| Nevada                                            |   | 87-0543565                             |
|---------------------------------------------------|--------|----------------------------------------|
| (State      or other jurisdiction                 |   | (IRS      Employer Identification No.) |
| of      incorporation or organization)            |   |                                   |
|                                              |   |                                   |
| 108      Village Square, Suite 315Somers,      NY |   | 10589                                  |
| (Address      of principal executive offices)     |   | (Zip      code)                        |

----

| Large      accelerated filer  ̈ | Accelerated      filer  ̈ |
|-------------------------------------|-------------------------------|

| Non-accelerated      filer (Do not check if a smaller reporting company)  ̈ | Smaller      reporting company x |
|---------------------------------------------------------------------------------|----------------------------------|

----

----

|                                                                                                                 | Page         |
|----------------------------------------------------------------------------------------------------------------------|--------------|
| PART      I.       FINANCIAL INFORMATION                                                         |         |
|                                                                                                                 |         |
| ITEM      1 – Condensed Consolidated Financial Statements    (Unaudited):                                      |         |
|                                                                                                                 |         |
| Balance      Sheets as of March 31, 2010 and December 31, 2009                                                       | 3            |
| Statements      of Operations for the Three Months Ended March  31, 2010 and      2009                     | 4            |
| Statements      of Cash Flows for the Three months Ended March 31, 2010 and      2009                                | 5            |
| Notes      to Unaudited Condensed Consolidated Financial Statements                                                  | 6            |
|                                                                                                                 |         |
| ITEM      2 – Management’s Discussion and Analysis of Financial Condition and      Results of Operations | 9            |
|                                                                                                                 |         |
| ITEM      3 – Quantitative and Qualitative Disclosures About Market    Risk                                    | 12           |
|                                                                                                                 |         |
| ITEM      4 – Controls and Procedures                                                                          | 12           |
|                                                                                                                 |         |
| PART      II.         OTHER      INFORMATION                                 |         |
|                                                                                                                 |         |
| ITEM      1 – Legal Proceedings                                                                                | 13           |
| ITEM      1a. – Risk Factors                                                                                   |    |
| ITEM      6 – Exhibits and Reports on Form 8-K                                                                 | 14           |
|                                                                                                                 |         |
| Signature                                                                                                            | 16           |
|                                                                                                                 |         |
| Officer      Certification                                                                                           |         |

----

|                                                                                                              |   | March 31, |        |   | December 31, |   |
|-------------------------------------------------------------------------------------------------------------------|--------|----------------|-------------|--------|-------------------|--------|
|                                                                                                              |   | 2010           |        |   | 2009              |   |
|                                                                                                              |   |           |        |   |              |   |
| ASSETS                                                                                                            |   |           |        |   |              |   |
| Current      Assets:                                                                                              |   |           |        |   |              |   |
| Cash      and cash equivalents                                                                                    |   | $              | 617,703     |   |              | $      | 677,581 |   |
| Accounts      receivable                                                                                          |   |           | 928         |   |              |   | 2,677 |   |
| Prepaid      Compensation                                                                                         |   |           | 5,397       |   |              |   | - |   |
| Note      receivable - related party                                                                              |   |           | 600,000     |   |              |   | 600,000 |   |
| Investments                                                                                                       |   |           | 503,673     |   |              |   | 502,312 |   |
| Interest      receivable                                                                                          |   |           | 7,233       |   |              |   | 7,233 |   |
| Total      assets                                                                                                 |   | $              | 1,734,934   |   |              | $      | 1,789,803 |   |
|                                                                                                              |   |           |        |   |              |   |   |   |
| LIABILITIES      AND STOCKHOLDERS’ EQUITY                                                                   |   |           |        |   |              |   |   |   |
|                                                                                                              |   |           |        |   |              |   |   |   |
| Current      Liabilities:                                                                                         |   |           |        |   |              |   |   |   |
| Accounts      payable                                                                                             |   | $              | -           |   |              | $      | 33,931 |   |
| Other      accrued expenses                                                                                       |   |           | 39,840      |   |              |   | 45,215 |   |
| Total      current liabilities                                                                                    |   |           | 39,840      |   |              |   | 79,146 |   |
|                                                                                                              |   |           |        |   |              |   |   |   |
| Stockholders’      Equity:                                                                                  |   |           |        |   |              |   |   |   |
| Preferred      stock - $.001 par value; authorized, 5,000,000 shares; issued and      outstanding, 20,000         |   |           | 20          |   |              |   | 20 |   |
| Common      stock - $.001 par value, authorized 15,000,000 shares; issued and      outstanding, 5,443,157 shares. |   |           | 5,443       |   |              |   | 5,443 |   |
| Additional      paid-in capital                                                                                   |   |           | 90,930,406  |   |              |   | 90,927,406 |   |
| Accumulated      deficit                                                                                          |   |           | (89,240,775 | )      |              |   | (89,222,212 | ) |
| Total      stockholders' equity                                                                                   |   |           | 1,695,094   |   |              |   | 1,710,657 |   |
| Total      liabilities and stockholders' equity                                                                   |   | $              | 1,734,934   |   |              | $      | 1,789,803 |   |

----

|                                                               |   | Three Months EndedMarch 31, |      |
|--------------------------------------------------------------------|--------|--------------------------------------------|-----------|
|                                                               |   | 2010                                       |      |   | 2009 |   |
|                                                               |   |                                       |      |   |   |   |
| Service      revenues                                              |   | $                                          | —   |   |   | $ | 53,973 |   |
| Costs      and expenses:                                           |   |                                       |      |   |   |   |   |   |
| Cost      of services                                              |   |                                       | —   |   |   |   | 58,838 |   |
| General      and administrative                                    |   |                                       | 54,892    |   |   |   | 94,075 |   |
| Loss      from operations                                          |   |                                       | (54,892   | ) |   |   | (98,940 | ) |
| Investment      income:                                            |   |                                       |      |   |   |   |   |   |
| Gain      on sale of investments                                   |   |                                       | 3,463     |   |   |   | — |   |
| Unrealized      investment gain (loss)                             |   |                                       | 10,977    |   |   |   | (12,173 | ) |
| Interest      income                                               |   |                                       | 21,889    |   |   |   | 20,073 |   |
| Net      Investment income                                         |   |                                       | 36,329    |   |   |   | 7,900 |   |
| Net      income (loss)                                             |   | $                                          | (18,563   | ) |   | $ | (91,040 | ) |
|                                                               |   |                                       |      |   |   |   |   |   |
| Net      income (loss) per share – basic and diluted         |   | $                                          | (0.01     | ) |   | $ | (0.02 | ) |
|                                                               |   |                                       |      |   |   |   |   |   |
| Weighted      average shares outstanding – basic and diluted |   |                                       | 5,443,157 |   |   |   | 5,443,157 |   |

----

|                                                                                  |   | Three Months Ended March 31, |    |
|---------------------------------------------------------------------------------------|--------|--------------------------------------------------|---------|
|                                                                                  |   | 2010                                             |    |   | 2009 |   |
|                                                                                  |   |                                             |    |   |   |   |
| CASH      FLOWS USED IN OPERATING ACTIVITIES:                                         |   |                                             |    |   |   |   |
|                                                                                  |   |                                             |    |   |   |   |
| Net      loss                                                                         |   | $                                                | (18,563 | ) |   | $ | (91,040 | ) |
| Adjustments      to reconcile net loss to net cash used by operating      activities: |   |                                             |    |   |   |   |   |   |
| Unrealized      loss (gain) in marketable securities                                  |   |                                             | (4,436  | ) |   |   | 12,173 |   |
| Stock      based compensation                                                         |   |                                             | 3,000   |   |   |   | - |   |
| Gain      on sale of investments                                                      |   |                                             | (3,463  | ) |   |   | — |   |
| Increase      (decrease) in cash from the change in:                                  |   |                                             | — |   |   |   |   |   |
| Accounts      receivable                                                              |   |                                             | 1,749   |   |   |   | 10,744 |   |
| Accounts      payable                                                                 |   |                                             | (33,931 | ) |   |   | (125,894 | ) |
| Other      accrued expenses                                                           |   |                                             | (5,377  | ) |   |   | (54,274 | ) |
| Net      cash used in operating activities                                            |   |                                             | (61,021 | ) |   |   | (248,291 | ) |
|                                                                                  |   |                                             |    |   |   |   |   |   |
| CASH      FLOWS USED IN INVESTING ACTIVITIES:                                         |   |                                             |    |   |   |   |   |   |
| Note  receivable                                                            |   |                                             | — |   |   |   | (600,000 | ) |
| Interest      receivable                                                              |   |                                             |    |   |   |   | (8,133 | ) |
| Prepaid      compensation                                                             |   |                                             | (5,397  | ) |   |   |   |   |
| Proceeds      from sale of investments                                                |   |                                             | 14,546  |   |   |   | — |   |
| Investments      in marketable securities                                             |   |                                             | (8,006  | ) |   |   | (71,673 | ) |
| Net      cash used in investing activities                                            |   |                                             | 1,143   |   |   |   | (679,806 | ) |
|                                                                                  |   |                                             |    |   |   |   |   |   |
| CASH      FLOWS FROM FINANCING ACTIVITIES:                                            |   |                                             |    |   |   |   |   |   |
| Net      proceeds from private placement of common stock                              |   |                                             | — |   |   |   | — |   |
| Net      cash provided by financing activities                                        |   |                                             | — |   |   |   | — |   |
|                                                                                  |   |                                             |    |   |   |   |   |   |
| NET      INCREASE (DECREASE)  IN CASH AND CASHEQUIVALENTS                   |   |                                             | (59,878 | ) |   |   | (928,097 | ) |
| CASH      AND CASH EQUIVALENTS, BEGINNING OF PERIOD                                   |   |                                             | 677,581 |   |   |   | 1,982,191 |   |
| CASH      AND CASH EQUIVALENTS, END OF PERIOD                                         |   | $                                                | 617,703 |   |   | $ | 1,054,094 |   |
|                                                                                  |   |                                             |    |   |   |   |   |   |
| SUPPLEMENTAL      DISCLOSURES OF CASH FLOW INFORMATION:                               |   |                                             |    |   |   |   |   |   |
| Cash      paid for interest                                                           |   | NONE                                             |    |   | NONE |   |
| Cash      paid for income taxes                                                       |   | NONE                                             |    |   | NONE |   |

----

| 1.  | NATURE      OF BUSINESS AND BASIS OFPRESENTATION |
|----------|--------------------------------------------------|

----

| 2.   | NET LOSS PER      SHARE |
|----------------|-------------------------|

----

| 3.   | REVENUE      RECOGNITION |
|----------------|--------------------------|

| 4.   | STOCK-BASED      COMPENSATION |
|----------------|-------------------------------|

| 5.   | RELATED PARTY      TRANSACTIONS |
|----------------|---------------------------------|

| 6.   | INVESTMENTS |
|----------------|-------------|

----

----

----

----

----

----

| (a) | Exhibits: |
|-----|-----------|

| Number               |         | Description of Exhibit                                                                                                                                                                                        |
|----------------------|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  2.1            |         | Agreement      and Plan of Merger by and among First American Clock Co., MangoSoft      Corporation and MangoMerger Corp., dated as of August 27, 1999.      (1)                                                        |
|  3.1            |         | Articles      of Incorporation, as amended. (2)                                                                                                                                                                         |
|  3.2            |         | By-laws.      (2)                                                                                                                                                                                                       |
|  4.1            |         | Rights      Plan. (6)                                                                                                                                                                                                   |
|   10       |         | Lease      of Westborough   Office Park, Building Five, dated November 10, 1995.      (3)                                                                                                                          |
|   14       |         | Code      of Ethics. (7)                                                                                                                                                                                                |
|    21 |         | Subsidiary      of the Registrant. (2)                                                                                                                                                                                  |
| 31.1                 |         | Certification      of Principal Executive Officer required by Rule 13a 14(a) or Rule 15-d14      (a) of the Securities Exchange Act of 1934, as adopted pursuant to Section      302 of the Sarbanes-Oxley Act of 2002. |
| 32.1                 |         | Certification      of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted      pursuant to Section 906 of the Sarbanes-Oxley Act of  2002.                                                           |
| 99.1                 |         | 1999      Incentive Compensation Plan, as amended and restated on May 1, 2000.      (1)                                                                                                                                 |
| 99.2                 |         | Form      of Subscription Agreement for purchase of common stock, dated as of March      20, 2000. (1)                                                                                                                  |
| 99.3                 |         | Form      of Warrant Agreement. (1)                                                                                                                                                                                     |
| 99.4                 |         | Asset      Purchase Agreement, dated February 11, 2002, between MangoSoft, Inc. and      Fleet National Bank. (4)                                                                                                       |
| 99.5                 |         | Warrant      Agreement, dated February 11, 2002, between MangoSoft, Inc. and Fleet      National Bank. (4)                                                                                                              |
| 99.6                 |         | Information      Management Services Agreement, dated September30,      2002, between MangoSoft, Inc. and Built Right Networks LLC.      (5)                                                                            |
| 99.7                 |         | Rights      Agreement, dated March 14, 2003, between MangoSoft, Inc. and Interwest      Transfer Co., Inc. (6)                                                                                                          |
|                 |         |                                                                                                                                                                                                                    |
| (1)                  |         | Filed      as an exhibit to our Current Report on Form 8-K for an event dated      September 7, 1999 and hereby incorporated by reference      thereto.                                                                 |
| (2)                  |         | Filed      as an exhibit to our Registration Statement on Form 10-SB, filed June 9,      2000, and hereby incorporated by reference thereto.                                                                            |
| (3)                  |         | Filed      as an exhibit to our Quarterly Report filed November 9, 1999 for the      quarter ended September 30, 1999 and hereby incorporated by reference      thereto.                                                |
| (4)                  |         | Filed      as an exhibit to our Quarterly Report filed August 14, 2002 for the      quarter ended June 30, 2002 and hereby incorporated by reference      thereto.                                                      |
| (5)                  |         | Filed      as an exhibit to our Current Report on Form 8-K for an event dated      September 30, 2002 and hereby incorporated by reference      thereto.                                                                |
| (6)                  |         | Filed      as an exhibit to our Current Report on Form 8-K for an event dated March      21, 2003, as amended on July 25, 2003, and hereby incorporated by      reference thereto.                                      |
| (7)                  |    | Filed      as an exhibit to our Annual Report filed on March 26, 2004 for the year      ended December 31, 2003 and hereby incorporated by reference      thereto.                                                      |

----

| (1)    | On      January 22, 2008, Form 8-K was filed indicating that its Board of      Directors has extended the expiration date of its previously announced      rights offering from January 29, 2008 to February 18,  2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| (2)    | On      January 29, 2008, Form 8-K was filed indicating that its Board of      Directors has extended the expiration date of its previously announced      rights offering from February 18, 2008 to February 19,    2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| (3)    | On      February 27, 2008, Form 8-K was filed indicating the closing and the      results of its rights offering which ended as of the close of business on      February 19, 2008. The Company received gross proceeds of approximately      $1,023,672 and will issue approximately 2,047,344 shares of its common      stock to its stockholders who properly exercised their rights in the      rights offering. The Company expects to commence issuing the shares of      common stock on or about February 27, 2008.                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| (4)    | On      May 14 2008, Form 8-K was filed indicating that the United States Court of      Appeals for the Federal Circuit issued an opinion in the case Mangosoft,      Inc. et al. v. Oracle Corporation. The opinion affirmed the District      Court’s claim construction order of September 21, 2004 and the District      Court’s decision granting defendant’s motion for summary judgment on      non-infringement entered by the District Court on March 28,      2007.                                                                                                                                                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| (5)    | On      December 4, 2008, Form 8-K was filed indicating that Mangosoft, Inc.      entered into an agreement to settle its patent litigation with Skype      Technologies SA, Skype Software SARL and eBay Inc. titled Mangosoft      Intellectual Property, Inc. V. Skype Technologies, S.A. et al., Civil      Action No. 2:06CV-390 TJW, which was pending in the United States District      Court for the Eastern District of Texas. Under the terms of the Agreement,      eBay and its affiliates and subsidiaries will receive a non-exclusive      license to all of the patents or patent applications now owned by the      Company, or in which the Company has a controlling interest, for a one      time fee in the amount of $2,300,000. The Agreement also provides for      general releases and dismisses the existing litigation between the      parties. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| (6)    | On      January 29, 2009, Form 8-K was filed indicating that Mangosoft agreed to      loan $600,000 to Plaintiff Holding XI LLC, a newly formed wholly owned      subsidiary (the “Subsidiary”) of Plaintiff Funding Holding, Inc., d/b/a      LawCash. Such loan is evidenced by a secured promissory note issued by the      Subsidiary to Mangosoft having a term of one year and bearing interest at      the rate of 14% per annum. Each of the Company and LawCash are directly or      indirectly controlled by Mr. Selig Zises and Mr. Jay  Zises.                                                                                                                                                                                                                                                                                                        |

| (7) | On      April 22, 2009, Dale Vincent, the Chief Executive Officer and President      and sole Director and sole employee of MangoSoft, Inc. (the “Company”),      passed away. As a result of the vacancy created by the death of Mr.      Vincent, on April 28, 2009, Selig Zises was elected as a Director of the      Company by written consent of a majority of the stockholders of the      Company in lieu of a stockholders’ meeting. Thereafter, Mr. Zises      appointed himself as Interim Chief Executive Officer and Interim Secretary      of the Company. Mr. Zises will not receive any compensation as an officer      or director of the Company. Mr. Zises is 67 years of age and has been a      private investor for the past five (5) years. There is no family      relationship between Selig Zises and any other former executive officer or      director of the Company, and there is no arrangement or understanding      under which Selig Zises was appointed Director, Interim Chief Executive      Officer or Interim Secretary. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8)    | On      May 22, 2009, MangoSoft, Inc. (the “Company” or “MangoSoft”) agreed to      purchase from Plaintiff Funding Holding, Inc., d/b/a LawCash (“LawCash”),      for the sum of $400,000 (the “Purchase Price”), all of LawCash’s rights,      title and interest in certain specified litigations that had been funded      by LawCash (the “Cases”). LawCash, through its various subsidiaries, is in      the business of financing personal injury litigations, such as the Cases,      and in connection therewith, receives a contingent interest in the      proceeds of the potential recovery by a personal injury claimant or      litigant. In accordance with the bill of sale entered into on May 22, 2009      by the Company and LawCash pursuant to which the Company acquired the      Cases (the “Bill of Sale”), LawCash will service the Cases pursuant to a      master services agreement dated May 22, 2009 (the “Master Services      Agreement”) and the Company is entitled to receive from the disposition of      the Cases (i) the return of the Purchase Price, and (ii) a return on the      Purchase Price of 14% per annum.. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (9)    | Mangosoft,      Inc. (OTC BB: MGOF.OB) Mangosoft Inc. announced the appointment of Dennis      M. Goett as Chief Operating Officer and Chief Financial Officer of the      Company as well as his election to the Board of Directors.      The      Company also announced the transition of its offices to New York. The      Company’s new mailing address is 108 Village Square, Suite 315, Somers,      New York 10589. The telephone number for the new executive offices is      914-669-5333.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (10)   | Effective      December 31, 2009, the Company and Built Right Networks, LLC (“Built      Right”) entered into a Hosting License Agreement. Under the terms of this      new non-exclusive license, commencing January 1, 2010, Built Right will      independently maintain, host and support the Company suite of software      offerings and service the Company’s existing customers. Built Right will      have the rights to and responsibility for these former client accounts and      collect any and all fees related thereto. The Company retains all      intellectual property rights. Built Right retains the right to use the      Company’s trademarks under the terms of the hosting agreement and will      maintain the Company’s web-site for the purposes of continuing these      services.                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (11)   | Effective      February 24, 2010, Selig Zises resigned his interim roles as Chairman and      CEO of the Company. Dennis Goett replaces Mr. Zises as Chairman and CEO.      At that same time, Elliott H. Singer and Joseph Luminoso, were elected to      the Company’s Board of Directors. Mr. Singer brings experience in both      corporate development and board service. He founded A+ Communications, a      telecommunications company, and built it into a $100 million enterprise.      He serves on two other boards; Neurologix Inc. and Ameritrans Capital      Corporation and is a founding principal of Fairview Advisors, a middle      market merchant bank. Mr. Luminoso is a seasoned software and services      senior executive who manages Technical Solutions for 3Par, a manufacturer      of systems and software for data storage and information management. He      has a long history of successful IT management having previously served at      SoftNet Technologies, NetApp and Computer Associates. Mr. Luminoso also      served on the board of SoftNet  Technologies.                                                                                                                                        |

----

|        May 17, 2010 |   | MANGOSOFT,      INC.                          |
|--------------------------|--------|-----------------------------------------------|
|                     |   |                                          |
|                     |   | /S/ Dennis      Goett                         |
|                     |   | Dennis      GoettChief      Executive Officer |

----