(3)	Ineffective controls over period end
financial disclosure and reporting processes.



The aforementioned material weaknesses were
identified by our Chief Executive Officer in connection with the audit of our financial statements as of the year ended December
31, 2009.



In an effort to remediate the identified material
weaknesses and other deficiencies and enhance our internal controls, we have initiated, or plan to initiate, the following series
of measures:



(1)	We will create a position to segregate
duties consistent with control objectives and will increase our personnel resources and technical accounting expertise within the
accounting function when funds are available to us.





(2)	We plan to appoint one or more outside
directors to our board of directors who shall be appointed to an audit committee resulting in a fully functioning audit committee
who will undertake the oversight in the establishment and monitoring of required internal controls and procedures such as reviewing
and approving estimates and assumptions made by management when funds are available to us.



As a result of its assessment and the material
weaknesses identified above, management has concluded that our internal controls for financial reporting as of the end of the period
covered by this report were not effective.



Although, Management believes that these material
weaknesses set forth in items (2) and (3) above did not result in any material misstatement in this report, the lack of a functioning
audit committee and the lack of a majority of outside directors on our board of directors results in ineffective oversight in the
establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our
financial statements in future periods.



Changes in Internal Controls over Financial
Reporting



There have been no significant changes to the
Company’s internal controls over financial reporting that occurred during our last fiscal quarter of the year ended December
31, 2009, that materially affected, or were reasonably likely to materially affect, our internal controls over financial reporting.









Part
IV



ITEM 15	Exhibits



Exhibits



|31.1 | Certification of Chief Executive Officer Pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934                                                         
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                             
|31.2 | Certification of Chief Financial Officer Pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934                                                         
|     |                                                                                                                                                                             
|32   | Certification of Chief Executive Officer and Chief Financial Officer Pursuant to18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002









Signatures



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



|                        | MAYQUEST VENTURES, INC.
|----------------------- | -----------------------
|                        |                        
|Dated: January 11, 2011 | By:                    
|                        |                        
|                        |                        
|                        |                        
|                        |                        
|                        |                        



In accordance with Section 13 or 15(d) of the
Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated.



|                      | Title                               | Date            
|--------------------- | ----------------------------------- | ----------------
|                      |                                     |                 
|/s/ Roman Zherdytskyi | President, Secretary, Chief         | January 11, 2011
|Roman Zherdytskyi     | Financial Officer and Sole Director |