UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549  FORM 10-Q (Mark One) XQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch 31, 2015. or  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:  333-139746  TRANSACT ENERGY CORP.(Exact name of registrant as specified in its charter)  Nevada98-0515445(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)  Suite 207-23705 IH 10 West, San Antonio, TX, USA78257(Address of principal executive offices)(Zip Code)  210-888-0785(Registrants telephone number, including area code)  (Former name, former address and former fiscal year, if changed since last report)  Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes 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.  See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.  Large accelerated filer.Accelerated filer.Non-accelerated filer. (Do not check if a smaller reporting company)Smaller reporting companyX.  Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No X  APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:  Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes  No  APPLICABLE ONLY TO CORPORATE ISSUERS:  Indicate the number of shares outstanding of each of the issuers classes of common stock, as of March 31, 2015: 48,200,348 shares issued and outstanding    PART I-FINANCIAL INFORMATION  ITEM 1. FINANCIAL STATEMENTS  The accompanying financial statements have been prepared by the Company without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at March 31, 2015 and 2014 and for the periods then ended have been made.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Companys December 31, 2014 management prepared financial statements.  The results of operations for the periods ended March 31, 2015 and 2014 are not necessarily indicative of the operating results for the full year.    FINANCIAL STATEMENTS      TRANSACT ENERGY CORP. [A Development Stage Company]  INTERIM FINANCIAL STATEMENTS  MARCH 31, 2015  (UnauditedPrepared by Management)  2    TRANSACT ENERGY CORP. [A Development Stage Company]  (Unaudited-Prepared by Management)  CONTENTS  PAGEInterim Balance Sheets5Interim Statements of Operations6Interim Statements of Cash Flows7Notes to Interim Financial Statements9-14   3    TRANSACT ENERGY CORP. (A Development Stage Company) INTERIM BALANCE SHEETS (Unaudited-Prepared by Management)  ASSETSMarch 31,December 31,20152014CurrentCash$4,676$4,154Receivable96,75579,822Prepaid Expenses108,264108,264Total Current Assets209,695192,240CapitalFurniture & Equipment1,2811,422Software--Total Capital Assets1,2811,422OtherIncorporation Costs11,79111,791Intellectual Property130,520130,520Total Other Non-current Assets142,311142,311$353,287$335,973LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)CurrentBank indebtedness$-$-Accounts payable322,628315,203Accrued interest1,247,4151,178,917Accrued interest - related party305313Compensation payable1,067,000990,000Notes payable - net of discount233,929245,702Notes payable - Related parties, net of discount11,79513,331Total Current Liabilities2,883,0722,743,466Stockholders' Equity (Deficit)Preferred stock, $.001 par value,10,000,000 shares authorized no shares issued and outstanding--Common Stock, $.001 par value,100,000,000 shares authorized48,200,348  shares  issued and outstanding48,20047,867Capital in excess of par value2,515,1362,486,842Subscriptions receivable--Deficit accumulated during the development stage(5,093,121)(4,942,202)Total Stockholders' Equity (Deficit)(2,529,785)(2,407,493)$353,287$335,973The accompanying notes are an integral part of these financial statements.   4    TRANSACT ENERGY CORP. (A Development Stage Company) INTERIM STATEMENTS OF OPERATIONS (Unaudited-Prepared by Management)  Cumulative
from inception
March 15, 2006
March 31,
2015Three months
ended
March 31,
2015Three months
ended
March 31,
2014REVENUE$-$-$-EXPENSESGeneral and administrative3,330,60174,203213,969Unsuccessful lease purchases18,673--Total Expenses3,349,27474,203213,969LOSS BEFORE OTHER INCOME (EXPENSE)(3,349,274)(74,203)(213,969)Interest income50,954--Interest expense(1,517,507)(76,716)(78,623)Gain on debt  settlement34,864--Loss on write off of investment in lease(12,684)--Allowance for loss on loans receivable and related interest(299,474)--LOSS FROM OPERATIONSBEFORE INCOME TAXES(5,093,121)(150,919)(292,592)CURRENT TAX EXPENSE---DEFFRRED TAX EXPENSE---NET LOSS$(5,093,121)$(150,919)$(292,592)LOSS PER COMMON SHARE$-$(0.003)$(0.009)The accompanying notes are an integral part of these financial statements.   5    TRANSACT ENERGY CORP. (A Development Stage Company) INTERIM STATEMENTS OF CASH FLOWS (Unaudited-Prepared by Management)  Cumulativefrom inceptionThree monthsThree monthsMarch 15, 2006 toendedendedMarch 31,March 31,March 31,201520152014Cash Flow From Operating Activities:Net loss for the period$(5,093,121)$(150,919)$(292,592)Adjustments to reconcile net loss to cash used by  operating activities:Stock issued for services935,900-417,365Stock issued for expenses4,313--Debt issued for services12,847--Amortization4,394141-Loss on write off of investment in lease12,684--Allowance for interest receivable50,954--Allowance for loans receivable248,521--Interest expense from beneficial conversion feature on notes payable124,548--Loss on stock subscriptions receivable550,431--Gain on debt settlement(34,864)--Change in assets and liabilities:Decrease (Increase) in interest receivable(50,954)--Decrease (Increase) in prepaid expenses(108,264)--Decrease (Increase) in accounts receivable(96,755)(16,933)Increase (decrease) in accounts payable322,6287,42568,578Increase(decrease) in accounts payable-Related party--1,618Increase in compensation payable1,067,00067,000(274,747)Increase in accrued interest1,247,40768,49067,723Net Cash (used) by Operating Activities(802,331)(24,796)(12,055)Cash Flows From Investing Activities:Acquisition of oil and gas leases(12,684)--Acquisition of Intellectual Property(130,520)--Purchase of software(3,480)--Purchase of furniture & equipment(1,714)--Loans receivable(263,521)--Proceeds from loans receivable15,000--Net Cash (Used) by Investing Activities(396,919)--Cash Flow From Financing ActivitiesProceeds from common stock issuance971,46528,627-Proceeds received for stock not yet issued---Stock offering costs(13,263)--Proceeds from notes payable649,596-8,760Repayment of notes payable(403,872)(3,309)6,677Net Cash Provided by Financing Activities1,203,92625,31815,437Net Increase (Decrease) in Cash4,6765223,382Cash (Bank Indebtedness) at Beginning of Period-4,15467Cash at End of Period$4,676$4,676$3,449Supplemental Disclosures of Cash Flow Information:Cash paid during the period for:Interest$-$-$-Income taxes$-$-$-Supplemental Schedule of Noncash Investing and Financing Activities:For the three month period ended March 31, 2014 and 2013:Shares issued for services$935,900$-$417,365Shares issued on conversion of debt$291,821$36,995$-Shares issued  for acquisition$130,250$$Shares issued to shareholders in exchange for free trading shares$554,744$-$-Subscriptions receivable$(550,431)$-$-Beneficial conversion feature on notes payable$59,084$-$-The accompanying notes are an integral part of these financial statements.   6    NOTE 1-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  Organization-TransAct Energy Corp. (the Company) was organized under the laws of the State of Nevada on March 15, 2006. The Company is in the business of developing and managing power production facilities globally primarily using alternative/sustainable energy sources. The Company has not generated revenues and is considered a development stage company as defined in Accounting Standards Codification (ASC) Topic No. 915. The Company has, at the present time, not paid any dividends and any dividends that may be paid in the future will depend upon the financial requirements of the Company and other relevant factors.  Interim Condensed Financial Statements -The accompanying interim financial statements have been prepared by the Company without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at  March 31, 2015 and 2014 and for the periods then ended have been made.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Companys December 31, 2014 unaudited financial statements.  The results of operations for the periods ended March 31, 2015 and 2014 are not necessarily indicative of the operating results for the full year.  Cash and Cash Equivalents - The Company considers all highly liquid debt investments purchased with a maturity of three months or less to be cash equivalents.  Software and related amortization - Software is recorded at cost and the Company provides for amortization using the straight line method over three years.  Income Taxes -The Company accounts for income taxes in accordance with ASC Topic No. 740, Accounting for Income Taxes.  The Company adopted the provisions of ASC Topic No. 740, Accounting for Income Taxes, on January 1, 2007. As a result of the implementation of ASC Topic No. 740, the Company recognized approximately no increase in the liability for unrecognized tax benefits.  The Company has no tax positions at March 31, 2015 and 2014 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.  The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the years ended December 31, 2014 and 2013, the Company recognized no interest and penalties. The Company had no accruals for interest and penalties at March 31, 2015 and March 31, 2014. All tax years starting with 2008 are open for examination.  Loss Per Share - The computation of loss per share is based on the weighted average number of shares outstanding during the period presented in accordance with ASC Topic No. 260, Earnings Per Share [See Note 9].  Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimated by management.  Recently Enacted Accounting Standards - In September 2009 the FASB established the Accounting Standards Codification (Codification or ASC) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States (GAAP). Rules and interpretive releases of the Securities and Exchange Commission (SEC) issued under authority of federal securities laws are also sources of GAAP for SEC registrants.  Existing GAAP was not intended to be changed as a result of the Codification, and accordingly the change did not impact our financial statements. The ASC does change the way the guidance is organized and presented.  Accounting Standards Update (ASU) ASU No. 2009-05 (ASC Topic 820), which amends Fair Value Measurements and Disclosures  Overall, ASU No. 2009-13 (ASC Topic 605),  7    NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)  Multiple-Deliverable Revenue Arrangements, ASU No. 2009-14 (ASC Topic 985), Certain Revenue Arrangements that include Software Elements, and various other ASUs No. 2009-2 through ASU No. 2011-8 which contain technical corrections to existing guidance or affect guidance to specialized industries or entities were recently issued.  These updates have no current applicability to the Company or their effect on the financial statements would not have been significant.  Foreign Currency Translation - The Financial statements are presented in United States dollars. In accordance with ASC 830 Foreign Currency Matters, foreign denominated monetary assets and liabilities are translated into their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Non-monetary assets and liabilities are translated at the exchange rates prevailing at the transaction date. Revenue and expenses are translated at average rate of exchange during the year.  Gains or losses resulting from foreign currency transactions are included in results of operation.  Stock Offering Costs - Costs incurred in connection with stock offerings will be deferred and offset against the proceeds of the stock offering.  Costs incurred in connection with unsuccessful offerings will be expensed.  Reclassification Certain prior year amounts have been reclassified to conform with current year presentation.  NOTE 2  LOANS RECEIVABLE  RELATED PARTY  The $12,000, $5,000, $7,000, $212,000 and $12,520 loans receivable from a company whose sole shareholder holds less than 10% in TransAct, are secured and were due on November 1, November 10, November 29, December 6 and December 6, 2010, respectively. The loans are secured by certain assets and equipment of the company and bear interest at rates between 15% and 18% per annum for the terms of the loans. At June 30, 2011 and December 31, 2010 interest receivable was $50,954. These notes have not been granted an extension, are in default and management has formally demanded payment of the outstanding principal and interest and may pursue legal action if the cost of said action can be justified. At December 31, 2010 the Company recorded a total allowance of $299,475 charged to operations including principal of $248,521 and interest of $50,954  NOTE 3 - SOFTWARE  AccumulatedNet Book ValueCostAmortizationMarch 31, 2015December 31, 2014Software$3,480$3,480$0$0  NOTE 4  NOTES PAYABLE  The $10,000 convertible promissory note payable to a company whose shareholders hold less than 10% in TransAct is unsecured, bears interest at 10% per annum and was due and payable on March 31, 2010. The payee had the option to convert the entire principal amount on or before April 29, 2009 into common shares of the Company based on a conversion rate of $.00345 per share. No interest was payable if the principal was converted to shares of the Company. The payee did not exercise its conversion option. The note is currently outstanding and in October 2010 the Company issued a check in the amount of $11,876 as payment in full of principal and interest which was returned un-cashed by the payee. The Company is currently in dispute regarding the expiration date of the conversion option in the agreement and the note remains in default. At March 31, 2015 accrued interest was $ 6431.  The $17,500 promissory note payable to a company whose shareholders hold less than 10% in TransAct is unsecured, bears interest at 10% per annum and is due on demand. This note is currently in default. At March 31, 2015 accrued interest was $10,495.  The $25,000 convertible promissory note dated June 10, 2010 and $40,000 convertible promissory note dated October 5, 2010 bore interest at 8% per annum and were due and payable on March 11, 2011 and July 7, 2011, respectively. The holder had the option to convert the entire principal amount of each particular note on or before March 11, 2011 and July 7, 2011 into common shares of the Company based on a conversion rate of 60% of the market price being the average of the lowest three trading prices over the past ten days prior to the conversion. At no time could the holder convert into an amount of shares which would result in the holder and its affiliates to beneficially own more than 4.99% of the outstanding shares of common stock. In February 2011 the holder elected  8    NOTE 4 - NOTES PAYABLE  CONTINUED  to convert $12,000 of the June 10, 2010 note into 404,040 common shares of the Company which were issued. In February 2011 the terms of the June 10, 2010 and October 5, 2010 convertible promissory notes were amended by both parties to include a repayment option. Under this repayment option the borrower had the right to repay the balance of a note in cash equal to 150% of the outstanding principal and interest. On February 24, 2011 the Company paid $22,000 including $9,000 of interest to repay the remaining $13,000 balance of the June 10, 2010 note. In addition, on April 21, 2011 the Company paid $61,600 including $21,600 of interest to repay the $40,000 note dated October 5, 2010.  A beneficial conversion feature of $53,334 has been recorded as a discount to the notes with an offset to additional paid in capital. The discount was amortized over the life of the notes. The remaining unamortized discount has been expensed as interest since the note was repaid.  The $25,000 and $15,792 ($20,000 CAD) promissory notes payable dated April 22, 2011 and March 31, 2011 respectively are unsecured and bear interest at 60% per annum or $2,500 and $1,579 ($2,000 CAD) respectively whichever is greater. The notes are due on demand and may be prepaid in whole or part without penalty. Accrued interest was $ 97,071 at March 31, 2015.  The $ 3,948 ($5,000 CAD) promissory note payable dated September 12, 2011 is unsecured and bears interest at $ 395 ($500 CAD) up to September 16, 2011 and $ 39 ($50 CAD) per diem until all principal and interest is repaid. The note is due on demand and may be prepaid in whole or part without penalty. Accrued interest was $ 51,402 at March 31, 2015.  The $100,000 promissory note payable dated June 30, 2013 is unsecured and is non-interest bearing.  A $22,030 promissory note payable dated February 24, 2011 to a former officer (more than 1 year ago) bears interest of $6,000 and was due on March 4, 2011. This note is accruing interest at $360 per day for every day after March 4, 2011 until the note is repaid in full. At March 31, 2015 accrued interest was $ 542,273.  A $46,660 promissory note payable dated April 22, 2011 to a former officer (more than 1 year ago) bears interest at 1% per diem. A beneficial conversion feature of $2,750 was recorded as a discount to the notes with the offset to Additional Paid in Capital. In May 2011 the holder of the note converted $10,000 of principal into 750,000 shares of common stock and the discount was expensed to interest. The remaining balance of $36,660 is due on demand. At March 31, 2015 accrued interest was $ 530,712.  A $3,000 convertible promissory note payable to a former officer (more than 1 year ago) is secured by certain assets and equipment of the Company and bore interest at 8% per annum through the due date in November 2010 and is currently in default and bearing interest at 60% the highest lawful rate. A beneficial conversion feature of $3,000 has been recorded as a discount to the note with an offset to additional paid in capital. The discount was fully amortized in 2010. At March 31, 2015 accrued interest was $9,031.  NOTE 5  NOTES PAYABLE  RELATED PARTIES  Promissory notes payable after being reduced at the end of Dec 31 2014 total $13,331 to an officer and shareholder are secured by certain assets and equipment of the Company and  bear interest at 8% and 10% per annum and are due on demand. At March 31, 2015 accrued interest was $305.  Accrued interest and late fees for the notes at March 31, 2015 and December 31, 2014 was $ 1,247,720 and $1,179,230 respectively.  NOTE 6 - CAPITAL STOCK  Preferred Stock - The Company has authorized 10,000,000 shares of preferred stock, $.001 par value, with such rights, preferences and designations and to be issued in such series as determined by the Board of Directors. No shares are issued and outstanding at March 31, 2015 and December 31, 2014.  Common Stock - The Company has authorized 100,000,000 shares of common stock, $.001 par value, with such rights, preferences and designations and to be issued in such series as determined by the Board of Directors.  In December 2010 proceeds were received for 200,000 common shares at $.15 per share and 50,000 common shares at $.20 per share for a total of $ 40,000. These shares were issued in June 2011.  9    NOTE 6 - CAPITAL STOCK - CONTINUED  In January 2011 the Company issued 588,235 common shares at $.17 per share for total proceeds received of $100,000.  In February 2011 the Company issued 404,040 common shares pursuant to a convertible option of a note payable totaling $12,000 at $.0297 per share.  In June 2011 the Company issued 200,000 common shares for compensation services at a value of $.015 per share.  In June 2011 the Company issued 750,000 common shares pursuant to a convertible option of a note payable totaling $10,000 at $.013 per share.  In June 2011 the Company issued 175,739 common shares at a value of $.015 per share in exchange for consulting services accrued as a liability at December 31, 2010 in the amount of $ 37,500. The difference of $34,864 has been recorded as a gain on debt settlement.  In May 2012 the Company issued 3,316,500 common shares for consulting services at a value of $.035 per share (see Note 10).  In May 2012 the Company issued 275,000 common shares as a fee related to financing services at a value of $.0182 per share.  In May 2012 the Company issued 625,000 common shares for compensation services at a value of $.05 per share.  In May 2012 the Company issued 119,783 common shares for compensation services at a value of $.045 per share.  In May 2013 the Company issued 2,600,000 common shares as payment related to a technology purchase agreement at a value of $.0502 per share.  In May 2013 the Company issued 500,000 common shares for compensation services at a value of $.0501 per share.  At June 30, 2013 the Company caused the cancellation of 250,000 shares that had been issued for compensation services 125,000 shares at a value of $.0501 and 125,000 shares at $.05.  In August 2013 the Company issued 555,556 common shares pursuant to a convertible option of notes payable totaling $20,000 at $.036 per share.  In March 2014 the Company authorized the issuance of 450,000 common shares for compensation services at a value of $.041 per share.  In March 2014 the Company authorized the issuance of 14,210,235 common shares for $397,887 of compensation payable.  In April 2014 the Company authorized the issuance of 200,000 common shares for compensation services at a value of $.05 per share.  In April 2014 the Company authorized the issuance of 474,360 common shares pursuant to a convertible option of notes payable totaling $23,718 at $.05 per share.  In August 2014 the Company authorized the issuance of 221,778 common shares pursuant to a convertible option of notes payable totaling $9,980 at $.045 per share.  In August 2014 the Company authorized the issuance of 300,000 common shares pursuant to a convertible option of notes payable totaling $18,000 at $.06 per share.  In September 2014 the Company authorized the issuance of 665,750 common shares pursuant to a convertible option of notes payable totaling $39,975 at $.06 per share.  In September 2014 the Company authorized the issuance of 641,715 common shares pursuant to a convertible option of notes payable totaling $44,920 at $.07 per share.  10    NOTE 6 - CAPITAL STOCK - CONTINUED  In October 2014 the Company authorized the issuance of 229,750 common shares pursuant to a restricted securities agreement totaling $50,545 at $0.22 per share.  In December 2014 the Company authorized the issuance of 140,000 common shares for compensation services of $26,600 at $0.19 per share.  In December 2014 the Company authorized the issuance of 233,921 common shares for $33,333.68 of compensation payable at $0.1425.  In March 2015 the Company authorized the issuance of 99,750 common shares pursuant to a convertible option of notes payable totaling $9,975 at $.10 per share.  In March 2015 the Company authorized the issuance of 166,834 common shares pursuant to a convertible option of notes payable totaling $20,020 at $.12 per share.  In March 2015 the Company authorized the issuance of 66,667 common shares pursuant to a convertible option of notes payable totaling $7,000 at $.1050 per share.  See Note 10 regarding a subscription agreement dated September 27, 2014  NOTE 7 - GOING CONCERN  The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern.  However, the Company has a working capital deficit and has incurred losses since its inception. These factors raise substantial doubt about the ability of the Company to continue as a going concern. In this regard, management is proposing to raise any necessary additional funds not provided by operations through loans and/or through additional sales of its common stock. There is no assurance that the Company will be successful in raising this additional capital or in achieving profitable operations. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.  NOTE 8 - RELATED PARTY TRANSACTIONS  Management Compensation    The Company has accrued executive compensation of $62,500 to the President of the Company for the period ended March 31, 2015 (See Note 10).  The Company has accrued executive compensation of $21,000 to the SVP Technology of the Company for the year to date period ended March 31, 2015 (See Note 10).  NOTE 9 - LOSS PER SHARE  The following data show the amounts used in computing loss per share for the periods presented:  Three months endedThree months endedMarch 31, 2014March 31, 2014Loss available to common shareholders (numerator)$(150,919)$(292,592Weighted average number of common shares outstanding during the period used in loss per share (denominator)47,870,75932,063,833  Dilutive loss per share was not presented; as the Company had no common equivalent shares for all periods presented that would affect the computation of diluted loss per share.  11    NOTE 10  COMMITMENTS AND CONTINGENCIES  Compensation agreement  The President and Chief Executive Officer agreement pays an annual base salary of $250,000 which has been accrued to date, with a cash bonus annually based on 5% of EBITDA and a stock bonus formulated around the return on invested capital where the issued and outstanding stock of the Company times the rate of return divided by ten will equate to the stock issued.  Compensation agreement  The Senior Vice President of Technology agreement pays an annual base salary of $100,000 Starting June 2013 which has been accrued to date, with a cash bonus annually based on 0.25% of EBITDA and a stock bonus formulated around the return on invested capital where the issued and outstanding stock of the Company times the rate of return divided by forty will equate to the stock issued.  Consulting Agreement-On May 3, 2012 the company entered into an agreement whereby 3,015,000 free trading shares are to be issued in exchange for a $20,000 advance to TransAct and the settlement of any and all obligations given to the parties of the agreement. These shares are intended to be sold to cover their costs including the advances and any balance of these shares not used in settlement would be used to raise capital and split evenly between the parties. The portion that goes to the consulting company will be expensed as consulting fees. In order to facilitate the terms of this agreement the Company by way of special resolution identified certain shareholders of the Company that had sufficient unrestricted common shares and agreed to replace the unrestricted shares with restricted common shares plus an incentive of an additional 10% of bonus shares. In May 30, 2012 the Company issued 3,316,500 common shares, including 301,500 bonus shares, valued at $.036 per share. In June 2014 the company returned the original $20,000.  Loan Agreement-Pursuant to an Agreement on June 28th, 2012 that was extended to August 31, 2012 and then on Aug 30th, 2012 to November 15th, 2012, and is now extended to May 15, 2014; where originally on May 11, 2012 the Company arranged for 3,005,000 free trading shares to be placed as additional security for a $100,000 loan as a retainer for a financing of 100 million dollars. TransAct has a Memorandum of Understanding (MOU) to receive one third or 30 million dollars of this financing.  If these shares are used to repay the loan TransAct will have to issue the shares used plus 10% additional shares to the contributing shareholders and expense whatever shares used as financing costs.  Share-purchase Agreement On January 30, 2014 the Company entered a share-purchase agreement for shares in a proposed subsidiary that would own and operate a zero emissions waste optimization plant (Z.E.W.O.P.TM) in Puebla, Mexico. The agreement provided for the purchaser to own up to 45% of the subsidiary.  The Purchaser advanced $300,000 of the proposed 30% of CAPEX to the Company to facilitate a phase one engineering review. With a positive outcome to the review the Company has now formed the subsidiary in question Puebla ZEWOP 1 and is formalizing the share purchase agreement between our wholly owned subsidiary TransAct Mexico and the Puebla Waste Consortium. Under this agreement our subsidiary will be committed to build and operate a 1320 tonne per day Z.E.W.O.P.TMestimated at $320 Million USD. The Company has a receivable due from the subsidiary at Mar 31, 2014 of $96,755.  Consulting Agreement-On August 20th, 2014 the company entered into an Engineering Services Agreement to facilitate the design/build of the proprietary reactors for the Puebla, MX Zero Emissions Waste Optimization Plant. The estimated cost of the contract is $450,000 over the next 12 months, out of pocket reimbursements, cost plus 10% on all material and outside labor and a stock bonus of 150,000 common shares upon completion of the scope of work. To date the company has paid $40,839.67.  Subscription Agreement-Pursuant to an Agreement on September 27th, 2014 the company agreed to sell restricted securities of the Company in the form of common stock upon receipt of three tranches of capital equaling $1,200,000 each. The common stock is to be sold for $0.50 for the first tranche of 2,400,000 shares and is due in the week of September 28, 2014, $1.00 for the second tranche of 1,200,000 shares and is due in the week of March 1, 2015, $1.50 for the third tranche of 800,000 shares due in August 2nd, 2015. To date the first tranche has not been paid in and the agreement is not reflected on the balance sheet. February 2015 the subscribers of $3.6 Million dollars of our common stock advised us they would be unable to fulfill their commitment under the restricted securities agreement. We have received the same in writing and agreed to a settlement with the parties involved where they purchase 526,316 common shares @ $0.19. (See Note 11)  NOTE 11  SUBSEQUENT EVENTS  On April 15, 2015 we received a $10,000 partial payment towards the required $100,000 settlement required under the settlement agreement of the defaulted subscription agreement.  12     ITEM 2. PLAN OF OPERATIONS  MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS  FORWARD-LOOKING STATEMENT NOTICE  This Form 10-Q contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  For this purpose any statements contained in this Form 10-Q that are not statements of historical fact may be deemed to be forward-looking statements.  Without limiting the foregoing, words such as may, will, expect, believe, anticipate, estimate or continue or comparable terminology are intended to identify forward-looking statements.  These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within our control.  These factors include but are not limited to economic conditions generally and in the industries in which we may participate; competition within our chosen industry, including competition from much larger competitors; technological advances and failure to successfully develop business relationships.  OUR BUSINESS  We formed TransAct Energy Corp. as a Nevada corporation on March 15, 2006. Although our business plan called for the securing and managing of any energy leasehold, the Company focused on securing producing and non-producing oil and gas leases in Alberta, Canada. On September 7, 2006 we acquired a one hundred percent (100%) interest in a Petroleum and Natural Gas Lease, from the province of Alberta, Canada for twelve thousand and fifty-one dollars ($12,051), the MedHat Project. We did not develop this resource. We looked to expand our holdings in Alberta through acquisitions and joint ventures for the following two years. We have since allowed this lease to lapse and moved away from this focus.  A distinct trend appeared in the energy sector supporting sustainable energies. About the same time in late 2008 the Company was introduced to Dr. Mory Ghomshei one of the worlds leading geothermal experts and two of his geothermal power projects in British Columbia, Canada. The acquisition, resource evaluation, exploration process and administration for geothermal are very similar and in many jurisdictions come under the petroleum sector. We worked with independent companies Aqua Terra Power and Aqua Terra Geothermal through the balance of 2009 on the two geothermal power projects in British Columbia. Other than lending Aqua Terra funds no formal arrangement was entered into pending them securing drill permits on the two projects. These licenses lapsed under their original owners and were re-posted by the government for public tender; an Ontario corporation associated with Dr. Ghomshei acquired most of the original licences and have initiated drilling applications. We entered discussions with this entity in the latter half of 2011 to form a Farm-in relationship. We have put these discussions on hold pending the completion of our first operating plants in the Waste Optimization Division although we are maintaining dialogue with Dr. Ghomshei as it relates to utilizing Geothermal in the plants themselves.  TransAct in mid-2009 started introducing the concept of geothermal power to markets in Western and South Asia with the plan to enter joint venture relationships to develop geothermal power projects in these areas. To enter these markets as a power producer the Company found it strategic to develop traditional carbon fuelled power projects in addition. After discussions with the Republic of Iraq regarding geothermal opportunities in Northern Iraq, the Company, together with Spectrum Energy Project Investments (a UAE power company), submitted applications to the Basra Investment Commission to develop/manage three natural gas power plants. These multi-billion dollar projects come with long-term power purchase agreements (PPA) and sovereign guarantees and our application through Spectrum was shortlisted. We were unsuccessful in completing our acquisition of 50% of Spectrum and the initial offering lapsed.  On August 31, 2009, TransAct Energy completed and closed its initial public offering at twenty-five cents ($0.25) per share selling one million one hundred and two thousand shares (1,102,000) for a total capital raise of two-hundred and seventy four thousand three hundred and ninety-eight dollars ($274,398 USD). The majority of these funds were placed with Aqua Terra Power as convertible notes to secure and develop the four (4) geothermal licenses in British Columbia, Canada; the balance was used to pay the costs of the offering and a small amount went to working capital.  The Company was approved for listing on the OTCBB in December 2009 and received the trading symbol TEGY.  Throughout 2010 we laid the ground work for large power projects in South Europe, Asia and Africa; smaller projects for solar, waste to energy and hydrogen fuel cells specifically in India.  We worked to secure markets for geothermal, new solar photo-voltaic, waste to energy and hydrogen fuel cell generators.  Joint development agreement negotiations took place in December 2010 clearing the way for Transact to enter into one major project in South East Asia in 2011.  This project was stalled throughout 2011 because TransAct was unable to secure the funds it required to proceed.  13    The 2011 year was frustrated with the companys inability to collect raised or earned funds into the companys bank account. Thus projects, joint ventures and previous efforts were postponed or lost permanently. While we did maintain the companys trading status the year was taken up with collection efforts and supporting business relationships while in limbo. We did initiate discussions on new waste to energy technologies to leverage the work we had done previously in this sector.  The Companys 2012 efforts were focused on building out its Waste Optimization division.  We completed a Business Plan for this division and entered a Joint Development Agreement with the owners of a small scale, proprietary, zero emissions waste optimization plant (ZEWOP) that had been operating a 20 tonne per day plant for two years. We reconnected with clients in India and Brazil for future waste optimization opportunities.  From the second quarter through to the end of 2012 we worked to raise the necessary funds to build a municipal scale plant (500 tonnes per day) in Scotland.  2013 continued as a building year for both the company and its Waste Optimization division. We completed the acquisition of the ZEWOP technology from the Scottish Inventor and brought him on as a long term member of our team. We successfully negotiated a relationship with the international firm Fichtner Consulting Engineers in order to complete the certification of our plants going forward. We identified suppliers of waste for the proposed United Kingdom plants, initiated the relationships for the uptake of the Natural Gas and Electricity in the United Kingdom and tentatively sourced the capital required for the first plant in the United Kingdom. Globally we negotiated the intent to build a plant in Mexico that includes the required equity and waste. In Brazil we initiated a relationship to create a green energy fund in order to grow both the market in Brazil and the other strategic areas of South America. Initial talks have taken place with potential development partners for a few of the major Brazil markets pending the success of the UK or Mexico plant. In the USA and China we are in talks with potential development partners that can deliver significant capital/waste and see our technology as the best solution going forward.  Throughout 2014 TransAct worked to finalize the engineering review and agreements necessary to develop the first Zero Emissions Waste Optimization Plants TM (Z.E.W.O.P.TM) in Puebla, Mexico. The plant under design is capable of processing 1320 metric tons per day of Municipal Solid Waste (MSW) and is estimated to cost approximately three hundred million dollars. In late November Fichtner Consulting Engineers reported they believed the Z.E.W.O.P.TMwas able to process the MSW 100% into useable products without emissions. The Fichtner report provided TransAct the opportunity to submit the Waste Supply Agreement to the Municipality of Puebla, prepare off-take agreements for interested buyers of the Z.E.W.O.P.TMproducts and formalize the share purchase agreement with the Puebla Waste Consortium (PWC).  PWC intends on providing 30% of the capital required to build the Z.E.W.O.P.TM, while TransAct negotiates third party lenders for the remaining 70% of the cost through debt instruments.  Because of the specialized nature of many of the Z.E.W.O.P.TMcomponents, we initiated some of the equipment procurement; as a result we entered a design/supply agreement for our proprietary reactors with a specialized engineering firm in Australia.  2014 saw the Company form subsidiary corporations in Ireland and Mexico. In Ireland we established the wholly owned subsidiary TransAct Energy Global Ltd, this company will in turn wholly own each national subsidiary. The first national subsidiary of TransAct Global is TransAct Energy Mexico which will own a majority shareholding of each holding company that owns a Z.E.W.O.P.TM like Puebla ZEWOP 1.  The first quarter of 2015 was focused on finalizing the sale of the Puebla Z.E.W.O.P.TMproducts. These efforts included getting signed letters of intent from qualified buyers and preparing formal legal agreements for the same. We now have letters of intent from multiple qualified buyers for all of the expected product and agreements ready to go subject to finalizing our feed-stock agreement (Waste Supply Agreement) for the first plant.  Also in the first quarter TransAct had to restart raising the capital required for the corporate operating budget for the next fourteen months, budgeted at $3.6 Million. As the Solo Investments of Brazil funding fell apart.  14    PLAN OF OPERATION  Puebla is our opportunity to demonstrate to Mexico and the World a municipal scale solution to managing waste without emissions and land filling. All efforts throughout the second quarter of 2015 will continue be directed to breaking ground in Puebla, MX. TransAct intends on finalizing the Waste Supply Agreement, our partnership with PWC, finalizing  75-80% of our product sales under off-take agreements and completing the engineering review of our selected site for the plant in Puebla. These agreements completed should lead to the financing commitment we have been seeking for the $200 Million (+/-) debt portion of the Puebla ZEWOP 1. In the third quarter we should be in a position to complete the Puebla Z.E.W.O.P.TMbuilding/plant design and permit/permission application process. Simultaneously we intend to award an EPC contract and its related subcontracts. TransAct hopes to establish manufacturing of our proprietary reactors in Mexico in order to supply the demand for both Mexico and the USA.  Subject to our funding draw down schedule and the permit/permission process we intend on constructing the Z.E.W.O.P.TMbuildings starting in the fourth quarter. Provided all equipment manufacturers can supply their components we intend on assembling the plant by the beginning of the year and initiating commissioning mid-2016.  Once TransAct is confident the development of the Puebla ZEWOP 1 is well underway it will proceed with the scheduling and planning of additional plants. These will include the second Puebla Z.E.W.O.P.TM and our first European Z.E.W.O.P.TM.  South America, including Brazil and now Argentina has generated multiple opportunities for Z.E.W.O.P.TMand the capital required developing those opportunities. We intend on continuing to work these opportunities in order to secure a foothold in these markets.  Although we have been approached to build in the United States we feel the market is best approached when the Puebla ZEWOP 1 is fully operational in order to garner EPA and individual state support. This will insure a smoother entry into the US market, having said that once we break ground we will make sure major municipalities throughout the US and Canada are aware of our process so we get on the technology review lists.  Besides finding capital for individual projects, until such time as the first revenues from operations come in, our corporate operations will continue to be funded by raising money through private placements or public offerings. We anticipate bringing on an expanded management team to oversee our operational growth throughout this year and plan on raising additional capital as required. The first $3.6 Million of this budgeted capital should come in the second quarter of 2015.  SUBSEQUENT EVENTS  Solo Investments was unable to complete on their funding commitment and entered into a settlement agreement for the same in first quarter 2015. In April we received a partial payment of $10,000 towards the agreed $100k settlement.  RESULTS OF OPERATIONS  Results of Operations for the Three Months Ended March 31, 2015 Compared to the Three Months Ended March 31, 2014  Up to the period ended March 31, 2015, the Company worked diligently on its business and maintaining its reporting status with the SEC. However due to finances we were forced to file our 2014 Annual Report without auditors review. We did not generate any revenue from Jan 1, 2015 to March 31, 2015 as was the same for the three month period in 2014. For the three months ended March 31, 2015 our general and administrative expenses were $74,203 compared to $213,969 for the same period in 2014. Expenses consisted primarily of compensation of $87,500 and a gain on currency of (19,612).   Management compensation was $87,500 for the three month period ending March 31, 2015 and was $87,500 for the period ending March 31, 2014. Interest Expense for the three months ending March 31, 2015 was $76,716 compared to $78,623 for the same period in 2014. As a result, we have reported a net loss before taxes of ($150,919) for the Three Months ended March 31, 2015 compared to a loss of ($292,592) for the same period last year.  Stock-Based Compensation Costs  There was $0 stock based compensation for the period ended March 31, 2015 and $19,478 for 2014. Any shares issued are a part of our executive compensation plan, and are issued to obtain, retain and motivate our directors, executives and employees.  LIQUIDITY AND CAPITAL RESOURCES  As of March 31, 2015 our current assets are $209,695 made up of prepaid expenses of $108,264, receivables of $96,755 and $4,676 cash on hand. Our current liabilities consist of accounts payable in the amount of $322,628, accrued interest of $1,247,720, compensation payable of $1,067,000 and Notes payable, net of any discount of $245,724.  15    NEED FOR ADDITIONAL FINANCING  We estimate our upcoming operating expenses to increase substantially as we transcend from development stage to operating stage and could be as much as $4,000,000.00 per year or more. We have conditional commitments through our subsidiaries for capital expenditures related to the first plant in Puebla Mexico and anticipate entering into further commitments to secure additional plants going forwards. We believe we will need additional funds to cover our expenses and commitments for the next twelve months. Our need for capital may change dramatically as we pursue our business plan during that period. Further, we cannot assure that we will be successful in consummating business opportunities on favourable terms or we will be able to profitably manage any business opportunities. Should we require additional capital, we may seek additional advances from officers, sell common stock or find other forms of debt financing.  As per our previously filed 8K the Company raised $3.6 Million in capital to cover the next fourteen months to expected cash flow from our Z.E.W.O.P.TMin Puebla. This financing fell through, however we fully intend on replacing it which will result in further dilution of shares.  There is no guarantee the Company will not need to raise further significant capital over the next year, some of which may need to be done by way of selling equity in the Company. Depending on the market price and the terms that can be negotiated this will result in the dilution of current shareholders of the Companys stock.  ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.  Not required by smaller reporting companies.  ITEM 4T. CONTROLS AND PROCEDURES.  (a) Evaluation of Disclosure Controls and Procedures.  The Companys management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended). We are committed to maintaining disclosure controls and procedures designed to ensure that information required to be disclosed in our periodic reports filed under the Securities Exchange Act of 1934, as amended, or the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the SECs rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow for timely decisions regarding required disclosure.  In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures and implementing controls and procedures.  Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rules 13a-15(e) and 15d-15(e) promulgated under the Exchange Act. Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of March 31, 2015, the end of the period covered by this report.  (b) Changes in Internal Control over Financial Reporting.  There were no changes in the Company's internal controls or procedures over financial reporting, known to the chief executive officer or the chief financial officer that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.   16   PART IIOTHER INFORMATION  ITEM 1.  LEGAL PROCEEDINGS.  Our Company is not a party to any bankruptcy, receivership or other legal proceeding at this time.  ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.  There have been sales of Company securities during the three months ended March 31, 2015. The sale consisted of  a settlement agreement related to an Offshore Restricted Securities Agreement dated September 27, 2014 providing for Three Million Six Hundred Thousand dollars ($3,600,000.00) that was terminated in February 2015 where the parties agreed to the sale and purchase of 526,316 common shares at a price of $0.19 USD. Upon receipt these funds will be used for payables and corporate operations.  Further, lenders have elected during the quarter to convert $36,995 of their principal amounts outstanding under notes into common stock at $0.10 through to $0.12 per share these proceeds have been used in the general and administrative costs of the company. These conversions also grant them a warrant in the same amount at 75% of the market price or $0.10 through $0.12 whichever is higher.  ITEM 3.   DEFAULTS UPON SENIOR SECURITIES.  None  ITEM 4.   REMOVED AND RESERVED  None.  ITEM 5.   OTHER INFORMATION.  None  ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K.  (a)  Exhibits  Copies of the following documents are included as exhibits to this report pursuant to Item 601 of Regulation S-K.  Exhibit No.Title of DocumentLocation31.1Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002Attached31.2Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002Attached32.1Certification of the Principal Executive Officer pursuant to U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*Attached32.2Certification of the Principal Financial Officer pursuant to U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*Attached  (b)  Reports on Form 8-K (none)  *The Exhibit attached to this Form 10-Q shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to liability under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.  17    SIGNATURES  Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.  TRANSACT ENERGY CORP.  Date: April 27, 2014 By:/s/ Rod Bartlett Rod Bartlett President, Chief Executive Officer  18