**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 June
      30,
      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 x  NO
o




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





At
      August
      9, 2007, the issuer had outstanding the indicated number of shares of common
      stock: 29,697,276.





Transitional
      Small Business Disclosure Format  YES
o  NO
x







**ENERGENX,
      INC.**


**INDEX**





PART
                I.
            FINANCIAL
                INFORMATIONItem
                1.
            Financial
                StatementsBalance
                Sheets as of June 30, 2007 (unaudited)and
                December 31, 2006 (audited)
            1Statements
                of Operations (unaudited) for the three months and six months ended
                June
                30, 2007 and 2006
            2Statements
                of Cash Flows (unaudited) for the six months ended June 30, 2007
                and
                2006
            3Condensed
                Notes to Financial Statements
            4Item
                2.
            Management’s
                Discussion and Analysis or Plan of Operations
            10Item
                3.
            Controls
                and Procedures
            13PART
                II.
            OTHER
                INFORMATION
            13Item
                6.
            Exhibits
            14









**PART
      I. FINANCIAL INFORMATION**





**Item
      1.**  **Financial
      Statements.**


**ENERGENX,
                  INC.****(A
                  Development Stage Company)****BALANCE
                  SHEETS**
  June
                  30,
              
              December
                  31,2007
              
              2006(unaudited)**ASSETS****CURRENT
                  ASSETS**Cash
              
              $
              731,299
              
              $
              499,235Accounts
                  receviableNotes
                  receivable- related party
              
              
              11,637
              
              
              11,229Prepaid
                  expense
              
              
              23,844
              
              
              38,401Total
                  Current Assets
              
              
              766,780
              
              
              548,865**PROPERTY
                  AND EQUIPMENT, NET**
              
              
              21,982
              
              
              20,470**OTHER
                  ASSETS**DepositLicense,
                  net of accumulated amortization
              
              
              58,000
              
              
              61,600Patents,
                  net of accumulated amortization
              
              
              39,671
              
              
              37,117Total
                  Other Assets
              
              
              97,671
              
              
              98,717**TOTAL
                  ASSETS**
              
              $
              886,433
              
              $
              668,052**LIABILITIES
                  AND STOCKHOLDERS' EQUITY (DEFICIT)****CURRENT
                  LIABILITIES**Accounts
                  payable
              
              $
              11,525
              
              $
              8,890Interest
                  payable
              
              
              -
              
              
              2,674Interest
                  payable - related parties
              
              
              -
              
              
              2,607Payroll
                  taxes payable
              
              
              13,963
              
              
              37,216Deposit
                  on common stock
              
              
              -
              
              
              600,000Deposit
                  on license
              
              
              5,000
              
              
              5,000Notes
                  payable
              
              
              -
              
              
              1,660Accrued
                  payroll
              
              
              28,986
              
              
              56,950Total
                  Current Liabilities
              
              
              59,474
              
              
              714,997**COMMITMENTS
                  AND CONTINGENCIES**
              
              
              -
              
              
              -**STOCKHOLDERS'
                  EQUITY (DEFICIT)**Preferred
                  stock, $.001 par value; 5,000,000 shares authorized,no
                  shares issued or outstanding
              
              
              -
              
              
              -Common
                  stock, $.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
              
              
              3,273,517
              
              
              2,175,717Deficit
                  accumulated during development stage
              
              
              (2,476,255
              )
              
              (2,250,159
              )Total
                  Stockholders' Equity (Deficit)
              
              
              826,959
              
              
              (46,945
              )**TOTAL
                  LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)**
              
              $
              886,433
              
              $
              668,052




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





1




**ENERGENX,
                  INC.****(Formerly
                  Edward II, Inc.)****(A
                  Development Stage Company)****STATEMENTS
                  OF OPERATIONS**
  FromThree
              
              Three
              
              
              
              
              
              September
                  29,Months
              
              Months
              
              Six
                  Months
              
              Six
                  Months
              
              1999Ended
              
              Ended
              
              Ended
              
              Ended
              
              (Inception)
                  toJune
                  30,
              
              June
                  30,
              
              June
                  30,
              
              June
                  30,
              
              June
                  30,2007
              
              2006
              
              2007
              
              2006
              
              2007(unaudited)
              
              (unaudited)
              
              (unaudited)
              
              (unaudited)
              
              (unaudited)**REVENUES**
              
              $
              3,735
              
              
              -
              
              $
              3,735
              
              
              -
              
              $
              3,735**COST
                  OF GOODS SOLD**
              
              
              869
              
              
              -
              
              
              869
              
              
              -
              
              
              869**GROSS
                  PROFIT**
              
              
              2,866
              
              
              -
              
              
              2,866
              
              
              -
              
              
              2,866**OPERATING
                  EXPENSES**Amortization
                  and depreciation
              
              
              5,978
              
              
              5,135
              
              
              11,868
              
              
              10,463
              
              
              123,886Board
                  of directors fees
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              60,000Consulting
              
              
              -
              
              
              2,500
              
              
              -
              
              
              2,500
              
              
              316,029General
                  and administrative
              
              
              18,299
              
              
              13,310
              
              
              34,029
              
              
              13,702
              
              
              237,031Legal
                  and accounting
              
              
              23,482
              
              
              7,872
              
              
              36,206
              
              
              20,978
              
              
              194,614License
                  and fees
              
              
              1,527
              
              
              -
              
              
              1,651
              
              
              -
              
              
              109,175Marketing
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              19,464Rent
              
              
              7,200
              
              
              7,200
              
              
              14,400
              
              
              13,800
              
              
              202,468Research
                  and development
              
              
              39,860
              
              
              58,507
              
              
              82,449
              
              
              113,320
              
              
              510,695Salaries
                  and benefits
              
              
              23,170
              
              
              41,469
              
              
              50,310
              
              
              71,453
              
              
              674,165Travel
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              1,580**TOTAL
                  OPERATING EXPENSES**
              
              
              119,516
              
              
              135,993
              
              
              230,913
              
              
              246,216
              
              
              2,449,107**LOSS
                  FROM OPERATIONS**
              
              
              (116,650
              )
              
              (135,993
              )
              
              (228,047
              )
              
              (246,216
              )
              
              (2,446,241
              )**OTHER
                  INCOME (EXPENSES)**Interest
                  income
              
              
              637
              
              
              -
              
              
              972
              
              
              30
              
              
              1,164Other
                  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)**
              
              
              637
              
              
              -
              
              
              1,951
              
              
              30
              
              
              (30,014
              )**LOSS
                  BEFORE TAXES**
              
              
              (116,013
              )
              
              (135,993
              )
              
              (226,096
              )
              
              (246,186
              )
              
              (2,476,255
              )**INCOME
                  TAXES**
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              -**NET
                  LOSS**
              
              $
              (116,013
              )
              
              (135,993
              )
              $
              (226,096
              )
              
              (246,186
              )
              $
              (2,476,255
              )NET
                  LOSS PER COMMON SHARE,BASIC
                  AND DILUTED
              
              $
              nil
              
              
              nil
              
              $
              (0.01
              )
              
              (0.01
              )WEIGHTED
                  AVERAGE NUMBER OFCOMMON
                  STOCK SHARESOUTSTANDING,
                  BASIC AND DILUTED
              
              
              29,697,000
              
              
              27,497,276
              
              
              29,697,000
              
              
              27,497,276




The
        accompanying condensed notes are an integral part of these financial
        statements.
  2


**ENERGENX,
                  INC.****(A
                  Development Stage Company)****STATEMENTS
                  OF CASH FLOWS**
  FromSeptember
                  29,Six
                  Months
              
              Six
                  Months
              
              1999Ended
              
              Ended
              
              (Inception)
                  toJune
                  30,
              
              June
                  30,
              
              June
                  30,2007
              
              2006
              
              2007(unaudited)
              
              (unaudited)
              
              (unaudited)**CASH
                  FLOWS FROM OPERATING ACTIVITIES:**Net
                  loss
              
              $
              (226,096
              )
              $
              (246,186
              )
              $
              (2,476,255
              )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
              
              
              11,868
              
              
              10,463
              
              
              123,890Adjustments
                  to reconcile net (loss) to net cashprovided
                  (used) by operating activities:Decrease
                  (increase) in note receivable
              
              
              (1,068
              )
              
              912
              
              
              (12,297
              )Decrease
                  (increase) in prepaids
              
              
              14,557
              
              
              (46,643
              )
              
              14,558Decrease
                  in deposits
              
              
              -
              
              
              -
              
              
              (38,402
              )Increase
                  in deposit liability
              
              
              -
              
              
              -
              
              
              5,000Increase
                  (decrease) in interest payable
              
              
              (5,281
              )
              
              -
              
              
              -Increase
                  (decrease) in accounts payable
              
              
              (3,739
              )
              
              1,393
              
              
              9,465Increase
                  (decrease) in accrued payroll
              
              
              (27,964
              )
              
              (20,650
              )
              
              28,986Increase
                  (decrease) in payroll taxes payable
              
              
              (23,253
              )
              
              (698
              )
              
              13,963Increase
                  (decrease) in inventory
              
              
              -
              
              
              (7,482
              )
              
              -Net
                  cash used by operating activities
              
              
              (261,955
              )
              
              (308,891
              )
              
              (2,010,918
              )**CASH
                  FLOWS FROM INVESTING ACTIVITIES:**Cash
                  paid for patent
              
              
              -
              
              
              -
              
              
              (69,950
              )Cash
                  paid for equipment purchased
              
              
              (5,981
              )
              
              (5,371
              )
              
              (50,714
              )Cash
                  paid for leasehold improvements
              
              
              -
              
              
              -
              
              
              (6,733
              )Net
                  cash used by investing activities
              
              
              (5,981
              )
              
              (5,371
              )
              
              (127,397
              )**CASH
                  FLOWS FROM FINANCING ACTIVITIES:**Cash
                  paid for stock offering costs
              
              
              -
              
              
              -
              
              
              (62,130
              )Merger
                  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
              
              
              500,000
              
              
              200,000
              
              
              2,186,306Net
                  cash provided by financing activities
              
              
              500,000
              
              
              200,000
              
              
              2,869,614Change
                  in cash
              
              
              232,064
              
              
              (114,262
              )
              
              731,299**Cash,
                  beginning of period**
              
              
              499,235
              
              
              169,451
              
              
              -**Cash,
                  end of period**
              
              $
              731,299
              
              $
              55,189
              
              $
              731,299**SUPPLEMENTAL
                  CASH FLOW INFORMATION:**Interest
                  paid
              
              $
              2,607
              
              $
              -
              
              $
              17,862Income
                  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
              
              $
              -
              
              $
              -
              
              $
              58,000Common
                  stock issued for deposit
              
              $
              600,000
              
              $
              -
              
              $
              600,000Purchased
                  patent included in accounts payable
              
              $
              6,374
              
              $
              -
              
              $
              6,374Satisfaction
                  of debt through note receivable decrease
              
              $
              660
              
              $
              -
              
              $
              660


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





3


**ENERGENX,
        INC.**
 **(A
        Development Stage Company)**
 **CONDENSED
        NOTES TO FINANCIAL STATEMENTS**
 **JUNE
        30, 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 six month period ended June 30, 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**


**JUNE
      30, 2007**




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 June 30, 2007 and December
      31, 2006 the Company’s cash balance exceeded Federal Deposit Insurance
      Corporation (FDIC) limits by $631,299 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 June 30, 2007 and December 31, 2006.





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 six months ended June 30, 2007
      and 2006 were $82,449 and $105,594, respectively. Salaries for those employees
      directly involved in research and development are included in research and
      development expense.





Revenue
      Recognition




Revenue
      is recorded when products are shipped and the Company has no significant
      remaining obligations, persuasive evidence of an arrangement exits, the price
      to
      the buyer is fixed or determinable, and collectability is reasonably assured
      or
      probable. Product sales revenue is recognized when title and risk of loss have
      passed to the buyer. According to the Company’s terms of sale, title and risk of
      loss pass to the customer upon delivery to the carrier.





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





5


**ENERGENX,
        INC.**
 **(A
        Development Stage Company)**
 **CONDENSED
        NOTES TO FINANCIAL STATEMENTS**
 **JUNE
        30, 2007**


**NOTE
      3 - PREPAID EXPENSE**





Prepaid
      expenses at June 30, 2007 includes the prepayment of a commercial lease.


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
      six months ended June 30, 2007, the Company expensed $14,400. The unamortized
      prepaid balance at June 30, 2007 was $21,600.





**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 3 to 7 years. Depreciation expense for
      the periods ended June 30, 2007 and 2006 was $3,781 and $2,920,
      respectively.




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


June
                  30,
              
              December
                  31,2007
              
              2006Machinery
              
              $
              34,977
              
              $
              34,085Office
                  Furniture and Equipment
              
              
              18,963
              
              
              13,896Leasehold
                  Improvements
              
              
              5,292
              
              
              5,29259,232
              
              
              53,273Less
                  Accumulated Depreciation
              
              
              (37,250
              )
              
              (32,803
              )Property
                  and Equipment - Net
              
              $
              21,982
              
              $
              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
              
              
              3,820
              
              
              2,554Balance,
                  June 30, 2007
              
              
              76,325
              
              
              36,654
              
              
              39,671






6





**ENERGENX,
      INC.**


**(A
      Development Stage Company)**


**CONDENSED
      NOTES TO FINANCIAL STATEMENTS**


**JUNE
      30, 2007**




**NOTE
      6 - RELATED PARTY TRANSACTIONS**





During
      the six month period ended June 30, 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.
      The
      aggregate net amount owing from Bedini Electronics at June 30, 2007 and 2006
      was
      $10,128 and $11,291, respectively.





During
      the period ended June 30, 2007, the Company paid off outstanding interest in
      the
      amount of $2,607 related to notes converted in 2004. Also during the period
      ended June 30, 2007, the Company paid for a piece of testing equipment on behalf
      of a shareholder, for which they are entitled reimbursement. This is reflected
      on the balance sheet as part of a related party note receivable.





During
      the year 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.





**NOTE
      7 - NOTE PAYABLE**





During
      the six month period ended June 30, 2007, $1,660 of notes payable on the balance
      sheet as of December 31, 2006 were 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.





The
      Company received loans from outside parties in 2002 totaling $44,500. These
      notes were unsecured and interest was payable at 6% per annum. During the year
      ended December 31, 2004 the Company converted the outstanding principal and
      accrued interest into 925,375 shares of common stock. Accrued interest at
      December 31, 2006 was $2,674 which is the remaining balance of interest not
      converted. During the period ended June 30, 2007 this remaining balance was
      paid
      in cash.





**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.




7


**ENERGENX,
        INC.**
 **(A
        Development Stage Company)**
 **CONDENSED
        NOTES TO FINANCIAL STATEMENTS**
 **JUNE
        30, 2007**


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.




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, in partial satisfaction of the
      subscription commitment discussed above.




8


**ENERGENX,
        INC.**
 **(A
        Development Stage Company)**
 **CONDENSED
        NOTES TO FINANCIAL STATEMENTS**
 **JUNE
        30, 2007**


During
      the period ended June 30, 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 first quarter of 2007, and $600,000 which had been previously
      received, and was recorded as a liability at December 31, 2006. This was the
      final transaction in fulfilling the subscription commitment described
      above.





9





**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 THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE
      A
      HIGH DEGREE OF RISK AND UNCERTAINTY. ALL STATEMENTS, OTHER THAN STATEMENTS
      OF
      HISTORICAL FACTS, INCLUDED IN OR INCORPORATED BY REFERENCE INTO THIS FORM 10-QSB
      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. OUR ACTUAL RESULTS MAY DIFFER MATERIALLY
      FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS DUE TO RISKS AND
      UNCERTAINTIES THAT EXIST IN OUR OPERATIONS. 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 THEIR MARKETS.
      THESE
      RISKS AND OTHERS ARE MORE FULLY DESCRIBED IN OUR ANNUAL REPORT ON 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 charge control unit designed for solar charging
      applications.




**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 battery charger and charge control unit
      prototypes.




10





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. On June 2, 2007 we delivered a new golf cart version of the
      36/48
      volt of our Potential Battery Charger to GTG Corp. also for in-house testing
      and
      potentially for further UL assessment, testing and certification. In addition,
      in May 2007 we completed development of a 12/24 volt battery charger. In June
      2007 we sold 25 of the 12/24 volt battery charger units to Renaissance Charger
      LLC who are undertaking in-house testing of these battery charger units, which
      resulted in the recognition of $3,735 of revenue for the second quarter of
      2007.
      Depending on the results of the in-house testing being undertaken by Renaissance
      Charger LLC, Energenx and Renaissance may enter into a joint venture
      relationship.





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 second quarter of 2007. As mentioned above, we did
      generate revenues from the sale of 25 of our 12/24 volt battery charger units
      to
      Renaissance Charger LLC during the second quarter of 2007, but this was a one
      time purchase. We cannot assure you that GTG Corp. will order any Potential
      modules in the remainder of 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
      our electromagnetic motor/generator battery system, we do not currently intend
      to undertake further research and development of that system during the next
      twelve months.





We
      have
      no plans to relocate our current research facility within the next twelve
      months, and we do not currently expect that significant equipment purchases
      will
      be necessary if we receive orders for the Potential hybrid module from GTG
      Corp.
      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 June 30, 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.**




11




As
      of
      June 30, 2007, we had $731,299 in cash and cash equivalents and $707,306 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.




Net
      cash
      used in operating activities during the six months ended June 30, 2007 was
      $261,955 resulting in a net loss of $226,096.




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 second 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
      may
      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 when necessary 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:




12





**Revenue
      recognition** *:* Revenue
      is recorded when products are shipped and we have no significant remaining
      obligations, persuasive evidence of an arrangement exits, the price to the
      buyer
      is fixed or determinable, and collectability is reasonably assured or probable.
      Product sales revenue is recognized when title and risk of loss have passed
      to
      the buyer. According to our terms of sale, title and risk of loss pass to the
      customer upon delivery to the carrier. 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.





**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 June 30,
      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 June 30, 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.





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




13





None.





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





We
      held
      our 2007 Annual Meeting of Stockholders on July 27, 2006. At the meeting, the
      six incumbent directors of Energenx were re-elected. Gary A. Bedini, John C.
      Bedini, Thomas E. Bearden, Ph.D. Hans Werner Huss, Marvin Redenius, and Rick
      M.
      Street each received 19,979,807 votes for, 0 votes against, and 0 abstentions.
      The appointment of Williams & Webster, P.S., independent auditors, as
      Energenx’s auditors was ratified. The ratification of the auditors was approved
      by a vote of 19,979,807 votes for, 0 votes against, and 0
      abstentions.





**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 is currently trading on
      the OTCBB under the stock symbol “EENX”.




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


(a)
              Exhibits31.1
              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
              August 9, 2007.
            ENERGENX, INC.By:
            /s/ Gary A. BediniGary
              A. BediniPresident and Chief Executive
              Officer




By:
            /s/ Rick M. StreetRick
              M. StreetChief Financial Officer, Secretary, and Treasurer
              (Principal Financial and Accounting
              Officer)






14