**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-QSB**

|   |   |                                                                                                                                     |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------|
| þ |   | **QUARTERLY                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934** |

**For      the quarterly period ended March 31, 2006**

**OR**

|   |   |                                                                                                                                      |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|
| o      |   | **TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934** |

**For      the transition period from ___________ to ___________**

**0-51420**

**QUETZAL      CAPITAL I, INC.**

|                                                                                                   |                                                                               |
|--------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------|
| **Florida**(State                or other jurisdiction ofincorporation                or organization) | **20-3061892**(I.R.S.                EmployerIdentification                Number) |

|                                                                                                                                               |                               |
|----------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|
| **2435                E. Coast Hwy., Suite 9****Corona                del Mar, California**(Address                of principal executive offices) | **92625**(Zip                Code) |

**(949) 673-7091**

|                                                       |   |                                              |
|------------------------------------------------------------|--------|---------------------------------------------------|
| Class                                                      |   | Outstanding                at March 31, 2006 |
| **Common                Stock, $.001 par value per share** |   | **5,000,000                shares**               |

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**QUETZAL      CAPITAL I, INC.**

**TABLE      OF CONTENTS**

|                                                                                                       |   |                 |   |   |
|------------------------------------------------------------------------------------------------------------|--------|----------------------|--------|--------|
|                                                                                                       |   | **  PAGE** |
| **Part                I Financial Information**                                                            |   |                 | 1      |   |
|                                                                                                       |   |                 |   |   |
| Item 1.                Financial                Statements (unaudited)                           |   |                 | 1      |   |
|                                                                                                       |   |                 |   |   |
| Balance                Sheet                                                                               |   |                 | 1      |   |
|                                                                                                       |   |                 |   |   |
| Statements                of Operations                                                                    |   |                 | 2      |   |
|                                                                                                       |   |                 |   |   |
| Statements                of Cash Flows                                                                    |   |                 | 3      |   |
|                                                                                                       |   |                 |   |   |
| Notes                to Financial Statements                                                               |   |                 | 4      |   |
|                                                                                                       |   |                 |   |   |
| Item 2.                Management’s                Discussion and Analysis or Plan of Operation |   |                 | 6      |   |
|                                                                                                       |   |                 |   |   |
| Item 3.                Controls and Procedures                                                        |   |                 | 7      |   |
|                                                                                                       |   |                 |   |   |
| **Part                II Other Information**                                                               |   |                 | 8      |   |
|                                                                                                       |   |                 |   |   |
| Item 6.                Exhibits                                                                       |   |                 | 8      |   |
|                                                                                                       |   |                 |   |   |
| **Signatures**                                                                                             |   |                 | 9      |   |
|  Exhibit                31.1                                                                          |
| Exhibit                32.1                                                                                |

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**PART      I FINANCIAL INFORMATION**

**Item      1. Financial Statements**

| **QUETZAL                  CAPITAL I, INC.**       |
|----------------------------------------------------|
| **(A                  DEVELOPMENT STAGE COMPANY)** |
| **BALANCE                  SHEET**                 |
| **MARCH                  31, 2006**                |
|  **(Unaudited)**                              |

| **ASSETS**                                                                     |   |   |   |   |   |   |   |
|--------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                           |   |   |   |   |   |   |   |
| **CURRENT                  ASSETS:**                                           |   |   |   |   |   |   |   |
| Cash                  & cash equivalents                                   |   |   |   |   | $      | 1,905  |   |
|                                                                           |   |   |   |   |   |   |   |
| Total                  assets                                                  |   |   |   |   | $      | 1,905  |   |
|                                                                           |   |   |   |   |   |   |   |
| **LIABILITIES                  AND SHAREHOLDERS' DEFICIENCY**                  |   |   |   |   |   |   |   |
|                                                                           |   |   |   |   |   |   |   |
| **CURRENT                  LIABILITIES:**                                      |   |   |   |   |   |   |   |
| Loan                  from shareholder                                         |   |   |   |   | $      | 2,000  |   |
| Accounts                  payable & accrued expenses                       |   |   |   |   |   | 158    |   |
| Total                  current liabilities                                     |   |   |   |   |   | 2,158  |   |
|                                                                           |   |   |   |   |   |   |   |
| **SHAREHOLDERS'                  DEFICIENCY**                                  |   |   |   |   |   |   |   |
| Common                  stock, $.001 par value, 100,000,000 shares authorized; |   |   |   |   |   |   |   |
| 5,000,000                  issued and outstanding                              |   |   |   |   |   | 5,000  |   |
| Deficit                  accumulated during the development stage              |   |   |   |   |   | (5,253 | )      |
| Total                  shareholders' deficiency                                |   |   |   |   |   | (253   | )      |
|                                                                           |   |   |   |   |   |   |   |
| Total                  liabilities and shareholders' deficiency                |   |   |   |   | $      | 1,905  |   |
|                                                                           |   |   |   |   |   |   |   |

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| **QUETZAL                    CAPITAL I, INC.**       |
|------------------------------------------------------|
| **(A                    DEVELOPMENT STAGE COMPANY)** |
| **STATEMENTS                    OF OPERATIONS**      |
|  **(Unaudited)**                                |

|                                                                       |   | **For                  the three month period** |      |  **June                  27, 2005 (Inception)** |   |
|----------------------------------------------------------------------------|--------|-------------------------------------------------|-----------|------------------------------------------------------|--------|
|                                                                       |   | **ended                  March 31, 2006**       |      | **To                  March 31, 2006**               |   |
| **Revenue**                                                                |   | $                                               | -         |                                                 | $      | - |   |
|                                                                       |   |                                            |      |                                                 |   |   |   |
| **Expenses:**                                                              |   |                                            |      |                                                 |   |   |   |
| **Bank                  Charges**                                          |   |                                            | 111       |                                                 |   | 111 |   |
| **Printing                  Costs**                                        |   |                                            | -         |                                                 |   | 142 |   |
| **Organization                  Costs**                                    |   |                                            | -         |                                                 |   | 156 |   |
| **Accounting**                                                             |   |                                            | -         |                                                 |   | 5,000 |   |
| **Legal**                                                                  |   |                                            | -         |                                                 |   | 2,500 |   |
|                                                                       |   |                                            | 111       |                                                 |   | 7,909 |   |
| **Other                  income:**                                         |   |                                            | -         |                                                 |   | 2,656 |   |
| **Debt                  forgiveness income**                               |   |                                            |      |                                                 |   |  |   |
|                                                                       |   |                                            |      |                                                 |   |   |   |
| **Net                  loss**                                              |   | $                                               | (111      | )                                                    | $      | (5,253 | ) |
| **Basic                  and diluted net loss per share**                  |   | $                                               | -         |                                                 | $      | - |   |
|                                                                       |   |                                            |      |                                                 |   |   |   |
| **Weighted                  average number of shares used in calculating** |   |                                            |      |                                                 |   |   |   |
| **basic                  and diluted net loss per share**                  |   |                                            | 5,000,000 |                                                 |   | 5,000,000 |   |

----

| **QUETZAL                  CAPITAL I, INC.**       |
|----------------------------------------------------|
| **(A                  DEVELOPMENT STAGE COMPANY)** |
| **STATEMENTS                  OF CASH FLOWS**      |
|  **(Unaudited)**                              |

|                                                                    |   |   |                                   |   |   |                                           |   |
|-------------------------------------------------------------------------|--------|--------|----------------------------------------|--------|--------|------------------------------------------------|--------|
|                                                                    |   |   | **January                  1, 2006**   |   |   | **June                  27, 2005 (Inception)** |   |
| **CASH                  FLOWS FROM OPERATING ACTIVITIES:**              |   |   | **To                  March 31, 2006** |   |   | **To                  March 31, 2006**         |   |
| Net                  loss                                               |   | $      | (111                                   | )      | $      | (5,253                                         | )      |
| Increase                  in accounts payable                           |   |   | 16                                     |   |   | 158                                            |   |
|                                                                    |   |   |                                   |   |   |                                           |   |
| Net                  cash used in operating activities                  |   |   | (95                                    | )      |   | (5,095                                         | )      |
|                                                                    |   |   |                                   |   |   |                                           |   |
| **CASH                  FLOWS FROM FINANCING ACTIVITIES:**              |   |   |                                   |   |   |                                           |   |
| Proceeds                  from issuance of common stock                 |   |   |                                   |   |   | 5,000                                          |   |
| Proceeds                  from loan                                     |   |   | 2,000                                  |   |   | 2,000                                          |   |
|                     Net cash provided by financing activities |   |   | 2,000                                  |   |   | 7,000                                          |   |
|                                                                    |   |   |                                   |   |   |                                           |   |
| NET                  INCREASE IN CASH & CASH EQUIVALENTS            |   |   | 1,905                                  |   |   | 1,905                                          |   |
|                                                                    |   |   |                                   |   |   |                                           |   |
| **CASH                  & CASH EQUIVALENTS, BEGINNING BALANCE**     |   |   | -                                      |   |   | -                                              |   |
|                                                                    |   |   |                                   |   |   |                                           |   |
| **CASH                  & CASH EQUIVALENTS, ENDING BALANCE**        |   | $      | 1,905                                  |   | $      | 1,905                                          |   |
|                                                                    |   |   |                                   |   |   |                                           |   |
| **SUPPLEMENTAL                  DISCLOSURE OF CASH FLOW INFORMATION**   |   |   |                                   |   |   |                                           |   |
|                                                                    |   |   |                                   |   |   |                                           |   |
| **NONCASH                  INVESTING AND FINANCING TRANSACTIONS**       |   |   |                                   |   |   |                                           |   |
| Taxes                  paid                                             |   | $      | -                                      |   | $      | -                                              |   |
| Interest                  paid                                          |   | $      | -                                      |   | $      | -                                              |   |

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**QUETZAL      CAPITAL I, INC.**

**(A      Development Stage Company)**

**Notes      to Financial Statements**

**March      31, 2006**

**Note      1 - Basis of Presentation**

**Note      2 - Accounting Policies and Operations**

**Organization**

**Cash      and Cash Equivalents**

**Earnings      Per Share**

----

**Use      of Estimates**

**Income      Taxes **

**Fair      Value of Financial Instruments**

**Recent      Accounting Pronouncements**

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**Going      Concern**

**Note      3 - Shareholders’ Equity**

**Item      2. Management’s Discussion and Analysis or Plan of      Operation**

**Overview**

**Critical      Accounting Policies and Estimates**

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**Plan      of Operation**

**Item      3. Controls and Procedures**

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**PART      II OTHER INFORMATION**

**Item      6. Exhibits**

| Exhibit                  Number  | Description                                                            |
|---------------------------------------|------------------------------------------------------------------------|
| Exhibit                  31.1         | 302                  Certification - Tony N.                  Frudakis |
| Exhibit                  32.1         | 906                  Certification - Tony N.                  Frudakis |

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**SIGNATURES**

|                                              |                                                                                                              |                                                |
|---------------------------------------------------|-------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------|
|                                              | **QUETZAL              CAPITAL I, INC.**                                                                          |
|                                         |                                                                                                         |                                           |
| Date: May              15,              2006 | By:                                                                                                     | /s/ Tony              N.              Frudakis |
|                                              | Tony              N. Frudakis                                                                                     |
|                                              | President,              Secretary and Treasurer(Principal Accounting Officer and Authorized              Officer) |

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| Exhibit                    Number  | Description                                                                |
|-----------------------------------------|----------------------------------------------------------------------------|
| Exhibit                    31.1         | 302                    Certification - Tony N.                    Frudakis |
| Exhibit                    32.1         | 906                    Certification - Tony N.                    Frudakis |

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