UNITED STATES


SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549





FORM 10-Q





[X]
QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2009OR[   ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934





Commission file number 000-53463





EVEREST RESOURCES CORP.


(Exact name of registrant as specified in its charter)





NEVADA


(State or other jurisdiction of incorporation or organization)





8798 - 51st Avenue


Edmonton, Alberta


Canada T6E 5E8


(Address of principal executive offices, including zip code.)





(780) 966-3429


(telephone number, including area code)





Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the last 90 days.


YES [X]   NO [   ]





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





Large Accelerated Filer
[   ]

Accelerated Filer

[   ]Non-Accelerated filer

[   ]

Smaller Reporting Company
[X]





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





State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 6,600,000 as of November 9, 2009.






















PART I – FINANCIAL INFORMATION





ITEM 1.                  FINANCIAL STATEMENTS





Everest Resources Corp.


(An Exploration Stage Company)








September 30, 2009





Index








Balance Sheets ......................................................................................................................F-1





Statements of Operations ....................................................................................................F-2





Statements of Cash Flows ...................................................................................................F-3





Notes to the Financial Statements .....................................................................................F-4





























2





Everest Resources Corp.


(An Exploration Stage Company)


Balance Sheets


(Expressed in US dollars)








September 30,
2009
$


June 30,
2009
$(Unaudited)ASSETSCurrent AssetsCash


4,668



2,118Total Assets


4,668



2,118LIABILITIES AND STOCKHOLDERS’ DEFICITCurrent LiabilitiesAccounts payable


3,328



7,248Accrued liabilities


7,754



–Total Liabilities


11,082



7,248Contingencies and Commitments (Notes 1 and 3)Stockholders’ DeficitPreferred Stock
Authorized: 100,000,000 shares, par value $0.00001
Issued and outstanding: nil


–



–Common Stock
Authorized: 100,000,000 shares, par value $0.00001
Issued and outstanding: 6,600,000 shares


66



66Additional Paid-in Capital


79,984



79,984Donated Capital (Note 4)


30,000



19,200Deficit Accumulated During the Exploration Stage


(116,464
)


(104,380
)Total Stockholders’ Deficit


(6,414
)


(5,130
)Total Liabilities and Stockholders’ Deficit


4,668



2,118












The accompanying notes are an integral part of these financial statements.





F-1


3





Everest Resources Corp.


(An Exploration Stage Company)


Statements of Operations


(Expressed in US dollars)


(Unaudited)


Accumulated From
November 8, 2006
(Date of Inception)
to September 30,


For the
Three months
Ended
September 30,


For the
Three months
Ended
September 30,2009


2009


2008$



$



$Revenue


–



–



–ExpensesGeneral and administrative


16,000



1,817



1,115Impairment of mineral property costs (Note 3)


1,000



–



–Management fees (Note 4)


17,500



1,500



1,500Mineral property costs (Note 3)


5,061



268



–Professional fees


73,403



8,199



15,063Rent (Note 4)


3,500



300



300Total Expenses


116,464



12,084



17,978Net Loss


(116,464
)


(12,084
)


(17,978
)Net Loss Per Share – Basic and Diluted






–



–Weighted Average Common Shares Outstanding






6,600,000



6,600,000



























The accompanying notes are an integral part of these financial statements.





F-2


4





Everest Resources Corp.


(An Exploration Stage Company)


Statements of Cash Flows


(Expressed in US dollars)


(Unaudited)








For the period from November 8, 2006 (Date of Inception)
To September 30,


For the
Three months
Ended
September 30,


For the
Three months
Ended
September 30,2009


2009


2008$


$


$Operating ActivitiesNet loss for the period

(116,464
)

(12,084
)

(17,978
)Adjustment to reconcile net loss to net cash used in operating activities:Donated expenses

21,000


1,800


1,800Impairment of mineral property claim

1,000


–


–Changes in operating assets and liabilities:Accounts payable and accrued liabilities

11,082


3,834


3,248Net Cash Used in Operating Activities

(83,382
)

(6,450
)

(12,930
)Investing ActivitiesPurchase of mineral property claim

(1,000
)

–


––


–Net Cash Used in Investing Activities

(1,000
)

–


–Financing ActivitiesProceeds from issuance of common stock

80,050


–


–Donated advances

9,000


9,000


–Net Cash Provided by Financing Activities

89,050


9,000


–Increase (Decrease) in Cash

4,668


2,550


(12,930
)Cash – Beginning of Period

–


2,118


35,959Cash – End of Period

4,668


4,668


23,209Supplemental Disclosures:Interest paid

–


–


–Income taxes paid

–


–


–

















The accompanying notes are an integral part of these financial statements.





F-3


5





Everest Resources Corp.


(An Exploration Stage Company)


Notes to the Financial Statements


September 30, 2009


(Expressed in US dollars)


(Unaudited)









1.
Nature of Operations




Everest Resources Corp. (the “Company”) was incorporated in the State of Nevada on November 8, 2006. The Company is an Exploration Stage Company, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 915 Development
Stage Entities. The Company’s principal business is the acquisition and exploration of mineral resources. The Company has not presently determined whether its properties contain mineral reserves that are economically recoverable.




These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the norm al course of business. The Company has never generated revenues since inception and has never paid any dividends and is unlikely to pay dividends or generate earnings
in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As at September 30, 2009, the Company has a working capital deficit of $6,414 and accumulated losses of $116,464 since inception. These factors raise substantial doubt regarding the Company’s ability to continue
as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.





2.
Significant Accounting Policies




a)
Basis of Presentation




These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. The Company’s fiscal year-end is June 30.




b)
Interim Financial Statements




The interim unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Securities and Exchange Commission (“SEC”) Form 10-Q. They do not include all of the information and footnotes
required by generally accepted accounting principles for complete financial statements. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended June 30, 2009, included in the Company’s Form 10-K filed on September 25, 2009 with the SEC.




c)
Use of Estimates




The preparation of financial statements in conformity with United States 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. The Company regularly evaluates estimates and assumptions related to donated services and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that
are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.




d)
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.







F-4


6





Everest Resources Corp.


(An Exploration Stage Company)


Notes to the Financial Statements


September 30, 2009


(Expressed in US dollars)


(Unaudited)




2.
Significant Accounting Policies (continued)






e)
Financial Instruments




The Company’s financial instruments consist principally of cash and accounts payable. Pursuant to ASC 820, Fair Value Measurements and Disclosures and ASC 825, Financial Instruments the fair value of our cash equivalents
is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or durations.




The Company’s operations are in Canada, which results in exposure to market risks from changes in foreign currency rates. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative
instruments to reduce its exposure to foreign currency risk.




f)
Foreign Currency Translation




The Company’s functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated in accordance with ASC 830, Foreign Currency Translation Matters,
using the exchange rate prevailing at the balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the determination of income. Foreign currency transactions are primarily undertaken in Canadian dollars. The Company has not, to the date of these financials statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.




g)
Comprehensive Loss




ASC 220, Comprehensive Income, establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at September 30, 2009 and 2008, the Company has no items that represent a comprehensive loss and, therefore, has not included
a schedule of comprehensive loss in the financial statements.




h)
Mineral Property Costs




The Company has been in the exploration stage since its inception on November 8, 2006 and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining properties. Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially
capitalized when incurred. The Company assesses the carrying costs for impairment at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs
will be charged to operations.




i)
Long-lived Assets




In accordance with ASC 360, Property Plant and Equipmen”, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include,
but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed
significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.






F-5


7





Everest Resources Corp.


(An Exploration Stage Company)


Notes to the Financial Statements


September 30, 2009


(Expressed in US dollars)


(Unaudited)




2.
Significant Accounting Policies (continued)






j)
Asset Retirement Obligations




The Company accounts for asset retirement obligations in accordance with the provisions of ASC 440 Asset Retirement and Environmental Obligations. ASC 440 requires the Company to record the fair value of an asset retirement obligation as a liability in the period in which it
incurs a legal obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets.




k)
Income Taxes




The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences
between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.




l)
Basic and Diluted Net Income (Loss) Per Share




The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available
to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period 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 shares if their effect is anti dilutive. At September 30, 2009, there are no dilutive potential common shares.




m)
Stock-based Compensation




In accordance with ASC 718, Compensation – Stock Based Compensation the Company accounts for share-based payments using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted
for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.




n)
Recent Accounting Pronouncements




In May 2009, FASB issued ASC 855-10, Subsequent Events – Overall, which establishes general standards of for the evaluation, recognition and disclosure of events and transactions that occur after the balance sheet date. Although there is new terminology, the standard is
based on the same principles as those that currently exist in the auditing standards. The standard, which includes a new required disclosure of the date through which an entity has evaluated subsequent events, is effective for interim or annual periods ending after June 15, 2009.  The adoption of ASC 855-10 did not have a material effect on the Company’s consolidated financial statements. Refer to Note 5.




In June 2009, the FASB issued guidance now codified as FASB ASC Topic 105, Generally Accepted Accounting Principles as the single source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements
in conformity with U.S. GAAP, aside from those issued by the SEC. ASC 105 does not change current U.S. GAAP, but is intended to simplify user access to all authoritative U.S. GAAP by providing all authoritative literature related to a particular topic in one place.  The adoption of ASC 105 did not have a material impact on the Company’s consolidated financial statements, but did eliminate all references to pre-codification standards




The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.




F-6


8





Everest Resources Corp.


(An Exploration Stage Company)


Notes to the Financial Statements


September 30, 2009


(Expressed in US dollars)


(Unaudited)





3.
Mineral Property




On June 27, 2007, the Company obtained the right to explore certain mineral claims located in the Okanagan Region, British Columbia, Canada, known as the SM Mineral Claims, in consideration of $1,000.  The Company intends to conduct a program of mineral exploration on the SM Mineral Claims.  The exploration program
will include detailed prospecting, mapping, and soil sampling to explore the SM Mineral Claims at a total estimated cost of $60,000. As at September 30, 2009, the Company incurred a total of $5,061 for mineral property costs and during the 2007 fiscal year recorded an impairment loss of $1,000 on the acquisition of the mineral property as there is no certainty that the acquired mineral claim can be economically developed or contains proven or probable reserves.








4.
Related Party Transactions






a)
During the three month period ended September 30, 2009, the Company recognized a total of $1,500 (2008 - $1,500) for management services at $500 per month and $300 (2008 - $300) for rent at $100 per month provided by the President and the former President of the Company.




b)
During the three month period ended September 30, 2009, the Company received a donated advance of $9,000 from a previous shareholder.








5.
Subsequent Events




In accordance with ASC Topic 855-10, Subsequent Events – Overall, the Company evaluated subsequent events through November 12, 2009, the date of issuance of the financial statements. During this period the Company did not have any material recognizable subsequent events.











































F-7


9





ITEM 2.                  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.





This Form 10-Q for the period ended September 30, 2009 includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate,
intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this report. These forward-looking states are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions.





Plan of Operation





We are a start-up, exploration stage corporation and have not yet generated or realized any revenues from our business activities.





Our auditors have issued a going concern opinion. This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have not generated any revenues and no revenues are anticipated
until we begin removing and selling minerals, however, there is no guarantee that we will find any minerals. Accordingly, we must raise cash from sources other than the sale of minerals found on the property. Our only other source for cash at this time was an investment by others in our completed private placement. We believe the cash we raised will allow us to stay in business for at least one year. Our success or failure will be determined at least in part by what we find under the ground.





To meet our need for cash we raised money from our private placement. If we find mineralized material and it is economically feasible to remove the mineralized material, we will attempt to raise additional money through a subsequent private placement, public offering or through loans. If we
do not have enough money to complete our exploration of the property, we will have to find alternative sources, like a second public offering, a private placement of securities, or loans from our officers or others.





Our officers and sole director are unwilling to make any commitment to loan us any money at this time. At the present time, we have not made any arrangements to raise additional cash. If we need additional cash and can't raise it, we will either have to suspend activities until we do raise the
cash, or cease activities entirely. Other than as described in this paragraph, we have no other financing plans.





We do not own any interest in any property, but merely have the right to conduct exploration activities on one property. 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.





We will be conducting research in the form of exploration of the property. Our exploration program is explained in as much detail as possible in the business section of our prospectus. We are not going to buy or sell any plant or significant equipment during the next twelve months. We will not
buy any equipment until we have located a reserve and we have determined it is economical to extract the minerals from the land.






10





We do not intend to interest other companies in the property if we find mineralized materials. We intend to try to develop the reserves ourselves.





If we are unable to complete any phase of exploration because we don’t have enough money, we will cease activities until we raise more money. If we can’t or don’t raise more money, we will cease activities. If we cease activities, we don’t know what we will do and we
don’t have any plans to do anything.





We do not intend to hire additional employees at this time. All of the work on the property will be conduct by unaffiliated independent contractors that we will hire. The independent contractors will be responsible for surveying, geology, engineering, exploration, and excavation. The geologists
will evaluate the information derived from the exploration and excavation and the engineers will advise us on the economic feasibility of removing the mineralized material.





Results of Operations





From Inception on November 8, 2006 to September 30, 2009





We acquired the right to explore one property containing one claim. We do not own any interest in any property, but merely have the right to conduct exploration activities on one property. Mr. Sidhu has registered the property in his name.





We are a start-up exploration stage corporation and have not yet generated any revenues from our business operations. We have not done any exploration work since our inception on November 8, 2006.We must raise cash to implement our exploration program and stay in business. Our only source for
cash at this time is investments by others in Everest Resources Corp.





Location and Access





The property is comprised of nine contiguous cells totaling 471 acres. The property is located at  latitude is 49° 0’ 30" N and longitude 119° 33’ 30" W. The claim is motor vehicle accessible from the Town of Osoyoos, British Columbia by traveling 2 miles west
along Highway #3 and then traveling south past Kilpoola Lake for approximately 4.5 miles by gravel ranch roads to the mineral claim.





The property is accessible by traveling west of the Town of Osoyoos, British Columbia, on Provincial Highway #3 for two miles to the Blue and Kilpoola Lakes cut-off. At this point a gravel ranch road traveling south is taken for 4.5 miles to the property.





The Town of Osoyoos, British Columbia which lies seven miles by road east of the mineral claim offers much of the necessary infrastructure required to base and carry-out an exploration program such as accommodations, communications, some equipment and supplies. Osoyoos, British Columbia is highway
accessible from Vancouver, British Columbia in a few hours by traveling 300 miles over the Hope-Princeton Provincial Highway #3. The overnight Greyhound bus service is a popular way to send-in samples and to receive specialty equipment and supplies.







11





Physiography





The property lies within the Dry Interior Belt of British Columbia and experiences about 15" of precipitation annually of which about 20% may occur as a snow equivalent. The summers can experience hot weather while the winters are generally mild and last from December through March.





Much of the Okanogan Plateau area hosts patchy conifer cover of western yellow pine (ponderosa pine) and Douglas fir mingled with open range and deciduous groves of aspen and cottonwood. The general area supports a modestly active logging industry. Mining holds an historical and contemporary
place in the development and economic well being of the area. Many exploration projects are underway in the general area.





The property area ranges in elevation from 2,600 feet to 3,200 feet above sea level. The physiographic setting of the property can be described as moderately rounded, open range, plateau terrain that has been surficially altered both by the erosional and the depositional (drift cover) effects
of glaciation. Thickness of drift cover in the valleys may vary considerably. The property area lies on the western side of the Okanogan valley containing a series of north to south draining, large freshwater lakes. In the immediate area of the mineral claim there are occurrences of a number of small freshwater lakes and mineral-rich potholes.





Regional Geology





The general property area is underlain by northwest trending metamorphic rocks assigned to the Kobau Group thought to be of Carboniferous period age. These units occur mainly as quartzite, schist and greenstone and appear mainly derived from sedimentary rocks. These older units are cut in many
places by Jurassic-Cretaceous aged Nelson Plutonic Rocks that exhibit a wide range in composition.





Local Geology





The property is situated in the Intermontane Belt of south-western British Columbia at the southern-end of the Thompson plateau. The oldest rocks observed in the local area are those of the Paleozoic era, Carboniferous period age Kobau Group. These units are observed to be in contact with or
intruded by younger Nelson Plutonic Rocks.





Property Geology





The geology of the property may be described as being underlain by metamorphic units of the Kobau Group that are observed to be intruded by Nelson Plutonic Rocks mainly as syenites. Some or all of these units may be found to host economic mineralization.









12





Mineralization





Within the general area there appears pyrite-pyrrhotite-chalcopyrite mineralization as mesothermal replacements or vein-type of occurrences that lie peripheral to the porphyry-type occurrence in the enclosing and underlying intrusives and the overlying volcanic tuffs (volcanic skarn). These
occurrences appear in the massive volcanic units and in medium grain-sized intrusive rock within steeply dipping to vertical fissure/fault zones with some dissemination in the adjacent wallrock. Alteration accompanying the pyritization appears as epidote-chlorite-calcite-(sericite)-magnetite, or a propylitic alteration assemblage.





History of Previous Work





To our knowledge, there has never been exploration activity on the property.





Our Proposed Exploration Program





We are prospecting for gold. Our target is mineralized material. Our success depends upon finding mineralized material. Mineralized material is a mineralized body which has been delineated by appropriate spaced drilling or underground sampling to support sufficient tonnage and average grade
of metals to justify removal. If we do not find mineralized material or we cannot remove mineralized material, either because we do not have the money to do it or because it is not economically feasible to do it, we will cease activities and you will lose your investment. We plan to be able to delineate a mineralized body, if one exists.  If our initial exploration program, within nine months of beginning exploration.





We do not own any interest in any property, but merely have the right to conduct exploration activities on one property.





In addition, we may not have enough money to complete our exploration of the property. If it turns out that we have not raised enough money to complete our exploration program, we will try to raise additional funds from a second public offering, a private placement or loans. At the present time,
we have not made any plans to raise additional money and there is no assurance that we would be able to raise additional money in the future. If we need additional money and cannot raise it, we will have to suspend or cease activities.





We must conduct exploration to determine what amount of minerals, if any, exist on the property and if any minerals which are found can be economically extracted and profitably processed.















13





The property is undeveloped raw land. Detailed exploration and surveying has not been initiated and will not be initiated until we raise money in this offering. That is because we do not have money to start exploration. Once the offering is concluded, we intend to start exploration
activities. To our knowledge, no previous exploration activities have taken place on the property. The only event that has occurred is the registration of the property by Mr. McLeod and a physical examination of the property. Mr. McLeod examined the surface and took samples. The samples did not reveal anything other than the samples were sedimentary rock containing quartz. We have not developed any quality assurance/quality control protocols for our exploration program.  We are small and are just trying
to find out what is beneath the surface of the property.  Mr. McLeod used a hammer, pick and sack to take samples. While Mr. McLeod is a geologist, he is not an engineer, and accordingly his area of expertise is limited to geological matters. Mr. McLeod did not use any previous filed reports on the property. Before mineral retrieval can begin, we must explore for and find mineralized material. After that has occurred we have to determine if it is economically feasible to remove the mineralized material.
Economically feasible means that the costs associated with the removal of the mineralized material will not exceed the price at which we can sell the mineralized material. We cannot predict what that will be until we find mineralized material.





We do not know if we will find mineralized material.





From October 1, 2007 to September 30, 2009





We did not conduct any operations in the quarter ending September 30, 2009.   We intend to initiate operations in the  Winter of 2009, weather permitting.





In the quarter ending September 30, 2009 we had no revenues and $12,084 in expenses.  The expenses were comprised of the following: $1,817 for general and administrative fees, $1,500 for management fees, $268 for mineral property costs, $8,199 for professional fees, and $300 for rent.





Milestones





The following are our milestones for the next twelve months:





1.  Retain our consultant to manage the exploration of the property.  Detailed prospecting and mineralization mapping, followed by soil sampling and analyses. This phase may take up to two months to complete. The cost estimate for this activity, including retaining our consultant,
is estimated to be $7,500.00.





2.  Next we intend we intend to conduct magnetometer and electromagnetic, grid controlled  surveys over the areas of interest as determined by the soil sampling and analysis.  This program is expected to take three months to complete. Included in this estimated
cost are transportation, accommodation, board, grid installation, both of the geophysical surveys, maps and report.  The cost is anticipated to be $7,500.00.







14





3.   Finally, we intend to induce polarization survey over grid controlled anomalous areas of interest outlined by the above fieldwork. Core drilling to follow.  We plan to drill 15 holes to a depth of 100 feet. The total cost
will be $30,000. Core drilling will be subcontracted to non-affiliated third parties. No power source is needed for core drilling. The drilling rig operates on diesel fuel. All electric power needed, for light and heating while on the property will be generated from gasoline powered generators. We intend to have an independent third party analyze the samples from the core drilling. Determine if mineralized material is below the ground. If mineralized material is found, define the body. We estimate that it will
cost $4,500 to analyze the core samples and will take 30 days. This program is estimated to take one month to complete and includes assays, detailed maps and reports.  We have allocated $45,000.00 for this phase.





Currently we do not have sufficient funds to implement our plan of operation.





Limited Operating History; Need for Additional Capital





There is no historical financial information about us upon which to base an evaluation of our performance. We are an exploration stage corporation and have not generated any revenues from activities. We cannot guarantee we will be successful in our business activities. Our business is subject
to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in the exploration of our properties, and possible cost overruns due to price increases in services.





To become profitable and competitive, we will conduct exploration of our properties before we start production of any minerals we may find.





We have no assurance that future financing will be available to us on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop or expand our activities. Equity financing could result in additional dilution to existing shareholders.





Liquidity and Capital Resources





As of the date of this report, we have yet to generate any revenues from our business activities.





We issued 5,000,000 restricted shares of common stock through a private placement pursuant to Regulation S of the Securities Act of 1933 to Mr. Sidhu, one of our former officers and our former sole member of our board of directors in November 2006, in consideration of $50.  The shares
were sold to non-US persons and all transactions closed outside the United States of America. This was accounted for as a purchase of shares of common stock.





In June 2007, we completed a private placement of 1,600,000 restricted shares of common stock at a price of $0.05 per share, pursuant to the exemption from registration contained in Regulation  S of the Securities Act of 1933 and raised $80,000. Part of this private placement included
100,000 restricted shares of common stock to Mr. Dhami, our former vice president in consideration of $5,000.  All of the shares were sold to non-US persons and all transactions closed outside the United States of America. This was accounted for as a purchase of shares of common stock.  Since then we have spent the money and do not have sufficient funds to begin our proposed plan of operation.






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As of September 30, 2009, our total assets were $4,668 and our total liabilities were $11,082.








ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK





We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.








ITEM 4.
CONTROLS AND PROCEDURES.





Under the supervision and with the participation of our management, including the Principal Executive Officer and Principal Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act Rule 13a-15(b) as of the end of the period
covered by this report. Based on that evaluation, the Principal Executive Officer and Principal Financial Officer have concluded that these disclosure controls and procedures are effective. There were no changes in our internal control over financial reporting during the quarter ended September 30, 2009 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.








PART II. OTHER INFORMATION





ITEM 6.
EXHIBITS.





The following documents are included herein:





Exhibit No.
Document Description31.1
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32.1
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.









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SIGNATURES





Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the Registrant and in the capacities on this 12th day of November, 2009.





EVEREST RESOURCES CORP.(Registrant)BY:
MOHAN SINGHMohan Singh, President, Principal Executive Officer, Secretary, Treasurer, Principal Financial Officer, Principal Accounting Officer, and sole member of the Board of Directors.












































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EXHIBIT INDEX





Exhibit No.
Document Description31.1
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32.1
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

















































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