UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2012~~2013

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 000-10965

ASHERXINO CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		93-0962072
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)
1 Glenlake Parkway, 7th Floor
1 Glenlake Parkway NE, 7th Floor
Atlanta, GA		30328
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (713) 413-3345

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 p

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer p Accelerated filer p Non-accelerated filer p Smaller reporting company x

~~Non-accelerated~~Indicate ~~filer p Smaller~~by ~~reporting~~check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes p No x

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

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. As of May 21, 2012, 162,082,542 shares of common stock, $0.01 par value, were outstanding.

ASHERXINO CORPORATION
TABLE OF CONTENTS
		Page
	PART I. FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS	1 through 4
	Consolidated Balance Sheets at September 30, 2012 (unadited) and December 31, 2011	F-1
	Consolidated Balance Sheets at March 31, 2013 (unadited) and December 31, 2012	F-1
	Consolidated Statements of Expenses for the Three Months Ended September 30, 2012 and 2011 and the Cumulative Period from January 1, 2009 through September 30, 2012 (unaudited)	F-2
	Consolidated Statements of Expenses for the Three Months Ended March 31, 2013 and 2012 and the Cumulative Period from January 1, 2009 through March 31, 2013 (unaudited)	F-2
	Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2012 and 2011 and the Cumulative Period from January 1, 2009 through September 30, 2012 (unaudited)	F-3
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2013 and 2012 and the Cumulative Period from January 1, 2009 through March 31, 2013 (unaudited)	F-3
	Notes to Consolidated Financial Statements (unaudited)	F-4
ITEM 2.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	5
ITEM 4T.	CONTROLS AND PROCEDURES	8
	PART II. OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	9
ITEM 1A.	RISK FACTORS	9
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	9
ITEM 6.	EXHIBITS	9

-1-

PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ASHERXINO CORPORATION (An Exploration Stage Company)
ASHERXINO CORORATION (An Exploration Stage Company)
CONSOLIDATED BALANCE SHEETS (Unaudited)
		September 30,			December 31,
		March 31,			December 31,
		2012			2011
		2013			2012
ASSETS
CURRENT ASSET
Cash	$	1,690		$	33,302
Accounts receivable		1,190			1,190
Total current assets		2,880			34,492
Oil and Gas PROPERTIES (full cost method)
Unevaluated		53,750			53,750
TOTAL ASSETS	$	56,630		$	88,242
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
Accounts payable and accrued liabilities		272,174			270,662
Note payable-net of discount		29,600			29,600
Advances payable		4,398			4,398
Indebtedness to related party		82,392			73,795
Total current liabilities		388,564			378,455
STOCKHOLDERS' DEFICIT:
Common stock, $.001 par value; 300,000,000 shares authorized, 162,082,542 and 162,082,542 issued and outstanding, Respectively		1,602,825			1,602,825
Additional paid-in capital		10,246,821			10,246,821
Deficit accumulated during exploration stage		(9,420,587	)		(9,420,587	)
Deficit accumulated after entering the development stage		(2,760,993	)		(2,719,272	)
Total Stockholders' Deficit		(331,934	)		(290,213	)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$	56,630		$	88,242

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

F-~~F1-~~1

ASHERXINO CORPORATION
(An Exploration Stage Company
CONSOLIDATED STATEMENTS OF EXPENSES
(Unaudited)
		Three Months EndedSeptember 30, 2012			Three Months Ended September 30, 2011			Cumulative Period from January 1, 2009 (Inception) Through September 30, 2012
		Three Months Ended			Three Months Ended			Cumulative Period from January 1, 2009 (Inception) Through
		March 31, 2013			March 31, 2012			March 31, 2013
OPERATING EXPENSES:
Legal		—-			13,033			211,497
Consulting		2,500			14,375			1,991,912
Travel		—-			3,454			120,206
General and administrative		37,709			29,771			379,228
TOTAL OPERATING EXPENSES		40,209			60,633			2,702,843
NET LOSS BEFORE OTHER EXPENSE		(40,209	)		(60,633	)		(2,702,843	)
OTHER INCOME (EXPENSE)
Net realized loss from sale of trading securities		—-			—-			(1,958	)
Loss on derivative warrant liability		—-			—-			(20,250	)
Interest expense		(1,512	)		(4,823	)		(35,942	)
NET LOSS	$	(41,721	)	$	(65,456	)	$	(2,760,923	)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING		162,082,542			160,082,542
BASIC AND DILUTED NET LOSS PER COMMON SHARE	$	(0.00	)	$	(0.00	)	$	~~(0.00~~	)

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

F-~~F2-~~2

ASHERXINO CORPORATION
ASHERXINO CORPORATION (An Exploration Stage Company)
(An Exploration Stage Company
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
CONSOLIDATED STATEMENTS OF CASH FLOWS
		March 31, 2013			March 31, 2012			January 1, 2009 (Inception) Through March 31, 2013
(Unaudited)
		September 30, 2012			September 30, 2011			January 1, 2009 (Inception) Through
								September 20, 3012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (Loss)	$	(41,721	)	$	(65,456	)	$	(2,712,242	)
Adjustments to reconcile net (loss) to net cash used in operating activities:
Depreciation and amortization		-			-			2,306
Stock based compensation to consultant		-			18,750			2,027,693
Note issued for services		-			-			5,000
Amortization of debt discount		-			3,344			12,000
Loss on derivative warrant liability		-			-			20,250
Realized loss on trading securities		-			-			1,958
Change in assets and liabilities
Increase in accounts receivable		-			-			(1,190	)
Increase in accounts payable and accrued expenses		1,512			3,468			272,173
Net cash (used in) operating activities		(40,209	)		(39,894	)		(372,052	)
CASH FLOWS USED IN INVESTING ACTIVITIES:
Acquisition of oil and gas properties		-			-			15,436
Net cash provided by financing activities		-			-			15,436
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common stock		-			-			232,500
Proceeds from note payable		-			-			34,398
Proceeds from indebtedness to related party		8,597			9,579			151,398
Payments on indebtedness to related party								(58,342	)
Payment toward note payable		-			-			(5,400	)
Net cash provided by financing activities		8,597			9,579			354,554
NET (DECREASE) IN CASH AND CASH EQUIVALENTS		(31,612	)		(30,315	)		(2,062	)
CASH AND CASH EQUIVALENTS-BEGINNING OF PERIOD		33,302			37,289			3,752
CASH AND CASH EQUIVALENTS-END OF PERIOD	$	1,690		$	6,974		$	1,690
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	-		$	-		$	-
Taxes	$	-		$	-		$	-

Proceeds from note payable		-			-			34,398
Proceeds from indebtedness to related party		8,597			9,579			151,398
Payments on indebtedness to related party								(58,342	)
Payment toward note payable		-			-			(5,400	)
Net cash provided by financing activities		8,597			9,579			354,554

NET (DECREASE) IN CASH AND CASH EQUIVALENTS		(31,612	)		(30,315	)		(2,062	)

CASH AND CASH EQUIVALENTS-BEGINNING OF PERIOD		33,302			37,289			3,752

CASH AND CASH EQUIVALENTS-END OF PERIOD	$	1,690		$	6,974		$	1,690

SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	-		$	-		$	-
Taxes	$	-		$	-		$	-

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

F-~~F3-~~3

ASHERXINO CORPORATION
(An exploration Stage Company)
Notes to Consolidated Financial Statements
(Unaudited)

Note 1 - Description of Business and Summary of Significant Accounting Policies

Description of business

Current business operations

AsherXino Corporation ("AsherXino") is an exploration stage oil and gas company that holds an option to farm into a 40% leasehold interest in and operatorship of an offshore oil exploration and development block in Nigeria, Oil Prospecting License (OPL) 2012 ("OPL 2012").

Basis of Presentation
The unaudited consolidated financial statements of AsherXino Corporation have been prepared in accordance with accounting principles generally accepted in the United States and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the notes thereto contained in our Annual Report filed with the SEC on Form 10-K on April 16, 2012. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the consolidated financial statements which would substantially duplicate the disclosures contained in the financial statements for the most recent fiscal year ended December 31, 2011, as reported on Form 10-K, have been omitted.

Recent Accounting Pronouncements
Management does not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations, financial position or cash flow.

Note 2 - Going Concern

As reflected in the accompanying financial statements, we had a working capital deficit of $385,684 and an accumulated deficit of $12,181,580 at ~~September~~March 3031, ~~2012~~2013, which raise substantial doubt about our ability to continue as a going concern. Management ~~plans~~ plans to raise funds through the issuance of debt or the sale of common stock.

Our ability to continue as a going concern is dependent on our ability to raise capital through the issuance of debt or the sale of common stock. If we do not raise capital sufficient to fund our business plan, AsherXino may not survive. The financial statements do not include any adjustments that might be necessary if we were unable to continue as a going concern.

Note 3 - Related Party Transactions

From time to time, our officers and directors advance funds to us for working capital and receive repayments of such funds. As of ~~September~~March 3031, ~~2012~~2013 and December 31, ~~2011~~2012, respectively, the total amount due to related parties was $82,392. These amounts are unsecured, bear no interest and are due on demand.

F-4

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

The Company is including the following cautionary statement to make applicable and take advantage of the safe harbor provision of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of, the Company. This quarterly report on Form 10-Q contains "forward looking statements" (as that term is defined in Section 27A(i)(1) of the Securities Act of 1933), including statements concerning plans, objectives, goals, strategies, expectations, future events or performance and underlying assumptions and other statements which are other than statements of historical facts. Such forward looking statements involve risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward looking statements. Some of the factors that could cause actual results to differ materially from those expressed in such forward looking statements are set forth in the section entitled "Risk Factors" and elsewhere throughout this Form 10-Q. Our expectations, beliefs and projections are expressed in good faith and are believed by us to have a reasonable basis, but there can be no assurance that our expectations, beliefs or projections will result or be achieved or accomplished. We have no obligation to update or revise forward looking statements to reflect the occurrence of future events or circumstances.

~~-F4-~~ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~ITEM~~Since ~~2. MANAGEMENT'S~~we ~~DISCUSSION~~had ~~AND~~no ~~ANALYSIS~~business OFoperations ~~FINANCIAL~~from ~~CONDITION~~2003 ~~AND~~until ~~RESULTS~~our OFrecent ~~OPERATIONS~~acquisition of the Asher Assets, and therefore no income from operations, this discussion involves only the plan of operation.

~~Since~~In weJune ~~had~~2009, noour Board of Directors decided to enter into the business ~~operations~~of owning and operating oil and gas assets by acquiring certain oil related assets. Our immediate objective is to create value from ~~2003~~the ~~until~~production and exploration opportunities in our ~~recent~~significant ~~acquisition~~working ofinterest ~~the~~in ~~Asher~~OPL ~~Assets,~~2012 by embarking on a work program that will include drilling operations and ~~therefore~~the hiring noof ~~income~~about ~~from~~fifty to one hundred full-time employees. We intend to finance its operations through a combination of debt and equity financing. In addition, management may decide to farm-out or sell some of our interest in OPL 2012 to finance the ~~this~~development ~~discussion~~of ~~involves~~the ~~only~~block. We also intend to acquire additional leaseholds in and operatorships of offshore blocks in Nigeria and Ghana. In the ~~plan~~long term, we aim to acquire and exploit the prolific oil and gas deposits across the Gulf of ~~operation~~Guinea and worldwide.

InWe ~~June~~currently ~~2009,~~have ~~our~~few ~~Board~~capital ofresources ~~Directors~~and ~~decided~~we toare ~~enter~~unlikely ~~into~~to ~~the~~generate ~~business~~significant ofrevenues ~~owning~~for ~~and~~some ~~operating~~time. ~~oil~~This ~~and~~raises ~~gas assets by acquiring certain~~substantial ~~oil~~doubt ~~related~~about ~~assets.~~our ~~Our~~ability ~~immediate objective is~~ to ~~create~~continue ~~value~~as ~~from~~a ~~the~~going ~~production~~concern. ~~and~~See ~~exploration~~Note ~~opportunities~~2 into our ~~significant working~~Financial ~~interest~~Statements in ~~OPL~~Item ~~2012~~1. byWithout ~~embarking~~realization of onadditional acapital, ~~work~~it ~~program~~would ~~that~~be ~~will~~unlikely ~~include~~that ~~drilling~~we ~~operations~~could ~~and~~continue ~~the~~as ~~hiring~~a ofgoing ~~about fifty to one hundred full-time employees~~concern. WeHowever, ~~intend~~management tohas ~~finance~~been ~~its~~in ~~operations~~discussions with ~~through~~several afinancial ~~combination~~institutions of(i.e. ~~debt~~banks, ~~and~~private equity ~~financing. In addition~~funds, ~~management~~sovereign ~~may~~funds, ~~decide~~energy tocompanies ~~farm-out~~and orother ~~sell~~corporate ~~some~~entities) to ofprocure ~~our interest~~funding infor ~~OPL 2012 to finance~~ the development of ~~the~~OPL ~~block. We~~2012 ~~also~~through ~~intend~~the toissuance ~~acquire additional leaseholds in and operatorships~~ of ~~offshore~~debt ~~blocks in Nigeria~~ and/or ~~Ghana~~equity. InBased ~~the~~on ~~long~~these ~~term,~~discussions management weanticipates ~~aim~~obtaining tosufficient ~~acquire~~funding ~~and~~to ~~exploit~~perform ~~the~~our ~~prolific~~obligations ~~oil~~related ~~and~~to ~~gas~~OPL ~~deposits~~2012 ~~across~~over the ~~Gulf~~next ~~of Guinea and worldwide~~year.

WeManagement ~~currently~~is ~~have~~in ~~few~~the ~~capital~~process ~~resources~~of ~~and~~concluding wefinancing ~~are~~arrangements ~~unlikely~~with tofinancial ~~generate~~institutions ~~significant~~in ~~revenues~~Nigeria ~~for~~and ~~some~~a ~~time.~~few ~~This~~multi-national ~~raises~~oil ~~substantial~~and ~~doubt~~gas ~~about~~companies ~~our ability to continue as a going concern. See Note 2 to our Financial Statements~~ in ~~Item~~the 1U.S ~~Without~~and ~~realization of~~the ~~additional~~Middle ~~capital,~~East itwho ~~would~~are befinalizing ~~unlikely~~their ~~that~~due wediligence ~~could~~and ~~continue~~economic asmodeling afor ~~going~~the ~~concern~~project. ~~However, management has been in discussions~~Management ~~with~~anticipates ~~several~~raising ~~financial~~sufficient ~~institutions~~funds ~~(i.e.~~to ~~banks,~~pay ~~private~~the ~~equity funds~~$12, ~~sovereign funds~~500,000 ~~energy~~signature ~~companies~~bonus ~~and other corporate entities)~~ to ~~procure funding for~~ the ~~development~~Nigerian ofgovernment ~~OPL~~and ~~2012 through~~ the ~~issuance~~$10,000,000 ~~of debt and/or equity. Based on these discussions management~~farm-in ~~anticipates~~fee ~~obtaining sufficient funding~~ to ~~perform~~ our ~~obligations~~local ~~related~~partner, toSigmund ~~OPL~~Oilfield ~~2012~~Limited ~~over~~("Sigmund"), in the ~~next~~near ~~year~~future.

~~Management~~As isdiscussed in our Form 10-K filed on April 16, 2012, if we are unable to fund the ~~process~~development ofcosts ~~concluding~~related ~~financing~~to ~~arrangements~~OPL ~~with~~2012, ~~financial~~Sigmund could ~~institutions~~terminate inits ~~Nigeria~~agreements with us and apotentially ~~few~~terminate ~~multi-national~~our ~~oil~~interest ~~and gas~~in ~~companies~~OPL 2012 in the ~~U.S~~event ~~and~~of ~~the~~our ~~Middle~~failure ~~East~~to ~~who~~fund any ~~are~~of ~~finalizing~~the ~~their~~development ~~due~~costs ~~diligence~~related ~~and~~to ~~economic~~OPL ~~modeling~~2012. ~~for~~However, the ~~project.~~OPL ~~Management~~2012 agreements were drafted in such a manner that we do not ~~anticipates~~suffer ~~raising~~immediate ~~sufficient~~repercussions ~~funds~~or tosanctions ~~pay~~in the ~~$12,500,000~~event ~~signature~~we ~~bonus~~are unable to fund any of the ~~Nigerian~~development ~~government~~costs. The agreements contemplate discussion and negotiation among the ~~$10~~parties in the event of our inability to perform. For example,~~000,000~~ the signature bonus and farm-in fee towere ~~our~~deemed ~~local~~payable ~~partner~~on May 15, 2009, but we have regularly updated Sigmund Oilfield Limited ~~("Sigmund"),~~on inthe status of the ~~near~~payments and ~~future~~Sigmund Oilfield limited has continued to grant informal extensions of time for us to make such payments.

AsUpon ~~discussed~~the inpayment ~~our~~of ~~Form~~the ~~10-K~~signature ~~filed on April 16~~bonus, ~~2012, if we are unable to fund~~ the development ~~costs~~of ~~related to~~ OPL 2012, ~~Sigmund could~~will ~~terminate~~take ~~its~~place ~~agreements with us and potentially terminate our interest~~ in ~~OPL~~two ~~2012~~phases inover ~~the~~a ~~event~~three ofyear ~~our failure to fund any of the development costs related to OPL 2012. However~~period, ~~the~~as ~~OPL 2012 agreements were drafted in such a manner that we do not~~discussed ~~suffer immediate repercussions or sanctions~~ in ~~the event we are unable to fund any of the development costs. The agreements contemplate discussion and negotiation among the parties in the event of~~ our ~~inability~~Form ~~to perform. For example, the signature bonus and farm~~10-~~in fee~~K ~~were~~filed ~~deemed payable~~ on ~~May~~April 1516, ~~2009, but we have regularly updated Sigmund Oilfield Limited on the status of the payments and Sigmund Oilfield limited has continued to grant informal extensions of time for us to make such payments~~2012.

~~Upon the payment of the signature bonus, the development of OPL 2012 will take place in two phases over a three year period, as discussed in our Form 10~~-~~K filed on April 16, 2012.~~5-

CRITICAL ACCOUNTING POLICIES We prepare our consolidated and combined financial statements in this report using accounting principles that are generally accepted in the United States ("GAAP"). GAAP represents a comprehensive set of accounting and disclosure rules and requirements. We must make judgments, estimates, and in certain circumstances, choices between acceptable GAAP alternatives as we apply these rules and requirements. The most critical estimate we make is the engineering estimate of proved oil and gas reserves. This estimate affects the application of the successful efforts method of accounting, the calculation of depreciation, depletion, and amortization of oil and gas properties and the estimate of the impairment of our oil and gas properties. It also affects the estimated lives used to determine asset retirement obligations. In addition, the estimates of proved oil and gas reserves are the basis for the related standardized measure of discounted future net cash flows.

Revenue Recognition We recognize oil and gas revenue from interests in producing wells as the oil and gas is sold. Revenue from the purchase, transportation, and sale of natural gas is recognized upon completion of the sale and when transported volumes are delivered. We recognize revenue related to gas balancing agreements based on the entitlement method.

Oil and Gas Exploration and Development Oil and gas exploration and development costs are accounted for using the full cost method of accounting.

~~-5-~~Oil and Natural Gas Properties We account for our oil and natural gas producing activities using the full cost method of accounting as prescribed by the United States Securities and Exchange Commission (SEC). Under this method, subject to a limitation based on estimated value, all costs incurred in the acquisition, exploration, and development of proved oil and natural gas properties, including internal costs directly associated with acquisition, exploration, and development activities, the costs of abandoned properties, dry holes, geophysical costs, and annual lease rentals are capitalized within a cost center on a country by country basis. Costs of production and general and administrative corporate costs unrelated to acquisition, exploration, and development activities are expensed as incurred. Costs associated with unevaluated properties are capitalized as oil and natural gas properties but are excluded from the amortization base during the evaluation period. When we determine whether the property has proved recoverable reserves or not, or if there is an impairment, the costs are transferred into the amortization base and thereby become subject to amortization. We evaluate unevaluated properties for impairment at least annually.

~~Oil and Natural Gas Properties We account for~~Capitalized ~~our~~costs ~~oil~~included ~~and~~in ~~natural~~the ~~gas~~amortization ~~producing~~base ~~activities~~are depleted using the ~~full~~units ~~cost method~~ of ~~accounting~~production asmethod ~~prescribed~~based byon ~~the~~proved ~~United~~reserves. ~~States Securities~~Depletion ~~and~~is ~~Exchange~~calculated ~~Commission~~using ~~(SEC).~~the ~~Under~~capitalized ~~this method, subject to a limitation based on estimated value, all~~ costs ~~incurred~~included in the ~~acquisition,~~ ~~exploration,~~amortization ~~and development of proved oil and natural gas properties~~base, including ~~internal~~estimated ~~costs~~asset ~~directly~~retirement ~~associated with acquisition, exploration, and development activities, the~~ costs ~~of abandoned properties~~, ~~dry holes, geophysical costs, and~~plus ~~annual~~the ~~lease~~estimated ~~rentals~~future ~~are~~expenditures ~~capitalized within a cost center on a country by country basis. Costs of production and general and administrative corporate costs unrelated~~ to ~~acquisition,~~be ~~exploration, and development activities are expensed as~~ incurred. ~~Costs~~in ~~associated~~developing ~~with unevaluated properties are capitalized as oil and natural gas properties but are excluded from the amortization base during the evaluation period. When we determine whether the property has~~ proved ~~recoverable~~ reserves ~~or not~~, ornet ifof ~~there~~estimated issalvage ~~an impairment, the costs are transferred into the amortization base and thereby become subject to amortization~~values. ~~We evaluate unevaluated properties for impairment at least annually.~~

~~Capitalized~~The ~~costs~~net ~~included~~book invalue of all capitalized oil and natural gas properties within a cost center, less related deferred income taxes, is subject to a full cost ceiling limitation which is calculated quarterly. Under the ~~amortization~~ceiling ~~base~~limitation, ~~are~~costs ~~depleted~~may ~~using~~not exceed an aggregate of the ~~units~~present value of ~~production~~future ~~method~~net ~~based~~revenues onattributable to proved oil and natural gas reserves. ~~Depletion is~~discounted ~~calculated~~at 10 percent using current prices, plus the ~~capitalized~~lower ~~costs~~of cost or market value of unproved properties included in the amortization base, ~~including~~plus ~~estimated~~the cost ~~asset~~of ~~retirement~~unevaluated ~~costs~~properties, ~~plus~~less any associated tax effects. Any excess of the net book value, less related deferred tax benefits, over the ~~estimated~~ceiling ~~future~~is ~~expenditures~~written tooff as expense. Impairment expense recorded in one period may not be ~~incurred~~reversed in ~~developing~~a ~~proved~~subsequent ~~reserves,~~period even ~~net~~though ofhigher ~~estimated~~oil ~~salvage~~and ~~values~~gas prices may have increased the ceiling applicable to the subsequent period.

~~The net~~Sales ~~book~~or ~~value~~other dispositions of ~~all capitalized~~ oil and natural gas properties ~~within~~are aaccounted ~~cost~~for ~~center,~~as ~~less~~adjustments ~~related deferred income taxes, is subject~~ to acapitalized ~~full cost ceiling limitation which is calculated quarterly. Under the ceiling limitation~~costs, ~~costs~~with ~~may~~no ~~not~~gain ~~exceed~~or ~~an aggregate~~loss ofrecorded unless the ~~present~~ratio ~~value~~ of ~~future~~cost ~~net revenues attributable~~ to proved ~~oil and natural gas~~ reserves ~~discounted~~would atsignificantly 10 percent using current prices, plus the lower of cost or market value of unproved properties included in the amortization base, plus the cost of unevaluated properties, less any associated tax effectschange. Any excess of the net book value, less related deferred tax benefits, over the ceiling is written off as expense. Impairment expense recorded in one period may not be reversed in a subsequent period even though higher oil and gas prices may have increased the ceiling applicable to the subsequent period.

~~Sales~~Asset orRetirement ~~other~~Obligations ~~dispositions~~and Environmental Costs We record the fair value of ~~oil~~legal obligations to retire and ~~natural~~remove ~~gas~~long-lived assets in the period in which the obligation is incurred (typically when the asset is installed at the production location). When the liability is initially recorded, we capitalize this cost by increasing the carrying amount of the related properties, ~~are~~plants ~~accounted~~and equipment. Over time the liability is increased for asthe ~~adjustments~~change in toits present value, and the capitalized ~~costs~~cost in properties, ~~with~~plants noand ~~gain~~equipment is depreciated over the useful life of the related asset. Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures ~~loss~~that relate to an existing condition caused by past operations, and do not have a future economic benefit, are expensed. Liabilities for environmental expenditures are recorded on an undiscounted basis (unless acquired in a purchase business combination) when environmental assessments or cleanups are probable and the ~~ratio~~costs can be reasonably estimated. Recoveries of ~~cost~~environmental toremediation costs ~~proved~~from ~~reserves~~other ~~would~~parties, ~~significantly~~such ~~change~~as state reimbursement funds, are recorded as assets when their receipt is probable and estimable.

~~Asset Retirement Obligations and Environmental Costs We record the fair value of legal obligations to retire and remove long~~-lived assets in the period in which the obligation is incurred (typically when the asset is installed at the production location). When the liability is initially recorded, we capitalize this cost by increasing the carrying amount of the related properties, plants and equipment. Over time the liability is increased for the change in its present value, and the capitalized cost in properties, plants and equipment is depreciated over the useful life of the related asset. Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures that relate to an existing condition caused by past operations, and do not have a future economic benefit, are expensed. Liabilities for environmental expenditures are recorded on an undiscounted basis (unless acquired in a purchase business combination) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of environmental remediation costs from other parties, such as state reimbursement funds, are recorded as assets when their receipt is probable and estimable.6-

Results of Operations

Our net loss decreased $27,735, from $65,456 for the year ended ~~September~~March 3031, 2011 to $41,721 for the year ended March 31, ~~2012~~2013. Our ~~expenses~~ expenses for the three months ended ~~September~~March 3031, 2012 consisted mainly of consulting fees. The decrease was mainly attributable to decreased consulting fees.

Liquidity and Capital Resources
As a new company with plans for major development activity, we will be reliant upon funding to fully implement our business plans and expand our business. There can be no assurance that we will be able to obtain the necessary funding on commercially reasonable terms in a timely fashion, especially given the current global economy. Failure to receive the funding could have a material adverse effect on our business, prospects, and financial condition.

We intend to raise financing in the form of floating rate indebtedness and/or equity to pay the $12,500,000 signature bonus and $10,000,000 farm-in fee for our leasehold interest in Oil Prospecting License (OPL) 2012, and we expect to require further debt and/or equity financing in the amount of $218,000,000 to $262,500,000 to exploit OPL 2012. Accordingly, if market interest rates (principally LIBOR) rise, our financing expenses could increase which could have an adverse effect on our results of operations and financial condition. The size of our indebtedness may restrict our growth. We will need to use a portion of our cash flow to pay principal and interest on such indebtedness, which may delay or even prevent us from pursuing certain new business opportunities. Some loan agreements may contain restrictive covenants which may impair our operating flexibility. Failure to meet certain financial covenants could cause us to violate the terms of loan agreements obtained in the future, if any, and thereby result in acceleration of our indebtedness, impair our liquidity and limit our ability to raise additional capital. Our failure to make required debt payments could result in an acceleration of our indebtedness, and, if unpaid, a judgment in favor of such lender would be senior to the rights of holders of our common stock. A judgment creditor would have the right to foreclose on any of our assets resulting in a material adverse effect on our business, operating results or financial condition and the possible loss of all value in our common stock.

In July 6, 2010 we entered into an equity line of credit agreement with an investor, Dutchess Opportunity Fund II, LP. Under the terms of the agreement, Dutchess must purchase, when we furnish a put notice to them, shares of our common stock at 95% of the volume weighted average price for the five days prior to the put date. The number of shares puttable at any given time is 200% of average daily volume for 3 prior trading days times average three day closing price of common stock prior to the notice date or shares resulting in proceeds of $500,000. We are obligated to register 35,000,000 shares under the agreement and we may not put shares to Dutchess until the registration statement is effective. The investment agreement provides for proceeds of up to $35,000,000, however, at current stock prices, if all of the shares required to be registered under the agreement were sold, we would receive proceeds of approximately $1.3 million. Because none of the shares underlying the line of credit are registered, we are not eligible to use the equity line of credit at this time. We do not anticipate that the line of credit will be available to fulfill our obligations to pay the signing bonus and farm-7-in fee. We are seeking other financing mechanisms to pay these obligations.

~~cash flow to pay principal~~As ~~and~~reflected ~~interest~~in onthe ~~such~~accompanying indebtedness, which may delay or even prevent us from pursuing certain new business opportunities. Some loan agreements may contain restrictive covenants which may impair our operating flexibility. Failure to meet certain financial ~~covenants could~~statements, ~~cause~~we ushad toa ~~violate~~working ~~the~~capital ~~terms~~deficit ofand ~~loan~~an ~~agreements~~accumulated ~~obtained~~deficit inat ~~the~~March ~~future~~31, ~~if any~~2013, ~~and thereby result in acceleration of our~~ ~~indebtedness,~~which ~~impair~~raise ~~our~~substantial ~~liquidity~~doubt ~~and~~about ~~limit~~ our ability to ~~raise~~continue ~~additional~~as ~~capital. Our failure to make required debt payments could result in an acceleration of our indebtedness, and, if unpaid,~~ a ~~judgment~~going inconcern. ~~favor~~Management ofplans ~~such lender would be senior~~ to ~~the rights~~raise offunds ~~holders~~through ~~of our common stock. A judgment creditor would have~~ the ~~right to foreclose on any~~ issuance of ~~our~~debt ~~assets resulting in a material adverse effect on our business, operating results~~ or ~~financial condition and~~ the ~~possible~~sale ~~loss~~ of ~~all value in our~~ common stock.

InOur ~~July~~ability 6,to ~~2010~~continue weas ~~entered into an equity line of credit agreement with an investor, Dutchess Opportunity Fund II, LP. Under the terms of the agreement, Dutchess must purchase, when we furnish~~ a ~~put~~going ~~notice~~concern tois ~~them,~~dependent ~~shares~~on of our ~~common~~ability ~~stock~~to atraise ~~95%~~capital ofthrough the ~~volume~~ ~~weighted~~issuance ~~average~~of ~~price~~debt ~~for~~or the ~~five~~sale ~~days prior to the put date. The number~~ of ~~shares puttable at any given time is 200%~~ ~~of average daily volume for 3 prior trading days times average three day closing price of~~ common stock ~~prior to the notice date or shares resulting in proceeds of $500,000~~. WeIf ~~are obligated to register 35,000,000 shares under the agreement and~~ we ~~may~~do not ~~put~~ ~~shares~~raise tocapital ~~Dutchess~~sufficient ~~until the registration statement is effective. The investment agreement provides for proceeds of up~~ to ~~$35,000,000,~~ ~~however,~~fund atour ~~current~~business ~~stock prices~~plan, ifAsherXino ~~all~~may ofnot ~~the shares required to be registered under the agreement were sold, we would receive proceeds of approximately $1~~survive.3 ~~million.~~The ~~Because~~financial ~~none of the shares underlying the line of credit are registered,~~statements wedo ~~are~~ not ~~eligible~~include toany ~~use~~adjustments ~~the equity line of credit at this time. We do not anticipate~~ that ~~the~~might ~~line of credit will~~ be ~~available to~~necessary ~~fulfill~~if ~~our~~we ~~obligations~~were unable to ~~pay~~continue ~~the~~as ~~signing~~a ~~bonus~~going ~~and farm-in fee~~concern. ~~We are seeking other financing mechanisms to pay these obligations.~~

As reflected in the accompanying financial statements, we had a working capital deficit and an accumulated deficit at September 30, 2012, which raise substantial doubt about our ability to continue as a going concern. Management plans to raise funds through the issuance of debt or the sale of common stock.-7-

~~Our ability~~ITEM ~~to continue as a going concern is dependent on our ability to raise capital through the issuance of debt or the sale of common stock~~4T. IfCONTROLS weAND do not raise capital sufficient to fund our business plan, AsherXino may not survive. The financial statements do not include any adjustments that might be necessary if we were unable to continue as a going concern.PROCEDURES

~~ITEM~~Evaluation of ~~4T. CONTROLS~~Disclosure ~~AND~~Controls ~~PROCEDURES~~and Procedures

~~Evaluation~~Under the supervision and with the participation of ~~Disclosure~~certain ~~Controls~~members of our management, including our Chief Executive Officer and ~~Procedures~~interim Chief Financial Officer, we completed 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) to the Securities Exchange Act of 1934, as amended (the "Exchange Act"). In light of the material weaknesses discussed below, which have not been fully remediated as of the end of the period covered by this Quarterly Report, our Chief Executive Officer and interim Chief Financial Officer concluded, after the evaluation described above, that our disclosure controls were not effective. As a result of this conclusion, the consolidated financial statements for the period covered by this report were prepared with particular attention to the material weaknesses previously disclosed. Accordingly, management believes that the consolidated financial statements included in this Quarterly Report fairly present, in all material respects, our financial condition, results of operations and cash flows as of and for the periods presented.

~~Under~~Internal ~~the~~Control ~~supervision~~over ~~and with the participation of certain members of our management, including our Chief Executive Officer and interim Chief~~ Financial Officer, we completed 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) to the Securities Exchange Act of 1934, as amended (the "Exchange Act"). In light of the material weaknesses discussed below, which have not been fully remediated as of the end of the period covered by this Quarterly Report, our Chief Executive Officer and interim Chief Financial Officer concluded, after the evaluation described above, that our disclosure controls were not effective. As a result of this conclusion, the consolidated financial statements for the period covered by this report were prepared with particular attention to the material weaknesses previously disclosed. Accordingly, management believes that the consolidated financial statements included in this Quarterly Report fairly present, in all material respects, our financial condition, results of operations and cash flows as of and for the periods presented.Reporting

~~Internal~~In ~~Control~~connection with our evaluation of our disclosure controls and procedures that occurred during our last fiscal quarter, we identified no change in our internal control over ~~Financial~~financial ~~Reporting~~reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

In connection with our evaluation of our disclosure controls and procedures that occurred during our last fiscal quarter, we identified no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.-8-

PART II -8- OTHER INFORMATION

~~PART II - OTHER~~ITEM ~~INFORMATION~~1. LEGAL PROCEEDINGS

~~ITEM~~For information 1regarding our legal proceedings see Item 3 of our Annual Report on Form 10-K filed on April 16, 2012. ~~LEGAL~~There ~~PROCEEDINGS~~have been no material changes from the risk factors previously disclosed in such Annual Report.

~~For information~~ITEM ~~regarding our legal proceedings see Item 3 of our Annual Report on Form 10-K filed on April 16, 2012~~1A. ~~There~~RISK ~~have been no material changes from the risk factors previously disclosed in such Annual Report.~~FACTORS

~~ITEM~~For information regarding our risk factors see the risk factors disclosed in Item 1A of our registration Annual Report on Form 10-K filed on April 16, 2012. ~~RISK~~There ~~FACTORS~~have been no material changes from the risk factors previously disclosed in such Annual Report.

~~For information~~ITEM ~~regarding our risk factors see the risk factors disclosed in Item 1A of our registration Annual Report on Form 10-K filed on April 16, 2012~~2. ~~There~~UNREGISTERED ~~have~~SALES ~~been~~OF noEQUITY ~~material~~SECURITIES ~~changes~~AND ~~from~~USE ~~the~~OF ~~risk factors previously disclosed in such Annual Report.~~PROCEEDS

~~ITEM~~We have 2.not ~~UNREGISTERED~~sold ~~SALES~~any OFof ~~EQUITY~~our ~~SECURITIES~~equity ~~AND~~securities ~~USE~~during OFthe ~~PROCEEDS~~period covered by this Quarterly Report.

~~We have~~ITEM ~~not sold any of our equity securities during the period covered by this Quarterly Report~~6. EXHIBITS

ITEM 6. EXHIBITS

Exhibit No.	Description

31.1	Certification of Chief Executive Officer of AsherXino Corporation required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer of AsherXino Corporation pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63.

Exhibit No.	Description
31.1	Certification of Chief Executive Officer of AsherXino Corporation required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer of AsherXino Corporation pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63.

-9-

~~-9-~~SIGNATURES

~~SIGNATURES~~Pursuant to the requirments 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.

~~Pursuant~~AsherXino ~~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.~~Corporation

~~AsherXino~~By:/s/ ~~Corporation~~Bayo O. Odunuga Name:Bayo O. Odunuga Chief Executive Officer Principal Executive Officer

ByDate:~~/s/~~ ~~Bayo~~April O.7 ~~Odunuga Name:Bayo O. Odunuga Chief Executive Officer Principal Executive Officer~~2014

Date: August 7, 2014

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