First Liberty Power Corp - FORM 10-Q

Attached files

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EX-31.1 - SECTION 302 CERTIFICATION - First Liberty Power Corp	ex31-1.txt
EX-32.1 - SECTION 906 CERTIFICATION - First Liberty Power Corp	ex32-1.txt

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

(Mark One)

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

For the quarterly period ended April 30, 2010
or

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

For the transition period from ______________ to ______________

Commission File Number 000-52928

FIRST LIBERTY POWER CORP.
(Exact name of registrant as specified in its charter)

Nevada 45-0560329
(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)

114 West Magnolia St., #400-136, Bellingham, WA 98225
(Address of principal executive offices) (Zip Code)

702.990.8402
(Registrant's telephone number, including area code)

N/A
(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. [X] YES [ ] NO

Indicate by check mark whether the registrant has submitted electronically and
posted on its corporate Website, if any, every Interactive Data File required to
be submitted and posted pursuant to Rule 405 of Regulation S-K (ss.229.405 of
this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post such files). Yes [ ] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a small 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 [ ] Smaller reporting company [X]
(Do not check if a smaller reporting company)

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 has filed all documents and reports required to be
filed by Sections 12, 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

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

68,675,000 common shares issued and outstanding as of June 18, 2010

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXLORATION STAGE COMPANY)
INDEX TO FINANCIAL STATEMENTS
APRIL 30, 2010, AND 2009
(UNAUDITED)

Financial Statements -

Balance Sheets as of April 30, 2010, and July 31, 2009.................. 3

Statements of Operations for the Three and Nine Months Ended
April 30, 2010, and 2009, and Cumulative from Inception ............... 4

Statements of Cash Flows for the Nine Months Ended
April 30, 2010, and 2009, and Cumulative from Inception ............... 5

Notes to Financial Statements April 30, 2010, and 2009.................. 6

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
BALANCE SHEETS (NOTE 2)
AS OF APRIL 30, 2010, AND JULY 31, 2009
(Unaudited)

April 30, July 31,
2010 2009
---------- ----------

ASSETS

CURRENT ASSETS:
Cash in bank $ 247,417 $ 138
Prepaid expenses 103,324 --
---------- ----------
Total current assets 350,741 138
---------- ----------
PROPERTY AND EQUIPMENT:
Mineral properties 247,500 --
---------- ----------
Total property and equipment 247,500 --
---------- ----------

TOTAL ASSETS $ 598,241 $ 138
========== ==========

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES:
Accounts payable - Trade $ 43,131 $ 4,705
Accrued liabilities 14,540 3,500
Due to shareholder 9,761 1,000
Loan payable 159,965 --
---------- ----------
Total current liabilities 227,397 9,205
---------- ----------

Total liabilities 227,397 9,205
---------- ----------
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock, par value $0.001 per share; 540,000,000 shares authorized;
69,645,000 and 68,175,000 shares issued and outstanding in 2010, and
2009, respectively 69,645 68,175
Discount on common stock -- (14,950)
Additional paid-in capital 448,580 --
(Deficit) accumulated during the development stage (147,381) (62,292)
---------- ----------
Total stockholders' equity (deficit) 370,844 (9,067)
---------- ----------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 598,241 $ 138
========== ==========

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

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
STATEMENTS OF OPERATIONS (NOTE 2)
FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2010, AND 2009, AND
CUMULATIVE FROM INCEPTION (MARCH 28, 2007) THROUGH APRIL 30, 2010
(Unaudited)

Three Months Ended Nine Months Ended
April 30, April 30, Cumulative
---------------------------- ---------------------------- From
2010 2009 2010 2009 Inception
------------ ------------ ------------ ------------ ------------

REVENUES $ -- $ -- $ -- $ -- $ --
------------ ------------ ------------ ------------ ------------
EXPENSES:
General and administrative -
Exploration cost 9,494 9,494 9,494
Audit fees 3,650 1,500 8,650 5,000 26,150
Legal fees - Other 8,888 -- 13,809 3,024 32,000
Transfer agent fees 300 550 1,011 1,150 14,980
SEC filing fees -- 210 620 4,542 9,395
Consulting fees 25,651 -- 35,651 35,651
Office rent 360 360 1,080 1,080 3,961
Legal fees - Incorporation fees -- -- -- -- 475
Bank fees 53 54 194 107 607
Office supplies and miscellaneous 7,350 -- 8,293 -- 8,381
------------ ------------ ------------ ------------ ------------
Total general and administrative expenses 55,746 2,674 78,802 14,903 141,094
------------ ------------ ------------ ------------ ------------

(LOSS) FROM OPERATIONS (55,746) (2,674) (78,802) (14,903) (141,094)

OTHER INCOME (EXPENSE)
Interest income (expense) (5,986) -- (8,076) -- (8,076)

PROVISION FOR INCOME TAXES -- -- -- -- --
------------ ------------ ------------ ------------ ------------

NET (LOSS) $ (61,732) $ (2,674) $ (86,878) $ (14,903) $ (149,170)
============ ============ ============ ============ ============
COMPREHENSIVE GAIN (LOSS)
Foreign currency translation adjustment 1,789 -- 1,789 -- 1,789
------------ ------------ ------------ ------------ ------------

TOTAL COMPREHENSIVE (LOSS) (59,943) (2,674) (85,089) (14,903) (147,381)
============ ============ ============ ============ ============
(LOSS) PER COMMON SHARE:
(Loss) per common share - Basic and Diluted $ (0.00) $ (0.00) $ (0.00) $ (0.00)
============ ============ ============ ============
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING - BASIC AND DILUTED 68,386,957 68,175,000 68,280,978 68,175,000
============ ============ ============ ============

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

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
STATEMENTS OF CASH FLOWS (NOTE 2)
FOR THE NINE MONTHS ENDED APRIL 30, 2010, AND 2009, AND
CUMULATIVE FROM INCEPTION (MARCH 28, 2007) THROUGH APRIL 30, 2010
(Unaudited)

Nine Months Ended
April 30, Cumulative
------------------------------- From
2010 2009 Inception
---------- ---------- ----------

OPERATING ACTIVITIES:
Net (loss) $ (86,878) $ (14,903) $ (149,170)
Adjustments to reconcile net (loss) to net cash
(used in) operating activities:
Expenses incurred by officer and Director -- -- 475
Common stock issued for mineral properties 25,000
Common stock issued for services 80,000 -- --
Changes in net assets and liabilities -
Prepaid expenses (103,324) -- (103,324)
Accounts payable - Trade 38,426 (200) 43,131
Accrued liabilities 11,040 1,124 14,540
---------- ---------- ----------
NET CASH (USED IN) OPERATING ACTIVITIES (35,736) (13,979) (194,348)
---------- ---------- ----------
INVESTING ACTIVITIES:
Mineral properties (247,500) -- (247,500)
---------- ---------- ----------
NET CASH (USED IN) INVESTING ACTIVITIES (247,500) -- (247,500)
---------- ---------- ----------
FINANCING ACTIVITIES:
Issuance of common stock for cash 360,000 -- 426,500
Proceeds from shareholder loan 8,761 -- 9,761
Proceeds from loan 250,000 -- 250,000
Payments on loan (90,035)
Deferred offering costs -- -- (13,750)
---------- ---------- ----------
NET CASH PROVIDED BY FINANCING ACTIVITIES 528,726 -- 672,511
---------- ---------- ----------

EFFECTS OF EXCHANGE RATE CHANGES IN CASH 1,789
---------- ---------- ----------

NET INCREASE (DECREASE) IN CASH 247,279 (13,979) 230,663
- --------
CASH - BEGINNING OF PERIOD 138 14,949 --
---------- ---------- ----------

CASH - END OF PERIOD $ 247,417 $ 970 $ 230,663
========== ========== ==========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid during the period for:
Interest $ -- $ -- $ --
========== ========== ==========
Income taxes $ -- $ -- $ --
========== ========== ==========

During the year ended July 31, 2008, an officer, Director, and shareholder of
the Company forgave the Company of a related party debt in the amount of $475.

On December 24, 2009, the Company issued 500,000 shares of common stock pursuant
to the Share Purchase Agreement entered into for mineral properies acquired. The
500,000 shares of common stock were valued at $25,000.

On March 1, 2010, the Company entered into a consulting agreement with John Rud.
The Company issued 250,000 shares of common stock valued at $80,000.

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

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2010, AND 2009
(UNAUDITED)

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND ORGANIZATION

First Liberty Power Corp. ("First Liberty Power" or the "Company" and formerly
Quuibus Technology, Inc.) is a Nevada corporation in the exploration stage. The
Company was incorporated under the laws of the State of Nevada on March 28,
2007. The original business plan of the Company was focused on developing and
offering a server-based software product for the creation of wireless
communities. In December 2009, the Company changed its business direction. The
Company's primary focus is on exploration of domestic strategic energy and
mineral properties to supply the emerging demand for clean energy. The
accompanying financial statements of the Company were prepared from the accounts
of the Company under the accrual basis of accounting.

In addition, the Company commenced a capital formation activity to effect a
Registration Statement on Form SB-2 with the Securities and Exchange Commission,
and raise capital of up to $60,000 from a self-underwritten offering of
1,200,000 shares of newly issued common stock in the public markets. The
Registration Statement on Form SB-2 was filed with the SEC on November 13, 2007,
and declared effective on November 21, 2007. On February 18, 2008, the Company
completed an offering of its registered common stock as explained in Note 3.

On December 22, 2009, the Company declared a 1 for 27 forward stock split of its
issued and outstanding common stock. The Company authorized common stock
increased from 20,000,000 shares of common stock with a par value of $0.001 to
540,000,000 shares of common stock with a par value of $0.001, and
correspondingly, the Company issued and outstanding shares of common stock
increased from 2,525,000 shares of common stock to 68,175,000 shares of common
stock.

Effective December 22, 2009, the Company changed its name from "Quuibus
Technology, Inc." to "First Liberty Power Corp." by way of a merger with its
wholly owned subsidiary First Liberty Power Corp., which was formed solely for
the change of name.

UNAUDITED INTERIM FINANCIAL STATEMENTS

The accompanying interim financial statements of Quuibus have been prepared in
accordance with accounting principles generally accepted in the United States of
America for interim financial information, and with the instructions for
Securities and Exchange Commission Form 10-Q under Regulation S-X. They do not
include all of the information and footnotes required by generally accepted
accounting principles for complete financial statements. Therefore, these
financial statements should be read in conjunction with the Company's audited
financial statements and notes thereto for the year ended July 31, 2009,
included in Quuibus's Annual Report on Form 10-K filed on November 9, 2009, with
the SEC.

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2010, AND 2009
(UNAUDITED)

The accompanying interim financial statements included herein are unaudited.
However, they contain all normal recurring accruals and adjustments that, in the
opinion of management, are necessary to present fairly the Company's financial
position as of April 30, 2010, and July 31, 2009, and the results of its
operations and cash flows for the nine months ended April 30, 2010, and 2009,
and cumulative from inception. The results of operations for the three and nine
months ended April 30, 2010, are not necessarily indicative of the results to be
expected for future quarters or the year ending July 31, 2010.

CASH AND CASH EQUIVALENTS

For purposes of reporting within the statements of cash flows, the Company
considers all cash on hand, cash accounts not subject to withdrawal restrictions
or penalties, and all highly liquid debt instruments purchased with a maturity
of three months or less to be cash and cash equivalents.

MINERAL PROPERTIES

The Company is primarily engaged in the business of the acquisition,
exploration, development, mining, and production of domestic strategic energy
and mineral properties, with emphasis on lithium, vanadium and uranium. Mineral
claim and other property acquisition costs are capitalized as incurred. Such
costs are carried as an asset of the Company until it becomes apparent through
exploration activities that the cost of such properties will not be realized
through mining operations. Mineral exploration costs are expensed as incurred,
and when it becomes apparent that a mineral property can be economically
developed as a result of establishing proven or probable reserve, the
exploration costs, along with mine development cost, are capitalized. The costs
of acquiring mineral claims, capitalized exploration costs, and mine development
costs are recognized for depletion and amortization purposes under the
units-of-production method over the estimated life of the probable and proven
reserves. If mineral properties, exploration, or mine development activities are
subsequently abandoned or impaired, any capitalized costs are charged to
operations in the current period.

REVENUE RECOGNITION

The Company is in the exploration stage and has yet to realize revenues from
operations. Once the Company has commenced operations, it will recognize
revenues when delivery of goods or completion of services has occurred provided
there is persuasive evidence of an agreement, acceptance has been approved by
its customers, the fee is fixed or determinable based on the completion of
stated terms and conditions, and collection of any related receivable is
probable.

LOSS PER COMMON SHARE

Basic loss per share is computed by dividing the net loss attributable to the
common stockholders by the weighted average number of shares of common stock
outstanding during the period. Diluted loss per share is computed similar to
basic loss per share except that the denominator is increased to include the
number of additional common shares that would have been outstanding if the
potential common shares had been issued and if the additional common shares were

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2010, AND 2009
(UNAUDITED)

dilutive. There were no dilutive financial instruments issued or outstanding
during the three and nine months ended April 30, 2010, and 2009.

INCOME TAXES

The Company accounts for income taxes pursuant to FASB ASC 740 INCOME TAXES.
Under FASB ASC 740-10-25, deferred tax assets and liabilities are determined
based on temporary differences between the bases of certain assets and
liabilities for income tax and financial reporting purposes. The deferred tax
assets and liabilities are classified according to the financial statement
classification of the assets and liabilities generating the differences.

The Company maintains a valuation allowance with respect to deferred tax assets.
The Company establishes a valuation allowance based upon the potential
likelihood of realizing the deferred tax asset and taking into consideration the
Company's financial position and results of operations for the current period.
Future realization of the deferred tax benefit depends on the existence of
sufficient taxable income within the carryforward period under the Federal tax
laws.

Changes in circumstances, such as the Company generating taxable income, could
cause a change in judgment about the realizability of the related deferred tax
asset. Any change in the valuation allowance will be included in income in the
year of the change in estimate.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company estimates the fair value of financial instruments using the
available market information and valuation methods. Considerable judgment is
required in estimating fair value. Accordingly, the estimates of fair value may
not be indicative of the amounts the Company could realize in a current market
exchange. As of April 30, 2010, and July 31, 2009, the carrying value of the
Company's financial instruments approximated fair value due to the short-term
nature and maturity of these instruments.

DEFERRED OFFERING COSTS

The Company defers as other assets the direct incremental costs of raising
capital until such time as the offering is completed. At the time of the
completion of the offering, the costs are charged against the capital raised.
Should the offering be terminated, deferred offering costs are charged to
operations during the period in which the offering is terminated. For the year
ended July 31, 2008, the Company offset $13,750 in deferred offering costs to
additional paid-in capital.

COMMON STOCK REGISTRATION EXPENSES

The Company considers incremental costs and expenses related to the registration
of equity securities with the SEC, whether by contractual arrangement as of a
certain date or by demand, to be unrelated to original issuance transactions. As
such, subsequent registration costs and expenses are reflected in the

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2010, AND 2009
(UNAUDITED)

accompanying financial statements as general and administrative expenses, and
are expensed as incurred.

ESTIMATES

The financial statements are prepared on the basis of accounting principles
generally accepted in the United States of America. The preparation of financial
statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities as of April 30, 2010, and July 31, 2009, and expenses for
the three and nine months ended April 30, 2010, and 2009, and cumulative from
inception. Actual results could differ from those estimates made by management.

(2) EXPLORATION STAGE ACTIVITIES AND GOING CONCERN

The Company is currently in the exploration stage and has engaged in limited
operations. Initial operations through April 30, 2010, include capital formation
activities, organization, target market identification, and marketing plans. The
original business plan of the Company was focused on developing and offering a
server-based software product for the creation of wireless communities. In
December 2009, the Company changed its business direction to exploration and
development of domestic strategic energy and mineral properties. The Company's
goal is to seek mineral resources to capitalize on the anticipated explosive
demand for sustainable clean power.

During the period from March 28, 2007, through April 30, 2010, the Company was
incorporated and issued 43,200,000 shares (post forward stock split) to its
Directors for cash proceeds of $20,000. In addition, the Company commenced a
capital formation activity to effect a Registration Statement on Form SB-2 with
the SEC, and raise capital of up to $60,000 from a self-underwritten offering of
32,400,000 shares (post forward stock split) of newly issued common stock in the
public markets. The Registration Statement on Form SB-2 was filed with the SEC
on November 13, 2007, and declared effective on November 21, 2007. On February
18, 2008, the Company completed an offering of its registered common stock as
explained in Note 4. The Company also intends to conduct additional capital
formation activities through the issuance of its common stock and to further
conduct its operations.

While management of the Company believes that the Company will be successful in
its planned operating activities, there can be no assurance that it will be able
to be successful in the development of its product, sale of its planned product,
and services that will generate sufficient revenues to sustain its operations.

The accompanying financial statements have been prepared in conformity with
accounting principles generally accepted in the United States of America, which
contemplate continuation of the Company as a going concern. The Company has
incurred an operating loss since inception and has no revenues to offset its

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2010, AND 2009
(UNAUDITED)

operating costs. These and other factors raise substantial doubt about the
Company's ability to continue as a going concern. The accompanying financial
statements do not include any adjustments to reflect the possible future effects
on the recoverability and classification of assets or the amounts and
classification of liabilities that may result from the possible inability of the
Company to continue as a going concern.

(3) CHANGE IN MANAGEMENT

On November 26, 2009, Mr. Yavuz Konur resigned as Chief Technical Officer and a
Director of the Company.

On November 26, 2009, Mr. Hossein Mohseni resigned as the President, Secretary,
Treasurer, and a Director of the Company.

On November 26, 2009, the Company appointed Mr. Glyn R. Garner as the President,
Secretary, Treasurer, and a Director of the Company.

On March 1, 2010, the Company appointed John Rud as vice president of
exploration of the company.

(4) COMMON STOCK

The Company is authorized to issue 540,000,000 shares (post forward stock split)
of $0.001 par value common stock. All common stock shares have equal voting
rights, are non-assessable, and have one vote per share. Voting rights are not
cumulative and, therefore, the holders of more than 50% of the common stock
could, if they choose to do so, elect all of the Directors of the Company.

On July 6, 2007, the Company issued 43,200,000 shares of common stock to its
Directors at a price of $0.00046 per share for cash proceeds of $20,000.

In addition, in 2007, the Company commenced a capital formation activity to
effect a Registration Statement on Form SB-2 with the SEC, and raise capital of
up to $60,000 from a self-underwritten offering of 32,400,000 shares (post
forward stock split) of newly issued common stock at a price of $0.0019 per
share in the public markets. The Registration Statement on Form SB-2 was filed
with the SEC on November 13, 2007, and declared effective on November 21, 2007.
On February 18, 2008, the Company completed the self-underwritten offering of
24,975,000 shares (post forward stock split) of its registered common stock, par
value of $0.001 per share, at an offering price of $0.0019 per share for
proceeds of $46,500.

On December 24, 2009, the Company issued 500,000 shares (post forward stock
split) of common stock to GeoExplor Corp. pursuant the Mineral Property Purchase
Agreement. (See Note 8 for detail). The 500,000 shares of common stock were
valued at $25,000 based on the 2008 self-underwritten offering price.

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2010, AND 2009
(UNAUDITED)

On March 1, 2010, the Company entered into a consulting agreement with John Rud,
wherein John Rud has agreed to provide, among other things, consulting services
to the Company for a period of 12 months. The Company agreed to issue to John
Rud 250,000 shares of the Company common stock. On March 1, 2010, the Company
appointed John Rud as vice president of exploration of the company.

On March 11, 2010, the Company issued 720,000 units in a private placement,
raising gross proceeds of $360,000, or $0.50 per unit. Each unit consists of one
common share and one common share purchase warrant. Each whole common share
purchase warrant entitles the holder to purchase one share of common stock at a
price of $0.50 for a period of twelve months commencing from closing.

(5) INCOME TAXES

The provision (benefit) for income taxes for the nine months ended April 30,
2010, and 2009, was as follows (assuming a 15 percent effective tax rate):

Nine Months Ended
April 30, April 30,
2010 2009
-------- --------
Current Tax Provision:
Federal -
Taxable income $ -- $ --
-------- --------

Total current tax provision $ -- $ --
======== ========
Deferred Tax Provision:
Federal -
Loss carryforwards $ 13,024 $ 2,235
Change in valuation allowance (13,024) (2,235)
-------- --------

Total deferred tax provision $ -- $ --
======== ========

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2010, AND 2009
(UNAUDITED)

The Company had deferred income tax assets as of April 30, 2010, and July 31,
2009, as follows:

April 30, July 31,
2010 2009
-------- --------
Loss carryforwards $ 22,367 $ 9,343
Less - Valuation allowance (22,367) (9,343)
-------- --------

Total net deferred tax assets $ -- $ --
======== ========

The Company provided a valuation allowance equal to the deferred income tax
assets for the nine months ended April 30, 2010, and 2009, because it is not
presently known whether future taxable income will be sufficient to utilize the
loss carryforwards.

As of April 30, 2010, the Company had approximately $149,116 (July 31, 2009 -
$62,292) in tax loss carryforwards that can be utilized in future periods to
reduce taxable income, and begin to expire in the year 2027.

(6) RELATED PARTY TRANSACTIONS

During the year ended July 31, 2008, an officer, Director, and stockholder of
the Company personally paid for expenses on behalf of the Company in the amount
of $475. As of July 31, 2008, this individual forgave the Company of this debt.

As of April 30, 2010, an officer, Director and stockholder of the Company had
loaned $9,760 (July 31, 2009- $1,000) to the Company for working capital
purposes. The loan is unsecured, non-interest bearing, and has no specific terms
for repayment.

(7) LOAN PAYABLE

On December 24, 2009, the Company borrowed $200,000 from a third party under a
promissory note. The loan is unsecured, bears interest at 10 percent per annum,
and is due and payable on or before December 23, 2010. On February 9, 2010, the
Company paid $90,035 on the loan to the third party.

On March 15, 2010, the Company borrowed an additional $50,000. The loan is
unsecured, bears interest at 10 percent per annum, and is due on or before March
15, 2011. As of April 30, 2010, the Company had an outstanding balance owed to
the third party of $159,965.

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2010, AND 2009
(UNAUDITED)

(8) CONTRACTS AND AGREEMENTS

MINERAL PROPERTY PURCHASE AGREEMENT

On December 24, 2009, the Company entered into two property purchase agreements
with GeoExplor Corp., which granted an exclusive exploration licenses to the
mineral properties described in the agreements. One agreement is in regards to
claims located in Esmeralda County, Nevada for Lithium and Lithium Carbonate
exploration ( the "Lithium Agreement"), and one agreement is in regards to
claims located in San Juan County, Utah for Vanadium and Uranium exploration
(the "Van-Ur Agreement"). In regards to the Lithium Agreement, the Company is
required to (1) make cash payment of $490,500 over a four year period, of which
initial payments of $115,500 have been made; (2) issue a total of 1,000,000
restricted shares of common stock over a three year period, of which 250,000
were issuable upon execution of the agreement; and (3) comply with a work
commitment of $1,000,000 within four years of the date of the agreement. In
regards to the Van-Ur Agreement, the Company is required to (1) make cash
payments of $480,000 over a four year period, of which initial payments of
$80,000 have been made; (2) issue a total of 1,000,000 restricted shares of
common stock over a three year period, of which 250,000 were issuable upon
execution of the agreement; and (3) comply with a work commitment of $1,000,000
within four years of the date of the Agreement. Pursuant to both Agreements,
upon the completion of the required payments and work commitments, GeoExplor
shall transfer title to the properties to the company and will retain a 2
percent royalty, on which, the Company will have the option to purchase
one-half, or 1%, for $1,000,000.

(9) RECENT ACCOUNTING PRONOUNCEMENTS

In March 2008, the FASB issued FASB Statement No. 161, (FASB ASC 815)
"DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - AN AMENDMENT
OF FASB STATEMENT 133". SFAS No. 161 (FASB ASC 815) enhances required
disclosures regarding derivatives and hedging activities, including enhanced
disclosures regarding how: (a) an entity uses derivative instruments; (b)
derivative instruments and related hedged items are accounted for under FASB No.
133, "Accounting for Derivative Instruments and Hedging Activities"; and (c)
derivative instruments and related hedged items affect an entity's financial
position, financial performance, and cash flows. Specifically, SFAS No. 161
(FASB ASC 815) requires:

* disclosure of the objectives for using derivative instruments be
disclosed in terms of underlying risk and accounting designation;
* disclosure of the fair values of derivative instruments and their
gains and losses in a tabular format;
* disclosure of information about credit-risk-related contingent
features;
* and cross-reference from the derivative footnote to other footnotes in
which derivative-related information is disclosed.

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2010, AND 2009
(UNAUDITED)

SFAS No. 161 (FASB ASC 815) is effective for fiscal years and interim periods
beginning after November 15, 2008. Earlier application is encouraged. The
management of First Liberty Power Corp. does not expect the adoption of this
pronouncement to have a material impact on its financial statements.

On May 9, 2008, the FASB issued FASB Statement No. 162, (FASB ASC 105) "THE
HIERARCHY OF GENERALLY ACCEPTED ACCOUNTING PRINCIPLES". SFAS No. 162 (FASB ASC
105) is intended to improve financial reporting by identifying a consistent
framework, or hierarchy, for selecting accounting principles to be used in
preparing financial statements that are presented in conformity with U.S.
generally accepted accounting principles ("GAAP") for nongovernmental entities.

Prior to the issuance of SFAS No. 162 (FASB ASC 105), GAAP hierarchy was defined
in the American Institute of Certified Public Accountants ("AICPA") Statement on
Auditing Standards ("SAS") No. 69, "THE MEANING OF PRESENT FAIRLY IN CONFORMITY
WITH GENERALLY ACCEPT ACCOUNTING PRINCIPLES." SAS No. 69 has been criticized
because it is directed to the auditor rather than the entity. SFAS No. 162 (FASB
ASC 105) addresses these issues by establishing that the GAAP hierarchy should
be directed to entities because it is the entity (not the auditor) that is
responsible for selecting accounting principles for financial statements that
are presented in conformity with GAAP.

The sources of accounting principles that are generally accepted are categorized
in descending order as follows:

a. FASB Statements of Financial Accounting Standards and Interpretations,
FASB Statement 133 Implementation Issues, FASB Staff Positions, and
American Institute of Certified Public Accountants (AICPA) Accounting
Research Bulletins and Accounting Principles Board Opinions that are
not superseded by actions of the FASB.
b. FASB Technical Bulletins and, if cleared by the FASB, AICPA Industry
Audit and Accounting Guides and Statements of Position.
c. AICPA Accounting Standards Executive Committee Practice Bulletins that
have been cleared by the FASB, consensus positions of the FASB
Emerging Issues Task Force (EITF), and the Topics discussed in
Appendix D of EITF Abstracts (EITF D-Topics).
d. Implementation guides (Q&As) published by the FASB staff, AICPA
Accounting Interpretations, AICPA Industry Audit and Accounting Guides
and Statements of Position not cleared by the FASB, and practices that
are widely recognized and prevalent either generally or in the
industry.

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2010, AND 2009
(UNAUDITED)

SFAS No. 162 (FASB ASC 105) is effective 60 days following the SEC's approval of
the Public Company Accounting Oversight Board amendment to its authoritative
literature. It is only effective for nongovernmental entities; therefore, the
GAAP hierarchy will remain in SAS 69 for state and local governmental entities
and federal governmental entities. The management of First Liberty Power Corp.
does not expect the adoption of this pronouncement to have a material impact on
its financial statements.

On May 26, 2008, the FASB issued FASB Statement No. 163, (FASB ASC 944)
"ACCOUNTING FOR FINANCIAL GUARANTEE INSURANCE CONTRACTS". SFAS No. 163 (FASB ASC
944) clarifies how FASB Statement No. 60, "ACCOUNTING AND REPORTING BY INSURANCE
ENTERPRISES" ("SFAS No. 60"), applies to financial guarantee insurance contracts
issued by insurance enterprises, including the recognition and measurement of
premium revenue and claim liabilities. It also requires expanded disclosures
about financial guarantee insurance contracts.

The accounting and disclosure requirements of SFAS No. 163 (FASB ASC 944) are
intended to improve the comparability and quality of information provided to
users of financial statements by creating consistency. Diversity exists in
practice in accounting for financial guarantee insurance contracts by insurance
enterprises under SFAS No. 60, "ACCOUNTING AND REPORTING BY INSURANCE
ENTERPRISES." That diversity results in inconsistencies in the recognition and
measurement of claim liabilities because of differing views about when a loss
has been incurred under FASB Statement No. 5, "ACCOUNTING FOR CONTINGENCIES"
("SFAS No. 5"). SFAS No. 163 (FASB ASC 944) requires that an insurance
enterprise recognize a claim liability prior to an event of default when there
is evidence that credit deterioration has occurred in an insured financial
obligation. It also requires disclosure about (a) the risk-management activities
used by an insurance enterprise to evaluate credit deterioration in its insured
financial obligations and (b) the insurance enterprise's surveillance or watch
list.

SFAS No. 163 (FASB ASC 944) is effective for financial statements issued for
fiscal years beginning after December 15, 2008, and all interim periods within
those fiscal years, except for disclosures about the insurance enterprise's
risk-management activities. Disclosures about the insurance enterprise's
risk-management activities are effective the first period beginning after
issuance of SFAS No. 163 (FASB ASC 944). Except for those disclosures, earlier
application is not permitted. The management of First Liberty Power Corp. does
not expect the adoption of this pronouncement to have material impact on its
financial statements.

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2010, AND 2009
(UNAUDITED)

On May 22, 2009, the FASB issued FASB Statement No. 164, (FASB ASC 958)
"NOT-FOR-PROFIT ENTITIES: MERGERS AND ACQUISITIONS". SFAS No. 164 (FASB ASC 958)
is intended to improve the relevance, representational faithfulness, and
comparability of the information that a not-for-profit entity provides in its
financial reports about a combination with one or more other not-for-profit
entities, businesses, or nonprofit activities. To accomplish that, this
Statement establishes principles and requirements for how a not-for-profit
entity:

a. Determines whether a combination is a merger or an acquisition.
b. Applies the carryover method in accounting for a merger.
c. Applies the acquisition method in accounting for an acquisition,
including determining which of the combining entities is the acquirer.
d. Determines what information to disclose to enable users of financial
statements to evaluate the nature and financial effects of a merger or
an acquisition.

This Statement also improves the information a not-for-profit entity provides
about goodwill and other intangible assets after an acquisition by amending FASB
Statement No. 142, GOODWILL AND OTHER INTANGIBLE ASSETS, to make it fully
applicable to not-for-profit entities.

SFAS No. 164 (FASB ASC 958) is effective for mergers occurring on or after
December 15, 2009, and acquisitions for which the acquisition date is on or
after the beginning of the first annual reporting period beginning on or after
December 15, 2009. Early application is prohibited. The management of First
Liberty Power Corp. does not expect the adoption of this pronouncement to have
material impact on its financial statements.

On May 28, 2009, the FASB issued FASB Statement No. 165, (FASB ASC 855)
"SUBSEQUENT EVENTS". SFAS No. 165 (FASB ASC 855) establishes general standards
of accounting for and disclosure of events that occur after the balance sheet
date but before financial statements are issued or are available to be issued.
Specifically, Statement 165 (FASB ASC 855) provides:

1. The period after the balance sheet date during which management of a
reporting entity should evaluate events or transactions that may occur
for potential recognition or disclosure in the financial statements.
2. The circumstances under which an entity should recognize events or
transactions occurring after the balance sheet date in its financial
statements.
3. The disclosures that an entity should make about events or
transactions that occurred after the balance sheet date.

In accordance with this Statement, an entity should apply the requirements to
interim or annual financial periods ending after June 15, 2009. The management
of First Liberty Power Corp. does not expect the adoption of this pronouncement
to have material impact on its financial In June 2009, the FASB issued FASB

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2010, AND 2009
(UNAUDITED)

Statement No. 166, (FASB ASC 860) "ACCOUNTING FOR TRANSFERS OF FINANCIAL ASSETS-
AN AMENDMENT OF FASB STATEMENT NO, 140". SFAS No. 166 (FASB ASC 860) is a
revision to SFAS No. 140 "ACCOUNTING FOR TRANSFERS AND SERVICING OF FINANCIAL
ASSETS AND EXTINGUISHMENT OF LIABILITIES" and will require more information
about transfers of financial assets, including securitization transactions, and
where companies have continuing exposure to the risks related to transferred
financial assets. It eliminates the concept of a "qualifying special-purpose
entity," changes the requirements for derecognizing financial assets, and
requires additional disclosures.

This statement is effective for financial asset transfers occurring after the
beginning of an entity's first fiscal year that begins after November 15, 2009.
The management of First Liberty Power Corp. does not expect the adoption of this
pronouncement to have a material impact on its financial statements.

In June 2009, the FASB issued FASB Statement No. 167, (FASB ASC 810) "AMENDMENTS
TO FASB INTERPRETATION NO. 46(R)". SFAS No. 167 (FASB ASC 810) amends certain
requirements of FASB Interpretation No. 46(R), "Consolidation of Variable
Interest Entities" and changes how a company determines when an entity that is
insufficiently capitalized or is not controlled through voting (or similar
rights) should be consolidated. The determination of whether a company is
required to consolidate an entity is based on, among other things, an entity's
purpose and design and a company's ability to direct the activities of the
entity that most significantly impact the entity's economic performance.

This statement is effective as of the beginning of each reporting entity's first
annual reporting period that begins after November 15, 2009. The management of
First Liberty Power Corp. does not expect the adoption of this pronouncement to
have a material impact on its financial statements.

In June 2009, the FASB issued FASB Statement No. 168, (FASB ASC 105) "THE FASB
ACCOUNTING STANDARDS CODIFICATION AND THE HIERARCHY OF GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES - A REPLACEMENT OF FASB STATEMENT NO. 162". SFAS No. 168
(FASB ASC 105) establishes the FASB Accounting Standards Codification (the
"Codification") to become the single official source of authoritative,
nongovernmental U.S. generally accepted accounting principles ("GAAP"). The
Codification did not change GAAP but reorganizes the literature.

SFAS No. 168 (FASB ASC 105) is effective for interim and annual periods ending
after September 15, 2009. The management of First Liberty Power Corp. does not
expect the adoption of this pronouncement to have a material impact on its
financial statements.

(10) SUBSEQUENT EVENTS

On May 3, 2010, the Company issued 250,000 shares of common stock to John Hoak,
a Director of the Company for consulting services to be rendered.

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

FORWARD-LOOKING STATEMENTS

This Quarterly Report contains forward-looking statements. These statements
relate to future events or our future financial performance. In some cases, you
can identify forward-looking statements by terminology such as "may", "should",
"expects", "plans", "anticipates", "believes", "estimates", "predicts",
"potential" or "continue" or the negative of these terms or other comparable
terminology. These statements are only predictions and involve known and unknown
risks, uncertainties and other factors that may cause our or our industry's
actual results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking statements. Although
we believe that the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity, performance
or achievements. Except as required by applicable law, including the securities
laws of the United States, we do not intend to update any of the forward-looking
statements to conform these statements to actual results.

Our unaudited financial statements are stated in United States Dollars (US$) and
are prepared in accordance with United States Generally Accepted Accounting
Principles. The following discussion should be read in conjunction with our
financial statements and the related notes that appear elsewhere in this
quarterly report. The following discussion contains forward-looking statements
that reflect our plans, estimates and beliefs. Our actual results could differ
materially from those discussed in the forward looking statements. Factors that
could cause or contribute to such differences include, but are not limited to,
those discussed below and elsewhere in this quarterly report.

In this Quarterly Report, unless otherwise specified, all dollar amounts are
expressed in United States dollars. All references to "US$" refer to United
States dollars and all references to "common shares" refer to the common shares
in our capital stock.

As used in this quarterly report, the terms "we", "us", "our", "our company"
mean First Liberty Power Corp., unless otherwise indicated.

GENERAL OVERVIEW

The address of our principal executive office is 114 West Magnolia Street, #400
- 136, Bellingham, WA 98225. Our telephone number is 702-990-8402.

Our common stock is quoted on the OTC Bulletin Board under the symbol "FLPC".

We were incorporated in the State of Nevada under the name "Quuibus Technology,
Inc." on March 28, 2007 to engage in the business of developing and offering a
server-based software product for the creation of wireless communities. On
November 26, 2009, our founding directors and officers resigned and Glyn R.
Garner was elected a director and appointed president, secretary and treasurer
of our company. Due to our inability to commence viable operations in the
software production industry, new management of our company began to evaluate
various business alternatives available to our company to ensure our survival
and to preserve our shareholder's investment in our common shares.

In accordance with board approval, effective December 22, 2009, the Nevada
Secretary of State effected a forward stock split of our authorized and issued
and outstanding shares of common stock on a one (1) old for 27 new basis, such
that our authorized capital increased from 20,000,000 shares of common stock
with par value of $0.001 to 540,000,000 shares of common stock with a par value
of $0.001 and, correspondingly, our issued and outstanding shares of common
stock increased from 2,525,000 shares of common stock to 68,175,000 shares of
common stock. Also, effective December 22, 2009, we changed our name from
"Quuibus Technology, Inc." to "First Liberty Power Corp." by way of a merger
with our wholly owned subsidiary First Liberty Power Corp. which was formed
solely for the purpose of the change of name. The change of name and forward
stock split became effective with the Over-the-Counter Bulletin Board at the
opening for trading on February 4, 2010 under the new stock symbol "FLPC". The
change of name was effected to better reflect the new business direction of our
company.

On December 24, 2009, we entered into two purchase agreements granting our
company exclusive exploration licenses for lithium and lithium carbonate
exploration in Nevada and vanadium and uranium exploration in Utah.

On March 1, 2010, we appointed Jon Rud as vice-president of exploration of our
company.

On March 11, 2010, we closed a private placement whereby we issued 720,000 units
for gross proceeds of $360,000. Each unit consists of one common share and one
share purchase warrant. Each whole common share purchase warrant shall entitle
the holder to purchase one share of common stock in the capital of the company
for a period of twelve months from closing at a price of $0.50 per warrant
share.

We do not have any subsidiaries.

Other than as set out herein, we have not been involved in any bankruptcy,
receivership or similar proceedings, nor have we been a party to any material
reclassification, merger, consolidation or purchase or sale of a significant
amount of assets not in the ordinary course of our business.

OUR CURRENT BUSINESS

We are an exploration stage company engaged in the exploration of mineral
properties.

On December 24, 2009, we entered into two purchase agreements with GeoExplor
Corp. Under the agreements, we have been granted an exclusive exploration
license in regards to the mineral properties described in the agreements. One
agreement is in regards to claims located in Esmeralda County, Nevada for
Lithium and Lithium Carbonate exploration (the "Lithium Agreement"), and one
agreement is in regards to claims located in San Juan County, Utah for Vanadium
and Uranium exploration (the "Van-Ur Agreement"). Pursuant to both Agreements,
upon the completion of the required payments and work commitments, GeoExplor
shall transfer title to the properties to our company and shall retain a 2%
royalty, on which we shall have the option to purchase one-half, or 1%, for
$1,000,000.

In regards to the Lithium Agreement we are required to: (1) make cash payments
of $490,500 over a four year period, of which initial payments of $115,500 have
been made; (2) issue a total of 1,000,000 restricted shares of common stock over
a three year period, of which 250,000 have been issued; and (3) comply with a
work commitment of $1,000,000 within four years of the date of the Agreement.

In regards to the Van-Ur Agreement we are required to (1) make cash payments of
$480,000 over a four year period, of which initial payments of $80,000 have been
made; (2) issue a total of 1,000,000 restricted shares of common stock over a
three year period, of which 250,000 have been issued; and (3) comply with a work
commitment of $1,000,000 within four years of the date of the Agreement.

On March 1, 2010, we entered into a consulting agreement with John Rud, our vice
president of exploration, wherein John Rud has agreed to provide consulting
services to our company for a period of 12 months.

CASH REQUIREMENTS

We anticipate a cash requirement in the amount of $205,000 during the next 12
months. Accordingly, we will require additional funds to implement our
exploration and development programs. These funds may be raised through equity
financing, debt financing, or other sources, which may result in further
dilution in the equity ownership of our shares. There is still no assurance that
we will be able to maintain operations at a level sufficient for an investor to
obtain a return on his investment in our common stock. Further, we may continue
to be unprofitable. We need to raise additional funds in the immediate future in
order to proceed with our exploration program.

Over the next 12 months we anticipate that we will incur the following cash
requirements:

Amount
--------

General operating fees $ 35,000
Professional Fees 20,000
Exploration and Development Costs 150,000
--------

TOTAL $205,000
========

CAPITAL EXPENDITURES

We do not intend to invest in capital expenditures during the twelve-month
period ending April 30, 2011.

GENERAL AND ADMINISTRATIVE EXPENSES

We expect to spend $35,000 during the twelve-month period ending April 30, 2011
on general and administrative expenses including legal and auditing fees, rent,
office equipment and other administrative related expenses.

PRODUCT RESEARCH AND DEVELOPMENT

We do not anticipate expending any funds on research and development,
manufacturing and engineering over the twelve months ending April 30, 2011.

PURCHASE OF SIGNIFICANT EQUIPMENT

We do not intend to purchase any significant equipment over the twelve months
ending April 30, 2011.

PERSONNEL PLAN

As of April 30, 2010, our only employees were our directors and officer.

We do not expect any material changes in the number of employees over the next
12 month period. We do and will continue to outsource contract employment as
needed.

We engage contractors from time to time to consult with us on specific corporate
affairs or to perform specific tasks in connection with our exploration
programs.

RESULTS OF OPERATIONS

THREE MONTHS ENDED APRIL 30, 2010, AND 2009

The following summary of our results of operations should be read in conjunction
with our financial statements for the quarter ended April 30, 2010, which are
included herein.

Our operating results for the three months ended April 30, 2010, for the three
months ended April 30, 2009, and the changes between those periods for the
respective items are summarized as follows:

Change Between
Three Month
Three Months Three Months Period Ended
Ended Ended April 30, 2010 and
April 30, April 30, April 30,
2010 2009 2009
-------- -------- --------
Revenue $ Nil $ Nil $ Nil
Operating Expenses $ 55,746 $ 2,674 $ 53,072
Net Income (Loss) $(61,732) $ (2,674) $(59,008)

OPERATING EXPENSES

Our operating expenses for the three months ended April 30, 2010, and April 30,
2009 are outlined in the table below:

Three Months Ended
April 30,
2010 2009
-------- --------
Legal fees - other $ 8,888 $ Nil
Transfer agent fees $ 300 $ 550
Audit fees $ 3,650 $ 1,500
SEC filing fees $ Nil $ 210
Office rent $ 360 $ 360
Bank Fees $ 53 $ 54

The increase in operating expenses for the three months ended April 30, 2010,
compared to the same period in fiscal 2009, was mainly due to our company having
less cash available and thus restricting operations until such time additional
cash was raised.

NINE MONTHS ENDED APRIL 30, 2010, AND 2009

The following summary of our results of operations should be read in conjunction
with our financial statements for the quarter ended April 30, 2010, which are
included herein.

Our operating results for the nine months ended April 30, 2010, and 2009 and the
changes between those periods for the respective items are summarized as
follows:

Change Between
Nine Month
Nine Months Nine Months Period Ended
Ended Ended April 30, 2010 and
April 30, April 30, April 30,
2010 2009 2009
-------- -------- --------
Revenue $ Nil $ Nil $ Nil
Operating Expenses $ 78,802 $ 14,903 $ 63,899
Net Income (Loss) $(86,878) $(14,903) $(71,975)

OPERATING EXPENSES

Our operating expenses for the nine months ended April 30, 2010, and 2009 are
outlined in the table below:

Nine months Ended
April 30,
2010 2009
-------- --------
Legal fees - other $ 13,809 $ 3,024
Transfer agent fees $ 1,011 $ 1,150
Audit fees $ 8,650 $ 5,000

The increase in operating expenses for the nine months ended April 30, 2010,
compared to the same period in fiscal 2009, was mainly due to our company having
less cash available and thus restricting operations until such time additional
cash was raised.

REVENUES

We have not earned any revenues since our inception and we do not anticipate
earning revenues in the near future.

LIQUIDITY AND FINANCIAL CONDITION

As of April 30, 2010, our total current assets were $350,741, and our total
current liabilities were $227,397 and we had working capital of $123,344. Our
financial statements report a net loss of $86,878 for the nine months ended
April 30, 2010, and a net loss of $149,170 for the period from March 28, 2007
(date of inception) to April 30, 2010.

We have suffered recurring losses from operations. The continuation of our
company is dependent upon our company attaining and maintaining profitable
operations and raising additional capital as needed. In this regard we have
raised additional capital through equity offerings and loan transactions.

CASH FLOWS

Nine Months Nine Months
Ended Ended
April 30, April 30,
2010 2009
--------- ---------
Net Cash provided by (Used in) Operating Activities $ (35,736) $ (13,979)
Net Cash Provided by (Used In) Investing Activities $(247,500) $ Nil
Net Cash Provided by Financing Activities $ 528,726 $ Nil
Cash increase (decrease) during the year $ 247,279 $ (13,979)

We had cash in the amount of $247,417, as of April 30, 2010 as compared to $138
as of July 31, 2009. We had a working capital of $123,344 as of April 30, 2010,
compared to working capital deficit of $9,067 as of July 31, 2009.

Our principal sources of funds have been from sales of our common stock.

CONTRACTUAL OBLIGATIONS

As a "smaller reporting company", we are not required to provide tabular
disclosure obligations.

GOING CONCERN

In their audit report relating to our financial statements for the period ended
July 31, 2009 our independent accountants indicated that there are a number of
factors that raise substantial doubt about our ability to continue as a going

concern. Such factors identified in the report are our lack of revenue resulting
in a net loss position and insufficient funds to meet our business objectives.
All of these factors continue to exist and raise doubt about our status as a
going concern.

We anticipate that additional funding will be required in the form of equity
financing from the sale of our common stock. At this time, we cannot provide
investors with any assurance that we will be able to raise sufficient funding
from the sale of our common stock or through a loan from our directors to meet
our obligations over the next twelve months. We do not have any arrangements in
place for any future debt or equity financing.

OFF-BALANCE SHEET ARRANGEMENTS

We have no off-balance sheet arrangements that have or are reasonably likely to
have a current or future effect on our financial condition, changes in financial
condition, revenues or expenses, results of operations, liquidity, capital
expenditures or capital resources that is material to stockholders.

EQUITY COMPENSATION

We currently do not have any stock option or equity compensation plans or
arrangements.

APPLICATION OF CRITICAL ACCOUNTING POLICIES

Our audited financial statements and accompanying notes are prepared in
accordance with generally accepted accounting principles used in the United
States. Preparing financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets, liabilities, revenue,
and expenses. These estimates and assumptions are affected by management's
application of accounting policies. We believe that understanding the basis and
nature of the estimates and assumptions involved with the following aspects of
our consolidated financial statements is critical to an understanding of our
financials.

BASIS OF PRESENTATION AND ORGANIZATION

and declared effective on November 21, 2007. On February 18, 2008, the Company
completed an offering of its registered common stock as explained in Note 3.

UNAUDITED INTERIM FINANCIAL STATEMENTS

CASH AND CASH EQUIVALENTS

MINERAL PROPERTIES

and when it becomes apparent that a mineral property can be economically
developed as a result of establishing proven or probable reserve, the
exploration costs, along with mine development cost, are capitalized. The costs
of acquiring mineral claims, capitalized exploration costs, and mine development
costs are recognized for depletion and amortization purposes under the
units-of-production method over the estimated life of the probable and proven
reserves. If mineral properties, exploration, or mine development activities are
subsequently abandoned or impaired, any capitalized costs are charged to
operations in the current period.

REVENUE RECOGNITION

LOSS PER COMMON SHARE

INCOME TAXES

FAIR VALUE OF FINANCIAL INSTRUMENTS

DEFERRED OFFERING COSTS

COMMON STOCK REGISTRATION EXPENSES

ESTIMATES

NEW ACCOUNTING PRONOUNCEMENTS

* disclosure of the objectives for using derivative instruments be
disclosed in terms of underlying risk and accounting designation;

* disclosure of the fair values of derivative instruments and their
gains and losses in a tabular format;
* disclosure of information about credit-risk-related contingent
features; and
* cross-reference from the derivative footnote to other footnotes in
which derivative-related information is disclosed.

The sources of accounting principles that are generally accepted are categorized
in descending order as follows:

a. Determines whether a combination is a merger or an acquisition.
b. Applies the carryover method in accounting for a merger.

c. Applies the acquisition method in accounting for an acquisition,
including determining which of the combining entities is the acquirer.
d. Determines what information to disclose to enable users of financial
statements to evaluate the nature and financial effects of a merger or
an acquisition.

In June 2009, the FASB issued FASB Statement No. 166, (FASB ASC 860) "ACCOUNTING
FOR TRANSFERS OF FINANCIAL ASSETS- AN AMENDMENT OF FASB STATEMENT NO, 140". SFAS
No. 166 (FASB ASC 860) is a revision to SFAS No. 140 "ACCOUNTING FOR TRANSFERS
AND SERVICING OF FINANCIAL ASSETS AND EXTINGUISHMENT OF LIABILITIES" and will
require more information about transfers of financial assets, including
securitization transactions, and where companies have continuing exposure to the
risks related to transferred financial assets. It eliminates the concept of a
"qualifying special-purpose entity," changes the requirements for derecognizing
financial assets, and requires additional disclosures.

ITEM 3. QUANTITATIVE DISCLOSURES ABOUT MARKET RISKS

As a "smaller reporting company", we are not required to provide the information
required by this Item.

ITEM 4(T). CONTROLS AND PROCEDURES

MANAGEMENT'S REPORT ON 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 (our principal executive
officer and our principal financial officer and principle accounting officer) to
allow for timely decisions regarding required disclosure.

As of April 30, 2010, the end of our quarter covered by this report, we carried
out an evaluation, under the supervision and with the participation of our
president (our principal executive officer and our principal financial officer
and principle accounting officer), of the effectiveness of the design and
operation of our disclosure controls and procedures. Based on the foregoing, our

president (our principal executive officer and our principal financial officer
and principle accounting officer) concluded that our disclosure controls and
procedures were effective as of the end of the period covered by this quarterly
report.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There have been no changes in our internal controls over financial reporting
that occurred during the quarter ended April 30, 2010 that have materially or
are reasonably likely to materially affect, our internal controls over financial
reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We know of no material, existing or pending legal proceedings against our
company, nor are we involved as a plaintiff in any material proceeding or
pending litigation. There are no proceedings in which any of our directors,
officers or affiliates, or any registered or beneficial shareholder, is an
adverse party or has a material interest adverse to our interest.

ITEM 1A. RISK FACTORS

Much of the information included in this quarterly report includes or is based
upon estimates, projections or other "forward looking statements". Such forward
looking statements include any projections and estimates made by us and our
management in connection with our business operations. While these
forward-looking statements, and any assumptions upon which they are based, are
made in good faith and reflect our current judgment regarding the direction of
our business, actual results will almost always vary, sometimes materially, from
any estimates, predictions, projections, assumptions or other future performance
suggested herein.

Such estimates, projections or other "forward looking statements" involve
various risks and uncertainties as outlined below. We caution the reader that
important factors in some cases have affected and, in the future, could
materially affect actual results and cause actual results to differ materially
from the results expressed in any such estimates, projections or other "forward
looking statements".

RISKS ASSOCIATED WITH OUR BUSINESS

BECAUSE OUR AUDITORS HAVE ISSUED A GOING CONCERN OPINION, THERE IS SUBSTANTIAL
UNCERTAINTY WE WILL CONTINUE ACTIVITIES IN WHICH CASE YOU COULD LOSE YOUR
INVESTMENT.

Our auditors have issued a going concern opinion. This means that there is
substantial doubt that we can continue as an ongoing business for the next
twelve months. As such we may have to cease activities and you could lose your
investment.

WE LACK AN OPERATING HISTORY AND HAVE LOSSES WHICH WE EXPECT TO CONTINUE INTO
THE FUTURE. AS A RESULT, WE MAY HAVE TO SUSPEND OR CEASE ACTIVITIES.

We were incorporated on March 28, 2007 and we have not realized any revenues. We
have no operating history upon which an evaluation of our future success or
failure can be made. Our net loss from inception to April 30, 2010 was $149,170.
Our ability to achieve and maintain profitability and positive cash flow is
dependent upon:

* our ability to locate a profitable mineral resource property
* our ability to generate revenues

Based upon current plans, we expect to incur operating losses in future periods.
As a result, we may not generate revenues in the future. Failure to generate
revenues will cause us to suspend or cease activities.

BECAUSE WE ARE SMALL AND DO NOT HAVE MUCH CAPITAL, WE MAY HAVE TO LIMIT OUR
EXPLORATION ACTIVITY WHICH MAY RESULT IN A LOSS OF YOUR INVESTMENT.

Because we are small and do not have much capital, we must limit our exploration
activity. As such we may not be able to complete an exploration program that is
as thorough as we would like. In that event, an existing reserve may go
undiscovered. Without a reserve, we cannot generate revenues and you will lose
your investment.

WE MAY NOT HAVE ACCESS TO ALL OF THE SUPPLIES AND MATERIALS WE NEED TO BEGIN
EXPLORATION WHICH COULD CAUSE US TO DELAY OR SUSPEND ACTIVITIES.

Competition and unforeseen limited sources of supplies in the industry could
result in occasional spot shortages of supplies and certain equipment such as
bulldozers and excavators that we might need to conduct exploration. We have not
attempted to locate or negotiate with any suppliers of products, equipment or
materials. If we cannot find the products and equipment we need, we will have to
suspend our exploration plans until we do find the products and equipment we
need.

BECAUSE OF THE EARLY STAGE OF DEVELOPMENT AND THE NATURE OF OUR BUSINESS, OUR
SECURITIES ARE CONSIDERED HIGHLY SPECULATIVE.

Our securities must be considered highly speculative, generally because of the
nature of our business and the early stage of our development. We are engaged in
the business of exploring and, if warranted, developing commercial reserves of
oil and gas. Our properties are in the exploration stage. Accordingly, we have
not generated any revenues nor have we realized a profit from our operations to
date and there is little likelihood that we will generate any revenues or
realize any profits in the short term. Any profitability in the future from our
business will be dependent upon locating and developing economic reserves of oil
and gas, which itself is subject to numerous risk factors as set forth herein.
Since we have not generated any revenues, we will have to raise additional
monies through the sale of our equity securities or debt in order to continue
our business operations.

THE MINING INDUSTRY IS HIGHLY COMPETITIVE AND THERE IS NO ASSURANCE THAT WE WILL
CONTINUE TO BE SUCCESSFUL IN ACQUIRING MINERAL CLAIMS. IF WE CANNOT CONTINUE TO
ACQUIRE PROPERTIES TO EXPLORE FOR MINERAL RESOURCES, WE MAY BE REQUIRED TO
REDUCE OR CEASE OPERATIONS.

The mineral exploration, development, and production industry is largely
un-integrated. We compete with other exploration companies looking for mineral
resource properties. While we compete with other exploration companies in the
effort to locate and acquire mineral resource properties, we will not compete
with them for the removal or sales of mineral products from our properties if we
should eventually discover the presence of them in quantities sufficient to make
production economically feasible. Readily available markets exist worldwide for
the sale of mineral products. Therefore, we will likely be able to sell any
mineral products that we identify and produce.

In identifying and acquiring mineral resource properties, we compete with many
companies possessing greater financial resources and technical facilities. This
competition could adversely affect our ability to acquire suitable prospects for
exploration in the future. Accordingly, there can be no assurance that we will
acquire any interest in additional mineral resource properties that might yield
reserves or result in commercial mining operations.

MINERAL OPERATIONS ARE SUBJECT TO APPLICABLE LAW AND GOVERNMENT REGULATION. EVEN
IF WE DISCOVER A MINERAL RESOURCE IN A COMMERCIALLY EXPLOITABLE QUANTITY, THESE
LAWS AND REGULATIONS COULD RESTRICT OR PROHIBIT THE EXPLOITATION OF THAT MINERAL
RESOURCE. IF WE CANNOT EXPLOIT ANY MINERAL RESOURCE THAT WE MIGHT DISCOVER ON
OUR PROPERTIES, OUR BUSINESS MAY FAIL.

Both mineral exploration and extraction require permits from various foreign,
federal, state and local governmental authorities and are governed by laws and
regulations, including those with respect to prospecting, mine development,
mineral production, transport, export, taxation, labor standards, occupational
health, waste disposal, toxic substances, land use, environmental protection,
mine safety and other matters. There can be no assurance that we will be able to
obtain or maintain any of the permits required for the continued exploration of
our mineral properties or for the construction and operation of a mine on our
properties at economically viable costs. If we cannot accomplish these
objectives, our business could fail.

We believe that we are in compliance with all material laws and regulations that
currently apply to our activities but there can be no assurance that we can
continue to remain in compliance. Current laws and regulations could be amended
and we might not be able to comply with them, as amended. Further, there can be
no assurance that we will be able to obtain or maintain all permits necessary
for our future operations, or that we will be able to obtain them on reasonable
terms. To the extent such approvals are required and are not obtained, we may be
delayed or prohibited from proceeding with planned exploration or development of
our mineral properties.

MINERAL EXPLORATION AND DEVELOPMENT IS SUBJECT TO EXTRAORDINARY OPERATING RISKS.
WE DO NOT CURRENTLY INSURE AGAINST THESE RISKS. IN THE EVENT OF A CAVE-IN OR
SIMILAR OCCURRENCE, OUR LIABILITY MAY EXCEED OUR RESOURCES, WHICH WOULD HAVE AN
ADVERSE IMPACT ON OUR COMPANY.

Mineral exploration, development and production involves many risks which even a
combination of experience, knowledge and careful evaluation may not be able to
overcome. Our operations will be subject to all the hazards and risks inherent

in the exploration for mineral resources and, if we discover a mineral resource
in commercially exploitable quantity, our operations could be subject to all of
the hazards and risks inherent in the development and production of resources,
including liability for pollution, cave-ins or similar hazards against which we
cannot insure or against which we may elect not to insure. Any such event could
result in work stoppages and damage to property, including damage to the
environment. We do not currently maintain any insurance coverage against these
operating hazards. The payment of any liabilities that arise from any such
occurrence would have a material adverse impact on our company.

MINERAL PRICES ARE SUBJECT TO DRAMATIC AND UNPREDICTABLE FLUCTUATIONS.

We expect to derive revenues, if any, either from the sale of our mineral
resource properties or from the extraction and sale of lithium ore. The price of
those commodities has fluctuated widely in recent years, and is affected by
numerous factors beyond our control, including international, economic and
political trends, expectations of inflation, currency exchange fluctuations,
interest rates, global or regional consumptive patterns, speculative activities
and increased production due to new extraction developments and improved
extraction and production methods. The effect of these factors on the price of
base and precious metals, and therefore the economic viability of any of our
exploration properties and projects, cannot accurately be predicted.

RISKS RELATED TO OUR COMMON STOCK

TRADING IN OUR COMMON SHARES ON THE OTC BULLETIN BOARD IS LIMITED AND SPORADIC
MAKING IT DIFFICULT FOR OUR SHAREHOLDERS TO SELL THEIR SHARES OR LIQUIDATE THEIR
INVESTMENTS.

Our common shares are currently listed for public trading on the OTC Bulletin
Board. The trading price of our common shares has been subject to wide
fluctuations. Trading prices of our common shares may fluctuate in response to a
number of factors, many of which will be beyond our control. The stock market
has generally experienced extreme price and volume fluctuations that have often
been unrelated or disproportionate to the operating performance of companies
with no current business operation. There can be no assurance that trading
prices and price earnings ratios previously experienced by our common shares
will be matched or maintained. These broad market and industry factors may
adversely affect the market price of our common shares, regardless of our
operating performance.

In the past, following periods of volatility in the market price of a company's
securities, securities class-action litigation has often been instituted. Such
litigation, if instituted, could result in substantial costs for us and a
diversion of management's attention and resources.

OUR STOCK IS A PENNY STOCK. TRADING OF OUR STOCK MAY BE RESTRICTED BY THE SEC'S
PENNY STOCK REGULATIONS WHICH MAY LIMIT A STOCKHOLDER'S ABILITY TO BUY AND SELL
OUR STOCK.

Our stock is a penny stock. The Securities and Exchange Commission has adopted
Rule 15g-9 which generally defines "penny stock" to be any equity security that
has a market price (as defined) less than $5.00 per share or an exercise price
of less than $5.00 per share, subject to certain exceptions. Our securities are
covered by the penny stock rules, which impose additional sales practice
requirements on broker-dealers who sell to persons other than established
customers and "accredited investors". The term "accredited investor" refers

generally to institutions with assets in excess of $5,000,000 or individuals
with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or
$300,000 jointly with their spouse. The penny stock rules require a
broker-dealer, prior to a transaction in a penny stock not otherwise exempt from
the rules, to deliver a standardized risk disclosure document in a form prepared
by the SEC which provides information about penny stocks and the nature and
level of risks in the penny stock market. The broker-dealer also must provide
the customer with current bid and offer quotations for the penny stock, the
compensation of the broker-dealer and its salesperson in the transaction and
monthly account statements showing the market value of each penny stock held in
the customer's account. The bid and offer quotations, and the broker-dealer and
salesperson compensation information, must be given to the customer orally or in
writing prior to effecting the transaction and must be given to the customer in
writing before or with the customer's confirmation. In addition, the penny stock
rules require that prior to a transaction in a penny stock not otherwise exempt
from these rules; the broker-dealer must make a special written determination
that the penny stock is a suitable investment for the purchaser and receive the
purchaser's written agreement to the transaction. These disclosure requirements
may have the effect of reducing the level of trading activity in the secondary
market for the stock that is subject to these penny stock rules. Consequently,
these penny stock rules may affect the ability of broker-dealers to trade our
securities. We believe that the penny stock rules discourage investor interest
in and limit the marketability of our common stock.

THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, OR FINRA, HAS ADOPTED SALES
PRACTICE REQUIREMENTS WHICH MAY ALSO LIMIT A STOCKHOLDER'S ABILITY TO BUY AND
SELL OUR STOCK.

In addition to the "penny stock" rules described above, FINRA has adopted rules
that require that in recommending an investment to a customer, a broker-dealer
must have reasonable grounds for believing that the investment is suitable for
that customer. Prior to recommending speculative low priced securities to their
non-institutional customers, broker-dealers must make reasonable efforts to
obtain information about the customer's financial status, tax status, investment
objectives and other information. Under interpretations of these rules, FINRA
believes that there is a high probability that speculative low priced securities
will not be suitable for at least some customers. FINRA requirements make it
more difficult for broker-dealers to recommend that their customers buy our
common stock, which may limit your ability to buy and sell our stock and have an
adverse effect on the market for our shares.

OTHER RISKS

TRENDS, RISKS AND UNCERTAINTIES

We have sought to identify what we believe to be the most significant risks to
our business, but we cannot predict whether, or to what extent, any of such
risks may be realized nor can we guarantee that we have identified all possible
risks that might arise. Investors should carefully consider all of such risk
factors before making an investment decision with respect to our common stock.

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

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. [REMOVED AND RESERVED]

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

Exhibits required by Item 601 of Regulation S-K

Exhibit
Number Description
------ -----------

(3) (I) ARTICLES OF INCORPORATION; AND (II) BYLAWS

3.1 Articles of Incorporation (Incorporated by reference to the Form SB-2
filed on November 13, 2007)

3.2 Bylaws (Incorporated by reference to the Form SB-2 filed on November
13, 2007)

3.3 Articles of Merger (Incorporated by reference to the Form 8-K filed on
February 22, 2010)

3.4 Certificate of Change (Incorporated by reference to the Form 8-K filed
on February 22, 2010)

(10) MATERIAL CONTRACTS

10.1 Purchase Agreement dated effective December 24, 2009 between GeoXplor
Corp. and our company (Incorporated by reference to the Form 8-K filed
on January 21, 2010)

10.2 Purchase Agreement dated effective December 24, 2009 between GeoXplor
Corp. and our company (Incorporated by reference to the Form 8-K filed
on January 21, 2010)

(31) SECTION 302 CERTIFICATION

31.1* Certification of Principal Executive Officer and Principal Financial
Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

(32) SECTION 906 CERTIFICATION

32.1* Certification of Principal Executive Officer and Principal Financial
Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

----------
* Filed herewith

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

FIRST LIBERTY POWER CORP.
(Registrant)

Dated: June 18, 2010 /s/ Glyn R. Garner
-------------------------------------------------
Glyn R. Garner
President, Secretary, Treasurer and Director
(Principal Executive Officer, Principal Financial
Officer and Principal Accounting Officer)

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