---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

Form 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 
For the quarterly period ended September 30, 2010

or

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 
For the transition period from ______________ to
________________

Commission File Number 000-53998

CORONADO CORP.(Exact name
of registrant as specified in its charter)

|Nevada                                                               | N/A                              
|-------------------------------------------------------------------- | ---------------------------------
|(State or other jurisdiction of incorporation or
      organization) | (IRS Employer Identification No.)
|                                                                     |                                  
|518 17th Street, Suite 1000,
      Denver, Colorado                  | 80202                            
|(Address of principal executive offices)                             | (Zip Code)                       

303.623.1440(Registrants telephone number,
including area code)

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

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
[X] YES [ ] NO

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a small
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 a 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 [X] NO

Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (§232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files).
[ ] YES [ ] NO

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS

Check whether the registrant has filed all documents and reports
required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the
distribution of securities under a plan confirmed by a court. [ ] YES [ ] NO

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the
issuers classes of common stock, as of the latest practicable date. 5,000,000
common shares issued and outstanding as of November15, 2010

---

PART 1  FINANCIAL INFORMATION

Item 1. Financial Statements.

Our unaudited interim consolidated financial statements for the
nine month period ended September 30, 2010 form part of this quarterly report.
They are stated in United States Dollars (US$) and are prepared in accordance
with United States generally accepted accounting principles.

---

CORONADO CORP.

(A Development Stage Company)

INTERIM FINANCIAL STATEMENTS

SEPTEMBER 30, 2010

(Unaudited)

---

CORONADO CORP.(A Development Stage
Company)

INDEX TO INTERIM FINANCIAL STATEMENTS

SEPTEMBER 30, 2010

|                                                                                                                                                                                     | Page(s)
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------
|Balance Sheets at September 30, 2010 (Unaudited) and
    December 31, 2009                                                                                                           | F-1    
|Interim Statements of Operations for the three and nine
      months ended September 30, 2010 and 2009, and from January 9, 2006
      (Inception) to September 30, 2010 (Unaudited) | F-2    
|Interim Statements of Stockholders' Equity (Deficit) for
      the period of January 9, 2006 (Inception) to September 30, 2010
      (Unaudited)                                     | F-3    
|Interim Statements of Cash Flows for the nine months
      ended September 30, 2010 and 2009, and from January 9, 2006 (Inception) to
      September 30, 2010 (Unaudited)           | F-4    
|Notes to Interim Financial Statements                                                                                                                                                | F-5    

---

|Coronado Corp                
|-----------------------------
|(A Development Stage Company)
|Balance Sheets               
|(Unaudited)                  

|ASSETS                                                                                                                                           |  
|------------------------------------------------------------------------------------------------------------------------------------------------ | -
|                                                                                                                                                 |  
|                                                                                                                                                 |  
|                                                                                                                                                 |  
|                                                                                                                                                 |  
|CURRENT ASSETS                                                                                                                                   |  
|Cash and cash equivalents                                                                                                                        | $
|TOTAL ASSETS                                                                                                                                     | $
|                                                                                                                                                 |  
|                                                                                                                                                 |  
|                                                                                                                                                 |  
|LIABILITIES AND
      STOCKHOLDERS' DEFICIT                                                                                                      |  
|                                                                                                                                                 |  
|CURRENT LIABILITIES                                                                                                                              |  
|Accounts payable and accrued
      liabilities                                                                                                   | $
|Due to related
      parties                                                                                                                     |  
|Accrued interest to related
      parties                                                                                                        |  
|Total current liabilities                                                                                                                        |  
|                                                                                                                                                 |  
|Commitment                                                                                                                                       |  
|                                                                                                                                                 |  
|STOCKHOLDERS' DEFICIT                                                                                                                            |  
|Capital Stock                                                                                                                                    |  
|Authorized:
               200,000,000 preferred
      shares, $0.001 par
      value          100,000,000
      common shares, $0.001 par value |  
|Issued and outstanding
      shares:           5,000,000
      common shares (2009 - 5,175,000 common shares)                                    |  
|Additional
      paid-in capital                                                                                                                 |  
|Deficit accumulated during the
      development stage                                                                                           |  
|Total Deficit                                                                                                                                    |  
|                                                                                                                                                 |  
|TOTAL LIABILITIES AND STOCKHOLDERS'
      DEFICIT                                                                                                | $

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

F-1

---

|Coronado Corp.                  
|--------------------------------
|(A Development Stage Company)   
|Interim Statements of Operations
|(Unaudited)                     

|                                                           |   |           |   |   |           |   |   |           |   |   |           |   |   | Cumulative     |  
|---------------------------------------------------------- | - | --------- | - | - | --------- | - | - | --------- | - | - | --------- | - | - | -------------- | -
|                                                           |   | For the   |   |   | For the   |   |   | For the   |   |   | For the   |   |   | from Inception |  
|                                                           |   | Three     |   |   | Three     |   |   | Nine      |   |   | Nine      |   |   | (January 9,    |  
|                                                           |   | Months    |   |   | Months    |   |   | Months    |   |   | Months    |   |   | 2006)          |  
|                                                           |   | Ended     |   |   | Ended     |   |   | Ended     |   |   | Ended     |   |   | to             |  
|                                                           |   | September |   |   | September |   |   | September |   |   | September |   |   | September      |  
|                                                           |   | 30,       |   |   | 30,       |   |   | 30,       |   |   | 30,       |   |   | 30,            |  
|                                                           |   | 2010      |   |   | 2009      |   |   | 2010      |   |   | 2009      |   |   | 2010           |  
|                                                           |   |           |   |   |           |   |   |           |   |   |           |   |   |                |  
|REVENUES:                                                  | $ | -         |   | $ | -         |   | $ | -         |   | $ | -         |   | $ | -              |  
|                                                           |   |           |   |   |           |   |   |           |   |   |           |   |   |                |  
|EXPENSES:                                                  |   |           |   |   |           |   |   |           |   |   |           |   |   |                |  
|Professional fees                                          |   | 58,017    |   |   | 3,269     |   |   | 80,346    |   |   | 8,702     |   |   | 153,944        |  
|Depreciation and
      amortization                        |   | -         |   |   | -         |   |   | -         |   |   | 846       |   |   | 22,170         |  
|Financing costs                                            |   | -         |   |   | -         |   |   | 25,000    |   |   | -         |   |   | 25,000         |  
|General and
      administrative                           |   | 5,494     |   |   | 74        |   |   | 8,259     |   |   | 2,403     |   |   | 35,961         |  
|Total operating expenses                                   |   | 63,511    |   |   | 3,343     |   |   | 113,605   |   |   | 11,951    |   |   | 237,075        |  
|                                                           |   |           |   |   |           |   |   |           |   |   |           |   |   |                |  
|Operating Loss                                             |   | (63,511   | ) |   | (3,343    | ) |   | (113,605  | ) |   | (11,951   | ) |   | (237,075       | )
|                                                           |   |           |   |   |           |   |   |           |   |   |           |   |   |                |  
|Other Income (Expense)                                     |   |           |   |   |           |   |   |           |   |   |           |   |   |                |  
|Gain on forgiveness of
      debt                          |   | -         |   |   | -         |   |   | -         |   |   | -         |   |   | 5,000          |  
|Interest expense related parties                           |   | (9,391    | ) |   | -         |   |   | (26,700   | ) |   | -         |   |   | (28,054        | )
|Gain on foreign
      exchange                             |   | (213      | ) |   | -         |   |   | 73        |   |   | -         |   |   | 73             |  
|Loss on exploration advance                                |   | -         |   |   | -         |   |   | -         |   |   | -         |   |   | (325,000       | )
|Loss on disposition of
      subsidiary                    |   | -         |   |   | -         |   |   | -         |   |   | (3,085    | ) |   | (3,085         | )
|                                                           |   |           |   |   |           |   |   |           |   |   |           |   |   |                |  
|Net Loss before Income Taxes                               |   | (73,115   | ) |   | (3,343    | ) |   | (140,232  | ) |   | (15,036   | ) |   | (588,141       | )
|                                                           |   |           |   |   |           |   |   |           |   |   |           |   |   |                |  
|Provision for Income Taxes                                 |   | -         |   |   | -         |   |   | -         |   |   | -         |   |   | -              |  
|                                                           |   |           |   |   |           |   |   |           |   |   |           |   |   |                |  
|NET LOSS                                                   | $ | (73,115   | ) | $ | (3,343    | ) | $ | (140,232  | ) | $ | (15,036   | ) | $ | (588,141       | )
|                                                           |   |           |   |   |           |   |   |           |   |   |           |   |   |                |  
|                                                           |   |           |   |   |           |   |   |           |   |   |           |   |   |                |  
|PER SHARE DATA:                                            |   |           |   |   |           |   |   |           |   |   |           |   |   |                |  
|                                                           |   |           |   |   |           |   |   |           |   |   |           |   |   |                |  
|Basic and diluted loss per common
      share              | $ | (0.01     | ) | $ | (0.00     | ) | $ | (0.03     | ) | $ | (0.00     | ) |   |                |  
|                                                           |   |           |   |   |           |   |   |           |   |   |           |   |   |                |  
|Weighted average number of common
      shares outstanding |   | 5,000,000 |   |   | 5,175,000 |   |   | 5,041,000 |   |   | 5,175,000 |   |   |                |  

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

F-2

---

|Coronado Corp.                                                           
|-------------------------------------------------------------------------
|(A Development Stage Company)                                            
|Interim Statements of Stockholders Equity
      (Deficit)               
|For the Period of Inception (January 9, 2006) to
      September 30, 2010
|(Unaudited)                                                              

|                                                                                                          |  |               |   |   |         |   |   |             |  |   | Deficit     |   |   |          |  
|--------------------------------------------------------------------------------------------------------- |  | ------------- | - | - | ------- | - | - | ----------- |  | - | ----------- | - | - | -------- | -
|                                                                                                          |  |               |   |   |         |   |   |             |  |   | Accumulated |   |   |          |  
|                                                                                                          |  |               |   |   |         |   |   | Additional  |  |   | During the  |   |   |          |  
|                                                                                                          |  | Common Shares |   |   | Paid-in |   |   | Development |  |   |             |  
|                                                                                                          |  | Shares        |   |   | Amount  |   |   | Capital     |  |   | Stage       |   |   | Total    |  
|Inception - January 9, 2006                                                                               |  | -             |   | $ | -       |   | $ | -           |  | $ | -           |   | $ | -        |  
|Common shares issued for cash
            at approximately $0.006 per share,
            February 1, 2006 |  | 75,000        |   |   | 454     |   |   | -           |  |   | -           |   |   | 454      |  
|                                                                                                          |  |               |   |   |         |   |   |             |  |   |             |   |   |          |  
|Restatement for change to $0.001
            par value from no par value                                  |  | -             |   |   | (379    | ) |   | 379         |  |   | -           |   |   | -        |  
|Loss for the period                                                                                       |  | -             |   |   | -       |   |   | -           |  |   | (3,954      | ) |   | (3,954   | )
|Balance - March 31, 2006                                                                                  |  | 75,000        |   | $ | 75      |   | $ | 379         |  | $ | (3,954      | ) | $ | (3,500   | )
|                                                                                                          |  |               |   |   |         |   |   |             |  |   |             |   |   |          |  
|Common shares issued for cash
            at $0.01 per share, April 25, 2006                              |  | 3,000,000     |   |   | 3,000   |   |   | 27,000      |  |   | -           |   |   | 30,000   |  
|Common shares issued for cash
            at $0.04 per share, November 14, 2006                           |  | 2,100,000     |   |   | 2,100   |   |   | 81,900      |  |   | -           |   |   | 84,000   |  
|Loss for the year                                                                                         |  | -             |   |   | -       |   |   | -           |  |   | (26,396     | ) |   | (26,396  | )
|Balance - March 31, 2007                                                                                  |  | 5,175,000     |   | $ | 5,175   |   | $ | 109,279     |  | $ | (30,350     | ) | $ | 84,104   |  
|                                                                                                          |  |               |   |   |         |   |   |             |  |   |             |   |   |          |  
|Loss for the year                                                                                         |  | -             |   |   | -       |   |   | -           |  |   | (45,697     | ) |   | (45,697  | )
|Balance - March 31, 2008                                                                                  |  | 5,175,000     |   | $ | 5,175   |   | $ | 109,279     |  | $ | (76,047     | ) | $ | 38,407   |  
|                                                                                                          |  |               |   |   |         |   |   |             |  |   |             |   |   |          |  
|Loss for the year                                                                                         |  | -             |   |   | -       |   |   | -           |  |   | (29,562     | ) |   | (29,562  | )
|Balance  March 31, 2009                                                                                  |  | 5,175,000     |   | $ | 5,175   |   | $ | 109,279     |  | $ | (105,609    | ) | $ | 8,845    |  
|                                                                                                          |  |               |   |   |         |   |   |             |  |   |             |   |   |          |  
|Loss for the period                                                                                       |  | -             |   |   | -       |   |   | -           |  |   | (342,300    | ) |   | (342,300 | )
|Balance  December 31, 2009                                                                               |  | 5,175,000     |   | $ | 5,175   |   | $ | 109,279     |  | $ | (447,909    | ) | $ | (333,455 | )
|Cancellation of shares                                                                                    |  | (175,000      | ) |   | (175    | ) |   | 175         |  |   | -           |   |   | -        |  
|Loss for the period                                                                                       |  | -             |   |   | -       |   |   | -           |  |   | (140,232    | ) |   | (140,232 | )
|Balance  September 30, 2010 (Unaudited)                                                                  |  | 5,000,000     |   | $ | 5,000   |   | $ | 109,454     |  | $ | (588,141    | ) | $ | (473,687 | )

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

F-3

---

|Coronado Corp.                  
|--------------------------------
|(A Development Stage Company)   
|Interim Statements of Cash Flows
|(Unaudited)                     

|                                                                                    |   | Nine          |   |   | Nine          |   |       | Cumulative           |  
|----------------------------------------------------------------------------------- | - | ------------- | - | - | ------------- | - | ----- | -------------------- | -
|                                                                                    |   | months        |   |   | months        |   |       | from Inception       |  
|                                                                                    |   | Ended         |   |   | Ended         |   |       | (January 9, 2006) to |  
|                                                                                    |   | September 30, |   |   | September 30, |   |       | September 30,        |  
|                                                                                    |   | 2010          |   |   | 2009          |   |       | 2010                 |  
|                                                                                    |   |               |   |   |               |   |       |                      |  
|OPERATING ACTIVITIES                                                                |   |               |   |   |               |   |       |                      |  
|Net (Loss)                                                                          | $ | (140,232      | ) | $ | (15,036       | ) | $     | (588,141             | )
|Adjustment to Reconcile Net Income to Cash Generated by Operating
      Activities: |   |               |   |   |               |   |       |                      |  
|Depreciation and
      amortization                                                 |   | -             |   |   | 846           |   |       | 22,170               |  
|Loss on exploration advance                                                         |   | -             |   |   | -             |   |       | 325,000              |  
|Loss on
      disposition of subsidiary                                             |   | -             |   |   | 3,085         |   |       | 3,085                |  
|Changes in
      Operating Assets and Liabilities:                                  |   |               |   |   |               |   |       |                      |  
|(Increase)
      decrease in prepaid expenses                                       |   | -             |   |   | 2,194         |   |       | -                    |  
|Increase
      (decrease) in accounts payable and accrued liabilities               |   | 23,205        |   |   | 3,269         |   |       | 31,651               |  
|Increase
      (decrease) in due to related parties                                 |   | 1,500         |   |   | 1,400         |   |       | 1,500                |  
|Increase
      (decrease) in accrued interest to related parties                    |   | 26,700        |   |   | -             |   |       | 28,054               |  
|Net cash used in operating
      activities                                         |   | (88,827       | ) |   | (4,242        | ) |       | (176,681             | )
|INVESTING ACTIVITIES                                                                |   |               |   |   |               |   |       |                      |  
|Leasehold improvements                                                              |   | -             |   |   | -             |   |       | (16,243              | )
|Machinery and
      equipment                                                       |   | -             |   |   | -             |   |       | (16,935              | )
|Goodwill                                                                            |   | -             |   |   | -             |   |       | (577                 | )
|Net cash used in
      investing activities                                         |   | -             |   |   | -             |   |       | (33,755              | )
|FINANCING ACTIVITIES                                                                |   |               |   |   |               |   |       |                      |  
|Notes payable 
      related parties                                               |   | -             |   |   | -             |   |       | 8,500                |  
|Promissory notes  related
      parties                                            |   | 90,000        |   |   | -             |   |       | 90,000               |  
|Common stock
      issued for cash                                                  |   | -             |   |   | -             |   |       | 114,454              |  
|Net cash provided by financing
      activities                                     |   | 90,000        |   |   | -             |   |       | 212,954              |  
|INCREASE (DECREASE) IN CASH AND CASH
      EQUIVALENTS                              |   | 1,173         |   |   | (4,242        | ) |       | 2,518                |  
|CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                    |   | 1,345         |   |   | 10,898        |   |       | -                    |  
|                                                                                    |   |               |   |   |               |   |       |                      |  
|CASH AND CASH EQUIVALENTS AT END OF PERIOD                                          | $ | 2,518         |   | $ | 6,656         |   | $     | 2,518                |  
|Supplemental Cash Flow Disclosures:                                                 |   |               |   |   |               |   |       |                      |  
|Cash paid for:                                                                      |   |               |   |   |               |   |       |                      |  
|Interest expense                                                                    | $ | -             |   | $ | -             |   | **$** | -                    |  
|Income taxes                                                                        | $ | -             |   | $ | -             |   | $     | -                    |  
|Non-Cash Financing and Investing
      Activities:                                  |   |               |   |   |               |   |       |                      |  
|Exploration advance paid by
      related parties                                   | $ | -             |   | $ | -             |   | $     | (325,000             | )
|Notes payable 
      related parties cancelled on disposition of subsidiary        | $ | -             |   | $ | -             |   | $     | 8,500                |  

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

F-4

---

|Coronado Corp.                           
|-----------------------------------------
|(A Development Stage Company)            
|Notes to the Interim Financial Statements

|1. | Basis of Presentation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | The accompanying unaudited interim financial statements
      of Coronado Corp. (the Company), have been prepared in accordance with
      accounting principles generally accepted in the United States of America
      and the rules of the Securities and Exchange Commission, and should be
      read in conjunction with the audited financial statements and notes
      thereto contained in the Companys Annual Report filed with the SEC on
      Form 10-K. In the opinion of management, all adjustments, consisting of
      normal recurring adjustments, necessary for a fair presentation of
      financial position and the results of operations for the interim periods
      presented have been reflected herein. The results of operations for
      interim periods are not necessarily indicative of the results to be
      expected for future quarters or for the full year. Notes to the financial
      statements which substantially duplicate the disclosure contained in the
      audited financial statements for fiscal 2009 as reported in the Form 10-K
      have been omitted.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|2. | Going Concern                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | The accompanying financial statements have been prepared
      assuming that the Company will continue as a going concern, which
      contemplates, among other things, the realization of assets and
      satisfaction of liabilities in the normal course of business. As of
      September 30, 2010, the Company has accumulated losses of $588,141 since
      inception, has a working capital deficiency of $473,687 and has earned no
      revenues since inception. The Company intends to fund operations through
      equity financing arrangements, which may be insufficient to fund its
      capital expenditures, working capital and other cash requirements for the
      year ending December 31, 2010.                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | The ability of the Company to emerge from the development
      stage is dependent upon, among other things, obtaining additional
      financing to continue operations, and development of its business plan.
      Management intends to raise additional funds through public or private
      placement offerings. These factors, among others, raise substantial doubt
      about the Companys ability to continue as a going concern. The
      accompanying financial statements do not include any adjustments that
      might result from the outcome of this uncertainty.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|3. | Recent Accounting Pronouncements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | The Company has evaluated all the recent accounting
      pronouncements through the filing date and believes that none of them will
      have a material effect on the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

F-5

---

|Coronado Corp.                           
|-----------------------------------------
|(A Development Stage Company)            
|Notes to the Interim Financial Statements

|4. | Capital Stock                                                                                                                                                                                                                                                                                                                                                                                                               
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | Authorized Stock                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | On April 28, 2010 the Companys Board of Directors
      unanimously approved an amendment to the Companys authorized share
      capital to authorize the issuance of up to 200,000,000 shares of preferred
      stock, with a par value of $0.001 per share. The amendment was filed with
      the Nevada Secretary of State on June 25, 2010.                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | The Company has authorized 100,000,000 common shares with
      $0.001 par value. Each common share entitles the holder to one vote, in
      person or proxy, on any matter on which action of the stockholder of the
      corporation is sought.                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | Share Issuances                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | Since inception (January 9, 2006), the Company has issued
      75,000 shares, 3,000,000 shares, and 2,100,000 shares of common stock at
      approximately $0.006, $0.01, and $0.04 per share respectively, resulting
      in total proceeds of $114,454.                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | On March 4, 2010, the Company cancelled 175,000 common
      shares for no consideration. These shares were owned by former
      shareholders and were cancelled as a result of the management change in
      December 2009.                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                             
|5. | Notes Payable  Related Parties                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | As at September 30, 2010, the Company is indebted to a
      privately held company owned and controlled by the Companys president in
      the amount of $162,500 and to another shareholder in the amount of
      $162,500. The amounts bear 10% annual interest and are unsecured and have
      no terms of repayment. As at September 30, 2010, $25,573 in accrued
      interest has been recorded. Refer to Note 6.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | As at September 30, 2010, the Company is indebted to
      shareholders in the amount of $90,000. The amounts bear 10% annual
      interest, are unsecured and $40,000 matures on December 31, 2010 and
      $50,000 matures on June 30, 2011. As at September 30, 2010, $2,481 in
      accrued interest has been recorded.                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | As at September 30, 2010, the Company is indebted to
      various shareholders in the amount of $1,500, net of repayments during the
      period. The amounts are unsecured, non-interest bearing and have no terms
      of repayment.                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | Refer to Note 8.                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                             

F-6

---

|Coronado Corp.                           
|-----------------------------------------
|(A Development Stage Company)            
|Notes to the Interim Financial Statements

|6. | Exploration Advance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | On December 16, 2009, the Company entered into a Letter
      Agreement with an oil and gas operator, pursuant to which the Company
      would participate for a 15% working interest in a 26,000 acre unit project
      in Alaska, which was a farm-out from BP Exploration (Alaska) Inc.
      Consideration for the assignment of the interest in the project would
      primarily consist of the Company funding certain costs in regards to a
      2009-2010 winter drilling program and a 15% share of the costs to restart
      the local processing plant. A deposit of $325,000 pending BP Explorations
      consent to the proposed assignment to Coronado Corp. was posted to secure
      the Letter Agreement on behalf of the Company, funded in equal amounts of
      $162,500 each by D. Sharpe Management Inc., a privately held company owned
      and controlled by our president, and by Michael Bodino, a company
      shareholder. BP Explorations consent to the assignment was granted on
      January 12, 2010. Due to the severe timing restrictions involved, the
      Company was unable to secure funding as required to participate in the
      project, and the Letter Agreement and obligations pursuant to the
      agreement expired on January 15, 2010, thus terminating the agreement with
      the oil and gas operator. The Company expensed the $325,000 deposit and
      recorded it within the period ending December 31, 2009. The Company
      continued to pursue this opportunity with the operator in attempts to
      secure some manner of participation in their Alaska project, however,
      further negotiations were terminated on October 11, 2010. Due to
      extenuating circumstances in the ongoing negotiations with the Alaska
      operator, the Company may seek recovery of its deposit, though at this
      time a favorable outcome is undeterminable.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|7. | Agreement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | On March 1, 2010 the Company engaged FIG Partners LLC of
      Atlanta Georgia (FIG) to provide advisory services and act on a best
      efforts basis as the Companys exclusive placement agent in connection
      with a debt/equity financing relating to the Alaska oil and gas project
      described in Note 6. A non-refundable retainer of $12,500 was advanced on
      behalf of the company by D. Sharpe Management Inc., a privately held
      company owned and controlled by our president. The engagement agreement
      provided for a further $12,500 to be advanced on March 15, 2010 but has
      not yet been paid and has been recorded as an accounts payable at
      September 30, 2010. The Company has agreed to pay FIG a fee equal to 6% of
      the principal value of securities sold by the Company, plus five year term
      warrants to purchase common stock in the Company equal to 6% of the
      principal value of the equity offering, or, in the event of non-equity
      securities being issued by the Company, five year term warrants with a
      strike price equal to the 30-day Volume Weighted Average Price on the day
      of closing the offering, or $0.50, whichever is greater. As of the date of
      these interim financial statements, no warrants have been issued as no
      successful financing has been obtained. Retainer amounts advanced to FIG
      will be applied against the placement fee due upon completion of any
      capital raised for the Company by FIG.                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

F-7

---

|Coronado Corp.                           
|-----------------------------------------
|(A Development Stage Company)            
|Notes to the Interim Financial Statements

|8. | Professional fees                                                                                                                                                                                                                                                                                                                                                                                               
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | On September 20, 2010 the Company paid $50,000 to Katten
      Muchin Rosenman LLP of New York, New York as retainer to prepare legal
      documentation of a proposed agreement related to the Alaska oil and gas
      project described in Note 6. The negotiations for the Alaska project were
      terminated on October 11, 2010 and the $50,000 was charged to expense
      through professional fees.

F-8

---

|Item 2.   Managements Discussion and
      Analysis of Financial Condition and Results of Operations
|-----------------------------------------------------------------------------------------------------

Forward-Looking Statements

This quarterly report contains forward-looking statements.
These statements relate to future events or our future financial performance. In
some cases, you can identify forward-looking statements by terminology such as
may, should, expects, plans, anticipates, believes, estimates,
predicts, potential or continue or the negative of these terms or other
comparable terminology. These statements are only predictions and involve known
and unknown risks, uncertainties and other factors, including the risks in the
section entitled Risk Factors, that may cause our or our industrys actual
results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking statements.

Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee future results,
levels of activity, performance or achievements. Except as required by
applicable law, including the securities laws of the United States, we do not
intend to update any of the forward-looking statements to conform these
statements to actual results.

Our financial statements are stated in United States Dollars
(US$) and are prepared in accordance with United States Generally Accepted
Accounting Principles.

In this quarterly report, unless otherwise specified, all
dollar amounts are expressed in United States dollars and all references to
common shares refer to the common shares in our capital stock.

As used in this current report and unless otherwise indicated,
the terms "we", "us", "our" and "Coronado" mean Coronado Corp., unless otherwise
indicated.

General Overview

We were incorporated in the State of Nevada on January 9, 2006.
Effective December 14, 2009 we relocated our principal place of business and
corporate offices to 518 17thStreet, Suite 1000, Denver Colorado,
our telephone number is 303 623 1440. Management was of the view that a change
in business direction would be in the best interests of our shareholders;
particularly given the inability to capitalize and expand on our past business
plan. Management has chosen to research opportunities in different industry
sectors with a focus on the resource sector. The anticipation is this research
will lead to an acquisition in some form or manner. Our fiscal year end is
December 31st. On June 25, 2010, we increased our authorized capital to include
200,000,000 shares of preferred stock having $0.001 par value. Our directors and
a majority of our shareholders approved the creation of preferred stock on April
28, 2010. Our authorized capital consists of 100,000,000 shares of common stock,
$0.001 par value and 200,000,000 shares of preferred stock, $0.001 par
value.

Effective December 14, 2009, we appointed Larry Kellison to our
board of directors and to act as our President, Secretary, Treasurer and Chief
Financial Officer. Mr. Kellison is a Certified Petroleum Geologist with more
than 30 years of varied oil and gas experience. In conjunction with the
appointment of Mr. Kellison, we have accepted the resignations of Alejandro
Quesada, Floricel Leiton and Shawn Phillips as directors and/or officers of our
company.

Effective December 17, 2009, we appointed Donald Sharpe, Drew
Bonnell and Michael David to our board of directors and have appointed Donald
Sharpe as our President and Drew Bonnell as our Chief Financial Officer,
Secretary and Treasurer. Mr. David will be an independent director and will act
as Chairman of our companys audit committee once formed. In conjunction with
the appointments of Messrs. Sharpe and Bonnell, we have accepted the resignation
of Mr. Kellison as President and Chief Financial Officer, Secretary and
Treasurer. Mr. Kellison will serve as our companys Chief Operating Officer. Our
board of directors now consists of Larry Kellison, Donald Sharpe, Drew Bonnell
and Michael David. Mr. Sharpe is a Professional Geophysicist with 30 years
experience in the oil and gas business. Mr. Bonnell holds a Masters in Business
Administration with 33 years business related experience. Mr. David is a
Chartered Accountant with 27 years business related experience.

3

---

Prior to the December 2009 change our principal place of
business and corporate offices were located at Tibas del Correo, 50 metros Norte
y 25 metros al Este, San Jose, Republic of Costa Rica, telephone number
702-987-1847. Coronado was originally formed as a health services company that
intended to build and operate a dental clinic in Costa Rica. Our companys
fiscal year end was March 31st.

Since inception to mid December 2009 our company actively
pursued its dental and health related business. These activities were more fully
described in past quarterly reports on Form 10-Q and annual reports on Form 10-K
filed with the Securities and Exchange Commission. A change occurred on March
31, 2009, when our company transferred ownership of its wholly-owned subsidiary,
Bosque Tranquilo S.A., to Alejandro Quesada, a former officer and director of
our company, including all assets, title, interest and liabilities of the
subsidiary. In consideration of this transfer, Mr. Quesada agreed to waive any
claim to money owed to him by our company as of March 31, 2009. Effective March
30, 2009, Mr. Quesada resigned his officer positions with our company and
appointed Floricel Letion to the positions of Chief Executive Officer, Chief
Financial Officer, Secretary, and Treasurer. These transactions were more fully
described in company Current Reports on Form 8-K filed with the Securities and
Exchange Commission on April 3 and 6, 2009.

From April 1, 2009 through to December 2009 we redirected our
business focus towards launching and operating a website to promote dental
services and vacation packages in Costa Rica. Specifically, our company was to
introduce the public to the services of various third-party dentists and dental
clinics in Costa Rica for a fee from both the consumer and the dentist. The plan
was for our company to also arrange for hotel accommodations and tour packages
for those individuals. Management at the time was to utilize the services of the
dentists and dental clinics with whom Coronado Corp. had been introduced to.
Management registered the internet domain name www.dental-vacation.com, which was to be used for promoting
these services. Due to the inability to generate revenues and continue with
operations, management elected to alter our companys business direction in mid
December 2009.

On December 16, 2009, our company entered into a Letter
Agreement with an oil and gas operator, pursuant to which we would participate
for a 15% working interest in a 26,000 acre unit project in Alaska, which was a
farm-out from BP Exploration (Alaska) Inc. Consideration for the assignment of
the interest in the project would primarily consist of our company funding
certain costs in regards to a 2009-2010 winter drilling program and a 15% share
of the costs to restart the local processing plant. A deposit of $325,000
pending BP Explorations consent to the proposed assignment to Coronado Corp.
was posted to secure the Letter Agreement on behalf of the company, funded in
equal amounts of $162,500 each by D. Sharpe Management Inc., a privately held
company owned and controlled by our president, and by Michael Bodino, a company
shareholder. BP Explorations consent to the assignment was granted on January
12, 2010.

Due to the severe timing restrictions involved, we were unable
to secure funding as required to participate in the project and the Letter
Agreement and obligations pursuant to the agreement expired on January 15, 2010,
thus terminating the agreement with the oil and gas operator. Our company
continues to pursue this opportunity with the operator in attempts to secure
some manner of participation in their Alaska project. With the expiry of the
Letter Agreement and some doubt of further negotiations ending favorably, our
company has expensed the $325,000 deposit and recorded it within the period
ending December 31, 2009. If unsuccessful, we will research other potential
resource opportunities elsewhere.

Our company has sustained losses since inception, January 9,
2006, to September 30, 2010, of $588,141 and relies solely upon the sale of
securities and loans from corporate officers and directors for funding.

Our Current Business

Since our change of management in December 2009, we have been
engaged in the business of exploration and development of oil and gas
properties. Over the next twelve months we intend to secure a project of merit
within the resource sector and commence with further development of the
project.

4

---

Cash Requirements

With a recent management change in December 2009, our plan over
the next 12 months is to research projects of merit principally within the
resource sector. We anticipate that this research will ultimately lead to an
acquisition in some form or manner. In order to carry out our plans we will
require the matching funding to cover acquisition costs, working capital, and
any other related or ongoing expenditures until sufficient revenue is generated
to sustain operations.

On December 16, 2009, our company entered into a Letter
Agreement with an oil and gas operator, pursuant to which we would participate
for a 15% working interest in a 26,000 acre unit project in Alaska, which was a
farm-out from BP Exploration (Alaska) Inc. Consideration for the assignment of
the interest in the project would primarily consist of our company funding
certain costs in regards to a 2009-2010 winter drilling program and a 15% share
of the costs to restart the local processing plant. A deposit of $325,000
pending BP Explorations consent to the proposed assignment to Coronado Corp.
was posted to secure the Letter Agreement on behalf of the company, funded in
equal amounts of $162,500 each by D. Sharpe Management Inc., a privately held
company owned and controlled by our president, and by Michael Bodino, a company
shareholder. BP Explorations consent to the assignment was granted on January
12, 2010.

Due to the severe timing restrictions involved, we were unable
to secure funding as required to participate in the project, and the Letter
Agreement and obligations pursuant to the agreement expired on January 15, 2010,
thus terminating the agreement with the oil and gas operator. Our company
continues to pursue this opportunity with the operator in attempts to secure
some manner of participation in their Alaska project. With the expiry of the
Letter Agreement and some doubt of further negotiations ending favorably, our
company has expensed the $325,000 deposit and recorded it within the period
ending December 31, 2009.

On March 1, 2010 we engaged FIG Partners LLC of Atlanta Georgia
(FIG) to provide advisory services and act on a best efforts basis as our
companys exclusive placement agent in connection with a debt/equity financing
relating to the Alaska oil and gas project described above. A non-refundable
retainer of $12,500 was advanced on behalf of the company by D. Sharpe
Management Inc., a privately held company owned and controlled by our president.
The engagement agreement provided for a further $12,500 to be advanced on March
15, 2010 but this has not yet been paid. Our company has agreed to pay FIG a fee
equal to 6% of the principal value of securities sold by our company, plus five
year term warrants to purchase common stock in our company equal to 6% of the
principal value of the equity offering, or, in the event of non-equity
securities being issued by our company, five year term warrants with a strike
price equal to the 30-day Volume Weighted Average Price on the day of closing
the offering, or $0.50, whichever is greater. As of the date of this report, no
warrants have been issued as no successful financing has been obtained. Retainer
amounts advanced to FIG will be applied against the placement fee due upon
completion of any capital raised for our company by FIG. If we are unsuccessful
with this Alaska project we intend to research other potential resource
opportunities elsewhere.

In order to proceed with our plans and to fund overhead and
administration expenses, effective March 2010, shareholders of our company
advanced approximately $40,000 in loans bearing 10% annual interest, which have
been secured by promissory notes. In September 2010, shareholders advanced
another $50,000 in shareholder loans bearing 10% annual interest, which have
been secured by promissory notes.

If we are unable to generate enough revenue to stay in business
or run out of cash, we will have to find alternative sources for money, be it a
public offering, a private placement of securities or loans from our officers or
others, and/or other sources or methods of financing. Equity financing could
result in additional dilution to existing shareholders. If we are unable to meet
our needs for cash, then we may be unable to continue, develop, or expand our
activities or operations.

While our officers and directors have generally indicated a
willingness to provide services and financial contributions if necessary, there
are presently no agreements, arrangements, commitments, or specific
understandings, either verbally or in writing, between the officers and
directors and our company.

5

---

If we are unable to pay for our expenses because we do not have
enough money, we will cease operations until we raise more money. If we cannot
or do not raise more money, we will be forced to cease operations.

We have no present plans to purchase or sell any plant or
significant equipment. We also have no present plans to add employees although
we may do so in the future if we engage in any merger or acquisition
transactions.

We have never declared bankruptcy, been in receivership, or
been involved in any kind of legal proceeding.

Assuming maintenance of our current operations and the
investigation of possible acquisitions, over the next twelve months we expect to
expend funds as follows:

Estimated Net Expenditures During the Next Twelve
Months

|                                                      |  | **$**   | 
|----------------------------------------------------- |  | ------- | 
|General, Administrative, and Corporate
      Expenses |  | 175,000 | 
|Contingencies and Other                               |  | 25,000  | 
|Total                                                 |  | 200,000 | 

We have suffered recurring losses from operations. The
continuation of our company is dependent upon our company attaining and
maintaining profitable operations and raising additional capital as needed.

The continuation of our business is dependent upon obtaining
further financing, a successful program of exploration and/or development, and,
finally, achieving a profitable level of operations. The issuance of additional
equity securities by us could result in a significant dilution in the equity
interests of our current stockholders. Obtaining commercial loans, assuming
those loans would be available, will increase our liabilities and future cash
commitments.

There are no assurances that we will be able to obtain further
funds required for our continued operations. As noted herein, we are pursuing
various financing alternatives to meet our immediate and long-term financial
requirements. There can be no assurance that additional financing will be
available to us when needed or, if available, that it can be obtained on
commercially reasonable terms. If we are not able to obtain the additional
financing on a timely basis, we will be unable to conduct our operations as
planned, and we will not be able to meet our other obligations as they become
due. In such event, we will be forced to scale down or perhaps even cease our
operations.

Competition

The oil and gas industry is intensely competitive. We compete
with numerous individuals and companies, including many major oil and gas
companies, which have substantially greater technical, financial and operational
resources and staff. Accordingly, there is a high degree of competition for
desirable oil and gas leases, suitable properties for drilling operations and
necessary drilling equipment, as well as for access to funds. There are other
competitors that have operations in the areas we are interested in and the
presence of these competitors could adversely affect our ability to acquire
additional leases and/or equipment as required.

Governmental Regulations

Oil and gas operations are subject to various national, state
and/or provincial, and local governmental regulations. Matters subject to
regulation include discharge permits for drilling operations, drilling and
abandonment bonds, reports concerning operations, the spacing of wells, and
pooling of properties and taxation. From time to time, regulatory agencies have
imposed price controls and limitations on production by restricting the rate of
flow of oil and gas wells below actual production capacity in order to conserve
supplies of oil and gas. The production, handling, storage, transportation and
disposal of oil and gas, by-products thereof, and other substances and materials
produced or used in connection with oil and gas operations are also subject to
regulation under federal, state, provincial and local laws and regulations
relating primarily to the protection of human health and the environment. To
date, expenditures related to complying with these laws, and for remediation of
existing environmental

6

---

contamination, have not been significant in relation to the
results of operations of our company. The requirements imposed by such laws and
regulations are frequently changed and subject to interpretation, and we are
unable to predict the ultimate cost of compliance with these requirements or
their effect on our operations.

Purchase of Significant Equipment

We do not intend to purchase any significant equipment over the
twelve months ending September 30, 2011.

Research and Development

We have incurred $Nil in research and development expenditures
over the last two fiscal years.

Employees

Currently our only employees are our directors and officers.
Our officers and directors are donating their time to the development of our
company and intend to do whatever work is necessary in order to bring us to the
point of being able to implement our business plan.

Off-Balance Sheet Arrangements

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

Critical Accounting Policies

The discussion and analysis of our financial condition and
results of operations are based upon our financial statements, which have been
prepared in accordance with the accounting principles generally accepted in the
United States of America. Preparing financial statements requires management to
make estimates and assumptions that affect the reported amounts of assets,
liabilities, revenue, and expenses. These estimates and assumptions are affected
by managements application of accounting policies. We believe that
understanding the basis and nature of the estimates and assumptions involved
with the following aspects of our financial statements is critical to an
understanding of our financial statements.

Going Concern

As of September 30, 2010, our company has accumulated losses of
$588,141 since inception, has a working capital deficiency of $473,687 and has
earned no revenues since inception. Our company intends to fund operations
through equity financing arrangements, which may be insufficient to fund its
capital expenditures, working capital and other cash requirements for the next
twelve months ending September 30, 2011. The ability of our company to emerge
from the development stage is dependent upon, among other things, obtaining
additional financing to continue operations, and development of its business
plan. In response to these problems, management intends to raise additional
funds through public or private placement offerings. These factors, among
others, raise substantial doubt about our companys ability to continue as a
going concern. The accompanying financial statements do not include any
adjustments that might result from the outcome of this uncertainty.

Results of Operations  Three Months Ended September 30,
2010 and Three Months Ended September 30, 2009

The following summary of our results of operations should be
read in conjunction with our financial statements for the quarter ended
September 30, 2010, which are included herein.

Our operating results for the three months ended September 30,
2010, for the three months ended September 30, 2009 and the changes between
those periods for the respective items are summarized as follows:

7

---

Three Months Ended
      September 30, 2010
    Three Months Ended
      September 30, 2009
    Change Between Three Month
      Period Ended September 30 2010 and
      September 30, 2009Revenue
    $ Nil
    $ Nil
    $ NilDepreciation and
      amortization
    Nil
    Nil
    NilFinancing Costs
    Nil
    Nil
    NilGeneral and
      administrative
    5,494
    74
    5,420Interest Expense
    9,391
    Nil
    9,391Professional fees
    58,017
    3,269
    54,748Loss/(Gain) on
      foreign exchange
    213
    Nil
    213Loss on
      exploration advance
    Nil
    Nil
    NilLoss on
      disposition of subsidiary
    Nil
    Nil
    NilNet (Loss)
    $
      (73,115)
    $
      (3,343)
    $
      (69,772)


Our accumulated losses increased to $588,141 as of September
30, 2010. Our financial statements report a net loss of $73,115 for the three
month period ended September 30, 2010 compared to a net loss of $3,343 for the
three month period ended September 30, 2009. Our losses have increased primarily
as a result of an increase in professional fees of $54,748 for the three month
period ending September 30, 2010 as compared to $3,269 for the three month
period ending September 30, 2009, an increase in interest expense costs of
$9,391 for the three month period ended September 30, 2010 as compared to $Nil
for the three month period ending September 30, 2009, and an increase in general
and administrative costs of $5,420 for the three month period ended September
30, 2010 as compared to $74 for the three month period ending September 30,
2009.

Results of Operations  Nine months Ended September 30, 2010
and Nine months Ended September 30, 2009

The following summary of our results of operations should be
read in conjunction with our financial statements for the nine months ended
September 30, 2010, which are included herein.

Our operating results for the nine months ended September 30,
2010, for the nine months ended September 30, 2009 and the changes between those
periods for the respective items are summarized as follows:

Nine months Ended
      September 30, 2010
    Nine months Ended
      September 30, 2009
    Change Between Nine month
      Period Ended September 30 2010 and
      September 30, 2009Revenue
    $ Nil
    $ Nil
    $ NilDepreciation and
      amortization
    Nil
    846
    (846)Financing Costs
    25,000
    Nil
    25,000General and
      administrative
    8,259
    2,403
    5,856Interest Expense
    26,700
    Nil
    26,700Professional fees
    80,346
    8,702
    71,644Loss/(Gain) on
      foreign exchange
    (73)
    Nil
    (73)Loss on
      exploration advance
    Nil
    Nil
    NilLoss on
      disposition of subsidiary
    Nil
    3,085
    (3,085)Net (Loss)
    $
      (140,232)
    $
      (15,036)
    $
      (125,196)


8

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Our accumulated losses increased to $588,141 as of September
30, 2010. Our financial statements report a net loss of $140,232 for the nine
month period ended September 30, 2010 compared to a net loss of $15,036 for the
nine month period ended September 30, 2009. Our losses have increased primarily
as a result of an increase in professional fees of $71,644for the nine month
period ending September 30, 2010 as compared to $8,702 for the nine month period
ending September 30, 2009, an increase in financing costs of $25,000 for the
nine months ended September 30, 2010 as compared to $Nil for the nine month
period ended September 30, 2009, and an increase in interest expense of $26,700
for the nine month period ended September 30, 2010 as compared to $Nil for the
nine month period ending September 30, 2009.

Our total liabilities as of September 30, 2010 were $476,205 as
compared to total liabilities of $334,800 as of December 31, 2009. The increase
was due to increases in accounts payable and accrued liabilities and amounts due
to related parties, including accrued interest to related parties.

Liquidity and Financial Condition

Working Capital

|                          |   | At            |   |  | At           |  
|------------------------- | - | ------------- | - |  | ------------ | -
|                          |   | September 30, |   |  | December 31, |  
|                          |   | 2010          |   |  | 2009         |  
|Current assets            | $ | 2,518         |   |  | 1,345        |  
|Current liabilities       |   | 476,205       |   |  | 334,800      |  
|Working capital (deficit) | $ | (473,687      | ) |  | (333,455     | )

Cash Flows

|                                                            |   | At            |   |   | At            |  
|----------------------------------------------------------- | - | ------------- | - | - | ------------- | -
|                                                            |   | September 30, |   |   | September 30, |  
|                                                            |   | 2010          |   |   | 2009          |  
|Cash flows provided by (used in) operating
      activities | $ | (88,827       | ) | $ | (4,242        | )
|Cash flows provided by (used in) investing activities       |   | Nil           |   |   | Nil           |  
|Cash flows provided by (used in) financing
      activities |   | 90,000        |   |   | Nil           |  
|Effect of exchange rate changes on cash                     |   | Nil           |   |   | Nil           |  
|Net increase (decrease) in cash during
      period         | $ | 1,173         |   | $ | (4,242        | )

Operating Activities

Net cash used by operating activities was $88,827 in the nine
months ended September 30, 2010 compared with net cash used in operating
activities of $4,242 in the nine months ended September 30, 2009. The increase in
use of cash of $84,585 in operating activities is mainly attributable to the
increase in professional fees and financing costs during the nine month period
ended September 30, 2010.

Investing Activities

Net cash used in investing activities was $Nil in the nine
months ended September 30, 2010 compared to net cash used in investing
activities of $Nil in the nine months ended September 30, 2009.

Financing Activities

Net cash provided by financing activities was $90,000 in the
nine months ended September 30, 2010 compared to $Nil provided by financing
activities in the nine months ended September 30, 2009, due to receipt of
shareholder loans during the nine month period ended September 30, 2010.

9

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Item 4. Controls and Procedures.

Managements Report on Disclosure Controls and
Procedures

We maintain disclosure controls and procedures that are
designed to ensure that information required to be disclosed in our reports
filed under the Securities Exchange Act of 1934, as amended, 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 president and
chief executive officer (who is acting as our principal executive officer) and
our chief financial officer (who is acting as our principal financial officer
and principle accounting officer) to allow for timely decisions regarding
required disclosure.

As of September 30, 2010, the end of the quarter covered by
this report, we carried out an evaluation, under the supervision and with the
participation of our president and chief executive officer (who is acting as our
principal executive officer) and our chief financial officer (who is acting as
our principal financial officer and principal accounting officer), of the
effectiveness of the design and operation of our disclosure controls and
procedures. Based on the foregoing, our president and chief executive officer
(who is acting as our principal executive officer) and our chief financial
officer (who is acting as our principal financial officer and principal
accounting officer) believe that our disclosure controls and procedures were not
effective as of the end of the period covered by this quarterly report in
providing reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in
accordances with US generally accepted accounting principles due to a lack of
segregation of duties and an overreliance on consultants in our accounting and
financial reporting processes.

Changes in Internal Control over Financial
Reporting

There have been no changes in our internal controls over
financial reporting that occurred during our quarter ended September 30, 2010
that have materially or are reasonably likely to materially affect, our internal
controls over financial reporting.

PART II

OTHER INFORMATION

Item 1. Legal Proceedings

We know of no material, existing or pending legal proceedings
against us, nor are we involved as a plaintiff in any material proceeding or
pending litigation. There are no proceedings in which any of our directors,
officers or affiliates, or any registered or beneficial shareholder, is an
adverse party or has a material interest adverse to our company.

Item 1A. Risk Factors

Our business operations are subject to a number of risks and
uncertainties, including, but not limited to those set forth below:

We are a start-up company with a lack of operating history
and profitability. Our company has incurred losses since inception, and we
expect those losses to continue in the future. As a result, we may have to
suspend or cease operations.

We were incorporated on January 9, 2006, and we have not
started any business operations nor realized any revenues. We have no operating
history upon which an evaluation of our future success or failure can be made.
As a result, it is possible that we may not generate any revenues in the future.
Since inception, to September 30, 2010, our company has incurred a net loss of
$588,141.

10

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In order to generate revenue, we are dependent on our ability
to find a project within our new focus area, the resource sector, and at some
point develop this project to the point of production and sales.

Based upon current plans, we expect operating losses in future
periods. If we do not generate enough future revenues to cover our expenses
before the business has become profitable, we would have to suspend or cease
operations and you could lose your investment.

Because our company. is a small company and does not have
much capital, if we are unable to raise additional funds to meet our needs we
may have to scale back our operations, which could result in a loss of your
investment.

Because we are a small company with limited financial
resources, we may be unable to sufficiently finance our operations until we
generate revenues sufficient to cover our expenses. If that were the case, we
would have to raise more capital to finance our operations in order for the
business to be successful.

If we are unable to raise the capital required to finance our
operations, then we would be unable to generate revenues sufficient to maintain
our business and this could result in a loss of your investment.

Because Mr. Sharpe, Mr. Kellison, and Mr. Bonnell have other
outside business activities, they can only dedicate a limited amount of their
time to our companys operations. This could result in periodic interruptions or
suspensions of the business plan.

Because our company officers, Mr. Sharpe, Mr. Kellison, and Mr.
Bonnell have other outside business interests, they will only be able to devote
a limited amount of their time to our operations. Our companys operations may
occur at times which are inconvenient to Mr. Sharpe, Mr. Kellison and Mr.
Bonnell, which could result in the development of our plan being periodically
interrupted or suspended.

If our officers and directors resign or die without having
found replacements, our operations may be suspended or cease altogether. Should
that occur, it could result in a loss of your investment.

We have three officers and four directors and we are entirely
dependent upon them in order to conduct our operations. If they should resign or
die, there may be no one to run Coronado Corp. The company has no Key Man
insurance. If such an event were to take place and we were unable to find other
persons to run our company, our operations could be suspended or cease entirely,
and this could result in the loss of your investment.

We will incur ongoing costs and expenses for SEC reporting
and compliance, without revenue we may not be able to remain in compliance,
making it difficult for investors to sell their shares, if at all.

Our common shares are quoted on the OTC Bulletin Board. To
maintain eligibility for quotation on the OTCBB, issuers must remain current in
their filings with the SEC. Market Makers are not permitted to quote a security
whose issuer does not meet this filing requirement. Securities already quoted on
the OTCBB that become delinquent in their required filings will be removed
following a 30 or 60 day grace period if they do not make their required filing
during that time. In order for us to remain in compliance we will require future
revenues to cover the cost of these filings, which could comprise a substantial
portion of our available cash resources. If we are unable to generate sufficient
revenues to remain in compliance it may be difficult for you to resell any
shares you may purchase, if at all.

Trading of our stock may be restricted by the SEC's "Penny
Stock" regulations, which may limit a stockholder's ability to buy and sell our
stock.

The U.S. Securities and Exchange Commission has adopted
regulations which generally define "penny stock" to be any equity security that
has a market price (as defined) less than $5.00 per share or an exercise price
of less than $5.00 per share, subject to certain exceptions. Our securities are
covered by the penny stock rules, which impose additional sales practice
requirements on broker-dealers who sell to persons other than established
customers and "accredited investors." The term "accredited investor" refers
generally to institutions with assets in excess of $5,000,000 or individuals
with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or

11

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$300,000 jointly with their spouse. The penny stock rules
require a broker-dealer, prior to a transaction in a penny stock not otherwise
exempt from the rules, to deliver a standardized risk disclosure document in a
form prepared by the SEC, which provides information about penny stocks and the
nature and level of risks in the penny stock market. The broker-dealer also must
provide the customer with current bid and offer quotations for the penny stock,
the compensation of the broker-dealer and its salesperson in the transaction and
monthly account statements showing the market value of each penny stock held in
the customer's account. The bid and offer quotations, and the broker-dealer and
salesperson compensation information, must be given to the customer orally or in
writing prior to effecting the transaction and must be given to the customer in
writing before or with the customer's confirmation. In addition, the penny stock
rules require that prior to a transaction in a penny stock not otherwise exempt
from these rules, the broker-dealer must make a special written determination
that the penny stock is a suitable investment for the purchaser and receive the
purchaser's written agreement to the transaction. These disclosure requirements
may have the effect of reducing the level of trading activity in the thirdary
market for the stock that is subject to these penny stock rules. Consequently,
these penny stock rules may affect the ability of broker-dealers to trade our
securities. We believe that the penny stock rules discourage investor interest
in and limit the marketability of, our common stock.

The Financial Industry Regulatory Authority, or FINRA, has
adopted sales practice requirements which may also limit a stockholder's ability
to buy and sell our stock.

In addition to the "penny stock" rules described above, FINRA
has adopted rules that require that in recommending an investment to a customer,
a broker-dealer must have reasonable grounds for believing that the investment
is suitable for that customer. Prior to recommending speculative low priced
securities to their non-institutional customers, broker-dealers must make
reasonable efforts to obtain information about the customer's financial status,
tax status, investment objectives and other information. Under interpretations
of these rules, FINRA believes that there is a high probability that speculative
low priced securities will not be suitable for at least some customers. FINRA
requirements make it more difficult for broker-dealers to recommend that their
customers buy our common stock, which may limit your ability to buy and sell our
stock and have an adverse effect on the market for our shares.

Trading in our common shares on the OTC Bulletin Board is
limited and sporadic making it difficult for our shareholders to sell their
shares or liquidate their investments.

Our common shares are currently listed for public trading on
the OTC Bulletin Board. The trading price of our common shares has been subject
to wide fluctuations. Trading prices of our common shares may fluctuate in
response to a number of factors, many of which will be beyond our control. The
stock market has generally experienced extreme price and volume fluctuations
that have often been unrelated or disproportionate to the operating performance
of companies with no current business operation. There can be no assurance that
trading prices and price earnings ratios previously experienced by our common
shares will be matched or maintained. These broad market and industry factors
may adversely affect the market price of our common shares, regardless of our
operating performance.

In the past, following periods of volatility in the market
price of a company's securities, securities class-action litigation has often
been instituted. Such litigation, if instituted, could result in substantial
costs for us and a diversion of management's attention and resources.

Trends, Risks and Uncertainties

We have sought to identify what we believe to be the most
significant risks to our business, but we cannot predict whether, or to what
extent, any of such risks may be realized nor can we guarantee that we have
identified all possible risks that might arise. Investors should carefully
consider all of such risk factors before making an investment decision with
respect to our common stock.

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

None.

12

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Item 3. Defaults Upon Senior Securities

None.

Item 4. [Removed and Reserved]

Item 5. Other Information

None.

Item 6. Exhibits

|Exhibit |                                                                                                                                                                          
|------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  | Description                                                                                                                                                              
|(3)     | (i) Articles of
      Incorporation; and (ii) Bylaws                                                                                                                     
|3.1     | Articles of Incorporation (incorporated by
      reference from our Registration Statement on Form SB-2, filed on June 15,
      2006).                                  
|3.2     | Bylaws (incorporated by
      reference from our Registration Statement on Form SB-2, filed on June 15,
      2006).                                                     
|3.3     | Certificate of Amendment filed June 25, 2010.
      (incorporated by reference from our Current Report on Form 8-K filed on
      June 28, 2010)                         
|(10)    | Material Contracts                                                                                                                                                       
|10.1    | Letter of Intent with Savant Alaska, LLC, dated
      December 16, 2009. (incorporated by reference from our Current Report on
      Form 8-K filed on December 22, 2009)
|(14)    | Code of Ethics                                                                                                                                                           
|14.1    | Code of Business Conduct and Ethics
      (incorporated by reference from our Annual Report on Form 10- KSB filed on
      June 26, 2007).                               
|(31)    | Rule 13a-14(a)/15d-14(a)
      Certifications                                                                                                                            
|31.1*   | Section 302 Certification under Sarbanes-Oxley
      Act of 2002 of Donald Sharpe                                                                                        
|31.2*   | Section 302 Certification under
      Sarbanes-Oxley Act of 2002 of Drew Bonnell                                                                                         
|(32)    | Section 1350 Certifications                                                                                                                                              
|32.1*   | Section 906 Certification under
      Sarbanes-Oxley Act of 2002 of Donald Sharpe                                                                                        
|32.2*   | Section 906 Certification under Sarbanes-Oxley
      Act of 2002 of Drew Bonnell                                                                                         

|* | Filed herewith.
|- | ---------------

13

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SIGNATURES

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

|                         | CORONADO CORP.                            
|------------------------ | ------------------------------------------
|                         | (Registrant)                              
|                         |                                           
|                         |                                           
|Dated: November 15, 2010 | /s/Donald Sharpe                          
|                         | Donald Sharpe                             
|                         | President                                 
|                         | (Principal Executive Officer)             
|                         |                                           
|Dated: November 15, 2010 | /s/Drew Bonnell                           
|                         | Drew Bonnell                              
|                         | Secretary, Treasurer and CFO              
|                         | (Principal Financial Officer and Principal
|                         | Accounting Officer)                       

14

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