**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**

**For      the quarterly period ended October 31, 2005**

| **[                 ]** | **TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF                THE** |
|------------------------------|--------------------------------------------------------------------------------------------|

**SECURITIES      EXCHANGE ACT OF 1934**

**For      the transition period from _______to________**

**Commission      file number 000-50613**

**DEVELOCAP,      INC.**

|  **Nevada**                                                     |                                          |
|---------------------------------------------------------------------------|-----------------------------------------------|
|  (State                  or other jurisdiction                  |  (IRS                  Employer          |
|  of                  incorporation or                  organization) |  Identification                  Number) |

**,**

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**DEVELOCAP,      INC.**

| **   PART                I** |                                                                                                 |
|---------------------------------------------|------------------------------------------------------------------------------------------------------|
|                                        |                                                                                                 |   |
| ITEM                1                       | FINANCIAL                STATEMENTS                                                                  | 4 |
|                                        |                                                                                                 |   |
| ITEM                2                       | MANAGEMENT'S                DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 13 |
|                                        |                                                                                                 |   |
| ITEM                3                       | QUANTITATIVE                AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                            | 17 |
|                                        |                                                                                                 |   |
| ITEM                4                       | CONTROLS                AND PROCEDURES                                                               | 17 |
|                                        |                                                                                                 |   |
| **PART                II**                  |
|                                        |                                                                                                 |   |
| ITEM                I                       | LEGAL                PROCEEDINGS                                                                     | 18 |
|                                        |                                                                                                 |   |
| ITEM                2                       | UNREGISTERED                SALES OF EQUITY SECURITIES AND USE OF PROCEEDS                           | 18 |
|                                        |                                                                                                 |   |
| ITEM                3                       | DEFAULTS                 UPON SENIOR SECURITIES                                                 | 18 |
|                                        |                                                                                                 |   |
| ITEM                4                       | SUBMISSION                OF MATTERS TO A VOTE OF SECURITY HOLDERS                                   | 18 |
|                                        |                                                                                                 |   |
| ITEM                5                       | OTHER                INFORMATION                                                                     | 18 |

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**PART      I**

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**ITEM      1**

**FINANCIAL      STATEMENTS**

**DEVELOCAP,      INC**

**(A      development stage company**
**)**

|                                                                                                                                                          |   | October                31, 2005 |     | January                31, 2005 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|----------|---------------------------------|--------|
|                                                                                                                                                          |   | *(unaudited)*                   |     |                            |   |
| ASSETS                                                                                                                                                        |
|                                                                                                                                                          |   |                            |     |                            |   |   |   |
| CURRENT                ASSETS:                                                                                                                                |   |                            |     |                            |   |   |   |
|                                                                                                                                                          |   |                            |     |                            |   |   |   |
| Cash                                                                                                                                                          |   | $                               | -        |                            | $      | - |   |
|                                                                                                                                                          |   |                            |     |                            |   |   |   |
| TOTAL                ASSETS                                                                                                                                   |   | $                               | -        |                            | $      | - |   |
|                                                                                                                                                          |   |                            |     |                            |   |   |   |
| LIABILITIES                AND STOCKHOLDERS’ DEFICIT                                                                                                    |
|                                                                                                                                                          |   |                            |     |                            |   |   |   |
| CURRENT                LIABILITIES:                                                                                                                           |   |                            |     |                            |   |   |   |
|                                                                                                                                                          |   |                            |     |                            |   |   |   |
| Accrued                expenses                                                                                                                               |   | $                               | 41,000   |                            | $      | 26,000 |   |
|                                                                                                                                                          |   |                            |     |                            |   |   |   |
| STOCKHOLDERS’                DEFICIT                                                                                                                    |
|                                                                                                                                                          |   |                            |     |                            |   |   |   |
| Preferred                stock, $0.001 par value; 1,000,000 shares authorized, none issued                and                outstanding at either date       |   |                            |     |                            |   |   |   |
| Common                stock, $0.001 par value; 199,000,000 shares authorized; 77,500,000                issued                and outstanding at both periods |   |                            | 77,500   |                            |   | 77,500 |   |
| Additional                paid-in capital                                                                                                                     |   |                            | 1,650    |                            |   | 1,650 |   |
| Deficit                accumulated during development stage                                                                                                   |   |                            | (120,150 | )                               |   | (105,150 | ) |
| Stockholders’                Deficit                                                                                                                    |   |                            | (41,000  | )                               |   | (26,000 | ) |
|                                                                                                                                                          |   |                            |     |                            |   |   |   |
| TOTAL                LIABILITIES AND STOCKHOLDERS’ DEFICIT                                                                                              |   | $                               | -        |                            | $      | - |   |

----

**DEVELOCAP,      INC.**

**(A      development stage company**
**)**

|                                                                |   | 2005   |       | 2004   |   |
|---------------------------------------------------------------------|--------|--------|------------|--------|--------|
|                                                                |   |   |       |   |   |   |   |
| Revenue                                                             |   | $      | -          |   | $      | - |   |
|                                                                |   |   |       |   |   |   |   |
| General                and administrative                           |   |   | 5,000      |   |   | 3,500 |   |
|                                                                |   |   |       |   |   |   |   |
| Net                loss                                             |   | $      | (5,000     | )      | $      | (3,500 | ) |
|                                                                |   |   |       |   |   |   |   |
| Basic                and diluted loss per share                     |   |   | *          |   |   | * |   |
| Weighted                average number of common shares outstanding |   |   | 77,500,000 |   |   | 77,500,000 |   |
|                                                                |   |   |       |   |   |   |   |
| *                Less than $(.01) per share                         |   |   |       |   |   |   |   |

----

**DEVELOCAP,      INC.**

**(A      development stage company**
**)**

|                                                                |   | Nine                Months Ended October 31,                2005 |       | Nine                Months Ended                  October 31, 2004 |   | Period                From January23, 2004(inception) to                October                    31, 2005 |   |
|---------------------------------------------------------------------|--------|------------------------------------------------------------------|------------|--------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------|--------|
| Revenue                                                             |   | $                                                                | -          |                                                               | $      | -                                                                                                           |   | $ | - |   |
|                                                                |   |                                                             |       |                                                               |   |                                                                                                        |   |   |   |   |
| General                and administrative                           |   |                                                             | 15,000     |                                                               |   | 30,150                                                                                                      |   |   | 120,150 |   |
|                                                                |   |                                                             |       |                                                               |   |                                                                                                        |   |   |   |   |
| Net                loss                                             |   | $                                                                | (15,000    | )                                                                  | $      | (30,150                                                                                                     | )      | $ | (120,150 | ) |
|                                                                |   |                                                             |       |                                                               |   |                                                                                                        |   |   |   |   |
| Basic                and diluted loss per share                     |   |                                                             | *          |                                                               |   | *                                                                                                           |   |   | * |   |
| Weighted                average number of common shares outstanding |   |                                                             | 77,500,000 |                                                               |   | 65,833,333                                                                                                  |   |   | 71,955,178 |   |
|                                                                |   |                                                             |       |                                                               |   |                                                                                                        |   |   |   |   |
| *                Less than $(.01) per share                         |   |                                                             |       |                                                               |   |                                                                                                        |   |   |   |   |

----

**DEVELOCAP,      INC**

|                                                                                                 |   |  Common                stock  |               |   |   |   |   |   |                                                        |   |   |
|------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|--------------------|--------|--------|--------|--------|--------|-------------------------------------------------------------|--------|--------|
|                                                                                                 |   |                                    |  Shares  |   |   | Amount |   |   | Deficit                Accumulated During Development Stage |   |   | Additional                Paid-in Capital |   |   | Total |   |
|                                                                                                 |   |                                    |               |   |   |   |   |   |                                                        |   |   |   |   |   |   |   |
| Inception                                                                                            |   |                                    | -                  |   | $      | -      |   | $      | -                                                           |   | $      | - |   | $ | - |   |
|                                                                                                 |   |                                    |               |   |   |   |   |   |                                                        |   |   |   |   |   |   |   |
| Common                stock issued for services at $0.001 per share, January 23,                2004 |   |                                    | 60,000,000         |   |   | 60,000 |   |   | -                                                           |   |   | - |   |   | 60,000 |   |
| Net                loss for the period                                                               |   |                                    | -                  |   |   | -      |   |   | -                                                           |   |   | (60,000 | ) |   | (60,000 | ) |
|                                                                                                 |   |                                    |               |   |   |   |   |   |                                                        |   |   |   |   |   |   |   |
| Balance,                January 31, 2004                                                             |   |                                    | 60,000,000         |   |   | 60,000 |   |   | -                                                           |   |   | (60,000 | ) |   | - |   |
|                                                                                                 |   |                                    |               |   |   |   |   |   |                                                        |   |   |   |   |   |   |   |
| Issuance                of stock options                                                             |   |                                    | -                  |   |   | -      |   |   | 1,650                                                       |   |   | - |   |   | 1,650 |   |
|                                                                                                 |   |                                    |               |   |   |   |   |   |                                                        |   |   |   |   |   |   |   |
| Exercise                of stock options                                                             |   |                                    | 17,500,000         |   |   | 17,500 |   |   | -                                                           |   |   | - |   |   | 17,500 |   |
|                                                                                                 |   |                                    |               |   |   |   |   |   |                                                        |   |   |   |   |   |   |   |
| Net                loss for the year                                                                 |   |                                    | -                  |   |   | -      |   |   | -                                                           |   |   | (45,150 | ) |   | (45,150 | ) |
|                                                                                                 |   |                                    |               |   |   |   |   |   |                                                        |   |   |   |   |   |   |   |
| Balance,                January 31, 2005                                                             |   |                                    | 77,500,000         |   |   | 77,500 |   |   | 1,650                                                       |   |   | (105,150 | ) |   | (26,000 | ) |
|                                                                                                 |   |                                    |               |   |   |   |   |   |                                                        |   |   |   |   |   |   |   |
| Net                loss for the period                                                               |   |                                    | -                  |   |   | -      |   |   | -                                                           |   |   | (15,000 | ) |   | (15,000 | ) |
|                                                                                                 |   |                                    |               |   |   |   |   |   |                                                        |   |   |   |   |   |   |   |
| Balance,                October 31, 2005                                                             |   |                                    | 77,500,000         |   | $      | 77,500 |   | $      | 1,650                                                       |   | $      | (120,150 | ) | $ | (41,000 | ) |

----

**DEVELOCAP,      INC.**

|                                                                                               |   |   | Nine                Months Ended October 31, 2005  |   |   | Nine                Months Ended October 31, 2004 |   |   | Period                fromJanuary                23, 2004 (inception) to October                31, 2005 |   |
|---------------------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------|--------|--------|---------------------------------------------------|--------|--------|----------------------------------------------------------------------------------------------------------|--------|
| OPERATING                ACTIVITIES:                                                                    |   |   |                                                    |   |   |                                              |   |   |                                                                                                     |   |
| Net                loss                                                                                 |   | $      | (15,000                                                 | )      | $      | (30,150                                           | )      | $      | (120,150                                                                                                 | )      |
| Adjustment                to reconcile net loss to net cash used                in operating activities |   |   |                                                    |   |   |                                              |   |   |                                                                                                     |   |
| Expenses                associated with the granting of stock options                                   |   |   | -                                                       |   |   | 1,650                                             |   |   | 1,650                                                                                                    |   |
| Stock-based                compensation                                                                 |   |   | -                                                       |   |   | 17,500                                            |   |   | 77,500                                                                                                   |   |
| Changes                in assets and liabilities                                                        |   |   |                                                    |   |   |                                              |   |   |                                                                                                     |   |
| Change                in accrued expenses                                                               |   |   | 15,000                                                  |   |   | 11,000                                            |   |   | 41,000                                                                                                   |   |
| Net                Cash Used in Operating Activities                                                    |   |   | -                                                       |   |   | -                                                 |   |   | -                                                                                                        |   |
|                                                                                                    |   |   |                                                    |   |   |                                              |   |   |                                                                                                     |   |
| INCREASE                IN CASH                                                                         |   |   | -                                                       |   |   | -                                                 |   |   | -                                                                                                        |   |
|                                                                                                    |   |   |                                                    |   |   |                                              |   |   |                                                                                                     |   |
| CASH                AT BEGINNING OF PERIOD                                                              |   |   | -                                                       |   |   | -                                                 |   |   | -                                                                                                        |   |
| CASH                AT END OF PERIOD                                                                    |   | $      | -                                                       |   | $      | -                                                 |   | $      | -                                                                                                        |   |
|                                                                                                    |   |   |                                                    |   |   |                                              |   |   |                                                                                                     |   |
| SUPPLEMENTAL                SCHEDULE OF CASH FLOW ACTIVITIES:                                           |   |   |                                                    |   |   |                                              |   |   |                                                                                                     |   |
| Cash                Paid For:                                                                           |   |   |                                                    |   |   |                                              |   |   |                                                                                                     |   |
| Interest                                                                                                |   | $      | -                                                       |   | $      | -                                                 |   | $      | -                                                                                                        |   |
| Income                taxes                                                                             |   | $      | -                                                       |   | $      | -                                                 |   | $      | -                                                                                                        |   |

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**DEVELOCAP,      INC.**

**NOTES      TO CONDENSED FINANCIAL STATEMENTS **

**(Unaudited)**

----

----

| ·   | of                management’s responsibility for establishing and maintaining adequate                internal control over its financial reporting; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | of                management’s assessment of the effectiveness of its internal control over                financial reporting as of year end; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | of                the framework used by management to evaluate the effectiveness of                its                internal control over financial reporting;                and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | that                its independent accounting firm has issued an attestation report                on                management’s assessment of its internal control over financial reporting,                which report is also required to be filed. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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*Accounting      Changes and Error Corrections*

----

**ITEM      2**

**MANAGEMENT'S      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF      OPERATIONS**

***Safe      Harbor Statement under the Private Securities Litigation Reform Act of      1995***

| ·   | our                future operating results, |
|--------------------|----------------------------------------------|

| ·   | our                business prospects, |
|--------------------|----------------------------------------|

| ·   | our                contractual arrangements and relationships with third parties, |
|--------------------|-----------------------------------------------------------------------------------|

| ·   | the                dependence of our future success on the general economy and its impact                on                the industries in which we may be involved, |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the                adequacy of our cash resources and working capital,                and |
|--------------------|-------------------------------------------------------------------------------------------|

| ·   | other                factors identified in our filings with the SEC, press releases and                other                public communications. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

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*Operations*

*Liquidity*

----

*Recent      Accounting Pronouncements*

| ·   | of                management’s responsibility for establishing and maintaining adequate                internal control over our financial reporting; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | of                management’s assessment of the effectiveness of our internal control over                financial reporting as of year end; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | of                the framework used by management to evaluate the effectiveness of                our                internal control over financial reporting;                and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | that                our independent accounting firm has issued an attestation report                on                management’s assessment of our internal control over financial reporting,                which report is also required to be                filed. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Regulation      as a BDC *

----

| ·   | be                a domestic company; |
|--------------------|---------------------------------------|

| ·   | have                registered a class of its equity securities or have filed a registration                statement with the Securities and Exchange Commission pursuant to                Section                12 of the Securities Exchange Act of 1934; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | operate                for the purpose of investing in the securities of certain types of                portfolio companies, namely immature or emerging companies and businesses                suffering or just recovering from financial distress; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | extend                significant managerial assistance to such portfolio companies; and |
|--------------------|------------------------------------------------------------------------------------------|

| ·   | have                a majority of “disinterested” directors (as defined in the 1940 Act). |
|--------------------|-------------------------------------------------------------------------------------------------------|

| ·   | does                not have a class of securities registered on an exchange or included                in                the Federal Reserve Board’s over-the-counter margin list; or |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | is                actively controlled by a BDC and has an affiliate of a BDC on its                board of                directors; or |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | meets                such other criteria as may be established by the Securities and Exchange                Commission. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------|

| ·   | securities                of companies that were eligible portfolio companies at the time the                BDC                acquired their securities; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | securities                of bankrupt or insolvent companies that were eligible at the time                of the                BDC’s initial acquisition of their securities but are no longer eligible,                provided that the BDC has maintained a substantial portion of its                initial                investment in those companies; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | securities                received in exchange for or distributed in or with respect to any                of the                foregoing; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | cash                items, government securities and high-quality short-term debt. |
|--------------------|------------------------------------------------------------------------------------|

*Employees      *

----

**ITEM      3**

**QUANTITATIVE      AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**ITEM 4**

**CONTROLS      AND PROCEDURES**

----

**PART      II**

|                      Exhibit Number |                          Description                                                                                   |
|--------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1                                                         | Section                302 Certification of Chief Executive Officer and Chief Financial                Officer                                                      |
| 32.1                                                         | Certification                Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section                906 of                The Sarbanes-Oxley Act of 2002 |

----

|  Develocap, Inc.    |
|--------------------------|
|   (Registrant) |

|  /s/ Jimmy B. Holton                   |
|---------------------------------------------|
|                                        |
|  By: Jimmy B. Holton                   |
|  President                             |
|  Date:                January 30, 2006 |

----