----

----

**FORM      10-QSB**

| x      | QUARTERLY                REPORT UNDER SECTION 13 OR 15(d)OF                THE SECURITIES EXCHANGE ACT OF 1934 For                the quarter ended **October 31, 2007**                       |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                |
|  ̈ | TRANSITION                REPORT UNDER SECTION 13 OR 15 (d)OF                THE SECURITIES EXCHANGE ACT OF 1934 For                the transition period from                _______to_______ |

**333-57946**

**INHIBITON      THERAPEUTICS, INC.**

| **Nevada**                                     | **88-0448626**                     |
|------------------------------------------------|------------------------------------|
| (State                or other jurisdiction of | (IRS                Employer       |
| incorporation                or organization)  | Identification                No.) |

**7315      East Peakview Avenue**

**Englewood,      Colorado 80111**

**(303)      796-8940**

----

----

**INHIBITON      THERAPEUTICS, INC.**

** (A      Development Stage Company)**

**Index      to Financial Statements**

**(Unaudited)**

|                                                                                                        |                                                                                                | **Page** |
|-------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|----------|
|                                                                                                        |                                                                                                |     |
| Condensed                Balance Sheet at October 31, 2007                                                  | F-2                                                                                                 |
|                                                                                                        |                                                                                                |     |
| Condensed                Statement of Operations for the three and nine months                ended         |                                                                                                |
|                                                                                                        | October                31, 2007, three and nine months ended October 31, 2006,                      |     |
|                                                                                                        | and                from May 11, 2004 (Inception) through October 31, 2007                           | F-3      |
|                                                                                                        |                                                                                                |     |
| Condensed                Statement of Changes in Shareholders' Deficit for the period                from   |                                                                                                |
|                                                                                                        | May                11, 2004 (Inception) through October 31, 2007                                    | F-4      |
|                                                                                                        |                                                                                                |     |
| Condensed                Statement of Cash Flows for the nine months ended October 31,                2007, |                                                                                                |
|                                                                                                        | nine                months ended October 31, 2006, and from May 11, 2004                (Inception) |     |
|                                                                                                        | through                October 31, 2007                                                             | F-5      |
|                                                                                                        |                                                                                                |     |
| Notes                to Financial Statements                                                                | F-6                                                                                                 |
|                                                                                                        |                                                                                                |
| Item                2. Plan of Operation                                                                    | 13                                                                                                  |
|                                                                                                        |                                                                                                |
| Part                II – Other Information                                                            | 14                                                                                                  |
|                                                                                                        |                                                                                                |
| Signatures                                                                                                  | 16                                                                                                  |
|                                                                                                        |                                                                                                |

----

**INHIBITON      THERAPEUTICS, INC.**

** (A      Development Stage Company)**

**Condensed      Balance Sheet**

**October      31, 2007**

**(Unaudited)**

| **Assets**                                                                    |   |   |       |
|-------------------------------------------------------------------------------|--------|--------|------------|
| Cash                                                                          |   | $      | 22,437     |   |
|                                                                          |   |   |       |   |
| Total                  assets                                                 |   | $      | 22,437     |   |
|                                                                          |   |   |       |   |
| **Liabilities                  and Shareholders’ Deficit**              |   |   |       |   |
| Current                  liabilities:                                         |   |   |       |   |
| Accounts                  and notes payable:                                  |   |   |       |   |
| Accounts                  payable, related party (Note 2)                     |   | $      | 323,725    |   |
| Accounts                  payable, other                                      |   |   | 254,777    |   |
| Notes                  payable, related party (Note 2)                        |   |   | 400,639    |   |
| Notes                  payable, other (Note 4)                                |   |   | 30,000     |   |
| Accrued                  interest payable:                                    |   |   |       |   |
| Notes                  payable, related party (Note 2)                        |   |   | 39,842     |   |
| Notes                  payable, other (Note 4)                                |   |   | 6,312      |   |
|                                                                          |   |   |       |   |
| Total                  current liabilities                                    |   |   | 1,055,295  |   |
|                                                                          |   |   |       |   |
| Commitments                  and contingencies                                |   |   | —    |   |
|                                                                          |   |   |       |   |
| Shareholders’                  deficit:                                 |   |   |       |   |
| Preferred                  stock, $.01 par value; 100,000 shares authorized,  |   |   |       |   |
| -0-                  shares issued and outstanding                            |   |   | —    |   |
| Common                  stock, $.001 par value; 50,000,000 shares authorized, |   |   |       |   |
| 16,035,219                  shares issued and outstanding                     |   |   | 16,035     |   |
| Additional                  paid-in capital                                   |   |   | 1,447,047  |   |
| Deficit                  accumulated during the development stage             |   |   | (2,495,940 | ) |
|                                                                          |   |   |       |   |
| Total                  shareholders' deficit                                  |   |   | (1,032,858 | ) |
|                                                                          |   |   |       |   |
| Total                  liabilities and shareholders' deficit                  |   | $      | 22,437     |   |

----

**INHIBITON      THERAPEUTICS, INC.**

** (A      Development Stage Company)**

**Condensed      Statements of Operations**

**(Unaudited)**

|                                                          |   |                              |       |   |                              |   |       |                             |   |   |                             |   |   | **May                  11, 2004** |       |
|---------------------------------------------------------------|--------|-----------------------------------|------------|--------|-----------------------------------|--------|------------|----------------------------------|--------|--------|----------------------------------|--------|--------|-----------------------------------|------------|
|                                                          |   | **Three                  months** |       |   | **Three                  months** |   |       | **Nine                  months** |   |   | **Nine                  months** |   |   | **(Inception)**                   |       |
|                                                          |   | **ended**                         |       |   | **ended**                         |   |       | **ended**                        |   |   | **ended**                        |   |   | **Through**                       |       |
|                                                          |   | **October                  31,**  |       |   | **October                  31,**  |   |       | **October                  31,** |   |   | **October                  31,** |   |   | **October                  31,**  |       |
|                                                          |   | **2007**                          |       |   | **2006**                          |   |       | **2007**                         |   |   | **2006**                         |   |   | **2007**                          |       |
|                                                          |   |                              |       |   |                              |   |       |                             |   |   |                             |   |   |                              |       |
| Operating                  costs and expenses:                |   |                              |       |   |                              |   |       |                             |   |   |                             |   |   |                              |       |
| Research                  and development                     |   | $                                 | -          |   |                              | $      | 75,000     |                             |   | $      | 150,000                          |   |   | $                                 | 225,000    |   |   | $ | 900,000 |   |
| Selling,                  general and administrative expenses |   |                              |       |   |                              |   |       |                             |   |   |                             |   |   |                              |       |   |   |   |   |   |
| Related                  party (Note 2)                       |   |                              | 32,250     |   |                              |   | 32,250     |                             |   |   | 96,750                           |   |   |                              | 96,750     |   |   |   | 750,425 |   |
| Other                  (Note 5)                               |   |                              | 25,654     |   |                              |   | 5,672      |                             |   |   | 167,629                          |   |   |                              | 29,487     |   |   |   | 391,123 |   |
|                                                          |   |                              |       |   |                              |   |       |                             |   |   |                             |   |   |                              |       |   |   |   |   |   |
| Total                  operating costs and expenses           |   |                              | (57,904    | )      |                              |   | (112,922   | )                                |   |   | (414,379                         | )      |   |                              | (351,237   | ) |   |   | (2,041,548 | ) |
|                                                          |   |                              |       |   |                              |   |       |                             |   |   |                             |   |   |                              |       |   |   |   |   |   |
| Interest                  income (Note 3)                     |   |                              | -          |   |                              |   | -          |                             |   |   | -                                |   |   |                              | -          |   |   |   | 80,183 |   |
| Interest                  expense (Notes 2, 3 & 4)        |   |                              | (8,905     | )      |                              |   | (14,080    | )                                |   |   | (355,723                         | )      |   |                              | (41,356    | ) |   |   | (534,575 | ) |
|                                                          |   |                              |       |   |                              |   |       |                             |   |   |                             |   |   |                              |       |   |   |   |   |   |
| Loss                  before income taxes                     |   |                              | (66,809    | )      |                              |   | (127,002   | )                                |   |   | (770,102                         | )      |   |                              | (392,593   | ) |   |   | (2,495,940 | ) |
|                                                          |   |                              |       |   |                              |   |       |                             |   |   |                             |   |   |                              |       |   |   |   |   |   |
| Income                  tax provision (Note 6)                |   |                              | -          |   |                              |   | -          |                             |   |   | -                                |   |   |                              | -          |   |   |   | - |   |
|                                                          |   |                              |       |   |                              |   |       |                             |   |   |                             |   |   |                              |       |   |   |   |   |   |
| Net                  loss                                     |   | $                                 | (66,809    | )      |                              | $      | (127,002   | )                                |   | $      | (770,102                         | )      |   | $                                 | (392,593   | ) |   | $ | (2,495,940 | ) |
|                                                          |   |                              |       |   |                              |   |       |                             |   |   |                             |   |   |                              |       |   |   |   |   |   |
| Basic                  and diluted loss per common share      |   | $                                 | (0.00      | )      |                              | $      | (0.01      | )                                |   | $      | (0.05                            | )      |   | $                                 | (0.03      | ) |   |   |   |   |
|                                                          |   |                              |       |   |                              |   |       |                             |   |   |                             |   |   |                              |       |   |   |   |   |   |
| Weighted                  average common shares outstanding   |   |                              | 15,901,886 |   |                              |   | 13,651,597 |                             |   |   | 15,163,700                       |   |   |                              | 13,548,938 |   |   |   |   |   |

----

**INHIBITON      THERAPEUTICS, INC.**

** (A      Development Stage Company)**

**Condensed      Statement of Changes in Shareholders’ Deficit**

**(Unaudited)**

|                                                                |   |                              |       |   |                           |   |    |                            |   |   | **Deficit**                            |   |   |      |       |
|---------------------------------------------------------------------|--------|-----------------------------------|------------|--------|--------------------------------|--------|---------|---------------------------------|--------|--------|----------------------------------------|--------|--------|-----------|------------|
|                                                                |   |                              |       |   |                           |   |    | **Additional**                  |   |   | **accumulated**                        |   |   |      |       |
|                                                                |   | **Common                  Stock** |       |   | **paid-in**                    |   |    | **during                  the** |   |   |                                   |   |
|                                                                |   | **Shares**                        |       |   | **Par                  value** |   |    | **capital**                     |   |   | **development                  stage** |   |   | **Total** |       |
| Balance                  at May 11, 2004                            |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |
| Inception                  date                                     |   |                              | —    |   |                           | $      | — |                            |   | $      | —                                |   |   | $         | —    |   |   | $ | — |   |
|                                                                |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| October                  2004 and January 2005,                     |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| sale                  of common stock                               |   |                              | 9,555,100  |   |                           |   | 9,555   |                            |   |   | 269,945                                |   |   |      | —    |   |   |   | 279,500 |   |
| October                  2004, issuance of common stock             |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| for                  debt issue costs                               |   |                              | 963,000    |   |                           |   | 963     |                            |   |   | (63                                    | )      |   |      | —    |   |   |   | 900 |   |
| December                  2004, issuance of common stock            |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| for                  services                                       |   |                              | 107,000    |   |                           |   | 107     |                            |   |   | 893                                    |   |   |      | —    |   |   |   | 1,000 |   |
| January                  2005, conversion of notes payable to       |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| common                  stock                                       |   |                              | 74,900     |   |                           |   | 75      |                            |   |   | 625                                    |   |   |      | —    |   |   |   | 700 |   |
| Net                  loss                                           |   |                              | —    |   |                           |   | — |                            |   |   | —                                |   |   |      | (534,619   | ) |   |   | (534,619 | ) |
| Balance                  at January 31, 2005                        |   |                              | 10,700,000 |   |                           |   | 10,700  |                            |   |   | 271,400                                |   |   |      | (534,619   | ) |   |   | (252,519 | ) |
|                                                                |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| February                  2005 and March 2005,                      |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| sale                  of common stock                               |   |                              | 428,000    |   |                           |   | 428     |                            |   |   | 99,572                                 |   |   |      | —    |   |   |   | 100,000 |   |
| May  2005                  Reverse acquisition of Organic |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| Soils.com,                  Inc.                                    |   |                              | 2,323,000  |   |                           |   | 2,323   |                            |   |   | (47,179                                | )      |   |      |       |   |   |   | (44,856 | ) |
| Net                  loss                                           |   |                              | —    |   |                           |   | — |                            |   |   | —                                |   |   |      | (664,190   | ) |   |   | (664,190 | ) |
|                                                                |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| Balance                  at January 31, 2006                        |   |                              | 13,451,000 |   |                           |   | 13,451  |                            |   |   | 323,793                                |   |   |      | (1,198,809 | ) |   |   | (861,565 | ) |
|                                                                |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| July                  2006 and August 2006,                         |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| sale                  of common stock, less                         |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| $7,500                  of offering costs                           |   |                              | 250,000    |   |                           |   | 250     |                            |   |   | 67,250                                 |   |   |      | —    |   |   |   | 67,500 |   |
| Net                  loss                                           |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      | (527,029   | ) |   |   | (527,029 | ) |
|                                                                |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| Balance                  at January 31, 2007                        |   |                              | 13,701,000 |   |                           |   | 13,701  |                            |   |   | 391,043                                |   |   |      | (1,725,838 | ) |   |   | (1,321,094 | ) |
|                                                                |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| March                  2007, conversion of                          |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| convertible                  promissory notes to                    |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| common                  stock (Note 3)                              |   |                              | 594,356    |   |                           |   | 594     |                            |   |   | 213,374                                |   |   |      | —    |   |   |   | 213,968 |   |
| Issuance                  of warrants upon conversion               |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| of                  convertible promissory notes (Note 3)           |   |                              | —    |   |                           |   | — |                            |   |   | 172,363                                |   |   |      | —    |   |   |   | 172,363 |   |
| March                  2007, sale of common stock                   |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| (Note                  7)                                           |   |                              | 500,000    |   |                           |   | 500     |                            |   |   | 124,500                                |   |   |      | —    |   |   |   | 125,000 |   |
| April                  2007, sale of common stock,                  |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| less                  $3,000 of offering costs (Note 7)             |   |                              | 100,000    |   |                           |   | 100     |                            |   |   | 26,900                                 |   |   |      | —    |   |   |   | 27,000 |   |
| July                  2007, conversion of                           |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| convertible                  promissory notes to                    |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| common                  stock (Note 3)                              |   |                              | 489,863    |   |                           |   | 490     |                            |   |   | 183,209                                |   |   |      | —    |   |   |   | 183,699 |   |
| Issuance                  of warrants upon conversion               |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| of                  convertible promissory notes (Note 3)           |   |                              | —    |   |                           |   | — |                            |   |   | 151,368                                |   |   |      | —    |   |   |   | 151,368 |   |
| July                  2007, sale of common stock (Note 7)           |   |                              | 200,000    |   |                           |   | 200     |                            |   |   | 49,800                                 |   |   |      | —    |   |   |   | 50,000 |   |
| August                  2007, sale of common stock (Note 7)         |   |                              | 250,000    |   |                           |   | 250     |                            |   |   | 74,720                                 |   |   |      |       |   |   |   | 74,970 |   |
| October                  2007, sale of common                       |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| stock                  (Note 7)                                     |   |                              | 200,000    |   |                           |   | 200     |                            |   |   | 59,770                                 |   |   |      |       |   |   |   | 59,970 |   |
| Net                  loss                                           |   |                              | —    |   |                           |   | — |                            |   |   | —                                |   |   |      | (770,102   | ) |   |   | (770,102 | ) |
|                                                                |   |                              |       |   |                           |   |    |                            |   |   |                                   |   |   |      |       |   |   |   |   |   |
| Balance                  at October 31, 2007                        |   |                              | 16,035,219 |   |                           | $      | 16,035  |                            |   | $      | 1,447,047                              |   |   | $         | (2,495,940 | ) |   | $ | (1,032,858 | ) |

----

**INHIBITON      THERAPEUTICS, INC.**

** (A      Development Stage Company)**

**Condensed      Statements of Cash Flows**

**(Unaudited)**

|                                                                |   |                             |     |   |                             |   |     | **May                  11, 2004** |   |
|---------------------------------------------------------------------|--------|----------------------------------|----------|--------|----------------------------------|--------|----------|-----------------------------------|--------|
|                                                                |   | **Nine                  months** |     |   | **Nine                  months** |   |     | **(Inception)**                   |   |
|                                                                |   | **ended**                        |     |   | **ended**                        |   |     | **Through**                       |   |
|                                                                |   | **October                  31,** |     |   | **October                  31,** |   |     | **October                  31,**  |   |
|                                                                |   | **2007**                         |     |   | **2006**                         |   |     | **2007**                          |   |
|                                                                |   |                             |     |   |                             |   |     |                              |   |
| Cash                  flows from operating activities:              |   |                             |     |   |                             |   |     |                              |   |
|   Net                  loss                               |   | $                                | (770,102 | )      |                             | $      | (392,593 | )                                 |   | $ | (2,495,940 | ) |
| Adjustments                  to reconcile net loss to net cash      |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| used                  by operating activities:                      |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| Stock                  based compensation                           |   |                             | —  |   |                             |   | —  |                              |   |   | 1,000 |   |
| Loss                  on debt extinguishment (Note 3)               |   |                             | 126,612  |   |                             |   | —  |                              |   |   | 126,612 |   |
| Expense                  incurred upon issuance or modification     |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| of                  stock and warrants (Note 3)                     |   |                             | 323,731  |   |                             |   | —  |                              |   |   | 323,731 |   |
| Changes                  in operating assets and liabilities:       |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| Prepaid                  expense                                    |   |                             | —  |   |                             |   | —  |                              |   |   | — |   |
| Accounts                  payable                                   |   |                             | 22,836   |   |                             |   | 111,794  |                              |   |   | 254,777 |   |
| Related                  party payables (Note 2)                    |   |                             | 64,850   |   |                             |   | 96,750   |                              |   |   | 323,725 |   |
| Accrued                  expenses                                   |   |                             | 13,269   |   |                             |   | 26,687   |                              |   |   | 92,210 |   |
| Net                  cash used in                                   |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| operating                  activities                               |   |                             | (218,804 | )      |                             |   | (157,362 | )                                 |   |   | (1,373,885 | ) |
|                                                                |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| Cash                  flows from investing activities:              |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| Investment                  in Inhibitex Therapeutics, Inc.         |   |                             | —  |   |                             |   | —  |                              |   |   | (44,856 | ) |
| Net                  cash used in                                   |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| investing                  activities                               |   |                             | —  |   |                             |   | —  |                              |   |   | (44,856 | ) |
|                                                                |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| Cash                  flows from financing activities:              |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| (Payments                  on) proceeds from related party notes    |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| payable,                  net (Note 2)                              |   |                             | (95,840  | )      |                             |   | 76,419   |                              |   |   | 389,238 |   |
| Proceeds                  from notes payable, other                 |   |                             | —  |   |                             |   | 13,000   |                              |   |   | 43,000 |   |
| Proceeds                  from convertible promissory note (Note 3) |   |                             | —  |   |                             |   | —  |                              |   |   | 225,000 |   |
| Proceeds                  from issuance of common stock,            |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| net                  of offering costs (Note 7)                     |   |                             | 336,940  |   |                             |   | 67,500   |                              |   |   | 783,940 |   |
| Net                  cash provided by                               |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| financing                  activities                               |   |                             | 241,100  |   |                             |   | 156,919  |                              |   |   | 1,441,178 |   |
|                                                                |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| Net                  change in cash and                             |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| cash                  equivalents                                   |   |                             | 22,296   |   |                             |   | (443     | )                                 |   |   | 22,437 |   |
|                                                                |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| Cash                  and cash equivalents:                         |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| Beginning                  of period                                |   |                             | 141      |   |                             |   | 747      |                              |   |   | — |   |
|                                                                |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| End                  of period                                      |   | $                                | 22,437   |   |                             | $      | 304      |                              |   | $ | 22,437 |   |
|                                                                |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| Supplemental                  disclosure of cash flow information:  |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| Cash                  paid during the period for:                   |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| Income                  taxes                                       |   | $                                | —  |   |                             | $      | —  |                              |   | $ | — |   |
|     Interest                                    |   | $                                | 18,323   |   |                             | $      | 14,669   |                              |   | $ | 38,430 |   |
|                                                                |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| Noncash                  financing transactions:                    |   |                             |     |   |                             |   |     |                              |   |   |   |   |
| Notes                  and interest payable converted to stock      |   | $                                | 271,055  |   |                             | $      | —  |                              |   | $ | 271,755 |   |
| Stock                  issued in exchange for debt issue costs      |   | $                                | —  |   |                             | $      | —  |                              |   | $ | 900 |   |
|                                                                |   |                             |     |   |                             |   |     |                              |   |   |   |   |

----

**INHIBITON            THERAPEUTICS, INC.**

**(A            Development Stage Company)**

**Notes            to Condensed Financial Statements**

**(Unaudited)**

**Note      1:  Basis of presentation**

**Reorganization**

----

**INHIBITON              THERAPEUTICS, INC.**

**(A              Development Stage Company)**

**Notes              to Condensed Financial Statements**

**(Unaudited)**

**Derivative      Instruments**

**Note      2:  Related Party**

| Management                fees payable to officers              |   | $      | 305,400 |   |
|-----------------------------------------------------------------|--------|--------|---------|--------|
|                                                            |   |   |    |   |
| Rent                payable to company affiliated with officers |   |   | 18,325  |   |
|                                                            |   |   |    |   |
| Total                accounts payable, related party            |   | $      | 323,725 |   |

----

**INHIBITON              THERAPEUTICS, INC.**

**(A              Development Stage Company)**

**Notes              to Condensed Financial Statements**

**(Unaudited)**

| Notes                payable to officers; interest at 8% and due on demand                                                     |   | $      | 671     |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|
|                                                                                                                           |   |   |    |   |
| Notes                payable to affiliates of Company officers; interest at 8% and due                on                demand |   |   | 386,968 |   |
|                                                                                                                           |   |   |    |   |
| Note                payable to significant stockholder; interest at 8% and due on                demand                        |   |   | 13,000  |   |
|                                                                                                                           |   |   |    |   |
| Notes                payable, related party                                                                                    |   |   | 400,639 |   |
|                                                                                                                           |   |   |    |   |

----

****INHIBITON            THERAPEUTICS, INC.****

**(A              Development Stage Company)**

**Notes              to Condensed Financial Statements**

**(Unaudited)**

| Interest                payable related party                      |   |   | 39,842  |   |
|--------------------------------------------------------------------|--------|--------|---------|--------|
|                                                               |   |   |    |   |
| Total                principal and interest payable, related party |   | $      | 466,318 |   |

**Note      3: Convertible Notes Payable**

----

**INHIBITON              THERAPEUTICS, INC.**

**(A              Development Stage Company)**

**Notes              to Condensed Financial Statements**

**(Unaudited)**

| **Issuance                Date** | **Fair                Value** | **Term**               | **Exercise                Price** | **Market                Price on Grant Date** | **Volatility                Percentage** | **Interest                Rate** |
|----------------------------------|-------------------------------|------------------------|-----------------------------------|-----------------------------------------------|------------------------------------------|----------------------------------|
| April                2007        | $172,363                      | 3                years | $0.50                             | $0.36                                         | 156%                                     | 4.5%                             |
| July                2007         | $151,368                      | 3                years | $0.50                             | $0.375                                        | 161%                                     | 4.5%                             |

**Note      4: Notes Payable**

----

**INHIBITON              THERAPEUTICS, INC.**

**(A              Development Stage Company)**

**Notes              to Condensed Financial Statements**

**(Unaudited)**

**Note      5:  Other Expense**

|                                       |   | **Three                months ended October 31, 2007** |   |   | **Three                months ended October 31, 2006** |   |   | **Nine                months ended October 31, 2007** |   |   | **Nine                months ended October 31, 2006** |   |   | **May                11, 2004 (Inception) through October 31, 2007** |   |
|--------------------------------------------|--------|--------------------------------------------------------|--------|--------|--------------------------------------------------------|--------|--------|-------------------------------------------------------|--------|--------|-------------------------------------------------------|--------|--------|----------------------------------------------------------------------|--------|
| General                and administrative  |   | $                                                      | 871    |   |                                                   | $      | 686    |                                                  |   | $      | 3,381                                                 |   |   | $                                                                    | 1,569  |   |   | $ | 19,213 |   |
| Legal                and accounting        |   |                                                   | 1,683  |   |                                                   |   | 4,386  |                                                  |   |   | 8,236                                                 |   |   |                                                                 | 26,118 |   |   |   | 75,189 |   |
| Loss                on debt extinguishment |   |                                                   | -      |   |                                                   |   | -      |                                                  |   |   | 126,612                                               |   |   |                                                                 | -      |   |   |   | 126,612 |   |
| Professional                services       |   |                                                   | 23,100 |   |                                                   |   | 600    |                                                  |   |   | 29,400                                                |   |   |                                                                 | 1,800  |   |   |   | 169,109 |   |
| Stock                based compensation    |   |                                                   | -      |   |                                                   |   | -      |                                                  |   |   | -                                                     |   |   |                                                                 | -      |   |   |   | 1,000 |   |
|                                       |   | $                                                      | 25,654 |   |                                                   | $      | 5,672  |                                                  |   | $      | 167,629                                               |   |   | $                                                                    | 29,487 |   |   | $ | 391,123 |   |

**Note      6:  Income Tax**

**Note      7:  Capital Stock**

----

**INHIBITON              THERAPEUTICS, INC.**

**(A              Development Stage Company)**

**Notes              to Condensed Financial Statements**

**(Unaudited)**

**Note      8:  Subsequent Events**

----

**Item      2. Plan of Operation**

----

**.**

**Item      3. Controls and Procedures**

**PART      II – OTHER INFORMATION**

**Item      1. Legal Proceedings**

**Item      2. Unregistered Sales of Equity Securities**

----

**Item      3. Defaults upon Senior Securities**

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

**Item      5. Other Information**

**Item      6. Exhibits**

| **Exhibits:** |                                                                                                            |
|---------------|-----------------------------------------------------------------------------------------------------------------|
| 31.1          | CEO                Certification pursuant to Section 302 of the Sarbanes-Oxley Act of                2002  |
| 32.1          | CEO                Certification pursuant to Section 906 of the Sarbanes-Oxley Act of                2002  |

----

|   | **INHIBITON                THERAPEUTICS, INC.** |
|--------|-------------------------------------------------|
|   | (Registrant)                                    |

| Date:                December 14, 2007 | By:                /s/ Henry Fong                                                        |
|----------------------------------------|------------------------------------------------------------------------------------------|
|                                   | Henry                Fong                                                                |
|                                   | Principal                Executive Officer andPrincipal                Financial Officer |
|                                   |                                                                                     |