You don't actually use the objects you initialise at the top of the function:
flashCardText = [[NSString alloc] init];
flashCardAnswer=[[NSString alloc] init];
as you replace those objects with others later on:
self.flashCardText = [NSString stringWithUTF8String:(char *)sqlite3_column_text(CompiledStatement,0)];
self.flashCardAnswer= [NSString stringWithUTF8String:(char *)sqlite3_column_text(CompiledStatement,1)];
So those would seem to be the objects that are leaking.