First 10-K 2009 FY Annual report

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

FORM 10-K

(Mark One)
[X ] Annual Report Pursuant To Section 13 Or 15(d) Of The Securities Exchange Act Of 1934
For the fiscal year endedSeptember 30, 2009

[ ] 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 52724

FIRST CORPORATION.
(Name of small business issuer in its charter)

COLORADO	90-0219158
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

254-Midlake Boulevard, Calgary, Alberta, Canada	T2X 2X7
(Address of principal executive offices)	(Zip Code)

(403) 461-7283

(Issuer’s Telephone Number

Securities registered under Section 12(b) of the Exchange Act:NONE.

Securities registered under Section 12(g) of the Exchange Act:

Common Stock, $0.001 Par Value Per Share.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  NoX

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

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

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. 

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

Large accelerated filer	Accelerated filer
Non-accelerated filer (Do not check if a smaller reporting company)	Smaller Reporting CompanyX

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

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently computed second fiscal quarter. Nil

The number of shares of the issuer’s common stock issued and outstanding as of December 29,  2008 was 12,217,000 shares.

Documents Incorporated By Reference: None

PART I
ITEM 1.	BUSINESS
ITEM 1A.	RISK FACTORS
ITEM 2.	PROPERTIES
ITEM 3.	LEGAL PROCEEDINGS
ITEM 4.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
PART II
ITEM 5.	MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
ITEM 6.	SELECTED FINANCIAL DATA
ITEM 7.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
ITEM 9A.	CONTROLS AND PROCEDURES
ITEM 9B.	OTHER INFORMATION
PART III
ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS, CONTROL PERSONS AND CORPORATE GOVERNANCE COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT.
ITEM 11.	EXECUTIVE COMPENSATION
ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
ITEM 14.	PRINCIPAL ACCOUNTANT FEES AND SERVICES
PART IV
ITEM 15.	EXHIBITS
	SIGNATURES

PART I

Certain statements contained in this Annual Report on Form 10-K constitute "forward-looking statements". These statements, identified by words such as “plan”, "anticipate", "believe", "estimate", "should," "expect" and similar expressions include our expectations and objectives regarding our future financial position, operating results and business strategy. These statements reflect the current views of management with respect to future events and are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from those described in the forward-looking statements. Such risks and uncertainties include those set forth under the caption "Management's Discussion and Analysis or Plan of Operation" and elsewhere in this Form 10-K. We advise you to carefully review the reports and documents we file from time to ti me with the Securities and Exchange Commission (the “SEC”), particularly our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K.

As used in this Annual Report, the terms "we", "us", "our", First Corp” and the “Company” mean First Corporation unless otherwise indicated. All dollar amounts in this Annual Report are expressed in U.S. dollars unless otherwise indicated.

ITEM 1.      BUSINESS.

First Corporation is a Colorado corporation and was formed to be in the business of mineral exploration. We purchased and re-staked two mineral claims units, each comprising 1,280 acres, located in the Red Lake mining District, in the Province of Ontario, Canada that we refer to as the “FirstCorp” claims. Following several unsuccessful attempts to obtain financing to execute the exploration program laid out by our independent consulting geologists we determined to drop our mineral claims and seek another business opportunity.

Corporate Background

First Corporation is a corporation formed under the laws of the State of Colorado on December 27, 1995. Our principal executive offices are located in Calgary, AB, Canada. Our principal business was the exploration of mineral claims for commercially viable deposits of precious and base metals.

Recent Corporate Developments Prior to September 30, 2009

On May 18, 2008 the registrant’s board of directors voted unanimously to discontinue exploration of it mineral claims in the Red Lake district of northern Ontario, due to the difficulty in securing adequate financing.

On July 8, 2009 entered into a Letter of Intent containing a binding agreement for a share exchange whereby First Corporation would acquire 1.6 million shares of Acquma Holdings Limited from Louis Consulting in exchange for 4.8 million shares of First Corporation’s restricted common stock. Upon closing, this transaction will result in First Corporation owning 10% of the issued and outstanding shares of Acquma Holdings. Closing will take place September 15, 2009 or sooner pending tax opinions and financials.

Acquma Holdings Limited is an investment company which currently owns 18% of Tramigo Oy Ltd., a private Finnish company. Tramigo Oy is engaged in the development and marketing of GPS based navigation systems marketed in over 100 countries worldwide. According to reports,Tramigo Oy had revenues of $2,206,400 for the 18 months ended June 30, 2008 with higher revenues for the period ended June 30, 2009.

Recent Corporate Developments Subsequent to September 30, 2009

Subsequent to September 30, 2009, First Corporation, Acquma Holdings Limited (“Acquma”) and the shareholders of Acquma (the “Acquma Shareholders”) entered into a Share Exchange Agreement, dated as of October 16, 2009 (the “Exchange Agreement”).  Pursuant to the terms of the Exchange Agreement, First Corporation will acquire all of the issued and outstanding shares of Acquma from the Acquma Shareholders in exchange for an aggregate of 64,437,848 shares of First Corporation common stock (the “Acquisition Shares”).   Upon closing of the Exchange Agreement, Acquma will become a wholly-owned subsidiary of First Corporation.

ITEM 1A    RISKS AND UNCERTAINTIES

If we do not obtain additional financing, our business will fail.

Until all of the terms and conditions of our acquisition of Acuma Holdings Limited is complete all of our business activities are in a state of suspension. Following the closing and the filing of documentation with the appropriate regulatory authorities, we will be forced to seek additional financing in order to enable Acuma to acquire more interest in Tramigo Oy and to expand its marketing efforts throughout the world. Should this additional financing not be forthcoming, expansion would be severely hampered or even eliminated and we would be faced with little or no revenues and shareholders’ investment would be jeopardized.

Because of the speculative nature of building a small marketing company, there is substantial risk that we will be unable to compete adequately with other similar products and our business will fail.

While we believe that the patented and proprietary GPS technology developed by Tremigo Oy is equal or superior to anything else currently on the market, our success will hinge not only upon additional financing but our ability to attract the expert personnel to distribute and market our products around the world. Each market will be unique in that it will involve a distinct language and/or culture and our marketing efforts must be focused on catering to those conditions. We may not be able to attract the highly qualified people needed to do this. Our growth could be severely hindered by failing to get the right people to get our products in the hands of consumers whose needs and desires vary widely.  In such a case, we would be unable to complete our business plan and you would lose your entire investment in this offering.

As we undertake expansion of our business, we will be subject to compliance with government regulation that may increase the anticipated time and cost of our marketing program.

We are essentially marketing a GPS mapping, emergency response and anti- theft device at a greatly reduced price over what is currently available. Each country (and we are currently in over 100 countries) has its own set of regulations regarding electrical appliances. We are forced  to comply with those regulations. In some cases complying might involve re-engineering our device and, if that proves impractical, pulling out of that market altogether. Should we run into this type of hurdles our efforts could be hampered and the resultant growth of sales and profitability will suffer.

Because market factors in different countries are largely out of our control, we may not be able to market our products profitably.

Our GPS device, while being extremely competitive in price is entirely dependent on the ability of the consumers to buy. World-wide recession, unemployment and the economic squeeze put on purchasing power all can have a positive or negative effect on sales. Each country and market segment thereof may have a different response as to the affordability of our device. We are marketing an automobile accessory and the disposable income to acquire this accessory may not always be available. Lack of this purchasing ability could affect our growth, our profits and have a negative influence on the value of your investment.

Our Auditors have expressed substantial doubt about our ability to continue as a “going concern”.

The accompanying financial statements have been prepared assuming that we will continue as a going concern.  As discussed in Note 1 to the financial statements, we were incorporated on December 27, 1995, and we do not have a history of earnings, which raises substantial doubt about our ability to continue as a going concern. Our management's plans in regard to this matter are described in Note 6. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.                                                             

We Do Not Intend To Pay Dividends In The Near Future.

Our board of directors determines whether to pay dividends on our issued and outstanding shares. The declaration of dividends will depend upon our future earnings, our capital requirements, our financial condition and other relevant factors. Our board does not intend to declare any dividends on our shares for the foreseeable future.

Because Our Stock Is A Penny Stock, Stockholders Will Be More Limited In Their Ability To Sell Their Stock.

The shares of our common stock constitute “penny stocks” under the Exchange Act. The shares will remain classified as a penny stock for the foreseeable future. The classification as a penny stock makes it more difficult for a broker/dealer to sell the stock into a secondary market, which makes it more difficult for a purchaser to liquidate his or her investment. Any broker/dealer engaged by the purchaser for the purpose of selling his or her shares will be subject to rules 15g-1 through 15g-10 of the Exchange Act. Rather than having to comply with these rules, some broker-dealers will refuse to attempt to sell a penny stock.

The "penny stock" rules adopted by the SEC under the Exchange Act subjects the sale of the shares of our common stock to certain regulations which impose sales practice requirements on broker/dealers. For example, brokers/dealers selling such securities must, prior to effecting the transaction, provide their customers with a document that discloses the risks of investing in such securities. Included in this document are the following:

(i)	the bid and offer price quotes in and for the "penny stock", and the number of shares to which the quoted prices apply;
(ii)	the brokerage firm's compensation for the trade; and
(iii)	the compensation received by the brokerage firm's sales person for the trade.

  In addition, the brokerage firm must send the investor:

(i)	a monthly account statement that gives an estimate of the value of each "penny stock" in the investor's account; and
(ii)	a written statement of the investor's financial situation and investment goals.

Disclosure also has to be made about the risks of investing in penny stocks in both public offerings and in secondary trading. Generally, brokers may be less willing to execute transactions in securities subject to the “penny stock” rules. This may make it more difficult for investors to dispose of our common stock and cause a decline in the market value of our stock.

Legal remedies, which may be available to you as an investor in "penny stocks", are as follows:

(i)	if "penny stock" is sold to you in violation of your rights listed above, or other federal or states securities laws, you may be able to cancel your purchase and get your money back.
(ii)	if the stocks are sold in a fraudulent manner, you may be able to sue the persons and firms that caused the fraud for damages.
(iii)	if you have signed an arbitration agreement, however, you may have to pursue your claim through arbitration.

If the person purchasing the securities is someone other than an accredited investor or an established customer of the broker/dealer, the broker/dealer must also approve  the potential customer's account by obtaining information concerning the customer's financial situation, investment experience and investment objectives. The broker/dealer must also make a determination whether the transaction is suitable for the customer and whether the customer has sufficient knowledge and experience in financial matters to be reasonably expected to be capable of evaluating the risk of transactions in such securities. Accordingly, the SEC's rules may limit the number of potential purchasers of the shares of our common stock.

ITEM 2.     DESCRIPTION OF PROPERTY.

The mailing address of our business is 254-16 Midlake Boulevard, Calgary, AB, Canada.  Our president has arranged office space for us at no charge. The cost of the donated premises is valued at $0 per month.

We own no real estate holdings and we have no policy to acquire assets for possible capital gain or income.

ITEM 3.     LEGAL PROCEEDINGS.

None.

ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

On August 7, 2008, our Board of Directors and our officers, who hold a majority of the issued and outstanding shares, passed a resolution amending and restating our Articles of Incorporation

SUMMARY OF THE PROVISIONS OF THE

AMENDED AND RESTATED ARTICLES OF INCORPORATION

The amended and restated articles of incorporation include the following material changes:

The address of the corporation is modified to reflect the current address: 254-16 Midlake Boulevard, Calgary, Alberta, Canada T2X 2X7

The capital stock of the Corporation is adjusted to reflect an increase of the authorized shares of common stock from One Hundred Million Shares to Five Hundred Million Shares. This adjustment was made to provide for additional authorized shares, if needed, for alternative business opportunities (as, on May 18, 2008 our Board of Directors voted unanimously to discontinue exploration of it mineral claims in the Red Lake district of northern Ontario, due to the difficulty in securing adequate financing, as reported on Form 8-K on May 20, 2008.  

There are no current or pending stock offerings, investments, or change of control transactions at this time. In addition, there are currently no plans, proposals, or arrangement to issue any additional authorized common stock in connection with an acquisition or a similar financing transaction.

 There are no changes to the number of authorized shares of preferred stock, 10,000,000 (Ten Million),

The Articles of Incorporation are amended to include the current members of the Board of Directors.

There are no other material adjustments to the Articles of Incorporation.

PART II

ITEM 5.     MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

Market Information

Our shares of common stock commenced being quoted on the OTC Bulletin Board under the symbol FSTC on April 9th, 2008

QUARTER	HIGH ($)	LOW ($)
2nd Quarter 2009	$0	$0
3rd Quarter  2009	$0	$0

Holders of Common Stock

As of September 30, 2009, there were 29 registered shareholders of our common stock.

Dividends

We have not declared any dividends on our common stock since our inception. There are no dividend restrictions that limit our ability to pay dividends on our common stock in our Articles of Incorporation or bylaws. Colorado Revised Statutes (the “CRS”) provide certain limitations on our ability to declare dividends.

Recent Sales of Unregistered Securities

Our original incorporator and President, Inge Kerster was issued 750,000 shares of our common

stock on December 27, 1997 for her time, effort and expense in forming First Corporation, at a deemed price of $0.001 per share. The offer and sale of such shares of our common stock were effected in reliance on the exemptions for sales of securities not involving a public offering, as set forth in Regulation S, Rule 506 promulgated under the Securities Act and in Section 4(2) of the Securities Act, based on the following: (a) the investors confirmed to us that they were “accredited investors,” as defined in Rule 501 of Regulation D promulgated under the Securities Act and had such background, education and experience in financial and business matters as to be able to evaluate the merits and risks of an investment in the securities; (b) there was no public offering or general solicitation with respect to the offering; (c) the investors were provided with certain disclosure materials and all other information requested with respect to our company; (d) t he investors acknowledged that all securities being purchased were “restricted securities” for purposes of the Securities Act, and agreed to transfer such securities only in a transaction registered under the Securities Act or exempt from registration under the Securities Act; and (e) a legend was placed on the certificates representing each such security stating that it was restricted and could only be transferred if subsequent registered under the Securities Act or transferred in a transaction exempt from registration under the Securities Act.

On April 1, 1999 two individuals, both non-US persons were issued 150,000 shares of our common stock each at a price of $0.002. These individuals are sophisticated investors and have knowledge and experience in financial and business matters that make them capable of evaluating

The offer and sale of such shares of our common stock were affected in reliance on the exemptions for sales of securities not involving a public offering, as set forth in Regulation S promulgated under the Securities Act.  The Investor acknowledged the following: Subscriber is not a United States Person, nor is the Subscriber acquiring the Shares directly or indirectly for the account or benefit of a United States Person.  None of the funds used by the Subscriber to purchase the Units have been obtained from United States Persons. For purposes of this Agreement, “United States Person” within the meaning of U.S. tax laws, means a citizen or resident of the United States, any former U.S. citizen subject to Section 877 of the Internal Revenue Code, any corporation, or partnership organized or existing under the laws of the United States of America or any state, jurisdiction, territory or possession thereof and any estate or trust the income of which is subject to U.S. federal income tax irrespective of its source, and within the meaning of U.S. securities laws, as defined in Rule 902(o) of Regulation S, means:

(i)  any natural person resident in the United States; (ii) any partnership or corporation organized or incorporated under the laws of the United States; (iii) any estate of which any executor or administrator is a U.S. person; (iv) any trust of which any trustee is a U.S. person; (v) any agency or branch of a foreign entity located in the United States; (vi) any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. person; (vii) any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United States; and (viii) any partnership or corporation if organized under the laws of any foreign jurisdiction, and formed by a U.S. person principally for the purpose of investing in securities not registered under the Securities Act, unless it is organized or inc orporated, and owned, by accredited investors (as defined in Rule 501(a)) who are not natural persons, estates or trusts.                                

October 5, 2004 we issued to several individuals in the United States and Canada a total of 44,000 common shares @ $.50 per share. These shares were issued under Rule 504 of Regulation D for US residents and Regulation S for non-US subscribers. All of these investors are close friends, relatives or business acquaintances of Inge Kerster, our previous officer and director.  A complete list of these subscribers and their level of sophistication follows:

On November 14, 2007, the Company's board of directors determined that slightly more than the minimum subscriptions for its public offering had been reached and that they have decided to terminate the public offering after receiving subscriptions for 707,000 shares @ $0.15 per share for a total of $106,050. Next receipts after escrow fees were $105,050.

.ITEM 6.  SELECTED FINANCIAL DATA

Summary of Statements of Operations of First Corp

Year Ended September 30, 2008 and 2007

	June 30, 2008		June 30, 2007
Sales	$	Nil	$	Nil
Gross Profit	$	Nil	$	Nil
Net Income	$	Nil	$	Nil
Net Income Per Share, diluted	$	Nil	$	Nil

     Summary of Balance Sheets of First Corp

as at September 30, 2008 and 2007

	September 30, 2009		September 30, 2008
Working Capital	$	Nil		2,415
Total Assets	$	Nil		2,415
Stockholders’ Equity	$	(13,667)		2,270

.   ITEM 7.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF

                        OPERATION.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this Management's Discussion and Analysis or Plan of Operation and other sections of this Annual Report constitute "forward-looking statements". These statements, identified by words such as “plan”, "anticipate", "believe", "estimate", "should", "expect" and similar expressions include our expectations and objectives regarding our future financial position, operating results and business strategy. These statements reflect the current views of management with respect to future events and are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from those described in the forward-looking statements. We advise you to carefully review the reports and documents we file from time to time with the SEC, particularly our Quarterly Reports o n Form 10-Q and our Current Reports on Form 8-K.

PLAN OF OPERATION

Management is awaiting the formal closing of the reverse takeover of Acquma following the filing of this report. It is our intention to file a registration statement on Form S-4 immediately. Detailed plans of future operations will be included in that form.

RESULTS OF OPERATIONS

For the period from inception on December 27, 1995 to September 30, 2009 we have had no revenues.

Net Loss

We incurred a loss in the amount of $162,067 for the period from inception to September 30, 2009. Our loss was attributable to the costs of operating expenses which primarily consisted of professional fees paid in connection with preparing and filing our Registration Statement on Form SB-2 and the amendments thereto.

Liquidity and Capital Resources

Working Capital
			Percentage
	At September 30, 2009	At September 30, 2008	Increase / (Decrease)
Current Assets	$     Nil	$2,415	(100)
Current Liabilities	$13,667	$145	943

Cash Flows
	Year Ended September 30
	2009	2008
Cash Flows Used In Operating Activities	$(15,937)	$(72,926)
Cash Flows Used In Investing Activities	0	0
Cash Flows Provided By Financing Activities	$7,300	79,050
Net Increase In Cash During Period	$(2,415)	$2,244

As at September 30, 2009, we had no cash and no working capital.

Future Financings

As of September 30, 2009, we had no cash on hand. From our inception, we have used our common stock and loans from our Officers and Directors to raise money for our operations and for our acquisition of our claims. We have not attained profitable operations and are dependent upon obtaining financing to pursue our plan of operation. For these reasons, our auditors stated in their report to our audited financial statements for the year ended September 30, 2009, that there is substantial doubt that we will be able to continue as a going concern.

Off-Balance Sheet Arrangements

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

RECENT ACCOUNTING PRONOUNCEMENTS

In May 2005, the Financial Accounting Standards Board (FASB) issued SFAS No. 154, “Accounting Changes and Error Corrections – A Replacement of APB Opinion No. 20 and SFAS No. 3”. SFAS 154 changes the requirements for the accounting for and reporting of a change in accounting principle and applies to all voluntary changes in accounting principle. It also applies to changes required by an accounting pronouncement in the unusual instance that the pronouncement does not include specific transition provisions. SFAS 154 requires retrospective application to prior periods’ financial statements of changes in accounting principle, unless it is impracticable to determine either the period-specific effects or the cumulative effect of the change. The provisions of SFAS No. 154 are effective for accounting changes and correction of errors made in fiscal years beginning after December 15, 2005. The adoption of this standard i s not expected to have a material effect on the Company’s results of operations or financial position.

In December 2004, the FASB issued SFAS No. 153, “Exchanges of Nonmonetary Assets – An Amendment of APB Opinion No. 29”. The guidance in APB Opinion No. 29, ”Accounting for Nonmonetary Transactions”, is based on the principle that exchanges of nonmonetary assets should be measured based on the fair value of the assets exchanged. The guidance in that Opinion, however, included certain exceptions to that principle. SFAS No. 153 amends Opinion No. 29 to eliminate the exception for nonmonetary exchanges of similar productive assets and replaces it with a general exception for exchanges of nonmonetary assets that do not have commercial substance. A nonmonetary exchange has commercial substance if the future cash flows of the entity are expected to change significantly as a result of the exchange. The provisions of SFAS No. 153 are effective for nonmonetary asset exchanges occurring in fiscal periods beginning aft er September 15, 2005. Early application is permitted and companies must apply the standard prospectively. The adoption of this standard is not expected to have a material effect on the Company’s results of operations or financial position.

In December 2004, the FASB issued Statement of Financial Accounting Standard (SFAS) No. 123R, “Share Based Payment”. SFAS 123R is a revision of SFAS No. 123 “Accounting for Stock-Based Compensation”, and supersedes APB Opinion No. 25, “Accounting for Stock Issued to Employees” and its related implementation guidance. SFAS 123R establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments. SFAS 123R focuses primarily on the accounting for transactions in which an entity obtains employees services in share-based payment transactions. SFAS 123R requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award – the requisite service period (usually the vesting period). SFAS 123R requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost will be measured based on the fair value of the equity or liability instruments issued. Public entities that file as small business issuers will be required to apply SFAS 123R in the first interim or annual reporting period that begins after December 15, 2005. The adoption of this standard is not expected to have a material effect on the Company’s results of operations or financial position.

In March 2005, the SEC staff issued Staff Accounting Bulletin No. 107 (“SAB 107”) to give guidance on the Implementation of SFAS 123R. The Company will consider SAB 107 during implementation of SFAS 123R.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We do not hold any derivative instruments and do not engage in any hedging activities. Because most of our purchases and sales will made in Canadian dollars, any exchange rate change affecting the value of the in Canadian dollar relative to the U.S. dollar could have an effect on our financial results as reported in U.S. dollars. If the in Canadian dollar were to depreciate against the U.S. dollar, amounts reported in U.S. dollars would be correspondingly reduced. If the in Canadian dollar were to appreciate against the U.S. dollar, amounts reported in U.S. dollars would be correspondingly increased.

ITEM 8.     FINANCIAL STATEMENTS.

FIRST CORPORATION

(A Development Stage Company)

FINANCIAL STATEMENTS

For the year ended September 30, 2009

CONTENTS

	Page
Report of Independent Registered Public Accounting Firm	F2
Balance Sheets	F3
Statements of Operations	F4
Statement of Changes in Shareholders' Equity	F5
Statements of Cash Flows	F6
Notes to Financial Statements	F7-13

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and

Stockholders of First Corporation (An Exploration Stage Company)

We have audited the accompanying balance sheets of First Corporation (An Exploration Stage Company) as of September 30, 2009 and 2008, and the related statements of operations, stockholders’ equity, and cash flows for each of the years in the two-year period ended September 30, 2009 and for the period from the date of inception on December 27, 1995 to September 30, 2009. First Corporation’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of First Corporation (An Exploration Stage Company) as of September 30, 2009 and 2008, and the results of its operations and its cash flows for each of the years in the two-year period ended September 30, 2009 and for the period from the date of inception on December 27, 1995 to September 30, 2009 in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming the Company will continue as a going concern.  As discussed in Note 6 to the financial statements, the Company has incurred a net operating loss of $164,171 since inception and has not attained profitable operations and is dependent upon obtaining adequate financing to fulfill its planned activity. These factors raise substantial doubt that the Company will be able to continue as a going concern.  Management’s plans in regard to these matters are also discussed in Note 6.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

s/ Madsen & Associates CPA’s, Inc.

Madsen & Associates CPA’s, Inc.

Salt Lake City, Utah

January 12, 2010

FIRST CORPORATION

(AN EXPLORATION STAGE COMPANY)

BALANCE SHEETS

	September 30,	September 30,
	2009	2008
ASSETS
Current Assets:
Cash	$                           -	$                 2,415
Total current assets	-	2,415
Total Assets	$                           -	$                 2,415
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Accounts payable	8,471	145
Due to Shareholder	7,300	-
Total Current Liabilities	15,771	145
Stockholders' Equity (Deficit):
Preferred stock, $.001 par value; authorized 10,000,000, none issued	-	-
Common stock, $.001 par value; 500,000,000 shares authorized
24,868,000 and 48,868,000 shares issued and outstanding
September 30, 2009 and September 30, 2008 respectively	24,868	48,868
Additional paid in capital	123,532	99,532
Accumulated deficit during exploration stage	(164,171)	(146,130)
Total Stockholders' Equity (Deficit)	(15,771)	2,270
Total Liabilities and Stockholders' Equity (Deficit)	$                -	$               2,415

FIRST CORPORATION

 (AN EXPLORATION STAGE COMPANY)

STATEMENTS OF OPERATIONS

			From
			December 27,
			1995
	For the	For the	(Date of
	year	year	inception)
	ended	ended	to
	Sept 30,	Sept 30,	Sept 30,
	2009	2008	2009
Revenue:	$                          -	$                          -	$                           -
Total Revenue	-	-	-
Operating Expenses:
Mineral exploration costs	-	-	30,700
Write off of mineral claim	-	-	15,000
General and administrative	18,041	72,926	118,471
Total Operating Expenses	18,041	72,926	164,171
NET LOSS	$                 (18,041)	$                 (72,926)	$                (164,171)
Weighted Average Shares
Common Stock Outstanding	35,914,575	48,520,295
Net Loss Per  Share
(Basic and Fully Dilutive)	(0.00)	(0.00)

FIRST CORPORATION

(AN EXPLORATION STAGE ENTERPRISE)

STATEMENTS OF CASH FLOWS

			From
			December 27,
			1995
	For the	For the	(Date of
	year	year	inception)
	ended	ended	to
	Sept 30,	Sept 30,	Sept 30,
	2009	2008	2009
Cash Flows Used in Operating Activities:
Net Loss	$                 (18,041)	$                 (72,926)	$                (164,171)
Adjustments to reconcile net (loss)             to net cash provided by             operating activites:
Accounts payable	8,326	(3,880)	8,471
Issuance of stock for services rendered	-	-	15,750
Write off mineral claims	-	-	15,000
Net Cash Used in Operating Activities	(9,715)	(76,806)	(124,950)
Investing Activities:
Acquisition of mineral claims	-	-	(15,000)
Net Cash Used in Investing Activities	-	-	(15,000)
Financing Activities:
Proceeds from note payable to related party	-	-	15,000
Repayment of note payable to related party	-	-	(15,000)
Advances from shareholder	9,715	-	36,715
Repayments to shareholder	(2,415)	(27,000)	(29,415)
Issuance of common stock for cash	-	106,050	132,650
Net Cash Provided by Financing Activities	7,300	79,050	139,950
Net Increase (Decrease) in Cash	(2,415)	2,244	-
Cash at Beginning of Period	2,415	171	-
Cash at End of Period	$                          -	$                    2,415	$                           -
Non-Cash Investing & Financing Activities
Issuance of stock for services	$                          -	$                          -	$                  15,750

FIRST CORPORATION

(AN EXPLORATION STAGE COMPANY)

STATEMENTS OF SOCKHOLDERS' EQUITY (DEFICIT)

		Preferred Stock		Common Stock
		10,000,000 shares		500,000,000 shares			(Deficit)
		authorized		authorized			accumulated
			Par Value		Par Value	Additional	during the
		Shares	$.001 per	Shares	$.001 per	Paid-In	exploration
		Issued	share	Issued	share	Capital	stage	Total
BALANCE- December 27, 1995 (inception)		-	$           -	-	$                   -	$                    -	$                 -	$                -
	Issuance of common stock in exchange for services	-	-	15,000,000	15,000	(14,250)	-	750
	Net loss	-	-	-	-	-	(750)	(750)
BALANCE- September 30, 1996		-	-	15,000,000	15,000	(14,250)	(750)	-
	Net loss	-	-	-	-	-	-	-
BALANCE- September 30, 1997		-	-	15,000,000	15,000	(14,250)	(750)	-
	Net loss	-	-	-	-	-	-	-
BALANCE- September 30, 1998		-	-	15,000,000	15,000	(14,250)	(750)	-
	Issuance of common stock for cash at $.0001 per share		-	6,000,000	6,000	(5,400)	-	600
		-		-	-	-	-	-
BALANCE- September 30, 1999		-	-	21,000,000	21,000	(19,650)	(750)	600
	Net loss	-	-	-	-	-	-	-
BALANCE- September 30, 2000		-	-	21,000,000	21,000	(19,650)	(750)	600
	Net loss	-	-	-	-	-	-	-
BALANCE- September 30, 2001		-	-	21,000,000	21,000	(19,650)	(750)	600
	Net loss	-	-	-	-	-	-	-
BALANCE- September 30, 2002		-	-	21,000,000	21,000	(19,650)	(750)	600
	Net loss	-	-	-	-	-	-	-
BALANCE- September 30, 2003		-	-	21,000,000	21,000	(19,650)	(750)	600
	Issuance of common stock for cash at $.025 per share	-	-	880,000	880	21,120	-	22,000
BALANCE- September 30, 2004		-	-	21,880,000	21,880	1,470	(750)	22,600
	Issuance of common stock for services rendered	-	-	50,000,000	50,000	(35,000)	-	15,000
	Issuance of common stock for cash at $.025 per share	-	-	160,000	160	3,840	-	4,000
	Cancellation of shares	-	-	(26,000,000)	(26,000)	26,000	-	-
	Net loss		-	-	-	-	(46,376)	(46,376)
BALANCE- September 30, 2005		-	-	46,040,000	46,040	(3,690)	(47,126)	(4,776)
	Net loss						(606)	(606)
BALANCE-September 30, 2006		-	-	46,040,000	46,040	(3,690)	(47,732)	(5,382)
	Net loss						(25,472)	(25,472)
BALANCE-September 30, 2007		-	-	46,040,000	46,040	(3,690)	(73,204)	(30,854)
	Issuance of common stock for cash at $.0375 per share	-	-	2,828,000	2,828	103,222	-	106,050
	Net loss	-	-	-	-	-	(72,926)	(72,926)
BALANCE- September 30, 2008		-	-	48,868,000	$            48,868	$               99,532	$       (146,130)	$               2,270
	Cancellation of shares - President - Mar 17/09			(19,200,000)	$           (19,200)	$               19,200
	Cancellation of shares - Secretary/Treasurer Mar 17/09			(4,800,000)	$            (4,800)	$                 4,800
	3 to 1 dividend March 23, 2009 - adjusted retroactively
	Net loss						(18,041)	(18,041)
BALANCE-September 30, 2009		-	-	24,868,000	24,868	123,532	(164,171)	(15,771)

 FIRST CORPORATION

(AN EXPLORATION STAGE COMPANY)

NOTES TO FINANCIAL STATEMENTS

AS AT SEPTEMBER 30, 2009

NOTE 1 – NATURE AND PURPOSE OF BUSINESS

First Corporation (the “Company”) was incorporated under the laws of the State of Colorado on December 27, 1995.  The Company’s activities to date have been limited to organization and capital formation.  The Company is “an exploration stage company” and has acquired a series of mining claims for exploration and formulated a business plan to investigate the possibilities of a viable mineral deposit.  

NOTE 2 – NATURE OF SIGNIFICANT ACCOUNTING POLICIES

CASH AND CASH EQUIVALENTS

The Company considers all highly liquid debt instruments purchased with maturity of three months or less to be cash equivalents.

REVENUE RECOGNITION

The Company considers revenue to be recognized at the time the service is performed.

USE OF ESTIMATES

The preparation of the Company’s financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Actual results could differ from these estimates.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company’s short-term financial instruments consist of cash and cash equivalents and accounts payable.  The carrying amounts of these financial instruments approximate fair value because of their short-term maturities.  Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash.  During the year the Company did not maintain cash deposits at financial institution in excess of the $100,000 limit covered by the Federal Deposit Insurance Corporation.  The Company does not hold or issue financial instruments for trading purposes nor does it hold or issue interest rate or leveraged derivative financial instruments.

EARNINGS PER SHARE

Basic Earnings per Share (“EPS”) is computed by dividing net income available to common stockholders by the weighted average number of common stock shares outstanding during the year.  Diluted EPS is computed by dividing net income available to common stockholders by the weighted-average number of common stock shares outstanding during the year plus potential

dilutive instruments such as stock options and warrant.  The effect of stock options on diluted EPS is determined through the application of the treasury stock method, whereby proceeds received by the Company based on assumed exercises are hypothetically used to repurchase the Company’s common stock at the average market price during the period.  Loss per share is unchanged on a diluted basis since the assumed exercise of common stock equivalents would have an anti-dilutive effect.

INCOME TAXES:

The Company uses the asset and liability method of accounting for income taxes as required by SFAS No. 109 “Accounting for Income Taxes”.  SFAS 109 requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of certain assets and liabilities.  Deferred income tax assets and liabilities are computed annually for the difference between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.  Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.  Income tax expense is the tax payable or refundable for the period, plus or minu s the change during the period in deferred tax assets and liabilities.

Deferred income taxes may arise from temporary differences resulting from income and expanse items reported for financial accounting and tax purposes in different periods.  Deferred taxes are

classified as current or non-current, depending on the classification of the assets and liabilities to which they relate.  Deferred taxes arising from temporary differences that are not related to an

asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse.  The Company had no significant deferred tax items arise during any of the periods presented.

CONCENTRATION OF CREDIT RISK:

The Company does not have any concentration of related financial credit risk.

RECENT ACCOUNTING PRONOUNCEMENTS:

The Company does not expect that the adoption of other recent accounting pronouncements will have a material impact to its financial statements.

NOTE 3 – MINERAL CLAIMS

The Company has entered into an option agreement, dated October 14, 2004 to acquire a 100% interest in a total of two mineral claims located in the Red Lake Mining District in Ontario, Canada.  

The property was acquired for $15,000 in cash.  These costs have been expensed as exploration costs during the year ended September 30, 2005.

NOTE 4 – COMMON STOCK

On October 10, 2004 the Company effected a two for one stock split for all outstanding shares of stock at that date.  On September 5, 2005 the Company effected a five for two stock split for all outstanding shares of stock at that date. On March 20, 2009, the Company effected a stock dividend of three shares of common stock for every one share of common stock held at the record date of March 23, 2009.  These stock splits have been retroactively reported in the shareholders equity as if the stock splits occurred at inception.  

In December, 1995 the Company issued 15,000,000 shares of its common stock to a shareholder in exchange for services.  The shares were valued at $.00004 per share for an aggregate of $600.

In April, 1999 the Company issued 4,500,000 shares of common stock in exchange for cash.  The shares were valued at $.000013 per share for an aggregate of $600.

In September, 2004 the Company issued 880,000 shares of common stock in exchange for cash.  The shares were valued at $.025 per share for an aggregate of $22,000.

In October, 2004 the Company issued 50,000,000 shares in exchange for services rendered.  The shares were valued at $.0003 per share for an aggregate of $15,000.

In December, 2004 the Company issued 160,000 shares in exchange for cash.  The shares were valued at $.025 per share for an aggregate of $4,000.

In September, 2005 two shareholders/officers cancelled 26,000,000 shares of stock that had previously been issued for services rendered.

In December 2007, the Company issued 2,828,000 in exchange for cash.  The shares were valued at $.0375 per share for an aggregate of $106,050.

In August of 2008, the Board of Directors passed a resolution, to amend and restate the Company’s articles of incorporation.  The amended articles of incorporation increase the number of

authorized shares of common stock of the Company to 500,000,000 with a par value of $ .001 per share.  The number of authorized shares of preferred stock remains at 10,000,000 shares.

In March of 2009, two shareholders/officers of the Company cancelled 24,000,000 shares of common stock that had previously been issued for services rendered.

Also, in March of 2009, the Company declared a stock dividend of three shares for every share of common stock held at the record date of March 23, 2009.  Immediately after the stock dividend, the Company had 24,868,000 shares of common stock issued and outstanding.

NOTE 5 – RELATED PARTY TRANSACTIONS

In June of 2004 an entity related by common control advanced $15,000 in cash to the Company.  The balance was repaid in September of 2004.

In May of 2005 a shareholder of the Company advanced $6,500 to the Company for the payment of certain exploration casts.  The advance bears no interest rate and is payable upon demand.

In October of 2004 the Company issued 50,000,000 shares to the Company’s president for services rendered.  Also, in October of 2004 the Company acquired mineral claims from this same individual by paying cash in the amount of $15,000.  This transaction is also described in Note 3 to the financial statements.  

During the year ended September 30, 2005, a shareholder advanced the Company $6,500 to assist the Company with working capital.  During the year ended September 30, 2007, this shareholder advanced an additional $20,500 to the Company.  These advances do not carry an interest rate, do not have a maturity date and are payable to the shareholder upon demand.

During the year ended September 30, 2008, the Company repaid $27,000 to the shareholder.  At September 30, 2008, there were no outstanding shareholder loans.

In December of 2008 this same shareholder advanced $9,715 to the Company to assist with working capital needs.  The Company repaid $2,415 of this advance in December of 2008.  The balance due to the shareholder at September 30, 2009 was $7,300.

NOTE 6 – GOING CONCERN

The accompanying financial statements have been prepared assuming the Company will continue as a going concern.  As shown in the accompanying financial statements, the Company has no

sales and has incurred a net loss of $164,171 since inception.  The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations form the development of its mineral properties.  Management has plans to seek additional capital through a private placement and public offering of its common stock.  The financial statements do not include any adjustments relating to the recoverability and classifications of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.  

NOTE 7 – SUBSEQUENT EVENT

On July 8, 2009 the Company entered into a letter of intent containing a binding agreement for a share exchange whereby the Company would acquire 1.6 million shares of Acquma Holdings Limited (Acquma) from Louis Consulting in exchange for 4.8 million shares of the Company’s restricted common stock.  Upon closing of the agreement, the Company would own 10% of the issued and outstanding shares of Acquma.  The closing was scheduled to take place on or before September 15, 2009.

On October 16, 2009, the Company replaced the above agreement with a new agreement that specified that the Company would acquire all of the issued and outstanding shares of Acquma for the Acquma shareholders in exchange for the issuance of 64,437,848 shares of the Company’s common stock.  Upon closing of this agreement, Acquma will become a wholly-owned subsidiary of First Corporation.

Management has evaluated subsequent events from the fiscal year end of September 30, 2009 to January 12, 2010 which is the date the financial statements were issued.

ITEM 9.     CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

None.

ITEM 9A.     CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls And Procedures

As of the end of the period covered by this report, our management carried out an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on this evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures are, as of the date covered by this Annual Report, effective to ensure that the information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms.

Changes in Internal Controls Over Financial Reporting

In connection with the evaluation of our internal controls during our last fiscal quarter, our principal executive officer and principal financial officer have determined that there have been no changes to our internal controls over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

ITEM 9B.     OTHER INFORMATION.

None.

ITEM 10.     DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT.

Directors, Executive Officers, Promoters and Control Persons

Directors:

Name of Director                                                            AGE

Sheryl Cousineau                                                                    31

Executive Officers:

Name of Officer                                                                     Office

 Sheryl Cousineau                            Director and  Secretary/ Treasurer since December 21, 2003

                                                               President since July, 2009

Sheryl Cousineau                                            Sh   

The following describes the business experience of our director and executive officer, including other directorships held in reporting companies:

Sheryl Cousineau, Chief Financial Officer, Secretary, Treasurer and Director

Ms. Sheryl Cousineau became a director of our company on December 21, 2003 and currently devotes approximately one hour per day to affairs of First Corporation. Upon the commencement of phase 1 and during phase 2 her time devoted to our affairs would be expanded to three ours or more, mainly involved with office administration and assisting Mr. Larsen in his duties.

1994 - 1999  Ms. Cousineau was employed as a teacher’s assistant with the Toronto Board of Education. Among her duties she assisted with both junior and senior kindergarten as well as special needs children. Part of her duties included planning of activities and snacks, did outside playtime duty and assisted children with assignments.

1999 - 2000 Ms. Cousineau was in the Management Training Program of Hidden Hitch, Ltd. in Huntsville, Ontario.  The training program entailed hands-on experience in various departments including assembly line, quality control, packaging, shipping and receiving and painting.                                                       

2000- 2001  Assistant Sales Manager EXL Systems of Canada.  Ms. Cousineau office trained and on-site trained sales people marketing a high-end cleaning and air purifying product.

2001 – 2002 Assistant Manager – Hostess Muskoka on the Rocks, Huntsville, Ontario.  Duties included supervising bar activities, inventory, customer greeting and assuring fine dining atmosphere.

In September, 2002, Ms. Cousineau moved to Calgary, Alberta to become the Sales and Promotion Manager of VIP Magazine, a publication targeting high income consumers.  The magazine ceased publication and all operations in April 2004.

Beginning in August, 2004 Ms. Cousineau became General Manager of Fish Creek Market, Calgary, Alberta.  Her duties cover personnel, ordering, banking, advertising and all other duties entailed in running a very successful specialty supermarket.

Committees of The Board Of Directors

Our Board of Directors does not maintain a separately-designated standing audit committee. As a result, our entire Board of Directors acts as our audit committee. Our Board of Directors has determined that we do not presently have a director who meets the definition of an “audit committee financial expert.” We believe that the cost related to appointing a financial expert to our Board of Directors at this time is prohibitive. Our Board of Directors presently do not have a compensation committee, nominating committee, an executive committee of our board of directors, stock plan committee or any other committees.

Terms of Office

Our directors are appointed for one-year terms to hold office until the next annual general meeting of the holders of our common stock or until removed from office in accordance with our by-laws. Our officers are appointed by our Board of Directors and hold office until removed by our Board of Directors.

Compliance with Section 16(A) Of The Securities Exchange Act

Section 16(a) of the Exchange Act requires our executive officers, directors, and persons who beneficially own more than ten percent of our equity securities (collectively, the “Reporting Persons”) to file reports of ownership and changes in ownership with the SEC. Reporting Persons are required by SEC regulation to furnish us with copies of all Section 16(a) forms they file. Based on our review of the copies of such forms received by us, there were no Reporting Persons who failed to file on a timely basis, reports required by Section 16(a) of the Exchange Act during the most recent fiscal year.

ITEM 11.     EXECUTIVE COMPENSATION.

Summary Compensation Table

The table below summarizes all compensation awarded to, earned by, or paid to our executive officers and directors for all services rendered in all capacities to us since inception on December 27, 1995

		Annual Compensation				Long Term Compensation
Name	Title	Year Ended	Salary	Bonus	Other Annual Compen- sation	Restricted Stock Awarded	Options/ SARs (#)	LTIP payouts  ($)	All Other Compen-  sation
Todd Larsen	Chief Executive Officer, President, & Director	2008 2007 2006	nil    nil     nil	nil  nil     nil	nil  nil     nil	nil  nil     nil	nil  nil     nil	nil  nil     nil	nil  nil      nil
Sheryl Cousineau	Chief Financial Officer,	2008 2007   2006	nil    nil    nil	nil nil nil	nil nil nil	nil nil  nil	nil nil  nil	nil nil  nil	nil nil nil

Except as described above, no other compensation has been paid to, awarded to, or earned by any of our executive officers or directors from our inception.

Employment Contracts

We do not have currently any employment contract with our officers and directors

Stock Option Grants

We did not grant any stock options to the executive officers or directors during our most recently completed fiscal year ended September 30, 2008, and we have not granted any stock options since our inception.

Compensation Arrangements

We do not pay to our directors or officers any salaries or consulting fees. We anticipate that compensation may be paid to our officers in the future. Pursuant to SAB topic 1:B(1) and the last paragraph of SAB 5:T, we are required to report all costs of conducting our business.

Accordingly, we record the fair value of contributed executive services provided to us at no cost as compensation expense, with a corresponding increase to additional paid-in capital, in the year which the services are provided. We do currently do not have any agreements for the compensation of our consultants.

ITEM 12.     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

The following table provides the names and addresses of each person known to us to beneficially own more than 5% of our outstanding common stock as of September 30, 2009, and by the officers and directors, individually and as a group.  Except as otherwise indicated, all shares are owned directly.

Title of class	Name and address of beneficial owner	Amount and nature of beneficial owner	Percent of class
Common Stock	Todd Larsen* 156 Mt. Robson Circle Calgary, AB T2Z 2C1	7,500,000	61.39
Common Stock	Sheryl Cousineau** 16125 Shawbrooke Road, SW Calgary, AB T2Y 3B3	2,000,000	16.37
Common Stock	All executive officers and directors as a group (one person)	9,500,000	77.76

Under Rule 13d-3, a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to dispose or direct the disposition of shares. Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided.

In computing the percentage ownership of any person, the amount of shares outstanding is deemed to include the amount of shares beneficially owned by such person (and only such person) by reason of these acquisition rights. As a result, the percentage of outstanding shares of any person as shown in this table does not necessarily reflect the person’s actual ownership or voting power with respect to the number of shares of common stock actually outstanding on the date of this Annual Report. As of September 30, 2008, we had 12,217,000 shares of common stock issued and outstanding.

Security Ownership of Management

We are not aware of any arrangement that might result in a change in control in the future.

Securities Authorized for Issuance Under Equity Compensation Plans

The following table sets forth certain information concerning all equity compensation plans previously approved by stockholders and all previous equity compensation plans not previously approved by stockholders, as of the most recently completed fiscal year.

EQUITY COMPENSATION PLAN INFORMATION AS AT SEPTEMBER 30, 2008
Plan Category	Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)	Weighted-average exercise price of outstanding options, warrants and rights (b)	Number of securities remaining available for issuance under equity compensation plans (excluding securities reflected in column (a)) (c)
Equity Compensation Plans approved by security holders	Nil	N/A	N/A
Equity Compensation Plans not approved by security holders	Nil	N/A	N/A
Total	Nil	N/A	N/A

ITEM 13.     CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

Except as disclosed below, none of the following parties has, during the last two years, had any material interest, direct or indirect, in any transaction with us or in any presently proposed transaction that has or will materially affect us:

·      Any of our directors or officers;

·      Any person proposed as a nominee for election as a director;

·     Any person who beneficially owns, directly or indirectly, shares carrying more than 10% of the voting rights attached to our outstanding shares of common stock;

·      Any of our promoters; and

·      Any relative or spouse of any of the foregoing persons who has the same house as such person.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Audit Fees

The aggregate fees billed for the two most recently completed fiscal years ended September 30, 2008 and September 30, 2006 for professional services rendered by the principal accountant for the audit of our annual financial statements and review of the financial statements included our Quarterly Reports on Form 10-Q and services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for these fiscal periods were as follows:

	Year Ended September 30, 2009	Year Ended September  30, 2007
Audit Fees	$6,050	$5,500
Audit Related Fees	4,000	2,250
Tax Fees	-	-
All Other Fees	-	-
Total	$10,050	$7,750

ITEM 15.      EXHIBITS.

Exhibit
Number	Description of Exhibits

3.1   Articles of Incorporation*

3.2   Bylaws*

10.1 Acquisition Agreement ^*

10.2 Amending Agreement*

                 31.1 Certification of Chief Executive Officer as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 31.2 Certification of Chief Financial Officer as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

                 32.1 Certification of Chief Executive Officer and Chief Financial Officer as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

* Filed with the SEC as an exhibit to our Registration Statement on Form SB-2

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			FIRST CORPORATION
Date:	January 12, 2010	By:	Sheryl Cousineau
			Chief Financial Officer, Principal Accounting Officer
			President, Secretary/Treasurer and Director

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