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

FORM 10-K

(Mark One)
[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the fiscal year ended July 31, 2010

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the transition period from ______________ to________________

Commission file number 000-52928

FIRST LIBERTY POWER CORP.
(Exact name of registrant as specified in its charter)

Nevada 45-0560329
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

114 West Magnolia St., #400-136, Bellingham, WA 98225
(Address of principal executive offices) (Zip Code)

(702) 990-8402
Registrant's telephone number, including area code

Securities registered under Section 12(b) of the Act:

None N/A
Title of each class Name of each exchange on which registered

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

Common Stock, $0.001 par value
(Title of class)

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

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

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

Indicate by checkmark if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K (ss. 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 checkmark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of "large accelerated filer," "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ] Accelerated filer [ ]
Non-accelerated filer [ ] Smaller reporting company [X]
(Do not check if a smaller reporting company)

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

The aggregate market value of voting and non-voting common equity held by
non-affiliates as of November 15, 2010 was approximately $42,000 based upon
840,000 shares held by non-affiliates and a closing market price of $0.05 per
share on January 31, 2010, the last business day of the registrant's most
recently completed second fiscal quarter..For purposes of this computation, all
executive officers and directors have been deemed to be affiliates. Such
determination should not be deemed to be an admission that such executive
officers and directors are, in fact, affiliates of the Registrant.

As of November 15, 2010, there were 68,425,000 shares of common stock issued and
outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Exhibits incorporated by reference are referred to in Part IV.

AVAILABLE INFORMATION

Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports
on Form 8-K and all amendments to those reports that we file with the Securities
and Exchange Commission, or SEC, are available at the SEC's public reference
room at 100 F Street, N.E., Washington, D.C. 20549. The public may obtain
information on the operation of the public reference room by calling the SEC at
1-800-SEC-0330. The SEC also maintains a website at www.sec.gov that contains
reports, proxy and information statements and other information regarding
reporting companies.

TABLE OF CONTENTS

PAGE
----
PART I
ITEM 1. Business 4
ITEM 1A. Risk Factors 5
ITEM 2. Properties 10
ITEM 3. Legal Proceedings 10
ITEM 4. [Removed and Reserved] 10

PART II
ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters
and Issuer Purchases of Equity Securities 10
ITEM 6. Selected Financial Data 11
ITEM 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations 11
ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 19
ITEM 8. Financial Statements and Supplementary Data 20

PART III
ITEM 10. Directors, Executive Officers and Corporate Governance 35
ITEM 11. Executive Compensation 35
ITEM 12. Security Ownership of Certain Beneficial Owners and Management and
Related Stockholder Matters 37
ITEM 13. Certain Relationships and Related Transactions, and Director
Independence 38
ITEM 14. Principal Accountant Fees and Services 38
ITEM 15. Exhibits Financial Statement Schedules 39
SIGNATURES 40

PART I

FORWARD LOOKING STATEMENTS.

This annual 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" and the risks set out below, any of which 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. These risks include, by way of example and not in
limitation:

* the uncertainty that we will not be able to successfully identify and
evaluate a suitable business opportunity;
* risks related to the large number of established and well-financed
entities that are actively seeking suitable business opportunities;
* risks related to the failure to successfully manage or achieve growth
of a new business opportunity; and
* other risks and uncertainties related to our business strategy.

This list is not an exhaustive list of the factors that may affect any of our
forward-looking statements. These and other factors should be considered
carefully and readers should not place undue reliance on our forward-looking
statements.

Forward looking statements are made based on management's beliefs, estimates and
opinions on the date the statements are made and we undertake no obligation to
update forward-looking statements if these beliefs, estimates and opinions or
other circumstances should change. 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.

The safe harbors of forward-looking statements provided by Section 21E of the
Exchange Act are unavailable to issuers of penny stock. As we issued securities
at a price below $5.00 per share, our shares are considered penny stock and such
safe harbors set forth under the Private Securities Litigation Reform Act of
1995 are unavailable to us.

Our financial statements are stated in United States dollars and are prepared in
accordance with United States generally accepted accounting principles.

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

As used in this annual report, the terms "we," "us," "our" and "First Liberty"
mean First Liberty Power Corp., unless otherwise indicated.

ITEM 1. BUSINESS

The address of our principal executive office is 114 West Magnolia Street, #400
- - 136, Bellingham, WA 98225. Our telephone number is 702-990-8402.

Our common stock is quoted on the OTC Bulletin Board under the symbol "FLPC".

We were incorporated in the State of Nevada under the name "Quuibus Technology,
Inc." on March 28, 2007 to engage in the business of developing and offering a
server-based software product for the creation of wireless communities. On
November 26, 2009, our founding directors and officers resigned and Glyn R.
Garner was elected a director and appointed president, secretary and treasurer
of our company. Due to our inability to commence viable operations in the
software production industry, new management of our company began to evaluate
various business alternatives available to our company to ensure our survival
and to preserve our shareholder's investment in our common shares.

In accordance with board approval, effective December 22, 2009, the Nevada
Secretary of State effected a forward stock split of our authorized and issued
and outstanding shares of common stock on a one (1) old for 27 new basis, such
that our authorized capital increased from 20,000,000 shares of common stock
with par value of $0.001 to 540,000,000 shares of common stock with a par value
of $0.001 and, correspondingly, our issued and outstanding shares of common
stock increased from 2,525,000 shares of common stock to 68,175,000 shares of
common stock. Also, effective December 22, 2009, we changed our name from
"Quuibus Technology, Inc." to "First Liberty Power Corp." by way of a merger
with our wholly owned subsidiary First Liberty Power Corp. which was formed
solely for the purpose of the change of name. The change of name and forward
stock split became effective with the Over-the-Counter Bulletin Board at the
opening for trading on February 4, 2010 under the new stock symbol "FLPC". The
change of name was effected to better reflect the new business direction of our
company.

On December 24, 2009, we entered into two purchase agreements granting our
company exclusive exploration licenses for lithium and lithium carbonate
exploration in Nevada and vanadium and uranium exploration in Utah.

On March 1, 2010, we appointed Mr. Jon Rud as vice-president of exploration of
our company.

On March 11, 2010, we closed a private placement whereby we issued 720,000 units
for gross proceeds of $260,000. Each unit consists of one common share and one
share purchase warrant. Each whole common share purchase warrant shall entitle
the holder to purchase one share of common stock in the capital of our company
for a period of twelve months from closing at a price of $0.50 per warrant
share.

We do not have any subsidiaries.

Other than as set out herein, we have not been involved in any bankruptcy,
receivership or similar proceedings, nor have we been a party to any material
reclassification, merger, consolidation or purchase or sale of a significant
amount of assets not in the ordinary course of our business.

OUR CURRENT BUSINESS

We are an exploration stage company engaged in the exploration of mineral
properties.

On December 24, 2009, we entered into two purchase agreements with GeoExplor
Corp. Under the agreements, we have been granted an exclusive exploration
license in regards to the mineral properties described in the agreements. One
agreement is in regards to claims located in Esmeralda County, Nevada for
Lithium and Lithium Carbonate exploration (the "Lithium Agreement"), and one
agreement is in regards to claims located in San Juan County, Utah for Vanadium
and Uranium exploration (the "Van-Ur Agreement"). Pursuant to both Agreements,
upon the completion of the required payments and work commitments, GeoExplor
shall transfer title to the properties to our company and shall retain a 2%
royalty, on which we shall have the option to purchase one-half, or 1%, for
$1,000,000.

a three year period, of which 250,000 have been issued; and (3) comply with a
work commitment of $1,000,000 within four years of the date of the Agreement.

In regards to the Van-Ur Agreement we are required to (1) make cash payments of
$480,000 over a four year period, of which initial payments of $80,000 have been
made; (2) issue a total of 1,000,000 restricted shares of common stock over a
three year period, of which 250,000 have been issued; and (3) comply with a work
commitment of $1,000,000 within four years of the date of the Agreement.

On March 1, 2010, we entered into a consulting agreement with Mr. John Rud, our
vice president of exploration, wherein Mr. Rud has agreed to provide consulting
services to our company for a period of 12 months. For services rendered, Mr.
Rud has agreed to receive 250,000 shares of our common stock valued at $80,000.

On May 3 2010, we entered into a consulting agreement with Mr. John Hoak,
wherein Mr. Hoak has agreed to provide, among other things, consulting services
to our company. The agreement is effective March 24, 2010 and continues to March
24, 2012. In consideration for agreeing to provide such consulting services, we
have issued to Mr. Hoak 250,000 shares of our common stock valued at $187,500.

EMPLOYEES

As of November 15, 2010, we have no employees as we have been unable to secure
sufficient financing to hire full time or part time staff. Our sole officer and
Director provides services to us on an as-needed basis.

ITEM 1A. RISK FACTORS

RISK FACTORS RELATED TO OUR BUSINESS

WE HAVE A GOING CONCERN OPINION FROM OUR AUDITORS, INDICATING THE POSSIBILITY
THAT WE MAY NOT BE ABLE TO CONTINUE TO OPERATE.

Our company has incurred a net loss of $282,397 for the period from May 29, 2007
(date of inception) through July 31, 2010. We anticipate generating losses for
the next 12 months. Therefore, we may be unable to continue operations in the
future as a going concern. No adjustment has been made in the accompanying
financial statements to the amounts and classification of assets and liabilities
which could result should we be unable to continue as a going concern. If we
cannot continue as a viable entity, our stockholders may lose some or all of
their investment in our company.

In addition, our independent auditors included an explanatory paragraph in their
report on the accompanying financial statements regarding concerns about our
ability to continue as a going concern. As a result, we may not be able to
obtain additional necessary funding. There can be no assurance that we will ever
achieve any revenues or profitability. The revenue and income potential of our
proposed business and operations are unproven, and the lack of operating history
makes it difficult to evaluate the future prospects of our business.

OUR SOLE DIRECTOR HAS SIGNIFICANT VOTING POWER AND MAY TAKE ACTIONS THAT MAY BE
DIFFERENT THAN ACTIONS SOUGHT BY OUR OTHER STOCKHOLDERS.

Our sole Director is able to exercise significant influence over all matters
requiring stockholder approval. This influence over our affairs might be adverse
to the interest of our other stockholders. In addition, this concentration of
ownership could delay or prevent a change in control and might have an adverse
effect on the market price of our common stock.

WE MAY NOT BE ABLE TO SECURE ADDITIONAL FINANCING TO MEET OUR FUTURE CAPITAL
NEEDS DUE TO CHANGES IN GENERAL ECONOMIC CONDITIONS.

We anticipate needing significant capital to conduct further exploration and
development needed to bring our existing mining properties into production
and/or to continue to seek out appropriate joint venture partners or buyers for
certain mining properties. We may use capital more rapidly than currently
anticipated and incur higher operating expenses than currently expected, and we
may be required to depend on external financing to satisfy our operating and
capital needs. We may need new or additional financing in the future to conduct
our operations or expand our business. Any sustained weakness in the general
economic conditions and/or financial markets in the United States or globally
could adversely affect our ability to raise capital on favorable terms or at
all. From time to time we have relied, and may also rely in the future, on
access to financial markets as a source of liquidity to satisfy working capital
requirements and for general corporate purposes. We may be unable to secure debt
or equity financing on terms acceptable to us, or at all, at the time when we
need such funding. If we do raise funds by issuing additional equity or
convertible debt securities, the ownership percentages of existing stockholders

would be reduced, and the securities that we issue may have rights, preferences
or privileges senior to those of the holders of our common stock or may be
issued at a discount to the market price of our common stock which would result
in dilution to our existing stockholders. If we raise additional funds by
issuing debt, we may be subject to debt covenants, which could place limitations
on our operations including our ability to declare and pay dividends. Our
inability to raise additional funds on a timely basis would make it difficult
for us to achieve our business objectives and would have a negative impact on
our business, financial condition and results of operations.

OUR BUSINESS AND OPERATING RESULTS COULD BE HARMED IF WE FAIL TO MANAGE OUR
GROWTH OR CHANGE.

Our business may experience periods of rapid change and/or growth that could
place significant demands on our personnel and financial resources. To manage
possible growth and change, we must continue to try to locate skilled
geologists, mappers, drillers, engineers, technical personnel and adequate funds
in a timely manner.

WE MAY NOT HAVE ACCESS TO THE SUPPLIES AND MATERIALS NEEDED FOR EXPLORATION,
WHICH COULD CAUSE DELAYS OR SUSPENSION OF OUR OPERATIONS.

Competitive demands for contractors and unforeseen shortages of supplies and/or
equipment could result in the disruption of planned exploration activities.
Current demand for exploration drilling services, equipment and supplies is
robust and could result in suitable equipment and skilled manpower being
unavailable at scheduled times in our exploration programs. Furthermore, fuel
prices are rising. We will attempt to locate suitable equipment, materials,
manpower and fuel if sufficient funds are available. If we cannot find the
equipment and supplies needed for our various exploration programs, we may have
to suspend some or all of them until equipment, supplies, funds and/or skilled
manpower can be obtained.

AN UNSUCCESSFUL MATERIAL STRATEGIC TRANSACTION OR RELATIONSHIP COULD RESULT IN
OPERATING DIFFICULTIES AND OTHER HARMFUL CONSEQUENCES TO OUR BUSINESS.

We have evaluated, and expect to continue to evaluate, a wide array of potential
strategic transactions and relationships with third parties. From time to time,
we may engage in discussions regarding potential acquisitions or joint ventures.
Currently, we have a joint venture agreement with Trinity Alps Resources, Inc.
Any of these transactions could be material to our financial condition and
results of operations, and the failure of any of these material relationships
and transactions may have a negative financial impact on our business and our
results of operations.

ATTRACTION AND RETENTION OF QUALIFIED PERSONNEL IS NECESSARY TO IMPLEMENT AND
CONDUCT OUR MINERAL EXPLORATION PROGRAMS.

Our future success will depend largely upon the continued services of our Board
members, executive officers and other key personnel. Our success will also
depend on our ability to continue to attract and retain qualified personnel with
mining experience. Key personnel represent a significant asset for us, and the
competition for qualified personnel is intense in the mineral exploration
industry.

We may have particular difficulty attracting and retaining key personnel in the
initial phases of our exploration programs. We do not have key-person life
insurance coverage on any of our personnel. The loss of one or more of our key
people or our inability to attract, retain and motivate other qualified
personnel could negatively impact our ability to complete our exploration
programs.

RISKS ASSOCIATED WITH OUR INDUSTRY

ENVIRONMENTAL CONTROLS COULD CURTAIL OR DELAY EXPLORATION AND DEVELOPMENT OF OUR
MINES AND IMPOSE SIGNIFICANT COSTS ON US.

We are required to comply with numerous environmental laws and regulations
imposed by federal and state authorities. At the federal level, legislation such
as the Clean Water Act, the Clean Air Act, the Resource Conservation and
Recovery Act, the Comprehensive Environmental Response Compensation Liability
Act and the National Environmental Policy Act impose effluent and waste
standards, performance standards, air quality and emissions standards and other
design or operational requirements for various components of mining and mineral
processing, including lithium, vanadium and uranium mining and processing. In
addition, insurance companies are now requiring additional cash collateral from
mining companies in order for the insurance companies to issue a surety bond.
This addition of cash collateral for a bond could have a significant impact on
our ability to bring properties into production.

Many states have also adopted regulations that establish design, operation,
monitoring, and closing requirements for mining operations. Under these
regulations, mining companies are required to provide a reclamation plan and
financial assurance to ensure that the reclamation plan is implemented upon
completion of mining operations. Additionally, Nevada and other states require
mining operations to obtain and comply with environmental permits, including
permits regarding air emissions and the protection of surface water and
groundwater. Although we believe that the mining properties we currently have an
interest in are in compliance with applicable federal and state environmental
laws, changes in those laws and regulations may necessitate significant capital
outlays or delays, may materially and adversely affect the economics of a given
property, or may cause material changes or delays in our intended exploration,
development and production activities. Any of these results could force us to
curtail or cease our business operations.

PROPOSED LEGISLATION AFFECTING THE MINING INDUSTRY COULD HAVE AN ADVERSE EFFECT
ON US.

During the past several years, the United States Congress considered a number of
proposed amendments to the General Mining Law of 1872, which governs mining
claims and related activities on federal lands. For example, a broad based bill
to reform the General Mining Law of 1872, the Hardrock Mining and Reclamation
Act of 2007 (H.R. 2262) was introduced in the U.S. House of Representatives on
May 10, 2007, and was passed by the U.S. House of Representatives on November 1,
2007, and was submitted to the U.S. Senate where no further action was taken.
More recently, on January 27, 2009, the Hardrock Mining and Reclamation Act of
2009 (H.R. 699) was introduced. If enacted, this act will have several negative
impacts on us including but not limited to: requiring royalty payments of 8% of
gross income from mining a claim on Federal land, or 4% of claims on Federal
land that are subject to an existing permit; and prohibition of certain areas
from being open to the location of mining claims, including wilderness study
areas, areas of critical environmental concern and related areas. Subcommittee
hearings for the bill were held on July 14, 2009.

The extent of any such changes to the General Mining Law of 1872 that may be
enacted is not presently known, and the potential impact on us as a result of
future congressional action is difficult to predict. If enacted, proposed
legislation could adversely affect the economics of developing and operating our
mining properties, which may consist of unpatented mining claims on federal
lands. Our financial performance could therefore be materially and adversely
affected by passage of all or pertinent parts of the proposed legislation, which
could force us to curtail or cease our business operations.

THE DEVELOPMENT AND OPERATION OF OUR MINING PROJECTS INVOLVE NUMEROUS
UNCERTAINTIES.

Mine development projects, including our planned projects, typically require a
number of years and significant expenditures during the development phase before
production is possible.

Development projects are subject to the completion of successful feasibility
studies, issuance of necessary governmental permits and receipt of adequate
financing. The economic feasibility of development projects is based on many
factors such as:

* estimation of reserves;
* anticipated metallurgical recoveries;
* future lithium, vanadium and uranium prices; and
* anticipated capital and operating costs of such projects.

Our mine development projects may have limited relevant operating history upon
which to base estimates of future operating costs and capital requirements.
Estimates of proven and probable reserves and operating costs determined in
feasibility studies are based on geologic and engineering analyses.

Any of the following events, among others, could affect the profitability or
economic feasibility of a project:

* unanticipated changes in grade and tonnage of material to be mined and
processed;
* unanticipated adverse geotechnical conditions;

* incorrect data on which engineering assumptions are made;
* costs of constructing and operating a mine in a specific environment;
* availability and cost of processing and refining facilities;
* availability of economic sources of power;
* adequacy of water supply;
* adequate access to the site;
* unanticipated transportation costs;
* government regulations (including regulations relating to prices,
royalties, duties, taxes, restrictions on production, quotas on
exportation of minerals, as well as the costs of protection of the
environment and agricultural lands);
* fluctuations in metal prices; and
* accidents, labor actions and force majeure events.

Any of the above referenced events may necessitate significant capital outlays
or delays, may materially and adversely affect the economics of a given
property, or may cause material changes or delays in our intended exploration,
development and production activities. Any of these results could force us to
curtail or cease our business operations.

MINERAL EXPLORATION IS HIGHLY SPECULATIVE, INVOLVES SUBSTANTIAL EXPENDITURES,
AND IS FREQUENTLY NON-PRODUCTIVE.

Mineral exploration involves a high degree of risk and exploration projects are
frequently unsuccessful. Few prospects that are explored end up being ultimately
developed into producing mines. To the extent that we continue to be involved in
mineral exploration, the long-term success of our operations will be related to
the cost and success of our exploration programs. We cannot assure you that our
mineral exploration efforts will be successful. The risks associated with
mineral exploration include:

* The identification of potential economic mineralization based on
superficial analysis;
* the quality of our management and our geological and technical
expertise; and
* the capital available for exploration and development.

Substantial expenditures are required to determine if a project has economically
mineable mineralization. It may take several years to establish proven and
probable reserves and to develop and construct mining and processing facilities.
Because of these uncertainties, our current and future exploration programs may
not result in the discovery of reserves, the expansion of our existing reserves
or the further development of our mines.

THE PRICE OF LITHIUM, VANADIUM AND URANIUM ARE HIGHLY VOLATILE AND A DECREASE IN
THE PRICE OF LITHIUM, VANADIUM AND URANIUM WOULD HAVE A MATERIAL ADVERSE EFFECT
ON OUR BUSINESS.

The profitability of mining operations is directly related to the market prices
of metals. The market prices of metals fluctuate significantly and are affected
by a number of factors beyond our control, including, but not limited to, the
rate of inflation, the exchange rate of the dollar to other currencies, interest
rates, and global economic and political conditions. Price fluctuations of
metals from the time development of a mine is undertaken to the time production
can commence can significantly affect the profitability of a mine. Accordingly,
we may begin to develop one or more of our mining properties at a time when the
price of metals makes such exploration economically feasible and, subsequently,

incur losses because the price of metals decreases. Adverse fluctuations of the
market prices of metals may force us to curtail or cease our business
operations.

MINING RISKS AND INSURANCE COULD HAVE AN ADVERSE EFFECT ON OUR PROFITABILITY.

Our operations are subject to all of the operating hazards and risks normally
incident to exploring for and developing mineral properties, such as unusual or
unexpected geological formations, environmental pollution, personal injuries,
flooding, cave-ins, changes in technology or mining techniques, periodic
interruptions because of inclement weather and industrial accidents. Although
maintenance of insurance to ameliorate some of these risks is part of our
proposed exploration program associated with those mining properties we have an
interest in, such insurance may not be available at economically feasible rates
or in the future be adequate to cover the risks and potential liabilities
associated with exploring, owning and operating our properties. Either of these
events could cause us to curtail or cease our business operations.

DUE TO THE UNCERTAIN NATURE OF EXPLORATION, THERE IS A SUBSTANTIAL RISK THAT WE
MAY NOT FIND ECONOMICALLY EXPLOITABLE RESERVES OF LITHIUM, VANADIUM AND URANIUM.

The search for valuable minerals is an extremely risky business. We do not know
whether the claims and properties that we have optioned contain commercially
exploitable reserves of Lithium, Vanadium and Uranium. The likelihood of success
must be considered in light of the costs, difficulties, complications, problems
and delays encountered in connection with the exploration of mineral properties.
These potential problems include, but are not limited to, additional costs and
unanticipated delays and expenses that may exceed current estimates.

WE FACE SIGNIFICANT COMPETITION IN THE MINERAL EXPLORATION INDUSTRY.

We compete with other mining and exploration companies possessing greater
financial resources and technical facilities than we do in connection with the
acquisition of exploration properties and leases on prospects and properties and
in connection with the recruitment and retention of qualified personnel. Such
competition may result in our being unable to acquire interests in economically
viable lithium, vanadium and uranium exploration properties or qualified
personnel.

OUR APPLICATIONS FOR EXPLORATION PERMITS MAY BE DELAYED OR MAY BE DENIED IN THE
FUTURE.

Exploration activities usually require the granting of permits from various
governmental agencies. For exploration drilling on unpatented mineral claims, a
drilling plan must be filed with the Bureau of Land Management or the United
States Forest Service, which may then take several months or more to grant the
requested permit. Depending on the size, location and scope of the exploration
program, additional permits may also be required before exploration activities
can be undertaken. Prehistoric or Indian grave yards, threatened or endangered
species, archeological sites or the possibility thereof, difficult access,
excessive dust and important nearby water resources may all result in the need
for additional permits before exploration activities can commence. With all
permitting processes, there is the risk that unexpected delays and excessive
costs may be experienced in obtaining required permits or the refusal to grant
required permits may not be granted at all, all of which may cause delays and
unanticipated costs in conducting planned exploration activities. Any such
delays or unexpected costs in the permitting process could result in serious
adverse consequences to the price of our stock and to the value of your
investment.

RISKS ASSOCIATED WITH OUR COMMON STOCK

THE MARKET PRICE OF OUR COMMON STOCK IS HIGHLY VOLATILE, WHICH COULD HINDER OUR
ABILITY TO RAISE ADDITIONAL CAPITAL.

The market price of our common stock has been and is expected to continue to be
highly volatile. Factors, including regulatory matters, concerns about our
financial condition, operating results, litigation, government regulation,
developments or disputes relating to agreements, title to our properties or
proprietary rights, may have a significant impact on the market price of our
stock. In addition, potential dilutive effects of future sales of shares of
common stock by shareholders and by us, and subsequent sale of common stock by
the holders of warrants and options could have an adverse effect on the price of
our securities, which could hinder our ability to raise additional capital to
fully implement our business, operating and development plans.

PENNY STOCK REGULATIONS AFFECT OUR STOCK PRICE, WHICH MAY MAKE IT MORE DIFFICULT
FOR INVESTORS TO SELL THEIR STOCK.

Broker-dealer practices in connection with transactions in "penny stocks" are
regulated by certain penny stock rules adopted by the SEC. Penny stocks
generally are equity securities with a price per share of less than $5.00 (other
than securities registered on certain national securities exchanges or quoted on
the NASDAQ Stock Market, provided that current price and volume information with
respect to transactions in such securities is provided by the exchange or
system). 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 that provides information about penny stocks and the
risks in the penny stock market. The broker-dealer must also 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. In addition, the penny stock rules generally require
that prior to a transaction in a penny stock the broker-dealer 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 secondary market for a stock that becomes subject to the
penny stock rules. Our securities are subject to the penny stock rules, and
investors may find it more difficult to sell their securities.

ITEM 2. PROPERTIES

EXECUTIVE OFFICES

The address of our principal executive office is 114 West Magnolia Street, #400
- - 136, Bellingham, WA 98225. Our telephone number is 702-990-8402.

ITEM 3. LEGAL PROCEEDINGS

We know of no material, active or pending legal proceedings against our Company,
nor of any proceedings that a governmental authority is contemplating against
us.

ITEM 4. [REMOVED AND RESERVED]

PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES

MARKET FOR SECURITIES

Our Common Stock is traded on the over-the-counter market and quoted on the
OTCBB under the symbol "FLPC" As of the date of this Annual Report, our stock
has not yet traded.

HOLDERS OF OUR COMMON STOCK

On November 15, 2010 the shareholders' list of our common stock showed 10
registered shareholders and 68,425,000 shares outstanding.

DIVIDEND POLICY

We have not paid any cash dividends on our common stock and have no present
intention of paying any dividends on the shares of our common stock. Our future
dividend policy will be determined from time to time by our board of directors.

Securities Authorized for Issuance under Equity Compensation Plans

As of July 31, 2010, we had not adopted an equity compensation plan and had not
granted any stock options.

Recent Sales of Unregistered Securities

During the fiscal year ended July 31, 2010 we have not sold any equity
securities not registered under the Securities Act.

Purchases of Equity Securities by the Issuer and Affiliated Purchases

During each month within the fourth quarter of the fiscal year ended July 31,
2009, neither we nor any "affiliated purchaser," as that term is defined in Rule
10b-18(a)(3) under the Exchange Act, repurchased any of our Common Stock or
other securities.

ITEM 6. SELECTED FINANCIAL DATA

As a "smaller reporting company", we are not required to provide the information
required by this Item.

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

The following discussion should be read in conjunction with our audited
financial statements and the related notes that appear elsewhere in this annual
report. The following discussion contains forward-looking statements that
reflect our plans, estimates and beliefs. Our actual results could differ
materially from those discussed in the forward looking statements. Factors that
could cause or contribute to such differences include those discussed below and
elsewhere in this annual report.

Our financial statements are stated in United States dollars and are prepared in
accordance with United States generally accepted accounting principles.

APPLICATION OF CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements in conformity with United States
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the year.
The more significant areas requiring the use of estimates include asset
impairment, stock-based compensation, and future income tax amounts. Management
bases its estimates on historical experience and on other assumptions considered
to be reasonable under the circumstances. However, actual results may differ
from the estimates.

BASIS OF PRESENTATION AND ORGANIZATION

We are a Nevada corporation in the exploration stage. Our company was
incorporated under the laws of the State of Nevada on March 28, 2007. The
original business plan of our company was focused on developing and offering a
server-based software product for the creation of wireless communities. In
December 2009, our company changed its business direction. Our company's primary
focus is on exploration of domestic strategic energy and mineral properties to
supply the emerging demand for clean energy. The accompanying financial
statements of our company were prepared from the accounts of our company under
the accrual basis of accounting.

In addition, our company commenced a capital formation activity to effect a
Registration Statement on Form SB-2 with the Securities and Exchange Commission,
and raise capital of up to $60,000 from a self-underwritten offering of
1,200,000 shares of newly issued common stock in the public markets. The
Registration Statement on Form SB-2 was filed with the SEC on November 13, 2007,
and declared effective on November 21, 2007. On February 18, 2008, our company
completed an offering of its registered common stock.

On December 22, 2009, our company declared a 1 for 27 forward stock split of its
issued and outstanding common stock. Our company authorized common stock
increased from 20,000,000 shares of common stock with a par value of $0.001 to
540,000,000 shares of common stock with a par value of $0.001, and
correspondingly, our company issued and outstanding shares of common stock
increased from 2,525,000 shares of common stock to 68,175,000 shares of common
stock.

Effective December 22, 2009, our company changed its name from "Quuibus
Technology, Inc." to "First Liberty Power Corp." by way of a merger with its
wholly owned subsidiary First Liberty Power Corp., which was formed solely for
the change of name.

CASH AND CASH EQUIVALENTS

For purposes of reporting within the statements of cash flows, our company
considers all cash on hand, cash accounts not subject to withdrawal restrictions
or penalties, and all highly liquid debt instruments purchased with a maturity
of three months or less to be cash and cash equivalents.

MINERAL PROPERTIES

Our company is primarily engaged in the business of the acquisition,
exploration, development, mining, and production of domestic strategic energy
and mineral properties, with emphasis on lithium, vanadium and uranium. Mineral
claim and other property acquisition costs are capitalized as incurred. Such
costs are carried as an asset of our company until it becomes apparent through
exploration activities that the cost of such properties will not be realized
through mining operations. Mineral exploration costs are expensed as incurred,
and when it becomes apparent that a mineral property can be economically
developed as a result of establishing proven or probable reserve, the
exploration costs, along with mine development cost, are capitalized. The costs
of acquiring mineral claims, capitalized exploration costs, and mine development
costs are recognized for depletion and amortization purposes under the
units-of-production method over the estimated life of the probable and proven
reserves. If mineral properties, exploration, or mine development activities are
subsequently abandoned or impaired, any capitalized costs are charged to
operations in the current period.

REVENUE RECOGNITION

Our company is in the exploration stage and has yet to realize revenues from
operations. Once our company has commenced operations, it will recognize
revenues when delivery of goods or completion of services has occurred provided
there is persuasive evidence of an agreement, acceptance has been approved by
its customers, the fee is fixed or determinable based on the completion of
stated terms and conditions, and collection of any related receivable is
probable.

LOSS PER COMMON SHARE

Basic loss per share is computed by dividing the net loss attributable to the
common stockholders by the weighted average number of shares of common stock
outstanding during the period. Diluted loss per share is computed similar to
basic loss per share except that the denominator is increased to include the
number of additional common shares that would have been outstanding if the
potential common shares had been issued and if the additional common shares were
dilutive. There were no dilutive financial instruments issued or outstanding
during the years ended July 31, 2010, and 2009.

INCOME TAXES

Our company accounts for income taxes pursuant to FASB ASC 740 INCOME TAXES.
Under FASB ASC 740-10-25, deferred tax assets and liabilities are determined
based on temporary differences between the bases of certain assets and
liabilities for income tax and financial reporting purposes. The deferred tax
assets and liabilities are classified according to the financial statement
classification of the assets and liabilities generating the differences.

Our company maintains a valuation allowance with respect to deferred tax assets.
Our company establishes a valuation allowance based upon the potential
likelihood of realizing the deferred tax asset and taking into consideration our
company's financial position and results of operations for the current period.
Future realization of the deferred tax benefit depends on the existence of
sufficient taxable income within the carryforward period under the Federal tax
laws.

Changes in circumstances, such as our company generating taxable income, could
cause a change in judgment about the realizability of the related deferred tax
asset. Any change in the valuation allowance will be included in income in the
year of the change in estimate.

FAIR VALUE OF FINANCIAL INSTRUMENTS

Our company estimates the fair value of financial instruments using the
available market information and valuation methods. Considerable judgment is
required in estimating fair value. Accordingly, the estimates of fair value may
not be indicative of the amounts our company could realize in a current market
exchange. As of July 31, 2010, and 2009, the carrying value of our company's
financial instruments approximated fair value due to the short-term nature and
maturity of these instruments.

DEFERRED OFFERING COSTS

Our company defers as other assets the direct incremental costs of raising
capital until such time as the offering is completed. At the time of the
completion of the offering, the costs are charged against the capital raised.
Should the offering be terminated, deferred offering costs are charged to
operations during the period in which the offering is terminated. For the year
ended July 31, 2008, our company offset $13,750 in deferred offering costs to
additional paid-in capital.

COMMON STOCK REGISTRATION EXPENSES

Our company considers incremental costs and expenses related to the registration
of equity securities with the SEC, whether by contractual arrangement as of a
certain date or by demand, to be unrelated to original issuance transactions. As
such, subsequent registration costs and expenses are reflected in the
accompanying financial statements as general and administrative expenses, and
are expensed as incurred.

ESTIMATES

The financial statements are prepared on the basis of accounting principles
generally accepted in the United States of America. The preparation of financial
statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities as of July 31, 2010, and 2009, and expenses for the years
ended July 31, 2010, and 2009, and cumulative from inception. Actual results
could differ from those estimates made by management.

NEW ACCOUNTING PRONOUNCEMENTS

In March 2008, the FASB issued FASB Statement No. 161, (FASB ASC 815)
"DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - AN AMENDMENT
OF FASB STATEMENT 133". SFAS No. 161 (FASB ASC 815) enhances required
disclosures regarding derivatives and hedging activities, including enhanced
disclosures regarding how: (a) an entity uses derivative instruments; (b)
derivative instruments and related hedged items are accounted for under FASB No.
133, "Accounting for Derivative Instruments and Hedging Activities"; and (c)
derivative instruments and related hedged items affect an entity's financial
position, financial performance, and cash flows. Specifically, SFAS No. 161
(FASB ASC 815) requires:

* disclosure of the objectives for using derivative instruments be
disclosed in terms of underlying risk and accounting designation;
* disclosure of the fair values of derivative instruments and their
gains and losses in a tabular format;
* disclosure of information about credit-risk-related contingent
features;
* and cross-reference from the derivative footnote to other footnotes in
which derivative-related information is disclosed.

SFAS No. 161 (FASB ASC 815) is effective for fiscal years and interim periods
beginning after November 15, 2008. Earlier application is encouraged. The
management of First Liberty Power Corp. does not expect the adoption of this
pronouncement to have a material impact on its financial statements.

On May 9, 2008, the FASB issued FASB Statement No. 162, (FASB ASC 105) "THE
HIERARCHY OF GENERALLY ACCEPTED ACCOUNTING PRINCIPLES". SFAS No. 162 (FASB ASC
105) is intended to improve financial reporting by identifying a consistent
framework, or hierarchy, for selecting accounting principles to be used in
preparing financial statements that are presented in conformity with U.S.
generally accepted accounting principles ("GAAP") for nongovernmental entities.

Prior to the issuance of SFAS No. 162 (FASB ASC 105), GAAP hierarchy was defined
in the American Institute of Certified Public Accountants ("AICPA") Statement on
Auditing Standards ("SAS") No. 69, "THE MEANING OF PRESENT FAIRLY IN CONFORMITY
WITH GENERALLY ACCEPT ACCOUNTING PRINCIPLES." SAS No. 69 has been criticized
because it is directed to the auditor rather than the entity. SFAS No. 162 (FASB
ASC 105) addresses these issues by establishing that the GAAP hierarchy should
be directed to entities because it is the entity (not the auditor) that is
responsible for selecting accounting principles for financial statements that
are presented in conformity with GAAP.

The sources of accounting principles that are generally accepted are categorized
in descending order as follows:

a. FASB Statements of Financial Accounting Standards and Interpretations,
FASB Statement 133 Implementation Issues, FASB Staff Positions, and
American Institute of Certified Public Accountants (AICPA) Accounting
Research Bulletins and Accounting Principles Board Opinions that are
not superseded by actions of the FASB.
b. FASB Technical Bulletins and, if cleared by the FASB, AICPA Industry
Audit and Accounting Guides and Statements of Position.
c. AICPA Accounting Standards Executive Committee Practice Bulletins that
have been cleared by the FASB, consensus positions of the FASB
Emerging Issues Task Force (EITF), and the Topics discussed in
Appendix D of EITF Abstracts (EITF D-Topics).
d. Implementation guides (Q&As) published by the FASB staff, AICPA
Accounting Interpretations, AICPA Industry Audit and Accounting Guides
and Statements of Position not cleared by the FASB, and practices that
are widely recognized and prevalent either generally or in the
industry.

SFAS No. 162 (FASB ASC 105) is effective 60 days following the SEC's approval of
the Public Company Accounting Oversight Board amendment to its authoritative
literature. It is only effective for nongovernmental entities; therefore, the
GAAP hierarchy will remain in SAS 69 for state and local governmental entities
and federal governmental entities. The management of First Liberty Power Corp.
does not expect the adoption of this pronouncement to have a material impact on
its financial statements.

On May 26, 2008, the FASB issued FASB Statement No. 163, (FASB ASC 944)
"ACCOUNTING FOR FINANCIAL GUARANTEE INSURANCE CONTRACTS". SFAS No. 163 (FASB ASC
944) clarifies how FASB Statement No. 60, "ACCOUNTING AND REPORTING BY INSURANCE
ENTERPRISES" ("SFAS No. 60"), applies to financial guarantee insurance contracts
issued by insurance enterprises, including the recognition and measurement of
premium revenue and claim liabilities. It also requires expanded disclosures
about financial guarantee insurance contracts.

The accounting and disclosure requirements of SFAS No. 163 (FASB ASC 944) are
intended to improve the comparability and quality of information provided to
users of financial statements by creating consistency. Diversity exists in
practice in accounting for financial guarantee insurance contracts by insurance
enterprises under SFAS No. 60, "ACCOUNTING AND REPORTING BY INSURANCE
ENTERPRISES." That diversity results in inconsistencies in the recognition and
measurement of claim liabilities because of differing views about when a loss
has been incurred under FASB Statement No. 5, "ACCOUNTING FOR CONTINGENCIES"
("SFAS No. 5"). SFAS No. 163 (FASB ASC 944) requires that an insurance
enterprise recognize a claim liability prior to an event of default when there
is evidence that credit deterioration has occurred in an insured financial
obligation. It also requires disclosure about (a) the risk-management activities
used by an insurance enterprise to evaluate credit deterioration in its insured
financial obligations and (b) the insurance enterprise's surveillance or watch
list.

SFAS No. 163 (FASB ASC 944) is effective for financial statements issued for
fiscal years beginning after December 15, 2008, and all interim periods within
those fiscal years, except for disclosures about the insurance enterprise's
risk-management activities. Disclosures about the insurance enterprise's
risk-management activities are effective the first period beginning after
issuance of SFAS No. 163 (FASB ASC 944). Except for those disclosures, earlier
application is not permitted. The management of First Liberty Power Corp. does
not expect the adoption of this pronouncement to have material impact on its
financial statements.

On May 22, 2009, the FASB issued FASB Statement No. 164, (FASB ASC 958)
"NOT-FOR-PROFIT ENTITIES: MERGERS AND ACQUISITIONS". SFAS No. 164 (FASB ASC 958)
is intended to improve the relevance, representational faithfulness, and
comparability of the information that a not-for-profit entity provides in its
financial reports about a combination with one or more other not-for-profit
entities, businesses, or nonprofit activities. To accomplish that, this
Statement establishes principles and requirements for how a not-for-profit
entity:

a. Determines whether a combination is a merger or an acquisition.
b. Applies the carryover method in accounting for a merger.
c. Applies the acquisition method in accounting for an acquisition,
including determining which of the combining entities is the acquirer.
d. Determines what information to disclose to enable users of financial
statements to evaluate the nature and financial effects of a merger or
an acquisition.

This Statement also improves the information a not-for-profit entity provides
about goodwill and other intangible assets after an acquisition by amending FASB
Statement No. 142, GOODWILL AND OTHER INTANGIBLE ASSETS, to make it fully
applicable to not-for-profit entities.

SFAS No. 164 (FASB ASC 958) is effective for mergers occurring on or after
December 15, 2009, and acquisitions for which the acquisition date is on or
after the beginning of the first annual reporting period beginning on or after
December 15, 2009. Early application is prohibited. The management of First
Liberty Power Corp. does not expect the adoption of this pronouncement to have
material impact on its financial statements.

On May 28, 2009, the FASB issued FASB Statement No. 165, (FASB ASC 855)
"SUBSEQUENT EVENTS". SFAS No. 165 (FASB ASC 855) establishes general standards
of accounting for and disclosure of events that occur after the balance sheet
date but before financial statements are issued or are available to be issued.
Specifically, Statement 165 (FASB ASC 855) provides:

1. The period after the balance sheet date during which management of a
reporting entity should evaluate events or transactions that may occur
for potential recognition or disclosure in the financial statements.
2. The circumstances under which an entity should recognize events or
transactions occurring after the balance sheet date in its financial
statements.
3. The disclosures that an entity should make about events or
transactions that occurred after the balance sheet date.

In accordance with this Statement, an entity should apply the requirements to
interim or annual financial periods ending after June 15, 2009. The adoption of
this pronouncement did not have a material impact on the financial statements of
our company.

In June 2009, the FASB issued FASB Statement No. 166, (FASB ASC 860) "ACCOUNTING
FOR TRANSFERS OF FINANCIAL ASSETS- AN AMENDMENT OF FASB STATEMENT NO, 140". SFAS
No. 166 (FASB ASC 860) is a revision to SFAS No. 140 "ACCOUNTING FOR TRANSFERS
AND SERVICING OF FINANCIAL ASSETS AND EXTINGUISHMENT OF LIABILITIES" and will
require more information about transfers of financial assets, including
securitization transactions, and where companies have continuing exposure to the
risks related to transferred financial assets. It eliminates the concept of a
"qualifying special-purpose entity," changes the requirements for derecognizing
financial assets, and requires additional disclosures.

This statement is effective for financial asset transfers occurring after the
beginning of an entity's first fiscal year that begins after November 15, 2009.
The management of First Liberty Power Corp. does not expect the adoption of this
pronouncement to have a material impact on its financial statements.

In June 2009, the FASB issued FASB Statement No. 167, (FASB ASC 810) "AMENDMENTS
TO FASB INTERPRETATION NO. 46(R)". SFAS No. 167 (FASB ASC 810) amends certain
requirements of FASB Interpretation No. 46(R), "Consolidation of Variable
Interest Entities" and changes how a company determines when an entity that is
insufficiently capitalized or is not controlled through voting (or similar
rights) should be consolidated. The determination of whether a company is
required to consolidate an entity is based on, among other things, an entity's
purpose and design and a company's ability to direct the activities of the
entity that most significantly impact the entity's economic performance.

This statement is effective as of the beginning of each reporting entity's first
annual reporting period that begins after November 15, 2009. The management of
First Liberty Power Corp. does not expect the adoption of this pronouncement to
have a material impact on its financial statements.

In June 2009, the FASB issued FASB Statement No. 168, (FASB ASC 105) "THE FASB
ACCOUNTING STANDARDS CODIFICATION AND THE HIERARCHY OF GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES - A REPLACEMENT OF FASB STATEMENT NO. 162". SFAS No. 168
(FASB ASC 105) establishes the FASB Accounting Standards Codification (the
"Codification") to become the single official source of authoritative,
nongovernmental U.S. generally accepted accounting principles ("GAAP"). The
Codification did not change GAAP but reorganizes the literature.

SFAS No. 168 (FASB ASC 105) is effective for interim and annual periods ending
after September 15, 2009. The management of First Liberty Power Corp. does not
expect the adoption of this pronouncement to have a material impact on its
financial statements.

EXECUTIVE OVERVIEW

On March 1, 2010, we appointed Mr. Jon Rud as vice-president of exploration of
our company.

We do not have any subsidiaries.

OUR CURRENT BUSINESS

We are an exploration stage company engaged in the exploration of mineral
properties.

In regards to the Lithium Agreement we are required to: (1) make cash payments
of $490,500 over a four year period, of which initial payments of $115,500 have
been made; (2) issue a total of 1,000,000 restricted shares of common stock over
a three year period, of which 250,000 have been issued; and (3) comply with a
work commitment of $1,000,000 within four years of the date of the Agreement.

CASH REQUIREMENTS

We anticipate a cash requirement in the amount of $205,000 during the next 12
months. Accordingly, we will require additional funds to implement our
exploration and development programs. These funds may be raised through equity
financing, debt financing, or other sources, which may result in further
dilution in the equity ownership of our shares. There is still no assurance that
we will be able to maintain operations at a level sufficient for an investor to
obtain a return on his investment in our common stock. Further, we may continue
to be unprofitable. We need to raise additional funds in the immediate future in
order to proceed with our exploration program.

Over the next 12 months we anticipate that we will incur the following cash
requirements:

Amount
--------
General operating fees $ 35,000
Professional Fees 20,000
Exploration and Development Costs 150,000
--------

TOTAL $205,000
========

CAPITAL EXPENDITURES

We do not intend to invest in capital expenditures during the twelve-month
period ending July 31, 2011.

GENERAL AND ADMINISTRATIVE EXPENSES

We expect to spend $35,000 during the twelve-month period ending July 31, 2011
on general and administrative expenses including legal and auditing fees, rent,
office equipment and other administrative related expenses.

PRODUCT RESEARCH AND DEVELOPMENT

We do not anticipate expending any funds on research and development,
manufacturing and engineering over the twelve months ending July 31, 2011.

PURCHASE OF SIGNIFICANT EQUIPMENT

We do not intend to purchase any significant equipment over the twelve months
ending July 31, 2011.

PERSONNEL PLAN

As of July 31, 2010, our only employees were our directors and officer.

We do not expect any material changes in the number of employees over the next
12 month period. We do and will continue to outsource contract employment as
needed.

We engage contractors from time to time to consult with us on specific corporate
affairs or to perform specific tasks in connection with our exploration
programs.

RESULTS OF OPERATIONS

REVENUES

We had no revenues for the period from May 29, 2007 (date of inception), through
July 31, 2010.

EXPENSES

Our expenses for the twelve month period ended July 31, 2010 and 2009 were
$205,727 and $20,196, respectively. During the period from May 29, 2007 (date of
inception), through July 31, 2010, we incurred expenses of $268,019. These
expenses were comprised primarily of office rent, legal expenses, accounting
expenses, SEC filing fees, transfer agent fees, as well as bank fees.

NET INCOME (LOSS)

Our net loss for the twelve-month period ended July 31, 2010 and 2009 was
$220,105 and $20,196, respectively. During the period from May 29, 2007 (date of
inception), through July 31, 2010, we incurred a net loss of $282,397. This loss
consisted of office rent, legal expenses, accounting expenses, SEC filing fees,
transfer agent fees, as well as bank fees. Since inception, we have sold
68,175,000 shares of common stock.

PURCHASE OR SALE OF EQUIPMENT

We do not expect to purchase or sell any plant or significant equipment.

LIQUIDITY AND CAPITAL RESOURCES

As of July 31, 2010, our total current assets were $383,182, and our total
current liabilities were $439,854 and we had a working capital deficiency of
$56,672. Our financial statements report a net loss of $220,105 for the year
ended July 31, 2010, and a net loss of $282,397 for the period from March 28,
2007 (date of inception) through July 31, 2010.

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. In this regard we have
raised additional capital through equity offerings and loan transactions.

GOING CONCERN

In their audit report relating to our financial statements for the period ended
July 31, 2010 and 2009, our independent accountants indicated that there are a
number of factors that raise substantial doubt about our ability to continue as
a going concern. Such factors identified in the report are our lack of revenue
resulting in a net loss position and insufficient funds to meet our business
objectives. All of these factors continue to exist and raise doubt about our
status as a going concern.

We anticipate that additional funding will be required in the form of equity
financing from the sale of our common stock. At this time, we cannot provide
investors with any assurance that we will be able to raise sufficient funding
from the sale of our common stock or through a loan from our directors to meet
our obligations over the next twelve months. We do not have any arrangements in
place for any future debt or equity financing.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXLORATION STAGE COMPANY)

1. INDEX TO FINANCIAL STATEMENTS 2. JULY 31, 2010, AND 2009

Report of Registered Independent Auditors................................. 21

Financial Statements

Balance Sheets as of July 31, 2010, and 2009.............................. 22

Statements of Operations for the Years Ended July 31, 2010,
and 2009, and Cumulative from Inception .................................. 23

Statement of Stockholders' Equity (Deficit) for the Period from
Inception Through July 31, 2010 .......................................... 24

Statements of Cash Flows for the Years Ended July 31, 2010,
and 2009, and Cumulative from Inception .................................. 25

Notes to Financial Statements July 31, 2010, and 2009..................... 26

REPORT OF REGISTERED INDEPENDENT AUDITORS

To the Board of Directors and Stockholders
of First Liberty Power Corp.:

We have audited the accompanying balance sheets of First Liberty Power Corp.
(formerly Quuibus Technology Inc., and a Nevada corporation in the exploration
stage) as of July 31, 2010, and 2009, and the related statements of operations,
stockholders' equity (deficit), and cash flows for each of the two years in the
period ended July 31, 2010, and cumulative from inception (March 28, 2007)
through July 31, 2010. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States of America). Those standards require
that we plan and perform the audits 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 audits 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 includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our 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 Liberty Power Corp. as of
July 31, 2010, and 2009, and the results of its operations and its cash flows
for each of the two years in the period ended July 31, 2010, and cumulative from
inception (March 28, 2007) through July 31, 2010, in conformity with accounting
principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note 2 to the
financial statements, the Company is in the exploration stage, and has not
established any source of revenue to cover its operating costs. As such, it has
incurred an operating loss since inception. Further, as of July 31, 2010, and
2009, the cash resources of the Company were insufficient to meet its planned
business objectives. These and other factors raise substantial doubt about the
Company's ability to continue as a going concern. Management's plan regarding
these matters is also described in Note 2 to the financial statements. The
accompanying financial statements do not include any adjustments that might
result from the outcome of this uncertainty.

Respectfully submitted,

/s/ Etania Audit Group P.C.
- -----------------------------------
Cedar City, Utah,
November 5, 2010.

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
BALANCE SHEETS (NOTE 2)
AS OF JULY 31, 2010, AND 2009

July 31, July 31,
2010 2009
--------- ---------

ASSETS

CURRENT ASSETS:
Cash in bank $ 172,271 $ 138
Prepaid consulting fees 210,911 --
--------- ---------
Total current assets 383,182 138
--------- ---------
PROPERTY AND EQUIPMENT:
Mineral properties 275,000 --
--------- ---------
Total property and equipment 275,000 --
--------- ---------

TOTAL ASSETS $ 658,182 $ 138
========= =========

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES:
Accounts payable - Trade $ 147,092 $ 4,705
Accrued liabilities 33,001 3,500
Due to stockholder 9,761 1,000
Loan payable 250,000 --
--------- ---------
Total current liabilities 439,854 9,205
--------- ---------

Total liabilities 439,854 9,205
--------- ---------
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock, par value $0.001 per share; 540,000,000 shares
authorized; 68,425,000 and 68,175,000 shares issued
and outstanding in 2010, and 2009, respectively 68,425 68,175
Discount on common stock -- (14,950)
Additional paid in capital 172,300 --
Common stock subscribed - 720,000 shares of common stock 360,000 --
Stock subscription receivable (100,000) --
(Deficit) accumulated during the exploration stage (282,397) (62,292)
--------- ---------

Total stockholders' equity (deficit) 218,328 (9,067)
--------- ---------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 658,182 $ 138
========= =========

The accompany notes to financial statements is an integral
part of this statement.

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
STATEMENTS OF OPERATIONS (NOTE 2)
FOR THE YEARS ENDED JULY 31, 2010, AND 2009,
AND CUMULATIVE FROM INCEPTION (MARCH 28, 2007)
THROUGH JULY 31, 2010

July 31, Cumulative
------------------------------- From
2010 2009 Inception
------------ ------------ ------------

REVENUES $ -- $ -- $ --
----------- ----------- -----------
EXPENSES:
Exploration costs 67,711 -- 67,711
General and administrative-
Accounting and audit fees 16,900 9,500 34,400
Legal fees - Other 20,014 3,024 38,205
Transfer agent fees 1,311 1,450 15,280
SEC filing fees 620 4,622 9,395
Consulting fees 86,589 -- 86,589
Office rent 1,440 1,441 4,321
Legal fees - Incorporation fees -- -- 475
Bank and currency exchange fees 3,042 159 3,455
Office supplies and miscellaneous 8,100 -- 8,188
----------- ----------- -----------
Total general and administrative expenses 138,016 20,196 200,308
----------- ----------- -----------

(LOSS) FROM OPERATIONS (205,727) (20,196) (268,019)

OTHER INCOME (EXPENSE):
Interest (expense) (14,378) -- (14,378)
----------- ----------- -----------
(LOSS) BEFORE INCOME TAXES (220,105) (20,196) (282,397)

PROVISION FOR INCOME TAXES -- -- --
----------- ----------- -----------

NET (LOSS) $ (220,105) $ (20,196) $ (282,397)
=========== =========== ===========
(LOSS) PER COMMON SHARE:
(Loss) per common share - Basic and Diluted $ (0.00) $ (0.00)
=========== ===========
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING - BASIC AND DILUTED 68,229,795 68,175,000
=========== ===========

The accompany notes to financial statements is an integral
part of this statement.

QUUIBUS TECHNOLOGY, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF STOCKHOLDERS' EQUITY (NOTE 2)
FOR THE PERIOD FROM INCEPTION (MARCH 28, 2007)
THROUGH JULY 31, 2010

(Deficit)
Accumulated
Common stock Additional Stock During the
------------------ Discount on Paid-in Subscription Common Stock Exploration
Description Shares Amount Common stock Capital Receivable Subscribed Stage Totals
----------- ------ ------ ------------ ------- ---------- ---------- ----- ------

BALANCE - MARCH 28, 2007 -- $ -- $ -- $ -- $ -- $ -- $ -- $ --

Common stock issued for
cash 43,200,000 43,200 (23,200) -- -- -- -- 20,000

Net (loss) for the period -- -- -- -- -- -- (520) (520)
---------- ------- -------- -------- --------- -------- --------- ---------

BALANCE - JULY 31, 2007 43,200,000 43,200 (23,200) -- -- -- (520) 19,480
---------- ------- -------- -------- --------- -------- --------- ---------

Common stock issued for cash 24,975,000 24,975 21,525 -- -- -- -- 46,500

Deferred offering costs -- -- (13,750) -- -- -- -- (13,750)

Forgiveness of related
party debt -- -- 475 -- -- -- -- 475

Net (loss) for the period -- -- -- -- -- -- (41,576) (41,576)
---------- ------- -------- -------- --------- -------- --------- ---------

BALANCE - JULY 31, 2008 68,175,000 68,175 (14,950) -- -- -- (42,096) 11,129
---------- ------- -------- -------- --------- -------- --------- ---------

Net (loss) for the period -- -- -- -- -- -- (20,196) (20,196)
---------- ------- -------- -------- --------- -------- --------- ---------

BALANCE - JULY 31, 2009 68,175,000 68,175 (14,950) -- -- -- (62,292) (9,067)
---------- ------- -------- -------- --------- -------- --------- ---------

Common stock subscribed for
cash - 720,000 shares -- -- -- -- (100,000) 360,000 -- 260,000

Common stock issued for
services 250,000 250 14,950 172,300 -- -- -- 187,500

Net (loss) for the period -- -- -- -- -- -- (220,105) (220,105)
---------- ------- -------- -------- --------- -------- --------- ---------

BALANCE - JULY 31, 2010 68,425,000 $68,425 $ -- $172,300 $(100,000) $360,000 $(282,397) $ 218,328
========== ======= ======== ======== ========= ======== ========= =========

The accompany notes to financial statements is an integral
part of this statement.

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
STATEMENTS OF CASH FLOWS (NOTE 2)
FOR THE YEARS ENDED JULY 31, 2010, AND 2009,
AND CUMULATIVE FROM INCEPTION (MARCH 28, 2007)
THROUGH JULY 31, 2010

July 31, Cumulative
----------------------------- From
2010 2009 Inception
---------- ---------- ----------

OPERATING ACTIVITIES:
Net (loss) $(220,105) $ (20,196) $(282,397)
Adjustments to reconcile net (loss) to net cash
(used in) operating activities:
Stock subscribed and issued for consulting services 56,589 -- 57,064
Changes in net assets and liabilities-
Accounts payable - Trade 37,387 4,505 42,092
Accrued liabilities 29,501 (120) 33,001
--------- --------- ---------
NET CASH (USED IN) OPERATING ACTIVITIES (96,628) (15,811) (150,240)
--------- --------- ---------
INVESTING ACTIVITIES:
Mineral properties acquired (250,000) -- (250,000)
--------- --------- ---------
NET CASH (USED IN) INVESTING ACTIVITIES (250,000) -- (250,000)
--------- --------- ---------
FINANCING ACTIVITIES:
Proceeds from unit subscriptions 260,000 -- 260,000
Proceeds from the issuance of common stock -- -- 66,500
Proceeds from former shareholder loan 8,761 1,000 9,761
Proceeds from loan 250,000 -- 250,000
Deferred offering costs -- -- (13,750)
--------- --------- ---------
NET CASH PROVIDED BY FINANCING ACTIVITIES 518,761 1,000 572,511
--------- --------- ---------

NET INCREASE (DECREASE) IN CASH 172,133 (14,811) 172,271
---------
CASH - BEGINNING OF PERIOD 138 14,949 --
--------- --------- ---------

CASH - END OF PERIOD $ 172,271 $ 138 $ 172,271
========= ========= =========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid during the period for:
Interest $ -- $ -- $ --
========= ========= =========
Income taxes $ -- $ -- $ --
========= ========= =========

During the year ended July 31, 2008, an officer, Director, and shareholder
of the Company forgave the Company of a related party debt in the amount of
$475.
On December 24, 2009, the Company entered into an agreement to issue
500,000 shares of common stock pursuant to the Share Purchase Agreement entered
into for mineral properties acquired. The 500,000 shares of common stock were
valued at $25,000.
On March 1, 2010, the Company entered into a consulting agreement with Mr.
John Rud. The Company will issue 250,000 shares of common stock valued at
$80,000 for the services rendered. As of July 31, 2010, $33,333 of consulting
expense was recognized pertaining to this agreement, and accounts payable -
Trade of $80,000 .
On May 13, 2010, the Company entered into a consulting agreement with Mr.
John Hoak. The Company issued 250,000 shares of common stock valued at $187,500
for the services to be rendered. As of July 31, 2010, $23,256 of consulting
expense was recognized pertaining to this agreement.
On July 31, 2010, the Company subscribed 720,000 units, which including one
share of common stock and one warrant to purchase one share of common stock at
$0.50 per share. As of July 31, 2010, the Company had received proceeds of
$260,000.

The accompany notes to financial statements is an integral
part of this statement.

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
JULY 31, 2010, AND 2009

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND ORGANIZATION

First Liberty Power Corp. ("First Liberty Power" or the "Company" and formerly
Quuibus Technology, Inc.) is a Nevada corporation in the exploration stage. The
Company was incorporated under the laws of the State of Nevada on March 28,
2007. The original business plan of the Company was focused on developing and
offering a server-based software product for the creation of wireless
communities. In December 2009, the Company changed its business direction. The
Company's primary focus is on exploration of domestic strategic energy and
mineral properties to supply the emerging demand for clean energy. The
accompanying financial statements of the Company were prepared from the accounts
of the Company under the accrual basis of accounting.

In addition, the Company commenced a capital formation activity to effect a
Registration Statement on Form SB-2 with the Securities and Exchange Commission,
and raise capital of up to $60,000 from a self-underwritten offering of
1,200,000 shares of newly issued common stock in the public markets. The
Registration Statement on Form SB-2 was filed with the SEC on November 13, 2007,
and declared effective on November 21, 2007. On February 18, 2008, the Company
completed an offering of its registered common stock as explained in Note 4.

On December 22, 2009, the Company declared a 1 for 27 forward stock split of its
issued and outstanding common stock. The Company authorized common stock
increased from 20,000,000 shares of common stock with a par value of $0.001 to
540,000,000 shares of common stock with a par value of $0.001, and
correspondingly, the Company issued and outstanding shares of common stock
increased from 2,525,000 shares of common stock to 68,175,000 shares of common
stock.

Effective December 22, 2009, the Company changed its name from "Quuibus
Technology, Inc." to "First Liberty Power Corp." by way of a merger with its
wholly owned subsidiary First Liberty Power Corp., which was formed solely for
the change of name.

CASH AND CASH EQUIVALENTS

For purposes of reporting within the statements of cash flows, the Company
considers all cash on hand, cash accounts not subject to withdrawal restrictions
or penalties, and all highly liquid debt instruments purchased with a maturity
of three months or less to be cash and cash equivalents.

MINERAL PROPERTIES

The Company is primarily engaged in the business of the acquisition,
exploration, development, mining, and production of domestic strategic energy
and mineral properties, with emphasis on lithium, vanadium, and uranium. Mineral
claim and other property acquisition costs are capitalized as incurred. Such
costs are carried as an asset of the Company until it becomes apparent through
exploration activities that the cost of such properties will not be realized

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
JULY 31, 2010, AND 2009

through mining operations. Mineral exploration costs are expensed as incurred,
and when it becomes apparent that a mineral property can be economically
developed as a result of establishing proven or probable reserve, the
exploration costs, along with mine development cost, are capitalized. The costs
of acquiring mineral claims, capitalized exploration costs, and mine development
costs are recognized for depletion and amortization purposes under the
units-of-production method over the estimated life of the probable and proven
reserves. If mineral properties, exploration, or mine development activities are
subsequently abandoned or impaired, any capitalized costs are charged to
operations in the current period.

REVENUE RECOGNITION

The Company is in the exploration stage and has yet to realize revenues from
operations. Once the Company has commenced operations, it will recognize
revenues when delivery of goods or completion of services has occurred provided
there is persuasive evidence of an agreement, acceptance has been approved by
its customers, the fee is fixed or determinable based on the completion of
stated terms and conditions, and collection of any related receivable is
probable.

LOSS PER COMMON SHARE

INCOME TAXES

The Company accounts for income taxes pursuant to FASB ASC Topic740, INCOME
TAXES. Under FASB ASC Topic 740-10-25, deferred tax assets and liabilities are
determined based on temporary differences between the bases of certain assets
and liabilities for income tax and financial reporting purposes. The deferred
tax assets and liabilities are classified according to the financial statement
classification of the assets and liabilities generating the differences.

The Company maintains a valuation allowance with respect to deferred tax assets.
The Company establishes a valuation allowance based upon the potential
likelihood of realizing the deferred tax asset and taking into consideration the
Company's financial position and results of operations for the current period.
Future realization of the deferred tax benefit depends on the existence of
sufficient taxable income within the carryforward period under the Federal tax
laws.

Changes in circumstances, such as the Company generating taxable income, could
cause a change in judgment about the realizability of the related deferred tax
asset. Any change in the valuation allowance will be included in income in the
year of the change in estimate.

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
JULY 31, 2010, AND 2009

FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company estimates the fair value of financial instruments using the
available market information and valuation methods. Considerable judgment is
required in estimating fair value. Accordingly, the estimates of fair value may
not be indicative of the amounts the Company could realize in a current market
exchange. As of July 31, 2010, and 2009, the carrying value of the Company's
financial instruments approximated fair value due to the short-term nature and
maturity of these instruments.

DEFERRED OFFERING COSTS

The Company defers as other assets the direct incremental costs of raising
capital until such time as the offering is completed. At the time of the
completion of the offering, the costs are charged against the capital raised.
Should the offering be terminated, deferred offering costs are charged to
operations during the period in which the offering is terminated. For the year
ended July 31, 2008, the Company offset $13,750 in deferred offering costs to
additional paid-in capital.

COMMON STOCK REGISTRATION EXPENSES

The Company considers incremental costs and expenses related to the registration
of equity securities with the SEC, whether by contractual arrangement as of a
certain date or by demand, to be unrelated to original issuance transactions. As
such, subsequent registration costs and expenses are reflected in the
accompanying financial statements as general and administrative expenses, and
are expensed as incurred.

ESTIMATES

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
JULY 31, 2010, AND 2009

(2) EXPLORATION STAGE ACTIVITIES AND GOING CONCERN

The Company is currently in the exploration stage and has engaged in limited
operations. Initial operations through July 31, 2010, include capital formation
activities, organization, target market identification, and marketing plans. The
original business plan of the Company was focused on developing and offering a
server-based software product for the creation of wireless communities. In
December 2009, the Company changed its business direction to the exploration and
development of domestic strategic energy and mineral properties. The Company's
goal is to seek mineral resources to capitalize on the anticipated explosive
demand for sustainable clean power.

During the period from March 28, 2007, through July 31, 2010, the Company was
incorporated and issued 43,200,000 shares (post forward stock split) to its
Directors for cash proceeds of $20,000. In addition, the Company commenced a
capital formation activity to effect a Registration Statement on Form SB-2 with
the SEC, and raise capital of up to $60,000 from a self-underwritten offering of
32,400,000 shares (post forward stock split) of newly issued common stock in the
public markets. The Registration Statement on Form SB-2 was filed with the SEC
on November 13, 2007, and declared effective on November 21, 2007. On February
18, 2008, the Company completed an offering of its registered common stock as
explained in Note 4. The Company also intends to conduct additional capital
formation activities through the issuance of its common stock and to further
conduct its operations.

While management of the Company believes that the Company will be successful in
its planned operating activities, there can be no assurance that it will be able
to be successful in the development of its product, sale of its planned product,
and services that will generate sufficient revenues to sustain its operations.

The accompanying financial statements have been prepared in conformity with
accounting principles generally accepted in the United States of America, which
contemplate continuation of the Company as a going concern. The Company has
incurred an operating loss since inception and has no revenues to offset its
operating costs. These and other factors raise substantial doubt about the
Company's ability to continue as a going concern. The accompanying financial
statements do not include any adjustments to reflect the possible future effects
on the recoverability and classification of assets or the amounts and
classification of liabilities that may result from the possible inability of the
Company to continue as a going concern.

(3) CHANGE IN MANAGEMENT

On November 26, 2009, Mr. Yavuz Konur resigned as Chief Technical Officer and a
Director of the Company.

On November 26, 2009, Mr. Hossein Mohseni resigned as the President, Secretary,
Treasurer, and a Director of the Company.

On November 26, 2009, the Company appointed Mr. Glyn R. Garner as the President,
Secretary, Treasurer, and a Director of the Company.

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
JULY 31, 2010, AND 2009

On March 1, 2010, the Company appointed Mr. John Rud as Vice President of
Exploration of the Company.

On May 13, 2010, the Company appointed Mr. John Hoak as a Director of the
Company.

(4) COMMON STOCK

The Company is authorized to issue 540,000,000 shares (post forward stock split)
of $0.001 par value common stock. All common stock shares have equal voting
rights, are non-assessable, and have one vote per share. Voting rights are not
cumulative and, therefore, the holders of more than 50% of the common stock
could, if they choose to do so, elect all of the Directors of the Company.

On July 6, 2007, the Company issued 43,200,000 shares of common stock to its
Directors at a price of $0.00046 per share for cash proceeds of $20,000.

In addition, in 2007, the Company commenced a capital formation activity to
effect a Registration Statement on Form SB-2 with the SEC, and raise capital of
up to $60,000 from a self-underwritten offering of 32,400,000 shares (post
forward stock split) of newly issued common stock at a price of $0.0019 per
share in the public markets. The Registration Statement on Form SB-2 was filed
with the SEC on November 13, 2007, and declared effective on November 21, 2007.
On February 18, 2008, the Company completed the self-underwritten offering of
24,975,000 shares (post forward stock split) of its registered common stock, par
value of $0.001 per share, at an offering price of $0.0019 per share for
proceeds of $46,500.

On December 24, 2009, the Company agreed to issue 500,000 shares (post forward
stock split) of common stock to GeoExplor Corp. pursuant the Mineral Property
Purchase Agreement. (See Note 8 for additional information). The 500,000 shares
of common stock were valued at $25,000 based on the 2008 self-underwritten
offering price. As of July 31, 2010, these shares have not been issued.

On March 1, 2010, the Company entered into a consulting agreement with Mr. John
Rud, wherein Mr. Rud has agreed to provide, among other things, consulting
services to the Company for a period of 12 months. The Company agreed to issue
to Mr. Rud 250,000 shares of the Company common stock for services rendered
valued at $80,000. As of July 31, 2010, these shares of common stock have not
been issued.

On March 11, 2010, the Company subscribed 720,000 units in a private placement
at $0.50 per unit. Each unit consisted of one common share and one detachable
warrant. Each whole common share purchase warrant entitles the holder to
purchase one share of common stock at a price of $0.50 for a period of twelve
months commencing from closing. As of July 31, 2010, the warrants had not been
issued and, therefore, not valued. The common stock subscribed has been valued
at $0.50 per share.

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
JULY 31, 2010, AND 2009

On May 13, 2010, the Company entered into a consulting agreement and issued
250,000 shares of common stock to Mr. John Hoak, a Director of the Company, for
consulting services to be rendered. The services were valued at $187,500.

(5) INCOME TAXES

The provision (benefit) for income taxes for the years ended July 31, 2010, and
2009, was as follows (assuming a 15 percent effective tax rate):

Year Ended July 31,
2010 2009
------- -------
Current Tax Provision:
Federal-
Taxable income $ -- $ --
------- -------

Total current tax provision $ -- $ --
======= =======

Deferred Tax Provision:
Federal-
Loss carryforwards $33,016 $ 3,029
Change in valuation allowance (33,016) (3,029)
------- -------

Total deferred tax provision $ -- $ --
======= =======

The Company had deferred income tax assets as of July 31, 2010, and 2009, as
follows:

July 31,
2010 2009
------- -------

Loss carryforwards $42,359 $ 9,343
Less - Valuation allowance (42,359) (9,343)
------- -------

Total net deferred tax assets $ -- $ --
======= =======

The Company provided a valuation allowance equal to the deferred income tax
assets for the years ended July 31, 2010, and 2009, because it is not presently
known whether future taxable income will be sufficient to utilize the loss
carryforwards. As of July 31, 2010, the Company had approximately $282,397 (July
31, 2009 - $62,292) in tax loss carryforwards that can be utilized in future
periods to reduce taxable income, and begin to expire in the year 2027.

(6) RELATED PARTY TRANSACTIONS

During the year ended July 31, 2008, an officer, Director, and stockholder of
the Company personally paid for expenses on behalf of the Company in the amount
of $475. As of July 31, 2008, this individual forgave the Company of this debt.

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
JULY 31, 2010, AND 2009

As of July 31, 2010, an officer, former Director and stockholder of the Company
had loaned $9,761 (July 31, 2009- $1,000) to the Company for working capital
purposes. The loan is unsecured, non-interest bearing, and has no specific terms
for repayment.

(7) LOAN PAYABLE

On December 24, 2009, the Company borrowed $200,000 from a third party under a
promissory note. The loan is unsecured, bears interest at 10 percent per annum,
and is due and payable on or before December 23, 2010. On March 15, 2010, the
Company borrowed an additional $50,000. The loan is unsecured, bears interest at
10 percent per annum, and is due on or before March 15, 2011. As of July 31,
2010, $14,378 of interest related to the loans was accrued.

(8) CONTRACTS AND AGREEMENTS

MINERAL PROPERTY PURCHASE AGREEMENT

On December 24, 2009, the Company entered into two property purchase agreements
with GeoExplor Corp., which granted an exclusive exploration licenses to the
mineral properties described in the agreements. One agreement is in regards to
claims located in Esmeralda County, Nevada, for Lithium and Lithium Carbonate
exploration ( the "Lithium Agreement"), and one agreement is in regards to
claims located in San Juan County, Utah, for Vanadium and Uranium exploration
(the "Van-Ur Agreement"). In regards to the Lithium Agreement, the Company is
required to (1) make cash payments of $490,500 over a four year period, of which
initial payments of $115,500 have been made; (2) issue a total of 1,000,000
restricted shares of common stock over a three year period, of which 250,000
shares of common stock were issuable upon execution of the agreement; and (3)
comply with a work commitment of $1,000,000 within four years of the date of the
agreement. In regards to the Van-Ur Agreement, the Company is required to (1)
make cash payments of $480,000 over a four year period, of which initial
payments of $80,000 have been made; (2) issue a total of 1,000,000 restricted
shares of common stock over a three year period, of which 250,000 shares of
common stock were issuable upon execution of the agreement; and (3) comply with
a work commitment of $1,000,000 within four years of the date of the Agreement.
Pursuant to both Agreements, upon the completion of the required payments and
work commitments, GeoExplor shall transfer title to the properties to the
Company, and will retain a 2 percent royalty, on which, the Company will have
the option to purchase one-half, or 1%, for $1,000,000.

(9) RECENT ACCOUNTING PRONOUNCEMENTS

On May 22, 2009, the FASB issued FASB Statement No. 164, (FASB ASC 958),
"NOT-FOR-PROFIT ENTITIES: MERGERS AND ACQUISITIONS". SFAS No. 164 (FASB ASC 958)
is intended to improve the relevance, representational faithfulness, and
comparability of the information that a not-for-profit entity provides in its
financial reports about a combination with one or more other not-for-profit
entities, businesses, or nonprofit activities. To accomplish that, this
Statement establishes principles and requirements for how a not-for-profit
entity:

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
JULY 31, 2010, AND 2009

On May 28, 2009, the FASB issued FASB Statement No. 165, (FASB ASC 855),
"SUBSEQUENT EVENTS." SFAS No. 165 (FASB ASC 855) establishes general standards
of accounting for and disclosure of events that occur after the balance sheet
date, but before financial statements are issued or are available to be issued.
Specifically, Statement 165 (FASB ASC 855) provides:

In June 2009, the FASB issued FASB Statement No. 166, (FASB ASC 860),
"ACCOUNTING FOR TRANSFERS OF FINANCIAL ASSETS- AN AMENDMENT OF FASB STATEMENT
NO, 140." SFAS No. 166 (FASB ASC 860) is a revision to SFAS No. 140, "ACCOUNTING
FOR TRANSFERS AND SERVICING OF FINANCIAL ASSETS AND EXTINGUISHMENT OF
LIABILITIES" and will require more information about transfers of financial
assets, including securitization transactions, and where companies have
continuing exposure to the risks related to transferred financial assets. It
eliminates the concept of a "qualifying special-purpose entity," changes the
requirements for derecognizing financial assets, and requires additional
disclosures.

FIRST LIBERTY POWER CORP.
(FORMERLY QUUIBUS TECHNOLOGY, INC.)
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
JULY 31, 2010, AND 2009

In June 2009, the FASB issued FASB Statement No. 167, (FASB ASC 810),
"AMENDMENTS TO FASB INTERPRETATION NO. 46(R)." SFAS No. 167 (FASB ASC 810)
amends certain requirements of FASB Interpretation No. 46(R), "Consolidation of
Variable Interest Entities" and changes how a company determines when an entity
that is insufficiently capitalized or is not controlled through voting (or
similar rights) should be consolidated. The determination of whether a company
is required to consolidate an entity is based on, among other things, an
entity's purpose and design and a company's ability to direct the activities of
the entity that most significantly impact the entity's economic performance.

In June 2009, the FASB issued FASB Statement No. 168, (FASB ASC 105), "THE FASB
ACCOUNTING STANDARDS CODIFICATION AND THE HIERARCHY OF GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES - A REPLACEMENT OF FASB STATEMENT NO. 162." SFAS No. 168
(FASB ASC 105) establishes the FASB Accounting Standards Codification (the
"Codification") to become the single official source of authoritative,
nongovernmental U.S. generally accepted accounting principles ("GAAP"). The
Codification did not change GAAP, but reorganizes the literature.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE EXECUTIVE
OFFICER AND DIRECTORS

Our officers and directors and their ages and positions are as follows:

Name Age Position
---- --- --------
Glyn Garner 50 President and Director

Mr. Garner owned a successful general contracting company in London, England.
Since 1996 to date, Mr. Garner owns and operates Black and White Construction in
Antigua, Dominica, St. Marten and St. Kitts where he builds high end homes and
developments.

COMMITTEES OF THE BOARD OF DIRECTORS

To date, our Board of Directors has not established a nominating and governance
committee, a compensation committee, nor an audit committee

CODE OF ETHICS

We currently do not have a Code of Ethics.

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Section 16(a) of the Securities Exchange Act of 1934, as amended, requires our
directors, executive officers, and stockholders holding more than 10% of our
outstanding common stock, to file with the Securities and Exchange Commission
initial reports of ownership and reports of changes in beneficial ownership of
our common stock. Executive officers, directors and greater-than-10%
stockholders are required by SEC regulations to furnish us with copies of all
Section 16(a) reports they file. To our knowledge, based solely on review of the
copies of such reports furnished to us for the period ended July 31, 2009, no
Section 16(a) reports required to be filed by our executive officers, directors
and greater-than-10% stockholders were not filed on a timely basis.

ITEM 11. EXECUTIVE COMPENSATION

The particulars of compensation paid to the following persons during the fiscal
period ended July 31, 2009 are set out in the summary compensation table below:

* our Chief Executive Officer (Principal Executive Officer);
* our Chief Financial Officer (Principal Financial Officer);
* each of our three most highly compensated executive officers, other
than the Principal Executive Officer and the Principal Financial
Officer, who were serving as executive officers at the end of the
fiscal year ended July 31, 2010; and
* up to two additional individuals for whom disclosure would have been
provided under the item above but for the fact that the individual was
not serving as our executive officer at the end of the fiscal year
ended July 31, 2010;

(collectively, the "Named Executive Officers"):

SUMMARY COMPENSATION TABLE

Change in
Pension
Value and
Non-Equity Nonqualified
Incentive Deferred All
Fiscal Plan Compen- Other
Name and Year Stock Option Compen- sation Compen-
Principal Ended Salary Bonus Awards Awards sation Earnings sation Totals
Position July 31 ($) ($) ($) ($) ($) ($) ($) ($)
- ------------ ------- ------ ----- ------ ------ ------ -------- ------ ------

Glyn 2010 0 0 0 0 0 0 0 0
Garner (1) 2009 0 0 0 0 0 0 0 0

Hossein 2010 0 0 0 0 0 0 0 0
Mohseni (2) 2009 0 0 0 0 0 0 0 0

- ----------
(1) Mr. Garner has been our President and Director since December 4, 2009
(2) Mr. Mohseni resigned as our President and Director on December 4, 2009

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR END

Option Awards Stock Awards
----------------------------------------------------------------- --------------------------------------------
Equity
Incentive
Equity Plan
Incentive Awards:
Plan Market or
Awards: Payout
Equity Number of Value of
Incentive Number Unearned Unearned
Plan Awards; of Market Shares, Shares,
Number of Number of Number of Shares Value of Units or Units or
Securities Securities Securities or Units Shares or Other Other
Underlying Underlying Underlying of Stock Units of Rights Rights
Unexercised Unexercised Unexercised Option Option That Stock That That That
Options (#) Options (#) Unearned Exercise Expiration Have Not Have Not Have Not Have Not
Name Exercisable Unexercisable Options (#) Price Date Vested(#) Vested Vested Vested
- ---- ----------- ------------- ----------- ----- ---- --------- ------ ------ ------
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j)

Glyn Garner 0 0 0 0 0 0 0 0 0

Hossein 0 0 0 0 0 0 0 0 0
Mohseni

OPTION GRANTS AND EXERCISES

There were no option grants or exercises by any of the executive officers named
in the Summary Compensation Table above.

EMPLOYMENT AGREEMENTS

We have not entered into employment and/or consultant agreements with our
Directors and officers.

COMPENSATION OF DIRECTORS

All directors receive reimbursement for reasonable out-of-pocket expenses in
attending board of directors meetings and for promoting our business. From time

to time we may engage certain members of the board of directors to perform
services on our behalf. In such cases, we compensate the members for their
services at rates no more favorable than could be obtained from unaffiliated
parties. Our directors have not received any compensation for the fiscal year
ended July 31, 2009.

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

The table below sets forth the number and percentage of shares of our common
stock owned as of October 26, 2009, by the following persons: (i) stockholders
known to us who own 5% or more of our outstanding shares, (ii) each of our
Directors, and (iii) our officers and Directors as a group. Unless otherwise
indicated, each of the stockholders has sole voting and investment power with
respect to the shares beneficially owned.

Name and Address of Amount and Nature of Percentage
Title of Class Beneficial Owner(2) Beneficial Ownership of Class(1)
- -------------- ------------------- -------------------- -----------

Common Stock Glyn Garner 43,200,000 63.1%

Common Stock All officers as a 43,200,000 63.1%
Group

- ----------
(1) Based on 68,425,000 shares of our common stock outstanding.

CHANGES IN CONTROL

There are no existing arrangements that may result in a change in control of our
company.

SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS.

The following table sets forth information regarding our equity compensation
plans.

Number of Securities to be Number of Securities
Issued Upon Exercise of Weighted-Average Exercise Remaining Available for
Outstanding Options, Price of Outstanding Options, Future Issuance Under
Warrants and Rights Warrants and Rights Equity Compensation Plans
Plan Category (a) (b) (excluding column (a))
------------- ------------------- ------------------- -------------------------

Equity compensation plans -- -- --
approved by security
holders

Equity compensation plans -- -- --
not approved by security
holders

Total -- -- --

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
INDEPENDENCE

Other than the transactions discussed below, we have not entered into any
transaction since the last fiscal year nor are there any proposed transactions
that exceed one percent of the average of our total assets at year end for the
last three completed fiscal years in which any of our Directors, executive
officers, stockholders or any member of the immediate family of any of the
foregoing had or is to have a direct or indirect material interest.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

AUDIT FEES

For the year ended July 31, 2010, Davis Accounting Group, P.C. billed us for
$4,500 in audit fees.

REVIEW FEES

Davis Accounting Group, P.C., billed us $6,000 for reviews of our quarterly
financial statements in 2010 that are not reported under Audit Fees above.

TAX AND ALL OTHER FEES

We did not pay any fees to Davis Accounting Group, P.C.for tax compliance, tax
advice, tax planning or other work during our fiscal year ended July 31, 2010.

PRE-APPROVAL POLICIES AND PROCEDURES

We have implemented pre-approval policies and procedures related to the
provision of audit and non-audit services. Under these procedures, our board of
directors pre-approves all services to be provided by Moore and Associates,
Chartered and the estimated fees related to these services.

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

Exhibit Description
- ------- -----------

3.1 Articles of Incorporation. (Attached as an exhibit to our
Registration Statement on Form SB-2 originally filed with the SEC
on November 9, 2007 and incorporated herein by reference.)

3.2 Bylaws. (Attached as an exhibit to our Registration Statement on
Form SB-2 originally filed with the SEC on November 13, 2007 and
incorporated herein by reference.)

31.1 Certification of Joselito Christopher G. Imperial pursuant to Rule
13a-14(a).

32.1 Certification of Joselito Christopher G. Imperial pursuant to 18
U.S.C Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.

SIGNATURES

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

ERE MANAGEMENT, INC.

November 18, 2010 By: /s/ Glyn Garner
-----------------------------------------
Glyn Garner
President and Director (Principal
Executive and Principal Financial Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, this report has been signed below by the following persons on behalf of
the registrant and in the capacities indicated.

Signatures Title Date
- ---------- ----- ----

/s/ Glyn Garner President and Director November 18, 2010
- --------------------------
Glyn Garner