**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**FORM      10-Q**

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

**OR**

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

**000-52502**

**BELARUS      CAPITAL CORP.**

**(Exact      name of registrant as specified in its charter)**

| **Nevada**                                                                                          |   | **26-2373311**                                                               |
|-----------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------|
| **(State                or other jurisdiction of****incorporation                or organization)** |   | **(I.R.S.                Employer****Identification                Number)** |

|                  **2120                Jadeleaf Ct.****Las                Vegas, Nevada** **89134** |
|---------------------------------------------------------------------------------------------------------------|
| **(Address                of principal executive offices) (Zip                Code)**                         |

**Registrant’s      telephone number, including area code: 702-233-4804**

| Large                accelerated filer  ̈     | Accelerated                filer  ̈ | Non-accelerated                filer  ̈  | Smaller                reporting company x |
|----------------------------------------------------------------------------|----------------------------------------------|--------------------------------------------------------|--------------------------------------------|

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**PART      I - FINANCIAL INFORMATION**

**Item      1. Financial Statements.**

**BELARUS      CAPITAL CORP.**

**(A      Development Stage Company)**

**Balance      Sheets**

|                                                                                                                                                                                                           |   | Unaudited          |    |              |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|-------------------|--------|
|                                                                                                                                                                                                           |   | September 30, |    | December 31, |   |
|                                                                                                                                                                                                           |   | 2008               |    | 2007              |   |
| ASSETS                                                                                                                                                                                                         |   |               |    |              |   |   |   |
|                                                                                                                                                                                                           |   |               |    |              |   |   |   |
| Total                assets                                                                                                                                                                                    |   | $                  | -       |              | $      | - |   |
|                                                                                                                                                                                                           |   |               |    |              |   |   |   |
| LIABILITIES                AND STOCKHOLDERS' DEFICIT                                                                                                                                                           |   |               |    |              |   |   |   |
|                                                                                                                                                                                                           |   |               |    |              |   |   |   |
| Current                liabilities:                                                                                                                                                                            |   |               |    |              |   |   |   |
| Accrued                expenses                                                                                                                                                                                |   | $                  | 35,000  |              | $      | 20,000 |   |
|                                                                                                                                                                                                           |   |               |    |              |   |   |   |
| Total                current liabilities                                                                                                                                                                       |   |               | 35,000  |              |   | 20,000 |   |
|                                                                                                                                                                                                           |   |               |    |              |   |   |   |
| Stockholders'                equity:                                                                                                                                                                           |   |               |    |              |   |   |   |
| Preferred                stock, $0.001 par value, 20,000,000 shares authorized, none                issued                                                                                                     |   | $                  | -       |              | $      | - |   |
| Common                stock, $0.001 par value, 100,000,000 shares authorized, 5,000,000                shares issued and outstanding at September 30, 2008 and December                31,                2007 |   |               | 5,000   |              |   | 5,000 |   |
| Additional                paid-in capital                                                                                                                                                                      |   |               | -       |              |   | - |   |
| Deficit                accumulated during the development stage                                                                                                                                                |   |               | (40,000 | )                 |   | (25,000 | ) |
|                                                                                                                                                                                                           |   |               |    |              |   |   |   |
| Total                stockholders' deficit                                                                                                                                                                     |   |               | (35,000 | )                 |   | (20,000 | ) |
|                                                                                                                                                                                                           |   |               |    |              |   |   |   |
| TOTAL                LIABILITIES AND STOCKHOLDERS' DEFICIT                                                                                                                                                     |   | $                  | -       |              | $      | - |   |

----

**BELARUS      CAPITAL CORP.**

**(A      Development Stage Company)**

**Statements      of Operations - Unaudited**

|                                                               |   |                                                 |      |                                                |   |               |   |   |      | For the      |   |
|--------------------------------------------------------------------|--------|------------------------------------------------------|-----------|-----------------------------------------------------|--------|--------------------|--------|--------|-----------|-------------------|--------|
|                                                               |   |                                                 |      |                                                |   |               |   |   |      | Period From  |   |
|                                                               |   |                                                 |      |                                                |   |               |   |   |      | December 29, |   |
|                                                               |   |                                                 |      |                                                |   |               |   |   |      | 2005              |   |
|                                                               |   |                                                 |      |                                                |   |               |   |   |      | (Inception)       |   |
|                                                               |   |                                                 |      |                                                |   |               |   |   |      | Through           |   |
|                                                               |   | Three Months Ended September 30, |      | Nine Months Ended September 30, |   | September 30, |   |
|                                                               |   | 2007                                                 |      | 2008                                                |   | 2007               |   | 2008   |      | 2008              |   |
| Revenue                                                            |   | $                                                    | -         |                                                | $      | -                  |   | $      | -         |              | $      | - |   | $ | - |   |
|                                                               |   |                                                 |      |                                                |   |               |   |   |      |              |   |   |   |   |   |   |
| Expenses:                                                          |   |                                                 |      |                                                |   |               |   |   |      |              |   |   |   |   |   |   |
| General                  and administrative                        |   |                                                 | -         |                                                |   | 5,000              |   |   | -         |              |   | 15,000 |   |   | 40,000 |   |
|                                                               |   |                                                 |      |                                                |   |               |   |   |      |              |   |   |   |   |   |   |
| Total                  costs and expenses                          |   |                                                 | -         |                                                |   | 5,000              |   |   | -         |              |   | 15,000 |   |   | 40,000 |   |
|                                                               |   |                                                 |      |                                                |   |               |   |   |      |              |   |   |   |   |   |   |
| Net                  loss                                          |   | $                                                    | -         |                                                | $      | (5,000             | )      | $      | -         |              | $      | (15,000 | ) | $ | (40,000 | ) |
|                                                               |   |                                                 |      |                                                |   |               |   |   |      |              |   |   |   |   |   |   |
| Net                  loss per share:                               |   |                                                 |      |                                                |   |               |   |   |      |              |   |   |   |   |   |   |
| Basic                  and diluted                                 |   | $                                                    | -         |                                                | $      | -                  |   | $      | -         |              | $      | - |   |   |   |   |
|                                                               |   |                                                 |      |                                                |   |               |   |   |      |              |   |   |   |   |   |   |
| Weighted                  average common shares outstanding:  |   |                                                 |      |                                                |   |               |   |   |      |              |   |   |   |   |   |   |
| Basic                  and diluted                                 |   |                                                 | 5,000,000 |                                                |   | 5,000,000          |   |   | 5,000,000 |              |   | 5,000,000 |   |   |   |   |

----

**BELARUS      CAPITAL CORP.**

**(A      Development Stage Company)**

**Statements      of Changes in Stockholders' Deficit**

**For      the period from December 29, 2005 (inception) through September 30,      2008**

|                                                                                                     |   | Common                  Stock |      |          Additional         |   | Accumulated                      |   |    |   |
|----------------------------------------------------------------------------------------------------------|--------|-------------------------------|-----------|------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|--------|---------|--------|
|                                                                                                     |   | Shares                        |      | Amount                                                                                                           |   | Paid-in                  Capital |   | Deficit |   | Total |   |
| Issuance                  of common stock in exchange for services on December 29,                  2005 |   |                          | 5,000,000 |                                                                                                             | $      | 5,000                            |   | $       | -      |   | $ | - |   | $ | 5,000 |   |
| Net                  loss                                                                                |   |                          | -         |                                                                                                             |   | -                                |   |    | -      |   |   | (5,000 | ) |   | (5,000 | ) |
|                                                                                                     |   |                          |      |                                                                                                             |   |                             |   |    |   |   |   |   |   |   |   |   |
| Balance                  at December 31, 2005                                                            |   |                          | 5,000,000 |                                                                                                             |   | 5,000                            |   |    | -      |   |   | (5,000 | ) |   | - |   |
|                                                                                                     |   |                          |      |                                                                                                             |   |                             |   |    |   |   |   |   |   |   |   |   |
| Balance                  at December 31, 2006                                                            |   |                          | 5,000,000 |                                                                                                             |   | 5,000                            |   |    | -      |   |   | (5,000 | ) |   | - |   |
|                                                                                                     |   |                          |      |                                                                                                             |   |                             |   |    |   |   |   |   |   |   |   |   |
| Net                  loss                                                                                |   |                          | -         |                                                                                                             |   | -                                |   |    | -      |   |   | (20,000 | ) |   | (20,000 | ) |
|                                                                                                     |   |                          |      |                                                                                                             |   |                             |   |    |   |   |   |   |   |   |   |   |
| Balance                  at December 31, 2007                                                            |   |                          | 5,000,000 |                                                                                                             |   | 5,000                            |   |    | -      |   |   | (25,000 | ) |   | (20,000 | ) |
|                                                                                                     |   |                          |      |                                                                                                             |   |                             |   |    |   |   |   |   |   |   |   |   |
| Net                  loss                                                                                |   |                          | -         |                                                                                                             |   | -                                |   |    | -      |   |   | (15,000 | ) |   | (15,000 | ) |
|                                                                                                     |   |                          |      |                                                                                                             |   |                             |   |    |   |   |   |   |   |   |   |   |
| Balance                  at September 30, 2008                                                           |   |                          | 5,000,000 |                                                                                                             | $      | 5,000                            |   | $       | -      |   | $ | (40,000 | ) | $ | (35,000 | ) |

----

**BELARUS        CAPITAL CORP.**

**(A      Development Stage Company)**

**Statements      of Cash Flows**

|                                                   |   |                                                |   |               |   | For the      |   |
|--------------------------------------------------------|--------|-----------------------------------------------------|--------|--------------------|--------|-------------------|--------|
|                                                   |   |                                                |   |               |   | Period From  |   |
|                                                   |   |                                                |   |               |   | December 29, |   |
|                                                   |   |                                                |   |               |   | 2005              |   |
|                                                   |   |                                                |   |               |   | (Inception)       |   |
|                                                   |   |                                                |   | Through            |   |
|                                                   |   | Nine Months Ended September 30, |   | September 30, |   |
|                                                   |   | 2007                                                |   | 2008               |   | 2008              |   |
|                                                   |   |                                                |   |               |   |              |   |
| Cash                  flows from operating activities: |   |                                                |   |               |   |              |   |   |   |   |
|                                                   |   |                                                |   |               |   |              |   |   |   |   |
| Net                  loss                              |   | $                                                   | -      |               | $      | (15,000           | )      | $ | (40,000 | ) |
| Increase                  in accrued expenses          |   |                                                | -      |               |   | 15,000            |   |   | 35,000 |   |
| Shares                  issued in lieu of services     |   |                                                | -      |               |   | -                 |   |   | 5,000 |   |
|                                                   |   |                                                |   |               |   |              |   |   |   |   |
| Net                  cash used in operating activities |   |                                                | -      |               |   | -                 |   |   | - |   |
|                                                   |   |                                                |   |               |   |              |   |   |   |   |
| Net                  increase in cash                  |   |                                                | -      |               |   | -                 |   |   | - |   |
| Cash                  - beginning of period            |   |                                                | -      |               |   | -                 |   |   | - |   |
|                                                   |   |                                                |   |               |   |              |   |   |   |   |
| Cash                  - end of period                  |   | $                                                   | -      |               | $      | -                 |   | $ | - |   |

----

----

| - | Common                stock, $ 0.001 par value: 100,000,000 shares authorized; 5,000,000                shares                issued and outstanding. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| - | Preferred                stock, $ 0.001 par value: 20,000,000 shares authorized; none issued                and                outstanding. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------|

----

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

**Forward      Looking Statements**

| 1. | Our                ability to attract and retain management, and to integrate and maintain                technical information and management information                systems;  |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2. | Our                ability to generate customer demand for our                services;                                                                                             |
| 3. | The                intensity of competition; and                                                                                                                                    |
| 4. | General                economic conditions.                                                                                                                                              |

**Recent      Development**

**Overview      of Business**

**Products      **

*Xtreme      Green Jetboard*

----

*Police      Mobility Vehicle (PMV-A09)*

*Electric      Motorcycle*

**Liquidity      and Capital Resources**

----

**Off-Balance      Sheet Arrangements**

**Item      3. Controls and Procedures.**

----

**PART      II - OTHER INFORMATION**

**Item      1. Legal Proceedings.**

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

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

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

|  | (i) | The                adoption of the 2008 Incentive Stock Option                Plan. |
|--|-----|-------------------------------------------------------------------------------------|

|  | (ii) | The                reincorporation of the Company from a Colorado corporation to a Nevada                corporation. |
|--|------|-----------------------------------------------------------------------------------------------------------------------|

**Item      5. Other Information.**

**Item      6. Exhibits.**

| 31.1*  |   | Certification                of Chief Executive Officer required by Rule 13a-14(a) or Rule                15d-14(a)                                                                                                                                               |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                              |
| 31.2*  |   | Certification                of Chief Financial Officer required by Rule 13a-14(a) or Rule                15d-14(a)                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                              |
| 32.1*  |   | Certification                of Chief Executive Officer and Chief Financial Officer required by                Rule                13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title                18 of                the United States Code |

----

**SIGNATURES**

|                                   |                                                                 |                               |
|----------------------------------------|----------------------------------------------------------------------|------------------------------------|
| Date:                November 18, 2008 | BELARUS                CAPITAL CORP.                                 |
|                                   |                                                                 |                               |
|                                   | By:                                                        | /s/                Sanford Leavitt |
|                                   | Sanford                LeavittChief                Executive Officer |
|                                   |                                                                 |
|                                   | By:                                                        | /s/                Neil Roth       |
|                                   | Neil                RothChief                Financial Officer       |

----