XOTC:IXPLD Quarterly Report 10-Q Filing - 4/30/2012

Effective Date 4/30/2012

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED APRIL 30, 2012 Commission file number 000-54666 IMPACT EXPLORATIONS INC. (Exact name of registrant as specified in its charter) NEVADA (State or other jurisdiction of incorporation or organization) 78 York Street London W1H 1DP England (Address of principal executive offices, including zip code) Telephone +44 207 681 1620 Facsimile +44 207 681 1620 (Telephone number, including area code) Resident Agents of Nevada 711 S. Carson Street #4 Carson City, NV 89701 Telephone (775)882-4641 Facsimile (775)882-6818 (Name, address and telephone number of agent for service) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 last 90 days. YES [X] NO [ ] Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 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 [X] NO [ ] Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer, "accelerated filer," "non-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] Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES [X] NO [ ] State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 6,000,000 shares as of June 14, 2012 <PAGE> ITEM 1. FINANCIAL STATEMENTS The un-audited quarterly financial statements for the period ended April 30, 2012, prepared by the company, immediately follow. 2 <PAGE> IMPACT EXPLORATIONS INC. (An Exploration Stage Company) Balance Sheet -------------------------------------------------------------------------------- As of As of April 30, 2012 January 31, 2012 -------------- ---------------- <S> <C> <C> ASSETS CURRENT ASSETS Cash $ 2,387 $ 20,461 -------- -------- TOTAL CURRENT ASSETS 2,387 20,461 -------- -------- TOTAL ASSETS $ 2,387 $ 20,461 ======== ======== LIABILITIES & STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts Payable $ 4,180 $ 2,440 -------- -------- TOTAL CURRENT LIABILITIES 4,180 2,440 -------- -------- TOTAL LIABILITIES 4,180 2,440 -------- -------- STOCKHOLDERS' EQUITY Common stock, ($0.001 par value, 75,000,000 shares authorized; 6,000,000 shares issued and outstanding as of April 30, 2012 and January 31, 2012 6,000 6,000 Additional paid-in capital 54,000 54,000 Deficit accumulated during exploration stage (61,793) (41,979) -------- -------- TOTAL STOCKHOLDERS' EQUITY (1,793) 18,021 -------- -------- TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 2,387 $ 20,461 ======== ======== See Notes to Financial Statements 3 <PAGE> IMPACT EXPLORATIONS INC. (An Exploration Stage Company) Statement of Operations -------------------------------------------------------------------------------- January 6, 2010 Three Months Three Months (inception) ended ended through April 30, 2012 April 30, 2011 April 30, 2012 -------------- -------------- -------------- <S> <C> <C> <C> REVENUES Revenues $ -- $ -- $ -- ---------- ---------- ---------- TOTAL REVENUES -- -- -- EXPENSES General and Administrative 16,715 1,892 27,493 Mineral Exploration Expense -- 10,000 14,000 Professional Fees 3,100 3,100 20,300 ---------- ---------- ---------- TOTAL EXPENSES 19,815 14,992 61,793 ---------- ---------- ---------- NET INCOME (LOSS) $ (19,815) $ (14,992) $ (61,793) ========== ========== ========== BASIC EARNING (LOSS) PER SHARE $ 0.00 $ 0.00 ========== ========== WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 6,000,000 3,000,000 ========== ========== See Notes to Financial Statements 4 <PAGE> IMPACT EXPLORATIONS INC. (An Exploration Stage Company) Statement of Cash Flows -------------------------------------------------------------------------------- January 6, 2010 Three Months Three Months (inception) ended ended through April 30, 2012 April 30, 2011 April 30, 2012 -------------- -------------- -------------- <S> <C> <C> <C> CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $(19,815) $(14,992) $(61,793) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Changes in operating assets and liabilities: Deposit -- 10,000 -- Accounts Payable 1,740 630 4,180 -------- -------- -------- NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (18,075) (4,362) (57,613) CASH FLOWS FROM INVESTING ACTIVITIES NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES -- -- -- CASH FLOWS FROM FINANCING ACTIVITIES Issuance of common stock -- -- 60,000 -------- -------- -------- NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES -- -- 60,000 -------- -------- -------- NET INCREASE (DECREASE) IN CASH (18,075) (4,362) 2,387 CASH AT BEGINNING OF PERIOD 20,461 30,683 -- -------- -------- -------- CASH AT END OF YEAR $ 2,387 $ 26,321 $ 2,387 ======== ======== ======== SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during year for: Interest $ -- $ -- $ -- ======== ======== ======== Income Taxes $ -- $ -- $ -- ======== ======== ======== See Notes to Financial Statements 5 <PAGE> IMPACT EXPLORATIONS INC. (An Exploration Stage Company) Notes to Financial Statements April 30, 2012 -------------------------------------------------------------------------------- NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS Impact Explorations Inc. (the Company) was incorporated under the laws of the State of Nevada on January 6, 2010. The Company was formed to engage in the acquisition, exploration and development of natural resource properties. The Company is in the exploration stage. Its activities to date have been limited to capital formation, organization and development of its business plan and the first phase of its planned exploration program. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. BASIS OF ACCOUNTING The Company's financial statements are prepared using the accrual method of accounting. The Company has elected a January 31, year-end. B. BASIC EARNINGS PER SHARE ASC No. 260, "Earnings Per Share", specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. The Company has adopted the provisions of ASC No. 260. Basic net loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the lack of dilutive items in the Company. C. CASH EQUIVALENTS The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. D. USE OF ESTIMATES AND ASSUMPTIONS 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In accordance with ASC No. 250 all adjustments are normal and recurring. 6 <PAGE> IMPACT EXPLORATIONS INC. (An Exploration Stage Company) Notes to Financial Statements April 30, 2012 -------------------------------------------------------------------------------- NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) E. INCOME TAXES Income taxes are provided in accordance with ASC No. 740, Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carryforwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. F. REVENUE The Company records revenue on the accrual basis when all goods and services have been performed and delivered, the amounts are readily determinable, and collection is reasonably assured. The Company has not generated any revenue since its inception. G. ADVERTISING The Company will expense its advertising when incurred. There has been no advertising since inception. H. RECENT ACCOUNTING PRONOUNCEMENTS The Company has evaluated all the recent accounting pronouncements through the date the financial statements were issued and filed with the Securities and Exchange Commission and believe that none of them will have a material effect on the company's financial statements. NOTE 3. GOING CONCERN The accompanying financial statements are presented on a going concern basis. The Company had limited operations during the period from January 6, 2010 (inception) to October 31, 2011 and generated a net loss of $61,793. This condition raises substantial doubt about the Company's ability to continue as a going concern. The Company's current cash of $2,387 is insufficient to cover the expenses they will incur during the next twelve months. 7 <PAGE> IMPACT EXPLORATIONS INC. (An Exploration Stage Company) Notes to Financial Statements April 30, 2012 -------------------------------------------------------------------------------- NOTE 4. WARRANTS AND OPTIONS There are no warrants or options outstanding to acquire any additional shares of common. NOTE 5. RELATED PARTY TRANSACTIONS The Company neither owns nor leases any real or personal property. The sole officer and director of the Company is involved in other business activities and may, in the future, become involved in other business opportunities as they become available. Thus she may face a conflict in selecting between the Company and her other business interests. The Company has not formulated a policy for the resolution of such conflicts. NOTE 6. INCOME TAXES As of April 30, 2012 -------------------- Deferred tax assets: Net operating tax carryforwards $ 61,793 Other 0 -------- Gross deferred tax assets 21,010 Valuation allowance (21,010) -------- Net deferred tax assets $ 0 ======== Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income. As the achievement of required future taxable income is uncertain, the Company recorded a valuation allowance. NOTE 7. NET OPERATING LOSSES As of April 30, 2012, the Company has a net operating loss carryforwards of approximately $61,793. Net operating loss carryforwards expires twenty years from the date the loss was incurred. 8 <PAGE> IMPACT EXPLORATIONS INC. (An Exploration Stage Company) Notes to Financial Statements April 30, 2012 -------------------------------------------------------------------------------- NOTE 8. STOCK TRANSACTIONS Transactions, other than employees' stock issuance, are in accordance with ASC No. 505. Thus issuances shall be accounted for based on the fair value of the consideration received. Transactions with employees' stock issuance are in accordance with ASC No. 718. These issuances shall be accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, or whichever is more readily determinable. On January 6, 2010 the Company issued a total of 3,000,000 shares of common stock to one director for cash at $0.005 per share for a total of $15,000. On September 14, 2010 the Company issued a total of 3,000,000 shares of common stock to 26 unrelated shareholders for cash at $.015 per share for a total of $45,000 pursuant to a S-1 registration statement. As of April 30, 2012 the Company had 6,000,000 shares of common stock issued and outstanding. NOTE 9. STOCKHOLDERS' EQUITY The stockholders' equity section of the Company contains the following classes of capital stock as of April 30, 2012: * Common stock, $ 0.001 par value: 75,000,000 shares authorized; 6,000,000 shares issued and outstanding. NOTE 10. SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after April 30, 2012 up through the date the Company issued these financial statements. During this period, the Company did not have any material recognizable subsequent events. 9 <PAGE> ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION FORWARD LOOKING STATEMENTS This report contains forward-looking statements that involve risk and uncertainties. We use words such as "anticipate", "believe", "plan", "expect", "future", "intend", and similar expressions to identify such forward-looking statements. Investors should be aware that all forward-looking statements contained within this filing are good faith estimates of management as of the date of this filing. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions. RESULTS OF OPERATIONS We are an exploration stage company and have generated no revenues since inception (January 6, 2010) and have incurred $61,793 in expenses through April 30, 2012. For the three months ended April 30, 2012 we incurred $19,815 in expenses. These expenses consisted of $3,100 in professional fees and $16,715 in general and administrative expenses. For the same three month perioed ended April 30, 2011 we incurred $14,992 in expenses. These expenses consisted of $3.100 in professional fees, $1,892 in general and administrative expenses and $10,000 in exploration expenses. The following table provides selected financial data about our company for the period ended April 30, 2012. Balance Sheet Data: 4/30/12 ------------------- ------- Cash $ 2,387 Total assets $ 2,387 Total liabilities $ 4,180 Shareholders' equity $(1,793) Cash provided by financing activities since inception through April 30, 2012 was $15,000 from the sale of 3,000,000 shares of common stock to our officer and director in January 2010 and on September 14, 2010 we issued a total of 3,000,000 shares of common stock to 26 unrelated shareholders for cash at $0.015 per share for a total of $45,000 pursuant to the S-1 Registration Statement we filed with the US Securities and Exchange Commission. LIQUIDITY AND CAPITAL RESOURCES Our cash balance at April 30, 2012 was $2,387, with $4,180 in outstanding liabilities. Our plan of operation for the next twelve months is to continue our exploration efforts, either on our current claim or possibly on another mineral property if we are able to find one with better prospects than our current property. During the quarter ended April 30, 2011 we paid the geologist $10,000 10 <PAGE> to proceed with Phase 1 of the exploration program. In addition to the additional $14,000 we may spend for Phase 2 of the exploration program as outlined below, we anticipate spending an additional $7,000 on professional fees, including fees payable in connection with complying with reporting obligations, and general administrative costs. Total expenditures over the next 12 months are therefore expected to be approximately $21,000 if we proceed with Phase 2. We are an exploration stage company and have generated no revenue to date. PLAN OF OPERATION Our exploration target is to find exploitable minerals. Our success depends on achieving that target. There is the likelihood of our current mineral claim containing little or no economic mineralization or reserves of silver and other minerals. There is the possibility that our current claim does not contain any reserves and funds that we spend on exploration will be lost. Even if we complete our current exploration program and are successful in identifying a mineral deposit we will be required to expend substantial funds to bring our claim to production. We are unable to assure you we will be able to raise the additional funds necessary to implement any future exploration or extraction program even if mineralization is found. The following work program has been recommended by the consulting geologist who prepared the geology report on our current claim. PHASE 1 Prospecting, mapping and grid controlled soil geochemistry $10,000 (completed) PHASE 2 A program of grid controlled ground magnetometer and very low frequency electro magnetometer (VLF-EM) surveys should be undertaken over the areas of interest as determined by the Phase 1 program $14,000 ------- Total $24,000 ======= The above program costs are management's estimates based upon the recommendations of the professional consulting geologist's report and the actual project costs may exceed our estimates. We paid the geologist $10,000 for Phase 1 of the exploration program. On April 12, 2011 we received his report on his findings. Management is currently pursuing additional exploration assets, and may return to this project in the future, but the results of Phase 1 were not so good that they wish to complete phase 2 immediately. If we decide to move on to Phase 2 of the exploration program on our current claim, this would be done during the summer of 2012. The estimated cost of this program is $14,000 and will take approximately 3 weeks to complete and an 11 <PAGE> additional two to three months for the consulting geologist to receive the results from the assay lab and prepare his report. We have a verbal agreement with James McLeod, the consulting geologist who prepared the geology report on our claim, to retain his services for Phase 2 of the exploration program. We cannot provide investors with any assurance that we will be able to raise sufficient funds to proceed with any work after the exploration program if we find mineralization. OFF-BALANCE SHEET ARRANGEMENTS We have no off-balance sheet arrangements. ITEM 4. CONTROLS AND PROCEDURES EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES Under the supervision and with the participation of our management, including our principal executive officer and the principal financial officer, we have conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as of the end of the period covered by this report. Based on this evaluation, our principal executive officer and principal financial officer concluded as of the evaluation date that our disclosure controls and procedures were effective such that the material information required to be included in our Securities and Exchange Commission reports is accumulated and communicated to our management, including our principal executive and financial officer so that it may be recorded, processed, summarized and reported within the time periods specified in SEC rules and forms relating to our company, particularly during the period when this report was being prepared. CHANGES IN INTERNAL CONTROLS OVER FINANCIAL REPORTING There have been no changes in our internal control over financial reporting that occurred during the last fiscal quarter ended April 30, 2012 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting 12 <PAGE> PART II. OTHER INFORMATION ITEM 6. EXHIBITS The following exhibits are included with this quarterly filing. Those marked with an asterisk and required to be filed hereunder, are incorporated by reference and can be found in their entirety in our original Registration Statement on Form S-1, filed under SEC File Number 333-165365, at the SEC website at www.sec.gov: Exhibit No. Description ----------- ----------- 3.1 Articles of Incorporation* 3.2 Bylaws* 31.1 Sec. 302 Certification of Principal Executive Officer 31.2 Sec. 302 Certification of Principal Financial Officer 32.1 Sec. 906 Certification of Principal Executive Officer 32.2 Sec. 906 Certification of Principal Financial Officer 101 Interactive data files pursuant to Rule 405 of Regulation S-T SIGNATURES Pursuant to the requirements of Section 13(a) 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. June 14, 2012 Impact Explorations Inc., Registrant By: /s/ Jenny Brown ---------------------------------------- Jenny Brown, President, Chief Executive Officer, Principal Accounting Officer, and Chief Financial Officer In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. June 14, 2012 Impact Explorations Inc., Registrant By: /s/ Jenny Brown ---------------------------------------- Jenny Brown, President, Chief Executive Officer, Principal Accounting Officer and Chief Financial Officer 13

XOTC:IXPLD Quarterly Report 10-Q Filling

XOTC:IXPLD Stock - Get Quarterly Report SEC Filing of XOTC:IXPLD stocks, including company profile, shares outstanding, strategy, business segments, operations, officers, consolidated financial statements, financial notes and ownership information.

Content Partners
XOTC:IXPLD Quarterly Report 10-Q Filing - 4/30/2012
Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol |  Title Star Rating |  Category |  Total Assets |  Top Holdings |  Top Sectors |  Symbol |  Name Title |  Date |  Author |  Collection |  Interest |  Popularity Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol / Ticker |  Title Star Rating |  Category |  Total Assets |  Symbol / Ticker |  Name Title |  Date |  Author |  Collection |  Popularity |  Interest Title |  Date |  Company |  Symbol |  Interest |  Popularity Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Title |  Date |  Company |  Symbol |  Interest |  Popularity

Previous: XOTC:IXPLD Annual Report 10-K Filing - 1/31/2012  |  Next: XOTC:IXPLD Quarterly Report 10-Q Filing - 7/31/2012