UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.  20549  FORM 10-Q  [X]   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934  For the quarterly period ended May 31, 2011  [ ]         TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 For the transition period from ________ to ________  Commission file number: 000-49685  Bi-Optic Ventures Inc. (Exact name of registrant as specified in its charter)   British Columbia, CanadaN/A(Jurisdiction of Incorporation/Organization)(IRS Tax ID No.)  1030 West Georgia Street #1518, Vancouver, British Columbia, Canada  V6E 2Y3 (Address of principal executive offices)  Issuers Telephone Number: 604-689-2646  Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 xxx   No ____  Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ___    No ____  Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer, and smaller reporting company in Rule 12b-2 of the Exchange:  Large accelerated filer [ ]                     Accelerated filer        [ ] Non-accelerated filer   [ ]                    Smaller reporting company [X]  Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):                         Yes XXX   No ___  Indicate the number of shares outstanding of each of the issuer's classes of common stock as of 6/30/2011: 20,512,235Common Shares w/o par value    1    PART I FINANCIAL INFORMATION    ITEM 1.  FINANCIAL STATEMENTS        BI-OPTIC VENTURES INC.
Financial Statements
Three Months Ended May 31, 2011
(Expressed in Canadian dollars)
(unaudited)              2   BI-OPTIC VENTURES INC. (A Development Stage Company) Balance Sheets (expressed in Canadian dollars)   May 31,February 28,2011
$2011
$(unaudited)AssetsCurrent AssetsCash1647,414Amounts receivable7,36510,417Prepaid expenses9,3234,500Total Current Assets16,85222,331Property and equipment (Note 3)4,9605,465Total Assets21,81227,796Liabilities and Stockholders DeficitCurrent LiabilitiesBank overdraftAccounts payable44,76942,941Due to related parties (Note 4)27,230Total Liabilities71,99942,941Nature of Operations and Continuance of Business (Note 1)Stockholders DeficitCommon stock: unlimited common shares authorized without par value; 20,512,235 shares issued and outstanding4,808,0954,808,095Deficit accumulated during the development stage(4,858,282)(4,823,240)Total Stockholders Deficit(50,187)(15,145)Total Liabilities and Stockholders Deficit21,81227,796   (The accompanying notes are an integral part of these financial statements)  3   BI-OPTIC VENTURES INC. (A Development Stage Company) Statements of Operations (expressed in Canadian dollars) (unaudited)   Three Months Ended
May 31,Three Months Ended
May 31,Accumulated from May 31, 1984 (Date of Inception) to May 31,201120102011$$$RevenueExpensesAcquisition costs written-off347,815Amortization50563724,443Bad debts20,658Consulting and management fees (Note 4(a))11,82531,116811,613Investor and public relations94,268Office, rent and telephone (Note 4(b))11,51613,024550,197Professional fees (Note 4(c))7,50014,175818,811Transfer agent and regulatory fees3,1524,632153,228Travel and promotion5448,021344,339Write-down of property and equipment2,0662,066Total Expenses35,04273,6713,167,438Loss from Operations(35,042)(73,671)(3,167,438)Other Income (Expense)Accounts payable written-off49,341Gain on debt derecognition12,39352,919Interest and other income(172)17,118Provision for advances receivable(75,943)Total Other Income (Expense)12,22143,435Net Loss Before Discontinued Operations(35,042)(61,450)(3,124,003)Loss from Discontinued Operations(1,734,279)Net Loss for the Period(35,042)(61,450)(4,858,282)Net Loss Per Share, Basic and DilutedWeighted Average Shares Outstanding20,512,23514,512,235     (The accompanying notes are an integral part of these financial statements)  4     BI-OPTIC VENTURES INC. (A Development Stage Company) Statements of Cash Flows (expressed in Canadian dollars) (unaudited)  Three Months Ended
May 31,Three Months Ended
May 31,Accumulated from May 31, 1984 (Date of Inception) to May 31,201120102011$$$Operating ActivitiesNet loss for the period(35,042)(61,450)(4,858,282)Adjustments to reconcile net loss to net cash used in operating activitiesAcquisition costs written-off347,815Amortization50563726,045Bad debts20,658Gain on debt derecognition(12,393)(52,919)Provision for advances receivable464,169Write-down of property and equipment2,0662,066Changes in operating assets and liabilitiesAmounts receivable3,052(530)(28,022)Advances receivable(65,447)Prepaid expenses(4,823)5,438(9,323)Accounts payable and accrued liabilities1,8284,185304,951Due to related parties15,68015,680Net Cash Used in Operating Activities(18,800)(62,047)(3,832,609)Investing ActivitiesNet cash used in discontinued operations(362,241)Acquisition of property and equipment(821)(33,070)Net Cash Used in Investing Activities(821)(395,311)Financing ActivitiesProceeds from loans payable120,409Repayment of loans payable(122,200)(80,000)Bank overdraft(844)Due to related parties11,550(102,900)11,550Proceeds from issuance of common shares/share subscriptions received380,0004,263,051Share issuance costs(76,547)Net Cash Provided by Financing Activities11,550154,0564,238,463Effect of Exchange Rate Changes on Cash(10,379)Increase (Decrease) in Cash(7,250)91,188164Cash, Beginning of Period7,414Cash, End of Period16491,188164Non-cash Investing and Financing ActivitiesShares issued to settle debt247,791Shares issued for finders fees50,400Shares issued to acquire mineral properties275,000Supplemental DisclosuresInterest paidIncome tax paid  (The accompanying notes are an integral part of these financial statements) 5   BI-OPTIC VENTURES INC. (A Development Stage Company) Notes to the Financial Statements Three months ended May 31, 2011 (expressed in Canadian dollars)   1. Basis of Presentation The accompanying financial statements of Bi-Optic Ventures Inc. (the Company) should be read in conjunction with the financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Companys Annual Report on Form 10-K for the fiscal year ended February 28, 2011. In the opinion of management, the accompanying financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Companys financial position and the results of its operations and its cash flows for the periods shown. The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to be expected for the full year. These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has never generated revenues since inception and is unlikely generate earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As at May 31, 2011, the Company has a working capital deficit of $55,147 and has accumulated losses of $4,858,282 since inception. These factors raise substantial doubt regarding the Companys ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.  2. Significant Accounting Policies (a) Comprehensive Loss ASC 220, Comprehensive Income establishes standards for the reporting and display of comprehensive loss and its components in the consolidated financial statements. As at May 31, 2011 and 2010, the Company has no items that represent comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements. (g) Recent Accounting Pronouncements In January 2010, the FASB issued an amendment to ASC 820, Fair Value Measurements and Disclosures, to require reporting entities to separately disclose the amounts and business rationale for significant transfers in and out of Level 1 and Level 2 fair value measurements and separately present information regarding purchase, sale, issuance, and settlement of Level 3 fair value measures on a gross basis. This standard, for which the Company is currently assessing the impact, is effective for interim and annual reporting periods beginning after December 15, 2009 with the exception of disclosures regarding the purchase, sale, issuance, and settlement of Level 3 fair value measures which are effective for fiscal years beginning after December 15, 2010. The adoption of the applicable standard on March 1, 2011 did not have a material effect on the Companys financial statements. The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.     6   BI-OPTIC VENTURES INC. (A Development Stage Company) Notes to the Financial Statements Three months ended May 31, 2011 (expressed in Canadian dollars)   3. Property and Equipment  Cost
$Accumulated
Amortization
$May 31,
2011
Net Carrying
Value
$February 28, 2011
Net Carrying
Value
$Computer equipment9,2385,2244,0144,339Furniture and equipment6,9326,448484510Leasehold improvements6,1575,69546261622,32717,3674,9605,465  4. Related Party Transactions (a) During the three months ended May 31, 2011, the Company incurred $7,500 (2010 - $7,500) in management fees to a company controlled by the President of the Company. (b) During the three months ended May 31, 2011, the Company incurred $7,500 (2010 - $7,500) in rent and administrative services to a company controlled by the President of the Company and a director. (c) During the three months ended May 31, 2011, the Company incurred $6,000 (2010 - $6,000) in professional fees to a company controlled by a director. (d) As at May 31, 2011, an amount of $500 (February 28, 2011 - $nil) is owed to the spouse of the President of the Company which is non-interest bearing, unsecured, and due on demand. (e) As at May 31, 2011, an amount of $22,250 (February 28, 2011 - $nil) is owed to companies controlled by the President of the Company which is non-interest bearing, unsecured, and due on demand. (f) As at May 31, 2011, an amount of $4,480 (February 28, 2011 - $nil) is owed to a company controlled by a director of the Company which is non-interest bearing, unsecured, and due on demand.  5. Share Purchase Warrants  The following table summarizes the continuity of the Companys warrants: Number of warrantsWeighted average
exercise price
$Balance, May 31, 2011 and February 28, 20116,000,0000.15  As at May 31, 2011, the following share purchase warrants were outstanding:  Number of warrantsExercise
price
$Expiry date6,000,0000.15June 11, 2011     7     ITEM 2.  MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS  This Quarterly Report on Form 10-Q contains forward-looking statements, principally in ITEM #2, Managements Discussion and Analysis of Financial Condition and Results of Operations.  These statements may be identified by the use of words like plan, expect, aim, believe, project, anticipate, intend, estimate, will, should, could and similar expressions in connection with any discussion, expectation, or projection of future operating or financial performance, events or trends.  In particular, these include statements about the Companys strategy for growth, property exploration, mineral prices, future performance or results of current or anticipated mineral production, interest rates, foreign exchange rates, and the outcome of contingencies, such as acquisitions and/or legal proceedings.  Forward-looking statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties.  Actual future results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors, including, among other things, the factors discussed in this Quarterly Report and factors described in documents that we may furnish from time to time to the Securities and Exchange Commission.  We undertake no obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise.  Results of Operations The Company has not had any sources of revenue to date and has financed its activities substantially through equity financing.  The Company has incurred net losses each year since inception and, as of 5/31/2011 had an accumulated deficit of ($4,858,282).  On 9/20/2010, the Company entered into a letter of intent with Eidam Diagnostics Corporation (Eidam), and all of the shareholders of Eidam in a reverse takeover pursuant to which the Company has agreed to acquire 100% of the issued and outstanding shares of Eidam in exchange for up to 67,870,000 common shares or such other number as allowed by the TSX Venture Exchange.  The Company also agrees to reserve up to an additional 24,451,250 common shares of the Company to be issued on conversion of the preferred shares of Eidam, which may be issued as part of a private placement being completed concurrently to raise gross proceeds of up to $3,000,000.  The final terms and conditions of the Private Placement will be mutually agreed upon by the Company and Eidam.  The potential acquisition is not yet probable.  Eidam owns the intellectual property to certain computerized regulation thermography related to its CRT 2000® Thermographic System (CRT 2000®) medical device and related software.  The CRT 2000® is a noninvasive, reproducible thermographic tool that evaluates pre-determined skin temperature points and is able to detect the changes in the body's temperature regulation to produce data that can be used for adjunctive diagnosis of certain diseases.  Operating Expenses for the Three Months Ended 5/31/2011 were $35,042 compared to $73,671 for the same period last year.  Consulting/management fees were lower ($11,825 vs. $31,116); ($7,500 vs. $7,500) paid/accrued to Myntek Management Services Inc.; and ($4,325 vs. $23,616) paid to third parties, the decrease relating to decreased corporate activity, primarily related to acquisition activities.  Professional fees were lower ($7,500 vs. $14,175): ($7,500 vs. $6,000) paid/accrued to Wynson Management Services Ltd.; and ($Nil vs. $8,175) paid to third parties, the decrease was due to decreased corporate activity.  Office/Rent/Telephone ($11,516 vs. $13,024) and travel/promotion ($544 vs. $8,021) decreased as a result of a decrease in corporate activity.  Net Loss was ($35,042) vs. ($61,450).  Loss Per Share was ($Nil) vs ($Nil) in the prior year period.   8     Liquidity and Capital Resources The Company had a working capital deficit of ($55,147) at 5/31/2011, compared to a working capital deficit of ($20,610) at 5/31/2010.  Net Cash Used in Operating Activities was ($18,800) vs. ($62,047) in the prior year period, including the ($35,042) Net Loss.  Net Cash Provided by Financing Activities was $11,550.  Net Cash Used in Investing Activities was ($Nil).   ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK No Disclosure Necessary   ITEM 4.  CONTROLS AND PROCEDURES  a.  Evaluation of Disclosure Controls and Procedures As required by Rule 13(a)-15 under the Exchange Act, in connection with this annual report on Form 10-Q, under the direction of the Chief Executive Officer and Chief Financial Officer, the Company has evaluated its disclosure controls and procedures as of May 31, 2011, and concluded the disclosure controls and procedures were not effective due to the material weaknesses in internal control over financial reporting described in our annual report on Form 10-K for the year ended February 28, 2011.  Changes in Internal Control/Reporting There has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the three months ended May 31, 2011 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.   ITEM 4T.  CONTROLS AND PROCEDURES Not Applicable   9      PART II OTHER INFORMATION  ITEM 1.  LEGAL PROCEEDINGS No Disclosure Necessary  ITEM 1A.  RISK FACTORS Not Applicable  ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS a.  No Disclosure Necessary b.  No Disclosure Necessary c.  No Disclosure Necessary   ITEM 3.  DEFAULTS UPON SENIOR SECURITIES No Disclosure Necessary   ITEM 4.  (Removed and Reserved)   ITEM 5.  OTHER INFORMATION a.  Reports on Form 8-K: 1. Form 8-K filed 4/08/2011, regarding a press release announcing a change in its independent public accountants. b.  Information required by Item 407(C)(3) OF Regulation S-K: No Disclosure Necessary   ITEM 6.  EXHIBITS  Exhibit 31.1 Certification required by Rule 13a-14(a) or Rule 15d-14(a)  Exhibit 32.1 Certification Required by Rule 13a-14(b) or Rule 15d-14(b) and section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350    10      SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.   Bi-Optic Ventures Inc. - SEC File No. 000-49685 Registrant   Date: July 13, 2011         /s/ Harry Chew Harry Chew, President/CEO/CFO/Director       11