**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**

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

**For      the transition period from _______to________**

**Commission      file number 000-50612**

**INNOCAP,      INC.**

|  **Nevada**                                                          |  **01-0721929**                          |
|---------------------------------------------------------------------------|-----------------------------------------------|
|  (State                  or other jurisdiction                  |  (IRS                  Employer          |
|  of                  incorporation or                  organization) |  Identification                  Number) |

**5675B      Baldwin Court**

**Norcross,      GA 30071**

**770-378-4180**

Indicate      by check mark whether the registrant is a large accelerated filer, an      accelerated filer, or a non-accelerated filer. See definition of "accelerated      filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check      one):

**,**

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**INNOCAP,      INC.**

**INDEX**

| **PART                I**  |                                                                                                                |
|----------------------------|---------------------------------------------------------------------------------------------------------------------|
| ITEM                1      | FINANCIAL                STATEMENTS                                                                                 | 4 |
|                       |                                                                                                                |   |
| ITEM                2      | MANAGEMENT'S                DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF                OPERATIONS | 11 |
|                       |                                                                                                                |   |
| ITEM                3      | QUANTITATIVE                AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                                           | 13 |
|                       |                                                                                                                |   |
| ITEM                4      | CONTROLS                AND PROCEDURES                                                                              | 14 |
|                       |                                                                                                                |   |
| **PART                II** |
| ITEM                I      | LEGAL                PROCEEDINGS                                                                                    | 14 |
|                       |                                                                                                                |   |
| ITEM                2      | UNREGISTERED                SALES OF EQUITY SECURITIES AND USE OF PROCEEDS                                          | 14 |
|                       |                                                                                                                |   |
| ITEM                3      | DEFAULTS                 UPON SENIOR SECURITIES                                                                | 14 |
|                       |                                                                                                                |   |
| ITEM                4      | SUBMISSION                OF MATTERS TO A VOTE OF SECURITY HOLDERS                                                  | 14 |
|                       |                                                                                                                |   |
| ITEM                5      | OTHER                INFORMATION                                                                                    | 14 |
|                       |                                                                                                                |   |
| ITEM                6      | EXHIBITS                                                                                                            | 14 |

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**PART      I**

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**ITEM      1 **

**FINANCIAL      STATEMENTS**

**INNOCAP,      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                                                                                                                                      |   | $                               | 51,500   |                            | $      | 40,000 |   |
|                                                                                                                                                                 |   |                            |     |                            |   |   |   |
| **STOCKHOLDERS’                DEFICIT**                                                                                                                       |
| Preferred                stock, $0.001 par value; 1,000,000 shares authorized, none outstanding                at                either date                         |   |                            |     |                            |   |   |   |
| Common                stock, $0.001 par value; 190,000,000 shares authorized; 68,000,000                shares                issued and outstanding in both periods |   |                            | 68,000   |                            |   | 68,000 |   |
| Additional                paid-in capital                                                                                                                            |   |                            | 1,600    |                            |   | 1,600 |   |
| Deficit                accumulated during development stage                                                                                                          |   |                            | (121,100 | )                               |   | (109,600 | ) |
| Stockholders’                Deficit                                                                                                                           |   |                            | (51,500  | )                               |   | (40,000 | ) |
|                                                                                                                                                                 |   |                            |     |                            |   |   |   |
| TOTAL                LIABILITIES AND STOCKHOLDERS’ DEFICIT                                                                                                     |   | $                               | -        |                            | $      | - |   |

----

**INNOCAP,      INC.**

**(A      development stage company)**

|                                                                |   | 2005   |       | 2004   |   |
|---------------------------------------------------------------------|--------|--------|------------|--------|--------|
| Revenue                                                             |   | $      | -          |   | $      | - |   |
|                                                                |   |   |       |   |   |   |   |
| General                and administrative                           |   |   | 5,000      |   |   | 10,100 |   |
|                                                                |   |   |       |   |   |   |   |
| Net                loss                                             |   | $      | (5,000     | )      | $      | (10,100 | ) |
|                                                                |   |   |       |   |   |   |   |
| Basic                and diluted loss per share                     |   | $      | *          |   | $      | * |   |
| Weighted                average number of common shares outstanding |   |   | 68,000,000 |   |   | 65,260,870 |   |
|                                                                |   |   |       |   |   |   |   |
|  *Less than              $(.01)                                |   |   |       |   |   |   |   |

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**INNOCAP,      INC.**

**(A      development stage company)**

|                                                                |   | Nine                Months Ended |       | Nine                Months Ended |   | Period                From January 23, 2004 (Inception) to |   |
|---------------------------------------------------------------------|--------|----------------------------------|------------|----------------------------------|--------|------------------------------------------------------------|--------|
|                                                                |   | October                31, 2005  |       | October                31, 2004  |   | October                31, 2005                            |   |
| Revenue                                                             |   | $                                | -          |                             | $      | -                                                          |   | $ | - |   |
|                                                                |   |                             |       |                             |   |                                                       |   |   |   |   |
| General                and administrative                           |   |                             | 11,500     |                             |   | 26,600                                                     |   |   | 121,100 |   |
|                                                                |   |                             |       |                             |   |                                                       |   |   |   |   |
| Net                loss                                             |   | $                                | (11,500    | )                                | $      | (26,600                                                    | )      | $ | (121,100 | ) |
|                                                                |   |                             |       |                             |   |                                                       |   |   |   |   |
| Basic                and diluted loss per share                     |   | $                                | *          |                             | $      | *                                                          |   | $ | * |   |
| Weighted                average number of common shares outstanding |   |                             | 68,000,000 |                             |   | 51,081,272                                                 |   |   | 62,305,556 |   |
|                                                                |   |                             |       |                             |   |                                                       |   |   |   |   |
|  *Less than              $(.01)                                |   |                             |       |                             |   |                                                       |   |   |   |   |

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**INNOCAP,      INC**

|                                                                                                 |   | Common                stock  |       |          |    |                                             |   |                                                                    |   |
|------------------------------------------------------------------------------------------------------|--------|-----------------------------------|------------|--------------------|---------|-------------------------------------------------------|--------|-------------------------------------------------------------------------|--------|
|                                                                                                 |   | Shares                       |       |  Amount  |    |  Additional                Paid-in Capital  |   |  Deficit                Accumulated During Development Stage  |   | Total  |   |
| Inception                                                                                            |   |                              | -          |               | $       | -                                                     |   | $                                                                       | -      |   | $ | - |   | $ | - |   |
|                                                                                                 |   |                              |       |               |    |                                                  |   |                                                                    |   |   |   |   |   |   |   |   |
| Common                stock issued for services at $0.001 per share, January 23,                2004 |   |                              | 50,000,000 |               |    | 50,000                                                |   |                                                                    | -      |   |   | - |   |   | 50,000 |   |
|                                                                                                 |   |                              |       |               |    |                                                  |   |                                                                    |   |   |   |   |   |   |   |   |
| Net                loss for the period                                                               |   |                              | -          |               |    | -                                                     |   |                                                                    | -      |   |   | (50,000 | ) |   | (50,000 | ) |
|                                                                                                 |   |                              |       |               |    |                                                  |   |                                                                    |   |   |   |   |   |   |   |   |
| Balance,                January 31, 2004                                                             |   |                              | 50,000,000 |               |    | 50,000                                                |   |                                                                    | -      |   |   | (50,000 | ) |   | - |   |
|                                                                                                 |   |                              |       |               |    |                                                  |   |                                                                    |   |   |   |   |   |   |   |   |
| Issuance                of stock options                                                             |   |                              | -          |               |    | -                                                     |   |                                                                    | 1,600  |   |   | - |   |   | 1,600 |   |
|                                                                                                 |   |                              |       |               |    |                                                  |   |                                                                    |   |   |   |   |   |   |   |   |
| Exercise                of stock options                                                             |   |                              | 18,000,000 |               |    | 18,000                                                |   |                                                                    | -      |   |   | - |   |   | 18,000 |   |
|                                                                                                 |   |                              |       |               |    |                                                  |   |                                                                    |   |   |   |   |   |   |   |   |
| Net                loss for the year                                                                 |   |                              | -          |               |    | -                                                     |   |                                                                    | -      |   |   | (59,600 | ) |   | (59,600 | ) |
|                                                                                                 |   |                              |       |               |    |                                                  |   |                                                                    |   |   |   |   |   |   |   |   |
| Balance,                January 31, 2005                                                             |   |                              | 68,000,000 |               |    | 68,000                                                |   |                                                                    | 1,600  |   |   | (109,600 | ) |   | (40,000 | ) |
|                                                                                                 |   |                              |       |               |    |                                                  |   |                                                                    |   |   |   |   |   |   |   |   |
| Net                loss for the period                                                               |   |                              | -          |               |    | -                                                     |   |                                                                    | -      |   |   | (11,500 | ) |   | (11,500 | ) |
|                                                                                                 |   |                              |       |               |    |                                                  |   |                                                                    |   |   |   |   |   |   |   |   |
| Balance,                October 31, 2005                                                             |   |                              | 68,000,000 |               |  $ | 68,000                                                |   | $                                                                       | 1,600  |   | $ | (121,100 | ) | $ | (51,500 | ) |

----

**INNOCAP,      INC.**

**(A      development stage company)**

|                                                          |   | Nine                Months Ended |    | Nine                Months Ended |   | Period                From January 23, 2004 (Inception) to |   |
|---------------------------------------------------------------|--------|----------------------------------|---------|----------------------------------|--------|------------------------------------------------------------|--------|
|                                                          |   | October                31, 2005  |    | October                31, 2004  |   | October                31, 2005                            |   |
| OPERATING                ACTIVITIES:                          |   |                             |    |                             |   |                                                       |   |   |   |   |
| Net                loss                                       |   | $                                | (11,500 | )                                | $      | (26,600                                                    | )      | $ | (121,100 | ) |
| Stock-based                compensation                       |   |                             | -       |                             |   | 1,600                                                      |   |   | 51,600 |   |
| Net                change in accrued liabilities              |   |                             | 11,500  |                             |   | 25,000                                                     |   |   | 51,500 |   |
| Net                Cash Used by Operating Activities          |   |                             | -       |                             |   | -                                                          |   |   | (18,000 | ) |
|                                                          |   |                             |    |                             |   |                                                       |   |   |   |   |
| FINANCING                ACTIVITIES:                          |   |                             |    |                             |   |                                                       |   |   |   |   |
| Proceeds                from exercise of stock options        |   |                             | -       |                             |   | -                                                          |   |   | 18,000 |   |
|                                                          |   |                             |    |                             |   |                                                       |   |   |   |   |
| INCREASE                IN CASH                               |   |                             | -       |                             |   | -                                                          |   |   | - |   |
|                                                          |   |                             |    |                             |   |                                                       |   |   |   |   |
| CASH                BEGINNING OF PERIOD                       |   |                             | -       |                             |   | -                                                          |   |   | - |   |
| CASH                AND CASH EQUIVALENTS AT END OF PERIOD     |   | $                                | -       |                             | $      | -                                                          |   | $ | - |   |
|                                                          |   |                             |    |                             |   |                                                       |   |   |   |   |
| SUPPLEMENTAL                SCHEDULE OF CASH FLOW ACTIVITIES: |   |                             |    |                             |   |                                                       |   |   |   |   |
| Cash                Paid For:                                 |   |                             |    |                             |   |                                                       |   |   |   |   |
| Interest                                                      |   | $                                | -       |                             | $      | -                                                          |   | $ | - |   |
| Income                taxes                                   |   | $                                | -       |                             | $      | -                                                          |   | $ | - |   |
|                                                          |   |                             |    |                             |   |                                                       |   |   |   |   |

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**INNOCAP,      INC.**

**NOTES      TO CONDENSED FINANCIAL STATEMENTS **

**(Unaudited)**

----

----

**ITEM      2**

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

***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. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

*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. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ITEM      3**

**QUANTITATIVE      AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

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**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 |

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|              |  Innocap, Inc.                       |
|-------------------|-------------------------------------------|
|              |  (Registrant)                        |
|              |                                      |
|              |  /s/                B. Alva Schoomer |
|              |                                      |
| By:               |  B. Alva Schoomer                    |
|              |  President                           |
|   Date: |  March 1,                2006        |

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