ALTEROLA BIOTECH INC. - Quarter Report: 2010 March (Form 10-Q)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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 March 31, 2010

[ ]	Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act of 1934

	For the transition period __________ to __________

	Commission File Number: 333-156091

Jedediah Resources Corp.

(Exact name of small business issuer as specified in its charter)

Nevada	N/A
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

100 – 111, 5th Ave., S.W., Suite 304

Calgary, Alberta, Canada T2P 3Y6

(Address of principal executive offices)

(403) 481-9504

(Issuer’s telephone number)

_______________________________________________________________

(Former name, former address and former fiscal year, if changed since last report)

Check whether the issuer (1) 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 issuer 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 Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceeding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [ ] No [X]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

[ ] Large accelerated filer [ ] Accelerated filer	[ ] Non-accelerated filer
[X] Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [X] Yes [ ] No

State the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 13,273,000 common shares as of April 27, 2010.

Table of Contents

	TABLE OF CONTENTS	Page
PART I – FINANCIAL INFORMATION
Item 1:	Financial Statements	3
Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	4
Item 3:	Quantitative and Qualitative Disclosures About Market Risk	8
Item 4T:	Controls and Procedures	8
PART II – OTHER INFORMATION
Item 1:	Legal Proceedings	9
Item 1A:	Risk Factors	9
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	9
Item 3:	Defaults Upon Senior Securities	9
Item 4:	Submission of Matters to a Vote of Security Holders	9
Item 5:	Other Information	9
Item 6:	Exhibits	9

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Our unaudited consolidated financial statements included in this Form 10-Q are as follows:
F-1	Unaudited Consolidated Balance Sheets as of March 31, 2010 and September 30, 2009;
F-2	Unaudited Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended March 31, 2010 and 2009 and period from July 21, 2008 (Inception) to March 31, 2010;
F-3	Unaudited Consolidated Statements of Cash Flows for the six months ended March 31, 2010 and 2009 and period from July 21, 2008 (Inception) to March 31, 2010;
F-4	Unaudited Consolidated Statement of Stockholders’ Equity (Deficiency) for period from July 21, 2008 (Inception) to March 31, 2010;
F-5	Notes to Unaudited Consolidated Financial Statements;

These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the SEC instructions to Form 10-Q. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the interim period ended March 31, 2010 are not necessarily indicative of the results that can be expected for the full year.

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JEDEDIAH RESOURCES CORP.

(An Exploration Stage Company)

IMTERIM CONSOLIDATED BALANCE SHEETS

March 31, 2010 and September 30, 2009

(Stated in US Dollars)

(Unaudited)

ASSET	March 31, 2010		September 30, 2009

Current
Cash	$	12,580	$	7,224

LIABILITY


Current
Accounts payable and accrued liabilities – Note 5	$	583	$	2,375

STOCKHOLDERS’ EQUITY

Preferred stock, $0.001 par value 10,000,000 shares authorized, none outstanding
Common stock, $0.001 par value – Note 6 90,000,000 shares authorized 13,273,000 issued (September 30, 2009: 9,940,000 issued)		13,273		9,940
Additional paid in capital		171,345		124,678
Deficit accumulated during the exploration stage		(172,621)		(129,769)

		11,997		4,849

	$	12,580	$	7,224

Nature of Operations and Ability to Continue as a Going Concern – Note 2 Commitments – Note7

SEE ACCOMPANYING NOTES

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JEDEDIAH RESOURCES CORP.

(An Exploration Stage Company)

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

for the three and six months ended March 31, 2010 and 2009

and the period July 21, 2008 (Date of Inception)

to March 31, 2010

(Stated in US Dollars)

(Unaudited)

	Six Months Ended March 31,				Three Months Ended March 31,				(Cumulative) July 21, 2008 (Date of Inception) to March 31,
	2010		2009		2010		2009		2010

Expenses
Accounting and audit fees	$	28,517	$	22,700	$	9,092	$	6,063	$	61,162
Bank charges		160		231		107		58		530
Consulting fees		-		4,000		-		4,000		4,000
Foreign exchange		67		264		27		1		329
Legal fees		6,857		20,203		2,565		4,980		37,433
Management fees – Note 5		4,000		6,000		1,000		3,000		18,234
Mineral property option costs – Note 7		1,866		1,850		-		-		3,716
Mineral property exploration costs		-		16,157		-		6,080		16,157
Stock based compensation		-		-		-		-		26,000
Transfer agent and filing fees		1,385		3,105		205		2,105		4,790
Travel		-		270		-		-		270

Net loss and Comprehensive Loss for the period	$	(42,852)	$	(74,780)	$	(12,996)	$	(26,287)	$	(172,621)

Basic and diluted loss per share	$	(0.00)	$	(0.01)	$	(0.00)	$	(0.00)

Weighted average number of shares outstanding		11,496,621		9,783,077		13,087,833		9,940,000

SEE ACCOMPANYING NOTES

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JEDEDIAH RESOURCES CORP.

(An Exploration Stage Company)

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

for the six months ended March 31, 2010 and 2009,

and the period July 21, 2008 (Date of Inception)

to March 31, 2010

(Stated in US Dollars)

(Unaudited)

	Six Months Ended March 31, 2010		Six Months Ended March 31, 2009		(Cumulative) July 21, 2008 (Date of Inception) to March 31, 2010
Cash Flows used in Operating Activities
Net loss for the period	$	(42,852)	$	(74,780)	$	(172,621)
Adjustment to reconcile net loss to net cash used in operating activities:
Stock based compensation		-		-		26,000
Change in non-cash working capital item:
Prepaid expenses		-		-		-
Accounts payable and accrued liabilities		(1,792)		(3,293)		583

Net cash used in operating activities		(44,644)		(78,073)		(146,038)

Cash Flows provided by Financing Activities
Capital stock issued		50,000		2,865		213,618
Capital stock returned to treasury - Note 6		-		-		(55,000)

Net cash provided by financing activities		50,000		2,865		158,618

Increase (decrease) in cash during the period		5,356		(75,208)		12,580

Cash, beginning of the period		7,224		103,584		-

Cash, end of the period	$	12,580	$	28,376	$	12,580

Supplemental disclosure of cash flow information:

Cash paid for:
Interest	$	-	$	-	$	-
Income taxes	$	-	$	-	$	-

SEE ACCOMPANYING NOTES

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JEDEDIAH RESOURCES CORP.

(An Exploration Stage Company)

INTERIM CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

for the period from July 21, 2008 (Date of Inception) to March 31, 2010

(Stated in US Dollars)

(Unaudited)

	Common Shares				Additional Paid In		Deficit Accumulated During the Exploration
	Number		Amount		Capital		Stage		Total

Capital stock issued for cash – at $0.01		5,500,000	$	5,500	$	49,500	$	-	$	55,000
Capital stock returned to treasury for cancellation on rescission of subscription (Note 6)		(5,500,000)		(5,500)		(49,500)		-		(55,000)
Capital stock issued for cash – at $0.0095		5,500,000		5,500		46,746		-		52,246
Stock-based compensation for shares issued on discount (Note 6)		-		-		26,000		-		26,000
Capital stock issued for cash – at $0.014		4,200,000		4,200		55,007		-		59,207
Less: commission		-		-		(5,700)		-		(5,700)
Net loss for the period		-		-		-		(32,531)		(32,531)

Balance September 30, 2008		9,700,000		9,700		122,053		(32,531)		99,222
Capital stock issued for cash – at $0.01		240,000		240		2,625		-		2,865
Net loss for the year		-		-		-		(97,238)		(97,238)

Balance September 30, 2009		9,940,000		9,940		124,678		(129,769)		4,849
Capital stock issued for cash – at $0.015		3,333,000		3,333		46,667		-		50,000
Net loss for the period		-		-		-		(42,852)		(42,852)

Balance March 31, 2010		13,273,000	$	13,273	$	171,345	$	(172,621)	$	11,997)

SEE ACCOMPANYING NOTES

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JEDEDIAH RESOURCES CORP.

(An Exploration Stage Company)

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2010

(Stated in US Dollars)

(Unaudited)

Note 1

Basis of Presentation

While the information presented in the accompanying March 31, 2010 interim consolidated financial statements is unaudited, it includes all adjustments which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the interim period presented in accordance with the accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature. These interim consolidated financial statements should be read in conjunction with the Company’s September 30, 2009 audited financial statements (notes thereto) included in the Company’s Annual Report on Form 10-K.

Operating results for the six months ended March 31, 2010 are not necessarily indicative of the results that can be expected for the year ending September 30, 2010.

Note 2

Nature of Operations and Ability to Continue as a Going Concern

The Company was incorporated in the state of Nevada, United States of America on July 21, 2008. The Company is an exploration stage company and was formed for the purpose of acquiring exploration and development stage mineral properties. The Company’s year-end is September 30.

The Company’s subsidiary holds a mineral claim located in British Columbia, Canada. The Company intends on exploring its mineral property and has not yet determined the existence of economically recoverable reserves. The recoverability of amounts incurred on its mineral property is dependent upon the existence of economically recoverable reserves in the property, confirmation of the Company’s interest in the underlying mineral claims, the ability of the Company to obtain the necessary financing to complete their development, and the attainment and maintenance of future profitable production or disposition thereof.

These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next twelve months. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. At March 31, 2010, the Company has working capital of $11,997, has yet to achieve profitable operations, has accumulated losses of $172,621 since its inception and expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company’s ability to continue as a going concern.

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Jedediah Resources Corp.

(An Exploration Stage Company)

Notes to the Interim Consolidated Financial Statements

March 31, 2010

(Stated in US Dollars)

Note 2

Nature of Operations and Ability to Continue as a Going Concern – (cont’d)

The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing from shareholders or other sources to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances, however there is no assurance of additional funding being available or on acceptable terms, if at all.

Note 3 Summary of Significant Accounting Policies

The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and are stated in US dollars. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates, which have been made using careful judgment. Actual results may vary from these estimates.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted pursuant to such SEC rules and regulations. The financial statements have, in management’s opinion, been properly prepared within the framework of the significant accounting policies consistent with year-end.

Principles of Consolidation

These consolidated financial statements include the accounts of the Company and JRE Exploration Ltd., (“JRE”) a wholly owned subsidiary incorporated in Canada on October 1, 2008. All significant inter-company transactions and balances have been eliminated.

Newly Adopted Accounting Pronouncements

In January 2010, the FASB issued guidance to amend the disclosure requirements related to recurring and nonrecurring fair value measurements. The guidance requires new disclosures on the transfers of assets and liabilities between Level 1 (quoted prices in active market for identical assets or liabilities) and Level 2 (significant other observable inputs) of the fair value measurement hierarchy, including the reasons and the timing of the transfers. Additionally, the guidance requires a roll forward of activities on purchases, sales, issuance, and settlements of the assets and liabilities measured using significant unobservable inputs (Level 3 fair value measurements). The Company adopted this guidance on January 1, 2010. Other than requiring additional disclosures, adoption of this new guidance had no effect on the financial position and results of operations of the Company.

F-6

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Jedediah Resources Corp.

(An Exploration Stage Company)

Notes to the Interim Consolidated Financial Statements

March 31, 2010

(Stated in US Dollars)

Note 3 Summary of Significant Accounting Policies

Newly Adopted Accounting Pronouncements – (cont’d)

In June 2008, the FASB issued guidance, which outlines a two-step approach to evaluate the instrument’s contingent exercise provisions, if any, and to evaluate the instrument’s settlement provisions when determining whether an equity-linked financial instrument (or embedded feature) is indexed to an entity’s own stock. The Company adopted this guidance on October 1, 2009. The adoption of this guidance had no effect on the financial position and results of operations of the Company.

In December 2007, the FASB issued guidance for Business Combinations, which establishes the principles and requirements for an acquirer, recognizes and measures in its financial statement the identifiable assets acquired and liabilities assumed, any non-controlling interest in the acquiree, and the goodwill acquired. This standard also establishes disclosure requirements which will enable users to evaluate the nature and financial effects of the business combination. The Company adopted this guidance on October 1, 2009. The adoption of this guidance had no effect on the financial position and results of operations of the Company.

In March 2008, the FASB issued guidance, which requires enhanced disclosures about an entity’s derivative and hedging activities and thereby improves the transparency of financial reporting. This Statement is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008, with early application encouraged. This Statement encourages, but does not require, comparative disclosures for earlier periods at initial adoption. The adoption of this statement did not have a material effect on the Company’s reported financial position or results of operations.

Newly Issued Accounting Pronouncements

In June 2009 the FASB issued guidance on Accounting for Transfers of Financial Assets. The objective in issuing this Statement is to improve the relevance, representational faithfulness, and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor’s continuing involvement, if any, in transferred financial assets. The Board undertook this project to address (1) practices that have developed since the issuance of FASB guidance on Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, that are not consistent with the original intent and key requirements of that Statement and (2) concerns of financial statement users that many of the financial assets (and related obligations) that have been derecognized should continue to be reported in the financial statements of transferors.

This statement must be applied as of the beginning of each reporting entity’s first annual reporting period that begins after November 15, 2009, for interim periods within that first annual reporting period and for interim and annual reporting periods thereafter. Earlier application is prohibited. The Company is assessing the effect that the implementation of this new standard will have on the financial statements.

F-7

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Jedediah Resources Corp.

(An Exploration Stage Company)

Notes to the Interim Consolidated Financial Statements

March 31, 2010

(Stated in US Dollars)

Note 3

Summary of Significant Accounting Policies – (cont’d)

Newly Issued Accounting Pronouncements – (cont’d)

In June 2009, the FASB issued authoritative guidance which amended the existing guidance for the consolidation of variable interest entities, to address the elimination of the concept of a qualifying special purpose entity. The guidance also replaces the quantitative-based risks and rewards calculation for determining which enterprise has a controlling financial interest in a variable interest entity with an approach focused on identifying which enterprise has the power to direct the activities of a variable interest entity, and the obligation to absorb losses of the entity or the right to receive benefits from the entity. Additionally, the guidance requires any enterprise that holds a variable interest in a variable interest entity to provide enhanced disclosures that will provide users of financial statements with more transparent information about an enterprise's involvement in a variable interest entity. The guidance is effective for the Company commencing October 1, 2010. The Company believes that the guidance will not have a material impact on its financial position, results of operations or cash flows.

In June 2008, the FASB ratified authoritative guidance for determining whether instruments granted in share-based payment transactions are participating securities. The guidance addresses whether instruments granted in share-based payment awards are participating securities prior to vesting and, therefore, must be included in the earnings allocation in calculating earnings per share under the two-class method. The guidance requires that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend-equivalents be treated as participating securities in calculating earnings per share. The guidance is effective for the Company on October 1, 2010, and shall be applied retrospectively to all prior periods. The Company believes that the guidance will not have a material impact on its financial position, results of operations or cash flows.

Note 4

Financial Instruments

Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk.

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Jedediah Resources Corp.

(An Exploration Stage Company)

Notes to the Interim Consolidated Financial Statements

March 31, 2010

(Stated in US Dollars)

Note 4

Financial Instruments – (cont’d)

In addition to defining fair value, the disclosure requirements around fair value establishes a fair value hierarchy for valuation inputs which is expanded. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

Level 2 – inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

The carrying value of the Company’s financial assets and liabilities which consist of cash, and accounts payable and accrued liabilities, are valued using level 1 inputs. The Company believes that the recorded values approximate their fair value due to the short maturity of such instruments. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, exchange or credit risks arising from these financial instruments.

Note 5

Related Party Transactions – Notes 6 and 7

During the three and six month period ended March 31, 2010, the Company incurred $1,000 and $4,000 respectively (2009 – $3,000 and $6,000) for management fees charged by the president of the Company.

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Jedediah Resources Corp.

(An Exploration Stage Company)

Notes to the Interim Consolidated Financial Statements

March 31, 2010

(Stated in US Dollars)

Note 6 Capital Stock

a) Authorized:

10,000,000 preferred shares with a par value of $0.001.

90,000,000 common shares with a par value of $0.001.

Issued:

On August 6, 2008, the Company issued 5,500,000 common shares to the Company’s president at $0.01 per share for total proceeds of $55,000.

On September 22, 2008, the incumbent president resigned as both an officer and director and a new president and director was appointed. At the request of the departing president, the Company’s board of directors rescinded his share subscription for 5,500,000 common shares and repaid the subscription proceeds of $55,000.

On September 22, 2008, the Company issued 5,500,000 common shares to the Company’s new president at $0.0095 (CDN$0.01) per share for total proceeds of $52,246 (CDN$55,000).

On September 22, 2008, the Company issued 3,960,000 common shares at approximately $0.014 (CDN$0.015) per share for total proceeds of $55,740 (CDN$59,400) pursuant to a private placement. On September 30, 2008, the Company issued 240,000 common shares at approximately $0.014 (CDN$0.015) per share for total proceeds of $3,467 (CDN$3,600) pursuant to a private placement.

The Company paid a commission of $5,700 for net proceeds of $53,507 for these private placements.

On October 29, 2008, the Company issued 240,000 common shares at approximately $0.01 (CDN$0.015) per share for total proceeds of $2,865 (CDN$3,600) pursuant to a private placement.

On January 5, 2010, pursuant to a share subscription agreement, the Company issued 3,333,000 Common Shares at $0.015 for aggregate proceeds of $50,000.

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Jedediah Resources Corp.

(An Exploration Stage Company)

Notes to the Interim Consolidated Financial Statements

March 31, 2010

(Stated in US Dollars)

Note 7

Commitments

On June 1, 2009, the Company entered into a Corporate Management Services Agreement with a company wholly owned by the Company’s president for $1,000 per month plus expenses for services rendered by the Company’s President. On February 1, 2010 the agreement was terminated.

On October 6, 2008, the Company’s wholly owned subsidiary, JRE Exploration Ltd (“JRE”) entered into a property option agreement whereby JRE was granted an option to earn up to an 85% interest in a mineral claim (the “Bragg” claim) consisting of 594.1 hectares located in the Omineca Mining Division of British Columbia. It is located 78 miles north by north-west of the central British Columbia city of Prince George, approximately 25 miles south of the town of McKenzie and approximately 5 miles west of the hamlet of McLeod Lake. Access to the property is by way of logging roads, extending north and west from McLeod Lake. The option agreement is denominated in Canadian dollars. Consideration for the option is cash payments totalling $8,623 (CDN$9,000) and aggregate exploration expenditures of $179,864 (CDN$186,000) as follows:

i) Cash payments as follows:

§ $1,850 (CDN$2,000) upon execution of the Option agreement (paid);

§ $1,866 (CDN$2,000) on or before October 31, 2009 (paid by way ofpromissory note which was paid in full on January 5, 2010);

§ $4,908 (CDN$5,000) on or before October 31, 2010.

ii)

Exploration expenditures of $12,804 (CDN$15,000) on or before October 31, 2009, $24,787 (CDN$28,000) in aggregate on or before October 31, 2010; $179,864 (CDN$186,000) in aggregate on or before October 31, 2011.

Upon earning its 85% interest in the option, the Company shall enter into a joint venture agreement to develop and operate the property.

As at March 31, 2010, the Company had incurred, via the operator, exploration expenditures aggregating $16,157 (CDN$19,207).

The property option agreement was stated in Canadian dollars. The US dollar equivalent is converted using the foreign exchange rate as at March 31, 2010 for all future commitments.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words “believes,” “project,” “expects,” “anticipates,” “estimates,” “intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. We intend such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of complying with those safe-harbor provisions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse affect on our operations and future prospects on a consolidated basis include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Further information concerning our business, including additional factors that could materially affect our financial results, is included herein and in our other filings with the SEC.

Overview and Plan of Operation

We were incorporated on July 21, 2008, under the laws of the state of Nevada. We hold an option to acquire an 85% interest in the Bragg claim, located in the Omineca district of central British Columbia, Canada. Mr. Ola Juvkam-Wold is our President, CEO, Treasurer, and director. Mr. Soren Nielsen is also our director and Ms. Mads Munch is our Secretary.

Our business plan is to proceed with the exploration of the Bragg claim to determine whether there are commercially exploitable reserves of gold or other metals on the claim. We intend to proceed with the exploration program as recommended by our consulting geologist.

Phase I of the exploration program consisted of on-site surface reconnaissance, mapping, sampling, and geochemical analyses. This phase of the program was initially estimated to cost approximately $13,050. However, we ultimately spent $16,157 (CDN$19,207) in exploration expenses to complete Phase I of the program, which was incurred in the year ended September 30, 2009.

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The field work of this phase is completed and we have received the Geological Summary Report which is under consideration by our board of directors at this time. The final Geological Report of Phase I has cost us approximately $870.

Having received the Geological Summary Report, our board of directors, in consultation with our consulting geologist will assess whether to proceed with additional mineral exploration programs. In making this determination to proceed with a further exploration, we will make an assessment as to whether the results of the initial program are sufficiently positive to enable us to proceed. This assessment will include an evaluation of our cash reserves after the completion of the initial exploration, the price of minerals, and the market for the financing of mineral exploration projects at the time of our assessment.

In the next 12 months, we anticipate spending approximately $16,500 on administrative expenses, including fees payable in connection with complying with our SEC reporting obligations.

Thus, total expenditures over the next 12 months (excluding expected exploration costs for phase II) are therefore expected to be approximately $16,500. We had working capital of $11,997 as of March 31, 2010.

In the event our board of directors, in consultation with our consulting geologist, chooses to conduct the Phase II mineral exploration program beyond the initial program, we have insufficient funding on hand to do so. We will require additional funding in order to undertake Phase II exploration costs on the Bragg claim and to cover all of our anticipated administrative expenses.

Until the current reporting period, Opal Resources Canada Inc. was responsible for conducting the exploration activities on our mineral claim. During the current reporting period, however, Opal resigned as our operator. Because Opal choose not remain the operator of the Bragg Claim, we intend to seek out a candidate with similar qualifications to those of Opal and contract with such persons or parties, provided that our board of directors and our consulting geological firm favor further exploration.

Phase II would entail permits, further sampling and geochemical analyses based on the outcome of the Phase I exploration program. The Phase II program will cost approximately $11,300.

The budget for Phase III of our exploration program is tentative in nature as the actual exploration program to be undertaken will depend upon the outcomes of the Phase I and Phase II exploration programs. Phase III of our exploration program will consist of further sampling and assaying, and the diamond drilling and drill core sampling of three, 770 foot holes. It is currently estimated that Phase III will cost approximately $137,400.

Additional funding will be required in the form of equity financing from the sale of our common stock and from loans from our director in order to proceed with Phase II of our program on the Bragg Claim and to cover our administrative expenses. We cannot provide investors with any assurance, however, that we will be able to raise sufficient funding from the sale of our common stock to fund all of our anticipated expenses. We do not have any arrangements in place for any future equity financing. We believe that outside debt financing will not be an alternative for funding exploration programs on the Bragg Claim. The risky nature of this enterprise and lack of tangible assets other than our mineral claim places debt financing beyond the credit-worthiness required by most banks or typical investors of corporate debt until such time as an economically viable mine can be demonstrated. The existence of commercially exploitable mineral deposits in the Bragg Claim is unknown at the present time and we will not be able to ascertain such information until we receive and evaluate the results of our exploration program.

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In the event the results of our initial exploration program prove not to be sufficiently positive to proceed with further exploration on the Bragg claim, we intend to seek out and acquire interests in additional mineral exploration properties which, in the opinion of our consulting geologist, offer attractive mineral exploration opportunities. Presently, we have not given any consideration to the acquisition of other exploration properties because we have not yet analyzed the results of our initial exploration program.

During this exploration stage Mr. Juvkam-Wold, our President, will only be devoting limited time to our business. To this end, we have agreed to terminate the Corporate Management Services Agreement with Mr. Juvkam-Wold’s company, Oro Enterprises, Ltd. If the demands of our business require more business time of Mr. Juvkam-Wold, we may have to renegotiate our an agreement with Mr. Juvkam-Wold. However, he may not be able to devote sufficient time to the management of our business, as and when needed.

We do not intend to purchase any significant equipment for the next twelve months.

Results of Operations for the Three Months Ended March 31, 2010 and 2009 and Period from July 21, 2008 (Date of Inception) until March 31, 2010

We generated no revenue for the period from July 21, 2008 (Date of Inception) until March 31, 2010. We do not anticipate earning revenues until such time that we exercise our option and enter into commercial production of the Bragg Claim. We have recently begun the exploration stage of our business and we can provide no assurance that we will discover commercially exploitable levels of mineral resources on the Bragg Claim, or if such resources are discovered, that we will enter into commercial production or if commercial production commences, that commercial production will be profitable.

We incurred operating expenses in the amount of $12,996 for the three months ended March 31, 2010, compared with $26,287 for the same period ended 2009. Our operating expenses for the three months ended March 31, 2010 decreased from the same period largely as a result of no exploration costs and consulting fees.

We incurred operating expenses in the amount of $42,852 for the six months ended March 31, 2010, compared with $74,780 for the same period ended 2009. Our operating expenses for the six months ended March 31, 2010 decreased from the same period as a result of no exploration costs and consulting fees and less cash spent in legal fees.

We incurred operating expenses in the amount of $172,621 for the period from July 21, 2008 (Date of Inception) through March 31, 2010. These operating expenses consisted primarily of accounting and audit expenses of $61,162, legal fees of $37,433, management fees of $18,234, mineral property exploration payments of $16,157,and expenses for stock based compensation of $26,000.

We recorded a net loss of $12,996 for the three months ended March 31, 2010, compared with $26,287 for the same period ended 2009. We recorded a net loss of $42,852 for the six months ended March 31, 2010, compared with $74,780 for the same period ended 2009. We recorded a net loss of $172,621 for the period from July 21, 2008 (Date of Inception) until March 31, 2010.

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Liquidity and Capital Resources

As of March 31, 2010, we had total current assets of $12,580 consisting of cash. We had $583 in current liabilities as of March 31, 2010. Thus, we had a working capital of $11,997 as of March 31, 2010.

We have not attained profitable operations and are dependent upon obtaining financing to pursue significant exploration activities beyond those planned for the current fiscal year. For these reasons, our auditors stated in their report to our audited financial statements for the period ended September 30, 2009 that they have substantial doubt we will be able to continue as a going concern.

Off Balance Sheet Arrangements

As of March 31, 2010, there were no off balance sheet arrangements.

Going Concern

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

A smaller reporting company is not required to provide the information required by this Item.

Item 4T. Controls and Procedures

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of March 31, 2010. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer, Mr. Ola Juvkam-Wold. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2010, our disclosure controls and procedures are ineffective. There have been no changes in our internal controls over financial reporting during the quarter ended March 31, 2010.

Our management identified the following material weaknesses in our internal control over financial reporting, which are indicative of many small companies with small staff: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.

We plan to take steps to enhance and improve the design of our internal control over financial reporting. During the period covered by this quarterly report on Form 10-Q, we have not been able to remediate the material weaknesses identified above. To remediate such weaknesses, we plan to implement the following changes during our fiscal year ending September 30, 2010: (i) appoint additional qualified personnel to address inadequate segregation of duties and ineffective risk management; and (ii) adopt sufficient written policies and procedures for accounting and financial reporting. The remediation efforts set out in (i) is largely dependent upon our securing additional financing to cover the costs of implementing the changes required. If we are unsuccessful in securing such funds, remediation efforts may be adversely affected in a material manner.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act are recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Limitations on the Effectiveness of Internal Controls

Our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will necessarily prevent all fraud and material error. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving our objectives and our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective at that reasonable assurance level. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the internal control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

We are not a party to any pending legal proceeding. We are not aware of any pending legal proceeding to which any of our officers, directors, or any beneficial holders of 5% or more of our voting securities are adverse to us or have a material interest adverse to us.

Item 1A: Risk Factors

A smaller reporting company is not required to provide the information required by this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On January 5, 2010, we issued 3,333,000 shares of our common stock to Murrayfield Limited in a private transaction for $50,000. The issuance was exempt pursuant to Section 4(2) of the Securities Act of 1933, as amended, and/or Rule 506 promulgated thereunder.

Item 3. Defaults upon Senior Securities

None

Item 4. Submission of Matters to a Vote of Security Holders

No matters have been submitted to our security holders for a vote, through the solicitation of proxies or otherwise, during the quarterly period ended March 31, 2010.

Item 5. Other Information

None

Item 6. Exhibits

Exhibit Number	Description of Exhibit
31.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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SIGNATURES

In accordance with the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Jedediah Resources Corp.

Date:	April 27, 2010

	By: /s/ Ola Juvkam-Wold Ola Juvkam-Wold Title: Chief Executive Officer and Director