UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.

20549

FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2009

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

For the transition period from ____________ to _____________

Commission File No. 333-132796


SHAKA SHOES, INC. Previously TECHNOLOGY RESOURCES, INC.
( Exact name of small business issuer as specified in its charter)

	FLORIDA	59-3364116
	(State or other jurisdiction of incorporation or organization)	(I.R.S. Tax. I.D. No.)

77-6360 Halawai Place, Kailua Kona, HI, 96740

(Address of Principal Executive Offices)

(808) 329-4809

(Registrant’s Telephone Number, Including Area Code)

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

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

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


Large accelerated filer o	Accelerated filer o
Non-accelerated filer o (do not check if smaller reporting company)	Smaller reporting company T

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes £ No T

State the number of shares outstanding of each of the issuer’s classes of common equity, as of November 19, 2009, are as follows:


Class of Securities	Shares Outstanding
Common Stock, $0.001 par value	38,986,200

Transitional Small Business Disclosure Format (check one): Yes £ No T

TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION
Item 1.	Unaudited Condensed Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operation or Plan of Operation	12
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	15
Item 4.	Controls and Procedures	15

PART II -OTHER INFORMATION
Item 1.	Legal Proceedings.	16
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	16
Item 3.	Defaults Upon Senior Securities.	16
Item 4.	Submission of Matters to a Vote of Security Holders.	16
Item 5.	Other Information.	16
Item 6.	Exhibits	17

SIGNATURES			18

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Condensed Financial Statements

Shaka Shoes, Inc.

(previously Technology Resources, Inc.)

As of September 30, 2009 (unaudited) and December 31, 2008

And for the Three and Nine Months Ended September 30, 2009 (unaudited) and 2008 (unaudited)

Contents


Condensed Financial Statements:

Condensed Balance Sheets, September 30, 2009 (unaudited) and December 31, 2008 (audited)	4
Condensed Statements of Operation, September 30, 2009 and 2008 (unaudited)	5
Condensed Statements of Cash Flows, September 30, 2009 and 2008 (unaudited)	6
Notes to Condensed Financial Statements, September 30, 2009 and 2008 (unaudited)	7-11

Shaka Shoes, Inc.

(previously Technology Resources, Inc.)

Condensed Balance Sheet


		September 30,		December 31,
		2009		2008
		(unaudited)		(audited)
ASSETS
Current Assets
Cash	$	70	$	70
Receivable from related party		883,722		883,722
Total Current Assets		883,792		883,792

Furniture and equipment		19,954		19,954
Accumulated depreciation		(19,954)		(19,954)
Furniture and Equipment, Net		-		-

Investment in wholly-owned subsidiary		79		79

TOTAL ASSETS	$	883,871	$	883,871

LIABILITIES & STOCKHOLDERS’ EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued expenses	$	80,153	$	48,203
Due to shareholder		70,340		60,340
Total Current Liabilities		150,493		108,543

Stockholders' Equity
Common stock, $.001 par value, 200,000,000 shares authorized,
38,930,200 and 15,360,000 issued and outstanding		38,930		18,986
Paid in capital		998,704		1,018,648
Stock Subscription Receivable		(20,388)		(20,388)
Accumulated deficit		(283,868)		(241,918)
		733,378		775,328

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	883,871	$	883,871
.

See accompanying notes to the condensed financial statement


Shaka Shoes, Inc.
(previously Technology Resources, Inc.)
Condensed Statement of Operations
(unaudited)

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2009		2008		2009		2008

Revenue	$	-	$	-	$	-	$	-

Operating Expenses
Computer and Internet Expenses		-		-		-		409
Depreciation Expense		-		-		-		593
Interest Expense		-		-		-		1,002
Office and Miscellaneous		-		-		-		205
Professional Fees		15,600		500		41,950		4,313
Telephone		-		-		-		450
Total Expenses		15,600		500		41,950		6,972
Net Income (Loss) from Operations		(15,600)		(500)		(41,950)		(6,972)

Other Income (Expenses)
Interest Income		-		-		-		-
Provision for Income Taxes		-		-		-		-
Total Other Income (Expenses)		-		-		-		-

Net Income (Loss)	$	(15,600)	$	(500)	$	(41,950)	$	(6,972)


Earnings per Common Share	$	(0.01)	$	(0.01)	$	(0.01)	$	(0.01)
Weighted Average Common Shares		38,986,200		17,975,620		37,515,612		17,119,774


*See accompanying notes to the condensed financial statement.*


Shaka Shoes, Inc.
(previously Technology Resources, Inc.)
Condensed Statement of Cash Flows
(unaudited)

		September 30,
		2009		2008
OPERATING ACTIVITIES:
Net Loss	$	(41,950)	$	(6,972)
Adjustments to reconcile net loss to cash used in
and provided by operating activities:
Depreciation		-		593
Changes in:
Receivable from related party		-		(906,610)
Accounts payable and accrued expense		31,950		(19,298)
Net Cash provided by (used in) Operating Activities		( 10,000)		(932,287)

FINANCING ACTIVITIES:
Repayment of Line of Credit		-		(34,720)
Shareholder Loans		10,000		60,340
Sale of Common Stock		-		906,610
Net provided by (used in) Financing Activities		10,000		932,230

NET CASH (DECREASE) INCREASE FOR THE PERIOD		-		(57)
BEGINNING CASH		70		127
ENDING CASH AS OF SEPTEMBER 30, 2009 and 2008	$	70	$	70

Supplemental cash flow information:
Interest paid	$	-	$	-
Taxes paid	$	-	$	-

*See accompanying notes to the condensed financial statement.*

Shaka Shoes, Inc.

(previously Technology Resources, Inc.)

Notes to Condensed Financial Statements

(Unaudited)

NOTE A – ORGANIZATION AND NATURE OF BUSINESS

The Company was incorporated March 1, 1996 in the State of Florida. The Company was in the business of providing placement services in the field of technical and executive personnel.

Up until May 20, 2008, the Company provided employee placement services nationally and internationally with the immediate market in the Tampa Bay region. The Company was primarily a permanent employment agency; however, temporary staff augmentation provided ancillary revenue. Accordingly, the Company developed a range of services to offer in the consulting industry. These included a full range of business services typically found in small to large executive placement firms such as interviewing candidates, performing reference checks, and developing candidate interviewing techniques.

On May 20^,2008, a change of control of the Company occurred, pursuant to the transactions completed by the Stock Purchase Agreement (see Note G). The Company has ceased operations as an employee placement service and is awaiting current business operations directed by the new controlling stockholders (See Note I).

On January 28, 2009 our Board of Directors approved an amendment to our Articles of Incorporation (the “Amendment”) which changed our corporate name to Shaka Shoes, Inc. and increase the authorized capital stock to 200,000,000 common shares.

The Company elected to change its name to reflect the new business direction of the Company and the Company’s plans for the future. The Company will be a manufacturer and distributor of casual shoes and sandals.

NOTE B – SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

In the opinion of management, all adjustments consisting of normal recurring adjustments necessary for a fair statement of (a) the result of operations for the three and nine month periods ended September 30, 2009 and 2008; (b) the financial position at September 30, 2009, and (c) cash flows for the nine month periods ended September 30, 2009 and 2008, have been made.

The unaudited condensed financial statements and notes are presented as permitted by Form 10-Q. Accordingly, certain information and note disclosures normally included in the condensed financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted. The accompanying unaudited condensed financial statements should be read in conjunction with the financial statements for the years ended December 31, 2008 and notes thereto in the Company’s annual report on Form 10-K for the year ended December 31, 2008, filed with the Securities and Exchange Commission. Operating results for the three and nine months ended September 30, 2009 are not necessarily indicative of the results that may be expected for the entire year.

Certain reclassifications have been made to prior reported amounts. These reclassifications were made for the purpose of comparability to the current information presented and any reclassifications are considered immaterial.

Use of Estimates

The Company prepares its condensed financial statements in conformity with generally accepted accounting principles in the United States of America. These principals require 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 condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Management believes that these estimates are reasonable and have been discussed with the Board of Directors; however, actual results could differ from those estimates.

Financial Instruments

The Company’s balance sheets include the following financial instruments: cash, receivable from related party, accounts payable and amounts due to stockholder. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. Due to the demand nature of the temporary agreements, receivable form related party and amounts due to stockholder, the carrying values approximate their fair value.

Cash and Cash Equivalents

The majority of cash is maintained with a major financial institution in the United States. Deposits with this bank may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed on demand and, therefore, bear minimal risk. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Fixed Assets

Furniture and equipment is stated at cost. Depreciation is computed using accelerated methods over the estimated useful lives of the assets (five years for furniture and equipment). Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. The carrying amount of all long-lived assets is evaluated periodically to determine if adjustment to the depreciation and amortization period or the unamortized balance is warranted. Based upon its most recent analysis, the assets are fully depreciated and the Company believes that no impairment of furniture and equipment existed as of December 31, 2008 or September 30, 2009.

Revenue Recognition

The Company generated revenue by providing placement services in the field of technical and executive personnel. Permanent employment staffing and staff augmentation was another avenue of revenue. The Company provided these services and billed for them when a candidate was placed. The Company recognized its revenue when a candidate was placed and customers were billed. At that point in time the price had been determined and collectability reasonably assured. The Company developed relationships with other companies within the industry with whom the Company worked on a fee-splitting basis. When fee splitting occurred it was done equally between the two companies. Revenues were being reported net of any fee-splitting arrangements. The Company has not commenced its’ new operating plan.

Major Customers

Historically, the Company had been reliant on three major customers to provide seventy five percent of its revenue.

Receivable from Related Party

Amounts were lent to Shareholders by the Company. These advances are non-interest bearing and payable on demand. Advances are intended to be temporary; therefore no interest is imputed on the amounts advanced by shareholders.

Subsequent Events

These interim condensed financial statements were approved by management and were issued on November 19, 2009. Subsequent events have been evaluated through this date.

NOTE C – GOING CONCERN

The accompanying condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying condensed financial statements, the Company has minimal assets, negative working capital and a recent history of operating losses resulting in an accumulated deficit of $283,868. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the company’s ability to raise additional funds and implement its business plan. The condensed financial statements do not include any adjustments that might be necessary if the company is unable to continue as a going concern.

NOTE D - INCOME TAXES

Income taxes are provided for the tax effects of transactions reported in the condensed financial statements and consist of taxes currently due plus deferred taxes, if and when applicable, related primarily to differences between the bases of certain assets and liabilities for financial and tax reporting. Any deferred taxes would represent the future tax return consequences of those differences, which will either be taxable when the assets and liabilities are recovered or settled. The company fully allowed for any deferred tax assets available based on the net operating losses at December 31, 2008.

NOTE E – EARNINGS PER COMMON SHARE

Basic earnings (loss) per share calculations are determined by dividing net income (loss) by the weighted average number of shares outstanding during the year. Diluted earnings (loss) per share calculations are determined by dividing net income (loss) by the weighted average number of shares. There are no share equivalents and, thus, anti-dilution issues are not applicable. For comparative purposes, the weighted average shares were restated from prior periods to reflect subsequent stock splits.

NOTE F – RECENT ACCOUNTING PRONOUNCEMENTS

We have reviewed accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. We believe that the following impending standards may have an impact on our future filings. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration.

In June 2009, the FASB issued Accounting Standards Update (“ASU”) No. 2009-01, Topic 105 — Generally Accepted Accounting Principles — amendments based on Statement of Financial Accounting Standards No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. This ASU reflected the issuance of FASB Statement No. 168. This Accounting Standards Update amends the FASB Accounting Standards Codification for the issuance of FASB Statement No. 168, The FASB Accounting Standards Codification TM and the Hierarchy of Generally Accepted Accounting Principles. This Accounting Standards Update includes Statement 168 in its entirety, including the accounting standards update instructions contained in Appendix B of the Statement. The Codification does not change current U.S. GAAP, but is intended to simplify user access to all authoritative U.S. GAAP by providing all the authoritative literature related to a particular topic in one place. The Codification is effective for interim and annual periods ending after September 15, 2009, and as of the effective date, all existing accounting standard documents will be superseded. The Codification is effective for us in the third quarter of 2009, and accordingly, our Quarterly Report on Form 10-Q for the quarter ending September 30, 2009 and all subsequent public filings will reference the Codification as the sole source of authoritative literature.

In June 2009, the FASB issued Accounting Standards Update (“ASU”) No. 2009-02, Omnibus Update—Amendments to Various Topics for Technical Corrections. This omnibus ASU detailed amendments to various topics for technical corrections. The adoption of ASU 2009-02 will not have a material impact on our condensed financial statements.

In August 2009, the FASB issued Accounting Standards Update (“ASU”) No. 2009-03, SEC Update — Amendments to Various Topics Containing SEC Staff Accounting Bulletins. This ASU updated cross-references to Codification text. The adoption of ASU 2009-03 will not have a material impact on our condensed financial statements.

In August 2009, the FASB issued Accounting Standards Update (“ASU”) No. 2009-04, Accounting for Redeemable Equity Instruments — Amendment to Section 480-10-S99. This ASU represents an update to Section 480-10-S99, Distinguishing Liabilities from Equity, per Emerging Issues Task Force Topic D-98, “Classification and Measurement of Redeemable Securities.” The adoption of ASU 2009-04 will not have a material impact on our condensed financial statements.

In August 2009, the FASB issued Accounting Standards Update (“ASU”) No. 2009-05, Fair Value Measurements and Disclosures (Topic 820) — Measuring Liabilities at Fair Value. This Accounting Standards Update amends Subtopic 820-10, Fair Value Measurements and Disclosures - Overall, to provide guidance on the fair value measurement of liabilities. The adoption of ASU 2009-05 is not expected to have a material impact on our condensed financial statements.

In September 2009, the FASB issued Accounting Standards Update (“ASU”) No. 2009-06, Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities. This Accounting Standards Update provides additional implementation guidance on accounting for uncertainty in income taxes and eliminates the disclosures required by paragraph 740-10-50-15(a) through (b) for nonpublic entities. The adoption of ASU 2009-06 will not have material impact on our condensed financial statements.

In September 2009, the FASB issued Accounting Standards Update (“ASU”) No. 2009-07, Technical Corrections to SEC Paragraphs. This Accounting Standards Update corrected SEC paragraphs in response to comment letters. The adoption of ASU 2009-07 will not have material impact on our condensed financial statements.

In September 2009, the FASB issued Accounting Standards Update (“ASU”) No. 2009-08, Earnings Per Share Amendments to Section 260-10-S99. This Codification Update represents technical corrections to Topic 260-10-S99, Earnings per Share, based on EITF Topic D-53, Computation of Earnings Per Share for a Period that Includes a Redemption or an Induced Conversion of a Portion of a Class of Preferred Stock and EITF Topic D-42, The Effect of the Calculation of Earnings per Share for the Redemption or Induced Conversion of Preferred Stock. The adoption of ASU 2009-08 will not have material impact on our condensed financial statements.

In September 2009, the FASB issued Accounting Standards Update (“ASU”) No. 2009-09, Accounting for Investments-Equity Method and Joint Ventures and Accounting for Equity-Based Payments to Non-Employees. This Accounting Standards Update represents a correction to Section 323-10-S99-4, Accounting by an Investor for Stock-Based Compensation Granted to Employees of an Equity Method Investee. Section 323-10-S99-4 was originally entered into the Codification incorrectly. The adoption of ASU 2009-09 will not have material impact on our condensed financial statements.

In September 2009, the FASB issued Accounting Standards Update (“ASU”) No. 2009-10, Financial Services-Brokers and Dealers: Investments-Other, Amendment to Subtopic 940-325. This Accounting Standards Update codifies the Observer comment in paragraph 17 of EITF 02-3, Issues Involved in Accounting for Derivative Contracts Held for Trading Purposes and Contracts Involved in Energy Trading and Risk Management. The adoption of ASU 2009-10 will not have material impact on our condensed financial statements.

In September 2009, the FASB issued Accounting Standards Update (“ASU”) No. 2009-11, Extractive Activities-Oil and Gas, Amendment to Section 932-10-S99. This Accounting Standards Update represents a technical correction to the SEC Observer comment in EITF 90-22, Accounting for Gas-Balancing Arrangements. The adoption of ASU 2009-11 will not have material impact on our condensed financial statements.

In September 2009, the FASB issued Accounting Standards Update (“ASU”) No. 2009-12, Fair Value Measurements and Disclosures (Topic 820), Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent). This Accounting Standards Update amends Subtopic 820-10, Fair Value Measurements and Disclosures Overall, to provide guidance on the fair value measurement of investments in certain entities that calculate net asset value per share (or its equivalent). The adoption of ASU 2009-12 will not have material impact on our condensed financial statements.

NOTE G – EQUITY TRANSACTIONS

Completion of Disposition of Assets and Change of Control

On May 20, 2008, the Company’s majority shareholders, Emily Lee and William S. Lee, completed the transaction set forth in the Majority Stock Purchase Agreement entered into on January 4, 2008 with certain Majority Purchasers, related parties to the Hawaii-based manufacturing company (see Note I). Pursuant to the terms of the Majority Stock Purchase Agreement, the Majority Purchasers have transferred to Emily and William S. Lee a total consideration of $422,360 to purchase an aggregate of 7,940,000 shares personally owned by Emily and William S. Lee. A change of control of the Company has occurred. 51.69% of the issued and outstanding shares of the Company have been transferred at an average purchase price of $.053 per share. Pursuant to the transactions completed by the Stock Purchase Agreement above, there has been a change of control in the Company.

In 2008 the Company received cash, in the amount of $883,772, by issuing 3,626,200 common shares.

On January 29, 2009, the Company issued 20,000,000 shares to 4 founding stockholders for services rendered in the founding organization. The issuance of these shares was at par value and the issuing par value was off-set with a charge to Additional Paid in Capital.

On May 5, 2009, several of the Company’s majority shareholders (the “Shareholders”) entered into certain separate Stock Purchase Agreements (the “Stock Purchase Agreements”) with certain purchasers (the “Purchasers”). Pursuant to the terms of the Stock Purchase Agreements, the Purchasers will collectively transfer total consideration of $5,040.68 to the Shareholders in exchange for the transfer of an aggregate of 21,916,000 shares of common stock of the Company. 56% of the issued and outstanding shares of the Company will be transferred at an average purchase price of $0.00023 per share.

Change in Corporate Name and Amendment to the Articles of Incorporation

On January 28, 2009 our Board of Directors approved an amendment to our Articles of Incorporation (the “Amendment”) which changed our corporate name to Shaka Shoes, Inc. Additionally, the amendment increased the authorized capital stock to 200,000,000 common shares.

The Amendment changed the name of our company from Technology Resources, Inc. to Shaka Shoes, Inc. The Company has elected to change its name to reflect the new business direction of the Company and the Company’s plans for the future.

The Amendment also increased the authorized capital stock of our company to 200,000,000 common shares. The Company has elected to increase the authorized capital in anticipation of issuing new shares.

NOTE H – RELATED PARTY TRANSACTIONS

The Company borrowed $70,340 from the prior controlling shareholders of the Company for working capital purposes. These advances are non interest bearing with no stated repayment date.

The amounts and terms of the above transactions may not necessarily be indicative of the amounts and terms that would have been incurred had comparable transactions been entered into with independent third parties.

NOTE I – SUBSEQUENT EVENT

Business Combination and Share Exchange Agreement

The Company received an unsolicited offer to do a business combination with a Hawaii-based manufacturing firm, related party to the Majority Purchasers (See Note G), in the latter part of 2007. On December 14, 2007 the Company received a formal Letter of Intent from this entity to obtain the controlling portion of Shaka Shoes, Inc.

On November 13, 2008, the Company entered into an Agreement for Share Exchange with Shaka Shoes, Inc., the Hawaii company (“SHAKA”) and Lynae Gambee, Brett Walters, Trent Walters, Cliff Walters and Tiffany Williams, individually, the owners and shareholders of SHAKA (the “Shareholders”)

Pursuant to the terms of the Agreement, the Company shall acquire a 100% ownership interest in SHAKA from the Shareholders. Consideration to be paid by TGYR to the Shareholders shall be a total of 20,000,000 shares of its common stock (the “Exchange Shares”) in exchange for 100% of the ownership interests in SHAKA. According to the terms of the Agreement, Lynae Gambee, Brett Walters, Trent Walters, Cliff Walters and Tiffany Williams shall each receive 4,000,000 shares of common stock in the Company. The Exchange shall take place according to the terms of the Agreement and in accordance with applicable law. The Agreement will close subject to the provisions and conditions of the Agreement and the discretion of the parties.

Although the transference of the Exchange Shares was completed on January 21, 2009, the SHAKA assets have not been transferred, as there has been no business transacted through September 30, 2009.

Change in Directors and Officers

On October 1, 2009 the Board of Directors of the Company accepted the resignations of Trent Walters as Chief Executive Officer and Director of the Company, Seth Gambee as Chief Financial Officer and Director of the Company, Lynae Gambee as Director of the Company, and Brett Walters as Director of the Company. The resignations of Trent Walters, Seth Gambee, Lynae Gambee, and Brett Walters are not due to any disagreements with the Company and none of these individuals have any claims against the Company.

On October 1, 2009, the Board of Directors of the Company elected Mr. Steven R. Wilmarth to serve sole Director of the Company. That same day, the Board of Directors appointed Mr. Wilmarth to serve as the Chief Executive Officer and the Chief Financial Officer.

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

The following discussion should be read in conjunction with our unaudited condensed financial statements and the notes thereto.

Cautionary Notice Regarding Forward-Looking Statements

The information contained in Item 2 contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results may materially differ from those projected in the forward-looking statements as a result of certain risks and uncertainties set forth in this report. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual results will not be different from expectations expressed in this report.

We desire to take advantage of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. This filing contains a number of forward-looking statements which reflect management’s current views and expectations with respect to our business, strategies, products, future results and events, and financial performance. All statements made in this filing other than statements of historical fact, including statements addressing operating performance, events, or developments which management expects or anticipates will or may occur in the future, including statements related to distributor channels, volume growth, revenues, profitability, new products, adequacy of funds from operations, statements expressing general optimism about future operating results, and non-historical information, are forward looking statements. In particular, the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “may,” variations of such words, and similar expressions identify forward-looking statements, but are not the exclusive means of identifying such statements, and their absence does not mean that the statement is not forward-looking. These forward-looking statements are subject to certain risks and uncertainties, including those discussed below. Our actual results, performance or achievements could differ materially from historical results as well as those expressed in, anticipated, or implied by these forward-looking statements. We do not undertake any obligation to revise these forward-looking statements to reflect any future events or circumstances.

Readers should not place undue reliance on these forward-looking statements, which are based on management’s current expectations and projections about future events, are not guarantees of future performance, are subject to risks, uncertainties and assumptions (including those described below), and apply only as of the date of this filing. Our actual results, performance or achievements could differ materially from the results expressed in, or implied by, these forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, the risks to be discussed in our Annual Report on form 10-K and in the press releases and other communications to shareholders issued by us from time to time which attempt to advise interested parties of the risks and factors which may affect our business. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Use of Generally Accepted Accounting Principles (“GAAP”) Financial Measures

We use GAAP financial measures in the section of this quarterly report captioned "Management’s Discussion and Analysis or Plan of Operation" (“MD&A”). All of the GAAP financial measures used by us in this report relate to the inclusion of financial information.

Overview

This subsection of MD&A provides an overview of the important factors that management focuses on in evaluating our businesses, financial condition and operating performance, our overall business strategy and our earnings for the periods covered.

General

We were incorporated in Florida on March 1, 1996, as Integrated Marketing Technology, Inc. Our name was changed to Technology Resources, Inc., on January 1, 1997 and changed again on January 28, 2009 to Shaka Shoes, Inc..

Up until May 20, 2008, we provided employee placement services nationally and internationally with our immediate market in the Tampa Bay region. In conjunction with our current Tampa Bay operation, we developed a website presence to allow us to be competitive nationally. Our website address is www.technologyresourcesinc.com. Permanent employment staffing, technical and functional, was our emphasis, however, temporary staff augmentation provided ancillary revenue. Accordingly, we developed a range of services to offer in the consulting industry. These included a full range of business services typically found in small to large executive placement firms such as interviewing candidates, performing reference checks, and developing candidate interviewing techniques. We believed the development of these services allows us to deliver the right candidate for the right position to companies in business today.

On May 20, 2008, a change of control in the Company occurred. We ceased operations as an employee placement service and at the direction from the new controlling stockholders are seeking to implement our operating plan as a manufacturer and distributor of casual footwear.

Prior Sources of Revenue

Up until May 20, 2008, 0ur source of revenue was the placement of a candidate in a permanent or temporary position. We did this on our own or on a fee-splitting basis with another placement agency. While the basic method of operation remained constant in our business and the personnel placement business in general, we refined our operation to provide more detailed services required by our clients. We believed that it was our personal attention to clients’ needs that has allowed us to penetrate the technology market. We further believed that it was this refinement that would have allowed us to expand our operations successfully based on concentrated efforts at specializing in technology positions and the candidates needed for them.

We had such a fee-splitting agreement in writing with Maki & Company. This is a company owned by one of our Officers, who has since resigned.

Economic and Industry Wide Factors Relevant to our Company

During economic slow-down it was anticipated that there would be a slow-down in permanent placements, as the companies that we service tend to down-size their personnel. Management anticipated this slow-down and entered into an agreement to sell a majority interest in the Company that would bring a more recession-proof business into the company.

Opportunity for Growth

Our objective was to be a leading provider of skilled personnel in hi-tech industries.

Alternative Business Strategy

Since our Registration Statement has been declared effective, the Company has actively been seeking capital from Investment Banks and Private and Venture Capitalists. As of the date of the filing of this report, the Company has not been able to secure additional capital on terms favorable to the Company and its stockholders. The Officers and Directors have determined that it must consider alternative methods of maintaining and increasing company revenues as well as shareholder value. They have determined that strategic alliances, joint ventures, roll-ups, or acquisitions should be considered as a part of a prudent business plan for the future. The Company has begun considering these latter approaches as all efforts at seeking capital have been unsuccessful. The Officers and Director believe they are responsible for maintaining the Company operations as well as increasing shareholder value and will pursue an alternative method as described above when and if necessary.

Material Risks, Trends and Uncertainties Affecting our Business

The revenue growth and profitability of our business depended on the overall market demand for hardware, software and other hi-tech personnel. Our services in the public sector were considerably mature. However, if we failed to quickly expand our market share in the public sector, our financial status would be adversely affected.

We relied on non-disclosure agreements and other confidentiality procedures and contractual provisions to protect our business model. Nonetheless, it may have been possible for unauthorized third parties to copy or reverse engineer our business model or otherwise obtain and use information that we regard as proprietary. Further, third parties could have challenged the scope or enforceability of our proprietary claim to our business model.

Since the economic down-turn began, we have ceased pursuing our prior business model. The change of control has not resulted in the full implementation of management’s new business strategies, and there is no guarantee that management will be able to implement a profitable business strategy.

Operating Results for Three and Nine Months Ended September 30, 2009 Compared to September 30, 2008 (Unaudited)

Revenues. For the three and nine months ended September 30, 2009 and 2008, revenues were $0 for all periods. There has been no revenue generated during the periods presented, since the business ceased operations in the second quarter of 2008 and no revenue was earned through the second quarter of 2008 and no revenue was generated through September 30, 2009. The Company, under new control, is in process of implementing new business operations.

Operating Expenses. Operating expenses were $15,600, $500, $41,950 and $6,972 for the three and nine months ending September 30, 2009 and 2008, respectively. These expenses are primarily professional fees for legal and accounting services associated with the public entity filings.

Net Income. Income before taxes for the three and nine months ended September 30, 2009 and 2008 was a loss of $15,600, $500, $41,950 and $6,972, respectively. The Company ceased its current operations in the second quarter of 2008; no revenue was earned as of September 30, 2009. The losses presented were primarily due to costs incurred for public filing requirements, as management is seeking to implement new business operations.

Liquidity and Capital Resources

As of September 30, 2009, we had cash and cash equivalents of $70. Liabilities at September 30, 2009 totaled $150,493 and consisted of $80,153 in Accounts Payable and Accrued Expenses and $70,340 in Loans from previous shareholders.

Cash flows have not been affected through the business, as the current expense payments are being deferred, increasing payables. Net cash used in operations was $10,000 for the nine months ending September 30, 2009, funded by the majority shareholder (financing activities). There have been no investing activities during the nine month period ended September 30, 2009.

The Company is actively seeking new investors to help new management implement their plan as a manufacturer of footwear. Current costs incurred are minimal and are anticipated to be paid through any capital raised or through loans from shareholders.

Inflation

Inflation does not materially affect our business or the results of our operations.

Subsequent Events

Business Combination and Share Exchange Agreement

shall take place according to the terms of the Agreement and in accordance with applicable law. The Agreement will close subject to the provisions and conditions of the Agreement and the discretion of the parties.

Although the transference of the Exchange Shares was completed on January 21, 2009, the SHAKA assets have not been transferred, as there has been no business transacted through September 30, 2009.

Change in Directors and Officers

Recent Accounting Pronouncements

The Financial Accounting Standards Board and other entities issued new or modifications to, or interpretations of, existing accounting guidance during the year. The corporation has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term. These recent pronouncements have been addressed in the footnotes to the unaudited condensed financial statements.

Critical Accounting Policies

Off-Balance Sheet Arrangements

We do not have any off-balance arrangements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in market risk since the filing of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of disclosure controls and procedures

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act), as of September 30, 2009. Based on this evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures as of the end of such periods are not effective to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that our disclosure and controls are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure

The company has limited resources and as a result, a material weakness in financial reporting currently exists.

A material weakness is a deficiency (within the meaning of the Public Company Accounting Oversight Board (PCAOB) auditing standard 5) or combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company's annual or interim condensed financial statements will not be prevented or detected on a timely basis. Management has determined that a material weakness exists due to a lack of segregation of duties, resulting from the Company's limited resources.

The Company’s management confirm that there was no change in the Company’s internal control over financial reporting during the quarter ended September 30, 2009 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

There is no pending litigation by or against us.

ITEM 2. UNREGISTERED SHARES OF EQUITY SECURITIES AND USE OF PROCEEDS

Set forth below is information regarding the issuance and sales of Technology Resources, Inc.'s common stock without registration under the Securities Act of 1933 during the last three (3) years. No sales involved the use of an underwriter and no underwriter discounts or commissions were paid in connection with the sale of any securities.


Stockholder	Shares	Consideration	Date
Lopez, Robert	1,972,000	$ 453.56	May 5, 2009
Evans, Zac	16,000,000	3,680.00	May 5, 2009
Parker, Darin	1,972,000	453.56	May 5, 2009
Wilmarth, Steven	1,972,000	453.56	May 5, 2009
	21,916,000	$ 5,040.68

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None

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

No matters were submitted to our security holders during the quarter ending September 30, 2009 that was not reported in a current report on Form 8-K.

ITEM 5. OTHER INFORMATION

Committees

We currently do not have standing audit, nominating or compensation committees. Currently, our entire Board of Directors is responsible for the functions that would otherwise be handled by these committees. We intend, however, to establish an audit committee, a nominating committee and a compensation committee of the Board of Directors. We envision that the audit committee will be primarily responsible for reviewing the services performed by our independent auditors, evaluating our accounting policies and our system of internal controls. The nominating committee would be responsible for nomination of new director candidates and will be responsible for implementing our corporate governance policies and procedures. The compensation committee will be primarily responsible for reviewing and approving our salary and benefits policies (including stock options) and other compensation of our executive officers.

Our Board of Directors has not made a determination as to whether any member of our board is an audit committee financial expert. Upon the establishment of an audit committee, the board will determine whether any of the directors qualify as an audit committee financial expert.

Business Combination

We received an unsolicited offer to do a business combination with a shoe and apparel design and manufacturing company located in Hawaii. The Hawaii-based company, Shaka Shoes, Inc. (“Shaka”), was formed in 2005. Transfer of 20,000,000 shares to the owners of Shaka, per the acquisition agreement, has been made in exchange for the transfer of the assets and operations of Shaka to Technology Resources, Inc. (now known as Shaka Shoes, Inc.). Although the transference of the Exchange Shares was completed on January 21, 2009, the Shaka assets have not been transferred, as there has been no business transacted through September 30, 2009.

ITEM 6. EXHIBITS

Exhibits


Exhibit Number		Description
31.1		Certification of Chief Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2		Certification of Chief Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Certification of Chief Executive Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2		Certification of Chief Financial Officer furnished 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 the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.




	SHAKA SHOES, INC. (PREVIOUSLY TECHNOLOGY RESOURCES, INC.)


Dated: November 23, 2009	/s/ Steven R. Wilmarth
	Name: Steven R. Wilmarth Title: CEO and Director

TECHNOLOGY RESOURCES INC 10-Q