U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

X  .	Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of 1934
	For the quarterly period ended September 30, 2012
.	Transition Report under Section 13 or 15(d) of the Exchange Act
	For the Transition Period from ________to __________

Commission File Number: 333-152837

Extreme Biodiesel, Inc.

(Exact Name of Registrant as Specified in its Charter)

NEVADA	36-4627722
(State of other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification Number)

1560 N. Maple Street
Corona CA	92880
(Address of principal executive offices)	(Zip Code)

Registrant's Phone: (951) 734-5344

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section13 or 15(d) of the Exchange Act of 1934 during the past 12 months (or 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.

Large accelerated filer	.	Accelerated filer	.
Non-accelerated filer	. (Do not check if a smaller reporting company)	Smaller reporting company	X .

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes      . No   X  .

As of September 30, 2012, the issuer had 125,438,500 shares of common stock issued and outstanding.

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	TABLE OF CONTENTS	Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operation	16
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	18
Item 4.	Controls and Procedures	18
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	18
Item 1A.	Risk Factors	18
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	18
Item 3.	Defaults Upon Senior Securities	18
Item 4.	Submission of Matters to a Vote of Security Holders	18
Item 5.	Other Information	18
Item 6.	Exhibits	19

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ITEM 1 FINANCIAL STATEMENTS

EXTREME BIODIESEL, INC.

FINANCIAL STATEMENTS

(EXTREME)

For the three months ended

Sept. 30, 2012

John Kinross-Kennedy, C.P.A.

17848 Skypark Circle

Irvine, CA  92614-6401

(949) 955-2522.   Fax (949)724-3817

jkinross@zamucen.com

3

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EXTREME GREEN TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEET
				September 30,		June 30,
				2012		2012
	ASSETS			(Unaudited)
Current Assets
	Cash and cash equivalents		$	2,105	$	1,656
	Accounts Receivable			5,245		745
	Inventory			23,299		23,299
		Total Current Assets		30,649		25,700
Property plant and equipment,     net of accumulated depreciation
				564,949		590,413
Other Assets
	Notes Receivable			40,000		40,000
	Deposits			18,036		18,036
		Total Other Assets		58,036		58,036
	TOTAL ASSETS		$	653,634	$	674,149
	LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
	Accounts payable and accrued expenses		$	198,794	$	198,526
	Bank Line of Credit			73,497		72,925
	Deferred Rent			5,455		5,455
	Notes Payable			125,700		119,500
	Rental Deposit			5,000		5,000
		Total Current Liabilities		408,446		401,406
Other Liabilities
	Note Payable			95,000		95,000
	Deferred Investments    (Note 2)			-		-
	Shareholder Loans			64,500		64,500
		Total Other Liabilities		159,500		159,500
		Total Liabilities		567,946		560,906
Stockholders' Equity
	Common Stock, $0.001 par value, authorized 100,000 shares;    Issued and outstanding:    125,438,500 as at June 30, 2012    125,438,500 as at September 30, 2012
				125,439		125,439
	Additional paid-in capital			1,969,688		1,969,688
	Deficit			(2,009,439)		(1,981,884)
		Total Stockholders' Equity		85,688		113,243
	TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	653,634	$	674,149

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EXTREME GREEN TECHNOLOGIES INC.
CONSOLIDATED STATEMENT OF OPERATIONS
For the three months ended September 30, 2012 and 2011
			For the three months ended
			September 30,
			2012		2011
Revenues		$	32,924	$	64,695
Cost of Sales exclusive of depreciation expense			6,346		32,980
Selling, General and Administrative Expenses
	Advertising and Marketing		-		15,292
	Occupancy Costs		17,046		18,216
	Depreciation		25,465		25,465
	Salaries and wages		4,153		20,107
	Legal and professional fees		284		8,257
	Other selling, general and administrative Expenses		6,613		11,522
			53,561		98,859
Net Income before other income and expenses			(26,983)		(67,144)
Other Income and expenses
	Other income				105
	Interest expense		(572)		(1,349)
			(572)		(1,244)
Net Income, at 100%		$	(27,555)	$	(68,388)
Basic and dilutive earnings per share		$	(0.00)	$	(0.00)
Weighted average number of shares outstanding			125,438,500		107,391,000

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EXTREME GREEN TECHNOLOGIES INC.
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
For the period from February 28, 2008 to September 30, 2012
(Unaudited)
					Additional
	Common Stock				Paid-in		Accumulated
	Shares		Amount		Capital		Deficit		Total
							(Restated)
Balances Feb. 28, 2008,             (Incorporation)	-		-		-		-		-
Common stock issued: cash	70,000,000		70,000		(67,500)		-		2,500
Common stock for services	4,130,000		4,130		3,960		-		8,090
Net. Loss for the period	-		-		-		(55,100)		(55,100)
Balances, June 30, 2008	74,130,000		74,130		(63,540)		(55,100)		(44,510)
Common stock issued: cash	5,260,500		5,261		32,314		-		37,575
Net loss for the year	-		-		-		(26,506)		(26,506)
Balances, June 30, 2009	79,390,500		79,391		(31,226)		(81,606)		(33,441)
Common stock for services	700,000		700		4,300		-		5,000
Restatement of equity per reorganization	-		-		1,563,135		(743,303)		819,832
Net loss for the year	-		-		-		(376,821)		(376,821)
Balances, June 30, 2010	80,090,500		80,091		1,536,209		(1,201,730)		414,570
Common stock issued pursuant to plan of reorganization	16,550,000		16,550		(16,550)		-		-
Adjustments per reorganization	-		-		220,827		-		220,827
Shares issued in exchange	4,658,000		4,658		(4,658)		-		-
Sale of stock for cash	1,140,000		1,140		55,860		-		57,000
Adjustments per reorganization	-		-		11,000		-		11,000
Shares issued in exchange	1,800,000		1,800		88,200		-		90,000
Net loss for the year	-		-		-		(498,071)		(498,071)
Balances, June 30, 2011	104,238,500		104,239		1,890,888		(1,699,801)		295,326
Capital stock issued in  settlement of debt	10,000,000		10,000		-		-		10,000
Common stock for services	11,200,000		11,200		78,800		-		90,000
Net loss for the year	-		-		-		(282,083)		(282,083)
Balances, June 30, 2012	125,438,500		125,439		1,969,688		(1,981,884)		113,243
Net loss for the three months	-		-		-		(27,555)		(27,555)
Balances, Sep. 30, 2012	125,438,500		125,439		1,969,688		(2,009,439)		85,688

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EXTREME GREEN TECHNOLOGIES INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the three months ended September 30, 2012 and 2011
						2012		2011
Cash Flows from Operating Activities
	Net Income after taxes				$	(27,555)	$	(68,388)
	Adjustments to reconcile net loss to net cash used by operations:
			Depreciation			25,465		25,465
			Accrued interest			572		-
	Change in operating assets and liabilities:
			Accounts Receivable			(4,500)		(109)
			Inventory			-		10,730
			Accounts Payable and accrued expenses			267		18,559
			Net Cash provided by Operating Activities			(5,751)		(13,743)
Cash Flows from Investing Activities
	Proceeds (amortization) of deferred  investments					-		15,000
				Net Cash (used by) Investing Activities		-		15,000
Cash Flows from Financing Activities
	Bank Line of Credit							(3,932)
	Proceeds of loans					6,200		-
			Net Cash (used by) Financing Activities			6,200		(3,932)
Net increase (decrease)  in cash						449		(2,675)
Cash and cash equivalents, beginning of period						1,656		8,785
Cash and cash equivalents, end of period					$	2,105	$	6,110
Supplemental disclosure of cash flow information
		Income taxes paid			$	800	$	800
		Interest paid			$	-	$	-

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Extreme Green Technologies Inc.

(F.K.A. Book Merge Technologies Inc.)

Notes to Financial Statements

For the year ended

September 30, 2012

1.    Organization and Nature of Operations

Presentation

On October 7, 2010 the Company, as Book Merge Technology, Inc, (BMT), entered into a plan of reorganization with a private company, Extreme Green Technologies Inc. (EGT).  A reverse merger was effected on October 11, 2010, wherein BMT, was the surviving company and legal acquirer whereas EGT was the operating company.  Accordingly, operations of the entity for the year ended June 30,2012 and 2011 are reported as those of the original EGT, the operating company.  BMT subsequently changed its name to Extreme Green Technologies, Inc.

Organization

The Company F.K.A. Book Merge Technology, Inc. (BMT, the legal acquirer) was incorporated February 28, 2008 In the State of Nevada as Big West Environmental, Inc.  The Company intended to enter into the sale and distribution of solar PV panels.  The Company has devoted substantially all its efforts to business planning and development since inception.  The Company has realized no revenue from it s planned business purpose. After evaluation of current opportunities, the Company entered into an agreement with Extreme Green Technologies, Inc. (EGT, the operating company) on October 7, 2010 to enter the bio fuel industry.  Book Merge Technology, Inc. (BMT, the legal acquirer) changed its name to Extreme Green Technology Inc.

Extreme Green Technologies, Inc. (EGT, the operating company) was incorporated under the laws of the State of Nevada as Ryan Enterprises, Inc on December 23, 2003 for the purpose of developing, marketing and commercializing bio-diesel fuel, bio-diesel processors and related products.  In January 2008 the name was changed to Extreme Green Technologies, Inc. (“EGT”).  The Company has the relevant licenses for bio diesel production in California and is “doing business as “Extreme Biodiesel”.

Current Business of the Company

On January 1, 2008, the operating company, Extreme Green Technologies, Inc. (EGT), purchased an existing business, Extreme Biodiesel, which had, since 2004, been manufacturing home biodiesel processors.  In February, 2008 EGT moved to an 11,400 square foot building at 1560 Maple Street, Corona, California to set up a licensed bio diesel refinery and factory for refining diesel oil and manufacturing bio diesel processors.   A spike in fuel prices in 2008 created a demand for EGT’s processors that propelled processor sales in that year to $885,825.  The refinery at the outset was able to produce 2,000 gallons per day and is being expanded.

On October 7, 2010 EGT entered into a Plan of Reorganization with BookMerge Technology Inc. (BMT) for a stock swap (2 EGT for 1 BMT), resulting in Book Merge (BMT) acquiring a 51% controlling interest in EGT on October 11, 2010.  Stock swaps continued until BMT acquired 100% by March 31, 2011. The effect was a reverse merger, wherein BookMerge,  is the surviving company and legal acquirer whereas EGT, (the operating company), is the accounting acquirer.  Operations of the entity are reported as those of EGT.  EGT became a subsidiary of BookMerge. BookMerge subsequently changed its name to Extreme Green Technologies, Inc. on August 12, 2011.

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2.    Summary of Significant Accounting Policies

Unaudited Interim Financial Statements

The accompanying unaudited financial statements have been prepared by the Company, pursuant to the rules and regulations of the Securities Exchange commission (the “SEC”) as applicable to smaller reporting companies, and generally accepted accounting principles for interim accounting reporting.   The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods.  Certain information  and footnote disclosures normally presented in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted pursuant to such rules and regulations.  These unaudited condensed financial statements should be read in conjunction with the audited financial statements and footnotes included in the Company’s Annual Report on Form 10K. The results of the three month period ended September 30, 2012 are not necessarily indicative of the results to be expected for the full year ending June 30, 2013.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and reported amounts of revenue and expenses during the reporting period.  Actual results could differ materially from those estimates. Significant estimates made by management are, among others, realizability of long-lived assets, deferred taxes and stock option valuation.

Cash and equivalents

Cash and equivalents include investments with initial maturities of three months or less.

Fair Value of Financial Instruments

The Financial Accounting Standards Board issued   ASC (Accounting Standards Codification) 820-10 (SFAS No. 157), “Fair Value Measurements and Disclosures" for financial assets and liabilities. FASB ASC 820-10 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements.  FASB ASC 820-10 defines fair value as the price  that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.  FASB ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value:

-

Level 1:  Quoted prices in active markets for identical assets or liabilities

-

Level 2:  Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

-

Level 3:  Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company has classified its assets and liabilities into these levels depending upon the data relied upon to determine the fair values.  The following fair value hierarchy table represents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2012 and 2011.

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September 30, 2012

		Quoted Prices		Significant
		in Active		Other		Significant
		Markets for		Observable		Unobservable		Balance as of
		Identical Assets		Inputs		Inputs		December31,
		(Level 1)		(Level 2)		(Level 3)		2009
Assets
	Note Receivable	$             40,000		$                   -		$                       -		$         40,000
	Deposits	18,036		-		-		18,036
		$             58,036		$                   -		$                      -		$         58,036
Liabilities
	Bank  Line of Credit	$                       -		$          72,925		$                       -		$          72,925
	Notes Payable	-		125,700		-		125,700
	Note Payable	-		95,000		-		95,000
	Stockholder Loans	-		64,500		-		64,500
		$                       -		$        358,125		$                       -		$        358,125

September 30, 2011

		Quoted Prices		Significant
		in Active		Other		Significant
		Markets for		Observable		Unobservable		Balance as of
		Identical Assets		Inputs		Inputs		December31,
		(Level 1)		(Level 2)		(Level 3)		2009
Assets
	Note Receivable	$           40,000		$                   -		$                      -		$            40,000
	Deposits	18,036		-		-		18,036
		$           58,036		$                   -		$                      -		$            58,036
Liabilities
	Bank  Line of Credit	$          70,398		$                    -		$                      -		$            70,398
	Note Payable	95,000		-		-		95,000
	Deferred Investments	-		109,000		-		109,000
	Stockholder Loans	-		64,500		-		64,500
		$        165,398		$        173,500		$                      -		$          388,898

Income Taxes

The Company utilizes FASB ACS 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns.  Under this method, deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income.  A valuation allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized.

The Company generated a deferred tax credit through net operating loss carryforward.  However, a valuation allowance of 100% has been established

Interest and penalties on tax deficiencies recognized in accordance with ACS accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19.

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Stock-based Compensation

(FASB) ASC Topic 718,  Stock Compensation (formerly FASB Statement 123R) requires generally that all equity awards granted to employees be accounted  for at grant-date “fair value”.  Fair value is equal to the underlying value of the stock for “full value” awards such as restricted stock and performance shares, and estimated using an option pricing model with traditional inputs for “appreciation” awards such as stock options and stock appreciation rights.  There are special provisions for nonpublic companies that are intended to ease compliance with accounting for stock compensation.

The Company was not trading as at September 30, 2012 and there is no public market for its stock.  Stock value based on book value or discounted net asset value is not considered reliable.  The Company will therefore adopt the most reliable indication of stock value: quantum meruit, i.e. the value of assets purchased and services rendered, based on cost, industry average rates and services contribution.

Recent Accounting Pronouncements

On June 2011, the FASB issued ASU No. 2011-05, "Presentation of Comprehensive Income." This update was amended in December 2011 by ASU No. 2011-12, "Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05." This update defers only those changes in update 2011-05 that relate to the presentation of reclassification adjustments. All other requirements in update 2011-05 are not affected by this update, including the requirement to report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements. ASU No. 2011-05 and 2011-12 are effective for fiscal years (including interim periods) beginning after December 15, 2011. The Company does not expect this guidance to have a significant impact on its consolidated financial position, results of operations or cash flows.

In December 2011, the FASB issued ASU No. 2011-11, "Disclosures about Offsetting Assets and Liabilities." The amendments in this update require enhanced disclosures around financial instruments and derivative instruments that are either (1) offset in accordance with either ASC 210-20-45 or ASC 815-10-45 or (2) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with either ASC 210-20-45 or ASC 815-10-45. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The amendments are effective during interim and annual periods beginning on or after January 1, 2013. The Company does not expect this guidance to have any impact on its consolidated financial position, results of operations or cash flows.

The Company has reviewed issued accounting pronouncements and plans to adopt those that are applicable to it.  The Company does not expect the adoption of any other pronouncements to have an impact on its results of operations or financial position.

Going Concern

The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business.  The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern.  There was limited sales activity the year ended June 30, 2012 and the three months ended September 30, 2012.  The company experienced a loss of $282,083 in the year ended June 30, 2012, (2011: $498,071) and $27,555 in the three months ended September 30, 2012, (2011: 68,388).  The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable.  If the Company is unable to obtain adequate capital, it could be forced to cease development of operations.

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish its plans to generate bio-diesel revenue from an expanded refinery.  The accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amount and classifications or liabilities or other adjustments that might be necessary should the Company be unable to continue as a going concern.

Basic and Diluted Net Loss Per Share

Net loss per share is calculated in accordance with FASB ASC 260, Earnings Per Share, for the period presented.  Basic net loss per share is based upon the weighted average number of common shares outstanding.  Diluted net loss per share is based on the assumption that all dilative convertible shares and stock options were converted or exercised.  Dilution is computed by applying the treasury stock method.  Under this method, options and warrants are assumed exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period.

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The Company has potentially dilutive securities outstanding as of March 31, 2012 in the form of convertible debt.  However the conversion would be anti dilutive, since the Company is in a loss position, and was therefore not considered in the calculation of earnings per share.

The following is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations for the three months ended September 30, 2012 and 2011:

Numerator:		2012		2011
Basic and diluted net loss per share:
Net Loss	$	(27,555)	$	(68,388)
Denominator
Basic and diluted weighted average number of shares outstanding		125,438,500		107,391,000
Basic and Diluted Net Loss Per Share	$	(0.00)	$	(0.01)
Notes Receivable		2012		2011
	$	40,000	$	40,000

An advance of $40,000 on March 18, 2009 to Superior Service Recycling was made in a preliminary agreement to purchase Superior’s business.  This business provides EGT with used vegetable oil for bio-diesel production.  It is owned by Scott Brown, a stockholder and Technical Director of EGT. The Board of Directors has stated the intention of completing the transaction. The advance carries no interest or terms of repayment. The expiration the agreement to purchase Superior's business is December 31, 2012. In the event that Superior is not purchased, the note will become due and payable January 1, 2013. There is no collateral underlying the note receivable.

Property, Plant and Equipment

		September 30,
		2012		2011
Refinery	$	857,025	$	857,025
Leasehold Improvements		31,885		31,885
Vehicles		52,935		52,935
Furniture and fixtures		3,422		3,422
		945,267		945,267
Accumulated depreciation		(380,318)		(278,460)
Property, plant and equipment, net	$	564,949	$	666,807
Depreciation, 3 months Sep. 30,2012	$	25,465	$	25,465

(Included in Other General and Administrative Expenses on the Statement of Operations).

Property plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method with useful lives used in computing depreciation ranging from 6 to 10 years. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Expenditures for maintenance and repairs are charged to operations as incurred; additions, renewals and betterments are capitalized.  

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Notes Payable (Current Liability)

		September 30,
		2012		2011
a. Note Payable: Hayden	$	116,000	$	109,000
b. Note Payable: Bonnet		9,700		0
	$	125,700	$	109,000

a.

 Note Payable: Hayden

On February 25, 2010 the Company signed an investment agreement with two individuals, Steve Hayden III and Steve Hayden IV.  The Company issued an irrevocable promissory note for $100,000 for which an initial deposit was received and subsequent payments of $75,000, which were completed June 9, 2010.  Further advances of $26,000 were made. The note bears zero percent interest and was to mature March 19, 2011.  In the event of default the note is convertible into common stock at par value at the option of the lenders.

The note was defaulted upon March 19, 2011.  The lenders exercised the option to convert $10,000 of the debt to common stock at par value on September 1, 2011.  The note is classified as a current liability.

The investment agreement specified that the lenders were to receive 24% of Net Profit over 24 months beginning June 30, 2010, typed as royalty.  Net Profit was defined as fuel sales less oil, delivery and processing costs, and taxes.  The minimum return was specified as $200,000.  No royalty payments became payable under the agreement.  The agreement was cancelled by mutual consent on April 1, 2012, eliminating the royalty.  The conversion feature of the promissory note was not altered.

b.

 Note Payable:  Bonnet

A $3,500 cash loan was received from an individual, Don Bonnet, on June 20, 2012 at zero percent interest for working capital. Further advances totalling $6,200 were made in the three months ended September 30, 2012, raising the total to $9,700.  The terms were not specified.  The loan is  assumed callable and classified as a current liability.

Bank Line of Credit

	September 30,
	2012		2011
$	73,497	$	70,398

The line of credit is funded by Bank of the West, carries interest currently at 3.25% and is payable upon demand. The interest rate is variable based on Bank of the West prime rate.

Note Payable

	September 30,
	2012		2011
$	95,000	$	95,000

On November 11, 2009 the Company entered into a stock purchase agreement with Envirotek, wherein Envirotek was to acquire 51% of EGT stock, and was to loan EGT $250,000 in stages. In November 2009 Envirotek advanced EGT $65,000 and a further 30,000 from January 28 to March 3^rd 2010 under promissory notes.  The $65,000 note carries no interest,  requires no payments  and matures January 20, 2013.  On April 26, 2010 The Board of Directors rescinded the agreement with Envirotek Inc. This effectively ended the business relationship between the two companies.  Envirotek subsequently ceased operations.  The advances were classified as a non current liability pending renewed communication with Envirotek.

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Stockholder Loans

		September 30,
		2012		2011
Robert Neuberger	$	50,000	$	50,000
Joseph Spadafore		8,500		8,500
Ryan Spadafore		6,000		6,000
	$	64,500	$	64,500

Stockholder loans carry no interest, have no terms of repayment, and are non callable.

Repayment is discretionary.  Robert Neuberger and Joseph Spadafore are officers of the Company.

3.  

Provision for Income Tax

No provision was made for federal income tax for the three months ended September 30, 2012, since the Company had significant net operating loss. The provision for income taxes consists of the state minimum tax imposed on corporations.

The net operating loss carryforward for federal and state income tax purposes as of September 30, is approximately $ 1,507,000 The net operating losses will expire in 2027 through 2032 unless utilized beforehand.

The availability of the Company’s net operating loss carryforwards are subject to limitation if there is a 50% or more positive change in the ownership of the Company’s stock.

The Company has recorded a 100% valuation allowance for the deferred tax asset since it is “more-likely- than-not” that the deferred tax assets will not be realized.

The components of the net deferred tax asset are summarized below:

		September 30,
		2012		2011
Tax expense (credit) at statutory rate-federal		-34%		-34%
State tax expense net of federal tax		-6%		-6%
Changes in valuation allowance		40%		40%
Tax expense at actual rate		-%		-%

		September 30,
		2012		2011
Deferred tax asset – (from net operating loss)	$	573,700	$	501,300
Less valuation allowance		(573,700)		(501,300)
Net deferred tax asset	$	0	$	0
Increase in allowance in the 3 months ended September 30, 2012	$	8,300

4.

Sub Lease

On December 31, 2011 the Company leased up to 50% of its premises for storage and parking at $5,000 per month to a company engaged in the business of collecting waste vegetable oil used in diesel manufacture.

5.

Related Party Transactions

On September 1, 2012 the Company converted $10,000 of a stockholder’s debt to stock by the issue of 10,000,000 shares of common stock in accordance with the financial instrument.

On September 21, 2012 the Company issued 2,200,000 shares to two officers of the Company, Joseph Spadafore and Richard Carter, for unpaid salary.

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6.

Capital Structure

Common Stock

There were no stock transactions in the three months ended September 30, 2012.

As at September 30, 2012 the Company was authorized to issue 200,000,000 common shares, of which   125,438,500 were issued and outstanding.

7.

Commitments and Contingencies

The Company entered into a three year lease for an office and manufacturing building in Corona, California on February 15, 2008 at the rate of $8,050 per month.  The lease was extended for a further five years at the rate of $6,000 per month. Future lease commitments over the life of the lease are:

Fiscal year ended June 30:
	2013	$	72,000
	2014		72,000
	2015		72,000
	2016		42,000
		$	267,000

8.

Legal Proceedings

There were no legal proceedings against the Company with respect to matters arising in the ordinary course of business. Neither the Company nor any of its officers or directors is involved in any other litigation or is involved either as plaintiffs or defendants, and have no knowledge of any threatened or pending litigation against them or any of the officers or directors

9.

Subsequent Events

Events subsequent to September 30, 2012 have been evaluated through November 17, 2012, the date these statements were available to be issued, to determine whether they should be disclosed to keep the financial statements from being misleading.

On October 5, 2012 the Company issued 12,000,000 shares of common stock in conversion of $12,000 of debt.

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

FORWARD-LOOKING STATEMENTS

All statements, other than statements of historical facts, included or incorporated by reference in this Form 10-Q which address activities, events or developments which the Company expects or anticipates will or may occur in the future, including such things as future capital expenditures (including the amount and nature thereof); finding suitable merger or acquisition candidates; expansion and growth of the Company's business and operations; and other such matters are forward-looking statements.  These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. However, whether actual results or developments will conform with the Company's expectations and predictions is subject to a number of risks and uncertainties, including general economic, market and business conditions; the business opportunities (or lack thereof) that may be presented to and pursued by the Company; changes in laws or regulation; and other factors, most of which are beyond the control of the Company.

These forward-looking statements can be identified by the use of predictive, future-tense or forward-looking terminology, such as "believes," "anticipates," "expects," "estimates," "plans," "may," "will," or similar terms. These statements appear in a number of places in this Filing and include statements regarding the intent, belief or current expectations of the Company, and its directors or its officers with respect to, among other things: (i) trends affecting the Company's financial condition or results of operations for its limited history; (ii) the Company's business and growth strategies; and, (iii) the Company's financing plans. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Such factors that could adversely affect actual results and performance include, but are not limited to, the Company's limited operating history, potential fluctuations in quarterly operating results and expenses, government regulation, technological change and competition.

Consequently, all of the forward-looking statements made in this Form 10-QSB are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequence to or effects on the Company or its business or operations. The Company assumes no obligations to update any such forward-looking statements.

GENERAL DESCRIPTION OF BUSINESS

Extreme Biodiesel, Inc. operation is to develop, market and commercialize bulk bio-diesel fuel, home bio-diesel processors and increase capacity of the related waste vegetable oil and brown grease inceptor/grease trap cleaning and collection areas of Extreme Biodiesel. Extreme's mission is to create awareness and provide a cost-effective, high-quality alternative diesel fuel, create "green" jobs, reduce the environmental impact of fossil fuels and diminish US reliance on foreign oil.

Extreme Biodiesel was formed on October 19, 2007 as a Nevada corporation qualified to do business in California. Extreme Biodiesel was formed to develop market and commercialize bulk bio-diesel fuel, personal biodiesel processors and related products.

Extreme Biodiesel’s mission is to satisfy the biodiesel demand and eliminate US reliance on foreign oil, reduce the environmental impact of fossil fuels, avoid petroleum price volatility, create “green” jobs, reduce transportation costs for goods, and help create a self-sustaining fuel system in the USA.

Extreme Biodiesel currently has an existing fully licensed and permitted bio-diesel production facility in Corona, CA capable of producing up to 4,000 gallons and is plant is expandable to 20,000 gallons per day of bio-diesel fuel from virgin and waste vegetable oil. Extreme Biodiesel has completed IRS Fuel Tax registration requirements for fuel tax credits and rebates, obtained the difficult State of California Developmental Fuel Variance License, State of California Board of Equalization excise tax registration, State of California Department of Food and Agriculture Rendering and Transportation licenses along with city permitting and licensing for the large refinery and home processor sales. Final EPA RFS II registration for ASTM Certification is pending. The company currently employs five employees and two independent contractors.

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MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

The Company has a limited operating history upon which an evaluation of the Company, its current business and its prospects can be based. The Company's prospects must be considered in light of the risks, uncertainties, expenses and difficulties frequently encountered by companies in their early stages of development. Such risks include inadequate funding the company's inability to anticipate and adapt to a developing market, the failure of the company's infrastructure, changes in laws that adversely affect the company's business, the ability of the Company to manage its operations, including the amount and timing of capital expenditures and other costs relating to the expansion of the company's operations, the introduction and development of different or more extensive communities by direct and indirect competitors of the Company, including those with greater financial, technical and marketing resources, the inability of the Company to attract, retain and motivate qualified personnel and general economic conditions.

The Company expects that its operating expenses will increase significantly, especially as it implements its business plan. To the extent that increases in its operating expenses precede or are not followed by commensurate increases in revenues, or that the Company is unable to adjust operating expense levels accordingly, the Company's business, results of operations and financial condition would be materially and adversely affected. There can be no assurances that the Company can achieve or sustain profitability or that the Company's operating losses will not increase in the future.

RESULTS OF OPERATIONS

The Company has achieved no significant revenue or profits to date, and the Company anticipates that it will continue to incur net losses for the foreseeable future. The Company incurred a net loss of approximately $27,555 for the three months ended September 30, 2012, compared with a net loss of $68,388 for the three months ended September 30, 2011.

LIQUIDITY AND CAPITAL RESOURCES

Since its inception the Company has had limited operating capital, and has relied heavily on debt and equity financing.

The financial statements as of and for the period ended on June 30, 2012 expressed their substantial doubt as to the Company's ability to continue as a going concern. Without additional capital, it is unlikely that the Company can continue as a going concern. The Company plans to raise operating capital via debt and equity offerings. However, there are no assurances that such offerings will be successful or sufficient to fund the operations of the Company. In the event the offerings are insufficient, the Company has not formulated a plan to continue as a going concern. Moreover, if such offerings are successful, they may result in substantial dilution to the existing shareholders.

CRITICAL ACCOUNTING POLICIES

In Financial Reporting release No. 60, "CAUTIONARY ADVICE REGARDING DISCLOSURE ABOUT CRITICAL ACCOUNTING POLICIES" ("FRR 60"), the Securities and Exchange Commission suggested that companies provide additional disclosure and commentary on their most critical accounting policies. In FRR 60, the SEC defined the most critical accounting policies as the ones that are most important to the portrayal of a company's financial condition and operating results, and require management to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain.  Based on this definition, our most critical accounting policies include: non-cash compensation valuation that affects the total expenses reported in the current period and the valuation of shares and underlying mineral rights acquired with shares. The methods, estimates and judgments we use in applying these most critical accounting policies have a significant impact on the results we report in our financial statements.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company is not exposed to market risk related to interest rates or foreign currencies.

CONTROLS AND PROCEDURES

ITEM 4.  CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934 , as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our president (also our principal executive officer) and our secretary, treasurer and chief financial officer (also our principal financial and accounting officer) to allow for timely decisions regarding required disclosure.

As of September 30, 2012 we carried out an evaluation, under the supervision and with the participation of our president (also our principal executive officer and our chief financial officer), of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our President and Chief Financial Officer concluded that our disclosure controls and procedures were effective for our corporate reporting as of the end of the period covered by this Quarterly Report.   Accounting professionals have been added to address the weaknesses addressed in the Dec. 31, 2010 Form 10Q.

CHANGES IN INTERNAL CONTROLS.

There was no change in our internal controls or in other factors that could affect these controls during our last fiscal quarter that has materially affected, or is reasonably likely to materially affect our internal control over financial reporting.

PART II OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company is not a party to any legal proceedings.

ITEM 1A. RISK FACTORS

There are no material changes in the risk factors set forth in the Company’s Form10K filed October 15, 2012.

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

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.

ITEM 5. OTHER INFORMATION

None.

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ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

The following documents are included or incorporated by reference as exhibits to this report:

Exhibit Number	Description
31.1	Certification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(b)   REPORTS ON FORM 8-K

None.

SIGNATURES

In accordance with Section 13 or 15 (d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: November 19, 2012

	Extreme Biodiesel, Inc.
	Registrant
	By: /s/ Richard Carter
	Richard Carter Chairman of the Board Chief Executive Officer

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