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| Nevada                                                        |   | 87-40479286                             |
|---------------------------------------------------------------|--------|-----------------------------------------|
| (State or other jurisdictionof incorporation or organization) |   | (I.R.S. Employer Identification Number) |

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| Large Accelerated Filer o |   | Accelerated Filer o |   | Non-Accelerated Filer o(Do not check if a smaller reporting company) |   | Smaller Reporting Company x |
|---------------------------|--------|---------------------|--------|----------------------------------------------------------------------|--------|-----------------------------|

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|                                                  |                                                                                                                                                                                                      |   | Page(s)                   |
|-------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------|
|  PART I – FINANCIAL INFORMATION: |                                                                                                                                                                                                      |   |
|                                                  |                                                                                                                                                                                                      |   |                      |
| Item 1.                                               | Condensed Financial Statements (unaudited):                                                                                                                                                               |   |                      |
|                                                  |                                                                                                                                                                                                      |   |                      |
|                                                  | Unaudited Condensed Balance Sheets as of March 31, 2011 and December 31, 2010                                                                                                                             |   | F-1                       |
|                                                  |                                                                                                                                                                                                      |   |                      |
|                                                  | Unaudited Condensed Statements of Operations for the Three Months Ended March 31, 2011 and 2010, and for the Period from May 27, 2004 (Date of Inception of the Development Stage) through March 31, 2011 |   | F-2                       |
|                                                  |                                                                                                                                                                                                      |   |                      |
|                                                  | Unaudited Condensed Statements of Cash Flows for the Three Months Ended March 31, 2011 and 2010 and for the Period from May 27, 2004 (Date of Inception of the Development Stage) through March 31, 2011  |   | F-3                       |
|                                                  |                                                                                                                                                                                                      |   |                      |
|                                                  | Notes to Unaudited Condensed Financial Statements                                                                                                                                                         |   | F-4 – F-7 |
|                                                  |                                                                                                                                                                                                      |   |                      |
| Item 2.                                          | Management's Discussion and Analysis of Financial Condition and Results of Operations                                                                                                                     |   | 1                         |
|                                                  |                                                                                                                                                                                                      |   |                      |
| Item 3.                                               | Quantitative and Qualitative Disclosures About Market Risk                                                                                                                                                |   | 2                         |
|                                                  |                                                                                                                                                                                                      |   |                      |
|  Item 4A(T).                                | Controls and Procedures                                                                                                                                                                                   |   | 3                         |
|                                                  |                                                                                                                                                                                                      |   |                      |
|  PART II – OTHER INFORMATION:    |                                                                                                                                                                                                      |   |
|                                                  |                                                                                                                                                                                                      |   |                      |
| Item 1.                                               | Legal Proceedings                                                                                                                                                                                         |   | 3                         |
|                                                  |                                                                                                                                                                                                      |   |                      |
| Item 2.                                               | Unregistered Sales of Equity Securities and Use of Proceeds                                                                                                                                               |   | 3                         |
|                                                  |                                                                                                                                                                                                      |   |                      |
| Item 3.                                               | Defaults Upon Senior Securities                                                                                                                                                                           |   | 4                         |
|                                                  |                                                                                                                                                                                                      |   |                      |
| Item 4.                                               | Submission of Matters to a Vote of Security Holders                                                                                                                                                       |   | 4                         |
|                                                  |                                                                                                                                                                                                      |   |                      |
| Item 5.                                               | Other Information                                                                                                                                                                                         |   | 4                         |
|                                                  |                                                                                                                                                                                                      |   |                      |
| Item 6.                                          | Exhibits                                                                                                                                                                                                  |   | 4                         |
|                                                  |                                                                                                                                                                                                      |   |                      |
|  Signatures                                      |                                                                                                                                                                                                      | 5      |

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| Acquired Sales Corp.                                          |
|---------------------------------------------------------------|
| (a development stage enterprise)                              |
| Unaudited Condensed Balance Sheets                            |
|                                                          |   |   |   |   |   |   |
|                                                          |   | March 31, |   |   | December 31, |   |
|                                                          |   | 2011 |   |   | 2010 |   |
|                                                          |   |   |   |   |   |   |
| Assets:                                                       |   |   |   |   |   |   |
| Current Assets:                                               |   |   |   |   |   |   |
| Cash                                                          |   | $ | 92,266 |   |   | $ | 5,148 |   |
| Total Current Assets                                          |   |   | 92,266 |   |   |   | 5,148 |   |
|                                                          |   |   |   |   |   |   |   |   |
| Long-term related party note receivable                       |   |   | 820,000 |   |   |   | - |   |
| Total Assets                                                  |   | $ | 912,266 |   |   | $ | 5,148 |   |
|                                                          |   |   |   |   |   |   |   |   |
| Liabilities and Stockholders' Equity (Deficit):               |   |   |   |   |   |   |   |   |
| Current Liabilities:                                          |   |   |   |   |   |   |   |   |
| Accounts payable                                              |   | $ | 39,648 |   |   | $ | 17,055 |   |
| Note payable - related parties                                |   |   | 44,000 |   |   |   | 44,000 |   |
| Total Current Liabilities                                     |   |   | 83,648 |   |   |   | 61,055 |   |
|                                                          |   |   |   |   |   |   |   |   |
| Long-term Liabilities:                                        |   |   |   |   |   |   |   |   |
| Notes payable - related parties, net of discount              |   |   | 274,084 |   |   |   | - |   |
| Notes payable, net of discount                                |   |   | 351,834 |   |   |   | - |   |
| Total Liabilities                                             |   |   | 709,566 |   |   |   | 61,055 |   |
|                                                          |   |   |   |   |   |   |   |   |
| Stockholders' Equity (Deficit):                               |   |   |   |   |   |   |   |   |
| Preferred stock, $0.001 par value, 10,000,000 shares          |   |   |   |   |   |   |   |   |
| authorized, no shares issued and outstanding                  |   |   | - |   |   |   | - |   |
| Common stock, $0.001 par value, 50,000,000 shares             |   |   |   |   |   |   |   |   |
| authorized, 5,832,482 shares issued and outstanding           |   |   | 5,833 |   |   |   | 5,833 |   |
| Additional paid-in capital                                    |   |   | 1,032,609 |   |   |   | 454,754 |   |
| Deficit accumulated prior to the development stage            |   |   | (69,151 | ) |   |   | (69,151 | ) |
| Deficit accumulated during the development stage              |   |   | (766,591 | ) |   |   | (447,343 | ) |
| Total Stockholders' Equity (Deficit)                          |   |   | 202,700 |   |   |   | (55,907 | ) |
| Total Liabilities and Stockholders' Equity (Deficit)          |   | $ | 912,266 |   |   | $ | 5,148 |   |
|                                                          |   |   |   |   |   |   |   |   |
| See accompanying notes to the condensed financial statements. |

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| Acquired Sales Corp.                                          |
|---------------------------------------------------------------|
| (a development stage enterprise)                              |
| Unaudited Condensed Statements of Operations                  |
|                                                          |   |   |   |   |   |   |   |   |   |
|                                                          |   |   |   |   |   |   |   | For the period |   |
|                                                          |   |   |   |   |   |   |   | May 27, 2004 |   |
|                                                          |   |   |   |   |   |   |   | (Date of Inception |   |
|                                                          |   | For the Three Months Ended |   |   | of the Development |   |
|                                                          |   | March 31, |   |   | Stage) through |   |
|                                                          |   | 2011 |   |   | 2010 |   |   | March 31, 2011 |   |
|                                                          |   |   |   |   |   |   |   |   |   |
| Operating Expense:                                            |   |   |   |   |   |   |   |   |   |
| General and administrative                                    |   | $ | (304,667 | ) |   | $ | (7,765 | ) |   | $ | (802,434 | ) |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Other Income (Expense):                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                               |   |   | 3,921 |   |   |   | - |   |   |   | 3,921 |   |
| Interest expense                                              |   |   | (18,502 | ) |   |   | (493 | ) |   |   | (28,442 | ) |
| Waiver of tax liability penalty                               |   |   | - |   |   |   | - |   |   |   | 60,364 |   |
| Total Other Income (Expense)                                  |   |   | (14,581 | ) |   |   | (493 | ) |   |   | 35,843 |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Loss                                                      |   | $ | (319,248 | ) |   | $ | (8,258 | ) |   | $ | (766,591 | ) |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted loss per share                              |   | $ | (0.05 | ) |   | $ | (0.00 | ) |   |   |   |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted weighted average                            |   |   |   |   |   |   |   |   |   |   |   |   |
| common sharess outstanding                                    |   |   | 5,832,482 |   |   |   | 5,832,482 |   |   |   |   |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to the condensed financial statements. |

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| Acquired Sales Corp.                                          |   |
|---------------------------------------------------------------|--------|
| (a development stage enterprise)                              |   |
| Unaudited Condensed Statements of Cash Flows                  |   |
|                                                          |   |   |   |   |   |   |   |   |   |
|                                                          |   |   |   |   |   |   |   | For the period |   |
|                                                          |   |   |   |   |   |   |   | May 27, 2004 |   |
|                                                          |   |   |   |   |   |   |   | (Date of Inception |   |
|                                                          |   | For the Three Months Ended |   |   | of the Development |   |
|                                                          |   | March 31, |   |   | Stage) through |   |
|                                                          |   | 2011 |   |   | 2010 |   |   | March 31, 2011 |   |
|                                                          |   |   |   |   |   |   |   |   |   |
| Cash Flows from Operating Activities:                         |   |   |   |   |   |   |   |   |   |
| Net loss                                                      |   | $ | (319,248 | ) |   | $ | (8,258 | ) |   | $ | (766,591 | ) |
| Adjustments to reconcile net loss to net cash                 |   |   |   |   |   |   |   |   |   |
| used in operating activities:                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses paid by capital contributed by officer               |   |   | - |   |   |   | - |   |   |   | 20 |   |
| Share-based compensation                                      |   |   | 268,852 |   |   |   | - |   |   |   | 577,639 |   |
| Waiver of tax liability penalty                               |   |   | - |   |   |   | - |   |   |   | (60,364 | ) |
| Issuances of warrants for services                            |   |   | - |   |   |   | - |   |   |   | 11,970 |   |
| Changes in assets and liabilities:                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Prepaid expenses                                              |   |   | - |   |   |   | 19 |   |   |   | - |   |
| Accounts payable                                              |   |   | 22,593 |   |   |   | 1,791 |   |   |   | 39,648 |   |
| Payroll tax penalties and accrued interest                    |   |   | - |   |   |   | - |   |   |   | (8,787 | ) |
| Net Cash Used by Operating Activities                         |   |   | (27,803 | ) |   |   | (6,448 | ) |   |   | (206,465 | ) |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash Flows from Investing Activities:                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term related party note receivable                       |   |   | (820,000 | ) |   |   | - |   |   |   | (820,000 | ) |
| Net Cash Used by Investing Activities                         |   |   | (820,000 | ) |   |   | - |   |   |   | (820,000 | ) |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash Flows from Financing Activities:                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Deficit in bank                                               |   |   | - |   |   |   | 125 |   |   |   | - |   |
| Long-term notes payable - related party                       |   |   | 400,000 |   |   |   | - |   |   |   | 400,000 |   |
| Long-term notes payable                                       |   |   | 520,000 |   |   |   | - |   |   |   | 520,000 |   |
| Proceeds from issuance of note payable to                     |   |   |   |   |   |   |   |   |   |
| related party                                                 |   |   | - |   |   |   | - |   |   |   | 239,000 |   |
| Payment of principal on note payable to                       |   |   |   |   |   |   |   |   |   |   |   |   |
| related party                                                 |   |   | - |   |   |   | - |   |   |   | (95,000 | ) |
| Amortization of discount on long-term notes payable           |   |   | 14,921 |   |   |   | - |   |   |   | 14,921 |   |
| Proceeds from issuance of common stock                        |   |   | - |   |   |   | - |   |   |   | 40,000 |   |
| Redemption of common stock                                    |   |   | - |   |   |   | - |   |   |   | (190 | ) |
| Net Cash Provided by Financing Activities:                    |   |   | 934,921 |   |   |   | 125 |   |   |   | 1,118,731 |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Increase (Decrease) in Cash                               |   |   | 87,118 |   |   |   | (6,323 | ) |   |   | 92,266 |   |
| Cash at Beginning of Period                                   |   |   | 5,148 |   |   |   | 6,323 |   |   |   | - |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash at End of Period                                         |   | $ | 92,266 |   |   | $ | - |   |   | $ | 92,266 |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Supplemental Cash Flow Information                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash paid for interest                                        |   | $ | 3,582 |   |   | $ | 493 |   |   |   |   |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to the condensed financial statements. |   |

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| Form 10-SB | March 23, 2007                                            |
|------------|-----------------------------------------------------------|
| 3.1        | Articles of Incorporation dated December 12, 1985         |
| 3.2        | Amended Articles of Incorporation Dated July 1992         |
| 3.3        | Amended Articles of Incorporation Dated November 1996     |
| 3.4        | Amended Articles of Incorporation Dated June 1999         |
| 3.5        | Amended Articles of Incorporation Dated January 25, 2006  |
| 3.6        | Amended Bylaws                                            |
|       |                                                      |
| Form 8-K   | August 2, 2007                                            |
| 5.01       | Shareholder Agreement                                     |
|       |                                                      |
| Form 10Q   | May 18, 2009                                              |
| 10.1       | Private Merchant Banking Agreement-Anniston Capital, Inc. |
| 10.2       | Warrant Agreement #1-Anniston Capital, Inc.               |

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| 10.3       | Warrant Agreement #2-Anniston Capital, Inc.                                                                                                                                                                                                                   |
|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.4       | $100,000 Promissory Note – December 1, 2007                                                                                                                                                                                                             |
| 10.5       | $10,000 Promissory Note – January 30, 2008                                                                                                                                                                                                              |
| 10.6       | $10,000 Promissory Note – November 9, 2008                                                                                                                                                                                                              |
|       |                                                                                                                                                                                                                                                          |
| Form 10-K  | August 20, 2010                                                                                                                                                                                                                                               |
| 10.7       | $4,000 Promissory Note – April 19, 2010                                                                                                                                                                                                                 |
|       |                                                                                                                                                                                                                                                          |
| Form 8-K   | November 5, 2010                                                                                                                                                                                                                                              |
| 10.1       | Letter of Intent Agreement Cogility Software dated November 4, 2010                                                                                                                                                                                           |
| 99.1       | Press Release                                                                                                                                                                                                                                                 |
|       |                                                                                                                                                                                                                                                          |
| Form 10-K  | December 17, 2010                                                                                                                                                                                                                                             |
| 10.8       | $20,000 Promissory Note – October 12, 2010                                                                                                                                                                                                              |
|       |                                                                                                                                                                                                                                                          |
| Form 10-K  | March 31, 2011                                                                                                                                                                                                                                                |
| 4.1        | Form of Note 3%                                                                                                                                                                                                                                               |
| 4.2        | Form of Warrant                                                                                                                                                                                                                                               |
| 10.10      | Subscription Agreement                                                                                                                                                                                                                                        |
|       |                                                                                                                                                                                                                                                          |
| This 10-Q  |                                                                                                                                                                                                                                                          |
| 31.1  | Certification of principal executive officer and principal financial officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 executed by Gerard M. Jacobs |
| 32.1       | Certification of principal executive officer and principal financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 executed by Gerard M. Jacobs                                            |

| Dated: May 16, 2011 |                 |                      |
|---------------------|----------------------|---------------------------|
|                | ACQUIRED SALES CORP. |
|                |                 |                      |
|                | By:        | /s/ Gerard M. Jacobs |
|                | Gerard M. Jacobs     |
|                | President            |

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