10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended March 31, 2013
[   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from __________ to __________

000-54252
Commission File Number
MULTI-CORP INTERNATIONAL INC.
(Exact name of registrant as specified in its charter)
Nevada	N/A
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
3651 Lindell Rd., Ste D 414, Las Vegas, NV	89103
(Address of principal executive offices)	(Zip Code)
(702) 483-2974
(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 [ ]  No [ X]

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 [ ]  No [X]

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	[  ]	Smaller reporting company	[X]
(Do not check if a 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 [ ] No [X]

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant filed all documents and reports required to be filed by Section 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

87,193,765 common shares outstanding as of February 23, 2014

(Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.)

.

2

MULTI-CORP INTERNATIONAL INC.

TABLE OF CONTENTS

		Page
	PART I – Financial Information
Item 1.	Financial Statements	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	5
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	7
Item 4.	Controls and Procedures	7
	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.	Mine Safety Disclosures	8
Item 5.	Other Information	8
Item 6.	Exhibits	9
Signatures		10

3

PART I – FINANCIAL INFORMATION

REPORTED IN UNITED STATES DOLLARS

ITEM 1.  FINANCIAL STATEMENTS - Unaudited

The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 210 8-03 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments considered necessary for a fair presentation have been included.  All such adjustments are of a normal recurring nature.  Operating results for the three month period ended March 31, 2013, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2013.  For further information refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012 as filed with the Securities and Exchange Commission on January 23, 2014.

	Page
Balance Sheets	F-1
Statements of Operations	F-2
Statements of Cash Flows	F-3
Notes to Financial Statements	F-4 to F-12

4

MULTI-CORP INTERNATIONAL INC.

(A DEVELOPMENT STAGE COMPANY)

Consolidated Balance Sheets

	As of March 31, 2013 (unaudited)			As of December 31,  2012
ASSETS
Current
Cash	$	-		$	-
Total Current Assets		-			-
Oil and gas properties, full cost method of accounting		12,559,942			12,559,942
Less: accumulated depletion, depreciation, and amortization		-			-
Total proved properties, net		12,559,942			12,559,942
Total other assets, net		-			-
Total Assets	$	12,559,942		$	12,559,942
LIABILITIES
Current
Accounts payable and accrued liabilities		220,785			195,741
Short term notes payable		121,921			152,753
Advances from stockholders		143,046			143,046
Total Current Liabilities		485,752			491,540
Asset retirement obligation		1,199,267			1,179,242
Total liabilities		1,685,019			1,670,782
STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred stock, $0.0001 par value, non-voting, 20,000,000 authorized, none issued and outstanding		-			-
Common stock, $0.0001 par value, voting, 500,000,000 authorized, and 84,193,765 and 87,164,765 issued and outstanding as at March 31, 2013 and December 31, 2012 respectively		8,419			8,716
Additional Paid-in Capital		34,624,095			33,569,332
Retained earnings (accumulated deficit) during the development stage		(23,757,591	)		(22,688,888	)
Total Stockholders’ Equity (Deficit)		10,874,923			10,889,160
Total Liabilities and Stockholders’ Equity (Deficit)	$	12,559,942		$	12,559,942

The accompanying notes are an integral part of these financial statements

F-1

MULTI-CORP INTERNATIONAL INC.   

(A DEVELOPMENT STAGE COMPANY)

Statements of Operations

(Unaudited)

	Three months ended March 31,						Inception (September 21, 2010)
	2013			2012 (consolidated)			to March 31, 2013
Revenue	$	-		$	-		$	-
Operating Expenses
Professional fees		32,364			3,717			257,700
Amortization of intangible assets		-			2,333			23,333
Accretion of discount on asset retirement obligations		20,025			-			23,632
Impairment of intangible assets		-			-			69,067
Impairment of oil and gas assets		-			-			7,815,693
General and administrative expenses		2,669			256,718			292,578
(Loss) from continuing operations		(55,058	)		(262,768	)		(8,482,003	)
Other Income (expense)
Loss on debt extinguishment		(1,008,000	)		-			(15,256,846	)
Interest expense		(5,645	)		(1,085	)		(33,403	)
Other income (expenses)		(1,013,645	)		(1,085	)		(15,290,249	)
Income (Loss) before discontinued operations		(1,013,645	)		(263,853	)		(23,772,252	)
Gain (loss) from discontinued operations		-			-			14,661
Net (Loss)	$	(1,068,703	)	$	(263,853	)	$	(23,757,591	)
Basic and diluted Net (loss) per share from continuing operations	$	(0.01	)	$	(0.00	)
Basic and diluted Net income per share from discontinued operation		-			-
Basic and diluted Net (loss) per share	$	(0.01	)	$	(0.00	)
Weighted average number of shares outstanding		86,273,465			151,344,503

The accompanying notes are an integral part of these financial statements

F-2

MULTI-CORP INTERNATIONAL INC.

(A DEVELOPMENT STAGE COMPANY)

 Statements of Cash Flows

(Unaudited)

	Three months ended March 31,						Inception (September 21, 2010) to
	2013			2012 (consolidated)			March 31,  2013
Cash flows from operating activities
Net (loss)	$	(1,068,703	)	$	(263,853	)	$	(23,757,591	)
Adjustment to reconcile net loss to cash used by operations:
Stock-based compensation		-			250,000			250,000
Amortization of intangible asset		-			2,333			23,333
Accretion on asset retirement obligations		20,025			-			23,632
Imputed interest contributed to additional paid in capital		4,466			-			26,314
Loss on conversion of debt to shares		1,008,000			-			15,256,846
Impairment of intangible asset		-			-			69,067
Impairment of oil and gas asset		-			-			7,815,693
Gain on divestment of AquaSil Inc.		-			-			(32,446	)
Change in operating assets and liabilities:
Accounts payable and accrued liabilities		25,043			11,520			182,625
Net cash used in continuing operations		(11,169	)		-			(142,527	)
Net cash used in discontinued operations		-			-			-
Net cash used in operating activities		-			-			(142,527	)
Cash flows from Financing Activities
Acquisition of AquaSil Inc.		-			-			1,000
Proceeds from short term notes payable		11,169			-			103,921
Advances from stockholders		-			-			5,160
Net cash used in continuing operations		11,169			-			110,081
Net cash used in discontinued operations		-			-			32,446
Net cash provided by financing activities		11,169			-			142,527
(Decrease) Increase in cash during the period		-			-			-
Cash, beginning of period		-			-			-
Cash, end of period	$	-		$	-		$	-
Supplemental disclosure of cash flow information:
Interest	$	-		$	-		$	-
Income taxes	$	-		$	-		$	-
Non-cash transactions:
Common stock issued for settlement of advances from stockholders	$	-		$	-		$	774,971
Common stock issued for settlement of short-term loan		42,000			-			42,000
Common stock issued for settlement of accounts payable		-			-			3,000
Common stock issued for acquisition of intellectual property		-			92,400			92,400
Common stock issued for acquisition of oil and gas asset		-			-			19,200,000
Common stock cancelled by shareholder		4,497						4,497
Asset retirement obligation acquired with acquisition of oil and gas asset		-			-			1,175,635

The accompanying notes are an integral part of these financial statements

F-3

MULTI-CORP INTERNATIONAL INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

(UNAUDITED)

Note 1 — ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Organization and Nature of Operations

Gray Creek Mining, Inc. was incorporated on December 10, 2006 under the laws of the State of Nevada. A Certificate of Amendment was filed with the Nevada Secretary of State, on November 7, 2008, changing the Company’s name to BWI Holdings, Inc. A Certificate of Amendment was filed with the Nevada Secretary of State, on January 27, 2011, changing the Company’s name to Aquasil International Inc. On May 22, 2012, the Board of Directors of the Company authorized a name change to Multi-Corp International Inc. (the “Company”).

On December 30, 2010, the Company entered into a stock exchange agreement (the “Stock Exchange Agreement”) with AquaSil, Inc., a New York corporation (“AquaSil”) and the sole stockholder of AquaSil. In accordance with the Stock Exchange Agreement, the Company acquired 100% of the total issued and outstanding shares of common stock of AquaSil in exchange for the issuance of an aggregate 70,000 shares of the Company’s common stock to the sole stockholder of AquaSil. As a result of this transaction, AquaSil became a wholly-owned subsidiary of the Company.

The Company’s wholly owned subsidiary, AquaSil, was incorporated in the State of New York on September 21, 2010 to engage in the business of selling various water and soft drink products. The operations were consolidated until the entity was disposed on March 31, 2012.

On May 22, 2012, the Board of Directors authorized the Company to implement a reverse stock split of the Company’s outstanding shares of Common Stock at a ratio of 1000:1 and to file all required documents to the requisite regulatory authorities to implement the reverse split. All share and per share data included in this report is consistent with the implementation of the reverse split.

On December 17, 2012, we entered into two agreements (the “Agreements”) with Quad Energy Corp., a Nevada Corporation (“Quad”) whereby we will acquire a 100% Working Interest and Revenue Interests ranging from 61.96% to 70.5% in the 2,800 acre Cave Pool Property in Eddy County, New Mexico which have an estimated 51  identified drilling and recompletion locations, of which 14 were proved undeveloped, and all of the production equipment on the Property including all of the pump jacks, storage tanks, and batteries.

Basis of Presentation

The Company is in the development stage and has no revenues. A development stage company is one in which all efforts are devoted substantially to establishing a new business and even if planned principal operations have commenced, revenues are insignificant.

These consolidated financial statements include the accounts of Multi-Corp International Inc. and up to March 31, 2012 includes the accounts of AquaSil. The operations were consolidated until the entity was disposed on March 31, 2012.

Note 2 — GOING CONCERN

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The Company is a development stage company and is dependent on raising capital to commence principal operations. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern.  Management believes the Company’s ability to continue as a going concern is dependent on its ability to raise capital. At present, the Company has no commitments for any additional financing. Management is currently seeking financing through a possible offering of common stock, which will be used to finance operations. Until such financing is obtained, it is the intent of stockholders to provide funds for professional fees related to maintaining the Company’s public reporting status.

The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

F-4

MULTI-CORP INTERNATIONAL INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

(UNAUDITED)

Note 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates, which have been made using careful judgment. Actual results may vary from these estimates.

The financial statements have, in management’s opinion, been properly prepared within reasonable limits of materiality and within the framework of the significant accounting policies summarized below:

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation. There was no material effect to the consolidated financial statements as a result of these reclassifications.

Cash and Cash Equivalents

Cash and cash equivalents consist of commercial accounts and interest-bearing bank deposits and are carried at cost, which approximates current value. Items are considered to be cash equivalents if the original maturity is three months or less.

Equipment and Facilities

Equipment and facilities are recorded at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the related assets, ranging from one to twenty-five years.

Intangible Assets

Acquired intangible assets are recognized at cost and are classified as assets with finite useful lives. The Company amortizes the intangible assets with five years using the straight-line method over the estimated economic lives of the assets. Intangible assets are evaluated for impairment to determine if current circumstances and market conditions indicate the carrying amount may not be recoverable. The Company recognized an impairment loss of $69,067 on the intangible assets during the year ended December 31, 2012.

Asset Retirement Obligations

The Company records the fair value of a liability for an asset retirement obligation in the period in which the well is spud or the asset is acquired and a corresponding increase in the carrying amount of the related long-lived asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. If the liability is settled for an amount other than the recorded amount, a gain or loss is recognized.

Full Cost Method

The Company follows the full cost method of accounting for oil and gas operations whereby all costs related to the exploration and development of oil and gas properties are initially capitalized into a single cost center by country ("full cost pool"). At March 31, 2013, the Company had one cost center  in the  United States.

All capitalized costs of oil and gas properties, including the estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves once proved reserves are determined to exist. At March 31, 2013, there was no amortization of these costs due to there being no production.

F-5

MULTI-CORP INTERNATIONAL INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

(UNAUDITED)

Note 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Full Cost Method (continued)

Unproved property costs are excluded from the amortization base until determination of the existence of proved reserves on the respective property or until the requirement for impairment. Unproved properties are reviewed at the end of each quarter to determine whether portions of the costs should be reclassified to the full cost pool and thereby subject to amortization. Sales of oil and natural gas properties are accounted for as adjustments to the net full cost pool with no gain or loss recognized, unless the adjustment would significantly alter the relationship between capitalized costs and proved reserves.

Capitalized costs are summarized as follows for the periods ended March 31, 2013 and December 31, 2012, respectively:

	March 31, 2013		December 31, 2012
Shares issued to acquire the oil and gas properties	$	19,200,000	$	19,200,000
Asset retirement cost	$	1,175,635	$	1,175,635
Accumulated impairment	$	(7,815,693)	$	(7,815,693)
Net	$	12,559,942	$	12,559,942

Capitalized costs of oil and gas properties (net of related deferred income taxes) may not exceed an amount equal to the present value, discounted at 10% per annum, of the estimated future net cash flows from proved oil and gas reserves plus the cost of unproved properties (adjusted for related income tax effects). Should capitalized costs exceed this ceiling, impairment is recognized. The present value of estimated future net cash flows is computed by applying the arithmetic average first day price of oil and natural gas for the preceding twelve months to estimated future production of proved oil and gas reserves as of the end of the period, less estimated future expenditures to be incurred in developing and producing the proved reserves and assuming continuation of existing economic conditions. Such present value of proved reserves' future net cash flows excludes future cash outflows associated with settling asset retirement obligations. Should this comparison indicate an excess carrying value, the excess is charged to earnings as an impairment expense. We recognized $0 and $7,815,693 of impairment costs during the periods ended March 31, 2013 and December 31, 2012, respectively.

Impairment

FASB ASC 360-10-35-21 requires that assets to be held and used be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Oil and gas properties accounted for using the full cost method of accounting (which the Company uses) are excluded from this requirement but continue to be subject to the full cost method's impairment rules.

Revenue recognition

The Company recognizes oil and natural gas revenues from our interests in producing wells when production is delivered to, and title has transferred to, the purchaser and to the extent the selling price is reasonably determinable, and collectability is reasonably assured. Gas-balancing arrangements are accounted for using the sales method.

Fair Value of Financial Instruments

The Company measures its financial assets and liabilities in accordance with the requirements of ASC 820, Fair Value Measurements and Disclosures. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:

Level 1- Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

F-6

MULTI-CORP INTERNATIONAL INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

(UNAUDITED)

Note 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Fair Value of Financial Instruments (continued)

Level 2- Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

Level 3- Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information,

The carrying value of all assets and liabilities approximated their fair values as of March 31, 2013 and March 31, 2012, respectively.

The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheets as of March 31, 2013 and December 31, 2012:

	Fair Value Measurements at March 31, 2013
		Level 1		Level 2		Level 3
Assets:
None		$	-	$	-	$	-
Liabilities
Short term notes payable			-		121,921		-
Advances from stockholders			-		143,046		-
Total Liabilities		$	-	$	264,967	$	-
	Fair Value Measurements at December 31, 2012
		Level 1		Level 2		Level 3
Assets:
None		$	-	$	-	$	-
Liabilities
Short term notes payable			-		152,753		-
Advances from stockholders			-		143,046		-
Total Liabilities		$	-	$	295,799	$	-

Stock-Based Compensation

The Company follows the guidance included in ASC 718 Compensation-Stock Compensation (“ASC 718”) using the modified prospective transition method. The Company recognizes compensation expense in the financial statements for share-based awards based on the grant date fair value of those awards.

Income Taxes

The Company accounts for income taxes pursuant to ASC 740, Income Taxes . Deferred tax assets and liabilities are recorded for differences between the financial statements and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is recorded for the amount of income tax payable or refundable for the period increased or decreased by the change in deferred tax assets and liabilities during the period.

F-7

MULTI-CORP INTERNATIONAL INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

(UNAUDITED)

Note 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. The estimates on depreciation were based on the estimated useful lives of the Company's assets. Any estimates during the period have had an immaterial effect on earnings.

Earnings or Loss Per Share

The Company accounts for earnings per share pursuant ASC 260, Earnings per Share, which require disclosure on the financial statements of “basic” and “diluted” earnings (loss) per share. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the year. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding. During the periods ended March 31, 2013 and December 31, 2012 the Company had no common stock equivalents outstanding. Due to this, as well as the net losses reported for these years, the basic loss per share was the same as the diluted loss per share.

Recent Accounting Pronouncements

In February 2013, FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting these reclassifications. Other comprehensive income includes gains and losses that are initially excluded from net income for an accounting period. Those gains and losses are later reclassified out of accumulated other comprehensive income into net income. The amendments in the ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U.S. GAAP. The new amendments will require an organization to:

-   Present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period; and

-   Cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense.

The amendments apply to all public and private companies that report items of other comprehensive income. Public companies are required to comply with these amendments for all reporting periods (interim and annual). The amendments are effective for reporting periods beginning after December 15, 2012, for public companies. Early adoption is permitted. The adoption of ASU No. 2013-02 is not expected to have a material impact on our financial position or results of operations.

In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities , which clarifies which instruments and transactions are subject to the offsetting disclosure requirements originally established by ASU 2011-11.

F-8

MULTI-CORP INTERNATIONAL INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

(UNAUDITED)

Note 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Recent Accounting Pronouncements (continued)

The new ASU addresses preparer concerns that the scope of the disclosure requirements under ASU 2011-11 was overly broad and imposed unintended costs that were not commensurate with estimated benefits to financial statement users. In choosing to narrow the scope of the offsetting disclosures, the Board determined that it could make them more operable and cost effective for preparers while still giving financial statement users sufficient information to analyze the most significant presentation differences between financial statements prepared in accordance with U.S. GAAP and those prepared under

IFRSs. Like ASU 2011-11, the amendments in this update will be effective for fiscal periods beginning on, or after January 1, 2013. The adoption of ASU 2013-01 is not expected to have a material impact on our financial position or results of operations.

Note 4 — ACQUISITION OF OIL AND GAS PROPERTIES

On December 17, 2012, the Company entered into two agreements (the “Agreements”) with Quad Energy Corp., a Nevada Corporation (“Quad”) whereby we acquired a 100% Working Interest and Revenue Interests ranging from 61.96% to 70.5% in the 2,800 acre Cave Pool Property in Eddy County, New Mexico which includes shut-in oil wells that had produced from the Grayburg sands, with an estimated 51 identified drilling and recompletion locations, of which 14 are proved undeveloped

and all of the production equipment on the Property including all of the pump jacks, storage tanks, and batteries.  The Company’s plan is to re-drill and bring production back online.

The consideration paid for the interests was by way of the issuance of a total of 12,000,000 shares of the common stock of the Company at a price of $1.60 per share which was the closing trade price of the shares on the date of the agreements, for a total value of $19,200,000. Asset retirement obligation associated with the acquisition was $1,175,635.

Due to the reserves acquired being considered shut-in and re-drilling required to produce, the acquired wells were considered undeveloped. Given the undeveloped nature of the property this was considered an asset acquisition.

The Company received reserve evaluation reports on its oil property in the Cave Pool field in Eddy County, New Mexico, USA from a third party. As a result of this review, management determined to impair the asset in order to reflect the value of the third party appraisal report.

The following table summarizes our capitalized costs for the purchase and development of our oil and gas properties for the periods ended March 31, 2013 and December 31, 2012:

	March 31, 2013		December 31, 2012
Proved undeveloped oil and gas properties	$	19,200,000	$	19,200,000
Capitalized asset retirement obligations		1,175,635		1,175,635
Total purchase and development costs, oil and gas properties		20,375,635		20,375,635
Allowance for impairment		(7,815,693)		(7,815,693)
Proved properties, net	$	12,559,942	$	12,559,942

When performing the full cost ceiling test as of December 31, 2012, the full cost ceiling of the proved reserves based on PV10 was less than the carrying value of proved properties. As a result, impairment was recorded for December 31, 2012 in the amount of $7,815,693.  There was no further impairment resulting from March 31, 2013 full cost ceiling test.

F-9

MULTI-CORP INTERNATIONAL INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

(UNAUDITED)

Note 5 – ASSET RETIREMENT OBLIGATION

The Company has asset retirement obligations associated with the future plugging and abandonment of proved properties and related facilities. Under the provisions of FASB ASC 410-20-25, the fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and a corresponding increase in the carrying amount of the related long lived asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. If the liability is settled for an amount other than the recorded amount, a gain or loss is recognized. The Company has no assets that are legally restricted for purposes of settling asset retirement obligations.

The following table summarizes the Company’s asset retirement obligation transactions recorded in accordance with the provisions of FASB ASC 410-20-25 during the three months ended March 31, 2013 and  years ended December 31, 2012:

	March 31, 2013		December 31, 2012
Beginning asset retirement obligation	$	1,179,242	$	-
Liabilities incurred for new wells placed in production		-		1,175,635
Accretion of discount on asset retirement obligations		20,025		3,607
Ending asset retirement obligation	$	1,199,267	$	1,179,242

Note 6 – ADVANCES FROM STOCKHOLDERS

On February 3, 2011, the Company issued 70,000 shares of common stock in settlement of $700,000 of advances from principal stockholders.

During the fiscal year ended December 31, 2012, the Company issued 74,970,997 shares of common stock at $0.001 per share in settlement of $74,971 in advances from stockholders. The shares of common stock were valued at $0.19 per share, totaling $14,305,217, the fair market value of the shares on the date of settlement. The excess value was recorded as a loss totaling $14,230,246.

A total of $143,046 reported on the Balance Sheet as at December 31, 2012 consisted of amounts owed to the principal stockholders of the Company for amounts advanced for business operations.  The amounts are unsecured, non-interest bearing and due on demand.  Imputed interest at 8% has been expensed and recorded as additional paid in capital of $2,822 during the three months period ended March 31, 2013.  There were no further advances in the current period ended March 31, 2013.

Note 7 – SHORT TERM NOTES

a.   Short term notes with 8% interest per annum:

As of March 31, 2013, the Company owed $59,765 (December 31, 2012 – $59,765) in short term notes.  The amounts owing are unsecured, bear interest at 8% per annum, and are due on demand.  During the three months ended March 31, 2013, the Company recorded interest expense of $1,179 (2012 - $1,287). As of March 31, 2013, accrued interest of $7,089 (December 31, 2012 - $5,910) was accrued within accounts payable and accrued liabilities on the consolidated balance sheets.

b.   Short term non-interest bearing notes

On March 4, 2013, the Company issued 42,000,000 shares of common stock at $0.001 per share in settlement of $42,000 in short term notes. The shares of common stock were valued at $0.025 per share, totaling $1,050,000, the fair market value of the shares on the date of settlement. The excess value was recorded as a loss totaling $1,008,000.

F-10

MULTI-CORP INTERNATIONAL INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

(UNAUDITED)

Note 7 – SHORT TERM NOTES (continued)

b.   Short term non-interest bearing notes (continued)

During the three months ended March 31, 2013, the Company received funds in the amount of $11,169 to settle certain operating expenses.

As of March 31, 2013, the Company owed $62,156 (December 31, 2012 - $92,987) in non-interest bearing short term notes.  The amounts are unsecured, non-interest bearing and due on demand.

Imputed interest at 8% has been expensed and recorded as additional paid in capital of $1,644 for the three months ended March 31, 2013.

Note 8 – COMMON STOCK

On December 20, 2010, the Company issued 70,000 shares of common stock to acquire one hundred percent of the total issued and outstanding shares of common stock of AquaSil Inc. under the stock exchange agreement.

On January 21, 2011, the Company amended its articles of incorporation to increase its authorized share capital from 100,000,000 to 500,000,000 shares of common stock.

On February 3, 2011, the Company issued 70,000 shares of common stock at $0.01 per share in settlement of $700,000 of advances from stockholders.

On May 22, 2012, the Board of Directors of the Company approved a reverse split of the current issued and outstanding shares of the Company on the basis of one (1) new share for each one-thousand (1,000) shares currently held.  All share and per share amounts used in the Company’s consolidated financial statements have been restated to reflect the 1000 for 1 reverse stock split.  

On February 27, 2012, the Company issued 14,000 shares of the Corporation’s restricted common stock to Oveldi Canada Ltd. pursuant to the agreement whereby the Company acquired the rights to the EviCAT© software.  The shares of common stock were valued at $6.60 per share, totaling $92,400, the fair market value of the shares on the date of agreement.

On February 27, 2012, the Company issued a total of 25,000 shares to Robert Baker as consideration for management services from the date of his appointment as a director and officer to the date of issuance.  The shares were valued at the market value of the common stock on the date of issue of $10 per share for total consideration of $250,000.  The Company recorded the amount of $250,000 as stock-based compensation.

On February 27, 2012, the Company issued a total of 3,000 shares to a shareholder of the Company in settlement of advances made by the shareholder totaling $3,000. The shares of common stock were valued at $7.20 per share, totaling $21,600, the fair market value of the shares on the date of settlement. The excess value was recorded as a loss totaling $18,600.

On September 13, 2012, the Company issued 74,970,997 shares of common stock at $0.001 per share in settlement of $74,971 of advances from stockholders. The shares of common stock were valued at $0.19 per share, totaling $14,305,217, the fair market value of the shares on the date of settlement. The excess value was recorded as a loss totaling $14,230,246.

On December 17, 2012, the Company issued 12,000,000 shares of the common stock of the Corporation at a price of $1.60 per share which was the closing trade price of the shares on the date of the agreements, for a total value of $19,200,000. These shares were issued for proved oil and gas properties and were capitalized with the acquisition.

F-11

MULTI-CORP INTERNATIONAL INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

(UNAUDITED)

Note 8 – COMMON STOCK (continued)

On March 4, 2013, the Company issued 42,000,000 shares of common stock at $0.001 per share in settlement of $42,000 in short term notes. The shares of common stock were valued at $0.025 per share, totaling $1,050,000, the fair market value of the shares on the date of settlement. The excess value was recorded as a loss totaling $1,008,000

On March 4, 2013, the Company’s former sole officer and director, Robert Alan Baker returned a total of 44,971,000 shares to treasury for cancelation, for no consideration in return.

As of March 31, 2013, the issued and outstanding shares of common stock are 84,193,765.

Note 9 – RELATED PARTY TRANSACTIONS

A total of $143,046 recorded on the Company’s Balance Sheet as Advances from Stockholders at March 31, 2013 (December 31, 2012 - $143,046) consisted of amounts owed to the principal stockholders of the Company for amounts advanced for business operations.  The amounts are unsecured, non-interest bearing and due on demand. The Company imputed interest on this balance at 8%. Total imputed interest for the three months ended March 31, 2013 was $2,861.

Note 10 – SUBSEQUENT EVENTS

On May 13, 2013, the Company incorporated MCI Operating of NM, LLC as a wholly-owned subsidiary.   The Company will undertake the operations of its oil and gas assets under this limited liability company.

On June 10, 2013 the Company issued a total of 3,000,000 shares, valued at market value as of the issuance date of$1.30 per share, to Quad Energy Corp. (“Quad”)  in consideration for all of Quad’s interests in the Double X oil and gas leases located in New Mexico.

F-12

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

This quarterly report contains forward-looking statements relating to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "intends", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors which may cause our or our industry's actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements.

Such factors include, among others, the following: international, national and local general economic and market conditions: demographic changes; the ability of the Company to sustain, manage or forecast its growth; the ability of the Company to successfully make and integrate acquisitions; raw material costs and availability; new product development and introduction; existing government regulations and changes in, or the failure to comply with, government regulations; adverse publicity; competition; the loss of significant customers or suppliers; fluctuations and difficulty in forecasting operating results; changes in business strategy or development plans; business disruptions; the ability to attract and retain qualified personnel; the ability to protect technology; and other factors referenced in this and previous filings.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity or performance. Except as required by applicable laws, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Given these uncertainties, readers of this Form 10-Q and investors are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.

All dollar amounts stated herein are in US dollars unless otherwise indicated.

The management’s discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The following discussion of our financial condition and results of operations should be read in conjunction with our audited financial statements on Form 10-K for December 31, 2012 together with notes thereto.

Please note that throughout this Quarterly Report, and unless otherwise noted, the words "we," "our," "us," the "Company" or "Multi-Corp International," refers to Multi-Corp International Inc.

Summary

The Company with its recent acquisition of certain oil and gas assets located in New Mexico, has determined to pursue operations in the oil and gas business.     However, the Company still holds the marketing and licensing of its proprietary software EviCAT which it acquired in February, 2012, but has no plans at this time to further that segment of its business.

Liquidity & Capital Resources

We are development stage Company engaged in the acquisition, exploration and development of oil and gas projects. As at March 31, 2013, we have not generated any revenues.

We had no cash on hand at either March 31, 2013 or December 31, 2012.   Our total assets as at March 31, 2013 and December 31, 2012 were $12,559,942.  Our assets as at March 31, 2013 consist of the valuation of our oil and gas working interest in the Cave Pool Unit and the equipment on site.   We acquired these assets in late December, 2012.

There were no significant changes to our current total liabilities for the three months ended March 31, 2013  which were $485,742, a slight decrease over December 31, 2012 current total liabilities of $491,540.   The slight decrease was due to a decrease in short term notes payable from $152,753 at December 31, 2012 to $121,921 at March 31, 2013 as we settled debt by the issuance of shares; the decrease was offset by a slight increase in accounts payable from $195,741 at December 31, 2012 to $220,785 at March 31, 2013. Advances from stockholders remained constant for both periods at $143,046.

5

Our total liabilities were $1,685,019 at March 31, 2013 as compared to $1,670,782 as at December 31, 2012 brought about by an increase in our asset retirement obligation to $1,199,267 from $1,179,242 at December 31, 2012.

We will require $6,250,000 over the next twelve month period to further our business plan, of which approximately $5,700,000 will be allocated to the drilling of 10 wells on our oil and gas leases, with the remaining $550,000 allocated for expenses related to the payment requirements related to our oil and gas assets, our public reporting requirements and working capital.

We do not have the funding required to meet our ongoing obligations or to fund our planned development.

Our ability to meet our financial liabilities and commitments is dependent upon our ability to raise funding  which we expect will be raised by the  continued issuance of equity to new stockholders, the ability to borrow funds, and ultimately upon our ability to achieve and maintain profitable operations. There can be no assurance that financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms.

The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholder. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.

Results of Operations

We have changed our business plan with the acquisition of oil and gas assets in December, 2012 by the Company.   We do not have any revenues and have not had any revenue since inception on September 21, 2010.

We have operating losses of $55,058 for the three months ended March 31, 2013 as compared to operating losses of $262,768 for the three months ended March 31, 2012, The substantial decrease in operating losses is mainly  due to the fact that  we had paid $250,000 in stock-based compensation expenses in the three months ended March 31, 2012 with no comparable expense for the comparable period ended March 31, 2013, as well as  a decrease to other general and administrative expenses from $256,718 which includes the $250,000 in stock based compensation (March 31, 2012) to $2,669 (March 31, 2013).  These reductions were offset by an increase in professional fees from $3,717 (2012) to $32,364 in the current three month period ended March 31, 2013 as well as $20,025 recorded as accretion of the discount asset retirement obligations in the current period, with no similar expense in the prior comparative period in 2012.   In the three months ended December 31, 2012 we reported amortization of intangible assets with no comparable expense in the three months ended December 31, 2013.

We have a net loss of $1,068,703 for the three months ended March 31, 2013 as compared to a net loss of $263,853 for the same period ended March 31, 2012.     The significant increase in net losses is mainly related to a loss on debt extinguishment of $1,008,000 during the three month period ended March 31, 2013 as we settled certain debts with the issuance of shares of the Company with no comparable amount for the period ended March 31, 2012.   Interest expense increased as well to $5,645 for the period ended March 31, 2013 from $1,085 (March 31, 2012).

Basic and diluted net loss per share was $0.01 for the three months ended March 31, 2013 compared to $0.00 for the three months ended March 31, 2012.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

6

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company is a smaller reporting company and is not required to provide this information.

ITEM 4.  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, 2013.  This evaluation was carried out under the supervision and with the participation of our sole officer,  Jean Mann, who is also the sole director.   Based on her evaluation, she has concluded that these disclosure controls and procedures were not effective as of the Evaluation Date as a result of the material weaknesses in internal control over financial reporting.

Disclosure controls and procedures are those controls and procedures that are designed to ensure that information required to be disclosed in Multi-Corp.’s reports filed or submitted under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in the Company’s reports filed under the Exchange Act is accumulated and communicated to management to allow timely decisions regarding required disclosure.

As of March 31, 2013, Jean Mann assessed the effectiveness of the Company’s internal control over financial reporting based on the criteria for effective internal control over financial reporting established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and SEC guidance on conducting such assessments.

Material Weaknesses

Jean Mann has assessed the effectiveness of the Company’s internal control over financial reporting as of Evaluation Date and identified the following material weaknesses:

1.           Certain entity level controls establishing a “tone at the top” were considered material weaknesses. As of March 31, 2013 we did not have an audit committee as the Company has one officer who is also the sole director.   No independent expert has been appointed to the audit committee so that it is not controlled by one individual as it is presently. There is no policy on fraud. A whistleblower policy cannot be established given the small size of the organization.

2.           Jean Mann’s override of existing controls is possible given the small size of the organization and lack of personnel.

3.           There is no system in place to review and monitor internal control over financial reporting. The Company maintains an insufficient complement of personnel and outsources its accounting functions, therefore it does not have controls in place to carry out ongoing monitoring responsibilities and ensure effective internal control over financial reporting.

Notwithstanding the assessment that the Company’s internal control over financial reporting was not effective Jean Mann believes that the Company’s financial statements contained in its Quarterly Report on Form 10-Q for the three months ended March 31, 2013 fairly present its financial condition, results of operations and cash flows in all material respects.

There were no changes in the Company’s internal control over financial reporting during the nine months ended March 31, 2013 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

7

Limitations on the Effectiveness of Internal Controls

Our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will necessarily prevent all fraud and material error. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving our objectives and our sole officer and director concluded that our disclosure controls and procedures are effective at that reasonable assurance level. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the internal control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate.

 PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company is not a party to any legal proceedings and is not aware of any pending legal proceedings as of the date of this Form 10-Q.

ITEM 1A. RISK FACTORS

The Company is a smaller reporting company and is not required to provide this information.

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

There were no unregistered securities to report which were sold or issued by the Company without the registration of these securities under the Securities Act of 1933 in reliance on exemptions from such registration requirements, within the period covered by this report, which have not been previously included in an Annual Report on Form 10-K, a Quarterly Report on Form 10-Q or a Current Report on Form 8-K.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

The Company does not have any senior securities as of the date of this Form 10-Q.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable

ITEM 5. OTHER INFORMATION

On May 13,2013, the Company incorporated MCI Operating of NM, LLC as a wholly-owned subsidiary.   The Company will undertake the operations of its oil and gas assets under this limited liability company.

8

ITEM 6.  EXHIBITS

Exhibits

Number	Description
3.1	Articles of Incorporation	Incorporated by reference to the Exhibits filed with the Form SB-2 filed with the SEC on December 15, 2007
3.1(i)	Amendment to Articles of Incorporation	Incorporated by reference to the Exhibits filed with the Form 8-K filed with the SEC on November 13, 2008
3.1(ii)	Amendment to Articles of Incorporation	Incorporated by reference to the Exhibits filed with the Form 8-K filed with the SEC on February 3, 2011
3.1(iii)	Amendment to Articles of Incorporation	Incorporated by reference to the Exhibits filed with the Form 8-K filed with the SEC on February 18, 2011
3.1(iv)	Amendment to Articles of Incorporation	Incorporated by reference to the Exhibits filed with the Form 8-K filed with the SEC on June 27, 2012
3.2	Bylaws	Incorporated by reference to the Exhibits filed with the Form SB-2 filed with the SEC on December 15, 2007
10.1	Stock Exchange Agreement between the Company, AquaSil, Inc. and Ilya Khasidov dated December 30, 2010	Incorporated by reference to the Exhibits attached to the Company's Form 8-K filed with the SEC on January 3, 2011
10.2	Acquisition Agreement between the Company and Oveldi Canada Ltd.	Incorporated by reference to the Exhibits attached to the Company's Form 8-K filed with the SEC on February 2, 2012
10.3	Asset Purchase Agreement to Acquire Oil and Gas Working Interest between the Corporation and  Quad Energy Corp. dated December 17, 2012.	Incorporated by reference to the Exhibits attached to the Company's Form 8-K filed with the SEC on December 20, 2012
10.4	Asset Purchase Agreement to acquire equipment and oil inventory between the Corporation and Quad Energy Corp. dated December 17, 2012.	Incorporated by reference to the Exhibits attached to the Company's Form 8-K filed with the SEC on December 20, 2012
10.5	Assignment and Assumption Agreement between the Corporation and Quad Energy Corp. dated May 23, 2013	Incorporated by reference to the Exhibits attached to the Company’s Form 10-K filed with the SEC on January 23, 2014.
99.1	Preliminary Technical Analysis Report	Incorporated by reference to the Exhibits attached to the Company's Form 8-K filed with the SEC on January 14, 2013
99.2	Reserve and Economic Evaluation Report	Incorporated by reference to the Exhibits attached to the Company's Form 8-K filed with the SEC on March 6, 2013
31.1	Section 302 Certification - Principal Executive Officer	Filed herewith
31.2	Section 302 Certification - Principal Financial Officer	Filed herewith
32.1	Principal Executive Officer and Principal Financial Officer Certification Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Filed herewith
101.INS	XBRL Instance Document	Filed herewith*
101.SCH	XBRL Taxonomy Extension Schema	Filed herewith*
101.CAL	XBRL Taxonomy Extension Calculation Linkbase	Filed herewith*
101.DEF	XBRL Taxonomy Extension Definition Linkbase	Filed herewith*
101.LAB	XBRL Taxonomy Extension Label Linkbase	Filed herewith*
101.PRE	XBRL Taxonomy Extension Presentation Linkbase	Filed herewith*

* Furnished herewith. XBRL (eXtensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

+ In accordance with SEC Release 33-8238, Exhibit 32.1 is being furnished and not filed. 

9

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.

		MULTI-CORP INTERNATIONAL INC.
Date:	March 12, 2014	By:	/s/ Jean Mann
		Name:	Jean Mann
		Title:	Chief Executive Officer, President, Chief Financial Officer, Secretary, Treasurer and Director

10

EX-31.1

RULE 13A-14(A)/15D-14(A) CERTIFICATION

I, Jean Mann, certify that:

(1) I have reviewed this quarterly report for the three month period ended March 31, 2013 on Form 10-Q of Multi-Corp. International Inc.;

(2) Based on my knowledge, this  report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 12, 2014	By:	/s/ Jean Mann
		Name: Jean Mann
		Title: Principal Executive Officer

EX-31.2

RULE 13A-14(A)/15D-14(A) CERTIFICATION

I, Jean Mann, certify that:

(1) I have reviewed this quarterly report for the three month period ended March 31, 2013 on Form 10-Q of Multi-Corp. International Inc.;

(2) Based on my knowledge, this  report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 12, 2014	By:	/s/ Jean Mann
		Name: Jean Mann
		Title: Principal Financial Officer

EX-32.1

EXHIBIT 32

MULTI-CORP INTERNATIONAL INC.

CERTIFICATION PURSUANT TO

18 U.S.C. Section 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Multi-Corp International Inc. (the “Company”) on Form 10-Q for the three month period ending March 31, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jean Mann, Chief Executive Officer and Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  March 12, 2014	By:	/s/Jean Mann
	Name:	Jean Mann
	Title:	Principal Executive Officer, Principal Financial and Accounting Officer, President, Secretary, Treasurer  and Director

A signed original of this written statement required by Section 1350 of Title 18 of the United States Code has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished as an exhibit to the Report pursuant to Item 601(b)(32) of Regulation S-K and Section 1350 of Title 18 of the United States Code and, accordingly, is not being filed with the Securities and Exchange Commission as part of the Report and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934 (whether made before or after the date of the Report, irrespective of any general incorporation language contained in such filing.)

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Summary of capitalized costs for the purchase and development of our oil and gas properties (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Summary of capitalized costs for the purchase and development of our oil and gas properties
Proved undeveloped oil and gas properties	$ 19,200,000	$ 19,200,000
Capitalized asset retirement obligations	1,175,635	1,175,635
Total purchase and development costs, oil and gas properties	20,037,635	20,375,635
Allowance for impairment	(7,815,693)	(7,815,693)
Proved properties, net.	$ 12,559,942	$ 12,559,942

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ACQUISITIONS OF OIL AND GAS PROPERTY

3 Months Ended

Mar. 31, 2013

ACQUISITIONS OF OIL AND GAS PROPERTY

ACQUISITIONS OF OIL AND GAS PROPERTY

Note 4 — ACQUISITION OF OIL AND GAS PROPERTIES

On December 17, 2012, the Company entered into two agreements (the “Agreements”) with Quad Energy Corp., a Nevada Corporation (“Quad”) whereby we acquired a 100% Working Interest and Revenue Interests ranging from 61.96% to 70.5% in the 2,800 acre Cave Pool Property in Eddy County, New Mexico which includes shut-in oil wells that had produced from the Grayburg sands, with an estimated 51 identified drilling and recompletion locations, of which 14 are proved undeveloped

and all of the production equipment on the Property including all of the pump jacks, storage tanks, and batteries.  The Company’s plan is to re-drill and bring production back online.

The consideration paid for the interests was by way of the issuance of a total of 12,000,000 shares of the common stock of the Company at a price of $1.60 per share which was the closing trade price of the shares on the date of the agreements, for a total value of $19,200,000. Asset retirement obligation associated with the acquisition was $1,175,635.

Due to the reserves acquired being considered shut-in and re-drilling required to produce, the acquired wells were considered undeveloped. Given the undeveloped nature of the property this was considered an asset acquisition.

The Company received reserve evaluation reports on its oil property in the Cave Pool field in Eddy County, New Mexico, USA from a third party. As a result of this review, management determined to impair the asset in order to reflect the value of the third party appraisal report.

The following table summarizes our capitalized costs for the purchase and development of our oil and gas properties for the periods ended March 31, 2013 and December 31, 2012:

	March 31, 2013		December 31, 2012
Proved undeveloped oil and gas properties	$	19,200,000	$	19,200,000
Capitalized asset retirement obligations		1,175,635		1,175,635
Total purchase and development costs, oil and gas properties		20,375,635		20,375,635
Allowance for impairment		(7,815,693)		(7,815,693)
Proved properties, net	$	12,559,942	$	12,559,942

When performing the full cost ceiling test as of December 31, 2012, the full cost ceiling of the proved reserves based on PV10 was less than the carrying value of proved properties. As a result, impairment was recorded for December 31, 2012 in the amount of $7,815,693.  There was no further impairment resulting from March 31, 2013 full cost ceiling test.

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Common stock transactions in 2011 (Details) (USD $)	Feb. 03, 2011	Jan. 21, 2011	Dec. 20, 2010
Common stock transactions in 2011
Shares of common stock the Company issued stock to acquire one hundred percent of the total issued and outstanding shares of common stock of AquaSil Inc. under the stock exchange agreement.			70,000
Company's authorized share capital before amendement of its articles of incorporation		100,000,000
Company amended its articles of incorporation to increase its authorized share capital		500,000,000
Company issued shares of common stock at $0.01 per share in settlement of advances from stockholders	70,000
Amount of advances from stockholders settled	$ 700,000

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Short term notes consists of the following (Details) (USD $)	Mar. 31, 2013	Dec. 31, 2012
Short term notes consists of the following
Company owed in short term notes and are due on demand	$ 59,765	$ 59,765
Short term notes bear interest at a rate per annum	8.00%	8.00%
Interest expense recorded	1,179	1,287
Accrued interest accrued within accounts payable and accrued liabilities	7,089	5,910
Issued shares of common stock on March 4, 2013	42,000,000
Issued shares of common stock on per share	$ 0.001
Issued shares of common stock on in settlement of short term notes	42,000
Shares of common stock valued per share	$ 0.025
Shares of common stock valued totaling	1,050,000
Excess value was recorded as a loss totaling	1,008,000
Received funds in the amount to settle certain operating expenses	11,169
Owed non-interest bearing short term notes	62,156	9,298
Imputed interest rate per annum	8.00%
Imputed interest recorded as additional paid in capital	$ 1,644

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Common stock transactions in 2012 (Details) (USD $)	Mar. 31, 2013	Dec. 17, 2012	Sep. 13, 2012	May 22, 2012	Feb. 27, 2012
Common stock transactions in 2012
Board of Directors of the Company approved a reverse split of the current issued and outstanding shares of the Company on the basis of one (1) new share required shares from current holdings				1,000
Company issued shares of the Corporation's restricted common stock to Oveldi Canada Ltd.					14,000
The shares of common stock were valued at a price per share					$ 6.60
Fair market value of the shares on the date of agreement.					$ 92,400
Company issued a total of shares to Robert Baker as consideration for management services from the date of his appointment as a director and officer to the date of issuance.					25,000
The shares were valued at the market value of the common stock on the date of issue per share					$ 10
Total consideration of issue to Robert Baker as consideration for management services					250,000
The Company recorded the amount of issue as stock-based compensation.					250,000
Company issued a total of shares to a shareholder of the Company in settlement of advances made by the shareholder totaling			74,970,997		3,000
Amount settled from advances made by the shareholder			74,971		3,000
The shares of common stock were valued at a price per share on issues against advances			$ 0.19		$ 7.20
Total value of the shares of common stock on the date of settlement of advances			14,305,217		21,600
The excess value was recorded as a loss			14,230,246		18,600
Company issued shares of the common stock of the Corporation for proved oil and gas properties and were capitalized with the acquisition.		12,000,000
Per share Price which was the closing trade price of the shares on the date of the agreements		$ 1.60
Total value of shares of the common stock of the Corporation issued for proved oil and gas properties		$ 19,200,000
Total issued and outstanding shares of common stock as on date	87,164,765

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Transactions with related parties (Details) (USD $)	Mar. 31, 2013	Dec. 31, 2012
Transactions with related parties
Advances from Stockholders total	$ 143,046	$ 218,017
imputed interest	8.00%	8.00%
Total imputed interest	$ 2,861

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2013

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Note 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates, which have been made using careful judgment. Actual results may vary from these estimates.

The financial statements have, in management’s opinion, been properly prepared within reasonable limits of materiality and within the framework of the significant accounting policies summarized below:

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation. There was no material effect to the consolidated financial statements as a result of these reclassifications.

Cash and Cash Equivalents

Cash and cash equivalents consist of commercial accounts and interest-bearing bank deposits and are carried at cost, which approximates current value. Items are considered to be cash equivalents if the original maturity is three months or less.

Equipment and Facilities

Equipment and facilities are recorded at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the related assets, ranging from one to twenty-five years.

Intangible Assets

Acquired intangible assets are recognized at cost and are classified as assets with finite useful lives. The Company amortizes the intangible assets with five years using the straight-line method over the estimated economic lives of the assets. Intangible assets are evaluated for impairment to determine if current circumstances and market conditions indicate the carrying amount may not be recoverable. The Company recognized an impairment loss of $69,067 on the intangible assets during the year ended December 31, 2012.

Asset Retirement Obligations

The Company records the fair value of a liability for an asset retirement obligation in the period in which the well is spud or the asset is acquired and a corresponding increase in the carrying amount of the related long-lived asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. If the liability is settled for an amount other than the recorded amount, a gain or loss is recognized.

Full Cost Method

The Company follows the full cost method of accounting for oil and gas operations whereby all costs related to the exploration and development of oil and gas properties are initially capitalized into a single cost center by country ("full cost pool"). At March 31, 2013, the Company had one cost center  in the  United States.

All capitalized costs of oil and gas properties, including the estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves once proved reserves are determined to exist. At March 31, 2013, there was no amortization of these costs due to there being no production.

Unproved property costs are excluded from the amortization base until determination of the existence of proved reserves on the respective property or until the requirement for impairment. Unproved properties are reviewed at the end of each quarter to determine whether portions of the costs should be reclassified to the full cost pool and thereby subject to amortization. Sales of oil and natural gas properties are accounted for as adjustments to the net full cost pool with no gain or loss recognized, unless the adjustment would significantly alter the relationship between capitalized costs and proved reserves.

Capitalized costs are summarized as follows for the periods ended March 31, 2013 and December 31, 2012, respectively:

	March 31, 2013		December 31, 2012
Shares issued to acquire the oil and gas properties	$	19,200,000	$	19,200,000
Asset retirement cost	$	1,175,635	$	1,175,635
Accumulated impairment	$	(7,815,693)	$	(7,815,693)
Net	$	12,559,942	$	12,559,942

Capitalized costs of oil and gas properties (net of related deferred income taxes) may not exceed an amount equal to the present value, discounted at 10% per annum, of the estimated future net cash flows from proved oil and gas reserves plus the cost of unproved properties (adjusted for related income tax effects). Should capitalized costs exceed this ceiling, impairment is recognized. The present value of estimated future net cash flows is computed by applying the arithmetic average first day price of oil and natural gas for the preceding twelve months to estimated future production of proved oil and gas reserves as of the end of the period, less estimated future expenditures to be incurred in developing and producing the proved reserves and assuming continuation of existing economic conditions. Such present value of proved reserves' future net cash flows excludes future cash outflows associated with settling asset retirement obligations. Should this comparison indicate an excess carrying value, the excess is charged to earnings as an impairment expense. We recognized $0 and $7,815,693 of impairment costs during the periods ended March 31, 2013 and December 31, 2012, respectively.

Impairment

FASB ASC 360-10-35-21 requires that assets to be held and used be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Oil and gas properties accounted for using the full cost method of accounting (which the Company uses) are excluded from this requirement but continue to be subject to the full cost method's impairment rules.

Revenue recognition

The Company recognizes oil and natural gas revenues from our interests in producing wells when production is delivered to, and title has transferred to, the purchaser and to the extent the selling price is reasonably determinable, and collectability is reasonably assured. Gas-balancing arrangements are accounted for using the sales method.

Fair Value of Financial Instruments

The Company measures its financial assets and liabilities in accordance with the requirements of ASC 820, Fair Value Measurements and Disclosures. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:

Level 1- Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

Fair Value of Financial Instruments (continued)

Level 2- Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

Level 3- Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information,

The carrying value of all assets and liabilities approximated their fair values as of March 31, 2013 and March 31, 2012, respectively.

The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheets as of March 31, 2013 and December 31, 2012:

	Fair Value Measurements at March 31, 2013
		Level 1		Level 2		Level 3
Assets:
None		$	-	$	-	$	-
Liabilities
Short term notes payable			-		121,921		-
Advances from stockholders			-		143,046		-
Total Liabilities		$	-	$	264,967	$	-
	Fair Value Measurements at December 31, 2012
		Level 1		Level 2		Level 3
Assets:
None		$	-	$	-	$	-
Liabilities
Short term notes payable			-		152,753		-
Advances from stockholders			-		143,046		-
Total Liabilities		$	-	$	295,799	$	-

Stock-Based Compensation

The Company follows the guidance included in ASC 718 Compensation-Stock Compensation (“ASC 718”) using the modified prospective transition method. The Company recognizes compensation expense in the financial statements for share-based awards based on the grant date fair value of those awards.

Income Taxes

The Company accounts for income taxes pursuant to ASC 740, Income Taxes . Deferred tax assets and liabilities are recorded for differences between the financial statements and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is recorded for the amount of income tax payable or refundable for the period increased or decreased by the change in deferred tax assets and liabilities during the period.

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. The estimates on depreciation were based on the estimated useful lives of the Company's assets. Any estimates during the period have had an immaterial effect on earnings.

Earnings or Loss Per Share

The Company accounts for earnings per share pursuant ASC 260, Earnings per Share, which require disclosure on the financial statements of “basic” and “diluted” earnings (loss) per share. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the year. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding. During the periods ended March 31, 2013 and December 31, 2012 the Company had no common stock equivalents outstanding. Due to this, as well as the net losses reported for these years, the basic loss per share was the same as the diluted loss per share.

Recent Accounting Pronouncements

In February 2013, FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting these reclassifications. Other comprehensive income includes gains and losses that are initially excluded from net income for an accounting period. Those gains and losses are later reclassified out of accumulated other comprehensive income into net income. The amendments in the ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U.S. GAAP. The new amendments will require an organization to:

-   Present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period; and

-   Cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense.

The amendments apply to all public and private companies that report items of other comprehensive income. Public companies are required to comply with these amendments for all reporting periods (interim and annual). The amendments are effective for reporting periods beginning after December 15, 2012, for public companies. Early adoption is permitted. The adoption of ASU No. 2013-02 is not expected to have a material impact on our financial position or results of operations.

In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities , which clarifies which instruments and transactions are subject to the offsetting disclosure requirements originally established by ASU 2011-11.

The new ASU addresses preparer concerns that the scope of the disclosure requirements under ASU 2011-11 was overly broad and imposed unintended costs that were not commensurate with estimated benefits to financial statement users. In choosing to narrow the scope of the offsetting disclosures, the Board determined that it could make them more operable and cost effective for preparers while still giving financial statement users sufficient information to analyze the most significant presentation differences between financial statements prepared in accordance with U.S. GAAP and those prepared under

IFRSs. Like ASU 2011-11, the amendments in this update will be effective for fiscal periods beginning on, or after January 1, 2013. The adoption of ASU 2013-01 is not expected to have a material impact on our financial position or results of operations.

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SUBSEQUENT EVENTS TRANSACTIONS (Details) (USD $)	Jun. 10, 2013
SUBSEQUENT EVENTS TRANSACTIONS
Issued a total shares	3,000,000
Valued at market value as of the issuance per share	$ 1.30

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Consolidated Balance Sheets (USD $)	Mar. 31, 2013	Dec. 31, 2012
Current
Cash	$ 0	$ 0
Total Current Assets	0	0
Oil and gas properties, full cost method of accounting	12,559,942	12,559,942
Less: accumulated depletion, depreciation, and amortization	0	0
Total proved properties, net	12,559,942	12,559,942
Total other assets, net	0	0
Total Assets	12,559,942	12,559,942
Current:
Accounts payable and accrued liabilities	220,785	195,741
Short term notes payable	121,921	152,753
Advances from stockholders	143,046	143,046
Total Current Liabilities	485,752	491,540
Asset retirement obligation	1,199,267	1,179,242
Total liabilities	1,685,019	1,670,782
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock, $0.0001 par value, non-voting, 20,000,000 authorized, none issued and outstanding	0	0
Common stock, $0.0001 par value, voting, 500,000,000 authorized, 84,193,765 and 87,164,765 issued and outstanding as at December 31, 2012 and December 31, 2011 respectively	8,419	8,716
Additional Paid-in Capital	34,624,095	33,569,332
Retained earnings (accumulated deficit) during the development stage	(23,757,591)	(22,688,888)
Total Stockholders' Equity (Deficit)	10,874,923	10,889,160
Total Liabilities and Stockholders' (Equity) Deficit	$ 12,559,942	$ 12,559,942

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ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2013

ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATION

ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Note 1 — ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Organization and Nature of Operations

Gray Creek Mining, Inc. was incorporated on December 10, 2006 under the laws of the State of Nevada. A Certificate of Amendment was filed with the Nevada Secretary of State, on November 7, 2008, changing the Company’s name to BWI Holdings, Inc. A Certificate of Amendment was filed with the Nevada Secretary of State, on January 27, 2011, changing the Company’s name to Aquasil International Inc. On May 22, 2012, the Board of Directors of the Company authorized a name change to Multi-Corp International Inc. (the “Company”).

On December 30, 2010, the Company entered into a stock exchange agreement (the “Stock Exchange Agreement”) with AquaSil, Inc., a New York corporation (“AquaSil”) and the sole stockholder of AquaSil. In accordance with the Stock Exchange Agreement, the Company acquired 100% of the total issued and outstanding shares of common stock of AquaSil in exchange for the issuance of an aggregate 70,000 shares of the Company’s common stock to the sole stockholder of AquaSil. As a result of this transaction, AquaSil became a wholly-owned subsidiary of the Company.

The Company’s wholly owned subsidiary, AquaSil, was incorporated in the State of New York on September 21, 2010 to engage in the business of selling various water and soft drink products. The operations were consolidated until the entity was disposed on March 31, 2012.

On May 22, 2012, the Board of Directors authorized the Company to implement a reverse stock split of the Company’s outstanding shares of Common Stock at a ratio of 1000:1 and to file all required documents to the requisite regulatory authorities to implement the reverse split. All share and per share data included in this report is consistent with the implementation of the reverse split.

On December 17, 2012, we entered into two agreements (the “Agreements”) with Quad Energy Corp., a Nevada Corporation (“Quad”) whereby we will acquire a 100% Working Interest and Revenue Interests ranging from 61.96% to 70.5% in the 2,800 acre Cave Pool Property in Eddy County, New Mexico which have an estimated 51  identified drilling and recompletion locations, of which 14 were proved undeveloped, and all of the production equipment on the Property including all of the pump jacks, storage tanks, and batteries.

Basis of Presentation

The Company is in the development stage and has no revenues. A development stage company is one in which all efforts are devoted substantially to establishing a new business and even if planned principal operations have commenced, revenues are insignificant.

These consolidated financial statements include the accounts of Multi-Corp International Inc. and up to March 31, 2012 includes the accounts of AquaSil. The operations were consolidated until the entity was disposed on March 31, 2012.

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Significant policies (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Significant policies
Recognized impairment losses of intangible assets		$ 69,067
Capitalized costs are summarized
Shares issued to acquire the oil and gas properties	19,200,000	19,200,000
Asset retirement cost	1,175,635	1,175,635
Accumulated impairment	(7,815,693)	(7,815,693)
Net capitalized costs	12,559,942	12,559,942
Capitalized costs of oil and gas properties excess carrying value is charged to earnings as an impairment expense	$ 0	$ 7,815,693
Percentage discounted to equal to the present value of Capitalized costs of oil and gas properties		10.00%

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Acquisition of oil and gas properties interests (Details) (USD $)	Dec. 17, 2012
Acquisition of oil and gas properties interests
Minimum range of Working Interest and Revenue Interests acquired in Cave Pool Property in Eddy County.	61.96%
Maximum range of Working Interest and Revenue Interests acquired in Cave Pool Property in Eddy County.	70.50%
Number of acres in which Working Interest and Revenue Interests acquired in Cave Pool Property in Eddy County.	2,800
Number of estimated identified drilling and recompletion locations.	51
Number of identified drilling and recompletion locations which were proved as undeveloped.	14
The consideration paid for the interests was by way of the issuance of a total of shares of the common stock of the Company	12,000,000
Price per share which was the closing trade price of the shares on the date of the agreements	$ 1.60
Total value of the price paid for acquisition	$ 19,200,000
Asset retirement obligation associated with the acquisition	$ 1,175,635

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GOING CONCERN

3 Months Ended

Mar. 31, 2013

GOING CONCERN

GOING CONCERN

Note 2 — GOING CONCERN

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The Company is a development stage company and is dependent on raising capital to commence principal operations. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern.  Management believes the Company’s ability to continue as a going concern is dependent on its ability to raise capital. At present, the Company has no commitments for any additional financing. Management is currently seeking financing through a possible offering of common stock, which will be used to finance operations. Until such financing is obtained, it is the intent of stockholders to provide funds for professional fees related to maintaining the Company’s public reporting status.

The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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Consolidated Balance Sheets Parentheticals (USD $)	Mar. 31, 2013	Dec. 31, 2012
Parentheticals
Preferred Stock, par value	$ 0.0001	$ 0.0001
Preferred Stock, shares authorized	20,000,000	20,000,000
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	500,000,000	500,000,000
Common Stock, shares issued	84,193,765	87,164,765
Common Stock, shares outstanding	84,193,765	87,164,765

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Capitalized costs are summarized as follows (Tables)

3 Months Ended

Mar. 31, 2013

Capitalized costs are summarized as follows

Capitalized costs are summarized as follows

Capitalized costs are summarized as follows for the periods ended March 31, 2013 and December 31, 2012, respectively:

	March 31, 2013		December 31, 2012
Shares issued to acquire the oil and gas properties	$	19,200,000	$	19,200,000
Asset retirement cost	$	1,175,635	$	1,175,635
Accumulated impairment	$	(7,815,693)	$	(7,815,693)
Net	$	12,559,942	$	12,559,942

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Document and Entity Information	3 Months Ended
	Mar. 31, 2013	Feb. 23, 2014
Document and Entity Information:
Entity Registrant Name	MULTI-CORP INTERNATIONAL INC.
Document Type	10-Q
Document Period End Date	Mar. 31, 2013
Amendment Flag	false
Entity Central Index Key	0001405260
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		87,193,765
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1

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Following schedule summarizes the valuation of financial instruments at fair value (Tables)

3 Months Ended

Mar. 31, 2013

Following schedule summarizes the valuation of financial instruments at fair value:

Summarizes the valuation of financial instruments at fair value on a recurring basis

The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheets as of March 31, 2013 and December 31, 2012:

	Fair Value Measurements at March 31, 2013
		Level 1		Level 2		Level 3
Assets:
None		$	-	$	-	$	-
Liabilities
Short term notes payable			-		121,921		-
Advances from stockholders			-		143,046		-
Total Liabilities		$	-	$	264,967	$	-
	Fair Value Measurements at December 31, 2012
		Level 1		Level 2		Level 3
Assets:
None		$	-	$	-	$	-
Liabilities
Short term notes payable			-		152,753		-
Advances from stockholders			-		143,046		-
Total Liabilities		$	-	$	295,799	$	-

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Statements of Operations (Unaudited) (USD $)	3 Months Ended		30 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013
Revenues:
Revenues	$ 0	$ 0	$ 0
Operating Expenses
Professional fees	32,364	3,717	257,700
Amortization of intangible assets	0	2,333	23,333
Accretion of discount on asset retirement obligations	20,025	0	23,632
Impairment of intangible assets	0	0	69,067
Impairment of oil and gas assets	0	0	7,815,693
General and administrative expenses	2,669	256,718	292,578
(Loss) from continuing operations	(55,058)	(262,768)	(8,482,003)
Other Income (expense)
Loss on debt extinguishment	(1,008,000)	0	(15,256,846)
Interest expense	(5,645)	(1,085)	(33,403)
Other income (expenses)	(1,013,645)	(1,085)	(15,290,249)
Income (Loss) before discontinued operations	(1,013,645)	(263,853)	(23,772,252)
Gain (loss) from discontinued operations	0	0	14,661
Net (Loss)	$ (1,068,703)	$ (263,853)	$ (23,757,591)
Basic and diluted Net (loss) per share from continuing operations	$ (0.01)	$ 0.00
Basic and diluted Net income per share from discontinued operation	$ 0.00	$ 0.00
Basic and diluted Net (loss) per share	$ (0.01)	$ 0.00
Weighted average number of shares outstanding	86,273,465	151,344,503

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SHORT TERM NOTES

3 Months Ended

Mar. 31, 2013

SHORT TERM NOTES

SHORT TERM NOTES

Note 7 – SHORT TERM NOTES

a.   Short term notes with 8% interest per annum:

As of March 31, 2013, the Company owed $59,765 (December 31, 2012 – $59,765) in short term notes.  The amounts owing are unsecured, bear interest at 8% per annum, and are due on demand.  During the three months ended March 31, 2013, the Company recorded interest expense of $1,179 (2012 - $1,287). As of March 31, 2013, accrued interest of $7,089 (December 31, 2012 - $5,910) was accrued within accounts payable and accrued liabilities on the consolidated balance sheets.

b.   Short term non-interest bearing notes

On March 4, 2013, the Company issued 42,000,000 shares of common stock at $0.001 per share in settlement of $42,000 in short term notes. The shares of common stock were valued at $0.025 per share, totaling $1,050,000, the fair market value of the shares on the date of settlement. The excess value was recorded as a loss totaling $1,008,000.

During the three months ended March 31, 2013, the Company received funds in the amount of $11,169 to settle certain operating expenses.

As of March 31, 2013, the Company owed $62,156 (December 31, 2012 - $92,987) in non-interest bearing short term notes.  The amounts are unsecured, non-interest bearing and due on demand.

Imputed interest at 8% has been expensed and recorded as additional paid in capital of $1,644 for the three months ended March 31, 2013.

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ADVANCES FROM STOCKHOLDERS

3 Months Ended

Mar. 31, 2013

ADVANCES FROM STOCKHOLDERS

ADVANCES FROM STOCKHOLDERS

Note 6 – ADVANCES FROM STOCKHOLDERS

On February 3, 2011, the Company issued 70,000 shares of common stock in settlement of $700,000 of advances from principal stockholders.

During the fiscal year ended December 31, 2012, the Company issued 74,970,997 shares of common stock at $0.001 per share in settlement of $74,971 in advances from stockholders. The shares of common stock were valued at $0.19 per share, totaling $14,305,217, the fair market value of the shares on the date of settlement. The excess value was recorded as a loss totaling $14,230,246.

A total of $143,046 reported on the Balance Sheet as at December 31, 2012 consisted of amounts owed to the principal stockholders of the Company for amounts advanced for business operations.  The amounts are unsecured, non-interest bearing and due on demand.  Imputed interest at 8% has been expensed and recorded as additional paid in capital of $2,822 during the three months period ended March 31, 2013.  There were no further advances in the current period ended March 31, 2013.

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Schedule summarizes the valuation of financial instruments at fair value (Details) (USD $)	Mar. 31, 2013	Dec. 31, 2012
Fair Value Measurements Level 1
None		$ 0
None	0
Fair Value Measurements Level 2
None		0
Short term notes payable		152,753
Advances from stockholders		143,046
Total Liabilities		295,799
None	0
Short term notes payable	121,921
Advances from stockholders	143,046
Total Liabilities	264,967
Fair Value Measurements Level 3
None		0
None	$ 0

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Summarizes Captalized Cost for Purchase And Development Of Oil And Gas Properties (Tables)

3 Months Ended

Mar. 31, 2013

Summarizes Captalized Cost for Purchase And Development Of Oil And Gas Properties Text Block:

Summarizes Captalized Cost for Purchase And Development Of Oil And Gas Properties

The following table summarizes our capitalized costs for the purchase and development of our oil and gas properties for the periods ended March 31, 2013 and December 31, 2012:

	March 31, 2013		December 31, 2012
Proved undeveloped oil and gas properties	$	19,200,000	$	19,200,000
Capitalized asset retirement obligations		1,175,635		1,175,635
Total purchase and development costs, oil and gas properties		20,375,635		20,375,635
Allowance for impairment		(7,815,693)		(7,815,693)
Proved properties, net	$	12,559,942	$	12,559,942

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SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2013

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Note 10 – SUBSEQUENT EVENTS

On May 13, 2013, the Company incorporated MCI Operating of NM, LLC as a wholly-owned subsidiary.   The Company will undertake the operations of its oil and gas assets under this limited liability company.

On June 10, 2013 the Company issued a total of 3,000,000 shares, valued at market value as of the issuance date of$1.30 per share, to Quad Energy Corp. (“Quad”)  in consideration for all of Quad’s interests in the Double X oil and gas leases located in New Mexico.

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COMMON STOCK

3 Months Ended

Mar. 31, 2013

COMMON STOCK

COMMON STOCK

Note 8 – COMMON STOCK

On December 20, 2010, the Company issued 70,000 shares of common stock to acquire one hundred percent of the total issued and outstanding shares of common stock of AquaSil Inc. under the stock exchange agreement.

On January 21, 2011, the Company amended its articles of incorporation to increase its authorized share capital from 100,000,000 to 500,000,000 shares of common stock.

On February 3, 2011, the Company issued 70,000 shares of common stock at $0.01 per share in settlement of $700,000 of advances from stockholders.

On May 22, 2012, the Board of Directors of the Company approved a reverse split of the current issued and outstanding shares of the Company on the basis of one (1) new share for each one-thousand (1,000) shares currently held.  All share and per share amounts used in the Company’s consolidated financial statements have been restated to reflect the 1000 for 1 reverse stock split.  

On February 27, 2012, the Company issued 14,000 shares of the Corporation’s restricted common stock to Oveldi Canada Ltd. pursuant to the agreement whereby the Company acquired the rights to the EviCAT© software.  The shares of common stock were valued at $6.60 per share, totaling $92,400, the fair market value of the shares on the date of agreement.

On February 27, 2012, the Company issued a total of 25,000 shares to Robert Baker as consideration for management services from the date of his appointment as a director and officer to the date of issuance.  The shares were valued at the market value of the common stock on the date of issue of $10 per share for total consideration of $250,000.  The Company recorded the amount of $250,000 as stock-based compensation.

On February 27, 2012, the Company issued a total of 3,000 shares to a shareholder of the Company in settlement of advances made by the shareholder totaling $3,000. The shares of common stock were valued at $7.20 per share, totaling $21,600, the fair market value of the shares on the date of settlement. The excess value was recorded as a loss totaling $18,600.

On September 13, 2012, the Company issued 74,970,997 shares of common stock at $0.001 per share in settlement of $74,971 of advances from stockholders. The shares of common stock were valued at $0.19 per share, totaling $14,305,217, the fair market value of the shares on the date of settlement. The excess value was recorded as a loss totaling $14,230,246.

On December 17, 2012, the Company issued 12,000,000 shares of the common stock of the Corporation at a price of $1.60 per share which was the closing trade price of the shares on the date of the agreements, for a total value of $19,200,000. These shares were issued for proved oil and gas properties and were capitalized with the acquisition.

On March 4, 2013, the Company issued 42,000,000 shares of common stock at $0.001 per share in settlement of $42,000 in short term notes. The shares of common stock were valued at $0.025 per share, totaling $1,050,000, the fair market value of the shares on the date of settlement. The excess value was recorded as a loss totaling $1,008,000

On March 4, 2013, the Company’s former sole officer and director, Robert Alan Baker returned a total of 44,971,000 shares to treasury for cancelation, for no consideration in return.

As of March 31, 2013, the issued and outstanding shares of common stock are 84,193,765.

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RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2013

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

Note 9 – RELATED PARTY TRANSACTIONS

A total of $143,046 recorded on the Company’s Balance Sheet as Advances from Stockholders at March 31, 2013 (December 31, 2012 - $143,046) consisted of amounts owed to the principal stockholders of the Company for amounts advanced for business operations.  The amounts are unsecured, non-interest bearing and due on demand. The Company imputed interest on this balance at 8%. Total imputed interest for the three months ended March 31, 2013 was $2,861.

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ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2013

ACCOUNTING POLICIES

Reclassifications

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation. There was no material effect to the consolidated financial statements as a result of these reclassifications.

Cash and Cash Equivalents Policy

Cash and Cash Equivalents

Cash and cash equivalents consist of commercial accounts and interest-bearing bank deposits and are carried at cost, which approximates current value. Items are considered to be cash equivalents if the original maturity is three months or less.

Equipment and Facilities

Equipment and Facilities

Equipment and facilities are recorded at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the related assets, ranging from one to twenty-five years.

Intangible Assets Policy

Intangible Assets

Acquired intangible assets are recognized at cost and are classified as assets with finite useful lives. The Company amortizes the intangible assets with five years using the straight-line method over the estimated economic lives of the assets. Intangible assets are evaluated for impairment to determine if current circumstances and market conditions indicate the carrying amount may not be recoverable. The Company recognized an impairment loss of $69,067 on the intangible assets during the year ended December 31, 2012.

Asset Retirement Obligations Policy

Asset Retirement Obligations

The Company records the fair value of a liability for an asset retirement obligation in the period in which the well is spud or the asset is acquired and a corresponding increase in the carrying amount of the related long-lived asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. If the liability is settled for an amount other than the recorded amount, a gain or loss is recognized.

Full Cost Method

Full Cost Method

The Company follows the full cost method of accounting for oil and gas operations whereby all costs related to the exploration and development of oil and gas properties are initially capitalized into a single cost center by country ("full cost pool"). At March 31, 2013, the Company had one cost center  in the  United States.

All capitalized costs of oil and gas properties, including the estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves once proved reserves are determined to exist. At March 31, 2013, there was no amortization of these costs due to there being no production.

Unproved property costs are excluded from the amortization base until determination of the existence of proved reserves on the respective property or until the requirement for impairment. Unproved properties are reviewed at the end of each quarter to determine whether portions of the costs should be reclassified to the full cost pool and thereby subject to amortization. Sales of oil and natural gas properties are accounted for as adjustments to the net full cost pool with no gain or loss recognized, unless the adjustment would significantly alter the relationship between capitalized costs and proved reserves.

Capitalized costs are summarized as follows for the periods ended March 31, 2013 and December 31, 2012, respectively:

	March 31, 2013		December 31, 2012
Shares issued to acquire the oil and gas properties	$	19,200,000	$	19,200,000
Asset retirement cost	$	1,175,635	$	1,175,635
Accumulated impairment	$	(7,815,693)	$	(7,815,693)
Net	$	12,559,942	$	12,559,942

Capitalized costs of oil and gas properties (net of related deferred income taxes) may not exceed an amount equal to the present value, discounted at 10% per annum, of the estimated future net cash flows from proved oil and gas reserves plus the cost of unproved properties (adjusted for related income tax effects). Should capitalized costs exceed this ceiling, impairment is recognized. The present value of estimated future net cash flows is computed by applying the arithmetic average first day price of oil and natural gas for the preceding twelve months to estimated future production of proved oil and gas reserves as of the end of the period, less estimated future expenditures to be incurred in developing and producing the proved reserves and assuming continuation of existing economic conditions. Such present value of proved reserves' future net cash flows excludes future cash outflows associated with settling asset retirement obligations. Should this comparison indicate an excess carrying value, the excess is charged to earnings as an impairment expense. We recognized $0 and $7,815,693 of impairment costs during the periods ended March 31, 2013 and December 31, 2012, respectively.

Impairment

Impairment

FASB ASC 360-10-35-21 requires that assets to be held and used be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Oil and gas properties accounted for using the full cost method of accounting (which the Company uses) are excluded from this requirement but continue to be subject to the full cost method's impairment rules.

Revenue recognition

Revenue recognition

The Company recognizes oil and natural gas revenues from our interests in producing wells when production is delivered to, and title has transferred to, the purchaser and to the extent the selling price is reasonably determinable, and collectability is reasonably assured. Gas-balancing arrangements are accounted for using the sales method.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The Company measures its financial assets and liabilities in accordance with the requirements of ASC 820, Fair Value Measurements and Disclosures. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:

Level 1- Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

Level 2- Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

Level 3- Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information,

The carrying value of all assets and liabilities approximated their fair values as of March 31, 2013 and March 31, 2012, respectively.

The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheets as of March 31, 2013 and December 31, 2012:

	Fair Value Measurements at March 31, 2013
		Level 1		Level 2		Level 3
Assets:
None		$	-	$	-	$	-
Liabilities
Short term notes payable			-		121,921		-
Advances from stockholders			-		143,046		-
Total Liabilities		$	-	$	264,967	$	-
	Fair Value Measurements at December 31, 2012
		Level 1		Level 2		Level 3
Assets:
None		$	-	$	-	$	-
Liabilities
Short term notes payable			-		152,753		-
Advances from stockholders			-		143,046		-
Total Liabilities		$	-	$	295,799	$	-

Stock-Based Compensation Policy

Stock-Based Compensation

The Company follows the guidance included in ASC 718 Compensation-Stock Compensation (“ASC 718”) using the modified prospective transition method. The Company recognizes compensation expense in the financial statements for share-based awards based on the grant date fair value of those awards.

Income Taxes Policy

Income Taxes

The Company accounts for income taxes pursuant to ASC 740, Income Taxes . Deferred tax assets and liabilities are recorded for differences between the financial statements and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is recorded for the amount of income tax payable or refundable for the period increased or decreased by the change in deferred tax assets and liabilities during the period.

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. The estimates on depreciation were based on the estimated useful lives of the Company's assets. Any estimates during the period have had an immaterial effect on earnings.

Earnings or Loss Per Share Policy

Earnings or Loss Per Share

The Company accounts for earnings per share pursuant ASC 260, Earnings per Share, which require disclosure on the financial statements of “basic” and “diluted” earnings (loss) per share. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the year. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding. During the periods ended March 31, 2013 and December 31, 2012 the Company had no common stock equivalents outstanding. Due to this, as well as the net losses reported for these years, the basic loss per share was the same as the diluted loss per share.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In February 2013, FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting these reclassifications. Other comprehensive income includes gains and losses that are initially excluded from net income for an accounting period. Those gains and losses are later reclassified out of accumulated other comprehensive income into net income. The amendments in the ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U.S. GAAP. The new amendments will require an organization to:

-   Present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period; and

-   Cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense.

The amendments apply to all public and private companies that report items of other comprehensive income. Public companies are required to comply with these amendments for all reporting periods (interim and annual). The amendments are effective for reporting periods beginning after December 15, 2012, for public companies. Early adoption is permitted. The adoption of ASU No. 2013-02 is not expected to have a material impact on our financial position or results of operations.

In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities , which clarifies which instruments and transactions are subject to the offsetting disclosure requirements originally established by ASU 2011-11.

The new ASU addresses preparer concerns that the scope of the disclosure requirements under ASU 2011-11 was overly broad and imposed unintended costs that were not commensurate with estimated benefits to financial statement users. In choosing to narrow the scope of the offsetting disclosures, the Board determined that it could make them more operable and cost effective for preparers while still giving financial statement users sufficient information to analyze the most significant presentation differences between financial statements prepared in accordance with U.S. GAAP and those prepared under

IFRSs. Like ASU 2011-11, the amendments in this update will be effective for fiscal periods beginning on, or after January 1, 2013. The adoption of ASU 2013-01 is not expected to have a material impact on our financial position or results of operations.

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Organization, Nature of Operations and Basis of Presentation (Details)	Dec. 17, 2012	May 22, 2012
Organization, Nature of Operations and Basis of Presentation Details
Percentage of shares of AquaSil acquired		100.00%
Shares issued for acquisition AquaSil		70,000
Number of shares required to implement a reverse stock split of the Company's outstanding shares of Common Stock for one share		1,000
Minimum range of Working Interest and Revenue Interests acquired in Cave Pool Property in Eddy County	61.96%
Maximum range of Working Interest and Revenue Interests acquired in Cave Pool Property in Eddy County	70.50%
Number of acres in which Working Interest and Revenue Interests acquired in Cave Pool Property in Eddy County	2,800
Number of estimated identified drilling and recompletion locations	51
Number of identified drilling and recompletion locations which were proved as undeveloped	14

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Summarizes asset retirement obligation transactions (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Summarizes asset retirement obligation transactions
Beginning asset retirement obligation	$ 1,179,242
Liabilities incurred for new wells placed in production		1,175,635
Accretion of discount on asset retirement obligations	20,025	3,607
Ending asset retirement obligation	$ 1,199,267	$ 1,179,242

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Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended		30 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013
Cash Flows from Operating Activities
Net (loss)	$ (1,068,703)	$ (263,853)	$ (23,757,591)
Adjustment to reconcile net loss to cash used by operations:
Stock-based compensation	0	250,000	250,000
Amortization of intangible asset	0	2,333	23,333
Accretion on asset retirement obligations	20,025	0	23,632
Imputed interest contributed to additional paid in capital	4,466	0	26,314
Loss on conversion of debt to shares	1,008,000	0	15,256,846
Impairment of intangible asset	0	0	69,067
Impairment of oil and gas asset	0	0	7,815,693
Gain on divestment of AquaSil Inc.	0	0	(32,446)
Change in operating assets and liabilities:
Accounts payable and accrued liabilities	25,043	11,520	182,625
Net cash used in continuing operating	(11,169)	0	(142,527)
Net cash used in discontinued operating	0	0	0
Net cash used in operating activities	0	0	(142,527)
Cash flows from Financing Activities
Acquisition of AquaSil Inc.	0	0	1,000
Proceeds from short term notes payable	11,169	0	103,921
Advances from stockholders	0	0	5,160
Net cash used in continuing operating	11,169	0	110,081
Net cash used in discontinued operating	0	0	32,446
Net cash provided by financing activities	11,169	0	142,527
(Decrease) Increase in cash during the period	0	0	0
Cash, beginning of period	0	0	0
Cash, end of period	0	0	0
Supplemental disclosure of cash flow information:
Interest	0	0	0
Income taxes	0	0	0
Non-cash transactions:
Common stock issued for settlement of advances from stockholders	0	0	774,971
Common stock issued for settlement of short-term loan	42,000	0	42,000
Common stock issued for settlement of accounts payable	0	0	3,000
Common stock issued to acquisition of intellectual property	0	92,400	92,400
Common stock issued for acquisition of oil and gas asset	0	0	19,200,000
Common stock cancelled by shareholder	4,497	0	4,497
Asset retirement obligation acquired with acquisition of oil and gas asset	$ 0	$ 0	$ 1,175,635

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ASSET RETIREMENT OBLIGATION

3 Months Ended

Mar. 31, 2013

ASSET RETIREMENT OBLIGATION

ASSET RETIREMENT OBLIGATION

Note 5 – ASSET RETIREMENT OBLIGATION

The Company has asset retirement obligations associated with the future plugging and abandonment of proved properties and related facilities. Under the provisions of FASB ASC 410-20-25, the fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and a corresponding increase in the carrying amount of the related long lived asset. The liability is accreted to its present value each period, and the capitalized cost is depreciated over the useful life of the related asset. If the liability is settled for an amount other than the recorded amount, a gain or loss is recognized. The Company has no assets that are legally restricted for purposes of settling asset retirement obligations.

The following table summarizes the Company’s asset retirement obligation transactions recorded in accordance with the provisions of FASB ASC 410-20-25 during the three months ended March 31, 2013 and  years ended December 31, 2012:

	March 31, 2013		December 31, 2012
Beginning asset retirement obligation	$	1,179,242	$	-
Liabilities incurred for new wells placed in production		-		1,175,635
Accretion of discount on asset retirement obligations		20,025		3,607
Ending asset retirement obligation	$	1,199,267	$	1,179,242

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Advances from principal stockholders (Details) (USD $)	Dec. 31, 2012	Feb. 03, 2011
Advances from principal stockholders
Company issued shares of common stock in settlement of advances from principal stockholders		70,000
Amount of advances from principal stockholders settled with the issue		$ 700,000
Number of shares of common stock issued in settlement of advances from stockholders	74,970,997
Per share value of the shares issued to stockholders	$ 0.001
Shares of common stock were valued at a price per share	$ 0.19
Amount of advances from stockholders settled with the issue of shares	74,971
Fair market value of the shares on the date of settlement	14,305,217
The excess value was recorded as a loss totaling	14,230,246
Amounts owed to the principal stockholders of the Company for amounts advanced for business operations	143,046
Rate of interest on advances from principal stockholders	8.00%
Imputed interest expensed and recorded as additional paid in capital	$ 2,822

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Summarizes the Company's asset retirement obligation transactions (Tables)

3 Months Ended

Mar. 31, 2013

Summarizes the Company's asset retirement obligation transactions

Summarizes the Company's asset retirement obligation transactions

The following table summarizes the Company’s asset retirement obligation transactions recorded in accordance with the provisions of FASB ASC 410-20-25 during the three months ended March 31, 2013 and  years ended December 31, 2012:

	March 31, 2013		December 31, 2012
Beginning asset retirement obligation	$	1,179,242	$	-
Liabilities incurred for new wells placed in production		-		1,175,635
Accretion of discount on asset retirement obligations		20,025		3,607
Ending asset retirement obligation	$	1,199,267	$	1,179,242