10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)
[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended March 31, 2012
[  ]  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)
AQUASIL INTERNATIONAL INC.
(Exact name of registrant as specified in its charter)
Nevada	N/A
	(I.R.S. Employer Identification No.)
952 N. Western Ave., Los Angeles, CA	90029
(Address of principal executive offices)	(Zip Code)
(888) 744-7090
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X]  No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [ X ]  No [  ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	[  ]	Accelerated filer	[  ]
Non-accelerated filer	[  ]	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

191,498,349 common shares outstanding as of May 17, 2012

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

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AQUASIL INTERNATIONAL INC.

TABLE OF CONTENTS

		Page
	PART I – FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	14
Item 4.	Controls and Procedures	14
	PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	15
Item 1A.	Risk Factors	15
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	15
Item 3.	Defaults Upon Senior Securities	16
Item 4.	Mine Safety Disclosures	16
Item 5.	Other Information	16
Item 6.	Exhibits	17
	SIGNATURES	18

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PART I

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

	Page
Consolidated Financial Statements
Consolidated Balance Sheets	5
Consolidated Statements of Operations	6
Consolidated Statements of Cash Flows	7
Notes to Consolidated Financial Statements	8 to 11

4

AQUASIL INTERNATIONAL INC.  AND SUBSIDIARY

(A DEVELOPMENT STAGE COMPANY)

Consolidated Balance Sheets

	March 31, 2012			December 31, 2011
ASSETS
Current
Cash	$	-		$	-
Total Current Assets		-			-
Intangibles, net		137,667			-
Total Assets	$	137,667		$	-
LIABILITIES
Current
Accounts payable and accrued liabilities		247,497			238,977
Short term notes		54,412			54,412
Advances from stockholders		250,463			250,463
Total Current Liabilities		552,372			543,852
STOCKHOLDERS’ 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, 191,498,349 and 149,498,349 issued and outstanding as at March 31, 2012 and December 31, 2011 respectively		19,150			14,950
Additional Paid-in Capital		1,081,800			693,000
Deficit accumulated during the development stage		(1,515,655	)		(1,251,802	)
Total Stockholders’ Deficit		(414,705	)		(543,852	)
Total Liabilities and Stockholders’ Deficit	$	137,667		$	-

The accompanying notes are an integral part of these consolidated financial statements

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AQUASIL INTERNATIONAL INC.  AND SUBSIDIARY

 (A DEVELOPMENT STAGE COMPANY)

Consolidated Statements of Operations and Comprehensive loss

For The Three Months Ended March 31, 2012 and 2011

and for The Period From

Inception to March 31, 2012

							Inception
	Three Months Ended						(September 21, 2010)
	March 31,						Through
	2012			2011			March 31, 2012
Revenue	$	-		$	-		$	-
Operating Expenses
Professional fees		3,717			164,178			213,154
Amortization		2,333			-			2,333
Stock-based compensation		250,000			-			250,000
General and administrative expenses		6,718			9,543			26,829
Total operating expenses		262,768			173,721			492,316
Operating loss		(262,768	)		(173,721	)		(492,316	)
Other Income (expense)
Interest expense		(1,085	)		-			(2,372	)
Net loss and comprehensive loss	$	(263,853	)	$	(173,721	)	$	(494,688	)
Basic and diluted loss per share	$	(0.00	)	$	(0.00	)
Weighted average number of shares outstanding		151,344,503			123,053,619

The accompanying notes are an integral part of these consolidated financial statements

6

AQUASIL INTERNATIONAL INC.  AND SUBSIDIARY

 (A DEVELOPMENT STAGE COMPANY)

Consolidated Statements of Cash Flows

For The Three Months Ended March 31, 2012 and 2011

and For the Period From Inception (September 21, 2010) to March 31, 2012

							Inception
	Three Months Ended						(September 21, 2010)
	March 31,						Through
	2012			2011			March 31, 2012
Cash flows from operating activities
Net loss	$	(263,853	)	$	(173,721	)	$	(494,688	)
Adjustment to reconcile net loss to cash used in operations:
Stock-based compensation		250,000			-			250,000
Amortization		2,333			-			2,333
Accrued interest		1,085			-			2,372
Change in operating assets and liabilities:
Accounts payable and accrued liabilities		10,435			153,146			146,965
Net cash used in operating activities		-			(20,575	)		(93,018	)
Cash flows from financing activities
Acquisition of AquaSil Inc.		-			-			1,000
Proceeds from short term notes		-			-			54,412
Advances from stockholders		-			20,160			37,606
Net cash provided by financing activities		-			20,160			93,018
Decrease in cash during the period		-			(415	)		-
Cash, beginning of period		-			865			-
Cash, end of period	$	-		$	450		$	-
Supplemental disclosure of cash flow information:
Interest	$	-		$	-		$	-
Income taxes	$	-		$	-		$	-
Non-cash transactions:
Common stock issued for settlement of advances from stockholders	$	-		$	-		$	700,000
Common stock issued to purchase intellectual property		140,000			-			140,000
Common stock issued for stock-based compensation		250,000			-			250,000
	$	390,000		$	-		$	1,090,000

The accompanying notes are an integral part of these consolidated financial statements

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AQUASIL INTERNATIONAL INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For The Period from Inception (September 21, 2010) To March 31, 2012

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. (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 70,000,000 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.  On March 31, 2012, the Company divested itself of this wholly-owned subsidiary and determined not to continue in the water business. The divesture occurred by way of a return of the shares of the subsidiary, AquaSil to the former shareholder, Ilia Khasidov. The Company has consolidated AquaSil up to March 31, 2012.  As of April 1, 2012, the Company will deconsolidate the investment in AquaSil.

On February 1, 2012, the Company entered into an acquisition agreement (the “Agreement”) with Oveldi Canada Ltd., a Canadian Corporation (“OVE”) whereby the Corporation acquired the rights to certain intellectual property for a proprietary software application called EviCAT©. In accordance with the terms and provisions of the Agreement, the Corporation acquired the rights to the intellectual property from OVE in exchange for the issuance of 14,000,000 shares of the Corporation’s restricted common stock.

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 Aquasil International Inc. and its wholly owned subsidiary, AquaSil for the three month period ended March 31, 2012 and for the period from inception of AquaSil (September 21, 2010) to March 31, 2012. All significant intercompany balances and transactions have been eliminated upon consolidation.

The accompanying consolidated 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 8 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, 2012, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2012. For further information refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

8

AQUASIL INTERNATIONAL INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For The Period from Inception (September 21, 2010) To March 31, 2012

2.       GOING CONCERN

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

3.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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.

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.

Recent Accounting Pronouncements

There have been no significant developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on our consolidated financial statements, from those disclosed in our 2011 Annual Report on Form 10-K.

4.       INTANGIBLES

On February 1, 2012, the Company entered into an acquisition agreement (the “Agreement”) with Oveldi Canada Ltd., a Canadian Corporation (“OVE”) whereby the Corporation acquired the rights to certain intellectual property for a proprietary software application called EviCAT©. In accordance with the terms and provisions of the Agreement, the Corporation acquired the rights to the intellectual property from OVE in exchange for the issuance of 14,000,000 shares of the Corporation’s restricted common stock. The shares of common stock were issued on February 27, 2012, and the transaction was valued at the fair market value of the Company’s common stock on the date of issuance of $0.01 per share, totaling $140,000.  The software application has been identified as an intangible asset, with a useful life of five years.  At the present time the Company is evaluating applications for the licensing of EviCAT© to third party users.

During the three month period ended March 31, 2012, amortization of purchased intangible assets included in operating expenses was $2,333 compared to NIL in the same period of fiscal 2011.

9

AQUASIL INTERNATIONAL INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For The Period from Inception (September 21, 2010) To March 31, 2012

5.       LICENSE AGREEMENT

On October 25, 2010, the Company’s subsidiary, AquaSil, entered into a license agreement (the “License Agreement”) with Khasid ICT, a corporation organized under the laws of the country of Tajikistan and controlled and managed by a controlling stockholder of the Company. Under the agreement, AquaSil has been granted an exclusive, sub-licensable, assignable, royalty-bearing license to use the Formula “ROSS TJ 72 N00422” (the “Formula”) for the purpose of selling the licensed products, as defined, throughout the world. Royalties are due quarterly, calculated at the rate of 5% of gross revenues. The term of the license is through December 31, 2020, unless terminated earlier. The licensor may terminate the Agreement without cause with 180 days prior notice or immediately with written notice.  On March 31, 2012, the Company divested itself of its wholly-owned subsidiary AquaSil and no longer holds any rights under this Licensing Agreement.

6.       ADVANCES FROM STOCKHOLDERS

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

The amount of $250,463 at March 31, 2012 (December 31, 2011 - $250,463) consisted of amounts owed to the principal stockholders of the Company for amounts advanced to fund business operations. The amounts are unsecured, non-interest bearing and due on demand.

7.    SHORT TERM NOTES

As of March 31, 2012, the Company owed $54,412 (December 31, 2011 – $54,412) of short term notes. The amounts owing are unsecured, bear interest at 8% per annum, and are due on demand. During the three month period ended March 31, 2012, the Company recorded an interest expense of $1,085, which amount is included with accounts payable and accrued liabilities on the consolidated balance sheets.

8.    COMMON STOCK

On February 27, 2012, the Company issued 14,000,000 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 $0.01 per share, totaling $140,000, the fair market value of the shares on the date of issuance.

On February 27, 2012, the Company issued a total of 25,000,000 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 of $0.01 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 3,000,000 shares to a shareholder of the Company in settlement of advances made by the shareholder totaling $3,000.

10

AQUASIL INTERNATIONAL INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For The Period from Inception (September 21, 2010) To March 31, 2012

9.    RELATED PARTY TRANSACTIONS

On February 27, 2012, the Company issued a total of 25,000,000 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.

10.           SUBSEQUENT EVENTS

On May 22, 2012, the shareholders holding a majority of the voting shares of the Company and the Board of Directors of the Company approved a name change of the Company from Aquasil International Inc. to Multi-Corp. International Inc and approved a reverse split of the current issued and outstanding common shares of the Company on the basis of one (1) new share for each one-thousand (1,000) shares currently held.   The effective date for this action is June 12, 2012 or such other date as may be approved by the requisite regulatory authorities.

On June 11, 2012, the Company’s CEO, President and a director, Mr. James Brooks resigned his positions. Mr. Robert Baker was appointed the Company’s sole officer and director.

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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, 2011 together with notes thereto.

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

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Summary

The Company intends to pursue the marketing and licensing of its proprietary software EviCAT which it acquired in February, 2012.

Liquidity & Capital Resources

We are a development stage company engaged in the exploitation of our proprietary software. To date, we have not generated any revenues.

As of March 31, 2012, the Company had no cash and a working capital deficit of $552,372 as compared to December 31, 2011 whereby the Company has no cash and a working capital deficit of $543,852. Since inception, the Company has financed its working capital needs through advances from stockholders and other short term loans. The Company believes it will require up to $1,000,000 in order to meet its proposed business operations over the next twelve months. The Company requires $250,000 for operating expenses including but not limited to marketing and advertising of its software, $250,000 for general and administrative expenses and $500,000 which will be allocated as follows: $240,000 for travel and promotional consideration, office expenses of $30,000 starting in June 2012, $180,000 for salaries of permanent administrative, managerial and software development staff and $50,000 for exploration of a break bulk terminal management software system. The Company's future liquidity requirements will be dependent upon the ability to raise financing either by debt or by equity through private placement transactions. 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 Company is a development stage company and is dependent on raising capital to commence principal operations. The Company has not commenced operations, has incurred a loss for the period and is dependent on additional financing to fund its operating cash flows. 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 for operations, other than those fees which the Company expects to have provided to maintain its reporting status. Management is currently seeking financing through a possible private offering of common stock, which will be used to finance operations.

Results of Operations

For the three month period ended March 31, 2012, the Company incurred total operating expenses of $262,768 which included professional fees totaling $3,717, amortization costs of $2,333, general and administrative fees totaling $6,718 and stock-based compensation expense of $250,000 as compared to the period ended March 31, 2011 where the Company incurred $173,721 which was comprised of $164,178 in professional fees and $9,543 in general and administrative fees.  The decrease in professional fees was related mainly to the fact that during 2011, the Company incurred substantial costs relating to the acquisition of AquaSil.  Stock-based compensation expense for the three month period ended March 31, 2012 were $250,000 compared to Nil for the comparable period ended March 31, 2011.

The Company has not yet generated any revenues and is only able to undertake limited operations until such time as sufficient funding can be raised for operations.

For the three month periods ended March 31, 2012 and March 31, 2011, we incurred losses of $263,853 and $173,721, respectively.

13

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.

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

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer and the principal financial officer, are responsible for conducting an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of the end of the quarterly period covered by this report. Disclosure controls and procedures means that the material information required to be included in our Securities and Exchange Commission reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms relating to our company, including any consolidating subsidiaries, and was made known to us by others within those entities, particularly during the period when this report was being prepared. Based on this evaluation, our principal executive officer and principal financial officer concluded as of the evaluation date that our disclosure controls and procedures were not effective as of March 31, 2012.

Changes in Internal Control Over Financial Reporting

There were no significant changes in our internal controls or in other factors that could significantly affect these controls subsequent to the evaluation date. We have not identified any significant deficiencies or material weaknesses in our internal controls, and therefore there were no corrective actions taken.

14

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

Recent Sales of Unregistered Securities:

On February 27, 2012, the Company issued 14,000,000 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.

On February 27, 2012, the Company issued a total of 25,000,000 shares to Robert Baker as consideration for services rendered from the date of his appointment to the date of issuance.

On February 27, 2012, the Company issued a total of 3,000,000 shares to a shareholder of the Company in settlement of advances made by the shareholder on behalf of the Company totaling $3,000.

15

The Issuer relied upon the “Regulation S” exemption for the issuance of shares issued on February 27, 2012 as they were issued to non-residents of the U.S.  and were sold in compliance with the exemption from the registration requirements found in Rules 901 through 903 of Regulation S promulgated by the Securities and Exchange Commission under the Securities Act of 1933. These shares were issued in offshore transactions since the offerees were not in the United States and the purchasers were outside the United States at the time of the purchase. Each offshore subscriber certified that he or it is not a U.S. person and is not acquiring the securities for the account or benefit of any U.S. person and agreed to resell such securities only in accordance with the provisions of Regulation S, pursuant to registration under the Act or pursuant to an available exemption from registration.

Other than those disclosed herein, 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 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 March 31, 2012, the Company divested its then wholly owned subsidiary AquaSil, Inc. due to the fact that the Company was unable to raise any funding as required to proceed with the development of the business, management had determined to undertake a new project and to concentrate its efforts on the development and marketing of its proprietary software EviCAT which it acquired in February, 2012.

On May 22, 2012, the shareholders holding a majority of the voting shares of the Company and the Board of Directors of the Company approved a name change of the Company from Aquasil International Inc. to Multi-Corp. International Inc and the 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.   The Effective Date for this action is June 12, 2012 or such other date as may be approved by the requisite regulatory authorities.

16

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
3.2	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 Aquasil International Inc. 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
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 Certification  Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Filed herewith

17

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			AQUASIL INTERNATIONAL INC.
Date:	June 18, 2012	By:	/s/ Robert Baker
		Name:	Robert Baker
		Title:	Chief Executive Officer, President, Chief Financial Officer, Secretary, Treasurer, Director (Principal Executive and Principal Financial and Accounting Officer

18

EX-31.1

Exhibit 31.1    

OFFICER’S CERTIFICATE PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert Baker, certify that:

1.           I have reviewed this Quarterly Report of Aquasil International Inc. on Form 10-Q for the period ending March 31, 2012 (the “registrant”);

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 to 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.

Dated: June 18, 2012

/s/ Robert Baker                                                       

Robert Baker

Chief Executive Officer

(Principal Executive Officer)

EX-31.2

Exhibit 31.2    

OFFICER’S CERTIFICATE PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert Baker, certify that:

1.           I have reviewed this Quarterly Report of Aquasil International Inc. on Form 10-Q for the period ending March 31, 2012 (the “registrant”);

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 to 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.

Dated: June 18, 2012

/s/ Robert Baker                                                      

Robert Baker

Chief Financial Officer

(Principal Financial  Officer and Principal Accounting Officer)

EX-32.1

EXHIBIT 32

AQUASIL 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 Aquasil International Inc.  (the “Company”) on Form 10-Q for the period ended March 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert Baker as Chief Executive Officer, President (Principal Executive Officer) and Chief Financial Officer (Principal 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: June 18, 2012	By:	/s/ Robert Baker
	Name:	Robert Baker
	Title:	President, Chief Executive Officer (Principal Executive Officer), and Chief Financial Officer (Principal Accounting Officer)

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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Intangibles

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Intellectual Property

4.       INTANGIBLES

On February 1, 2012, the Company entered into an acquisition agreement (the “Agreement”) with Oveldi Canada Ltd., a Canadian Corporation (“OVE”) whereby the Corporation acquired the rights to certain intellectual property for a proprietary software application called EviCAT©. In accordance with the terms and provisions of the Agreement, the Corporation acquired the rights to the intellectual property from OVE in exchange for the issuance of 14,000,000 shares of the Corporation’s restricted common stock. The shares of common stock were issued on February 27, 2012, and the transaction was valued at the fair market value of the Company’s common stock on the date of issuance of $0.01 per share, totaling $140,000.  The software application has been identified as an intangible asset, with a useful life of five years.  At the present time the Company is evaluating applications for the licensing of EviCAT© to third party users.

During the three month period ended March 31, 2012, amortization of purchased intangible assets included in operating expenses was $2,333 compared to NIL in the same period of fiscal 2011.

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Summary of Significant Accounting Policies

3.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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.

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.

Recent Accounting Pronouncements

There have been no significant developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on our consolidated financial statements, from those disclosed in our 2011 Annual Report on Form 10-K.

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Consolidated Balance Sheets (Unaudited) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Current
Cash	$ 0	$ 0
Total Current Assets	0	0
Intangibles, net	137,667	0
Total Assets	137,667	0
Current
Accounts payable and accrued liabilities	247,497	238,977
Short term notes	54,412	54,412
Advances from stockholders	250,463	250,463
Total Current Liabilities	552,372	543,852
STOCKHOLDERS 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, 191,498,349 and 149,498,349 issued and outstanding as at March 31, 2012 and December 31, 2011 respectively	19,150	14,950
Additional Paid-in Capital	1,081,800	693,000
Deficit accumulated during the development stage	(1,515,655)	(1,251,802)
Total Stockholders Deficit	(414,705)	(543,852)
Total Liabilities and Stockholders Deficit	$ 137,667	$ 0

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Organization, Nature of Operations and Basis of Presentation

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Organization, Nature of Operations and Basis of Presentation

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. (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 70,000,000 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.  On March 31, 2012, the Company divested itself of this wholly-owned subsidiary and determined not to continue in the water business. The divesture occurred by way of a return of the shares of the subsidiary, AquaSil to the former shareholder, Ilia Khasidov. The Company has consolidated AquaSil up to March 31, 2012.  As of April 1, 2012, the Company will deconsolidate the investment in AquaSil.

On February 1, 2012, the Company entered into an acquisition agreement (the “Agreement”) with Oveldi Canada Ltd., a Canadian Corporation (“OVE”) whereby the Corporation acquired the rights to certain intellectual property for a proprietary software application called EviCAT©. In accordance with the terms and provisions of the Agreement, the Corporation acquired the rights to the intellectual property from OVE in exchange for the issuance of 14,000,000 shares of the Corporation’s restricted common stock.

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 Aquasil International Inc. and its wholly owned subsidiary, AquaSil for the three month period ended March 31, 2012 and for the period from inception of AquaSil (September 21, 2010) to March 31, 2012. All significant intercompany balances and transactions have been eliminated upon consolidation.

The accompanying consolidated 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 8 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, 2012, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2012. For further information refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

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Going Concern

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Going Concern

2.       GOING CONCERN

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

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Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	191,498,349	149,498,349

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Document and Entity Information	3 Months Ended
	Mar. 31, 2012	May 17, 2012
Document And Entity Information
Entity Registrant Name	Aquasil International Inc.
Entity Central Index Key	0001405260
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		191,498,349
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2012

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Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		18 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Income Statement [Abstract]
Revenue
Operating Expenses
Professional fees	3,717	164,178	213,154
Share based compensation, management fees	250,000		250,000
Amortization	2,333		2,333
General and administrative expenses	6,718	9,543	26,829
Total operating expenses	262,768	173,721	492,316
Operating loss	(262,768)	(173,721)	(492,316)
Other Income (expense)
Interest expense	(1,085)		(2,372)
Net loss and comprehensive loss	$ (263,853)	$ (173,721)	$ (494,688)
Basic and diluted loss per share	$ 0.00	$ 0.00
Weighted average number of shares outstanding	151,344,503	123,053,619

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Short Term Loan

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Short Term Loan

7.    SHORT TERM NOTES

As of March 31, 2012, the Company owed $54,412 (December 31, 2011 – $54,412) of short term notes. The amounts owing are unsecured, bear interest at 8% per annum, and are due on demand. During the three month period ended March 31, 2012, the Company recorded an interest expense of $1,085, which amount is included with accounts payable and accrued liabilities on the consolidated balance sheets.

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Advances from Stockholders

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Advances from Stockholders

6.       ADVANCES FROM STOCKHOLDERS

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

The amount of $250,463 at March 31, 2012 (December 31, 2011 - $250,463) consisted of amounts owed to the principal stockholders of the Company for amounts advanced to fund business operations. The amounts are unsecured, non-interest bearing and due on demand.

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Subsequent Events

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Subsequent Events

10.           SUBSEQUENT EVENTS

On May 22, 2012, the shareholders holding a majority of the voting shares of the Company and the Board of Directors of the Company approved a name change of the Company from Aquasil International Inc. to Multi-Corp. International Inc and approved a reverse split of the current issued and outstanding common shares of the Company on the basis of one (1) new share for each one-thousand (1,000) shares currently held.   The effective date for this action is June 12, 2012 or such other date as may be approved by the requisite regulatory authorities.

On June 11, 2012, the Company’s CEO, President and a director, Mr. James Brooks resigned his positions. Mr. Robert Baker was appointed the Company’s sole officer and director.

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Common Stock

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Common Stock

8.    COMMON STOCK

On February 27, 2012, the Company issued 14,000,000 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 $0.01 per share, totaling $140,000, the fair market value of the shares on the date of issuance.

On February 27, 2012, the Company issued a total of 25,000,000 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 of $0.01 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 3,000,000 shares to a shareholder of the Company in settlement of advances made by the shareholder totaling $3,000.

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Related Party Transactions

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Related Party Transactions

9.    RELATED PARTY TRANSACTIONS

On February 27, 2012, the Company issued a total of 25,000,000 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.

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Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended		18 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Cash flows from operating activities
Net loss	$ (263,853)	$ (173,721)	$ (494,688)
Adjustment to reconcile net loss to cash used by operations:
Shares issued for management fees	250,000		250,000
Accrued interest	1,085		2,372
Amortization	2,333		2,333
Accounts payable and accrued liabilities	10,435	153,146	146,965
Net cash used in operating activities		(20,575)	(93,018)
Cash flows from Financing Activities
Acquisition of AquaSil Inc.			1,000
Proceeds from short term notes			54,412
Advances from stockholders		20,160	37,606
Net cash provided by financing activities		20,160	93,018
(Decrease) Increase in cash during the period		(415)
Cash, beginning of period		865
Cash, end of period		450
Supplemental disclosure of cash flow information:
Interest
Income taxes
Non-cash transactions:
Common stock issued for settlement of advances from stockholders			700,000
Common stock issued to purchase intellectual property	140,000		140,000
Common stock issued for Management fees	250,000		250,000
[TotalNonCashTransactions]	$ 390,000		$ 1,090,000

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License Agreement

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

License Agreement

5.       LICENSE AGREEMENT

On October 25, 2010, the Company’s subsidiary, AquaSil, entered into a license agreement (the “License Agreement”) with Khasid ICT, a corporation organized under the laws of the country of Tajikistan and controlled and managed by a controlling stockholder of the Company. Under the agreement, AquaSil has been granted an exclusive, sub-licensable, assignable, royalty-bearing license to use the Formula “ROSS TJ 72 N00422” (the “Formula”) for the purpose of selling the licensed products, as defined, throughout the world. Royalties are due quarterly, calculated at the rate of 5% of gross revenues. The term of the license is through December 31, 2020, unless terminated earlier. The licensor may terminate the Agreement without cause with 180 days prior notice or immediately with written notice.  On March 31, 2012, the Company divested itself of its wholly-owned subsidiary AquaSil and no longer holds any rights under this Licensing Agreement.