**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**Washington,
      D.C. 20549**





**FORM
      10-QSB**


(Mark
      One)


x
            **QUARTERLY
                REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
                1934**





For
      the
      quarterly period ended  March
      31, 2007


**OR**


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




For
      the
      transition period from ______________  to ____________




Commission
      file number  000-50739




ENERGENX,
                INC.(Exact
                name of small business issuer as
                specified in its charter)NEVADA
            
            20-1044677(State
                or other jurisdiction of
                incorporation
            
            (I.R.S.
                Employeror
                organization)
            
            Identification
                No.)6200
                E. Commerce Loop, Post Falls, Idaho
                83854(Address
                of principal executive
                offices)(208)
                665-5553(Issuer’s
                telephone number)(Former
                name, former address and former fiscal
                year, if changed since last report)





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 past 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 T  NO ࿶




Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange Act).  YES ࿶  NO T





At
      May
      11, 2007, the issuer had outstanding the indicated number of shares of common
      stock: 29,697,276.





Transitional
      Small Business Disclosure Format  YES ࿶  NO T








**ENERGENX,
      INC.**





**INDEX**


PART
                  I.
              FINANCIAL
                  INFORMATIONItem
                  1.
              Financial
                  StatementsBalance
                  Sheets as of March 31, 2007 (unaudited)and
                  December 31, 2006 (audited)
              1Statements
                  of Operations (unaudited) for the three monthsended
                  March 31, 2007 and 2006
              2Statements
                  of Cash Flows (unaudited) for the threemonths
                  ended March 31, 2007 and 2006
              3Condensed
                  Notes to Financial Statements
              4Item
                  2.
              Management’s
                  Discussion and Analysis or Plan of Operations
              11Item
                  3.
              Controls
                  and Procedures
              13PART
                  II.
              OTHER
                  INFORMATION
              13Item
                  6.
              Exhibits
              14


**ENERGENX,
                INC.****(A
                Development Stage Company)****BALANCE
                SHEETS**March
                31,
            
            December
                31,2007
            
            2006(unaudited)**ASSETS****CURRENT
                ASSETS**Cash
            
            $
            831,372
            
            $
            499,235Advances
                receivable- related party
            
            
            10,789
            
            
            11,229Prepaid
                expense
            
            
            31,123
            
            
            38,401Total
                Current Assets
            
            
            873,284
            
            
            548,865**PROPERTY
                AND EQUIPMENT, NET**
            
            
            23,745
            
            
            20,470**OTHER
                ASSETS**License,
                net of accumulated amortization
            
            
            59,800
            
            
            61,600Patents,
                net of accumulated amortization
            
            
            41,583
            
            
            37,117Total
                Other Assets
            
            
            101,383
            
            
            98,717**TOTAL
                ASSETS**
            
            $
            998,412
            
            $
            668,052**LIABILITIES
                AND STOCKHOLDERS' EQUITY (DEFICIT)****CURRENT
                LIABILITIES**Accounts
                payable
            
            $
            9,640
            
            $
            8,890Interest
                payable
            
            
            2,674
            
            
            2,674Interest
                payable - related parties
            
            
            2,607
            
            
            2,607Payroll
                taxes payable
            
            
            13,568
            
            
            37,216Deposit
                on common stock
            
            
            -
            
            
            600,000Deposit
                on license
            
            
            5,000
            
            
            5,000Notes
                payable
            
            
            -
            
            
            1,660Accrued
                payroll
            
            
            21,950
            
            
            56,950Total
                Current Liabilities
            
            
            55,439
            
            
            714,997**COMMITMENTS
                AND CONTINGENCIES**
            
            
            -
            
            
            -**STOCKHOLDERS'
                EQUITY (DEFICIT)**Preferred
                stock, $0.001 par value; 5,000,000 shares authorized,no
                shares issued or outstanding
            
            
            -
            
            
            -Common
                stock, $0.001 par value; 55,000,000 shares authorized,29,697,276
                and 27,497,276 shares issued and oustanding,respectively
            
            
            29,697
            
            
            27,497Additional
                paid-in capital
            
            
            3,273,518
            
            
            2,175,717Deficit
                accumulated during development stage
            
            
            (2,360,242
            )
            
            (2,250,159
            )Total
                Stockholders' Equity (Deficit)
            
            
            942,973
            
            
            (46,945
            )**TOTAL
                LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)**
            
            $
            998,412
            
            $
            668,052   The
        accompanying condensed notes are an integral part of these interim financial
        statements.


1


**ENERGENX,
                INC.****(A
                Development Stage Company)****STATEMENTS
                OF OPERATIONS**


FromSeptember
                  29,Three
                  Months
              
              Three
                  Months
              
              1999Ended
              
              Ended
              
              (Inception)
                  toMarch
                  31,
              
              March
                  31,
              
              March
                  312007
              
              2006
              
              2007(unaudited)
              
              (unaudited)
              
              (unaudited)**REVENUES**
              
              $
              -
              
              $
              -
              
              $
              -**OPERATING
                  EXPENSES**Amortization
                  and depreciation
              
              
              5,890
              
              
              5,327
              
              
              117,908Board
                  of directors fees
              
              
              -
              
              
              -
              
              
              60,000Consulting
              
              
              -
              
              
              -
              
              
              316,029General
                  and administrative
              
              
              15,839
              
              
              20,350
              
              
              218,841Legal
                  and accounting
              
              
              12,725
              
              
              3,465
              
              
              171,133License
                  and fees
              
              
              15
              
              
              -
              
              
              107,539Marketing
              
              
              -
              
              
              -
              
              
              19,464Rent
              
              
              7,200
              
              
              6,600
              
              
              195,268Research
                  and development
              
              
              42,589
              
              
              38,088
              
              
              470,835Salaries
                  and benefits
              
              
              27,139
              
              
              27,714
              
              
              650,994Travel
              
              
              -
              
              
              -
              
              
              1,580**TOTAL
                  OPERATING EXPENSES**
              
              
              111,397
              
              
              101,544
              
              
              2,329,591**LOSS
                  FROM OPERATIONS**
              
              
              (111,397
              )
              
              (101,544
              )
              
              (2,329,591
              )**OTHER
                  INCOME (EXPENSES)**Interest
                  income
              
              
              335
              
              
              -
              
              
              527Other
                  income
              
              
              -
              
              
              -
              
              
              110Interest
                  expense
              
              
              -
              
              
              -
              
              
              (34,877
              )Loss
                  on disposal of asset
              
              
              (21
              )
              
              -
              
              
              (1,730
              )Gain
                  on forgiveness of debt
              
              
              1,000
              
              
              -
              
              
              5,319**TOTAL
                  OTHER INCOME (EXPENSES)**
              
              
              1,314
              
              
              -
              
              
              (30,651
              )**LOSS
                  BEFORE TAXES**
              
              
              (110,083
              )
              
              (101,544
              )
              
              (2,360,242
              )**INCOME
                  TAXES**
              
              
              -
              
              
              -
              
              
              -**NET
                  LOSS**
              
              $
              (110,083
              )
              $
              (101,544
              )
              $
              (2,360,242
              )NET
                  LOSS PER COMMON SHARE,BASIC
                  AND DILUTED
              
              $
              nil
              
              $
              nilWEIGHTED
                  AVERAGE NUMBER OFCOMMON
                  STOCK SHARESOUTSTANDING,
                  BASIC AND DILUTED
              
              
              29,697,276
              
              
              27,497,276


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


2


**ENERGENX,
                  INC.****(A
                  Development Stage Company)****STATEMENTS
                  OF CASH FLOWS**
  FromSeptember
                  29,Three
                  Months
              
              Three
                  Months
              
              1999Ended
              
              Ended
              
              (Inception)
                  toMarch
                  31,
              
              March
                  31,
              
              March
                  31,2007
              
              2006
              
              2007(unaudited)
              
              (unaudited)
              
              (unaudited)**CASH
                  FLOWS FROM OPERATING ACTIVITIES:**Net
                  loss
              
              $
              (110,083
              )
              $
              (109,218
              )
              $
              (2,360,242
              )Stock
                  issued for directors fees
              
              
              -
              
              
              -
              
              
              50,000Stock
                  issued for consulting fees
              
              
              -
              
              
              -
              
              
              110,000Stock
                  issued for services
              
              
              -
              
              
              -
              
              
              55,366Stock
                  issued for licensing fees
              
              
              -
              
              
              -
              
              
              100,000Stock
                  issued for payment of interest
              
              
              -
              
              
              -
              
              
              8,300Gain
                  on debt forgiveness
              
              
              (1,000
              )
              
              -
              
              
              (5,319
              )Loss
                  on disposal of asset
              
              
              21
              
              
              -
              
              
              1,827Amortization
                  and depreciation
              
              
              5,890
              
              
              5,327
              
              
              117,912Adjustments
                  to reconcile net (loss) to net cashprovided
                  (used) by operating activities:Decrease
                  (increase) in note receivable
              
              
              (220
              )
              
              538
              
              
              (11,449
              )Decrease
                  (increase) in prepaids
              
              
              7,279
              
              
              (50,921
              )
              
              (31,123
              )Increase
                  in deposit liability
              
              
              -
              
              
              -
              
              
              5,000Increase
                  (decrease) in interest payable
              
              
              -
              
              
              -
              
              
              5,282Increase
                  (decrease) in accounts payable
              
              
              (5,624
              )
              
              7,098
              
              
              7,580Increase
                  (decrease) in accrued payroll
              
              
              (35,000
              )
              
              (35,650
              )
              
              21,950Increase
                  (decrease) in payroll taxes payable
              
              
              (23,648
              )
              
              (7,326
              )
              
              13,568Net
                  cash used by operating activities
              
              
              (162,385
              )
              
              (190,152
              )
              
              (1,911,348
              )**CASH
                  FLOWS FROM INVESTING ACTIVITIES:**Cash
                  paid for patent
              
              
              -
              
              
              -
              
              
              (69,950
              )Cash
                  paid for equipment purchased
              
              
              (5,478
              )
              
              (5,004
              )
              
              (50,211
              )Cash
                  paid for leasehold improvements
              
              
              -
              
              
              -
              
              
              (6,733
              )Net
                  cash used by investing activities
              
              
              (5,478
              )
              
              (5,004
              )
              
              (126,894
              )**CASH
                  FLOWS FROM FINANCING ACTIVITIES:**Cash
                  received for stock
              
              
              500,000
              
              
              -
              
              
              437,870Merger
                  and recapitalization costs
              
              
              -
              
              
              -
              
              
              (4,300
              )Proceeds
                  from issuance of convertible debt
              
              
              -
              
              
              -
              
              
              60,010Proceeds
                  from notes payable
              
              
              -
              
              
              -
              
              
              199,610Payment
                  of notes payable
              
              
              -
              
              
              -
              
              
              (109,882
              )Increase
                  in deposit on common stock
              
              
              -
              
              
              -
              
              
              600,000Proceeds
                  from sale of common stock
              
              
              -
              
              
              200,000
              
              
              1,686,306Net
                  cash provided by financing activities
              
              
              500,000
              
              
              200,000
              
              
              2,869,614Change
                  in cash
              
              
              332,137
              
              
              4,844
              
              
              831,372**Cash,
                  beginning of period**
              
              
              499,235
              
              
              169,451
              
              
              -**Cash,
                  end of period**
              
              $
              831,372
              
              $
              174,295
              
              $
              831,372**SUPPLEMENTAL
                  CASH FLOW INFORMATION:**Interest
                  paid
              
              $
              -
              
              $
              -
              
              $
              15,255Income
                  taxes paid
              
              $
              -
              
              $
              -
              
              $
              -**NON-CASH
                  INVESTING AND FINANCING ACTIVITIES:**Common
                  stock issued for equipment
              
              $
              -
              
              $
              -
              
              $
              3,612Common
                  stock issued for debt
              
              $
              -
              
              $
              -
              
              $
              198,060Common
                  stock issued for technology license
              
              $
              -
              
              $
              -
              
              $
              58,000Purchased
                patent included in accounts
                payable
              
              $
              6,374
              
              $
              -
              
              $
              6,374
 The
        accompanying condensed notes are an integral part
        of these interim financial statements.
 3


**ENERGENX,
        INC.**
 **(A
        Development Stage Company)**
 **CONDENSED
        NOTES TO FINANCIAL STATEMENTS**
 **MARCH
        31, 2007**





**NOTE
      1 - BASIS OF PRESENTATION**





The
      foregoing unaudited interim financial statements have been prepared in
      accordance with generally accepted accounting principles for interim financial
      information and with the instructions to Form 10-QSB and Regulation S-B as
      promulgated by the Securities and Exchange Commission (“SEC”).
 Accordingly, these financial statements do not include all of the
      disclosures required by generally accepted accounting principles in the United
      States of America for complete financial statements.  These unaudited
      interim financial statements should be read in conjunction with the Company’s
      audited financial statements for the year ended December 31, 2006.  In the
      opinion of management, the unaudited interim financial statements furnished
      herein includes all adjustments, all of which are of a normal recurring nature,
      necessary for a fair statement of the results for the interim period presented.
       Operating results for the three month period ended March 31, 2007 are not
      necessarily indicative of the results that may be expected for the year ending
      December 31, 2007.





The
      preparation of financial statements in accordance with generally accepted
      accounting principles in the United States of America requires the use of
      estimates and assumptions that affect the reported amounts of assets and
      liabilities, disclosure of contingent assets and liabilities known to exist
      as
      of the date the financial statements are published, and the reported amounts
      of
      revenues and expenses during the reporting period.  Uncertainties with
      respect to such estimates and assumptions are inherent in the preparation of
      the
      Company’s financial statements; accordingly, it is possible that the actual
      results could differ from these estimates and assumptions and could have a
      material effect on the reported amounts of the Company’s financial position and
      results of operations.





**NOTE
      2 - SIGNIFICANT ACCOUNTING POLICIES**





This
      summary of significant accounting policies of Energenx, Inc. is presented to
      assist in understanding the Company’s financial statements. The financial
      statements and notes are representations of the Company’s management, which is
      responsible for their integrity and objectivity. These accounting policies
      conform to accounting principles generally accepted in the United States of
      America, and have been consistently applied in the preparation of the financial
      statements.





Accounting
      Pronouncements


In
      February 2007, the Financial Accounting Standards Board issued Statement of
      Financial Accounting Standards No. 159, “The Fair Value Option for Financial
      Assets and Financial Liabilities - Including an amendment of FASB Statement
      No.
      115” (hereinafter “SFAS No. 159”). This statement permits entities to choose to
      measure many financial instruments and certain other items at fair value. The
      objective is to improve financial reporting by providing entities with the
      opportunity to mitigate volatility in reported earnings caused by measuring
      related assets and liabilities differently without having to apply complex
      hedge
      accounting provisions. This statement is expected to expand the use of fair
      value measurement, which is consistent with the Board’s long-term measurement
      objectives for accounting for financial instruments. This statement is effective
      as of the beginning of an entity’s first fiscal year that begins after November
      15, 2007, although earlier adoption is permitted. Management has not determined
      the effect that adopting this statement would have on the Company’s financial
      condition or results of operations.




4
 
 **ENERGENX,
          INC.**
 **(A
          Development Stage Company)**
 **CONDENSED
          NOTES TO FINANCIAL STATEMENTS**
 **MARCH
          31, 2007**


In
      September 2006, the Financial Accounting Standards Board issued Statement of
      Financial Accounting Standards No. 158, “Employers’ Accounting for Defined
      Benefit Pension and Other Postretirement Plans - an amendment of FASB Statements
      No. 87,88,106, and 132(R)” (hereinafter “SFAS No. 158”). This statement requires
      an employer to recognize the overfunded or underfunded statues of a defined
      benefit postretirement plan (other than a multiemployer plan) as an asset or
      liability in its statement of financial position and to recognize changes in
      that funded status in the year in which the changes occur through comprehensive
      income of a business entity or changes in unrestricted net assets of a not
      for
      profit organization. This statement also requires an employer to measure the
      funded status of a plan as of the date of its year end statement of financial
      position, with limited exceptions. The adoption of this statement had no
      immediate material effect on the Company’s financial condition or results of
      operations.




In
      September 2006, the Financial Accounting Standards Board issued Statement of
      Financial Accounting Standards No. 157, "Fair Value Measurements," (hereinafter
      "SFAS No. 157") which defines fair value, establishes a framework for measuring
      fair value in generally accepted accounting principles (GAAP), and expands
      disclosures about fair value measurements. Where applicable, SFAS No. 157
      simplifies and codifies related guidance within GAAP and does not require any
      new fair value measurements. SFAS No. 157 is effective for financial
      statements issued **** for
      fiscal years beginning after November 15, 2007, and interim periods within
      those
      fiscal years. Earlier adoption is encouraged. The Company has not yet determined
      the financial impact of adopting SFAS No. 157.





In
      June
      2006, the Financial Accounting Standards Board issued FASB Interpretation No.
      48, “Accounting for Uncertainty in Income Taxes - an interpretation of FASB
      Statement No. 109” (hereinafter “FIN 48”), which prescribes a recognition
      threshold and measurement attribute for the financial statement recognition
      and
      measurement of a tax position taken or expected to be taken in a tax return.
      FIN
      48 also provides guidance on de-recognition, classification, interest and
      penalties, accounting in interim periods, disclosure and transition. FIN 48
      is
      effective for fiscal years beginning after December 15, 2006. The Company does
      not expect the adoption of FIN 48 to have a material impact on its financial
      reporting, and the Company is currently evaluating the impact, if any the
      adoption of FIN 48 will have on its disclosure requirements.





In
      March
      2006, the Financial Accounting Standards Board issued Statement of Financial
      Accounting Standards No. 156, “Accounting for Servicing of Financial Assets—an
      amendment of FASB Statement No. 140.” This statement requires an entity to
      recognize a servicing asset or servicing liability each time it undertakes
      an
      obligation to service a financial asset by entering into a servicing contract
      in
      any of the following situations: a transfer of the servicer’s financial assets
      that meets the requirements for sale accounting; a transfer of the servicer’s
      financial assets to a qualifying special-purpose entity in a guaranteed mortgage
      securitization in which the transferor retains all of the resulting securities
      and classifies them as either available-for-sale securities or trading
      securities; or an acquisition or assumption of an obligation to service a
      financial asset that does not relate to financial assets of the servicer or
      its
      consolidated affiliates. The statement also requires all separately recognized
      servicing assets and servicing liabilities to be initially measured at fair
      value, if practicable and permits an entity to choose either the amortization
      or
      fair value method for subsequent measurement of each class of servicing assets
      and liabilities. The statement further permits, at its initial adoption, a
      one-time reclassification of available for sale securities to trading securities
      by entities with recognized servicing rights, without calling into question
      the
      treatment of other available for sale securities under Statement 115, provided
      that the available for sale securities are identified in some manner as
      offsetting the entity’s exposure to changes in fair value of servicing assets or
      servicing liabilities that a servicer elects to subsequently measure at fair
      value and requires separate presentation of servicing assets and servicing
      liabilities subsequently measured at fair value in the statement of financial
      position and additional disclosures for all separately recognized servicing
      assets and servicing liabilities. This statement is effective for fiscal years
      beginning after September 15, 2006, with early adoption permitted as of the
      beginning of an entity’s fiscal year. Management believes the adoption of this
      statement will have no immediate impact on the Company’s financial condition or
      results of operations.





5
 
 **ENERGENX,
          INC.**
 **(A
          Development Stage Company)**
 **CONDENSED
          NOTES TO FINANCIAL STATEMENTS**
 **MARCH
          31, 2007**


In
      February 2006, the Financial Accounting Standards Board issued Statement of
      Financial Accounting Standards No. 155, “Accounting for Certain Hybrid Financial
      Instruments, an Amendment of FASB Standards No. 133 and 140” (hereinafter “SFAS
      No. 155”). This statement established the accounting for certain derivatives
      embedded in other instruments. It simplifies accounting for certain hybrid
      financial instruments by permitting fair value remeasurement for any hybrid
      instrument that contains an embedded derivative that otherwise would require
      bifurcation under SFAS No. 133 as well as eliminating a restriction on the
      passive derivative instruments that a qualifying special-purpose entity (“SPE”)
      may hold under SFAS No. 140. This statement allows a public entity to
      irrevocably elect to initially and subsequently measure a hybrid instrument
      that
      would be required to be separated into a host contract and derivative in its
      entirety at fair value (with changes in fair value recognized in earnings)
      so
      long as that instrument is not designated as a hedging instrument pursuant
      to
      the statement. SFAS No. 140 previously prohibited a qualifying special-purpose
      entity from holding a derivative financial instrument that pertains to a
      beneficial interest other than another derivative financial instrument. This
      statement is effective for fiscal years beginning after September 15, 2006,
      with
      early adoption permitted as of the beginning of an entity’s fiscal year.
      Management believes the adoption of this statement will have no immediate impact
      on the Company’s financial condition or results of operations.





Concentration
      of Credit Risk


The
      Company maintains its cash in one commercial account at a major financial
      institution. Although the financial institution is considered creditworthy
      and
      has not experienced any losses on its deposits, at March 31, 2007 and December
      31, 2006 the Company’s cash balance exceeded Federal Deposit Insurance
      Corporation (FDIC) limits by $731,372 and $399,235.





Estimates


The
      preparation of financial statements in conformity with accounting principles
      generally accepted in the United States of America requires management to make
      estimates and assumptions that affect the reported amounts of assets and
      liabilities and disclosure of contingent assets and liabilities at the date
      of
      the financial statements and the reported amounts of revenues and expenses
      during the reporting period. Actual results could differ from those
      estimates.





Fair
      Value of Financial Instruments


The
      Company's financial instruments as defined by Statement of Financial Accounting
      Standards No. 107, "Disclosures about Fair Value of Financial Instruments,"
      include cash, notes receivable, accounts payable, accrued expenses and
      short-term borrowings. All instruments are accounted for on a historical cost
      basis, which, due to the short maturity of these financial instruments,
      approximates fair value at March 31, 2007.





6
 
 **ENERGENX,
          INC.**
 **(A
          Development Stage Company)**
 **CONDENSED
          NOTES TO FINANCIAL STATEMENTS**
 **MARCH
          31, 2007**


Research
      and Development


Research
      and development expenses are charged to operations as incurred. The cost of
      intellectual property purchased from others that is immediately marketable
      or
      that has an alternative future use is capitalized and amortized as intangible
      assets. Capitalized costs are amortized using the straight-line method over
      the
      estimated economic life, typically 10 years, of the related asset. The Company
      periodically reviews its capitalized patent costs to assess recoverability
      based
      on the projected undiscounted cash flows from operations. Impairments are
      recognized in operating results when a permanent diminution in value occurs.
       Research and development expenses for the periods ended March 31, 2007 and
      2006 were $42,589 and $38,088, respectively. Salaries for those employees
      directly involved in research and development are included in research and
      development expense.





**NOTE
      3 - PREPAID EXPENSE**





Prepaid
      expenses at March 31, 2007 includes the prepayment of a commercial lease.
 See Note 8.





During
      the year ended December 31, 2006, the Company renewed its office space lease
      for
      two years and prepaid the entire amount of the lease, $57,600.  During the
      three months ended March 31, 2007, the Company expensed $7,200.





**NOTE
      4 - PROPERTY AND EQUIPMENT**





Property
      and equipment are recorded at cost. Major additions and improvements are
      capitalized. Minor replacements, maintenance and repairs that do not increase
      the useful lives of the assets are expensed as incurred. Depreciation of
      property and equipment is calculated using the straight-line method over the
      expected useful lives of the assets of 5 to 7 years. Depreciation expense for
      the periods ended March 31, 2007 and 2006 was $5,890 and $5,327,
      respectively.




7
 
 **ENERGENX,
          INC.**
 **(A
          Development Stage Company)**
 **CONDENSED
          NOTES TO FINANCIAL STATEMENTS**
 **MARCH
          31, 2007**


Following
      is a summary of property, equipment, leasehold improvement, and accumulated
      depreciation:




March
              31,
            
            December
              31,2007
            
            2006Machinery
            
            $
            34,877
            
            $
            34,085Office
                Furniture and Equipment
            
            
            18,023
            
            
            13,896Leasehold
                Improvements
            
            
            5,292
            
            
            5,29258,192
            
            
            53,273Less
                Accumulated Depreciation
            
            
            (34,447
            )
            
            (32,803
            )Property
                and Equipment - Net
            
            $
            23,745
            
            $
            20,470





**NOTE
      5 - PATENTS**





Costs
      relating to the development and approval of patents, other than research and
      development costs which are expensed, are capitalized and amortized using the
      straight-line method over ten years. The Company’s patents relate to the
      creation of an EMF permanent electromagnetic motor generator.





The
      following is a summary of the costs of patents and patents pending:





Cost
            
            Accumulated
              Amortization
            
            Net
                AmountBalance,
                December 31, 2004
            
            $
            68,500
            
            $
            19,076
            
            $
            49,4242005
                Activity
            
            
            —
            
            
            6,850
            
            
            —Balance,
                December 31, 2005
            
            
            68,500
            
            
            25,926
            
            
            42,5742006
                Activity
            
            
            1,451
            
            
            6,908
            
            
            —Balance,
                December 31, 2006
            
            $
            69,951
            
            $
            32,834
            
            $
            37,1172007
                Activity
            
            
            6,374
            
            
            1,908
            
            
            4,466Balance,
                March 31, 2007
            
            
            76,325
            
            
            34,742
            
            
            41,583




**NOTE
      6 - RELATED PARTY TRANSACTIONS**





During
      the period ended March 31, 2007 and the year ended December 31, 2006, the
      Company paid expenses on behalf of Bedini Electronics, Inc., a company privately
      owned by two shareholders and officers of Energenx. At the same time, Bedini
      Electronics, Inc. paid some of the expenses of the Company. This was done as
      the
      two companies shared joint office space and split certain expenses. In addition,
      in April 2005, the Company loaned Bedini Electronics $4,000 in cash for
      operations. This unsecured loan, which bears interest of 6%, is payable in
      monthly installments of $352. The aggregate net amount owing from Bedini
      Electronics at March 31, 2007 and 2006 was $10,789 and $11,229,
      respectively.





During
      the years ended December 31, 2002, the Company loaned to two of its officers
      a
      total of $4,900. At the time, the Company was not paying salaries. Because
      the
      transactions occurred while the Company was still private, it was not subject
      to
      the Sarbanes-Oxley Act of 2002, and therefore, was not prohibited. During the
      year ended December 31, 2005, the officers repaid the amounts through a salary
      reduction.





8
 
 **ENERGENX,
          INC.**
 **(A
          Development Stage Company)**
 **CONDENSED
          NOTES TO FINANCIAL STATEMENTS**
 **MARCH
          31, 2007**


**NOTE
      7 - NOTE PAYABLE**





During
      the period ended March 31, 2007, $1,660 of notes payable on the balance sheet
      as
      of December 31, 2006 was relieved in the following manner: $1,000 of third
      party
      payable was written off to forgiveness of debt, and $660 that was owed to Bedini
      Electronics was applied to the outstanding receivable from Bedini
      Electronics.





**NOTE
      8 - COMMON STOCK**





During
      the initial period ended December 31, 1999, the Company issued 7,836,168 shares
      of its common stock at par, for cash.





During
      the year ended December 31, 2000, the Company issued 195,060 shares for
      convertible debt of $60,010. The Company also issued 9,750 shares for equipment
      valued at $3,250 and 330,000 shares for cash of $0.33 per share, or
      $110,000.





During
      the year ended December 31, 2001, the Company issued 453,000 shares of common
      stock for cash of $151,000, or $0.33 per share. The Company also issued 160,886
      share of common stock for services totaling $55,366, 1,086 shares of common
      stock to purchase equipment totaling $362, and 5,140,326 shares of common stock
      in payment of a technology license with a value of $58,000. See Note
      6.





On
      May 4,
      2001, the Company executed a 1 for 6 forward split to all shareholders of record
      as of May 1, 2001. The financial records have been restated to reflect this
      stock split in the accompanying financial statements.





During
      the year ended December 31, 2002, the Company issued 24,000 shares of its common
      stock for cash of $1.00 per share, or $24,000. The Company also issued 20,000
      shares of common stock in payment of debt of $20,000.





During
      the year ended December 31, 2003, the Company issued 3,200,000 shares of common
      stock to board members and other consultants at $0.05 per share, or $160,000.
      Also during the year ended December 31, 2003, the Company issued 2,000,000
      shares of common stock to Mr. John Bedini as a supplement to the licensing
      agreement. The Company valued these shares at $0.05 per share, or $100,000.





During
      the year ended December 31, 2004, the Company issued 2,527,000 shares of common
      stock at $0.05 per share in payment of outstanding loans and interest totaling
      $126,350. In addition, the Company issued 2,400,000 shares of common stock
      and
      options to purchase an additional 2,400,000 shares of common stock for $0.21
      per
      share for cash of $500,000. The stock options were issued with the stock in
      consideration of the stock purchase, and were valued at $0.03 per share, or
      $72,000 which was treated as a proration of additional paid-in capital upon
      the
      completion of this transaction. Furthermore, during 2004, this individual then
      exercised these options and purchased 2,400,000 shares of common stock at $0.21
      per share for an additional $500,000. See Note 13.





9
 
 **ENERGENX,
          INC.**
 **(A
          Development Stage Company)**
 **CONDENSED
          NOTES TO FINANCIAL STATEMENTS**
 **MARCH
          31, 2007**


During
      the year ended December 31, 2005, the Company issued 400,000 shares of common
      stock at $0.50 per share for cash of $200,000. These shares were issued under
      an
      existing subscription agreement as part of a stock subscription plan and
      commitment for a total of $1,500,000 for 3,000,000 shares. As of December 31,
      2005, this commitment had $1,300,000 remaining for a future commitment of
      $2,600,000 shares of common stock. The Company is issuing the shares as the
      money is received.





During
      the year ended December 31, 2006, the Company issued 400,000 shares of common
      stock at $0.50 per share for cash of $200,000.





During
      the period ended March 31, 2007, the Company issued 2,200,000 shares of common
      stock at $0.50 per share for total cash of $1,100,000; $500,000 of which was
      received in the current quarter, and $600,000 which has been previously
      received, and recorded as a liability at 12/31/06.





**NOTE
      9 - COMMITMENTS AND CONTINGENCIES**





Leases


On
      March
      13, 2006, the Company entered into a new two-year lease for office space and
      in
      lieu of a security deposit, prepaid the entire amount of the lease ($57,600).
      The unamortized prepaid balance at March 31, 2007 was $28,800.




10





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





THIS
      QUARTERLY REPORT ON FORM 10-QSB CONTAINS “FORWARD-LOOKING STATEMENTS” WITHIN THE
      MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED, AND SECTION
      21E OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. ALL STATEMENTS, OTHER
      THAN STATEMENTS OF HISTORICAL FACTS, INCLUDED IN OR INCORPORATED BY REFERENCE
      INTO THIS FORM 10-Q ARE FORWARD-LOOKING STATEMENTS. IN ADDITION, WHEN USED
      IN
      THIS DOCUMENT, THE WORDS “ANTICIPATE,” “ESTIMATE,” “PROJECT,” AND SIMILAR
      EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS. THESE
      FORWARD-LOOKING STATEMENTS ARE SUBJECT TO CERTAIN RISKS, UNCERTAINTIES AND
      ASSUMPTIONS INCLUDING AMONG OTHERS, THE RISK THAT OUR PRODUCT DEVELOPMENT
      PROGRAMS WILL NOT PROVE SUCCESSFUL, THAT WE WILL NOT BE ABLE TO OBTAIN FINANCING
      TO COMPLETE ANY FUTURE PRODUCT DEVELOPMENT, THAT OUR PRODUCTS WILL NOT PROVE
      COMPETITVE IN THE MARKETS. THESE RISKS AND OTHERS ARE MORE FULLY DESCRIBED
      IN
      OUR REPORT ON THIS FORM 10-QSB AND IN OUR OTHER PUBLIC FILINGS, INCLUDING OUR
      FORM 10-KSB. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALIZE,
      OR
      SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY
      MATERIALLY FROM THOSE ANTICIPATED, ESTIMATED OR PROJECTED. ALTHOUGH WE BELIEVE
      THAT THE EXPECTATIONS INCLUDED IN SUCH FORWARD-LOOKING STATEMENTS ARE
      REASONABLE, WE CANNOT GIVE ANY ASSURANCES THAT THESE EXPECTATIONS WILL PROVE
      TO
      BE CORRECT. WE UNDERTAKE NO OBLIGATION TO PUBLICLY RELEASE THE RESULT OF ANY
      REVISIONS TO SUCH FORWARD-LOOKING STATEMENTS THAT MAY BE MADE TO REFLECT EVENTS
      OR CIRCUMSTANCES AFTER THE DATE HEREOF OR TO REFLECT THE OCCURRENCE OF
      UNANTICIPATED EVENTS.





The
      following discussion and analysis should be read in conjunction with our
      financial statements and the notes thereto appearing in Part I, Item
      1.




**A.** **General.**




Since
      commencement of operations in 1999, our efforts have been principally devoted
      to
      research and development activities, including the development of an efficient
      energy generation system and battery chargers, recruiting management personnel
      and advisors, and raising capital.




Our
      current business strategy is to concentrate our financial resources primarily
      on
      the further development of our Potential Battery Charger technology. In addition
      to the battery charger program, we plan to continue to undertake research and
      development on our electromagnetic motor/generator battery system.




**B.** **Product
      Research and Development Plans**




Our
      current plan of operation for the next 12 months primarily involves meeting
      any
      demand for Potential Battery Chargers from GTG Corp., and research and
      development activities on energy generation, battery charger and charge control
      unit prototypes.




11


Concerning
      the battery chargers, product research will continue on improving the efficiency
      of the Potential Battery Charger. We will continue our development of variations
      of the Potential Battery Charger for specific markets to accommodate 12-volt,
      24-volt, 36-volt/48-volt **** applications
      with a wide range of capacity requirements. In April 2007 we **** delivered
      a new forklift cart version of the 36/48 volt of our Potential Battery Charger
      to GTG Corp. for testing and potentially for further UL assessment, testing
      and
      certification. In the second quarter of 2007 we expect to be able to deliver
      a
      new golf cart version of the 36/48 volt of our Potential Battery Charger to
      GTG
      Corp. also for testing and potentially for further UL assessment, testing and
      certification.





We
      may
      generate revenues pursuant to our Exclusive Technology License Agreement with
      GTG Corp. if they order Potential hybrid modules. We did not receive any orders
      from GTG Corp. during the first quarter of 2007. We cannot assure you that
      GTG
      Corp. will order any Potential modules from us in 2007 or ever, that licensed
      battery charger products will ever reach the market giving rise to royalty
      payments or that additional revenues from patent licensing will be
      generated.




Concerning
      the further development of our electromagnetic motor/generator battery system,
      we intend to improve the current system and design larger scale systems that
      may
      allow us to generate larger amounts of energy that can be utilized to charge
      multiple banks of batteries.





While
      we
      have no plans to relocate our current research facility within the next twelve
      months, equipment purchases will be necessary if we receive orders for the
      Potential hybrid module from GTG Corp. Such equipment would include test
      equipment, oscilloscopes, analyzers, soldiering stations, and packaging
      equipment **.** Depending
      on the availability of capital and the volume of future orders from GTG Corp.,
      such equipment purchases are anticipated to be in the range of $100,000 for
      the
      next twelve months. Also depending on the availability of capital and the volume
      of orders from GTG Corp., we may hire up to three more employees if we receive
      orders from GTG Corp. We did not make any significant equipment purchases or
      hire any new employees in the period ending March 31, 2007. We intend to
      contract out the bulk of the manufacturing of the Potential hybrid modules,
      with
      final testing, potting and packaging of the hybrid modules to be done in
      house.





Our
      actual research and development and related activities may vary significantly
      from current plans depending on numerous factors, including changes in the
      costs
      of such activities from current estimates, the results of our research and
      development programs, technological advances, determinations as to commercial
      viability and the status of competitive products. The focus and direction of
      our
      operations will also be dependent on the establishment of our collaborative
      arrangement with other companies, the availability of financing and other
      factors. We expect our development costs to increase as **** our
      battery charger systems development programs enter the later stages of
      development.




**C.**  **Liquidity
      and Capital Resources.**




As
      of
      March 31, 2007, we had $831,372 in cash and cash equivalents and $817,845 in
      working capital as compared to $499,235 in cash and cash equivalents and
      $(166,132) in working capital at December 31, 2006. We do not have any available
      lines of credit. Since inception we have financed our operations from private
      placements of equity securities and loans from shareholders.




12


Net
      cash
      used in operating activities during the three months ended March 31, 2007 was
      $155,911 resulting in a net loss of $110,083.




Marvin
      Redenius, a director of Energenx, signed a subscription agreement on September
      30, 2005 pursuant to which he agreed to purchase 3,000,000 shares of common
      stock from Energenx for $1,500,000. In January 2007 Mr. Redenius purchased
      the
      final 1,000,000 shares of the 3,000,000 shares previously subscribed for a
      purchase price of $500,000.




Our
      current real estate lease is on a two year renewal basis. We plan to finance
      our
      needs principally from the following:





·
            our
                existing capital resources and interest earned on that
                capital;





·
            revenues
                from purchase of Potential modules by GTG Corp., if
                any;





·
            royalty
                income, if any, from product sales by GTG
                Corp.;





·
            through
                future private placement financing.





As
      mentioned above, we may generate revenue from GTG Corp. if they order Potential
      hybrid modules under our license agreement. We cannot at this time assure you
      that those orders will occur or that revenues will be generated in fiscal year
      2007, if at all.





We
      believe that we have sufficient capital resources to finance our plan of
      operation at least through the first quarter of 2008. However, this is a
      forward-looking statement, and there may be changes that could consume available
      resources before the end of the year. Our long term capital requirements and
      the
      adequacy of our available funds will depend on many factors, including our
      reporting company costs, patent costs for filing, prosecuting, maintaining
      and
      defending our patent rights, among others.




We
      will
      need to raise additional capital or generate additional revenue to complete
      our
      development of product variations on our Potential Battery Charger, our hybrid
      electromagnetic motor/generator product candidate and our charge control unit.
      We cannot assure you that we will generate sufficient additional capital or
      revenues, if any, to fund our operations beyond the second quarter of 2008,
      that
      any future equity financings will be successful, or that other potential
      financings through bank borrowings, debt or equity offerings, or otherwise,
      will
      be available on acceptable terms or at all. If we are unable to raise additional
      capital by the end of the first quarter of 2008 we will have to curtail or
      cease
      operations.




**Critical
      Accounting Policies and Estimates.**





This
      discussion and analysis of our financial condition and results of operations
      are
      based on our financial statements that have been prepared under accounting
      principles generally accepted in the United States of America. The preparation
      of financial statements in conformity with accounting principles generally
      accepted in the United States of America requires our management to make
      estimates and assumptions that affect the reported amounts of assets and
      liabilities and the disclosure of contingent assets and liabilities at the
      date
      of the financial statements and the reported amounts of revenue and expenses
      during the reporting period. Actual results could materially differ from those
      estimates. We have disclosed all significant accounting policies in note 2
      to
      the financial statements included in our Form 10-KSB. Our critical accounting
      policies are:





13


**Revenue
      recognition** *:* Royalties will be recognized as revenue when the amounts are contractually
      earned, fixed and determinable, and there is substantial probability of
      collection.





**Research,
      development costs:** Research
      and development costs are expensed as incurred. Beginning with the financial
      statements for the quarter ending June 30, 2005 we have included certain salary
      and benefit expenses in the research and development line item.





**Estimates.** The
      preparation of financial statements in conformity with accounting principles
      generally accepted in the United States of America requires management to make
      estimates and assumptions that affect the reported amounts of assets and
      liabilities and disclosure of contingent assets and liabilities at the date
      of
      the financial statements and the reported amounts of revenues and expenses
      during the reporting period. Actual results could differ from those
      estimates.





**Intangible
      Assets.** Energenx’ intangible assets are composed of a patent and license. They are
      amortized on a straight-line basis over ten and fifteen year lives,
      respectively.





**Subsequent
      Events** .





On
      May
      10, 2007, Energenx received exchange clearance from the NASD for quotation
      on
      the Over-the-Counter Bulletin Board (“OTCBB”). Energenx will be trading on the
      OTCBB under the stock symbol “EENX”.




**Item
      3.**   **Controls
      and Procedures.**




**Evaluation
      of disclosure controls and procedures.**





Our
      management, including our principal executive officer and our principal
      financial officer, has evaluated the effectiveness of our “disclosure controls
      and procedures” (as such term is defined in Rules 13a-15(e) and 15d-15(e) of the
      United States Securities Exchange Act of 1934, as amended), as of March 31,
      2007. Based on that evaluation, our principal executive officer and our
      principal financial officer have concluded that our disclosure controls and
      procedures were effective as of March 31, 2007. There has been no change in
      our
      internal control over financial reporting that occurred during our most recent
      fiscal quarter 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.**





None.





**Item
      2. Unregistered Sales of
      Securities and Use of Proceeds.**





None.





14


**Item
      3. Defaults Upon Senior
      Securities.**





None.





**Item
      4. Submission of Matters
      to a Vote of Security Holders.**





None.





**Item
      5. Other
      Information.**




On
      May
      10, 2007, Energenx received exchange clearance from the NASD for quotation
      on
      the Over-the-Counter Bulletin Board (“OTCBB”). Energenx will be trading on the
      OTCBB under the stock symbol “EENX”.




**Item
      6.**   **Exhibits**





(a)  Exhibits




31.1
            Certification
                of Principal Executive Officer pursuant to rule 13a-14(a)/15d-14(a),
                as
                adopted pursuant to Section 302 of the Sarbannes-Oxley Act of
                2002.




31.2
            Certification
                of Principal Financial Officer pursuant to rule 13a-14(a)/15d-14(a),
                as
                adopted pursuant to Section 302 of the Sarbannes-Oxley Act of
                2002.




32.1
            Certification
                of the Principal Executive Officer pursuant to 18 U.S.C. Section
                1350, as
                adopted pursuant to Section 906 of the Sarbannes-Oxley Act of
                2002.




32.2
            Certification
                of the Principal Financial Officer pursuant to 18 U.S.C. Section
                1350, as
                adopted pursuant to Section 906 of the Sarbannes-Oxley Act of
                2002.




**SIGNATURE**





Pursuant
      to the requirements of the Securities Exchange Act of 1934, Energenx has duly
      caused this report to be signed on its behalf by the undersigned thereunto
      duly
      authorized.




Dated
      May
      11, 2007.


ENERGENX,
      INC.






By: /s/
      Gary A. Bedini


Gary
      A.
      Bedini


President
      and Chief Executive Officer




By: /s/
      Rick M. Street


Rick
      M.
      Street


Chief
      Financial Officer, Secretary, and Treasurer (Principal Financial and Accounting
      Officer)




15