Yes, InqScribe is compatible with Mountain Lion. If you already have InqScribe installed on your computer, it should continue to work fine.
However, if you are installing InqScribe anew, the new security model in Mountain Lion may require a few extra steps in order to approve InqScribe. We’ve written up a detailed post about Mountain Lion here:
We hope to get a signed version of InqScribe out soon, so you will not need to go through this process again.