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

                                    FORM 10-K
                ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                      THE SECURUTIES EXCHANGE ACT OF 1934

                   For the fiscal year ended January 31, 2011

                        Commission file number 333-165365


                            Impact Explorations Inc.
             (Exact Name of Registrant as Specified in Its Charter)

           Nevada                                                27-1614533
(State or Other Jurisdiction of                               (I.R.S. Employer
Incorporation or Organization)                               Identification No.)

                                 78 York Street
                             London W1H 1DP England
               (Address of Principal Executive Offices & Zip Code)

              Telephone +44 207 681 1620 Facsimile +44 207 681 1620
                               (Telephone Number)

           Securities registered pursuant to Section 12(b) of the Act:
                                      None

           Securities registered pursuant to section 12(g) of the Act:
                         Common Stock, $.001 par value

Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act. Yes [ ] No [X]

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.Yes [ ] No [X]

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 [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of "large accelerated filer," "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

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 [ ]

As of April 26, 2011, the registrant had 6,000,000 shares of common stock issued
and outstanding. No market value has been computed based upon the fact that no
active trading market had been established as of April 26, 2011.
<PAGE>
                            IMPACT EXPLORATIONS INC.
                                TABLE OF CONTENTS

                                                                        Page No.
                                                                        --------

                                     Part I

Item 1.  Business                                                            3
Item 1A. Risk Factors                                                       12
Item 2.  Properties                                                         16
Item 3.  Legal Proceedings                                                  16
Item 4.  [Removed and Reserved]                                             16

                                     Part II

Item 5.  Market for Registrant's Common Equity, Related Stockholder
         Matters and Issuer Purchases of Equity Securities                  16
Item 7.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations                                          18
Item 8.  Financial Statements and Supplementary Data                        21
Item 9.  Changes in and Disagreements with Accountants on Accounting
         and Financial Disclosure                                           30
Item 9A. Controls and Procedures                                            30

                                    Part III

Item 10. Directors and Executive Officers                                   32
Item 11. Executive Compensation                                             33
Item 12. Security Ownership of Certain Beneficial Owners and Management
         and Related Stockholder Matters                                    35
Item 13. Certain Relationships and Related Transactions                     35
Item 14. Principal Accounting Fees and Services                             35

                                     Part IV

Item 15. Exhibits                                                           36

Signatures                                                                  36

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                                     PART I

ITEM 1. BUSINESS

COMPANY INFORMATION

You should read the following summary together with the more detailed business
information and the financial statements and related notes that appear elsewhere
in this report. In this report, unless the context otherwise denotes, references
to "we", "us", "our", "Impact" and "Impact Exploration" are to Impact
Explorations Inc.

Impact Explorations was incorporated in the State of Nevada on January 6, 2010
to engage in the acquisition, exploration and development of natural resource
properties. We are an exploration stage company with no revenues or operating
history. The principal executive offices are located at 78 York Street, London
W1H 1DP. The telephone number is +44 207 681 1620.

We received our initial funding of $15,000 through the sale of common stock to
our officer, Ms. Jenny Brown, who purchased 3,000,000 shares of our common stock
at $0.005 per share on January 6, 2010. From inception until the date of this
filing we have had limited operating activities.

On September 14, 2010 we issued a total of 3,000,000 shares of common stock to
26 unrelated shareholders for cash at $0.015 per share for a total of $45,000
pursuant to the S-1 Registration Statement we filed with the US Securities and
Exchange Commission.

Our financial statements from inception (January 6, 2010) through the year ended
January 31, 2011 report no revenues and a net loss of $19,317. Our independent
auditor has issued an audit opinion for Impact Explorations Inc. which includes
a statement expressing substantial doubt as to our ability to continue as a
going concern.

On March 1, 2011 our shares were approved for trading on the OTCBB under the
symbol "IXPL". There is currently no active trading market for our securities.

GENERAL INFORMATION

Our exploration target is to find exploitable minerals on our property (The Met
1 property). We have given the geologist a deposit of $10,000 for Phase 1 or the
exploration program. He informed us that he completed the fieldwork for Phase 1
and sent the samples to the assay lab in Australia. On April 12, 2011 we
received his report on his findings and are currently reviewing his
recommendations. If we decide to move on to Phase 2 of the exploration program,
this would be done during the summer of 2011.

Our property may not contain any reserves and funds that we spend on exploration
will be lost. Even if we complete our current exploration program and are
successful in identifying a mineral deposit we will be required to expend
substantial funds to bring our claim to production.

The Met 1 property consists of one located, lode mineral claim comprising a
total of 20 contiguous claim cells in a 4x5 configuration for a total area of
1010 acres. The property is situated in the Kamloops Region of southern British
Columbia. Impact Explorations Inc. is the beneficial owner of the Met 1 mineral
claim, tenure no. 704759.

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The Met 1 mineral claim area is underlain by volcanic and intrusive rock units
of mainly alkalic composition assigned to the Nicola Group of Upper Triassic
age.

The underlying rock units on the mineral claims exhibit a north-northwest
trending, elongate package of moderate residual magnetism. Much of the mineral
claim is drift or overburden covered and offers good exploration potential. The
author feels that the potential exists for movement of mineralizing fluids to
have impregnated the older rock units. Many known, northerly trending faults
which are related to mineralization occur in the general area and it is possible
that these fluids could emanate from deeper sources related to intrusive
activity and travel along structurally prepared conduits in the underlying
bedrock along these structures.

The mineral claim is favorably situated and may require further geophysical
surveys to determine in more detail its potential following the initial
prospecting, mapping and reconnaissance soil geochemistry surveys. An
exploratory drilling program could follow the recommended Phase 1 and 2 surveys
and be contingent upon positive results being obtained from the previous
fieldwork.

The object of our initial exploration undertaking is to assess areas that may
require more detailed investigations to assist in determining their economic
significance. The cost of exploration work on the property is disclosed in
detail in the Plan of Operation section of this report.

There is not a plant or any equipment currently located on the property. The
initial exploration phases will be supported by generators. The mineral claim is
motor vehicle accessible from the Village of Savona, B.C. by traveling 6 miles
south along the Tunkwa Lake road to the property. The City of Kamloops B.C.
offers much of the necessary resources and infrastructure required to base and
carry-out an exploration program, (accommodations, communications, equipment and
supplies). The largest City in the Province, Vancouver lies within 3-4 hours
southwest of Kamloops via Provincial Highway #5 (the Coquihalla) or slightly
longer via the Fraser Canyon Highway #1.

A two-phase exploration program to evaluate the area is considered appropriate
and was recommended by the consulting geologist in his report. The exploration
program includes detailed prospecting, mapping and reconnaissance MMI soil
geochemical surveys of the claim area. The cost was $10,000 for the initial
phase of exploration work and will be $14,000 for the second phase.

The discussions contained herein are management's estimates based on information
provided by the consulting geologist who prepared the geology report. Because we
have only recently commenced our exploration program we cannot provide a more
detailed discussion of our plans if we find a viable store of minerals on our
property, as there is no guarantee that exploitable mineralization will be
found, the quantity or type of minerals if they are found and the extraction
process that will be required. We are also unable to assure you we will be able
to raise the additional funding to proceed with any subsequent work on the claim
if mineralization is found.

ACQUISITION OF THE MINERAL CLAIM

Title to the property is held by Omega Exploration Services, of which James
McLeod, our consulting geologist, is the beneficial owner. Omega Exploration
Services and James McLeod hold the claim in trust for the Company. To obtain a
Free Miner's Certificate, which is required to hold a mining claim in British
Columbia, Section 8(1) of the B.C. Mineral Tenure Act (MTA) stipulates that a
corporation must be registered under the British Columbia Business Corporations
Act which would require the company to pay the fees associated with an
inter-provincial registration in order to obtain a Free Miner's Certificate.
Section 8(2) of the MTA stipulates that an individual applicant must either be a
resident of Canada or be authorized to work in Canada. As the corporation is not
registered in British Columbia the claim is held in trust for the company by
Omega Exploration Services and Mr. McLeod. Management determined that this would

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be the most cost-effective way for the company to carry out the initial
exploration program. Per the terms of the trust agreement Mr. McLeod has no
interest or claim to the property. He was paid $4,000 for the geology report and
staking of the Claim. The Claim was staked using the British Columbia Mineral
Titles Online computer Internet system. The claim is in good standing until
January 26, 2012.

REQUIREMENTS OR CONDITIONS FOR RETENTION OF TITLE

All claims staked in British Columbia require $4 per hectare worth of assessment
work to be undertaken in year 1 through 3, followed by $8 per hectare per year
thereafter.

In order to retain title to the property exploration work costs must be recorded
and filed with the British Columbia Department of Energy Mines and Petroleum
Resources ("BCDM"). The BCDM charges a filing fee, equal to 10% of the value of
the work recorded, to record the work.

LOCATION, ACCESS, CLIMATE, LOCAL RESOURCES & INFRASTRUCTURE

The Met 1 property lies in the south central part of British Columbia
approximately 220 miles to the north-northeast of it's major city, Vancouver via
Highway #1 (the Trans Canada highway).

The area experiences about 20" - 25" of precipitation annually of which about
20% (in a cold year) may occur as a snow equivalent. This amount of annual
precipitation suggests a climatic classification of the Dry Interior belt. The
summers can experience hot weather, mid 70's F(degree) to high 80's F(degree)
while the coldest weather is usually experienced from December through March.

The City of Kamloops B.C. offers much of the necessary resources and
infrastructure required to base and carry-out an exploration program,
(accommodations, communications, equipment and supplies). The largest City in
the Province, Vancouver lies within 3-4 hours southwest of Kamloops via
Provincial Highway #5 (the Coquihalla) or slightly longer via the Fraser Canyon
Highway #1.

The physiography of the Met 1 property may be described as rounded, low
mountainous, north-northwest trending terrain, in an interior plateau setting.
Field cover on the property is a mixture of open range, Douglas fir, western
yellow pine (ponderosa) and pockets of aspen. The claim area ranges in elevation
from 2,500' - 3,900' mean sea level. The physiographic setting of the property
can be described as the Dry Interior within a mosaic of moderately rounded
mountains in a plateau setting. The area has been surficially altered in places
by fluvial glacial erosion and the depositional (drift cover) effects of
in-filling and in situ or residual erosion. Many regional and local areas
exhibit immature and thin soil cover, but the underlying thickness of glacial
drift cover in some areas may vary considerably. In the vicinity of the Met 1
property it may be quite deep especially on southwest and southeast facing
hillsides. Surface water occurrences for drilling and mineral processing are
abundant, as lakes and streams are relatively close at hand.

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<PAGE>




                       [MAP SHOWING THE PROPERTY LOCATION]




                                       6
<PAGE>




                        [MAP SHOWING THE CLAIM LOCATION]




                                       7
<PAGE>
HISTORY

The modern record of the regional area about the Met 1 claim area post dates the
early pioneer prospecting of the Cariboo Gold Rush era (late 1850'S). Mineral
exploration and large, low grade ore development in this area began with the
discovery and development by the Bethlehem Copper Corp. of it's projects in the
Highland Valley area about 20 miles southeast of Ashcroft, B.C. in the late
1950's. Today this area hosts the largest hardrock mining operation in Canada,
in excess of 250,000 tons per day. This operation recovers mainly copper and
molybdenum from an intrusive rock host.

GEOLOGICAL SETTING

REGIONAL GEOLOGY

The regional geology about the Met 1 mineral claim is described as being
underlain by mainly a central core of alkaline volcanics that have been assigned
to the highly productive Upper Triassic age Nicola Group. Within these centrally
occurring volcanic units are coeval age, phased plutonic units that appear to
trend northerly and northwesterly and are elongate to concentric in shape. On
the northeast occur the alkaline units (Afton) and on the west occur the
calc-alkaline intrusives (Highland Copper). This mineral zone outwardly appears
to be like so many others in this very large eugeosyncline setting of Nicola and
younger aged intrusive with possibly comagmatic volcanic rock cover. Younger
intrusive and volcano-sedimentary units are seen to be widespread in places as
stocks and capping rocks, respectively. The Upper Triassic age Nicola Group or
its equivalents are found to be very productive of ore deposits in both British
Columbia and the Yukon Territory.

LOCAL GEOLOGY

The local geology about the Met 1 property may be described being underlain by
Nicola Group volcanic and sedimentary units, but as possibly being underlying
and/or peripheral occurrences of both volcanic units of a wide range of
compositions and minor amounts of sedimentary units that range in age from
Cretaceous to the late Tertiary.

PROPERTY GEOLOGY

The geology of the Met 1 property exhibits many requisite features of a high
priority exploration area. These may be listed as good geology, structure and
close proximity to known mineral occurrences. The unknown, adjacent overburden
covered areas require detailed exploration to reveal if structurally prepared,
altered and mineralized material of economic significance is at hand and how
readily. The underlying Nicola Group rock units are in themselves reason enough
to perform initial soil geochemistry over the mineral claim.

                                       8
<PAGE>




                       [MAP SHOWING THE REGIONAL GEOLOGY]




                                       9
<PAGE>




                  [GRAPHIC LEGEND FOR THE REGIONAL GEOLOGY MAP]




                                       10
<PAGE>
COMPETITION

We do not compete directly with anyone for the exploration or removal of
minerals from our property as we hold all interest and rights to the claim.
Readily available commodities markets exist in Canada, the U.S. and around the
world for the sale of gold, silver and other minerals. Therefore, we will likely
be able to sell any minerals that we are able to recover.

We will be subject to competition and unforeseen limited sources of supplies in
the industry in the event spot shortages arise for supplies such as dynamite,
and certain equipment such as bulldozers and excavators that we will need to
conduct exploration. If we are unsuccessful in securing the products, equipment
and services we need we may have to suspend our exploration plans until we are
able to do so.

BANKRUPTCY OR SIMILAR PROCEEDINGS

There has been no bankruptcy, receivership or similar proceeding.

REORGANIZATIONS, PURCHASE OR SALE OF ASSETS

There have been no material reclassifications, mergers, consolidations, or
purchase or sale of a significant amount of assets not in the ordinary course of
business.

COMPLIANCE WITH GOVERNMENT REGULATION

We will be required to comply with all regulations, rules and directives of
governmental authorities and agencies applicable to the exploration of minerals
in Canada generally, and in British Columbia specifically.

The initial steps of exploration can be carried out without permitting or
notification to any government body as it is deemed "low-disturbance/low-impact"
by the British Columbia Department of Energy Mines and Petroleum Resources
(BCDM).

With respect to the mechanized trenching or diamond drilling a plan of operation
will need to be filed with the BCDM. This plan will detail the extent, location
and amount of surface disturbance for the trenching and/or drilling. As the
amount of trenching and drilling (initially) will be limited, the permit should
be issued within 30 days. We will be required to obtain a refundable bond in the
amount of $3,000 - $5,000 (depending on the anticipated amount of disturbance).
The bond is to ensure that we reclaim or repair the disturbance caused by the
trenching and drilling. Usually this reclaiming work entails filling in and
smoothing the surface at trenching sites, clean up and removal of any work
material, and seeding native grass/plants at the site of any disturbance.

In the event that trees larger than 6 inches in diameter need to be cut down, a
permit will need to be obtained from the BC Ministry of Forests. This usually
takes less than 30 days to obtain. We will try to adjust the areas we work at
and trench around larger trees (initially) to avoid any disturbance to larger
trees. If the disturbance to larger trees is unavoidable then a permit to cut
will be obtained.

There are nominal costs involved in obtaining the BCDM or Forestry permits (less
than $100.00). The bond required by the BCDM is returned (with interest) upon
proper clean up of the site. There will be costs for the crew and equipment
required to fill in the trenches etc., but as heavy equipment is available
locally, and the amount of disturbance is expected to be minimal, the costs will
be most likely be less than $3,000. (1 day - crew & equipment)

                                       11
<PAGE>
All claims staked in British Columbia require $4 per hectare worth of assessment
work to be undertaken in year 1 through 3, followed by $8 per hectare per year
thereafter. In order to retain title to the property exploration work costs must
be recorded and filed with the British Columbia Department of Energy Mines and
Petroleum Resources ("BCDM"). The BCDM charges a filing fee, equal to 10% of the
value of the work recorded, to record the work.

PATENTS, TRADEMARKS, FRANCHISES, ROYALTY AGREEMENTS OR LABOR CONTRACTS

We have no current plans for any registrations such as patents, trademarks,
copyrights, franchises, concessions, royalty agreements or labor contracts. We
will assess the need for any copyright, trademark or patent applications on an
ongoing basis.

NEED FOR GOVERNMENT APPROVAL OF PRODUCTS OR SERVICES

We are not required to apply for or have any government approval for our
products or services.

RESEARCH AND DEVELOPMENT COSTS DURING THE LAST TWO YEARS

We have not expended funds for research and development costs since inception.
We paid $4,000 for the geology report and staking of the claim.

EMPLOYEES AND EMPLOYMENT AGREEMENTS

Our only employee is our sole officer, Jenny Brown. Ms. Brown currently devotes
2-4 hours per week to company matters and after receiving funding she plans to
devote as much time as the board of directors determines is necessary to manage
the affairs of the company. There are no formal employment agreements between
the company and our current employee.

REPORTS TO SECURITIES HOLDERS

We provide an annual report that includes audited financial information to our
shareholders. We make our financial information equally available to any
interested parties or investors through compliance with the disclosure rules of
Regulation S-K for a small business issuer under the Securities Exchange Act of
1934. We are subject to disclosure filing requirements including filing Form
10-K annually and Form 10-Q quarterly. In addition, we will file Form 8K and
other proxy and information statements from time to time as required. We do not
intend to voluntarily file the above reports in the event that our obligation to
file such reports is suspended under the Exchange Act. The public may read and
copy any materials that we file with the Securities and Exchange Commission,
("SEC"), at the SEC's Public Reference Room in Washington, DC. The public may
obtain information on the operation of the Public Reference Room by calling the
SEC at 1-800-SEC-0330. The SEC maintains an Internet site (http://www.sec.gov)
that contains reports, proxy and information statements, and other information
regarding issuers that file electronically with the SEC.

ITEM 1A. RISK FACTORS

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

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

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BECAUSE THE PROBABILITY OF AN INDIVIDUAL PROSPECT EVER HAVING RESERVES IS
EXTREMELY REMOTE, ANY FUNDS SPENT ON EXPLORATION WILL PROBABLY BE LOST.

The probability of an individual prospect ever having reserves is extremely
remote. In all probability the property does not contain any reserves. As such,
any funds spent on exploration will probably be lost which will result in a loss
of your investment.

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

We were incorporated in January 2010 and have only recently started our
exploration activities. We have not, to date, realized any revenues. We have a
limited operating history upon which an evaluation of our future success or
failure can be made. Our net loss was $19,317 from inception to January 31,
2011. Our ability to achieve and maintain profitability and positive cash flow
is dependent upon:

     *   our ability to locate a profitable mineral property
     *   our ability to generate revenues
     *   our ability to reduce exploration costs.

Based upon current plans, we expect to incur operating losses in future periods.
This will happen because there are expenses associated with the research and
exploration of our mineral properties. As a result, we may not generate revenues
in the future. Failure to generate revenues will cause us to suspend or cease
activities.

IF ACCESS TO OUR MINERAL CLAIMS IS RESTRICTED BY INCLEMENT WEATHER, WE MAY BE
DELAYED IN OUR EXPLORATION AND ANY FUTURE MINING EFFORTS.

It is possible that snow or rain could cause the mining roads providing access
to our claims to become impassable. If the roads are impassable we would be
delayed in our exploration timetable.

BECAUSE WE WILL HAVE TO SPEND ADDITIONAL FUNDS TO DETERMINE IF WE HAVE A
RESERVE, IF WE CAN'T RAISE THE MONEY WE WILL HAVE TO CEASE OPERATIONS AND YOU
COULD LOSE YOUR INVESTMENT.

Even if we complete our current exploration program and it is 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, a reserve.

BECAUSE OF THE INHERENT DANGERS INVOLVED IN MINERAL EXPLORATION, THERE IS A RISK
THAT WE MAY INCUR LIABILITY OR DAMAGES, WHICH COULD HURT OUR FINANCIAL POSITION
AND POSSIBLY RESULT IN THE FAILURE OF OUR BUSINESS.

The search for valuable minerals involves numerous hazards. As a result, we may
become subject to liability for such hazards, including pollution, cave-ins and
other hazards against which we cannot insure or against which we may elect not
to insure. The payment of such liabilities may have a material adverse effect on
our financial position.

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

Because we are small and do not have much capital, we must limit our exploration
activity. As such we may not be able to complete an exploration program that is

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as thorough as we would like. In that event, an existing reserve may go
undiscovered. Without a reserve, we cannot generate revenues and you will lose
your investment.

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

Competition and unforeseen limited sources of supplies in the industry could
result in occasional spot shortages of supplies, such as dynamite, and certain
equipment such as bulldozers and excavators that we might need to conduct
exploration. If we cannot find the products and equipment we need, we will have
to suspend our exploration plans until we do find the products and equipment we
need.

BECAUSE OUR SOLE OFFICER AND/OR DIRECTOR DOES NOT HAVE ANY FORMAL TRAINING
SPECIFIC TO THE TECHNICALITIES OF MINERAL EXPLORATION, THERE IS A HIGHER RISK
OUR BUSINESS WILL FAIL.

Our sole officer and director is Jenny Brown. Ms. Brown has no formal training
as a geologist or in the technical aspects of management of a mineral
exploration company. Her prior business experiences have primarily been in
property management and development. With no direct training or experience in
these areas, our management may not be fully aware of the specific requirements
related to working within this industry. Our management's decisions and choices
may not take into account standard engineering or managerial approaches mineral
exploration companies commonly use. Consequently, our operations, earnings, and
ultimate financial success could suffer irreparable harm due to management's
lack of experience in this industry.

OUR CONSULTING GEOLOGIST, WHOSE OPINION WE WILL RELY UPON DUE TO OUR DIRECTOR
HAVING NO DIRECT EXPERIENCE OR TRAINING IN GEOLOGY OR MINERAL EXPLORATION, HAS
WORKED WITH OVER TWENTY EXPLORATION STAGE COMPANIES WHICH HAVE NOT MOVED FORWARD
WITH, OR HAVE COMPLETELY ABANDONED, THEIR EXPLORATION ACTIVITIES.

Since 1999, Mr. McLeod, our consulting geologist, has been an officer, director,
or geologist for over twenty companies, most of which have not moved forward
with exploration activities, and at least five of which have changed businesses
and completely abandoned exploration activities. We will rely upon Mr. McLeod's
expertise and experience and based on his recommendations, if we do not move
forward with our exploration activities or our exploration activities do not
have favorable results our business could fail.

BECAUSE OUR OFFICER AND DIRECTOR HAS OTHER OUTSIDE BUSINESS ACTIVITIES AND WILL
ONLY BE DEVOTING 5 TO 10% OF HER TIME OR APPROXIMATELY TWO TO FOUR HOURS PER
WEEK TO OUR OPERATIONS, OUR OPERATIONS MAY BE SPORADIC WHICH MAY RESULT IN
PERIODIC INTERRUPTIONS OR SUSPENSIONS OF EXPLORATION.

Because our officer and director has other outside business activities and will
only be devoting 5 to 10% of her time or two to four hours per week to our
operations, our operations may be sporadic and occur at times which are
convenient to our officer and director. As a result, exploration of the property
may be periodically interrupted or suspended.

OUR SOLE OFFICER AND DIRECTOR, BENEFICIALLY OWNS 50% OF THE OUTSTANDING SHARES
OF OUR COMMON STOCK. IF SHE CHOOSES TO SELL HER SHARES IN THE FUTURE, IT MIGHT
HAVE AN ADVERSE EFFECT ON THE PRICE OF OUR STOCK.

Due to the amount of Ms. Brown's share ownership in our company, if she chooses
to sell her shares in the public market, the market price of our stock could
decrease and all shareholders suffer a dilution of the value of their stock.

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OUR DIRECTOR WILL CONTINUE TO EXERCISE SIGNIFICANT CONTROL OVER OUR OPERATIONS,
WHICH MEANS AS A MINORITY SHAREHOLDER, YOU WOULD HAVE NO CONTROL OVER CERTAIN
MATTERS REQUIRING STOCKHOLDER APPROVAL THAT COULD AFFECT A SHAREHOLDERS' ABILITY
TO EVER RESELL THEIR SHARES.

Our executive officer and director owns 50% of our common stock. She has a
significant influence in determining the outcome of all corporate transactions,
including the election of directors, approval of significant corporate
transactions, changes in control of the company or other matters that could
affect your ability to ever resell your shares. Her interests may differ from
the interests of the other stockholders and thus result in corporate decisions
that are disadvantageous to other shareholders.

OUR SOLE OFFICER AND DIRECTOR LIVES OUTSIDE THE UNITED STATES, MAKING IT
DIFFICULT FOR AN INVESTOR TO ENFORCE LIABILITIES IN FOREIGN JURISDICTIONS.

We are a Nevada corporation and, as such, are subject to the jurisdiction of the
State of Nevada and the United States courts for purposes of any lawsuit, action
or proceeding by investors herein. An investor would have the ability to effect
service of process in any action on the company within the United States.
However, since our officer and director resides outside the United States,
substantially all or a portion of her assets are located outside the United
States. As a result, it may not be possible for investors to effect service of
process within the United States upon her or to enforce against her judgments
obtained in United States courts predicated upon the civil liability provisions
of the federal securities laws of the United States or any state thereof.

IF AN ACTIVE TRADING MARKET FOR OUR COMMON STOCK DOES NOT DEVELOP, SHAREHOLDERS
MAY BE UNABLE TO SELL THEIR SHARES AND WILL INCUR LOSSES AS A RESULT.

An application for listing of our common stock on the Over the Counter Bulletin
Board (OTCBB) and on March 1, 2011 the application was approved and we were
assigned "IXPL" as our symbol. If no active trading market is ever developed for
our shares, it will be difficult for shareholders to sell their stock. In such a
case, shareholders may find that they are unable to achieve benefits from their
investment.

OUR SHARES ARE CONSIDERED PENNY STOCK WHICH LIMITS A SHAREHOLDERS' ABILITY TO
SELL THE STOCK.

Our shares constitute penny stock under the Exchange Act. The shares will remain
penny stock for the foreseeable future. The classification of penny stock makes
it more difficult for a broker-dealer to sell the stock into a secondary market,
thus limiting investment liquidity. Any broker-dealer engaged by the purchaser
for the purpose of selling his or her shares in our company will be subject to
rules 15g-1 through 15g-10 of the Exchange Act. Rather than creating a need to
comply with those rules, some broker-dealers will refuse to attempt to sell
penny stock.

WE WILL INCUR ONGOING COSTS AND EXPENSES FOR SEC REPORTING AND COMPLIANCE.
WITHOUT REVENUE WE MAY NOT BE ABLE TO REMAIN IN COMPLIANCE, MAKING IT DIFFICULT
FOR INVESTORS TO SELL THEIR SHARES, IF AT ALL.

To be eligible for quotation on FINRA's Over the Counter Bulletin Board, we must
remain current in our filings with the Securities and Exchange Commission. In
order for us to remain in compliance we will require future revenues to cover
the cost of these filings, which could comprise a substantial portion of our
available cash resources. If we are unable to generate sufficient revenues to
remain in compliance it may be difficult for a shareholder to resell any shares,
if at all.

                                       15
<PAGE>
ITEM 2. PROPERTIES

We do not currently own any property. Our offices are located at 78 York Street,
London, W1H 1DP, which are the offices of our president and are provided to us
free of charge. The telephone number is +44 207 681 1620. Management believes
the current premises are sufficient for its needs at this time.

We currently have no investment policies as they pertain to real estate, real
estate interests or real estate mortgages.

ITEM 3. LEGAL PROCEEDINGS

We are not currently involved in any legal proceedings and we are not aware of
any pending or potential legal actions.

ITEM 4. REMOVED AND RESERVED

                                     PART II

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

Our shares have been quoted on the OTC Electronic Bulletin Board (OTCBB) under
the symbol "IXPL" since March 1, 2011. The OTCBB is a regulated quotation
service that displays real-time quotes, last sale prices and volume information
in over-the-counter (OTC) securities. The OTCBB is not an issuer listing
service, market or exchange. Although the OTCBB does not have any listing
requirements per se, to be eligible for quotation on the OTCBB, issuers must
remain current in their filings with the SEC or applicable regulatory authority.
Market Makers are not permitted to begin quotation of a security whose issuer
does not meet this filing requirement. Securities already quoted on the OTCBB
that become delinquent in their required filings will be removed following a 30
or 60 day grace period if they do not make their required filing during that
time. We cannot guarantee that our application will be accepted or approved and
our stock listed and quoted for sale. As of the date of this filing, there have
been no discussions or understandings between Impact Explorations with any
market maker regarding participation in a future trading market for our
securities.

As of the date of this filing, there has been no public trading of our
securities, and, therefore, no high and low bid pricing. As of the date of this
report Impact Explorations had 27 shareholders of record. We have paid no cash
dividends and have no outstanding options.

PENNY STOCK RULES

The Securities and Exchange Commission has also adopted rules that regulate
broker-dealer practices in connection with transactions in penny stocks. Penny
stocks are generally equity securities with a price of less than $5.00 (other
than securities registered on certain national securities exchanges or quoted on
the Nasdaq system, provided that current price and volume information with
respect to transactions in such securities is provided by the exchange or
system).

Our shares are considered penny stock which limits the ability to sell the
stock. The shares will remain penny stocks for the foreseeable future. The
classification of penny stock makes it more difficult for a broker-dealer to
sell the stock into a secondary market, which makes it more difficult for a
purchaser to liquidate his/her investment. Any broker-dealer engaged by the

                                       16
<PAGE>
purchaser for the purpose of selling his or her shares in us will be subject to
Rules 15g-1 through 15g-10 of the Securities and Exchange Act. Rather than
creating a need to comply with those rules, some broker-dealers will refuse to
attempt to sell penny stock.

The penny stock rules require a broker-dealer, prior to a transaction in a penny
stock not otherwise exempt from those rules, to deliver a standardized risk
disclosure document, which:

     -    contains a description of the nature and level of risk in the market
          for penny stock in both public offerings and secondary trading;

     -    contains a description of the broker's or dealer's duties to the
          customer and of the rights and remedies available to the customer with
          respect to a violation of such duties or other requirements of the
          Securities Act of 1934, as amended;

     -    contains a brief, clear, narrative description of a dealer market,
          including "bid" and "ask" price for the penny stock and the
          significance of the spread between the bid and ask price;

     -    contains a toll-free telephone number for inquiries on disciplinary
          actions;

     -    defines significant terms in the disclosure document or in the conduct
          of trading penny stocks; and

     -    contains such other information and is in such form (including
          language, type, size and format) as the Securities and Exchange
          Commission shall require by rule or regulation;

The broker-dealer also must provide, prior to effecting any transaction in a
penny stock, to the customer:

     -    the bid and offer quotations for the penny stock;

     -    the compensation of the broker-dealer and its salesperson in the
          transaction;

     -    the number of shares to which such bid and ask prices apply, or other
          comparable information relating to the depth and liquidity of the
          market for such stock; and

     -    monthly account statements showing the market value of each penny
          stock held in the customer's account.

In addition, the penny stock rules require that prior to a transaction in a
penny stock not otherwise exempt from those rules; the broker-dealer must make a
special written determination that the penny stock is a suitable investment for
the purchaser and receive the purchaser's written acknowledgment of the receipt
of a risk disclosure statement, a written agreement to transactions involving
penny stocks, and a signed and dated copy of a written suitability statement.
These disclosure requirements will have the effect of reducing the trading
activity in the secondary market for our stock because it will be subject to
these penny stock rules. Therefore, stockholders may have difficulty selling
their securities.

SHARES AVAILABLE UNDER RULE 144

There are currently 3,000,000 shares of common stock that are considered
restricted securities under Rule 144 of the Securities Act of 1933. All
3,000,000 shares are held by our officer and director. In general, under Rule
144 as amended, a person who has beneficially owned and held restricted
securities for at least six months, including affiliates, may sell publicly
without registration under the Securities Act, within any three-month period,
assuming compliance with other provisions of the Rule, a number of shares that

                                       17
<PAGE>
do not exceed the greater of(i) one percent of the common stock then outstanding
or, (ii) the average weekly trading volume in the common stock during the four
calendar weeks preceding such sale.

HOLDERS

As of January 31, 2011, we have 6,000,000 Shares of $0.001 par value common
stock issued and outstanding held by 27 shareholders of record.

The stock transfer agent for our securities is Holladay Stock Transfer, 2939
North 67th Place, Scottsdale, Arizona 85251, telephone (480)481-3940.

DIVIDENDS

We have never declared or paid any cash dividends on our common stock. For the
foreseeable future, we intend to retain any earnings to finance the development
and expansion of our business, and we do not anticipate paying any cash
dividends on its common stock. Any future determination to pay dividends will be
at the discretion of the Board of Directors and will be dependent upon then
existing conditions, including our financial condition and results of
operations, capital requirements, contractual restrictions, business prospects,
and other factors that the board of directors considers relevant.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

RESULTS OF OPERATIONS

Summary for years ending January 31, 2011 and 2010

                                                            Year Ended
                                                            January 31,
                                                     2011               2010
                                                   --------           --------

Revenue                                            $    Nil           $    Nil
Operating Expenses                                 $ 18,507           $    810
Net Loss                                           $ 18,507           $    810

EXPENSES

Our operating expenses for the years ended January 31, 2011 and 2010 are
outlined in the table below:

                                                            Year Ended
                                                            January 31,
                                                     2011               2010
                                                   --------           --------

General and administrative                         $  5,207           $    810
Professional fees                                  $  9,300           $      0
Mineral Exploration Expense                        $  4,000           $      0

REVENUE

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

                                       18
<PAGE>
EQUITY COMPENSATION

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

LIQUIDITY AND FINANCIAL CONDITION

WORKING CAPITAL

                                          At              At         Percentage
                                      January 31,     January 31,     Increase/
                                         2011            2010         Decrease
                                       --------        --------       --------

Current Assets                         $ 40,683        $ 14,980         +170%
Current Liabilities                    $      0        $    790         -100%
Working Capital (deficit)              $ 40,683        $ 14,190         +185%

CASH FLOWS
                                                      Year Ended     Year Ended
                                                      January 31,    January 31,
                                                         2011           2010
                                                       --------       --------

Net Cash Used in Operating Activities                  $(29,297)      $    (20)
Net Cash Provided by Investing Activities              $      0       $      0
Net Cash Provided by Financing Activities              $ 45,000       $ 15,000
ICREASE IN CASH DURING THE PERIOD                      $ 15,703       $ 14,980


We have generated no revenue since inception and have incurred $19,317 in
expenses through January 31, 2011. We had a net loss of $18,507 and $810 for the
years ended January 31, 2011 and 2010, respectively. These expenses consisted of
professional fees and administrative expenses and for the year ended January 31,
2011 $4,000 in exploration expenses.

Our cash in the bank at January 31, 2011 was $30,683, with no outstanding
liabilities. Cash provided by financing activities since inception is as
follows:

     1.   On January 6, 2010, a total of 3,000,000 shares of Common Stock were
          issued to Jenny Brown, a director, in exchange for cash in the amount
          of $15,000, or $.005 per share.

     2.   On September 14, 2010 the Company issued a total of 3,000,000 shares
          of common stock to 26 unrelated sharholders for cash at $0.15 per
          share for a total of $45,000 pursuant to an S-1 registration
          statement.

GOING CONCERN

We are an exploration stage company and currently have no operations. Our
independent auditor has issued an audit opinion for the company which includes a
statement expressing substantial doubt as to our ability to continue as a going
concern.

OFF-BALANCE SHEET ARRANGEMENTS

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

                                       19
<PAGE>
PLAN OF OPERATION

Our exploration target is to find exploitable minerals on our property. Our
success depends on achieving that target. There is the likelihood of our mineral
claim containing little or no economic mineralization or reserves of silver and
other minerals. There is the possibility that our claim does not contain any
reserves and funds that we spend on exploration will be lost. Even if we
complete our current exploration program and are successful in identifying a
mineral deposit we will be required to expend substantial funds to bring our
claim to production. We are unable to assure you we will be able to raise the
additional funds necessary to implement any future exploration or extraction
program even if mineralization is found.

The following work program has been recommended by the consulting geologist who
prepared the geology report.

PHASE 1

Prospecting, mapping and grid controlled soil geochemistry        $10,000 (paid)

PHASE 2

A program of grid controlled ground magnetometer and very
low frequency electro magnetometer (VLF-EM) surveys should
be undertaken over the areas of interest as determined by
the Phase 1 program                                               $14,000
                                                                  -------

                                          Total                   $24,000
                                                                  =======

We have given the geologist a deposit of $10,000 for Phase 1 or the exploration
program. He informed us that he completed the fieldwork for Phase 1 and sent the
samples to the assay lab in Australia. On April 12, 2011 we received his report
on his findings and are currently reviewing his recommendations.

The above program costs are management's estimates based upon the
recommendations of the professional consulting geologist's report and the actual
project costs may exceed our estimates.

If we decide to move on to Phase 2 of the exploration program, this would be
done during the summer of 2011. The estimated cost of this program is $14,000
and will take approximately 3 weeks to complete and an additional two to three
months for the consulting geologist to receive the results from the assay lab
and prepare his report. We have a verbal agreement with James McLeod, the
consulting geologist who prepared the geology report on our claim, to retain his
services for our planned exploration program. We cannot provide investors with
any assurance that we will be able to raise sufficient funds to proceed with any
work after the exploration program if we find mineralization.

                                       20
<PAGE>
ITEM 8. FINANCIAL STATEMENTS

                               GEORGE STEWART, CPA
                              316 17TH AVENUE SOUTH
                            SEATTLE, WASHINGTON 98144
                        (206) 328-8554 FAX(206) 328-0383


             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors
Impact Explorations Inc.

I have audited the accompanying  balance sheet of Impact  Explorations  Inc. (An
Exploration  Stage Company) as of January 31, 2011, and the related statement of
operations,  stockholders' equity and cash flows for the year then ended and the
period from January 6, 2010  (inception),  to January 31, 2011.  These financial
statements are the responsibility of the Company's management. My responsibility
is to express an opinion on these financial statements based on my audit.

I conducted my audit in  accordance  with the  standards  of the Public  Company
Accounting Oversight Board (United States).  Those standards require that I plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial statement presentation.  I believe that my audit provides a reasonable
basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all
material  respects,  the  financial  position of Impact  Explorations  Inc.  (An
Exploration  Stage  Company)  as of January  31,  2011,  and the  results of its
operations  and cash  flows for the years  then  ended and from  January 6, 2010
(inception)  to  January  31,  2011,  in  conformity  with  generally   accepted
accounting principles in the United States of America.

The accompanying  financial  statements have been prepared  assuming the Company
will  continue as a going  concern.  As  discussed  in Note #3 to the  financial
statements,  the Company has had no operations and has no established  source of
revenue.  This raises substantial doubt about its ability to continue as a going
concern.  Management's plan in regard to these matters is also described in Note
# 3. The financial  statements do not include any adjustments  that might result
from the outcome of this uncertainty.


/s/ George Stewart
-------------------------------
Seattle, Washington
April 11, 2011

                                       21
<PAGE>
                            IMPACT EXPLORATIONS INC.
                         (An Exploration Stage Company)
                                  Balance Sheet
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                    As of              As of
                                                                  January 31,        January 31,
                                                                     2011               2010
                                                                   --------           --------
<S>                                                                <C>                <C>
                                     ASSETS

CURRENT ASSETS
  Cash                                                             $ 30,683           $ 14,980
  Deposits                                                           10,000                 --
                                                                   --------           --------
TOTAL CURRENT ASSETS                                                 40,683             14,980
                                                                   --------           --------

      TOTAL ASSETS                                                 $ 40,683           $ 14,980
                                                                   ========           ========

                       LIABILITIES & STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
  Accounts Payable                                                 $     --           $    790
                                                                   --------           --------
TOTAL CURRENT LIABILITIES                                                --                790
                                                                   --------           --------

      TOTAL LIABILITIES                                                  --                790
                                                                   --------           --------
STOCKHOLDERS' EQUITY
  Common stock, ($0.001 par value, 75,000,000 shares
   authorized; 3,000,000 shares issued and outstanding
   as of October 31, 2010 and January 31, 2010                        6,000              3,000
  Additional paid-in capital                                         54,000             12,000
  Deficit accumulated during exploration stage                      (19,317)              (810)
                                                                   --------           --------
TOTAL STOCKHOLDERS' EQUITY                                           40,683             14,190
                                                                   --------           --------

      TOTAL LIABILITIES & STOCKHOLDERS' EQUITY                     $ 40,683           $ 14,980
                                                                   ========           ========
</TABLE>


                        See Notes to Financial Statements

                                       22
<PAGE>
                            IMPACT EXPLORATIONS INC.
                         (An Exploration Stage Company)
                             Statement of Operations
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                January 6, 2010
                                                                                  (inception)
                                        Year ended           Year ended             through
                                        January 31,          January 31,          January 31,
                                           2011                 2010                 2011
                                        ----------           ----------           ----------
<S>                                     <C>                  <C>                  <C>
REVENUES
  Revenues                              $       --           $       --           $       --
                                        ----------           ----------           ----------
TOTAL REVENUES                                  --                   --                   --

EXPENSES
  General and Administrative                 5,207                  810                6,017
  Mineral Exploration Expense                4,000                   --                4,000
  Professional Fees                          9,300                   --                9,300
                                        ----------           ----------           ----------
TOTAL EXPENSES                              18,507                  810               19,317
                                        ----------           ----------           ----------

NET INCOME (LOSS)                       $  (18,507)          $     (810)          $  (19,317)
                                        ==========           ==========           ==========

BASIC EARNING (LOSS) PER SHARE          $     0.00           $     0.00
                                        ==========           ==========
WEIGHTED AVERAGE NUMBER OF
 COMMON SHARES OUTSTANDING               4,150,685            3,000,000
                                        ==========           ==========
</TABLE>


                        See Notes to Financial Statements

                                       23
<PAGE>
                            IMPACT EXPLORATIONS INC.
                         (An Exploration Stage Company)
                  Statement of Changes in Stockholders' Equity
            From January 6, 2010 (Inception) through January 31, 2011
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                            Deficit
                                                                                          Accumulated
                                                                 Common     Additional      During
                                                   Common        Stock       Paid-in      Exploration
                                                   Stock         Amount      Capital         Stage        Total
                                                   -----         ------      -------         -----        -----
<S>                                              <C>         <C>           <C>           <C>             <C>
BALANCE, JANUARY 6, 2010                               --       $    --     $     --      $      --      $     --

Stock issued for cash on January 6, 2010
 @ $0.005 per share                             3,000,000         3,000       12,000                       15,000

Net loss, January 31, 2010                                                                     (810)         (810)
                                               ----------       -------     --------      ---------      --------

BALANCE, JANUARY 31, 2010                       3,000,000       $ 3,000     $ 12,000      $    (810)     $ 14,190
                                               ==========       =======     ========      =========      ========

Stock issued for cash on September 14, 2010
 @ $0.015 per share                             3,000,000         3,000       42,000                       45,000

Net loss, January 31, 2011                                                                  (18,507)      (18,507)
                                               ----------       -------     --------      ---------      --------

BALANCE, JANUARY 31, 2011                       6,000,000       $ 6,000     $ 54,000      $ (19,317)     $ 40,683
                                               ==========       =======     ========      =========      ========
</TABLE>


                        See Notes to Financial Statements

                                       24
<PAGE>
                            IMPACT EXPLORATIONS INC.
                         (An Exploration Stage Company)
                             Statement of Cash Flows
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                                 January 6, 2010
                                                                                                   (inception)
                                                             Year ended         Year ended          through
                                                             January 31,        January 31,        January 31,
                                                                2011               2010               2011
                                                              --------           --------           --------
<S>                                                           <C>                <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net income (loss)                                           $(18,507)          $   (810)          $(19,317)
  Adjustments to reconcile net loss to net cash
   provided by (used in) operating activities:

  Changes in operating assets and liabilities:
    Deposits                                                   (10,000)                --            (10,000)
    Accounts Payable                                              (790)               790                 --
                                                              --------           --------           --------
     NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES       (29,297)               (20)           (29,317)

CASH FLOWS FROM INVESTING ACTIVITIES

     NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES            --                 --                 --

CASH FLOWS FROM FINANCING ACTIVITIES
  Issuance of common stock                                      45,000             15,000             60,000
                                                              --------           --------           --------
     NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES        45,000             15,000             60,000
                                                              --------           --------           --------

NET INCREASE (DECREASE) IN CASH                                 15,703             14,980             30,683

CASH AT BEGINNING OF PERIOD                                     14,980                 --                 --
                                                              --------           --------           --------

CASH AT END OF YEAR                                           $ 30,683           $ 14,980           $ 30,683
                                                              ========           ========           ========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid during year for:
  Interest                                                    $     --           $     --           $     --
                                                              ========           ========           ========

  Income Taxes                                                $     --           $     --           $     --
                                                              ========           ========           ========
</TABLE>


                        See Notes to Financial Statements

                                       25
<PAGE>
                            IMPACT EXPLORATIONS INC.
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                January 31, 2011
--------------------------------------------------------------------------------

NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS

Impact  Explorations  Inc. (the Company) was incorporated  under the laws of the
State of Nevada on  January  6, 2010.  The  Company  was formed to engage in the
acquisition, exploration and development of natural resource properties.

The  Company  is in the  exploration  stage.  Its  activities  to date have been
limited to capital formation,  organization and development of its business plan
and recently initiated exploration activities.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. BASIS OF ACCOUNTING

The Company's  financial  statements  are prepared  using the accrual  method of
accounting. The Company has elected a January 31, year-end.

B. BASIC EARNINGS PER SHARE

ASC No. 260, "Earnings Per Share",  specifies the computation,  presentation and
disclosure requirements for earnings (loss) per share for entities with publicly
held common stock. The Company has adopted the provisions of ASC No. 260.

Basic net loss per share  amounts is computed  by  dividing  the net loss by the
weighted average number of common shares outstanding. Diluted earnings per share
are the same as basic  earnings  per share due to the lack of dilutive  items in
the Company.

C. CASH EQUIVALENTS

The Company considers all highly liquid  investments  purchased with an original
maturity of three months or less to be cash equivalents.

D. USE OF ESTIMATES AND ASSUMPTIONS

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect  the  reported  amounts  of assets  and  liabilities  and  disclosure  of
contingent  assets and  liabilities at the date of the financial  statements and
the  reported  amounts of revenues  and expenses  during the  reporting  period.
Actual results could differ from those estimates. In accordance with ASC No. 250
all adjustments are normal and recurring.

                                       26
<PAGE>
                            IMPACT EXPLORATIONS INC.
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                January 31, 2011
--------------------------------------------------------------------------------

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

E. INCOME TAXES

Income taxes are provided in accordance with ASC No. 740,  Accounting for Income
Taxes.  A  deferred  tax  asset  or  liability  is  recorded  for all  temporary
differences   between  financial  and  tax  reporting  and  net  operating  loss
carryforwards. Deferred tax expense (benefit) results from the net change during
the year of deferred tax assets and liabilities.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of
management,  it is more likely than not that some portion of all of the deferred
tax assets will be realized.  Deferred tax assets and  liabilities  are adjusted
for the effects of changes in tax laws and rates on the date of enactment.

F. REVENUE

The Company  records  revenue on the accrual  basis when all goods and  services
have been performed and  delivered,  the amounts are readily  determinable,  and
collection  is  reasonably  assured.  The Company has not  generated any revenue
since its inception.

G. ADVERTISING

The  Company  will  expense its  advertising  when  incurred.  There has been no
advertising since inception.

H. RECENT ACCOUNTING PRONOUNCEMENTS

The Company has evaluated all the recent accounting  pronouncements  through the
date the  financial  statements  were issued and filed with the  Securities  and
Exchange Commission and believe that none of them will have a material effect on
the company's financial statements.

NOTE 3. GOING CONCERN

The  accompanying  financial  statements are presented on a going concern basis.
The  Company  had  limited  operations  during the period  from  January 6, 2010
(inception)  to January  31,  2011 and  generated  a net loss of  $19,317.  This
condition raises  substantial doubt about the Company's ability to continue as a
going concern. Because the Company is currently in the exploration stage and has
minimal expenses, management believes that the company's current cash of $30,683
is  sufficient  to cover the  expenses  they will incur  during the next  twelve
months in a limited operations scenario or until they raise additional funding.

                                       27
<PAGE>
                            IMPACT EXPLORATIONS INC.
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                January 31, 2011
--------------------------------------------------------------------------------

NOTE 4. WARRANTS AND OPTIONS

There are no warrants or options outstanding to acquire any additional shares of
common.

NOTE 5. RELATED PARTY TRANSACTIONS

The  Company  neither  owns nor leases any real or personal  property.  The sole
officer and director of the Company is involved in other business activities and
may, in the future,  become  involved in other  business  opportunities  as they
become available.

Thus she may face a conflict  in  selecting  between  the  Company and her other
business  interests.  The Company has not formulated a policy for the resolution
of such conflicts.

NOTE 6. INCOME TAXES

                                                          As of January 31, 2011
                                                          ----------------------
     Deferred tax assets:
       Net operating tax carryforwards                           $ 19,317
       Other                                                            0
                                                                 --------
     Gross deferred tax assets                                      6,568
     Valuation allowance                                           (6,568)
                                                                 --------

     Net deferred tax assets                                     $      0
                                                                 ========

Realization of deferred tax assets is dependent upon  sufficient  future taxable
income during the period that deductible temporary differences and carryforwards
are expected to be available to reduce  taxable  income.  As the  achievement of
required  future taxable income is uncertain,  the Company  recorded a valuation
allowance.

NOTE 7. NET OPERATING LOSSES

As of January 31, 2011,  the Company has a net operating loss  carryforwards  of
approximately  $19,317.  Net operating loss  carryforwards  expires twenty years
from the date the loss was incurred.

                                       28
<PAGE>
                            IMPACT EXPLORATIONS INC.
                         (An Exploration Stage Company)
                          Notes to Financial Statements
                                January 31, 2011
--------------------------------------------------------------------------------

NOTE 8. STOCK TRANSACTIONS

Transactions,  other than employees' stock issuance,  are in accordance with ASC
No. 505.  Thus  issuances  shall be accounted for based on the fair value of the
consideration  received.  Transactions  with  employees'  stock  issuance are in
accordance with ASC No. 718. These issuances shall be accounted for based on the
fair  value  of the  consideration  received  or the fair  value  of the  equity
instruments issued, or whichever is more readily determinable.

On  January 6, 2010 the  Company  issued a total of  3,000,000  shares of common
stock to one director for cash at $0.005 per share for a total of $15,000.

On September 14, 2010 the Company  issued a total of 3,000,000  shares of common
stock to 26  unrelated  shareholders  for cash at $.015 per share for a total of
$45,000 pursuant to a S-1 registration statement.

As of January 31, 2011 the Company had  6,000,000  shares of common stock issued
and outstanding.

NOTE 9. STOCKHOLDERS' EQUITY

The  stockholders'  equity section of the Company contains the following classes
of capital stock as of January 31, 2011:

     *    Common  stock,  $  0.001  par  value:  75,000,000  shares  authorized;
          6,000,000 shares issued and outstanding.

NOTE 10. SUBSEQUENT EVENTS

The Company evaluated all events or transactions that occurred after January 31,
2011 up through the date the Company issued these financial  statements.  During
this  period,  the Company  did not have any  material  recognizable  subsequent
events.

                                       29
<PAGE>
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Under the supervision and with the participation of our management, including
our principal executive officer and the principal financial officer (our
president), we have conducted an evaluation of the effectiveness of the design
and operation of our disclosure controls and procedures, as defined in Rules
13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as of the
end of the period covered by this report. Based on this evaluation, our
principal executive officer and principal financial officer concluded as of the
evaluation date that our disclosure controls and procedures were effective such
that the material information required to be included in our Securities and
Exchange Commission reports is accumulated and communicated to our management,
including our principal executive and financial officer, recorded, processed,
summarized and reported within the time periods specified in Securities and
Exchange Commission rules and forms relating to our company, particularly during
the period when this report was being prepared.

MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Our management is responsible for establishing and maintaining adequate internal
control over financial reporting, as such term is defined in Rules 13a-15(f) and
15d-15(f) under the Exchange Act, for the company.

Internal control over financial reporting includes those policies and procedures
that: (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of our assets;
(2) provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally accepted
accounting principles, and that our receipts and expenditures are being made
only in accordance with authorizations of its management and directors; and (3)
provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of our assets that could have a
material effect on the financial statements. Management recognizes that there
are inherent limitations in the effectiveness of any system of internal control,
and accordingly, even effective internal control can provide only reasonable
assurance with respect to financial statement preparation and may not prevent or
detect material misstatements. In addition, effective internal control at a
point in time may become ineffective in future periods because of changes in
conditions or due to deterioration in the degree of compliance with our
established policies and procedures.
A material weakness is a significant deficiency, or combination of significant
deficiencies, that results in there being a more than remote likelihood that a
material misstatement of the annual or interim financial statements will not be
prevented or detected.

Under the supervision and with the participation of our president, management
conducted an evaluation of the effectiveness of our internal control over
financial reporting, as of January 31, 2011, based on the framework set forth in
Internal Control-Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). Based on our evaluation under
this framework, management concluded that our internal control over financial
reporting was not effective as of the evaluation date due to the factors stated
below.

                                       30
<PAGE>
Management assessed the effectiveness of the Company's internal control over
financial reporting as of evaluation date and identified the following material
weaknesses:

INSUFFICIENT RESOURCES: We have an inadequate number of personnel with requisite
expertise in the key functional areas of finance and accounting.

INADEQUATE SEGREGATION OF DUTIES: We have an inadequate number of personnel to
properly implement control procedures.

LACK OF AUDIT COMMITTEE & OUTSIDE DIRECTORS ON THE COMPANY'S BOARD OF DIRECTORS:
We do not have a functioning audit committee or outside directors on our board
of directors, resulting in ineffective oversight in the establishment and
monitoring of required internal controls and procedures.

Management is committed to improving its internal controls and will (1) continue
to use third party specialists to address shortfalls in staffing and to assist
the Company with accounting and finance responsibilities, (2) increase the
frequency of independent reconciliations of significant accounts which will
mitigate the lack of segregation of duties until there are sufficient personnel
and (3) may consider appointing outside directors and audit committee members in
the future.

Management, including our president, has discussed the material weakness noted
above with our independent registered public accounting firm. Due to the nature
of this material weakness, there is a more than remote likelihood that
misstatements which could be material to the annual or interim financial
statements could occur that would not be prevented or detected.

This annual report does not include an attestation report of our registered
public accounting firm regarding internal control over financial reporting.
Management's report was not subject to attestation by the our registered public
accounting firm pursuant to temporary rules of the SEC that permit us to provide
only management's report in this annual report.

CHANGES IN INTERNAL CONTROLS OVER FINANCIAL REPORTING

There have been no changes in our internal control over financial reporting that
occurred during the last fiscal quarter for our fiscal year ended January 31,
2011 that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.

                                       31
<PAGE>
                                    PART III

ITEM 10. DIRECTOR AND EXECUTIVE OFFICER

The officer and director of Impact Explorations, whose one year terms will
expire 1/31/12, or at such a time as their successor(s) shall be elected and
qualified are as follows:

Name & Address        Age      Position      Date First Elected     Term Expires
--------------        ---      --------      ------------------     ------------

Jenny Brown           25       President,        1/6/10                1/31/12
78 York Street                 Secretary,
London, England                Treasurer,
W1H 1DP                        CFO, CEO &
                               Director

The foregoing person is a promoter of Impact Explorations Inc., as that term is
defined in the rules and regulations promulgated under the Securities and
Exchange Act of 1933. Directors are elected to serve until the next annual
meeting of stockholders and until their successors have been elected and
qualified. Officers are appointed to serve until the meeting of the board of
directors following the next annual meeting of stockholders and until their
successors have been elected and qualified.

Jenny Brown currently devotes 2-4 hours per week to company matters, in the
future she intends to devote as much time as the board of directors deems
necessary to manage the affairs of the company.

No executive officer or director of the corporation has been the subject of any
order, judgment, or decree of any court of competent jurisdiction, or any
regulatory agency permanently or temporarily enjoining, barring, suspending or
otherwise limiting him or her from acting as an investment advisor, underwriter,
broker or dealer in the securities industry, or as an affiliated person,
director or employee of an investment company, bank, savings and loan
association, or insurance company or from engaging in or continuing any conduct
or practice in connection with any such activity or in connection with the
purchase or sale of any securities.

No executive officer or director of the corporation has been convicted in any
criminal proceeding (excluding traffic violations) or is the subject of a
criminal proceeding which is currently pending.

Background Information

JENNY BROWN has been the President, Secretary, Treasurer and a Director of
Impact Explorations since January 6, 2010.

EDUCATION

September 2003 - June 2005   University of Sheffield, Yorkshire, UK
                             Studied Bachelor of Science, Biomedical Science
                             Degree not gained just 2 years study completed

January 2009 - Present       University of Essex, Essex, UK
                             Bachelor of Arts, Degree in Business and Management
                             First Class Honours, January 2009 - March 2011

                             Association for Residential Letting Agents
                             Qualifications Warwick, UK

                                   32
<PAGE>
October 2007                 ARLA PRINCIPLES OF DAMAGES AND DISPUTES

December 2007                ARLA PRACTICAL APPROACH TO RESIDENTIAL MANAGEMENT

April 2008                   ARLA RESIDENTIAL PROPERTY PRACTICE

July 2008                    ARLA LEGAL APECTS PART A

September 2008               ARLA LEGAL ASPECTS PART B

EMPLOYMENT

Aug 08 - Present             Property Developer, London, UK, managing the
                             design, build and development of a clients family
                             home.

April 07- Present            Property Manager
                             Douglas and Gordon, Estate Agent, 37
                             Ixworth place, Chelsea, London, UK
                             Managed 250 properties between
                             (pound)250,000 and (pound)17,000,000
                             worth in South Kensington, Chelsea
                             and Notting Hill London

May 06 - April 07            Property Manager
                             Saxton Mee, Estate Agent, Campo House, 54 Campo
                             Lane, Sheffield, UK S1 2EG
                             Managed 100 properties between (pound)50,000 and
                             (pound)1,000,000 worth In Sheffield

June 05 - April 06           Property Developer, Sheffield, UK, managing the
                             design, build and development of a clients project.
                             Renovating a dilapidated building into a commercial
                             rental property.

ITEM 11.  EXECUTIVE COMPENSATION

Our current officer receives no compensation. The current Board of Directors is
comprised of Jenny Brown.

                           SUMMARY COMPENSATION TABLE

<TABLE>
<CAPTION>
                                                                                 Change in
                                                                                  Pension
                                                                                 Value and
                                                                   Non-Equity   Nonqualified
                                                                   Incentive     Deferred       All
 Name and                                                            Plan         Compen-      Other
 Principal                                   Stock       Option     Compen-       sation       Compen-
 Position       Year   Salary     Bonus      Awards      Awards     sation       Earnings      sation     Totals
------------    ----   ------     -----      ------      ------     ------       --------      ------     ------
<S>             <C>       <C>       <C>          <C>        <C>        <C>           <C>         <C>        <C>
Jenny Brown,    2011     0         0           0            0          0            0             0         0
President,      2010     0         0           0            0          0            0             0         0
CFO & CEO
</TABLE>

                                       33
<PAGE>
<TABLE>
<CAPTION>
                  OUTSTANDING EQUITY AWARDS AT FISCAL YEAR END

                                      Option Awards                                             Stock Awards
          -----------------------------------------------------------------   ----------------------------------------------
                                                                                                                    Equity
                                                                                                                   Incentive
                                                                                                       Equity        Plan
                                                                                                      Incentive     Awards:
                                                                                                        Plan       Market or
                                                                                                       Awards:      Payout
                                          Equity                                                      Number of    Value of
                                         Incentive                            Number                  Unearned     Unearned
                                        Plan Awards;                            of         Market      Shares,      Shares,
           Number of      Number of      Number of                            Shares      Value of    Units or     Units or
          Securities     Securities     Securities                           or Units    Shares or     Other         Other
          Underlying     Underlying     Underlying                           of Stock     Units of     Rights       Rights
          Unexercised    Unexercised    Unexercised   Option      Option       That      Stock That     That         That
          Options (#)    Options (#)     Unearned     Exercise  Expiration   Have Not     Have Not    Have Not     Have Not
Name      Exercisable   Unexercisable   Options (#)    Price       Date      Vested(#)     Vested      Vested       Vested
----      -----------   -------------   -----------    -----       ----      ---------     ------      ------       ------
<S>            <C>            <C>            <C>         <C>         <C>         <C>          <C>         <C>          <C>
Jenny          0              0              0           0           0           0            0           0            0
Brown,
CEO & CFO

                              DIRECTOR COMPENSATION
                                                                       Change in
                                                                        Pension
                                                                       Value and
                     Fees                            Non-Equity       Nonqualified
                    Earned                            Incentive        Deferred
                   Paid in      Stock     Option        Plan         Compensation     All Other
    Name             Cash      Awards     Awards     Compensation      Earnings      Compensation     Total
    ----             ----      ------     ------     ------------      --------      ------------     -----

Jenny Brown,          0         0           0            0                0               0            0
Director
</TABLE>

There are no current employment agreements between the company and its executive
officer.

In January 2010 Jenny Brown purchased 3,000,000 shares of our common stock at
$0.005 per share. The terms of these stock issuances were as fair to the
company, in the opinion of the board of directors, as could have been made with
an unaffiliated third party.

Ms. Brown currently devotes approximately 2-4 hours per week to manage the
affairs of the company. She has agreed to work with no remuneration until such
time as the company receives sufficient revenues necessary to provide management
salaries. At this time, we cannot accurately estimate when sufficient revenues
will occur to implement this compensation, or what the amount of the
compensation will be.

There are no annuity, pension or retirement benefits proposed to be paid to
officers, directors or employees in the event of retirement at normal retirement
date pursuant to any presently existing plan provided or contributed to by the
company or any of its subsidiaries, if any.

                                       34
<PAGE>
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth information on the ownership of Impact
Explorations' voting securities by officers, directors and major shareholders as
well as those who own beneficially more than five percent of our common stock as
of the date of this report:

          Name of                          No. of            Percentage
     Beneficial Owner(1)                   Shares           of Ownership
     -------------------                   ------           ------------

     Jenny Brown                         3,000,000               50%
     78 York Street
     London, England
     W1H 1DP

     All Officers and
     Directors as a Group                3,000,000               50%

----------
(1)  The person named may be deemed to be a "parent" and "promoter" of the
     Company, within the meaning of such terms under the Securities Act of 1933,
     as amended.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

The principal executive office and telephone number are provided free of charge
by Ms. Brown, the officer and director of the corporation.

In January 2010 Ms. Brown purchased 3,000,000 shares of our common stock at
$0.005 per share. All of such shares are "restricted" securities, as that term
is defined by the Securities Act of 1933, as amended, and are held by the
officer and director of the Company. (See "Principal Stockholders".)

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

The total fees charged to the company for audit services were $7,800, for
audit-related services were $Nil, for tax services were $Nil and for other
services were $Nil during the year ended January 31, 2011.

There were no fees charged to the company for audit services, audit-related
services, tax services or other services during the year ended January 31, 2010.

                                       35
<PAGE>
                                     PART IV

ITEM 15. EXHIBITS

The following exhibits are included with this quarterly filing. Those marked
with an asterisk and required to be filed hereunder, are incorporated by
reference and can be found in their entirety in our original Registration
Statement on Form S-1, filed under SEC File Number 333-165365, at the SEC
website at www.sec.gov:

     Exhibit No.                   Description
     -----------                   -----------

        3.1         Articles of Incorporation*
        3.2         Bylaws*
       31.1         Sec. 302 Certification of Principal Executive Officer
       31.2         Sec. 302 Certification of Principal Financial Officer
       32.1         Sec. 906 Certification of Principal Executive Officer
       32.2         Sec. 906 Certification of Principal Financial Officer

                                   SIGNATURES

Pursuant to the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

April 26, 2011                        Impact Explorations Inc., Registrant


                                      By: /s/ Jenny Brown
                                         ---------------------------------------
                                         Jenny Brown, President, Chief Executive
                                         Officer, Principal Accounting Officer,
                                         and Chief Financial Officer

In accordance with the Exchange Act, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

April 26, 2011                        Impact Explorations Inc., Registrant


                                      By: /s/ Jenny Brown
                                         ---------------------------------------
                                         Jenny Brown, President, Chief Executive
                                         Officer, Principal Accounting Officer,
                                         and Chief Financial Officer

                                       36