UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549  FORM
10-K _________________  (Mark One) þ

Annual
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934  For the fiscal year ended Period Ended April 30,
2010 or o

Transition
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934  For the Transition Period from
 to  Commission File Number 333-146572  ASIA
ATLANTIC RESOURCES (Exact name of registrant as specified in
its charter)  Nevada

00-0000000(State or Other Jurisdiction of

(I.R.S. Employer Identification
No.)Incorporation or Organization)  119-600 Eglinton Avenue East, Suite
409Toronto, Ontario
Canada  M4G 2K2(Address of principal executive
offices and zip code)  Registrants telephone number, including
area code: (416) 464-7484  Indicate by check mark if the
registrant is a well-known seasoned issuer, as defined in rule 405 of Securities
Act. Yes o No þ  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 o No
þ  Indicate by check mark whether the
issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.  Yes
þ No o      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 (§ 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 o
  No   o * Not Applicable  Indicate by check mark if disclosure
of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this
chapter) 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. Yes  þ
  No   o  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.  Large accelerated
filer   ̈

Accelerated filer   ̈Non-accelerated filer   ̈
(Do not check
if smaller reporting company)

Smaller reporting
company  x Indicate by
check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).    Yes  þ    No   ̈  There was no
determinable market value for the voting and non-voting common equity held by
non-affiliates of the registrant as of November 30, 2009 as it is on the grey
market and is not listed, traded or quoted on any stock exchange, the
Over-the-Counter Bulletin Board or the Pink Sheets.  To the knowledge of
management there have been no recorded trades in the stock.  The total
number of shares of Common Stock issued and outstanding as of July 9, 2010 was
13,100,000.  2       TABLE
OF CONTENTS  Item 1:
Business
.
4Item 1A:
Risk
Factors
5Item 1B:
Unresolved
Staff Comments...
6Item 2:
Properties
6Item 3:
Legal
Proceedings...
6Item 4:
Removed and
Reserved..
6PART IIItem 5:
Market for
Registrant's Common Equity, Related Stockholder Matters
and Issuer
Purchases of Equity Securities..
6Item 6:
Selected
Financial Data..
7Item 7:
Managements
Discussion and Analysis of Financial Condition and
Results of
Operations..
7
7Item 7A:
Quantitative
and Qualitative Disclosures About Market Risk
8Item 8:
Financial
Statements and Supplementary Data...
8Item 9:
Changes in and
Disagreements with Accountants on Accounting
and Financial
Disclosure.
8Item 9A
Controls and
Procedures..
8Item 9B:
Other
Information
9PART IIIItem 10:
Directors,
Executive Officers and Corporate Governance..
10Item 11:
Executive
Compensation.
11Item 12:
Security
Ownership of Certain Beneficial Owners and Management
and Related
Stockholder Matters
11Item 13:
Certain
Relationships and Related Transactions, and Director
Independence..
12Item 14:
Principal
Accounting Fees and Services.....
12PART IVItem 15:
Exhibits,
Financial Statement Schedules
13Signatures
.
14   3      PART
I  The
Issuer , is Asia Atlantic Resources, a Nevada corporation ("Company"). When used
herein the terms "we", "us" and/or "our" shall mean the Company.  This
Annual Report contains forward-looking statements that involve a number of risks
and uncertainties.  Such forward-looking statements are not historical
facts and constitute or rely upon projections, forecasts, assumptions or other
forward-looking information. Generally these statements may be identified by the
use of forward-looking words or phrases such as "believes", "expects",
"anticipates", "intends", "plans", "estimates", "may", and "should". These
statements are inherently subject to known and unknown risks, uncertainties and
assumptions. Our future results could differ materially from those expected or
anticipated in the forward-looking statements. Specific factors that might cause
such differences include factors described and discussed in Risk Factors in Item
1A below.  Item 1.
  Business.  The
Company was organized as a Nevada corporation on January 22, 2007.  We were
formed as an exploration stage company to acquire, explore and, if warranted,
develop and operate mineral properties.  On
February 9, 2007, we acquired 100% ownership in a mineral prospect property
located in central British Columbia known as the KL Baez Property.  The
KL Baez Property was acquired from an individual not affiliated with us.
 It was acquired for $8,000.00 (USD).  The
results of the preliminary exploration work on the KL Baez Property were
unsatisfactory.  Accordingly, we concluded to let this mineral claim expire
on September 17, 2008.  On
October 29, 2008, management and control of the Company changed.  Ms.
Patricia Cooke acquired 2,000,000 shares of our stock from Christopher Murphy,
our then President and a director.  Ms. Cooke became our President, Chief
Executive Officer and sole director.  On November 6, 2008, Preystone
Investment Corp.., a Panamanian corporation (Preystone), with offices in
Panama City, Panama purchased 4,000,000 newly issued shares of our common stock
for $100,000.00 (USD).  In January of 2009, Preystone Investment Corp. sold
its 4,000,000 shares to 10 investors as restricted securities in a private
placement.  We
are presently operating as a shell company in the process of seeking a new
business opportunity. We will endeavor to enter into a corporate business
combination or acquisition of assets by which we become engaged in an active
business venture.  There are no present binding arrangements for such a
business combination or acquisition of assets.  4     We do not presently
have sufficient funds to pay our administrative and operating expenses or to
finance any potential business acquisitions.  Accordingly, we are dependent
upon our ability to raise funds to be able to continue our existence and finance
our efforts to seek a business acquisition.  We
presently have no employees other than our President and sole director.  If
we are able to complete a business acquisition and enter into an active
business, we will have to employ personnel with knowledge of and experience in
that industry.  We anticipate that we will use outside independent
consultants and advisors to assist us in our acquisition efforts.  Item 1A.
  Risk Factors.  Our
status as a shell company without any active business or revenue producing
assets increases the risks involved in an investment in our stock. The risk
factors involved in such an investment include, but are not limited to, those
set out below  OUR AUDITOR HAS
EXPRESSED SUBSTANTIAL DOUBT AS TO OUR ABILITY TO CONTINUE AS A GOING
CONCERN.  As
set forth in the financial statements and their footnotes, our auditor has
expressed substantial doubt as to our ability to continue as a going concern.
 Our future is dependent upon our acquisition, development and/or operation
of a viable business and the acquisition of sufficient capital to continue our
existence and to finance these activities, none of which are assured.  OUR PROPOSED
OPERATIONS ARE DEPENDENT UPON ACQUISTION OF A BUSINESS OR ASSETS WHICH CAN BE
DEVELOPED INTO A VIABLE ON-GOING BUSINESS AND ACQUIRE THE NECESSARY CAPITAL TO
FINANCE OUR ACTIVITIES.  We
presently have no potential revenue producing assets and no binding arrangements
for the acquisition of any such assets.  Our future operations are
dependent upon our ability to acquire a business or assets and develop it or
them into a viable business venture.  Since we have no present source of
revenue and we anticipate that it will be a significant period of time before we
can develop any material revenue even if our proposed activities have good
results, we will have to raise significant amounts of capital to finance any
proposed acquisition and maintain our operations.  There are no present
arrangements or assurance for any capital acquisitions.  THERE IS NO PRESENT MARKET FOR OUR STOCK
AND NO ASSURANCE OF ANY FUTURE MARKET WILL DEVELOP.  Our common stock is
presently treated as a grey market stock.  It is not listed, traded or
quoted on any stock exchange, the Over-the-Counter Bulletin Board of the Pink
Sheets and there is no market maker for it.  See Item 5. Market for the
Registrants Common Equity, Related Stockholders Matters and Issuer Purchases of
Equity Securities in Part II following.  Thus, there is essentially no
existing market for our common stock or any assurance that a future market will
develop.  Any investment in our common stock must be considered as
illiquid.   5      WE
DO NOT HAVE MANAGEMENT TO OPERATE ANY ACQUIRED BUSINESS Our
President is our sole officer, director and employee.  We do not have
management to operate any business acquired by us, nor any arrangements to
acquire such personnel.  Accordingly, if we are able to complete a business
operation, it future will be dependent upon our ability to develop a management
team.  Item 1B.
 Unresolved Staff Comments.  None.  Item 2.
 Properties.  We
have no material physical properties or assets.  Item 3.
 Legal Proceedings.  We
are not involved in material pending legal proceedings as of the date of this
Annual Report on Form 10-K.  Item 4.
 (Removed and Reserved)   PART
II  Item 5.
 Market for Registrants Common Equity, Related Stockholder Matters
and Issuer
Purchases of Equity Securities. Our common stock was previously been quoted on
the Over-the-Counter Bulletin Board from February 1, 2008 through April 30,
2009.  However, to our knowledge, there have been no trades of our stock on
the OTC Bulletin Board or otherwise.  During the fiscal year ending April
30, 2010, our common stock became a grey stock.  There is no market maker
for our common stock.  It is not listed, traded or quoted on any stock
exchange, the Over-the-Counter Bulletin Board or the Pink Sheets. Trades in grey
market stocks are reported by broker-dealers to their Self Regulatory
Organization (SRO) and the SRO distributes the trade data to market data vendors
and financial websites so investors can track price and volume. Since grey
market securities are not traded or quoted on an exchange or interdealer
quotation system, investor's bids and offers are not collected in a central spot
so market transparency is diminished and Best Execution of orders, or any
execution at all, is difficult. The
following table sets forth the high and low bid of the common stock in the Pink
Sheets and the Bulletin Board for the periods indicated. The bid price
represents prices between dealers, which do not indicate retail markups,
markdown or commissions and the bid prices may not represent actual
transactions:  6      Quarter
Period
High
LowMay  June 2008
$0.10
$0.10August 
October 2008
$0.10
$0.10November 2008 
January 2009
$0.10
$0.10February 2009 
April 2009
$0.10
$0.10  The
number of record holders of our common stock at July 9, 2010 was 42.  The
holders of our common stock are entitled to receive dividends as may be declared
by the Board of Directors out of funds legally available.  We have never
had any material earnings and do not presently have any capacity to generate any
such earnings.  We have never declared any dividends. We do not anticipate
declaring and paying any cash dividends in the foreseeable future.  Item 6.
 Selected Financial Data.  Not
applicable to a smaller reporting company.  Item 7.
 Managements Discussion and Analysis of Financial Condition and
Results of
Operations.  As
set out in Item 1. above, we are presently operating as a shell company in the
process of seeking a new business opportunity.  We will endeavor to enter
into a corporate business combination or acquisition of assets by which we
become engaged in an active business venture.  We are presently
concentrating these efforts in the mineral resources industry.  There are
no present binding arrangements for such a business combination or acquisition
of assets.  We
have no present source of revenue and we will have to acquire significant
amounts of additional capital to finance our search for and development of a new
business opportunity.  Our auditor has expressed substantial doubt as to
our ability to continue as a going concern.  We
incurred operating expenses in the amount of $103,153 for the fiscal year ended
April 30, 2010 as compared to $61,279 for the fiscal year ended April 30, 2009.
 Our net loss for the year ended April 30, 2010 was $103,153compared to
$61,279 for the year ended April 30, 2009.  These increases in
expenses and loss were caused mainly by the payment of $62,250 in officers
management fees in the year ended April 30, 2010 as compared to $36,750 in 2009
and by an increase in professional fees of $17,240.  At
April 30, 2010, our assets consisted of cash in the amount of $515. At
April 30, 2010, our liabilities consisted of accounts payable and accrued
liabilities of $5,725, amounts due of $6,500 on a convertible note and advances
from a related party of $10,882.   7     Item
7A.  Quantitive and Qualitive Disclosures About Market
Risk.  Not
applicable to smaller reporting company.  Item 8.
 Financial Statements and Supplementary Data.  Our
consolidated financial statements appear immediately following the Signature
Page to this Form 10-K beginning at page F-1.  Item 9.
  Changes in and Disagreements With Accountants on Accounting
and Financial
 Disclosure.  We
have made no changes in our independent accountants since our formation.  Item 9A.
 Controls and Procedures.  Disclosure
Controls and Procedures We
maintain disclosure controls and procedures, as that term is defined in Rule
13a-15(e), promulgated by the Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended. Disclosure controls and procedures
include controls and procedures designed to ensure that information required to
be disclosed in our company's reports filed under the Securities Exchange Act of
1934 is recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commissions rules and forms, and that
such information is accumulated and communicated to our management, including
our principal executive officer, our principal financial officer and our
principal accounting officer, as appropriate, to allow timely decisions
regarding required disclosure.  As
required by paragraph (b) of Rules 13a-15 under the Securities Exchange Act of
1934, our management, with the participation of our principal executive officer,
our principal financial officer and our principal accounting officer, evaluated
our companys disclosure controls and procedures as of the end of the period
covered by this annual report on Form 10-K. Based on this evaluation, our
management concluded that as of the end of the period covered by this annual
report on Form 10-K, our disclosure controls and procedures were effective. Managements
Report on Internal Control over Financial Reporting. Our
management, including our principal executive officer, our principal financial
officer and our principal accounting officer and our Board of Directors, is
responsible for establishing and maintaining a process to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally
accepted accounting principles.  8    Our
management, with the participation of our principal executive officer and our
principal financial officer, evaluated the effectiveness of our internal control
over financial reporting as of April 30, 2010. Our managements evaluation of
our internal control over financial reporting was based on the framework in
Internal ControlIntegrated Framework, issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on such evaluation, management
determined that our internal control over financial reporting was not effective
as of April 30, 2010 because the following material weakness in internal control
over financial reporting existed as of April 30, 2010.  (i) 
lack of segregation of incompatible duties due to insufficient personnel;
and (ii) Insufficient
Board of Directors representation.  Though no material misstatements have resulted
our management has determined that until such time as sufficient representation
on our Board of Directors can be achieved the Companys inability to formulate
an audit committee represents a significant risk.  A
material weakness is a deficiency or a combination of control deficiencies in
internal control over financial reporting such that there is a reasonable
possibility that a material misstatement of our annual or interim financial
statements will not be prevented or detected on a timely basis. This
annual report does not include an attestation report of our companys
independent registered public accounting firm regarding internal control over
financial reporting. Managements report was not subject to attestation by our
companys independent registered public accounting firm pursuant to temporary
rules of the SEC that permit our company to provide only managements report in
this annual report. Limitations
on Effectiveness of Controls Our
principal executive officer and principal financial officer does not expect that
our disclosure controls or our internal control over financial reporting will
prevent all errors and all fraud. A control system, no matter how well conceived
and operated, can provide only reasonable, not absolute, assurance that the
objectives of the control system are met. Further, the design of a control
system must reflect the fact that there are resource constraints, and the
benefits of controls must be considered relative to their costs. Because of the
inherent limitations in all control systems, no evaluation of controls can
provide absolute assurance that all control issues and instances of fraud, if
any, within our company have been detected. These inherent limitations include
the realities that judgments in decision-making can be faulty, and that
breakdowns can occur because of a simple error or mistake. Additional controls
can be circumvented by the individual acts of some persons, by collusion of two
or more people, or by management override of the controls. The design of any
system of controls also is based in part upon certain assumptions about the
likelihood of future events, and there can be no assurance that any design will
succeed in achieving its stated goals under all potential future conditions;
over time, controls may become inadequate because of changes in conditions, or
the degree of compliance with the policies or procedures may deteriorate.
Because of the inherent limitations in a cost-effective control system,
misstatements due to error or fraud may occur and not be detected.  9     Changes
in Internal Control over Financial Reporting There
were no changes in our internal control over financial reporting during the
fourth quarter of our fiscal year ended April 30, 2010 that have materially
affected, or are reasonably likely to materially affect our internal control
over financial reporting.  Item 9B.
 Other Information.  None   PART
III  Item 10.
 Directors, Executive Officers and Corporate Governance.  The
following table sets forth information regarding the sole director and executive
officer of the Company.  Name
Age
PositionPatricia
Cooke
55
President,
Chief Executive Officer and Director   Patricia Cooke has
served as President, Chief Executive Officer and the sole director of the
Company since October 29, 2008.  Her principal occupation since 1994 has
been the President, director and sole owner of Wellington-Cooke Ltd., a
corporate services company of Toronto, Ontario.  In this capacity, she
provides services to publicly traded companies in the areas of investor
relations and reporting requirements  There
are no family relationships between any of the directors, officers or
significant employees.  The
Company has adopted a Code of Business Conduct and Ethics which applies to all
directors, officers and employees.  This Code provides, among other things,
for written standards designed to deter wrongdoing and to promote:  (i)
honest and ethical conduct; (ii) full, complete, timely and understandable
disclosure in all reports filed or submitted to the Securities and Exchange
Commission and other Company public communications; (iii) compliance with
applicable governmental laws, rules and regulations; (iv) prompt internal
reporting of violations of the ethics code; and (v) accountability for adherence
to the ethics code.  A copy of the Code of Business Conduct and Ethics is
filed with our Annual Report on Form 10-K for the fiscal year ended
April 30, 2009 as an exhibit.  10      The
Company has also adopted a Policy Statement for the Protection of Material,
Non-Public and Other Confidential Information and Prevention of Insider Trading
and Tipping.  A copy of this Policy Statement is filed with our Annual
Report on Form 10-K for the fiscal year ended April 30, 2009 as an exhibit
..  The
Company has not adopted any specified procedures by which the security holders
of the Company may recommend nominees to the Companys Board of Directors.  The
Company has not established a separately-designated standing audit committee.
 The entire Board of Directors acts as the Companys audit committee.  The
Company does not presently have any independent director or director qualified
as an audit committee financial expert.  Item 11.
 Executive Compensation.  The
following Summary Compensation Table sets forth the compensation of the names
executive officers of the Company for each of the two fiscal years ended April
30, 2008 and 2009.  SUMMARY COMPENSATION TABLE  Name and Principal
Position
Year
Salary
($)
Bonus
($)
Stock
Awards
($)
Option
Awards
($)
All Other
Compensation
($)Patricia Cooke
2009(1)
$-0- (2)
-0-
-0-
-0-
36,750President and Chief Executive
2010
$-0- (2)
-0-
-0-
-0-
62,250  _________________ (1) 
Ms. Cooke has served as President and Chief Executive Officer since October 29,
2008. (2) 
The Company compensates the President through payment of management fees. 
As of April 30, 2010, the Company owed her a net payment of $10,882 on these fees for the two fiscal years
ended April 30, 2010.  We
did not pay any compensation to our director for acting as such.  Ms. Cooke
is presently serving without compensation due to our lack of funds.  If
sufficient funds become available, it is anticipated she will be paid a monthly
management fee not to exceed $5,650 per month during the fiscal year ending
April 03, 2011.  Since
we only presently have one director, the Board does not have any formal
Compensation Committee.  We
do not presently have any employment or consulting agreements with any officer,
director or employee.   11     Item 12.
  Security Ownership of Certain Beneficial Owners and Management
and Related
Stockholder Matters.  The
following table sets forth information with respect to the only person known to
the Company to be the beneficial owner of more than 5% of any class of the
Companys voting securities:  Title of
Class
Name and
Address of
Beneficial
Owner
Amount and
Nature of
Beneficial
Ownership
Percent of
ClassCommon
Stock
Patricia
Cooke
119-600
Eglinton Avenue East, Suite 409
Toronto,
Ontario
Canada M4G
2K2
2,000,000
15.2%   Item 13.
  Certain Relationships and Related Transactions, and Director
Independence.  Ms.
Cooke, our sole officer an director, may be deemed to be a parent of the
Company as such is defined under the Securities Exchange Act of 1934, as
amended, by virtue of her position since she has the duty under Delaware
corporate law to control and direct the actions of the Company and since she is
the only shareholder owning 5% or more of our outstanding stock.  Since
May 1, 2007, there has been no transaction to which the Company was a party and
in which any officer, director of the Company or any holder of more than 5% of
any class of its stock had or is to have a material interest.  Item 14.
 Principal Accounting Fees and Services.  The
Board of Directors approved the engagement of K. R, Margetson Ltd., chartered
accountant, as our independent accountant to audit our financial statements for
the fiscal years ending April 30, 2010, 2009 and 2008 and our interim statements
for 2010-2011.  Our
Board of Directors has unanimously approved all audit and non-audit services
provided by the independent auditors. The independent accountants and management
are required to periodically report to the Board of Directors regarding the
extent of services provided by the independent accountants, and the fees for the
services performed to date.  Audit Fees  For
the fiscal years ended April 30, 2010 and 2009, the aggregate fees billed for
services rendered for the audits of the annual financial statements and the
review of the financial statements included in the quarterly reports on
Form 10-QSB/Form 10-Q and the services provided in connection with the
statutory and regulatory filings or engagements for those fiscal years and
registration statements filed with the SEC were $8,361 and $4,657,
respectively.   12     Audit-Related Fees  For
the fiscal years ended April 30, 2010 and 2009, there were no fees billed for
the audit or review of the financial statements that are not reported above
under Audit Fees.  Tax Fees  For
the fiscal years ended April 30, 2010 and 2009, there were no fees billed for
tax services.  All Other
Fees For
the fiscal years ended April 30, 2010 and 2009, there were no fees billed for
services other than services described above.   PART
IV  Item 15.
  Exhibits, Financial Statement Schedules.  Exhibit
No.
Description
of Exhibits3.1*
Articles of
Incorporation3.2*
Bylaws5.1*
Legal opinion
of Fox Law Offices, PA with consent to use10.1*
Mineral
property purchase agreement dated February 7, 200714.1**
Code of
Business Conduct and Ethics14.2**
Policy
Statement of Asia Atlantic Resources  Protection of Material, Nonpublic
and Other Confidential Information and Prevention of Insider Trading and
Tipping31.1***
Officers
Certifications under Section 302 of the Sarbanes-Oxley Act of
2002*32.1***
Certification
of Chief Executive Officer under Section 906 of the Sarbanes-Oxley Act of
2002.* _____________________ * Originally
filed as an exhibit to our Registration Statement on Form SB-2, dated December
9, 2007. ** Filed with our
Annual Report on Form 10-K for the fiscal year ended April 30, 2009. *** Filed
herewith.   13      SIGNATURES In
accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.  ASIA
ATLANTIC RESOURCESDate:
July 28,
2010

By:
/s/ Patricia
CookePatricia
CookePresident,
Chief Executive and Financial Officer and Director  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.   Date:
July 26,
2010

By:
/s/ Patricia
CookePatricia
CookePresident,
Chief Executive and Financial Officer and Director    14      K. R.
MARGETSON LTD.
CHARTERED
ACCOUNTANT  REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM  To the
Stockholders, Asia Atlantic
Resources:  We have
audited the accompanying balance sheets of Asia Atlantic Resources (An
Exploration Stage Company) as of April 30, 2010 and 2009 and the related
statements of operations, stockholders' equity (deficit) and cash flows for the
years ended April 30, 2010 and 2009 and for the period from January 22, 2007
(Date of Inception) to April 30, 2010.  These financial statements are the
responsibility of the Company's management.  Our responsibility is to
express an opinion on these financial statements based on our audit.  We
conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States of America).  Those standards
require that we plan and perform an audit to obtain reasonable assurance 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.  We
believe that our audit provides a reasonable basis for our opinion.  In our
opinion, these financial statements present fairly, in all material respects,
the financial position of the Company as of April 30, 2010 and 2009 and the
results of its operations, and changes in stockholders' equity
(deficit) and cash flows for the years ended April 30, 2010 and 2009
and for the period from January 22, 2007 (Date of Inception) to April 30, 2010
in conformity with accounting principles generally accepted in the United States
of America.  The
accompanying financial statements have been prepared using accounting principles
generally accepted in the United States of America assuming that the Company
will continue as a going concern.  As discussed in Note 2 to the financial
statements, the Company is an exploration stage company and has yet to commence
operations, which raises substantial doubt about its ability to continue as a
going concern.  Managements plans in regard to their planned financing and
other matters are also described in Note 2.  The financial statements do
not include any adjustments that might result from the outcome of this
uncertainty.  Sechelt,
CanadaJuly 23, 2010
Chartered
Accountant  PO
BOX 45, 5588 INLET AVENUE
TELEPHONE: 604-885-2810
  NE:  604-885-2810SECHELT,
BC V0N 3A0
FACSIMILE:  604-885-2834CANADA
E-MAIL:  keith@krmargetson.com   F-1       ASIA
ATLANTIC RESOURCES. (An
Exploration Stage Company) BALANCE
SHEETS April
30, 2010 and 2009   April 30,
April 30,ASSETS
2010
2009CurrentCash and cash equivalents
$
          
    515
764Advances to a related party 
Note 4
-
48,852Total Assets
$
           
  515
$      
   49,616LIABILITIESCurrentAccounts payable and accrued
liabilities
$
        
   5,725
$
        
       55Convertible note payable  Note
5
6,500
6,500Due to related party  Note
4
10,882
-Total Liabilities
23,107
6,555Going concern  Note 1STOCKHOLDERS EQUITY
(DEFICIT)Capital Stock- Note 6Authorized:75,000,000 common shares with a par value of
$.001Issued and outstanding:13,100,000
common shares (2009 -11,600,000 common shares)
13,100
11,600Additional paid in capital
154,400
118,400Deficit accumulated during the exploration
stage
(190,092)
(86,939)Total Stockholders Equity (Deficit)
(22,592)
43,061Total Liabilities and Stockholders Equity
(Deficit)
$
         
     515
$     
   49,616   SEE
ACCOMPANYING NOTES   F-2       ASIA
ATLANTIC RESOURCES (An
Exploration Stage Company) STATEMENT OF OPERATIONS For the
years ended April 30, 2010 and 2009 and from the
period January 22, 2007 (Date of Inception) to April 30, 2010  Accumulated forfrom January 22, 2007April 30,
(Date of Inception)2010
2009
to April 30, 2010ExpensesGeological, mineral and prospect
costs
$
                 
      -
$
              
    -
$
               8,000General and administrative
67,706
43,072
113,340Incorporation costs
-
-
441Professional fees
35,447
18,207
68,425Operating loss for the period
(103,153)
(
61,279)
(190,206)Interest revenue
-
-
114Net Loss for the Period
$
           (103,153)
$
        (61,279)
$
         (190,092)Basic and fully diluted net loss
per common share
$                 (0.01)
$
            (0.00)Weighted average common
shares outstanding
12,105,479
9,517,808   SEE
ACCOMPANYING NOTES   F-3       ASIA
ATLANTIC RESOURCES (An
Exploration Stage Company) STATEMENT OF CASH FLOWS For the
years ended April 30, 2010 and 2009, and from the period January 22, 2007 (Date of Inception) to April
30, 2010  From January 22, 2007April 30,
(Date of Inception)2010
2009
To April 30, 2010Operating ActivitiesNet loss for the
period
$        (103,153)
$
        (61,279)
$
            (190,092)Cash provided by (used in) changesin operating assets and
liabilitiesNote receivable from
related party
-
9,532
-Accounts
payable and accrued liabilities
5,670
5,058
5,725Net cash provided by (used in)
Operating Activities
(97,483)
(56,805)
(184,367)Financing ActivitiesRelated party advances
59,734
(48,852)
10,882Convertible note payable
-
6,500
6,500Common stock issued for
cash
37,500
100,000
167,500Net cash provided by (used in)
Financing Activities
97,234
57,648
184,882Increase in cash and cash equivalents during the
period
(
249)
843
515Cash and cash equivalents, beginning of the
period
764
(79)
-Cash and cash equivalents, end of the period
$
            515
$
           764
$
                
    515Supplemented disclosure of cash flow
Information:Cash paid for:Interest
$              -
$           -
$                    -Income Taxes
$              -
$           -
$                    -   SEE
ACCOMPANYING NOTES  F-4        ASIA
ATLANTIC RESOURCES (An
Exploration Stage Company) STATEMENT OF STOCKHOLDERS EQUITY (DEFICIT) for the
period from January 22, 2007 (Date of Inception) to April 30, 2010   Additional
ShareCommon Stock
Paid-in
Subscriptions
AccumulatedShares
Amount
Capital
Received
Deficit
TotalBalance, January 22, 2007
-
$
              -
$
                -
$
                 -
$
                   -
$
            -Shares issued for cash
at $.001
2,000,000
2,000
-
-
-
2,000Shares issued for cash
at $.005
5,600,000
5,600
22,400
-
-
28,000Net loss for the period
-
-
-
-
(12,072)
(12,072)Balance, April 30, 2007
7,600,000
7,600
22,400
-
(12,072)
17,928Net loss for the period
-
-
-
-
(13,588)
(13,588Balance, April 30, 2008
7,600,000
7,600
22,400
-
(25,660)
4,340Shares issued for cash
at $.025
4,000,000
4,000
96,000
-
-
100,000Net loss for the period
-
-
-
-
(61,279)
(61,279)Balance, April 30, 2009
11,600,000
11,600
118,400
-
(86,939)
43,061Share subscriptions received

-
-
25,000
-
25,000Shares issued from
subscriptions
1,000,000
1,000
24,000
(25,000)
-
-Shares issued for cash
of $0.025
500,000
500
12,000
-

12,500Net loss for the period
-
-
-
-
(103,153)
(103,153)Balance, April 30, 2010
13,100,000
$     13,100
$
       154,400
-
(190,092)
(22,592)  SEE
ACCOMPANYING NOTES    F-5       ASIA
ATLANTIC RESOURCES (An Exploration Stage Company) NOTES TO
THE FINANCIAL STATEMENTS April
30, 2010   Note
1 - Nature
and Continuance of Operations  The
Company was incorporated in the State of Nevada on January 22, 2007 and is in
the exploration stage.  The Company acquired a mineral property located in
the Province of British Columbia, Canada, which expired on September 17, 2008.  The
Company has adopted April 30 as its fiscal year end.  These
financial statements have been prepared in accordance with generally accepted
accounting principles applicable to a going concern, which assumes that the
Company will be able to meet its obligations and continue its operations for its
next fiscal year.  Realization values may be substantially different from
carrying values as shown and these financial statements do not give effect to
adjustments that would be necessary to the carrying values and classification of
assets and liabilities should the Company be unable to continue as a going
concern.  At April 30, 2010, the Company had not yet achieved profitable
operations, has accumulated losses of $190,092 since its inception. The Company
expects to incur further losses in the development of its business, all of which
casts substantial doubt about the Companys ability to continue as a going
concern.  The Companys ability to continue as a going concern is dependent
upon its ability to generate future profitable operations and/or to obtain the
necessary financing to meet its obligations and repay its liabilities arising
from normal business operations when they come due.  Management anticipates
that additional funding will be in the form of equity financing from the sale of
common stock.  Management may also seek to obtain short-term loans from the
directors of the Company.  There are no current arrangements in place for
equity funding or short-term loans.  Note
2 - Summary
of Significant Accounting Policies  Basis
of Presentation  The
Companys financial statements included herein are prepared under the accrual
basis of accounting in accordance with accounting principles generally accepted
in the United States of America.  Development
Stage Company  The
Company is a development stage company as defined in the Financial Accounting
Standards Board (SASB) Accounting Standards Codification (ASC) Topic
205-915, Development Stage Entities.  F-6      ASIA
ATLANTIC RESOURCES (An Exploration Stage Company) NOTES TO
THE FINANCIAL STATEMENTS April
30, 2010  Note
2 - Summary
of Significant Accounting Policies - continued  The
Company is still in the developmental stage, devoting substantially all of its
present efforts to establish its business and its planned principal operations
have not commenced, as only one subsidiary has started to realize some revenues
but has not achieved full operations.  All losses accumulated since
inception have been considered as part of the Companys development stage
activities.  Fair
Value Measurements  The
Company follows FASB ASC 820, Fair Value Measurements and Disclosures, for all
financial instruments and non-financial instruments accounted for at fair value
on a recurring basis.  This accounting standard established a single
definition of fair value and a framework for measuring fair value, sets out a
fair value hierarchy to be used to classify the source of information used in
fair value measurement and expands disclosures about fair value measurements
required under other accounting pronouncements. It does not change existing
guidance as to whether or not an instrument is carried at fair value.  The
Company defines fair value as the price that would be received from selling an
asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. When determining the fair value
measurements for assets and liabilities, which are required to be recorded at
fair value, the Company considers the principal or most advantageous market in
which the Company would transact and the market-based risk measurements or
assumptions that market participants would use in pricing the asset or
liability, such as inherent risk, transfer restrictions and credit risk.
 The Company has adopted FASB ASC 825, Financial Instruments, which
allows companies to choose to measure eligible financial instruments and certain
other items at fair value that are not required to be measured at fair value.
 The Company has not elected the fair value option for any eligible
financial instruments.  Financial
Instruments  The
carrying values of cash and cash equivalents, accounts payable and accrued
liabilities, due to/from related parties and convertible note payable
approximate fair value because of the short-term nature of these instruments.
Management is of the opinion that the Company is not exposed to significant
interest, currency or credit risks arising from these financial instruments.  Revenue
Recognition  The
Company recognizes revenue when a contract is in place, minerals are delivered
to the purchaser and collectability is reasonably assured.  F-7      ASIA
ATLANTIC RESOURCES (An Exploration Stage Company) NOTES TO
THE FINANCIAL STATEMENTS April
30, 2010           Note
2 - Summary
of Significant Accounting Policies - continued  Mineral
Property Costs  Mineral
property acquisition, exploration and development costs are expensed as incurred
until such time as economic reserves are quantified.  From that time
forward, the Company will capitalize all costs to the extent that future cosh
flows from mineral reserves equal or exceed the costs deferred.  The
deferred costs will be amortized over the recoverable reserves when a property
reaches commercial production.  Costs related to site restoration programs
will be accrued over the life of the project.  To date, the Company has not
established any proven reserves on its mineral property.  Environmental Costs  Environmental expenditures that relate to current operations are
expensed or capitalized as appropriate.  Expenditures that relate to an
existing condition caused by past operations, and which do not contribute to
current or future revenue generation, are expensed.  Liabilities are
recorded when environmental assessments and/or remedial efforts are probable,
and the cost can be reasonably estimated.  Generally, the timing of these
accruals coincides with the earlier of:  i) completion of a feasibility study; or  ii) the Companys commitment to a plan of action based on the then
known facts.  Basic and Diluted Net Income (Loss) Per Share  he
Company computes net loss per share in accordance with FASB ASC Topic 260,
"Earnings Per Share".  This topic requires presentation of both basic and
diluted earnings per share (EPS) on the face of the income statement.
 Basic loss per share is computed by dividing net loss available to common
shareholders by the weighted average number of common shares outstanding during
the year.  Diluted EPS gives effect to all dilutive potential common shares
outstanding during the year including stock options, using the treasury stock
method, and convertible preferred stock, using the if-converted method.  In
computing diluted EPS, the average stock price for the year is used in
determining the number of shares assumed to be purchased from the exercise of
stock options or warrants.  Diluted EPS excludes all dilutive potential
common shares if their effect is anti dilutive.  Cash and Cash Equivalents  The Company considers all highly liquid instruments with maturity of
three months or less at the time of issuance to be cash equivalents.  As at
April 30, 2010 and 2009, the Company did not have any cash equivalents.  F-8      ASIA
ATLANTIC RESOURCES (An Exploration Stage Company) NOTES TO
THE FINANCIAL STATEMENTS April
30, 2010   Note 2 - Summary of Significant Accounting Policies - continued  Cash
and Currency Risks The
Company incurs expenditures in Canadian and U.S. dollars. Consequently, some
assets and liabilities are exposed to Canadian dollar foreign currency
fluctuations.  As at April 30, 2010, there were no amounts denominated in
Canadian dollars included in the financial statements. The Company has cash
balances at well-known financial institutions.  Balances in U.S. dollars at
Canadian institutions are not protected by insurance and are therefore subject
to deposit risk.  As at April 30, 2010 and 2009, all cash and equivalents
represented cash in US dollars at Canadian financial institutions. Use
of estimates  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 revenue and expenses during the reporting period.
Management makes its best estimate of the ultimate outcome for these items based
on historical trends and other information available when the financial
statements are prepared. Changes in estimates are recognized in accordance with
the accounting rules for the estimate, which is typically in the period when new
information becomes available to management. Actual results could differ from
those estimates.  Derivative
Instruments The
Company accounts for derivative instruments according to FASB ASC topic 815.
 These standard establish accounting and reporting standards for derivative
instruments, including certain derivative instruments embedded in other
contracts, and for hedging activities. Derivative
Instruments - continued If
certain conditions are met, a derivative may be specifically designated as a
hedge, the objective of which is to match the timing of gain or loss recognition
on the hedging derivative with the recognition of (i) the changes in the fair
value of the hedged asset or liability that are attributable to the hedged risk
or (ii) the earnings effect of the hedged forecasted transaction. For a
derivative not designated as a hedging instrument, the gain or loss is
recognized in income in the period of change.  The Company has not entered
into derivatives contracts to hedge existing risks or for speculative
purposes. During
the year ended April 30, 2009, the Company issued a convertible debt note, which
the Company accounts for under FASB ASC topic 815 as an embedded derivative.
 Under this standard, the Company has determined that its conversion right
provision is not clearly and closely related to the characteristics of the note.
 Accordingly, this conversion feature qualifies to be accounted for
separately from the F-9                                       ASIA
ATLANTIC RESOURCES (An Exploration Stage Company) NOTES TO
THE FINANCIAL STATEMENTS April
30, 2010                     Note
2 - Summary
of Significant Accounting Policies  continued  debt
instrument.  As the conversion is at the discretion of the holder and may
only be converted into equity, the conversion feature is recognized as equity
and valued at its fair value at inception.  Foreign
Currency Translations  The
Company's functional currency is US dollars. Foreign currency balances are
translated into US dollars as follows:  Monetary
assets and liabilities are translated at the period-end exchange rate.
Non-monetary assets are translated at the rate of exchange in effect at their
acquisition, unless such assets are carried at market or nominal value, in which
case they are translated at the period-end exchange rate. Revenue and expense
items are translated at the average exchange rate for the period. Foreign
exchange gains and losses in the period are included in operations  Income
Taxes  The
Company follows FASB ASC Topic 820, Income Taxes which requires the use of the
asset and liability method of accounting for income taxes.  Under this
method, deferred tax assets and liabilities are recognized for future tax
consequences attributable to temporary differences between the financial
statements carrying amounts of existing assets and liabilities and loss carry
forwards and their respective tax bases.  Deferred tax assets and
liabilities are measured using enacted tax rates expected to apply to taxable
income in the year in which those temporary differences are expected to be
recovered or settled.  Recent
Accounting Pronouncements  In
October 2009, the FASB has published ASU 2009-13, Revenue Recognition (Topic
605)-Multiple Deliverable Revenue Arrangements, which addresses the
accounting for multiple-deliverable arrangements to enable vendors to account
for products or services (deliverables) separately rather than as a combined
unit. Specifically, this guidance amends the criteria in Subtopic 605-25,
Revenue Recognition-Multiple-Element Arrangements, for separating
consideration in multiple-deliverable arrangements. This guidance establishes a
selling price hierarchy for determining the selling price of a deliverable,
which is based on: (a) vendor-specific objective evidence; (b) third-party
evidence; or (c) estimates. This guidance also eliminates the residual method of
allocation and requires that arrangement consideration be allocated at the
inception of the arrangement to all deliverables using the relative selling
price method and also requires expanded disclosures. The guidance in this update
is effective prospectively for revenue arrangements entered into or materially
modified in fiscal years beginning on or after June 15, 2010.  Early  F-10     ASIA
ATLANTIC RESOURCES (An Exploration Stage Company) NOTES TO
THE FINANCIAL STATEMENTS April
30, 2010  Note
2 - Summary
of Significant Accounting Policies  continued   adoption
is permitted. The adoption of this standard is not expected to have a material
impact on the Companys consolidated financial position and results of
operations.  In
January 2010, the FASB issued Accounting Standards Update (ASU) 2010-06
which is intended to improve disclosures about fair value measurements. The
guidance requires entities to disclose significant transfers in and out of fair
value hierarchy levels, the reasons for the transfers and to present information
about purchases, sales, issuances and settlements separately in the
reconciliation of fair value measurements using significant unobservable inputs
(Level 3).  Additionally,
the guidance clarifies that a reporting entity should provide fair value
measurements for each class of assets and liabilities and disclose the inputs
and valuation techniques used for fair value measurements using significant
other observable inputs (Level 2) and significant unobservable inputs (Level 3).
The Company has applied the new disclosure requirements as of January 1,
2010, except for the disclosures about purchases, sales, issuances and
settlements in the Level 3 reconciliation, which will be effective for interim
and annual periods beginning after December 15, 2010. The adoption of this
guidance has not had and is not expected to have a material impact on the
Companys financial statements.  In
February 2010, the FASB issued ASU 2010-09 which requires that an SEC
filer, as defined, evaluate subsequent events through the date that the
financial statements are issued. The update also removed the requirement for an
SEC filer to disclose the date through which subsequent events have been
evaluated in originally issued and revised financial statements. The adoption of
this guidance on January 1, 2010 did not have a material effect on the
Companys financial statements.  Note
3 - Mineral
Property  On
February 9, 2007, the Company purchased a mineral claim in the Province of
British Columbia for $8,000.  The claim expired on September 17, 2008.  Note
4 - Related
party transactions  The
Company advances funds to the Companys director.  There are no repayment
terms or interest attached to the advances.  As at year end, $5,068 is
owing to the Company.  During
the year ended April 30, 2010, the Company expensed $62,250 for management fees
for the Director ($36,750 in 2009).  As of year end, $15,750 remains owing.   F-11       ASIA
ATLANTIC RESOURCES (An Exploration Stage Company) NOTES TO
THE FINANCIAL STATEMENTS April
30, 2010  Note
4 - Related
party transactions - continued  These
transactions resulted in a net due to the Companys director as at April 30,
2010 of $10,882 ($48,852 due from the director in 2009.)  Note
5 - Convertible
Note  On
August 19, 2008, the Company received financing of $6,500 in exchange for a note
payable that is non-interest bearing and due on demand. Each $0.005 of the
principal outstanding of the note may be converted into one common stock of the
Company at the discretion of the note holder.  Should the conversion
feature be exercised, the Company would be required to issue 1,300,000 shares in
exchange for the note.  The
Company accounts for this financial instrument in accordance with FASB ASC Topic
815, ``Derivatives and Hedging,`` Subtopic 40, Contracts in Entity`s Own
Equity at its inception the conversion feature was recorded separately from the
debt instrument and using level 1 inputs the fair value was calculated as
$nil.  Note
6 - Capital
Stock  On
February 12, 2007, the Company issued 2,000,000 common shares for $2,000 in cash
to the sole director.  On
February 15, 2007, the Company issued 5,600,000 common shares for $28,000 in
cash.  On
November 6, 2008, the Company issued 4,000,000 commons shares for $100,000 in
cash.  On
October 13, 2009, the Company received share subscriptions for 500,000 common
shares for $12,500 in cash.  On
October 22, 2009, the Company received share subscriptions for 500,000 common
shares for $12,500 in cash.  On
December 29, 2009, the Company issued 1,000,000 common shares in fulfillment of
the subscriptions.  On
December 29, 2009, the Company issued 500,000 common shares for $12,500 in cash.  There
are no shares subject to options, warrants or other agreements as at April 30,
2010.   F-12       ASIA
ATLANTIC RESOURCES (An Exploration Stage Company) NOTES TO
THE FINANCIAL STATEMENTS April
30, 2010   Note
7 - Income
Taxes  Potential
benefits of income tax losses have not been recognized in these financial
statements  because the Company cannot be assured it is more
likely-than-not it will utilize the net operating losses carried forward in
future years.  Income
tax recovery differs from that which would be expected by applying the effective
rates to net income (loss) as follows:  Cumulative fromInception onApril 30

April 30

January 22, 20072010

2009

to April 30, 2010Net income (loss) for the period
$            (103,153)

$
               
   (61,279)

$
                   (190,092)Statutory and effective tax rates
32.6%

33.3%

32.6%Income tax expense (recovery at the
Effective rate
$
         
   (33,628)

$
        
   (20,424)

$
                     (61,970)Effect of permanent differences
-

-

36Effect of temporary differences
(7)

(7)

85Effect of change in tax rate
606

-

-Tax losses carryforward deferred
33,029

20,431

61,849Corporate income tax expense
(recovery) recognized in the
accounts
$
                  
   -

$
                
     -

$
                          
   -  The
Company has accumulated net operating losses totaling approximately $190,000 for
income tax purposes which expire starting in 2027.  The components of the
net deferred tax asset at April 30, 2010 and the statutory tax rate, the
effective tax rate and the amount of the valuation allowance are scheduled
below:  2010
2009Net loss
for the period
$
    189,722
$
      86,549Statutory
and effective tax rate
32.6%
33.3%Deferred
tax asset
$
      61,849
$
     28,821Valuation
allowance
(61,849)
(28,821)Net
deferred tax asset
$
              -
$              -   The
increase in the valuation allowance during the year ended April 30, 2010 was
$33,029.  F-13