UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2010 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 333-164908 KOPR RESOURCES CORP. (Exact name of registrant as specified in its charter) Delaware 41-2252162 (State or other jurisdiction of (IRS Identification No.) incorporation or organization) 670 Kent Avenue Teaneck, NJ 07666 (Address of principal executive offices) (201) 410-9400 (Issuer's telephone number) 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. 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 [ ] No [X] ---------- * The registrant has not yet been phased into the interactive data requirements. 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 definition 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 [X] No [ ] APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distributions of securities under a plan confirmed by a court. Yes [ ] No [ ] N/A [X] APPLICABLE 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. Class - Common Stock, 3,501,500 shares outstanding as of September 13, 2010. KOPR RESOURCES CORP. INDEX TO FORM 10-Q Page No. --- PART I FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Balance Sheets................................................ 3 Statements of Operations...................................... 4 Statement of Changes in Stockholders' Deficiency.............. 5 Statements of Cash Flows...................................... 6 Notes to Financial Statements................................. 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.........................................14 Item 3. Quantitative and Qualitative Disclosures about Market Risk.........16 Item 4. Controls and Procedures............................................16 PART II OTHER INFORMATION Item 1. Legal Proceedings..................................................17 Item 1A. Risk Factors.......................................................17 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds........17 Item 3. Defaults Upon Senior Securities....................................17 Item 4. Removed and Reserved...............................................17 Item 5. Other Information..................................................17 Item 6. Exhibits...........................................................17 Signatures.........................................................18 EX-31 Section 302 Certification of Principal Executive and Principal Financial Officer EX-32 Section 906 Certification of Principal Executive and Principal Financial Officer 2 PART I FINANCIAL INFORMATION ITEM 1 FINANCIAL STATEMENTS KOPR RESOURCES CORP. (An Exploration Stage Company) Balance Sheets July 31, October 31, 2010 2009 ---------- ---------- (Unaudited) ASSETS Current assets Cash and cash equivalents $ 14,981 $ 12,295 Pre-paid expense -- 500 ---------- ---------- TOTAL CURRENT ASSETS $ 14,981 $ 12,795 ========== ========== LIABILITIES AND STOCKHOLDERS' DEFICIENCY Current liabilities Accounts payable $ 76,398 $ 62,976 Loan from director 51,500 16,500 ---------- ---------- TOTAL CURRENT LIABILITIES 127,898 79,476 ---------- ---------- STOCKHOLDERS' DEFICIENCY Preferred stock $0.001 par value 75,000,000 shares authorized; none issued -- -- Common stock $0.001 par value; 150,000,000 shares authorized; 3,501,500 and 2,501,500 shares issued and outstanding at July 31, 2010 and October 31, 2009, respectively 3,502 2,502 Additional paid-in-capital 21,498 12,498 Deficit accumulated during exploration stage (137,916) (81,681) ---------- ---------- (112,916) (66,681) ---------- ---------- TOTAL STOCKHOLDERS' DEFICIENCY $ 14,981 $ 12,795 ========== ========== See notes to financial statements 3 KOPR RESOURCES CORP. (An Exploration Stage Company) Statements of Operations (Unaudited) For the Period For the For the For the For the July 23, 2007 Nine months Nine months Three months Three months (Inception) Ended Ended Ended Ended Through July 31, July 31, July 31, July 31, July 31, 2010 2009 2010 2009 2010 ---------- ---------- ---------- ---------- ---------- Revenues $ -- $ -- $ -- $ -- $ -- Cost of sales -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Gross margin -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- Operating Expense -- -- -- General & administrative expenses 56,235 35,463 16,749 12,435 137,916 ---------- ---------- ---------- ---------- ---------- LOSS BEFORE INCOME TAX EXPENSE (56,235) (35,463) (16,749) (12,435) (137,916) Income tax expense -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- NET LOSS $ (56,235) $ (35,463) $ (16,749) $ (12,435) $ (137,916) ========== ========== ========== ========== ========== Loss per share basic and diluted $ (0.02) $ (0.01) $ (0.01) $ (0.01) ========== ========== ========== ========== Weighted average number of common shares outstanding basic and diluted 3,501,500 2,501,500 3,501,500 2,501,500 ========== ========== ========== ========== See notes to financial statements 4 Kopr Resources Corp. (An Exploration Stage Company) Statements of Changes in Stockholders' Deficiency For the Period from July 23, 2007(Inception) through July 31, 2010 Deficit Accumulated Common Stock Additional During Total ---------------------- Paid-in Exploration Stockholders' Shares Amount Capital Stage Deficiency ------ ------ ------- ----- ---------- September 25, 2007 stock issued for cash 1,500 $ 2 $ 9,998 $ -- $ 10,000 Net loss (5,500) (5,500) ---------- ---------- ---------- ---------- ---------- BALANCE OCTOBER 31, 2007 1,500 2 9,998 (5,500) 4,500 ========== ========== ========== ========== ========== June 1, 2008 stock issued for cash 2,500,000 2,500 2,500 -- 5,000 Net loss (32,606) (32,606) ---------- ---------- ---------- ---------- ---------- BALANCE OCTOBER 31, 2008 2,501,500 2,502 12,498 (38,106) (23,106) ========== ========== ========== ========== ========== Net loss (43,575) (43,575) ---------- ---------- ---------- ---------- ---------- BALANCE OCTOBER 31, 2009 2,501,500 2,502 12,498 (81,681) (66,681) ========== ========== ========== ========== ========== Net loss (18,864) (18,864) ---------- ---------- ---------- ---------- ---------- BALANCE JANUARY 31, 2010 (UNAUDITED) 2,501,500 2,502 12,498 (100,545) (85,545) ========== ========== ========== ========== ========== Net loss (20,622) (20,622) ---------- ---------- ---------- ---------- ---------- BALANCE APRIL 30, 2010 (UNAUDITED) 2,501,500 2,502 12,498 (121,167) (106,167) ========== ========== ========== ========== ========== June 17, 2010 stock issued for cash 1,000,000 1,000 9,000 -- 10,000 Net loss (16,749) (16,749) ---------- ---------- ---------- ---------- ---------- BALANCE JULY 31, 2010 (UNAUDITED) 3,501,500 $ 3,502 $ 21,498 $ (137,916) $ (112,916) ========== ========== ========== ========== ========== See notes to financial statements 5 KOPR RESOURCES CORP. (An Exploration Stage Company) Statements of Cash Flows (Unaudited) For the Period July 23, 2007 (Inception) For the Nine months Ended Through July 31, July 31, July 31, 2010 2009 2010 ---------- ---------- ---------- CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (56,235) $ (35,463) $ (137,916) ---------- ---------- ---------- Adjustments to reconcile net loss to net cash used in operating activities Changes in operating assets and liabilities Pre-paid expense 500 (500) -- Accounts payable 13,422 30,709 76,398 ---------- ---------- ---------- NET CASH USED IN OPERATING ACTIVITIES (42,313) (5,254) (61,519) ---------- ---------- ---------- CASH FLOW FROM INVESTING ACTIVITIES -- -- -- NET CASH USED IN INVESTING ACTIVITIES -- -- -- ---------- ---------- ---------- CASH FLOWS FROM FINANCING ACTIVITIES Loan from director 35,000 16,500 51,500 Proceeds from sale of common stock 10,000 -- 25,000 ---------- ---------- ---------- NET CASH PROVIDED BY FINANCING ACTIVITIES 45,000 16,500 76,500 ---------- ---------- ---------- Net increase in cash and cash equivalents 2,687 11,246 14,981 Cash and cash equivalents at beginning of period 12,295 4,379 -- ---------- ---------- ---------- Cash and cash equivalents at end of period $ 14,981 $ 15,625 $ 14,981 ========== ========== ========== SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the year for: Interest $ -- $ -- $ -- ========== ========== ========== Income Taxes $ -- $ -- $ -- ========== ========== ========== See notes to financial statements 6 KOPR RESOURCES CORP. (An Exploration Stage Company) Notes to Financial Statements (Stated in U.S. Dollars) 1. NATURE AND CONTINUANCE OF OPERATIONS Kopr Resources Corp., ("the Company") was incorporated under the laws of the State of Delaware on July 23, 2007. The Company is in the exploration stage of its resource business and it was generally inactive during the period July 23, 2007 (inception) to October 31, 2009. During the year ended October 31, 2008 the Company commenced its limited activities by issuing shares and acquiring a mineral property located in the Osoyoos Mining Division of British Columbia, Canada. The Company has not yet determined whether this property contains reserves that are economically recoverable. The recoverability of costs incurred for acquisition and exploration of the property will be dependent upon the discovery of economically recoverable reserves, confirmation of the Company's interest in the underlying property, the ability of the Company to obtain necessary financing to satisfy the expenditure requirements under the property agreement and to complete the development of the property and upon future profitable production or proceeds for the sale thereof. The Company's tax reporting year end is October 31. These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit during the exploration stage of $137,916 as of July 31, 2010 and further losses are anticipated in the development of its business raising substantial doubt about the Company's ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and or private placement of common stock. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. All amounts are presented in U.S. dollars. EXPLORATION STAGE COMPANY The Company complies with Accounting Standards Codification ("ASC") 915-235-50 and Securities and Exchange Commission Act Guide 7 for its characterization of the Company as an exploration stage enterprise. MINERAL INTERESTS Mineral property acquisition, exploration and development costs are expensed as incurred until such time as economic reserves are quantified. To date, the Company has not established any proven or probable reserves on its mineral properties. The Company has adopted the provisions of SFAS No. 143 "Accounting for Asset Retirement Obligations" ("ASC 410") which establishes standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment, or other disposal of long -lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets. As at July 31, 2010, any potential costs relating to the future retirement of the Company's mineral property have not yet been determined. 7 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 period. Actual results could differ from those estimates. FOREIGN CURRENCY TRANSLATION The financial statements are presented in United States dollars. In accordance with Statement of Financial Accounting Standards No. 52 "Foreign Currency Translation," ("ASC 830") foreign denominated monetary assets and liabilities are translated into their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Non monetary assets and liabilities are translated at the exchange rates prevailing on the transaction date. Revenue and expenses are translated at average rates of exchange during the year. Gains or losses resulting from foreign currency transactions are included in results of operations. FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying value of cash and accounts payable and accrued liabilities approximates their fair value because of the short maturity of these instruments. Unless otherwise noted, it is management's opinion the Company is not exposed to significant interest currency or credit risks arising from these financial instruments. ENVIRONMENT COSTS Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probably, and the cost can be reasonably estimated. Generally, the timing of these accruals coincides with the earlier of completion of a feasibility study or the Company's commitments to plan of action based on the then known facts. INCOME TAXES The Company follows the accrual method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on the deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. At July 31, 2010, a full deferred tax asset valuation allowance has been provided and no deferred tax asset has been recorded. BASIC AND DILUTED LOSS PER SHARE The Company computes loss per share in accordance with ASC 260-10-45 "Earnings per Share", (SFAS 128) which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments. Basic loss and diluted loss per share are equal. 8 STOCK BASED COMPENSATION In December 2004, the FASB issued SFAS No. 123R, "Share-Based Payments," which replaced SFAS No. 123, "Accounting for Stock-Based Compensation" and superseded APB Opinion No. 25, "Accounting for Stock Issued to Employees." In January 2005, the Securities and Exchange Commission ("SEC") issued Staff Accounting Bulletin ("SAB") No. 107, "Share-Based Payment," which provides supplemental implementation guidance for SFAS No. 123R SFAS No. 123R requires all share based payments to employees , including grants of employee stock options, to be recognized in the financial statements based on the grant date fair value of the award. SFAS No. 123R was to be effective for interim or annual reporting periods beginning on or after June 15, 2005, but in April 2005, the SEC issued a rule that will permit most registrants to implement SFAS No. 123R at the beginning of their next fiscal year, instead of the next reporting period as required by SFAS No. 123R. The pro-forma disclosures previously permitted under SFAS No. 123R no longer will be an alternative to financial statement recognition. Under SFAS No. 123R, the Company must determine the appropriate fair value model to be used for valuing share-based payments, the amortization method for compensation costs and the transition method to be used at date of adoption. The transition methods include prospective and retroactive adoption options. Under the retroactive options, prior periods may be restated either as of the beginning of the year of adoption or for all periods presented. The prospective method requires that compensation expense be recorded for all unvested stock options and restricted stock at the beginning of the first quarter of adoption of SFAS No. 123R, while the retroactive methods would record compensation expense for all unvested stock options and restricted stock beginning with the first period restated. The Company adopted the modified prospective approach of SFAS No 123R for the period ended July 31, 2010. The Company did not record any compensation expense for the period ended July 31, 2010 because there were no stock options outstanding prior to, or at July 31, 2010. RECENT ACCOUNTING PRONOUNCEMENTS In April 2010, the FASB issued ASU 2010-13, Compensation-Stock Compensation (Topic 718): Effect of Denominating the Exercise Price of a Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Trades - a consensus of the FASB Emerging Issues Task Force. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2010. Earlier application is permitted. The Company does not expect the provisions of ASU 2010-13 to have a material effect on the financial position, results of operations or cash flows of the Company. The FASB issued ASU 2010-17, Revenue Recognition - Milestone Method (Topic 605): Milestone Method of Revenue Recognition. This ASU codifies the consensus reached in EITF Issue No. 08-9, "Milestone Method of Revenue Recognition." The amendments to the Codification provide guidance on defining a milestone and determining when it may be appropriate to apply the milestone method of revenue recognition for research or development transactions. Consideration that is contingent on achievement of a milestone in its entirety may be recognized as revenue in the period in which the milestone is achieved only if the milestone is judged to meet certain criteria to be considered substantive. Milestones should be considered substantive in their entirety and may not be bifurcated. An arrangement may contain both substantive and nonsubstantive milestones, and each milestone should be evaluated individually to determine if it is substantive. ASU 2010-17 is effective on a prospective basis for milestones achieved in fiscal years, and interim periods within those years, beginning on or after June 15, 2010. Early adoption is permitted. If a vendor elects early adoption and the period of adoption is not the beginning of the entity's fiscal year, the entity should apply 2010-17 retrospectively from the beginning of the year of adoption. Vendors may also elect to adopt the amendments in this ASU retrospectively for all prior periods. The Company does not expect the provisions of ASU 2010-19 to have a material effect on the financial position, results of operations or cash flows of the Company ASU 2010-18, Receivables (Topic 310): Effect of a Loan Modification When the Loan Is Part of a Pool That Is Accounted for as a Single Asset, codifies the consensus reached in EITF Issue No. 09-I, "Effect of a Loan Modification When the Loan Is Part of a Pool That Is Accounted for as a Single Asset." The amendments to the Codification provide that modifications of loans that are accounted for within a pool under Subtopic 310-30 do not result in the removal of those loans from the pool even if the modification of those loans would otherwise be considered a troubled debt restructuring. An entity will continue 9 to be required to consider whether the pool of assets in which the loan is included is impaired if expected cash flows for the pool change. ASU 2010-18 does not affect the accounting for loans under the scope of Subtopic 310-30 that are not accounted for within pools. Loans accounted for individually under Subtopic 310-30 continue to be subject to the troubled debt restructuring accounting provisions within Subtopic 310-40. ASU 2010-18 is effective prospectively for modifications of loans accounted for within pools under Subtopic 310-30 occurring in the first interim or annual period ending on or after July 15, 2010. Early application is permitted. Upon initial adoption of ASU 2010-18, an entity may make a one-time election to terminate accounting for loans as a pool under Subtopic 310-30. This election may be applied on a pool-by-pool basis and does not preclude an entity from applying pool accounting to subsequent acquisitions of loans with credit deterioration. The Company does not expect the provisions of ASU 2010-18 to have a material effect on the financial position, results of operations or cash flows of the Company. In May 2010, the FASB issued ASU 2010-19, Foreign Currency (Topic 830): Foreign Currency Issues: Multiple Foreign Currency Exchange Rates. The amendments in this Update are effective as of the announcement date of March 18, 2010. The Company does not expect the provisions of ASU 2010-19 to have a material effect on the financial position, results of operations or cash flows of the Company. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. In March 2010, the FASB issued Accounting Standards Update ("ASU") No.2010-11, which is included in the Certification under ASC 815. This update clarifies the type of embedded credit derivative that is exempt from embedded derivative bifurcation requirements. Only an embedded credit derivative that is related to the subordination of one financial instrument to another qualifies for the exemption. This guidance became effective for the Company's interim and annual reporting periods beginning January 1, 2010. The adoption of this guidance did not have a material impact on the Company's financial statements. In February 2010, the FASB issued ASU No. 2010-09, which is included in the Codification under ASC 855, SUBSEQUENT EVENTS ("ASC 855"). This update removes the requirement for an SEC filer to disclose the date through which subsequent events have been evaluated and become effective for interim and annual reporting periods beginning January 1, 2010. The adoption of this guidance did not have a material impact on the Company's financial statements. In January 2010, the FASB issued ASU No. 2010-06, which is included in the Codification under ASC 820, FAIR VALUE MEASUREMENTS AND DISCLOSURES ("ASC 820"). This update requires the disclosure of transfers between the observable input categories and activity in the unobservable input category for fair value measurements. The guidance also requires disclosures about the inputs and valuation techniques used to measure fair value and become effective for interim and annual reporting periods beginning January 1, 2010. The adoption of this guidance did not have a material impact on the Company's financial statements. In September 2009, we adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 105-10, "Generally Accepted Accounting Principles." ASC 105-10 establishes the FASB Accounting Standards Codification(TM) ("Codification") as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with GAAP for SEC registrants. All guidance contained in the Codification carries an equal level of authority. The Codification supersedes all existing non-SEC accounting and reporting standards. The FASB will now issue new standards in the form of Accounting Standards Updates ("ASUs"). The FASB will not consider ASUs as authoritative in their own right. ASUs will serve only to update the Codification, provide background information about the guidance and provide the bases for conclusions on the changes in the Codification. References made to FASB guidance have been updated for the Codification throughout this document. In June 2009, we adopted guidance issued by the FASB and included in ASC 855-10, "Subsequent Events," which establishes general standards of accounting for and disclosures of events that occur after the balance sheet date but before the 10 financial statements are issued or are available to be issued. It requires the disclosure of the date through which an entity has evaluated subsequent events (see Note 1). In June 2009, the FASB issued Statement of Financial Accounting Standards No. 168, "The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles," ("SFAS 168"). SFAS 168 replaces FASB Statement No. 162, "The Hierarchy of Generally Accepted Accounting Principles", and establishes the FASB Accounting Standards Codification ("Codification") as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with generally accepted accounting principles ("GAAP"). SFAS 168 is effective for interim and annual periods ending after September 15, 2009. The Company will begin to use the new Codification when referring to GAAP in its annual report on Form 10-K for the fiscal year ending October 31, 2009. This will not have an impact on the consolidated results of the Company. In June 2009, the FASB issued Statement of Financial Accounting Standards No. 165, "Subsequent Events," ("ASC 855"). SFAS 165 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. SFAS 165 applies to both interim financial statements and annual financial statements. SFAS 165 is effective for interim or annual financial periods ending after June 15, 2009. SFAS 165 does not have a material impact on our financial statements. In April 2009, we adopted guidance issued by the FASB that requires disclosure about the fair value of financial instruments for interim financial statements of publicly traded companies, which is included in the Codification in ASC 825-10-65, "Financial Instruments." The adoption of ASC 825-10-65 did not have an impact on our consolidated results of operations or financial condition. Our adoption of the standard had no impact on our financial results. In April 2009, the FASB issued FASB Staff Position 107-1 and Accounting Principles Board 28-1, "Interim Disclosures about Fair Value of Financial Instruments," ("FSP 107-1"). FSP 107-1 amends SFAS No. 107, "Disclosures About Fair Value of Financial Instruments," to require disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. FSP 107-1 also amends APB Opinion No. 28, "Interim Financial Reporting," to require those disclosures in summarized financial information at interim reporting periods. FSP 107-1 is effective for interim reporting periods ending after June 15, 2009. FSP107-1 does not require disclosures for earlier periods presented for comparative purposes at initial adoption. In periods after initial adoption, this FSP requires comparative disclosures only for periods ending after initial adoption. The Company adopted FSP 107-1 in the second quarter of 2009. FSP 107-1 did not have a material impact on the financial statements. In April 2009, the FASB issued FASB Staff Positions 115-2 and 124-2, "Recognition and Presentation of Other-Than-Temporary Impairments" ("FSP 115-2 and 124-2"). FSP 115-2 and 124-2 amends the other-than-temporary impairment guidance for debt securities to make the guidance more operational and to improve the presentation and disclosure of other-than-temporary impairments on debt and equity securities in the financial statements. FSP 115-2 and 124-2 does not amend existing recognition and measurement guidance related to other-than-temporary impairments of equity securities. The Company adopted FSP 115-2 and 124-2 in the second quarter of 2009. FSP 115-2 and 124-2 did not have a material impact on the financial statements. In April 2009, the FASB issued FASB Staff Position 157-4, "Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly," ("FSP 157-4"). FSP 157-4 provides additional guidance for estimating fair value in accordance with SFAS No. 157, "Fair Value Measurements," when the volume and level of activity for the asset or liability have significantly decreased. FSP 157-4 also includes guidance on identifying circumstances that indicate a transaction is not orderly. FSP 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. The Company adopted FSP 157-4 in the second quarter of 2009. FSP 107-1 did not have a material impact on the financial statements. The Company does not expect the adoption of recently issued accounting pronouncements to have any significant impact on the Company's results of operations, financial position or cash flow. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances. 11 3. COMMON STOCK TRANSACTIONS The total number of common shares authorized that may be issued by the Company is 150,000,000 shares and 75,000,000 preferred shares each with a par value of $.001 per share. No other class of shares is authorized. On July 23, 2007, the Company issued 1,500 shares of common stock to the President and CEO, for total cash proceeds of $10,000. On June 1, 2008, the Company issued 2,500,000 shares of common stock to the President and CEO for total proceeds of $5,000. On June 17, 2010 the Company issued 1,000,000 shares of common stock to 30 subscribers for gross proceeds of $10,000. At July 31, 2010, there were no shares of preferred stock, stock options or warrants issued. 4. MINERAL INTERESTS On November 28, 2007, the Company entered into a purchase and sale agreement to acquire a 100% interest in one mining claim of approximately 505 hectares located in the mining division approximately 15 kilometers north of the town of Keremos, in South Central British Columbia, Canada. The mineral interest is held in trust for the Company by the vendor of the property. Upon request from the Company, the title will be changed to the name of the Company with the appropriate mining recorder. The claim is assigned Tenure Number 541991 and is recorded in the name of Reza Mohammed. The claim is in good standing until January of 2011. 5. INCOME TAXES As of July 31, 2010, the Company had a net operating loss carry forwards of approximately $137,916 that may be available to reduce future years' taxable income through 2030. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has not recorded a valuation allowance for the deferred tax asset relating to this tax loss carry forward. 6. RELATED PARTY TRANSACTIONS On July 31, 2007, in connection with its organization, the Company issued 1,500 shares of common stock to Andrea Schlectman, then the sole shareholder, director and officer of the Company, for consideration of $10,000. On June 1, 2008, the Company issued 2,500,000 shares of common stock at $.002 per share for a total of $5,000 to Andrea Schlectman as reimbursement for Ms. Schlectman's payment of $5,000 on behalf of the Company for its mining claim. Andrea Schlectman may in the future, become involved in other business opportunities as they may become available, thus she may face a conflict in selecting between the Company and her other business opportunities. The Company has not formulated a policy for the resolution of such a conflict. While the Company is seeking additional funds, the director has loaned monies to pay for certain expenses incurred. These loan(s) are interest free and there is no specific time for repayment. The director made an additional loan of $35,000 during the nine months ending July 31, 2010. The balance due the director as of July 31, 2010 is $51,500. 7. OTHER DEVELOPMENTS On February 16, 2010, the Company filed a Form S-1 Registration Statement with the Securities and Exchange Commission which was declared effective on February 26, 2010. At July 31, 2010, 1,000,000 shares of common stock at $0.001 par 12 value, were issued to 30 subscribers at $0.01 per share, for total gross proceeds of $10,000. This initial public offering closed on June 9, 2010. On April 21, 2010, the Company filed a Form 8-K with the Securities and Exchange Commission regarding the election of a new director, Guo Yuying, effective April 16, 2010. She is an independent business consultant and her expertise is helping management of public and privately-held companies maximize productivity as well as advising on general corporate matters. 8. SUBSEQUENT EVENTS The Company has evaluated events subsequent to July 31, 2010 to assess the need for potential recognition or disclosure in this report. Such events were evaluated through the date these financial statements were issued and has disclosed such items herein as follows: On August 13, 2010, the Company's common stock was approved for trading on the OTC Bulletin Board under the symbol "KOPR". 13 ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD LOOKING STATEMENTS The information in this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements involve risks and uncertainties, including statements regarding the Company's capital needs, business strategy and expectations. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms or other comparable terminology. Actual events or results may differ materially. In evaluating these statements, you should consider various factors, including the risks outlined from time to time, in other reports we file with the Securities and Exchange Commission (the "SEC"). These factors may cause our actual results to differ materially from any forward-looking statement. We disclaim any obligation to publicly update these statements, or disclose any difference between its actual results and those reflected in these statements. The information constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. BUSINESS AND PLAN OF OPERATION Kopr Resources Corp. was incorporated under the laws of the state of Delaware on July 23, 2007. The Company's principal offices are located at 670 Kent Avenue, Teaneck, NJ 07666. Our telephone number there is (201) 410-9400. Our fax number is (732) 612-1141. The Company is a mining exploration stage company engaged in the acquisition and exploration of mineral properties, primarily for copper and other metals. The Company has staked a claim on certain property located in the Osoyoos Mining Division of British Columbia, Canada. This property consists of one claim held by Reza Mohammed under Declaration of Trust dated November 28, 2007 in favor of the Company and is located about 15 km north of the town of Keremeos in south central British Columbia. Herein we refer to this claim as the "Property" or the "Claim." We are presently in the exploration stage at the Property. The Claim is good to January 26, 2011. We have not generated revenue from mining operations. We have not yet commenced any exploration activities on the Claim. We plan to explore for minerals on the Property. The Property may not contain any mineral 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. The Property covers an area where the location of the Kopr showing has been documented in MINFILE No. 082ESW050 by the British Columbia Ministry of Energy, Mines and Petroleum Resources. There has been a limited amount of geological work conducted over the years on the Property. The only recorded assessment work was by Apex Exploration and Mining Co. Ltd during 1979 to 1980 in the vicinity of an old adit which probably dates back to the early 1900s. The underlying rocks in the Property area consist of a series of Carboniferous to Triassic volcanic and sedimentary rocks that have been intruded by granitic Okanagan intrusions. Larger intrusions are composed of granite and grandiorite, while smaller stocks are composed of diorite and gabbro. Numerous sills, dikes and apophyses are associated. Carboniferous to Triassic rocks are assigned to the Shoemaker and Old Tom formations. These rocks form the eastern limb of a large anticlinal fold with fold axes striking roughly north. The Shoemaker consists of cherts, greenstone and minor argillite. A showing depicted as a copper skarn was identified on the Property. A mineralized pyrrhotite copper skarn zone and a few other small showings have been sampled. Due to dense forest, the location of the old adit depicted in the MINFILE report remains unknown. The Company retained a consultant, George Coetzee, who has worked as an exploration and mine geologist for 24 years. George Coetzee personally examined the Property and the immediate surrounding area on August 31 and September 1, 2007. Mr. Coetzee graduated with a BSc (Honors) in Geology from University of Pretoria in South Africa in 1981 and is a member of the Society of Economic Geologists. He has worked as an exploration and mine geologist for more than 24 years in South Africa, North America and Mexico. We have a verbal agreement with Mr. Coetzee to conduct the exploration program. However; there is the possibility that our Claim does not contain any reserves, resulting in any funds spent on exploration being lost. The consultant studied a compilation of published data, maps and reports available from the British Columbia Governmental geological database and examined the geology of the Property and its immediate surrounding area in August and September of 2007 to locate skarn copper occurrence and to determine the mode of development and assess the mineral potential of the Property. The consultant located a copper skarm occurrence but was unable to locate the adit identified on the British Columbia Government MINFILE database at the 14 geographical coordinates provided. The adit may have been mismapped or inaccurately surveyed. The consultant speculates that detail reconnaissance would reveal the location of the adit and mineralization in the larely dense wooded terrain. Mineral property exploration is typically conducted in phases. We have not yet commenced the initial phase of exploration on the Property. Our plan of operation for the next twelve months is to initiate the first of two phases of the exploration program as recommended by our consultant. After we have completed each phase of exploration and analyzed the results, we will make a decision as to whether we will proceed with each successive phase. The decision will be made based upon the results obtained in the previous phase. Our goal in exploration of the Property is to ascertain whether it possesses commercially viable metal or mineral deposits. We cannot assure you that any economical mineral deposits exist on the Property until appropriate exploration work is completed. Even if we complete our proposed exploration program on the Property and we are successful in identifying a mineral deposit, we will have to spend substantial funds on further drilling and engineering studies before we will know if we have a commercially viable mineral deposit. The first phase of exploration would include the following: * Further reconnaissance prospecting entailing silt sampling of all creeks draining the Property area; * Geological mapping and examination of all rock outcrops for potential sulphide mineralization; and * Ground geological survey over the magnetic anomalies highlighted by a previous MAG airborne survey as well as new targets identified by the mapping program. The first phase is estimated to cost $28,640 as described below. BUDGET - FIRST PHASE Geologist 10 days @$500 per day $ 5,000 Two Assistants @ $400 per day 3,200 Technologist 6 days @ $300 per day 1,800 Vehicle 10 days @ $100 day 1,000 Rock Samples 30 @ $50 each 1,500 Silt Samples 40 @ $40 1,600 Lodging 10 days @$120 per day per person 3,840 Expenses, food, fuel and field supplies 2,200 Magnetometer Survey 6,000 Report 2,500 ------- $28,640 ======= After the completion of the first phase of the exploration program, we will have review the results and conclusions and evaluate the advisability of additional exploration work on the Property The second phase of exploration, if warranted, would include trenching and a localized geochemical soil sampling program over the magnetic anomalies and showings and proposed budget of $25,480. BUDGET - SECOND PHASE Bond $ 5,000 Geologist 7 days @$500 per day 3,500 Assistant 7 days @ $400 per day 1,400 Vehicle 7 days @ $100 day 700 Rock Samples 10 @ $50 each 500 Soil Samples 150 @ $40 6,000 Expenses, food and field supplies 1,200 Report 1,500 Lodging 7 days @$120/day/person 1,680 Trenching 4,000 ------- $25,480 ======= We would need additional financing to cover these exploration costs, although we currently do not have any financing arranged. Further exploration would be subject to financing. 15 As of July 31, 2010, there were outstanding accounts payable to George Coetzee, a consultant, for $5,500 and to Synergy Law Group, LLC for $59,144. LIQUIDITY AND CAPITAL RESOURCES Our current assets at July 31, 2010 were $14,981 and current liabilities were $127,898. We received our initial funding of $10,000 through the sale of common stock to our sole officer, Andrea Schlectman, who purchased 1,500 shares of our common stock at approximately $6.66 per share on July 23, 2007. Ms. Schlectman, paid $5,000 on our behalf for the cost of the mining claim on the Claim property, and on June 1, 2008, we issued 2,500,000 shares of our common stock to Ms. Schlectman in exchange for the cash paid out. The Company registered 1,000,000 shares of common stock for public sale pursuant to the Registration Statement (the "Registration Statement") on Form S-1 which was filed with the SEC on February 16, 2010, and declared effective by the SEC on February 26, 2010. On June 9, 2010, the Company accepted subscriptions for 1,000,000 shares from 30 subscribers pursuant to the prospectus which was part of the Registration Statement for gross proceeds of $10,000. RESULTS OF OPERATIONS We are still in the development stage and have no revenues to date. During the three-month period ended July 31, 2010, we incurred general and administrative expenses of $16,749 and general and administrative expenses of $12,435 for the three-month period ended July 31, 2009. During the nine-month period ended July 31, 2010, we incurred general and administrative expenses of $56,235. In the nine months ended July 31, 2009, such expenses were $39,463. These expenses primarily consisted of professional fees, which increased because of the work associated with public offering of stock which closed on June 9, 2010. Our net loss since inception through July 31, 2010 is $137,916. Management believes that the Company's current cash together with subscriptions for stock in any private placement will be sufficient to cover the expenses we will incur during the next twelve months. If we experience a shortage of funds during our exploration stage, our sole officer has agreed to advance funds as needed. She has also agreed to pay the cost of reclamation of the property should exploitable minerals not be found and we abandon our exploration program and there are no remaining funds in the Company. While she has agreed to advance the funds, the agreement is verbal and is unenforceable as a matter of law. To date, she has loaned monies to pay for certain expenses incurred. These loan(s) are interest free and there is no specific time for repayment. The balance due the director as of July 31, 2010 is $51,500. Due to the uncertainty of our ability to meet our current operating and capital expenses, there is substantial doubt about our ability to continue as a going concern. OFF-BALANCE SHEET ARRANGEMENTS We do not have any 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 investors. ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Our Company is exposed to a variety of market risks, including changes in interest rates affecting the return on its cash and cash equivalents and short-term investments and fluctuations in foreign currency exchange rates; but due to our present financial situation, we are not extensively exposed. ITEM 4 CONTROLS AND PROCEDURES Under the supervision and with the participation of our management, 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 and the identification of material weaknesses in our internal control over financial reporting, our sole officer and board of directors concluded that, as of July 31, 2010, the Company's disclosure controls and procedures were not effective. 16 PART II OTHER INFORMATION ITEM 1 LEGAL PROCEEDINGS We know of no material, active or pending legal proceedings against the 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 RISKS FACTORS Not applicable ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS Not applicable ITEM 3 DEFAULTS UPON SENIOR SECURITIES Not applicable ITEM 4 REMOVED AND RESERVED ITEM 5 OTHER INFORMATION a) None b) None On February 16, 2010 the Company filed a Registration Statement (the "Registration Statement") on Form S-1 for the offering of 1,000,000 shares of common stock with the SEC, which was declared effective by the SEC on February 26, 2010. On June 9, 2010, the Company closed the offering of the sale of shares under the Registration Statement with the sale of 1,000,000 shares to 30 subscribers for gross proceeds to the Company of $10,000. On August 13, 2010, the Company's common stock was approved for trading on the OTCBB under the symbol "KOPR." ITEM 6 EXHIBITS Exhibits required by Item 601 of Regulation S-K: Exhibit Number Description of Exhibit ------ ---------------------- 3.1 Articles of Incorporation (*) 3.2 Bylaws (*) Certification of Principal Executive and Principal Financial Officer filed pursuant to Section 31 302 of the Sarbanes-Oxley Act of 2002. Certification of Principal Executive and Principal Financial Officer pursuant to 18 U.S.C. 32 Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. ---------- * Incorporated by reference herein from the Company's Registration Statement on Form S-1 filed on February 16, 2010 with the SEC. 17 SIGNATURE In accordance with Section 13 or 15(d) of the Securities Exchange Act, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: September 14, 2010 KOPR RESOURCES CORP. By: /s/ Andrea Schlectman ---------------------------------------- Andrea Schlectman Principal Executive Officer Principal Financial Officer and Director 18