QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2015

or

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934

For the transition period from ____ to _____

Commission file number 000-27881

AS-IP TECH, INC.

(Exact name of small business issuer as specified in its charter)

Delaware	522101695
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

Suite 3, Level 7, 24 Collins Street

Melbourne, Victoria, 3000, Australia

(Address of principal executive officers)

+1 424-888-2212

(Issuer's telephone number)

_________________

(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 is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer", "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer [  ]	Accelerated filer [  ]
Non-accelerated filer [  ] (do not check if a smaller reporting company)	Smaller reporting company [X]

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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

Check whether the registrant filed all documents and reports required to be filed by Section l2, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court.  Yes [  ] No [  ]

APPLICABLE ONLY TO CORPORATE ISSUERS

As of May 6, 2015, there were 88,848,704 outstanding shares of the issuer's Common Stock, $0.0001 par value.

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AS-IP TECH, INC.

FORM 10-Q

FOR THE QUARTER ENDED MARCH 31, 2015

	INDEX
PART I. FINANCIAL INFORMATION	4
ITEM 1. Financial Statements (Unaudited)	4
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	11
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk	12
ITEM 4. Controls and Procedures	12
PART II. OTHER INFORMATION	14
ITEM 1. Legal Proceedings	14
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds	14
ITEM 3. Defaults upon Senior Securities	14
ITEM 4. Submission of Matters to a Vote of Security Holders	14
ITEM 5. Other Information	14
ITEM 6. Exhibits and Reports on Form 8-K	14
Signatures	15

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PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

AS-IP TECH, INC.

BALANCE SHEETS

	(Unaudited)			(Audited)
	March 31, 2015			June 30, 2014
ASSETS
Current Assets
Cash	$	331		$	12,348
Accounts receivable		21,890			11,414
Total current assets		22,221			23,762
Intangible assets, net		4,614			4,614
Total assets	$	26,835		$	28,376
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities
Accounts payable and accrued expenses	$	15,245		$	19,469
Loans		44,779
Related party payables		294,953			261,473
Due to related parties		228,811			228,811
Total current liabilities		583,788			509,753
Total liabilities		583,788			509,753
Stockholders' Deficit
Preferred stock $0.0001 par value;
50,000,000 shares authorized;
none issued and outstanding
Common stock, $0.0001 par value;
500,000,000  shares authorized;		8,884			8,635
June 30, 2014: 86,348,704 shares issued and outstanding;
March 31, 2015: 88,848,704 shares issued and outstanding
Additional paid-in capital		8,422,380			8,360,130
Subscriptions payable		91,380			91,380
Treasury stock - par value (50,000 shares)		(5)			(5)
Accumulated deficit		(9,079,592)			(8,941,517)
Total stockholders' deficit		(556,953)			(481,377)
Total liabilities and stockholders' deficit	$	26,835		$	28,376

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

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AS-IP TECH, INC.

STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months	Three Months	Nine Months	Nine Months
	Ending	Ending	Ending	Ending
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Revenue
License and management fees	5,823	26,680	31,003	49,419
Cost of sales		12,273	19,735	17,445
Gross Profit	5,823	14,407	11,268	31,974
Expenses
Accounting and auditing	1,620	2,040	16,620	17,620
Banking	265	398	788	1,239
Capital raising costs	62,500	2,536	62,500	3,269
Corporate administration	1,894	6,913	19,433	9,746
Corporate promotion		737	784	1,560
Interest	2,414		2,414
Officers management fees	15,000	15,000	45,000	45,000
Office expenses, rent, utilities	45	1,499	1,510	3,220
Exchange losses	9	0	30	210
Patent fees		0	264	2,399
Total expenses	83,747	29,123	149,343	84,263
Net loss	(77,924)	(14,716)	(138,075)	(52,289)
Net loss per share, basic	(0.00)	(0.00)	(0.00)	(0.00)
Weighted average number of common shares outstanding	87,598,704	84,237,391	86,973,704	82,907,436

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

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AS-IP TECH, INC.

STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Nine Months Ending Mar 31,
	2015			2014
Cash flows from operating activities:
Net loss	$	(138,075)		$	(52,289)
Adjustments to reconcile net loss to net cash
used by operating activities:
Compensatory stock issuances – accounts payable		62,500
Changes in operating assets and liabilities
Increase (Decrease) in accounts payable		(4,224)			(6,445)
Increase (Decrease) in related party payables		33,480			(13,602)
Decrease (Increase) in accounts receivable		(10,476)			(8,695)
Decrease (Increase) in prepaid expenses
Net cash used in operating activities		(56,795)			(81,031)
Cash flows from financing activities:
Expenses paid on behalf of the company by a related   party
Advances from unrelated party		44,779
Proceeds from issuance of common stock					81,657
Net cash provided by financing activities		44,779			81,657
Net Increase/(Decrease) in cash		(12,016)			626
Cash, beginning of period		12,347			38,978
Cash, end of period	$	331		$	39,604
Supplemental disclosure of non-cash information
Stock issued for payables conversion	$			$	-
Stock issued for payable conversion	$			$	-

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

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AS-IP TECH, INC.

NOTES TO FINANCIAL STATEMENTS

AS OF MARCH 31, 2015

(UNAUDITED)

Note 1. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited financial statements of the Company have been prepared in accordance with Generally Accepted Accounting Principles used in the United States of America and with the rules and regulations of the United States Securities and Exchange Commission for interim financial information.  Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position and results of operations.

The functional currency of the Company is the United States dollar.  The unaudited financial statements are expressed in United States dollars.  It is management's opinion that any material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation.  The results for the interim period are not necessarily indicative of the results to be expected for the year.

For further information, refer to the financial statements and footnotes included in the Company's Form 10-K for the year ended June 30, 2014.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

Such estimates and assumptions impact, among others, the valuation allowance for deferred tax assets, due to continuing and expected future losses, and share-based payments.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from estimates.

Per Share Data

Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, "Earnings per Share". Basic earnings per common share ("EPS") calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.

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Cash and cash equivalents:

For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents.

Income taxes

The Company accounts for its income taxes in accordance with FASB ASC Topic 740-10, "Income Taxes", which requires recognition of deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Fair value of financial instruments:

The carrying value of cash equivalents and accounts payable and accrued expenses approximates fair value due to the short period of time to maturity.

Revenue Recognition

The Company recognizes revenue on an accrual basis. Revenue is generally realized or realizable and earned when all of the following criteria are met: 1) persuasive evidence of an arrangement exists between the Company and our customer(s); 2) services have been rendered; 3) our price to our customer is fixed or determinable; and 4) collectability is reasonably assured.

Long-lived Assets

In accordance with the Financial Accounting Standards Board ("FASB") Accounts Standard Codification (ASC) ASC 360-10, "Property, Plant and Equipment," the carrying value of intangible assets and other long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. Capitalized costs are amortized based on current and future revenue for each asset with an annual minimum equal to the straight-line amortization over the remaining estimated economic life of the asset.

Stock-based compensation

The Company records stock based compensation in accordance with the guidance in ASC Topic 718, which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.

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ASC 505, "Compensation-Stock Compensation", establishes standards for the accounting for transactions in which an entity exchanges its equity instruments to non employees for goods or services. Under this transition method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of ASC 505.

Recent pronouncements

Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by management to, have a material impact on the Company's present or future financial position, results of operations or cash flows.

Note 2. Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  The Company had an Accumulated Deficit of $9,079,592 at March 31, 2015 and will be required to make significant expenditures in connection with development of the SafeCell intellectual property, seeking addition funding through investments and general and administrative expenses.  The Company's ability to continue its operations is dependent upon its raising of capital through debt or equity financing in order to meet its working capital needs.

These conditions raise substantial doubt about the Company's ability to continue as a going concern, and if substantial additional funding is not acquired or alternative sources developed, management will be required to curtail its operations.

The Company may raise additional capital by the sale of its equity securities, through an offering of debt securities, or from borrowing from a financial institution. The Company does not have a policy on the amount of borrowing or debt that the Company can incur. Management believes that actions presently being taken to obtain additional funding provides the additional opportunity for the Company to continue as a going concern. However, there is no assurance of additional funding being available or on acceptable terms, if at all. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.

Note 3. Related Party Transactions

As of March 31, 2015 and June 30, 2014, the Company has recorded as "related party payables", $294,953 and $261,473, respectively, which are due mainly to advances made by the CEO to pay for operating expenses.

As of March 31, 2015 and June 30, 2014, the Company had "due to related parties" of $228,811 and $228,811 respectively which are advances made by related parties to provide capital and outstanding directors fees. These amounts are non-interest bearing, unsecured and due on demand.

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The Company in the three months ending March 31, 2015 and in the three months ended March 31, 2014 incurred expenses of approximately $15,000 and $15,000 respectively to entities affiliated through common stockholders and directors for management expenses. These expenses have been classified as officer’s management fees in the accompanying financial statements. Amounts payable and due to related parties remain as a liability until paid with cash or settled with shares of stock. These amounts are non-interest bearing, unsecured and due on demand.

Note 4. Stockholders' Deficit

During the three month period ended March 31, 2015, the Company issued 2,500,000 shares of common stock, resulting in an increase in Common Stock of $250 and an increase in Additional Paid-In Capital by $62,250.

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ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

This quarterly report on form 10-Q includes "forward-looking statements" as defined by the Securities and Exchange Commission.  These statements may involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements.  Forward-looking statements, which involve assumptions and describe future plans, strategies and expectations, are generally identifiable by use of the words "may," "will," "could", "should," "expect," "anticipate," "estimate," "believe," "intend" or "project" or the negative of these words or other variations on these words or comparable terminology.  These forward-looking statements are based on assumptions that may be incorrect.  Actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors.  The company undertakes no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.

The following discussion should be read in conjunction with the accompanying financial statements for the three month period ended March 31, 2015 and the Form 10-K for the fiscal year ended June 30, 2014.

RESULTS AND PLAN OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2015 COMPARED TO THREE MONTHS ENDED MARCH 31, 2014

In the three month period ended March 31, 2015, the Company recorded revenue of $5,823, compared to revenue of $26,680 in the corresponding three month period ended March 31, 2014. The reduced revenue resulted from lower sales by the licensee of the Company's SafeCell intellectual property. It also reflects the expiry on September 25, 2014, of the arrangement under which the Company managed services on behalf of ASiQ Limited for the business aircraft market in North America. The Company had a Gross Profit of $5,823 in the three months ended March 31, 2015 after recording Cost of Sales of nil. In the three months ended March 31, 2014, the Company recorded Cost of Sales of $12,273, which resulted in a Gross Profit of $14,407.

Expenses in the three months ended March 31, 2015, increased to $83,747 from $29,123 in the three months ended March 31, 2014 due mainly to capital raising costs but after lower corporate administration costs.

The Company had a net loss of $77,924 in the three month period ended March 31, 2015 compared to a net loss of $14,716 in the three month period ended March 31, 2014.

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NINE MONTHS ENDED MARCH 31, 2015 COMPARED TO NINE MONTHS ENDED MARCH 31, 2014

In the nine month period ended March 31, 2015, the Company recorded revenue of $31,003, compared to revenue of $49,419 in the corresponding nine month period ended March 31, 2014. The Company had a Gross Profit of $11,268 in the nine months ended March 31, 2015 after recording Cost of Sales of $19,735. In the nine months ended March 31, 2014, the Company recorded Cost of Sales of $17,445, which resulted in a Gross Profit of $31,974.

Expenses in the nine months ended March 31, 2015, increased to $149,343 from $84,263 in the nine months ended March 31, 2014 due mainly to capital raising costs and corporate administration costs.

The Company had a net loss of $138,075 in the nine month period ended March 31, 2015 compared to a net loss of $52,289 in the nine month period ended March 31, 2014.

LIQUIDITY AND CAPITAL RESOURCES

The cash and cash equivalents balance decreased from $12,348 at July 1, 2014 to $331 at March 31, 2015.

The Company reported revenue of $31,003 in the nine months ending March 31, 2015 compared to $49,419 in the nine month period ending March 31, 2014.  The Company incurred a net loss of $138,075 from operating activities for the period July 1, 2014 to March 31, 2015, compared to a net loss of $52,289 from operating activities for the period July 1, 2013 to March 31, 2014. Cash used in operating activities decreased to $56,795 during the nine months ended March 31, 2015 from $81,031 for the nine months ended March 31, 2014 due to increased related party loans to meet expenses and capital raising costs met from compensatory stock issue.

The cash flow of the Company from financing activities for the nine months ending March 31, 2015 was $44,779 as a result of a non-related loan compared to cash flow from financing activities for the nine months ending March 31, 2014 of $81,657 from issuance of common stock.

The Company's plan for its intellectual property will require funding for marketing and to set up further license arrangements.

The Company may raise additional capital by the sale of its equity securities, through an offering of debt securities, or from borrowing from a financial institution or other funding sources. The Company does not have a policy on the amount of borrowing or debt that the Company can incur. There are no guarantees on the company’s ability to raise additional capital.

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable

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ITEM 4. Controls and Procedures

(a) Evaluation of disclosure controls and procedures.

Our management, including the Company's Chief Executive Officer/Principal Financial Officer, and the Company's President, have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined In Rule 13a- 15(e) and 15d-15e under the Securities Exchange Act of 1934 (the "Exchange Act") as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon that evaluation, our management concluded that our disclosure controls and procedures as of the end of the period covered by this report are adequate and effective such that the information required to be disclosed by us in the reports filed under the Securities Exchange Act of 1934 is (i) recorded, processed, summarized and reported within the time periods specified in SEC's rules and forms and (ii) accumulated and communicated to our management to allow timely decisions regarding disclosure. A controls system cannot provide absolute assurance however, that the effectiveness of the controls system are met and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud if any, within a company have been detected.

(b) Changes in internal controls.

The Company's management, including the Chief Executive Officer/Principal Financial Officer, and President, evaluated whether any changes in our internal controls over financial reporting, occurred during the quarter ended March 31, 2015. Based on that evaluation, our management concluded that no change occurred in the Company's internal controls over financial reporting during the quarter ended March 31, 2015 that has materially affected, or is reasonably likely to materially affect, the Company's internal controls over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1 Legal Proceedings

None

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

None

ITEM 3. Defaults upon Senior Securities

None

ITEM 4. Mine Safety Disclosures

None

ITEM 5. Other Information

None

ITEM 6. Exhibits and Reports on Form 8-K

(a) Exhibits:

Exhibit No.	Description
31.1	Certification of the Chief Executive Officer under Rule 13a-14(a) (Section 302 of the Sarbanes-Oxley Actof 2002)
31.2	Certification of the Chief Financial Officer under Rule 13a-14(a) (Section 302 of the Sarbanes-Oxley  Act of 2002)
32.1	Certification Pursuant To Section 906 Of The Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)
32.2	Certification Pursuant To Section 906 Of The Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)

(b) Reports on Form 8-K was filed in the quarter ended March 31, 2015:

None

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Signatures

In accordance with the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

AS-IP TECH, INC.

SIGNATURE	TITLE	DATE
By:  /s/ Richard Lukso	Director	5/12/2014
By:  /s/ Ronald J. Chapman	Director	5/12/2014
By:  /s/ Philip A.  Shiels	Director	5/12/2014
By:  /s/ Graham O. Chappell	Director	5/12/2014

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