UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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 March 31, 2011                                          
|      |                                                                                        
|[   ] | Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act of 1934       
|      |                                                                                        
|      | For the transition period from to__________                                            
|      |                                                                                        
|      | Commission File Number: 333-149197                                                     



Vendum Batteries Inc.(Exact name of registrant as specified in its charter)





|Nevada                                                         | 39-2068976                       
|-------------------------------------------------------------- | ---------------------------------
|(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.)







|400 Thames Valley Park Drive , Reading, Berkshire
        RG6 1PT
|-----------------------------------------------------------------
|(Address of principal executive offices)                         



|+44 118 380 0895                                                                          
|------------------------------------------------------------------------------------------
|(Registrant’s telephone number)                                                           
|________________________________________________________                                  
|(Former name,
        former address and former fiscal year, if changed since last report)

Indicate by check mark whether the
registrant (1) 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 issuer was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days [ ] Yes [X] 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 [X] 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.



|[ ] Large accelerated filer Accelerated filer | [ ] Non-accelerated filer
|--------------------------------------------- | -------------------------
|[X] Smaller reporting company                 |                          



Indicate by check mark whether the
registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [ ] Yes [X] No



State the number of shares outstanding of each
of the issuer’s classes of common stock, as of the latest practicable date: 500,628,418 as of May 19, 2011




Table of Contents








|                               | TABLE OF CONTENTS                                                                     | Page
|------------------------------ | ------------------------------------------------------------------------------------- | ----
|PART I – FINANCIAL INFORMATION
|                              
|                              
|Item 1:                        | Financial Statements                                                                  | 3   
|Item 2:                        | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 4   
|Item 3:                        | Quantitative and Qualitative Disclosures About Market Risk                            | 6   
|Item 4T:                       | Controls and Procedures                                                               | 6   
|                               |                                                                                       |     
|PART II – OTHER INFORMATION   
|                              
|Item 1:                        | Legal Proceedings                                                                     | 8   
|Item 1A:                       | Risk Factors                                                                          | 8   
|Item 2:                        | Unregistered Sales of Equity Securities and Use of Proceeds                           | 8   
|Item 3:                        | Defaults Upon Senior Securities                                                       | 8   
|Item 4:                        | Removed and Reserved                                                                  | 8   
|Item 5:                        | Other Information                                                                     | 8   
|Item 6:                        | Exhibits                                                                              | 8   





2


Table of Contents


PART I - FINANCIAL INFORMATION



Item 1.	     Financial
Statements



|Our financial statements included in this Form
        10-Q are as follows:
|---------------------------------------------------------------------------
|F-1                                                                        
|F-2                                                                        
|F-3                                                                        
|F-4                                                                        
|F-5                                                                        









These consolidated financial statements have been
prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information
and the SEC instructions to Form 10-Q. In the opinion of management, all adjustments considered necessary for a fair presentation
have been included. Operating results for the interim period ended March 31, 2011 are not necessarily indicative of the results
that can be expected for the full year.







3


Table of Contents




VENDUM BATTERIES INC.

(FORMERLY WISHART ENTERPRISES LIMITED)

(A DEVELOPMENT STAGE
COMPANY)

CONSOLIDATED BALANCE SHEETS (unaudited)

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010





|ASSETS                                                                                                                                              | March 31, 2011 |          | December 31, 2010
|--------------------------------------------------------------------------------------------------------------------------------------------------- | -------------- | -------- | -----------------
|Current Assets                                                                                                                                      |                |          |                  
|Cash and cash equivalents                                                                                                                           | $              | 59,066   |                  
|Stock subscription receivable                                                                                                                       |                | 0        |                  
|Total Current Assets                                                                                                                                |                | 59,066   |                  
|                                                                                                                                                    |                |          |                  
|Other Asset                                                                                                                                         |                |          |                  
|Intellectual property                                                                                                                               |                | 200,000  |                  
|                                                                                                                                                    |                |          |                  
|Total Assets                                                                                                                                        | $              | 259,066  |                  
|                                                                                                                                                    |                |          |                  
|LIABILITIES AND STOCKHOLDERS' DEFICIT                                                                                                               |                |          |                  
|Liabilities                                                                                                                                         |                |          |                  
|Current Liabilities                                                                                                                                 |                |          |                  
|Accrued expenses                                                                                                                                    | $              | 194,484  |                  
|Accrued expenses – related party                                                                                                                    |                | 8,680    |                  
|Accrued interest – related parties                                                                                                                  |                | 9,438    |                  
|Due to director                                                                                                                                     |                | 1,005    |                  
|Convertible notes payable – related parties                                                                                                         |                | 75,000   |                  
|Convertible notes payable- other                                                                                                                    |                | 65,000   |                  
|                                                                                                                                                    |                |          |                  
|Total Liabilities                                                                                                                                   |                | 353,607  |                  
|                                                                                                                                                    |                |          |                  
|Stockholders' Deficit                                                                                                                               |                |          |                  
|Common stock, par value $.001, 750,000,000 shares authorized, 500,499,965 shares issued and outstanding (2010 – 500,499,965 issued and outstanding) |                | 500,500  |                  
|Additional paid-in capital                                                                                                                          |                | 134,502  |                  
|Cumulative translation adjustment                                                                                                                   |                | (4,757   | )                
|Deficit accumulated during the development stage                                                                                                    |                | (724,786 | )                
|Total Stockholders' Deficit                                                                                                                         |                | (94,541  | )                
|                                                                                                                                                    |                |          |                  
|Total Liabilities and Stockholders' Deficit                                                                                                         | $              | 259,066  |                  





See accompanying notes to financial statements.





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VENDUM BATTERIES INC.

(FORMERLY WISHART ENTERPRISES LIMITED)

(A DEVELOPMENT STAGE COMPANY)

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

FOR THE THREE MONTHS ENDED MARCH 31, 2011
AND 2010

PERIOD FROM NOVEMBER 16, 2009 (INCEPTION)
TO MARCH 31, 2011





|                                                                 | Three months ended March 31, 2011 |             | Three months ended March 31, 2010 |  | Period from November 16, 2009 (Inception) to March
    31, 2011
|---------------------------------------------------------------- | --------------------------------- | ----------- | --------------------------------- |  | ---------------------------------------------------------------
|                                                                 |                                   |             |                                   |  |                                                                
|REVENUES                                                         | $                                 | 0           |                                   |  | $                                                              
|                                                                 |                                   |             |                                   |  |                                                                
|OPERATING EXPENSES                                               |                                   |             |                                   |  |                                                                
|Professional fees                                                |                                   | 2,500       |                                   |  |                                                                
|Consulting fees                                                  |                                   | 53,227      |                                   |  |                                                                
|General and administrative expenses                              |                                   | 7,468       |                                   |  |                                                                
|                                                                 |                                   |             |                                   |  |                                                                
|TOTAL OPERATING EXPENSES                                         |                                   | 63,195      |                                   |  |                                                                
|                                                                 |                                   |             |                                   |  |                                                                
|NET LOSS FROM OPERATIONS                                         |                                   | (63,195     | )                                 |  |                                                                
|                                                                 |                                   |             |                                   |  |                                                                
|OTHER INCOME (EXPENSE)                                           |                                   |             |                                   |  |                                                                
|Interest expense                                                 |                                   | 2,250       |                                   |  |                                                                
|Impairment of intellectual property                              |                                   | 0           |                                   |  |                                                                
|TOTAL OTHER INCOME (EXPENSE)                                     |                                   | (2,250      | )                                 |  |                                                                
|                                                                 |                                   |             |                                   |  |                                                                
|LOSS BEFORE PROVISION FOR INCOME TAXES                           |                                   | (65,445     | )                                 |  |                                                                
|                                                                 |                                   |             |                                   |  |                                                                
|PROVISION FOR INCOME TAXES                                       |                                   | 0           |                                   |  |                                                                
|                                                                 |                                   |             |                                   |  |                                                                
|NET LOSS                                                         | $                                 | (65,445     | )                                 |  | $                                                              
|                                                                 |                                   |             |                                   |  |                                                                
|NET LOSS PER SHARE: BASIC AND DILUTED                            | $                                 | (0.00       | )                                 |  | $                                                              
|                                                                 |                                   |             |                                   |  |                                                                
|WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED |                                   | 500,499,965 |                                   |  |                                                                







See accompanying notes to financial statements.

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VENDUM BATTERIES INC.

(FORMERLY WISHART ENTERPRISES LIMITED)

(A DEVELOPMENT STAGE COMPANY)

CONSOLIDATED STATEMENT OF STOCKHOLDERS’
DEFICIT (unaudited)

FOR THE PERIOD FROM NOVEMBER 16, 2009 (INCEPTION)
TO MARCH 31, 2011





|                                                                                      | Common stock  |   |  |   | Additional paid-in |   |  |   | Cumulative translation |   |  |   | Deficit accumulated during the development |  
|------------------------------------------------------------------------------------- | ------------- | - |  | - | ------------------ | - |  | - | ---------------------- | - |  | - | ------------------------------------------ | -
|                                                                                      | Shares        |   |  |   | Amount             |   |  |   | Capital                |   |  |   | Adjustment                                 |  
|Inception, November 16, 2009                                                          | —             |   |  | $ | —                  |   |  | $ | —                      |   |  | $ | —                                          |  
|                                                                                      |               |   |  |   |                    |   |  |   |                        |   |  |   |                                            |  
|Shares issued to founder                                                              | 14            |   |  |   | 2                  |   |  |   |                        |   |  |   | —                                          |  
|                                                                                      |               |   |  |   |                    |   |  |   |                        |   |  |   |                                            |  
|Net loss and cumulative translation adjustment for the period ended December 31, 2009 | —             |   |  |   | —                  |   |  |   |                        |   |  |   | (3,577                                     | )
|                                                                                      |               |   |  |   |                    |   |  |   |                        |   |  |   |                                            |  
|Balance, December 31, 2009                                                            | 14            |   |  |   | 2                  |   |  |   | 0                      |   |  |   | (3,577                                     | )
|                                                                                      |               |   |  |   |                    |   |  |   |                        |   |  |   |                                            |  
|Shares cancelled in reverse merger                                                    | (14           | ) |  |   | (2                 | ) |  |   | 2                      |   |  |   | —                                          |  
|                                                                                      |               |   |  |   |                    |   |  |   |                        |   |  |   |                                            |  
|Shares issued in merger                                                               | 8,500,023     |   |  |   | 608                |   |  |   | (608                   | ) |  |   | —                                          |  
|                                                                                      |               |   |  |   |                    |   |  |   |                        |   |  |   |                                            |  
|Shares issued on recapitalization                                                     | 1,098,786,657 |   |  |   | 78,543             |   |  |   | (78,543                | ) |  |   | —                                          |  
|                                                                                      |               |   |  |   |                    |   |  |   |                        |   |  |   |                                            |  
|Shares cancelled by former officer                                                    | (873,786,635  | ) |  |   | (62,459            | ) |  |   | 62,459                 |   |  |   | —                                          |  
|                                                                                      |               |   |  |   |                    |   |  |   |                        |   |  |   |                                            |  
|Shares issued for conversion of debt                                                  | 33,750,013    |   |  |   | 2,413              |   |  |   | 72,587                 |   |  |   | —                                          |  
|                                                                                      |               |   |  |   |                    |   |  |   |                        |   |  |   |                                            |  
|Shares issued for conversion of debt                                                  | 232,749,907   |   |  |   | 16,637             |   |  |   | 473,363                |   |  |   | —                                          |  
|                                                                                      |               |   |  |   |                    |   |  |   |                        |   |  |   |                                            |  
|Stock split                                                                           | —             |   |  |   | 64,258             |   |  |   | (64,258                | ) |  |   | —                                          |  
|                                                                                      |               |   |  |   |                    |   |  |   |                        |   |  |   |                                            |  
|Shares issued for cash                                                                | 500,000       |   |  |   | 100                |   |  |   | 69,900                 |   |  |   | —                                          |  
|                                                                                      |               |   |  |   |                    |   |  |   |                        |   |  |   |                                            |  
|Stock split                                                                           | —             |   |  |   | 400,400            |   |  |   | (400,400               | ) |  |   | —                                          |  
|Net loss and cumulative translation adjustment for the period ended December 31, 2010 |               |   |  |   |                    |   |  |   |                        |   |  |   | 704                                        |  
|Balance, December 31, 2010                                                            | 500,499,965   |   |  |   | 500,500            |   |  |   | 134,502                |   |  |   | (2,873                                     | )
|Net loss and cumulative translation adjustment for the period ended March 31, 2011    | —             |   |  |   | —                  |   |  |   | —                      |   |  |   | (1,884                                     | )
|                                                                                      |               |   |  |   |                    |   |  |   |                        |   |  |   |                                            |  
|Balance, March 31, 2011                                                               | 500,499,965   |   |  | $ | 500,500            |   |  | $ | 134,502                |   |  | $ | (4,757                                     | )



See accompanying notes to financial statements.







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VENDUM BATTERIES INC.

(FORMERLY WISHART ENTERPRISES LIMITED)

(A DEVELOPMENT STAGE COMPANY)

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

FOR THE THREE MONTHS ENDED MARCH 31, 2011
AND 2010

FOR THE PERIOD FROM NOVEMBER 16, 2009 (INCEPTION)
TO MARCH 31, 2011





|                                                                              | Three months ended March 31, 2011 |         | Three months ended March 31, 2010 |  | Period from November 16, 2009 (Inception) to March 31, 2011
|----------------------------------------------------------------------------- | --------------------------------- | ------- | --------------------------------- |  | -----------------------------------------------------------
|CASH FLOWS FROM OPERATING ACTIVITIES                                          |                                   |         |                                   |  |                                                            
|Net loss for the period                                                       | $                                 | (65,445 | )                                 |  | $                                                          
|Adjustments to reconcile net loss to net cash (used in) operating activities: |                                   |         |                                   |  |                                                            
|Impairment of intellectual property                                           |                                   | 0       |                                   |  |                                                            
|Changes in assets and liabilities:                                            |                                   |         |                                   |  |                                                            
|Decrease in accounts receivable                                               |                                   |         |                                   |  |                                                            
|Increase(decrease) in accrued expenses                                        |                                   | 36,879  |                                   |  |                                                            
|Increase (decrease) in accrued expenses – related party                       |                                   | 0       |                                   |  |                                                            
|Increase in accrued interest – related parties                                |                                   | 2,250   |                                   |  |                                                            
|Cash Flows Used in Operating Activities                                       |                                   | (26,316 | )                                 |  |                                                            
|                                                                              |                                   |         |                                   |  |                                                            
|CASH FLOWS FROM INVESTING ACTIVITIES                                          |                                   |         |                                   |  |                                                            
|Cash paid to acquire intellectual property                                    |                                   | 0       |                                   |  |                                                            
|Cash Flows Used in Investing Activities                                       |                                   | 0       |                                   |  |                                                            
|                                                                              |                                   |         |                                   |  |                                                            
|CASH FLOWS FROM FINANCING ACTIVITIES                                          |                                   |         |                                   |  |                                                            
|Proceeds from due to director                                                 |                                   | 500     |                                   |  |                                                            
|Cash received for stock subscription receivable                               |                                   | 0       |                                   |  |                                                            
|Proceeds from convertible note payable                                        |                                   | 65,000  |                                   |  |                                                            
|Proceeds from the sale of common stock                                        |                                   | 0       |                                   |  |                                                            
|Cash Flows Provided by Financing Activities                                   |                                   | 65,500  |                                   |  |                                                            
|                                                                              |                                   |         |                                   |  |                                                            
|Exchange rate effect on cash and cash equivalents                             |                                   | (1,884  | )                                 |  |                                                            
|                                                                              |                                   |         |                                   |  |                                                            
|Net Increase (Decrease) in Cash and Cash Equivalents                          |                                   | 37,300  |                                   |  |                                                            
|Cash and cash equivalents, beginning of period                                |                                   | 21,766  |                                   |  |                                                            
|Cash and cash equivalents, end of period                                      | $                                 | 59,066  |                                   |  | $                                                          
|                                                                              |                                   |         |                                   |  |                                                            
|SUPPLEMENTAL CASH FLOW INFORMATION:                                           |                                   |         |                                   |  |                                                            
|Interest paid                                                                 | $                                 | 0       |                                   |  | $                                                          
|Income taxes paid                                                             | $                                 | 0       |                                   |  | $                                                          
|SUPPLEMENTAL NON-CASH TRANSACTIONS                                            |                                   |         |                                   |  |                                                            
|Stock issued for stock subscription receivable                                | $                                 | 0       |                                   |  | $                                                          
|Note payable issued to acquire intellectual property                          | $                                 | 0       |                                   |  | $                                                          
|Convertible notes payable converted to common stock                           | $                                 | 0       |                                   |  | $                                                          
|Note payable settled in common stock                                          | $                                 | 0       |                                   |  | $                                                          



See accompanying notes to financial statements.



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VENDUM BATTERIES INC.

(FORMERLY WISHART ENTERPRISES LIMITED)

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2011



NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS



Vendum Batteries Inc. (formerly Wishart Enterprises
Limited) (the "Company" or “Vendum”) was incorporated in Nevada on December 13, 2006.  Vendum is
an environmentally friendly mobile battery company with the sole focus on identifying, evaluating, acquiring, developing and partnering
for the commercialization of proprietary eco-friendly power sources.



As further described in Note 9, the Company
closed a share exchange transaction effective May 3, 2010 with the shareholders of Vendum Batteries Limited, which was incorporated
under the laws of the United Kingdom on November 16, 2009 (“Vendum UK”). This share exchange transaction constituted
a reverse merger and a recapitalization of Vendum.  In conjunction with this reverse merger, the historical accounts of Vendum
become the historical accounts of Wishart for accounting purposes and, in conjunction therewith, Wishart changed its fiscal year-end
to December 31 to coincide with the historical year-end of Vendum. Vendum Batteries Limited is a wholly-owned subsidiary of Vendum
Batteries Inc.



The accompanying interim financial statements
have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of
the Securities and Exchange Commission (“SEC”).  In the opinion of management, all adjustments necessary
in order for the financial statements to be not misleading have been reflected herein.  The results of operations for
interim periods are not necessarily indicative of the results to be expected for the full year.



NOTE 2 – GOING CONCERN



The financial statements have been prepared
on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal
course of business for the foreseeable future. The Company has a working capital deficit, and has incurred losses since inception
resulting in an accumulated deficit of $724,786 as of March 31, 2011, and further losses are anticipated in the development of
its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue
as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary
financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management
intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and or private
placement of common stock.



NOTE 3 – SUMMARY OF SIGNIFCANT ACCOUNTING
POLICIES



Development Stage Company

The accompanying financial statements have
been prepared in accordance with generally accepted accounting principles related to development stage companies. A development-stage
company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no
significant revenues there from.



Basis of Presentation

The financial statements of the Company have
been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in
US dollars.

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VENDUM BATTERIES INC.

(FORMERLY WISHART ENTERPRISES LIMITED)

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2011



NOTE 3 – SUMMARY OF SIGNIFCANT ACCOUNTING
POLICIES (CONTINUED

Accounting Basis

The Company uses the accrual basis of accounting
and accounting principles generally accepted in the United States of America (“GAAP” accounting).  The Company
has adopted a December 31 fiscal year end.



Principles of Consolidation

The accompanying consolidated financial statements
include the accounts of the Company and its wholly owned subsidiary. All significant intercompany transactions and balances have
been eliminated in consolidation.



Cash and Cash Equivalents

The Company considers all highly liquid investments
with the original maturities of three months or less to be cash equivalents. The Company had $59,066 and $21,766 of cash as of
March 31, 2011 and December 31, 2010, respectively.



Income Taxes

Income taxes are computed using the asset and
liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the
differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted
tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence,
are not expected to be realized.



Use of Estimates

The preparation of financial statements in
conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements
and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.



Revenue Recognition

The Company recognizes revenue when products
are fully delivered or services have been provided and collection is reasonably assured.



Foreign Currency Translation

The Company's functional currency is the Pound
Sterling and its reporting currency is the United States dollar.



Advertising Costs

The Company’s policy regarding advertising
is to expense advertising when incurred. The Company incurred advertising expense of $0 and $0 during the periods ended March 31,
2011 and 2010, respectively.



Stock-Based Compensation

Stock-based compensation is accounted for at
fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock
options.

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VENDUM BATTERIES INC.

(FORMERLY WISHART ENTERPRISES LIMITED)

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2011



NOTE 3 – SUMMARY OF SIGNIFCANT ACCOUNTING
POLICIES (CONTINUED)



Dividends

The Company has not adopted any policy regarding
payment of dividends. No dividends have been paid during any of the periods shown.



Basic Income (Loss) Per Share

Basic income (loss) per share is calculated
by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during
the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders
by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding
is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents
outstanding as of March 31, 2011.



Comprehensive Income

The Company has which established standards
for reporting and display of comprehensive income, its components and accumulated balances. When applicable, the Company would
disclose this information on its Statement of Stockholders’ Equity. Comprehensive income comprises equity except those resulting
from investments by owners and distributions to owners. The Company has not had any significant transactions that are required
to be reported in other comprehensive income.



Impairment of Long-Lived Assets

The Company continually monitors events and
changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or
changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying
value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is
less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount
over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value
less costs to sell.



Recent Accounting Pronouncements

Vendum does not expect the adoption of recently
issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position
or cash flow.



NOTE 4 – INTELLECTUAL PROPERTY



On January 4, 2010 the Company entered into
an asset purchase agreement with Cornerstone Holdings Ltd. The Company agreed to purchase intellectual property from the seller
for total proceeds of $500,000. The Company paid a $10,000 deposit on January 6, 2010. The remaining $490,000 was to be paid in
varying installments over the next 21 months. The rights, title and interest of the intellectual property was transferred to the
Company on the date of the first $10,000 payment. On May 3, 2010, the remaining $490,000 outstanding was converted into 232,749,907
shares of common stock of the Company.

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VENDUM BATTERIES INC.

(FORMERLY WISHART ENTERPRISES LIMITED)

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2011



NOTE 4 – INTELLECTUAL PROPERTY (CONTINUED)



The Company analyzed the intellectual property
for impairment at December 31, 2010 and determined that the fair market value was $200,000. As such, an impairment charge of $300,000
was recorded.



NOTE 5 – ACCRUED EXPENSES



Accrued expenses and interest at March 31,
2011 and December 31, 2010 consisted of the following:



|                       | 2011 |         | 2010
|---------------------- | ---- | ------- | ----
|Professional fees      | $    | 8,500   |     
|Consulting fees        |      | 185,984 |     
|Total accrued expenses | $    | 194,484 |     



NOTE 6 – ACCRUED EXPENSES –
RELATED PARTY



Accrued expenses – related party consisted
amounts due to an officer and shareholder of the Company for consulting services. There was $8,680 and $8,680 of accrued expenses
– related party as of March 31, 2011 and December 31, 2010, respectively.



NOTE 7 – CONVERTIBLE NOTES PAYABLE



On December 10, 2009, a related party issued
the company a 12% convertible note payable of $50,000. Interest will accrue beginning from the date of the loan however no interest
is due until the loan comes due on December 10, 2010.



On March 3, 2010 another $25,000 was loaned
to the company under the same terms as the original loan.



On May 3, 2010, the convertible loans of $75,000
were converted into 33,750,013 shares of common stock.



On May 18, 2010, the Company issued a 12% convertible
note payable of $25,000 to a related party due September 3, 2011.



On July 26, 2010, the Company issued a 12%
convertible note payable of $50,000 to a related party. Interest will accrue beginning from the date of the loan however no interest
is due until the loan comes due on July 27, 2011.



The balance of the convertible notes to related
parties as of March 31, 2011 and December 31, 2010 was $75,000 and $75,000, respectively.



Accrued interest payable related to the above
loans totaled $9,438 and $7,188 at March 31, 2011 and December 31, 2010, respectively.

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VENDUM BATTERIES INC.

(FORMERLY WISHART ENTERPRISES LIMITED)

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2011





NOTE 7 – CONVERTIBLE NOTES PAYABLE
(CONTINUED)



On March 23, 2011, the Company entered into
a Securities Purchase Agreement with an accredited investor for the sale of a Convertible Promissory Note in the aggregate principal
amount of $65,000. The net proceeds of the financing, after deducting placement agent fees, are to be used for general working
capital purposes. The Notes bear interest at the rate of 8% per annum and matures on December 28, 2011. The Note is convertible
into shares of our common stock beginning 180 days from the date of the Note at a conversion price of 60% of the average of the
lowest three trading prices of the Company’s common stock during the ten trading days on the OTCBB proceeding the conversion
date. The number of shares issuable upon conversion shall be proportionally adjusted to reflect any stock dividend, split or similar
event.



Unless waived in writing by the Holder, the
Company is prohibited from effecting the conversion of the Note to the extent that as a result of such conversion the Holder thereof
would beneficially own more than 4.99% in the aggregate of the issued and outstanding common stock immediately after giving effect
to the issuance of common stock upon conversion. While the Note is outstanding, the Holder is entitled to a reduction in the conversion
price if we issue any securities for a per share price less than the conversion price in effect available to the Holder.



The loans may be converted into the Company’s
common stock at any point during the term of the loan by the note holder. The number of shares to be issued will be determined
by the fair market value of the common stock on the date of the conversion. If fair market value is not determinable at the conversion
date the stock will be converted based on the lesser of either the share price of the

last private offering or the thirty day average
of the Company’s stock in the event a public listing has taken place.



NOTE 8 – DUE TO DIRECTOR



A director and shareholder of the Company advanced
$1,005 (December 31, 2010 - $505) to Vendum during the period ended March 31, 2011. The amount is unsecured, non-interest bearing
and due on demand.



NOTE 9 – COMMON STOCK



The Company has 750,000,000 shares of $0.001
par value common stock authorized.



On November 17, 2009, the Company issued 1
share of common stock for total proceeds of $2. As of December 31, 2009 the proceeds had not been collected. The funds for the
stock were deposited into the company bank account on March 4, 2010.



In a share exchange transaction that closed
on May 3, 2010, Wishart acquired all the issued and outstanding shares of Vendum Batteries Limited through the issuance of 8,500,023
shares of Wishart. The Company treated the purchase of Vendum Batteries Limited as a reverse acquisition pursuant to the guidance
in Appendix B of SEC Accounting Disclosure Rules and Practices Official Text. Accordingly, these transactions are recorded as capital
transactions in substance rather than business combinations.

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VENDUM BATTERIES INC.

(FORMERLY WISHART ENTERPRISES LIMITED)

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2011



NOTE 9 – COMMON STOCK (CONTINUED)



Therefore, the transaction is equivalent to
the issuance of stock by the private company for the net monetary assets of Wishart, accompanied by a recapitalization. Accordingly,
the reverse acquisition has been accounted for as a recapitalization.



For accounting purposes, Vendum is considered
the acquirer in the reverse acquisition.  The historical financial statements are those of Vendum consolidated with the parent,
Wishart Enterprises, Inc. Earnings per share for periods prior to the merger are restated to reflect the number of equivalent shares
received by the acquiring company.



On May 3, 2010, the Company agreed to convert
a note payable of $490,000 into 232,749,907 shares of common stock.



Also on May 3, 2010, the Company converted
two convertible notes payable totaling $75,000 into 33,750,013 shares of common stock.



On November 1, 2010, the Company issued 500,000
common shares of stock for $70,000 cash.



On May 24, 2010, the Company completed an approximately
3:1 forward stock split.



On November 29, 2010, the Company completed
a 5:1 forward stock split and increased its authorized share capital to 750,000,000 shares of common stock.



All share information presented in these financial
statements and accompanying footnotes have been retroactively adjusted to reflect the increased number of shares resulting from
these actions.



There were 500,499,965 and 14 shares of common
stock issued and outstanding as of March 31, 2011 and December 31, 2010, respectively.



NOTE 10 – COMMITMENTS AND CONTINGENCIES



The Company neither owns nor leases any real
or personal property. An officer has provided office services without charge. There is no obligation for the officer to continue
this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers
and directors are involved in other business activities and most likely will become involved in other business activities in the
future.



The Company entered into two consulting agreements
during the year ended December 31, 2010. Both agreements are for twelve months and began in June and July 2010, respectively.

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VENDUM BATTERIES INC.

(FORMERLY WISHART ENTERPRISES LIMITED)

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2011



NOTE 10 – COMMITMENTS AND CONTINGENCIES (CONTINUED)



The following are minimum annual payments due under those agreements:



|December 31, 2011 |  | $ | 25,125 | 
|----------------- |  | - | ------ | 
|2012              |  |   | 0      | 
|2013              |  |   | 0      | 
|2014              |  |   | 0      | 
|2015              |  |   | 0      | 
|Total             |  | $ | 25,125 | 



NOTE 11 – INCOME TAXES



As of March 31, 2011, the Company had net operating
loss carry forwards of approximately $725,000 that may be available to reduce future years’ taxable income through 2030.
Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their
realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred
tax asset relating to these tax loss carry-forwards.



The provision for the Federal income tax consists of the following:



|                                           | March 31, 2011 |         | March 31, 2010
|------------------------------------------ | -------------- | ------- | --------------
|Federal income tax attributable to:        |                |         |               
|Current Operations                         | $              | 22,250  |               
|Less: valuation allowance                  |                | (22,250 | )             
|Net provision for Corporation income taxes | $              | 0       |               



The cumulative tax effect at the expected rate
of 34% of significant items comprising our net deferred tax amount is as follows:



|                                    | March 31, 2011 |          | December 31, 2010
|----------------------------------- | -------------- | -------- | -----------------
|Deferred tax asset attributable to: |                |          |                  
|Net operating loss carryover        | $              | 243,311  |                  
|Less: valuation allowance           |                | (243,311 | )                
|Net deferred tax asset              | $              | 0        |                  

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VENDUM BATTERIES INC.

(FORMERLY WISHART ENTERPRISES LIMITED)

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2011



NOTE 12 – SUBSEQUENT EVENTS



Subsequent to year end, the Company entered
into a promissory note agreement in the amount of $7,000, with the entire amount of the principal plus interest at 5 % per annum
to be repaid on April 30, 2011.



Additionally, on May 3, 2011, the Company entered
into a convertible note agreement in the amount of $32,500 plus interest at 8% per annum to be repaid on February 2, 2012. The
conversion price as per the convertible note agreement is generally 58% of the market price of the Company’s common stock,
as defined in the agreement.



In accordance with ASC 855-10, the Company
has analyzed its operations subsequent to March 31, 2011 through May 20, 2011 and has determined that it does not have any other
material subsequent events to disclose in these financial statements.

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Item 2.     Management’s
Discussion and Analysis of Financial Condition and Results of Operations



Forward-Looking Statements



Certain statements, other than purely historical information, including
estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions
upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. These forward-looking statements generally are identified by the words “believes,” “project,”
“expects,” “anticipates,” “estimates,” “intends,” “strategy,” “plan,”
“may,” “will,” “would,” “will be,” “will continue,” “will likely
result,” and similar expressions. We intend such forward-looking statements to be covered by the
safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are
including this statement for purposes of complying with those safe-harbor provisions.Forward-looking statements are based
on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially
from the forward-looking statements. Our ability to predict results or the actual effect of future plans
or strategies is inherently uncertain. Factors which could have a material adverse affect on our operations and future prospects
on a consolidated basis include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability
of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also
be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.We undertake
no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events
or otherwise. Further information concerning our business, including additional factors that could materially
affect our financial results, is included herein and in our other filings with the SEC.



Overview



We are developing an innovative new
cellulose-based power source that will revolutionize the automotive and aeronautical industries when it is brought to market.



This revolutionary battery is entirely
biodegradable, as it is primarily composed of cellulose and uses none of the toxic elements used in traditional batteries, such
as mercury, lead, chromium, or cadmium.



Using the cutting edge Carbon Nanotube
(CNT), we hope this non-toxic power source will, in the future, be capable of providing higher power output for much longer periods
of time. The batteries have the potential to be small and light-weight, therefore should be possible to revolutionize human implant
technology for those found in pacemakers and cochlear implants.



Similarly, we are aiming in the future
to power mobile phones, PDA’s, iPods, music players, games consoles, laptops and the like. Also home appliances such as
power tools, all kinds of toys, watches, cameras, toothbrushes and electric razors can be powered by our batteries. Finally, these
batteries could be used in power surveying instruments, flashlights, CCTV cameras, roadwork lighting and signs, gift cards, and
even clothing and books. In the long term, however, we hope that we will help transform the automotive and aeronautical industry
forever.



The properties that CNT brings to batteries
and the expertise of our scientists mean that we can explore and potentially develop paper based supercapacitor technology, used
in devices requiring a surge of power, like flashes for camera and now in Smart Phones, but many industries could be impacted
if our research expectations can be met.



For 2011, further R&D will be carried
out during the pre production prototype stage, and this will be done to ascertain the thermal conductive and field emission display
properties of CNT based composite materials that have been observed by other scientists and university studies.

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For 2012, we hope to be able to diversify
our business into cellulose paper based electronic display materials, for smart packaging, or for paper based sensors and actuators
for various industries, including the healthcare industry.



Research into the thermal conductive
properties of cellulose and CNT materials may offer exciting new ways of developing smart materials that capture body heat and
release it when required. The applications in professional sports and military clothing could be considerable and even the construction
industry could benefit in numbers of ways, if we are able to create materials for insulation, heat capture and even energy generation.



Results of Operations for the three
months ended March 31, 2011 and 2010 and for the Period from November
16, 2009 (Date of Inception) to March 31, 2011



We generated no revenue for the period
from November 16, 2009 (Date of Inception) until March 31, 2011. Without revenues, we are forced to rely on fundraising activities
in order to continue as a going concern. If we are unable to generate revenues or raise funds in the near future, we will be forced
to consider other business opportunities or cease operations.



Our operating expenses were $63,195
for the three months ending March 31, 2011, as compared with $45,069 for the same period ended 2010. The increase in our operating
expenses is largely the result of $2,115 more spent on professional fees and $16,399 more spent on consulting fees for the three
months ended March 31, 2011.



Our operating expenses were $415,348
for the period from November 16, 2009 (Inception) to March 31, 2011. Our operating expenses for the period from November 16, 2009
(Inception) to March 31, 2011 were primarily related to consulting fees of $331,352, professional fees of $48,347 and general
and administrative expenses of $35,649.



We had an interest expense of $2,250
for the three months ended March 31, 2011 that we did not have for the three months ended March 31, 2010.



We therefore recorded a net loss of
$65,445 for the three months ended March 31, 2011, as compared with $45,069 for the three months ended March 31, 2010. We recorded
a net loss of $724,786 for the period from November 16, 2009 (Inception) to March 31, 2011.



Liquidity and Capital Resources



As of March 31, 2011, we had total
current assets of $59,066, consisting entirely of cash, and total assets in the amount of $259,066. We had current liabilities
in the amount of $353,607 as of March 31, 2011. Thus, we had a working capital deficit of $294,541 as of March 31, 2011.



Operating activities used $212,184
in cash for the period from November 16, 2009 (Date of Inception) until March 31, 2011. Our net loss of $724,786 was the sole
reason for our negative operating cash, offset by the impairment of intellectual property of $300,000, an increase in accrued
expenses of $194,484, an increase in related party accrued expenses of $8,680, and an increase in related party accrued interest
of $9,438. Investing activities used $10,000 for the period from November 16, 2009 (Date of Inception) until March 31, 2011 for
the acquisition of intellectual property. Financing activities during the period from November 16, 2009 (Date of Inception) until
March 31, 2011 generated $286,007 in cash during the period, largely represented by $215,000 in proceeds from convertible notes,
and $70,000 in proceeds from the sale of common stock.



On March 23, 2011, we entered into
a Securities Purchase Agreement with an accredited investor for the sale of a Convertible Promissory Note in the aggregate principal
amount of $65,000. Additionally, on May 3, 2011, we entered into a Securities Purchase Agreement with an accredited investor for
the sale of a Convertible Promissory Note in the aggregate principal amount of $32,500. The net proceeds of these financing, after
deducting placement agent fees, are to be used for general working capital purposes.

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Despite our recent financings, we have
insufficient cash to operate our business at the current level for the next twelve months and insufficient cash to achieve our
business goals. The success of our business plan beyond the next 12 months is contingent upon us obtaining additional financing.
We intend to fund operations through debt and/or equity financing arrangements, which August be insufficient to fund our capital
expenditures, working capital, or other cash requirements. We do not have any formal commitments or arrangements for the sales
of stock or the advancement or loan of funds at this time. There can be no assurance that such additional financing will be available
to us on acceptable terms, or at all.



Going Concern



We have a working capital deficit,
and have incurred losses since inception resulting in an accumulated deficit of $724,786 as of March 31, 2011, and further losses
are anticipated in the development of our business raising substantial doubt about our ability to continue as a going concern.
The ability to continue as a going concern is dependent upon our generating profitable operations in the future and/or to obtain
the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come
due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors
and or private placement of common stock.



Off Balance Sheet Arrangements



As of March 31, 2011, there were no off balance
sheet arrangements.



Item 3. Quantitative and Qualitative Disclosures
About Market Risk



A smaller reporting company is not required to
provide the information required by this Item.



Item 4T.     Controls
and Procedures

Disclosure Controls and Procedures



We carried out an evaluation of the effectiveness of the design
and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of March
31, 2011. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our
Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as
of March 31, 2011, our disclosure controls and procedures were not effective due to the presence of material weaknesses in internal
control over financial reporting.



A material weakness is a deficiency, or a combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s
annual or interim financial statements will not be prevented or detected on a timely basis. Management has identified the following
material weaknesses which have caused management to conclude that, as of March 31, 2011, our disclosure controls and procedures
were not effective: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies
and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC
guidelines.

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Remediation Plan to Address the Material Weaknesses in Internal
Control over Financial Reporting



Our company plans to take steps to enhance and improve the design
of our internal controls over financial reporting. During the period covered by this quarterly report on Form 10-Q, we have not
been able to remediate the material weaknesses identified above. To remediate such weaknesses, we plan to implement the following
changes during our fiscal year ending September 30, 2011: (i) appoint additional qualified personnel to address inadequate segregation
of duties and ineffective risk management; and (ii) adopt sufficient written policies and procedures for accounting and financial
reporting. The remediation efforts set out are largely dependent upon our securing additional financing to cover the costs of implementing
the changes required. If we are unsuccessful in securing such funds, remediation efforts may be adversely affected in a material
manner.



We are unable to remedy our controls related to the inadequate segregation
of duties and ineffective risk management until we receive financing to hire additional employees. In January 2011, we hired an
outsourced controller to improve the controls for accounting and financial reporting.



Changes in Internal Control over Financial Reporting



There were no changes in our internal control over financial reporting
during the three months ended March 31, 2011 that have materially affected, or are reasonable likely to materially affect, our
internal control over financial reporting.



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PART II – OTHER INFORMATION



Item 1.     Legal
Proceedings



We are not a party to any pending legal proceeding.
We are not aware of any pending legal proceeding to which any of our officers, directors, or any beneficial holders of 5% or more
of our voting securities are adverse to us or have a material interest adverse to us.



Item 1A: Risk Factors



A smaller reporting company is not required to
provide the information required by this Item.



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





On May 5, 2011, we issued 128,453 restricted shares
of our common stock for services rendered in the amount of $20,000.



These securities were issued pursuant to Section
4(2) of the Securities Act and/or Rule 506 promulgated thereunder. The holders represented their intention to acquire the securities
for investment only and not with a view towards distribution. The investors were given adequate information about us to make an
informed investment decision. We did not engage in any general solicitation or advertising. We directed our transfer agent to issue
the stock certificates with the appropriate restrictive legend affixed to the restricted stock.





Item 3.     Defaults
upon Senior Securities



None



Item 4.     Removed
and Reserved.



Item 5.     Other
Information



None



Item 6.      Exhibits



|Exhibit Number | Description of Exhibit                                                                                                                                                       
|-------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|31.1           | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                            
|31.2           | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                            
|32.1           | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002



SIGNATURES



In accordance with the requirements
of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.



|       | Vendum Batteries Inc.               
|------ | ------------------------------------
|       |                                     
|Date:  | May 23, 2011                        
|       |                                     
|By:    | /s/ Fraser Cottington               
|       | Fraser Cottington                   
|Title: | Chief Executive Officer and Director





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