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


                                   FORM 10-KSB


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

                  For the fiscal year ended: December 31, 2006

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

              For the transition period from _________ to _________

                        Commission File number: 000-30145

                           JOINTLAND DEVELOPMENT, INC.
                         -------------------------------
                 (Name of small business issuer in its charter)


Florida                                        59-3723328
--------                                       ----------
State or Other Jurisdiction                    (I.R.S. Employer Identification
of incorporation or organization)              Number)

  7th Floor, New Henry House, No.10 Ice House Street, Central, Hong Kong, China
          ------------------------------------------------------------
               (Address of principal Executive Offices Zip Code)

Registrant's telephone number, including area code: 011 852 2824 0008

Securities registered pursuant to Section 12(b) of the Act:  None

Securities registered pursuant to Section 12(g) of the Act:  None


Check whether the issuer is not required to file reports pursuant to Section 13
or 15(d) of the Exchange Act.

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

     Check if disclosure of delinquent filers pursuant to Item 405 of Regulation
S-B is not contained in this form, and no disclosure  will 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-KSB or any  amendment to
this Form 10-KSB. [X]

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

      State issuer's revenues for its most recent fiscal year. $0


<PAGE>



     As of April 13,  2007,  1,979,965  shares of common  stock and  issued  and
outstanding.  The aggregate  market value of the 629,965 shares of Stock held by
non-affiliates  of Registrant  was $62,996 based upon a closing price of $.10 on
December 31, 2006.


     Documents  incorporated  by  reference:   (1)  The  Company's  Registration
Statement on Form S-18 (33-41063-A).

     Transitional Small Business Disclosure Format:  Yes [_]  No [X]


<PAGE>
                                TABLE OF CONTENTS

                                     PART I                                 PAGE

     Item 1.   Description of Business                                         1
     Item 2.   Description of Property                                         6
     Item 3.   Legal Proceedings                                               6
     Item 4.   Submission of Matters to a Vote of Security Holders             6


                                    PART II

     Item 5.   Market for Common Equity and Related Stockholder Matters        6
     Item 6.   Management's Discussion and Analysis or Plan of Operation       7
     Item 7.   Financial Statements                                           10
     Item 8.   Changes in and Disagreements With Accountants on Accounting    10
               and Financial Disclosure
     Item 8A.  Controls and Procedures                                        10
     Item 8B.  Other Information                                              10

                                    PART III

     Item 9.   Directors, Executive Officers, Promoters and Control Persons;
               Compliance with Section 16(a) of the Exchange Act              11
     Item 10.  Executive Compensation                                         12
     Item 11.  Security Ownership of Certain Beneficial Owners and Management 14
     Item 12.  Certain Relationships and Related Transactions                 15
     Item 13.  Exhibits                                                       16
     Item 14.  Principal Accountant Fees & Services                           18

SIGNATURES                                                                    19

<PAGE>


                                     Part I

Item 1. Description of Business

General Description of Company
------------------------------
History
--------

     Jointland   Development,   Inc.,  ("the  Company"  or  "JLDV"),  a  Florida
corporation,  was organized in May 25, 1988 as Cornerstone Capital, Inc. and the
name was  changed on  September  22,  1990 to  Chatham  International,  Inc.  It
completed  an initial  public  offering  which  commenced  on November 14, 1991,
comprised   of  16,268   shares  of  Common  Stock  and  One  Zero  Coupon  U.S.
Treasury-Backed  Obligation ("USTBO") with a maturity value of $1,000 at a price
of $1,000.  The Registrant  offered a maximum of 3,000 units and a minimum of 75
units on a best  efforts  basis.  The  underwriter  for the offering was Boe and
Company formerly known as SBV Securities,  Inc. A total of 98 units was sold and
net proceeds were $67,770. The Company closed its offering May 14, 1992.

     The Company  intended upon completion of the public  offering,  to commence
operations  as an export  management  company  and  provide a range of  business
services  and  assistance  to  manufacturers  desiring to do business in foreign
markets.  The Company was unsuccessful in its efforts.  The Company is presently
in the developmental stage.

     In April 1996,  the Company  merged with  Chatham  International,  Inc. The
Company changed its name to Art Music and Entertainment, Inc. on April 5, 1996.

     The Company  utilized most of 1996 to further develop its business plan and
acquire the following  companies,  and develop  business plans of each.  Certain
subsidiaries  were acquired  under a stock exchange  agreement  which utilized a
$10.00 per share value for its stock.


                                       1
<PAGE>


     The  Company  renegotiated  in January  1997 with the former  owners of the
various  assets  acquired by the  respective  classes of  convertible  preferred
stock,  culminating  in October  1997 with the exchange of all of the classes of
issued preferred stock for restricted  common shares of the Company.  The number
of the restricted  common shares issued for each class of preferred shares is as
follows:

         Retired Class G Preferred for 28,000 shares of common
         Retired Class I Preferred for 230,000 shares of common
         Retired Class F Preferred for 7,967 shares of common
         Retired Class E Preferred for 10,000 shares of common
         Retired Class C Preferred for 100,000 shares of common
         Retired Class A Preferred for 380,000 shares of common

     The Company changed its name in 2001 to Global Assets & Services, Inc.

     On December  20, 2001,  Global  Assets & Services,  Inc.  completed a Share
Purchase  Agreement with shareholders of S.D.E.  Holdings 3 Inc. in which Global
Assets & Services,  Inc., a Florida  corporation,  acquired  all 500,000  shares
outstanding  of the  Registrant  for the purposes of  accomplishing  a Merger of
S.D.E.  Holdings  3 Inc.  and  Global  Assets &  Services,  Inc.  The Merger was
subsequently completed on December 20, 2001.

     The Company is a successor  registrant  pursuant to Section  12(g) 3 of the
Securities  Exchange Act of 1934, by virtue of a statutory merger of the Parent,
Global  Assets &  Services,  Inc. a Florida  corporation,  and its wholly  owned
subsidiary,  S.D.E. Holdings 3 Inc., a Nevada corporation,  with Global Assets &
Services,  Inc.  being the  survivor.  There was no  change  to the  issued  and
outstanding  shares of Global  Assets & Services,  Inc. and all shares of S.D.E.
Holdings 3 Inc. were retired by virtue of the merger.

     Global  Assets & Services,  Inc.  (the  "Company")  acquired  licenses  and
attempted  to market  products  and software  from  developers  in Japan but was
unsuccessful.

     In August 2004, the Company formed a wholly owned  subsidiary,  Global Tech
Assets,  Inc. in the State of Florida.  The Company  transferred all of its non-
operating  licenses to the subsidiary and distributed all of the stock of Global
Tech Assets,  Inc. as a dividend to the Company's  shareholders  of record as of
September 30, 2004.

     The  Company  has no  business  operations,  and the  Company  is seeking a
business acquisition which is able to utilize a public company.


                                       2
<PAGE>

Subsidiaries
------------

None.

Services
--------

None.

Competition
-----------

     The Company  will be in  competition  with many  companies  of much greater
experience,  financial  resources and long established  businesses.  There is no
assurance  that the  Company  will have any  success in  competition  with other
businesses.


Employees and Consultants
-------------------------

     The Company  presently has no salaried  employees,  and its Chairman of the
Board/President,  Kexi Ku, and Secretary,  Yi Tung Alice Anastasia Chan serve on
an as needed basis.  These officers intend to devote only such time as necessary
to the business affairs of the Company.

     Presently,  none of the officers receive salaries;  however,  they are paid
consulting fees in stock, and they are reimbursed for their expenses incurred in
their services as officers.  There is no provision for any additional bonuses or
benefits.  The  Company  anticipates  that in the near  future it may enter into
employment  agreements  with its  officers.  Although  Directors  do not receive
compensation for their services they may be reimbursed for expenses  incurred in
attending Board meetings.


Item 2. Description of Property

     The Company  maintains its corporate  records at Rooms 1203-8,  12th Floor,
Hang Seng Building, No. 77 Des Voeux Road, Central, Hong Kong, China.


Item 3. Legal Proceedings

     The Company is not a party to any pending legal proceedings,  as of date of
this report.


Item 4. Submission of Matters to a Vote of Security Holders

        None


                                       3
<PAGE>

                                     Part II

Item 5. Market for Common Equity and Related Stockholder Matters

     The outstanding shares of Jointland Development,  Inc. are presently traded
on the OTC Bulletin Board under the symbol JLDV.BB.


                           Common Stock              Common Stock
2006                       Bid High                  Bid Low
----------------------------------------------------------------
1st Quarter                $0.45                       $0.25
2nd Quarter                $0.35                       $0.25
3rd Quarter                $0.3                        $0.1
4th Quarter                $0.15                       $0.1


                           Common Stock              Common Stock
2005                       Bid High                  Bid Low
----------------------------------------------------------------
1st Quarter               $1.00                        $0.30
2nd Quarter               $1.00                        $0.10
3rd Quarter               $1.00                        $0.10
4th Quarter               $0.35                        $0.25


     The  Company's  shares  trade over the  counter on the OTC  Bulletin  Board
Quotations  represent  only prices  between  dealers  and do not include  retail
markups,  markdowns or commissions  and  accordingly,  may not represent  actual
transactions.  The Company  estimates  that as of December 31,  2006,  there are
approximately 219 stockholders of record of the Company's shares.

     No  dividends  have been  declared  or paid by the  Company and the Company
presently  intends  to retain  all  future  earnings,  if any,  to  finance  the
expansion and development of its business.


Item 6. Management's  Discussion and Analysis or Plan of Operation

Financial Condition
-------------------

     During fiscal year 2006,  the Company  continued to be a development  stage
entity with no sales and revenues. The company had no capital for operations and
had minimal business operations.

Financial Condition and Changes in Financial Condition
------------------------------------------------------

Liquidity and Capital Assets
----------------------------

     The Company's  primary  source of liquidity  since  inception has been from
funds raised  during its initial  capitalization.  The company has no sources of
capital  except to use its stock for private  placements.  The  company  will be
reliant upon loans from officers for any cash needs.  No loan  commitments  have
been made by anyone.

     The Company  remains in the  development  stage and, since  inception,  has
experienced  significant  liquidity  problems  and  has no  significant  capital
resources now and has stockholder's  deficit of ($280,903) at December 31, 2005.
The Company has $144 for current assets and no other assets.

     The  Company is unable to carry out any plan of business  without  funding.
The Company  cannot  predict to what extent its current  lack of  liquidity  and
capital resources will impair  the  business  or whether it  will incur  further
operating  losses  through  business  entity  which the Company  may  eventually
acquire.  There is no assurance that the Company can continue as a going concern
without substantial funding, for which there is no source.

                                       4
<PAGE>

         The  Company  estimates  it will  require  $25,000  to $30,000 to cover
legal, accounting, transfer and miscellaneous costs of being a reporting company
in the next fiscal  year.  The Company  will have a cash  shortfall  for current
annual costs of at least  $25,000 to $30,000,  for which it has no source except
shareholder loans or contributions, none of which have been committed.


Results of Operations 2006 Compared to 2005
-------------------------------------------

     Business  operations were minimal and no revenues were generated in 2006 or
2005. The Company at year end had minimal cash. The Company needed cash or loans
from any sources, for any significant business operations.

     During the fiscal  year ended  December  31,  2006,  the  Company  incurred
general and administrative  expenses of $28,514 compared to $109,581 in expenses
in 2005. The net loss was ($42,429) in 2006 compared to ($109,584) in 2005. Loss
per share was ($.02) in 2006 and ($.06) in 2005. The largest factors in expenses
for the  Company  for the year  were  legal and  accounting  fees.  The  Company
incurred no officer/director fees in 2006 or in 2005.

Evaluation of Internal and Disclosure Controls
----------------------------------------------

The  management of the company has evaluated the  effectiveness  of the issuer's
disclosure  controls  and  procedures  as of the end of the period of the report
(evaluation  date) and have  concluded  that the  disclosure  controls  internal
controls and procedures are adequate and effective  based upon their  evaluation
as of the evaluation date.

There  were no changes  in the small  business  issuers  internal  control  over
financial  reporting  identified  in  connection  with  the  Company  evaluation
required by  paragraph  (d) of Rule 13a-15 or Rule 15d-15 under the Exchange act
that occurred  during the small business  issuers fourth fiscal quarter that has
materially  affected or is  reasonable  likely to materially  affect,  the small
business issuers internal control over financial reporting.

NEED FOR ADDITIONAL FINANCING

     The Company does not have capital  sufficient  to meet the  Company's  cash
needs,   including  the  costs  of  compliance  with  the  continuing  reporting
requirements  of the  Securities  Exchange Act of 1934. The Company will have to
seek loans or equity  placements to cover such cash needs.  Lack of its existing
capital may be a sufficient impediment to prevent it from accomplishing the goal
of carying out the business plan as it attempts its business plan, the Company's
needs for additional financing are likely to increase substantially. The Company
will need to raise  additional  funds to conduct any business  activities in the
next twelve months.

         No commitments to provide additional funds have been made by management
or  other  stockholders.  Accordingly,  there  can  be  no  assurance  that  any
additional  funds  will be  available  to the  Company  to allow it to cover its
expenses as they may be incurred.

         Irrespective   of  whether  the  Company's  cash  assets  prove  to  be
inadequate to meet the Company's  operational  needs,  the Company might seek to
compensate providers of services by issuances of stock in lieu of cash.

         The Company has no plans for any research and  development  in the next
twelve  months.  The Company has no plans at this time for purchases or sales of
fixed assets which would occur in the next twelve months.

         The Company has no expectation or anticipation  of significant  changes
in number of  employees  in the next twelve  months,  however,  if it achieves a
business  acquisition,  it may acquire or add employees of an unknown  number in
the next twelve months.

         The Company's  auditor has issued a "going  concern"  qualification  as
part of his opinion in the Audit Report.


                                       5
<PAGE>

     There is substantial  doubt about the ability of the Company to continue as
a "going concern." The Company has no developed business, cash capital of $7 and
debt in excess of $323,339 at year end, all of which is current,  moderate cash,
no assets,  and no capital  commitments.  The effects of such  conditions  could
easily be to cause the Company's bankruptcy.

     The Company has incurred  significant  losses from  operations for the year
ended  December  31, 2006  totalling  ($28,514)  and such losses are expected to
continue.  In  addition,  the  company  has a $323,332  (approximately)  working
capital  deficit for the year ended  December 31,  2006.  The  foregoing  raises
substantial  doubt about the Company's  ability to continue as a going  concern.
Management's  plans include seeking  additional capital and/or debt financing or
the possible sale of the Company.  There is no guarantee that additional capital
and/or debt financing will be available when and to the extent required, or that
if available,  it will be on terms  acceptable to the Company.  The consolidated
financial  statements do not include any adjustments  that might result from the
outcome of this uncertainty.

     The  Company  has  received  an  opinion  from  its  independent   auditors
containing an explanatory paragraph that describes such auditors' uncertainty as
to the  Company's  ability to continue as a going  concern due to the  Company's
negative  cash  flow.  As of the date the  independent  auditors  rendered  this
opinion, the Company did not have access to sufficient committed capital to meet
the Company's  projected operating needs for at least the next twelve months. If
the Company  does not achieve  positive  operating  results  within the next few
months, then it will require additional financing. If positive operating results
are not achieved in the short term, then the Company intends to take measures to
reduce expenditures so as to minimize its requirements for additional financing,
which financing may not be available on terms  acceptable to the Company,  if at
all. Such measures may include reduction of the Company's cost of operations and
restructuring employee compensation packages. There can be no assurance that the
Company  will be able to  generate  internally  or  raise  sufficient  funds  to
continue the Company's  operations,  or that the Company's  independent auditors
will not issue another opinion with a going concern qualification. The Company's
consolidated  financial statements do not include any adjustments to reflect the
possible future affects on the  recoverability  and  classification of assets or
the amounts and classification of liabilities that may result from the Company's
possible inability to continue its operations.


Item 7. Financial Statements

     Attached  hereto and filed as part of this Form  10-KSB  are the  financial
statements required by Regulation SB. Please refer to pages F-1 through F-11.


Item 8. Changes in and Disagreements on Accounting and Financial Disclosure

     None

                                       6
<PAGE>


Item 8A. Control and Procedures

     The  management  of the  Company has  evaluated  the  effectiveness  of the
issuer's  disclosure  controls and procedures as of the end of the period of the
report  (evaluation  date)  and  have  concluded  that the  disclosure  controls
internal  controls and  procedures  are adequate and effective  based upon their
evaluation as of the evaluation date.

     There were no changes in the small business issuer's internal controls over
financial  reporting  identified  in  connection  with  the  Company  evaluation
required by  paragraph  (3) of Rule 13a-15 or Rule 15d-15 under the Exchange Act
that occurred during the small business  issuer's fourth fiscal quarter that has
materially  affected  or is  reasonably  likely to  materially  affect the small
business issuer's internal control over financial reporting.


ITEM 8A(T).  CONTROLS AND PROCEDURES

     Not applicable.


ITEM 8B.  OTHER INFORMATION

     None.


                                    Part III

Item 9. Directors, Executive Officers, Promoters and Control Persons; Compliance
with Section 16(a).

     The  directors  and  executive  officers of the Company as of December  31,
2004, are as follows:

         Name                     Age        Position Held              Tenure
         ----                     ---        -------------              ------
Kexi Xu                            44        President & Director       Annual
King Wong                          50        Secretary                  Annual
Madam Chen Yurong                  28        Director                   Annual

     Mr. Xu Kexi, age 44, graduated from high school in Shanghai in 1982. Mr. Xu
was the supervisor of the Shanghai Textile Company from 1982 to 1985, the Export
Manager of Shengzhen China Import-Export Company from 1985-1990,  the Manager of
Shanghai  Galaxy Film Limited from 1990-1996.  From 1996 to the present,  Mr. Xu
has been the Chief Executive Officer of Shanghai Asia Loyalty Tradings Limited.

     On December 31, 2005 Mr. King Wong was appointed Secretary and Treasurer of
the Company by the Board of Directors. Mr. Wong's biographical information is as
follows:

     Mr. King Wong, age 50, has attained university  education level in Hangzhou
in the People's Republic of China. Mr. Wong has extensive experience in trading,
import and  export  and also  property  development  business.  He has worked in
various companies  established in Zhejiang in Hangzhou,  Shanghai and Hong Kong,
including the China Resources (Holdings) Co. Ltd. in Hong Kong.


                                       7
<PAGE>

     Madam  Chen  Yurong,  age 28,  was  graduated  in July  2000 from the Xi'an
International  Studies  University.  During the period  between  August 2000 and
November  2004,  Madam Chen has worked for a property  development  group in the
People's  Republic  of  China  by the  name of  Zhejiang  Zhong'an  Real  Estate
Development  Co.,  Ltd. Her scope of work  included  working as a manager in the
finance department of the group as well as being a deputy general manager of the
group.  As from  January  2005  onwards,  Madam Chen has been  appointed  as the
president of an associate company of Zhejiang  Zhong'an Real Estate  Development
Co., Ltd.

     None of the  above  individuals  have a  criminal  history  or have had any
adverse securities actions taken against them.

     The directors  named above will serve until the next annual  meeting of the
Company's stockholders. Thereafter, directors will be elected for one-year terms
at the annual stockholders'  meeting.  Officers will hold their positions at the
pleasure of the board of directors,  absent any employment  agreement,  of which
none  currently  exists  or  is   contemplated.   There  is  no  arrangement  or
understanding  between the  directors  and officers of the Company and any other
person  pursuant to which any  director or officer was or is to be selected as a
director or officer.

     The  directors  and  officers of the  Company  will devote such time to the
Company's  affairs on an "as needed" basis, but less than 20 hours per month. As
a result,  the actual  amount of time which  they will  devote to the  Company's
affairs is unknown and is likely to vary substantially from month to month.

Item 10. Executive Compensation.

     The Company does not have any employee incentive stock option plans.


<TABLE>
<CAPTION>
<S>         <C>      <C>           <C>        <C>                    <C>                <C>           <C>           <C>

                            SUMMARY COMPENSATION TABLE OF EXECUTIVES
                                   Annual Compensation               Awards

Name and    Year     Consulting     Bonus     Other Annual           Restricted         Securities    Long Term      All Other
Principal            Fees ($) or    ($)       Compensation ($)       Stock              Underlying    Compensation  Compensation
Position             Salary                                          Award(s)($)        Options/SARs  Option
--------    ----     --------      -------    ----------------       -----------        ------------  ------        -------------

=========   ====     =========     ========   ================       ===========        =============  =======       =============
Kexi Xu,    2006          0          0             0                     0                  0            0                0
President,  2005          0          0             0                     0                  0            0                0
Director    2004          0          0             0                     0                  0            0                0
=========   ====     =========     ========   ================       ===========        =============  =======       =============
King Wong,  2006          0          0             0                     0                  0            0                0
Secretary/  2005          0          0             0                     0                  0            0                0
Treasurer   2004          0          0             0                     0                  0            0                0
=========   ====     =========     ========   ================       ===========        =============  =======       =============
Officers    2006          0          0             0                     0                  0            0                0
as a Group  2005          0          0             0                     0                  0            0                0
            2004          0          0             0                     0                  0            0                0
=========   ====     =========     ========   ================       ===========        =============  =======       =============
</TABLE>



                                       8
<PAGE>

Option/SAR Grants Table (None)

Aggregated Option/SAR Exercises in Last Fiscal Year an FY-End Option/SAR value
(None)

Long Term Incentive Plans - Awards in Last Fiscal Year (None)

<TABLE>
<CAPTION>

                   DIRECTOR COMPENSATION FOR LAST FISCAL YEAR

(Except for compensation of Officers who are also Directors which Compensation
is listed in Summary Compensation Table of Executives)
                                    Cash Compensation                           Security Grants

Name                                          Annual            Meeting          Consulting         Number         Number of
                                              Retainer          Fees ($)         Fees/Other         of             Securities
                                              Fees ($)                           Fees ($)           Restricted     Underlying
                                                                                                    Shares (#)     Options/SARs(#)
------------------------------    ----------  ----------------  ---------------  ------------------------------  ---------------
<S>                                 <C>       <C>               <C>              <C>                <C>            <C>

A. Kexi Xu                          2006      0                 0                0                  0              0
                                    2005      0                 0                0                  0              0
                                    2004      0                 0                0                  0              0

B. Madam Yurong Chen                2006      0                 0                0                  0              0
                                    2005      0                 0                0                  0              0
                                    2004      0                 0                0                  0              0

C. Directors as a Group             2006      0                 0                0                  0              0
                                    2005      0                 0                0                  0              0
                                    2004      0                 0                0                  0              0
==============================     =========  ================  ===============  ================== =============  =================
</TABLE>

Option/SAR Grants Table (None)

        Aggregated Option/SAR Exercises in Last Fiscal Year an FY-End Option/SAR
value (None)

         Long Term Incentive Plans - Awards in Last Fiscal Year (None)


<TABLE>
<CAPTION>
                                              Option/SAR Grants Table
<S>                      <C>                           <C>                            <C>              <C>
Name                     Number of Securities          % of Total                     Exercise         Expiration
                         Underlying                    Options/SARs                   or Price         Date
                         Options/SARs                  Granted to Employees           ($/Sh)
                         Granted (#) in Fiscal Year
-------------------------------------------------------------------------------------------------------------------
None

</TABLE>

                                       10

<PAGE>


<TABLE>
<CAPTION>

                                Aggregated Option/SAR Exercises in Last Fiscal Year
                                            and FY-End Option/SAR value

<S>                         <C>               <C>             <C>                           <C>
Name                        Shares            Value           Number of Securities          Value of Unexercised
                            Acquired          Realized        Underlying                    In the Money
                            on                ($)             Unexercised                   Options/SARs at FY-
                            Exercise                          Options/SARs at FY-           End ($) Exercisable/
                            (#)                               End (#) Exercisable/          Unexercisable
                                                              Unexercisable
---------------------------------------------------------------------------------------------------------------------
None


</TABLE>


Item 11. Security Ownership of Certain Beneficial Owners and Management and
Related Stockholder Matters

The  following  table sets forth  information,  as of December  31,  2006,  with
respect to the beneficial  ownership of the Company's common stock (or Preferred
Convertible  Stock  which would  represent  5% or more of the  Company's  common
stock) by each person  known by the Company to be the  beneficial  owner of more
than five percent of the outstanding  common stock,  and by current officers and
directors of the Company.  There were 1,979,956 shares issued and outstanding at
December 31, 2006.

<TABLE>
<CAPTION>

a.)      Beneficial Owners

Stock Title                Name and Address                   Amount of Beneficial               Percentage
of Class                   of Beneficial Owner                Ownership                          of Class
--------                   -------------------                ---------                          --------
<S>                        <C>                                <C>                                <C>

Common                     Kexi Xu,                           0                                  0%
                           (President & Director)

Common                     King Wong                          0                                  0%
                           (Secretary)

Common                     Madam Yurong Chen                  1,000,000                          50.5%
                           (Director)

Common                     Shen Tiojuan                       200,000                            10.1%

                           Top Harmony Holdings, LTD.         150,000                            7.5%
                           (beneficially Kin Man Chan)

                           All Officers and                   1,000,000                          50.5%
                           Directors as a Group
                           (3 Persons)
</TABLE>

                                       11

<PAGE>

Item 12. Certain Relationships and Related Transactions

     On December 22, 2005, Madam Chen purchased  1,000,000 shares of the Company
(50.5% of the issued share capital of the Company).


                                     Part IV

Item 13. Exhibits

     (a) The following exhibits and financial  statement  schedules are filed as
exhibits to this Report:

<TABLE>
<CAPTION>

Exhibits


Exhibit #         Description                                          Location/Page Number
---------         -----------------------------------                  -----------------------------------
<S>               <C>                                                  <C>

3.1               Articles of Incorporation                            Exhibit to Registration
                                                                       Statement filed November
                                                                       14, 1991 by Registrant on Form S-18

3.2               Bylaws of Registrant                                 Exhibit to Registration
                                                                       Statement filed November
                                                                       14, 1991 by Registrant on Form S-18

3.3               Articles of Amendment                                As filed in Exhibit herewith

10.1              Articles of Amendment to Articles                    Exhibit listed under hardship exemption
                  of Incorporation of Art Music                        as provided in Rule 202 of Regulation
                  & Entertainment, Inc. and Cert. of                   S-T.  Hardship Exemption grant date:
                  Designation, Preferences, Rights and                 5/27/97
                  Limitation of Classes C, E, F, G, H, I
                  Convertible Preferred Stock

10.2              Articles of Incorporation of Art Music               Exhibit listed under hardship exemption
                  & Entertainment with attachments                     as provided in Rule 202 of Regulation
                                                                       S-T.  Hardship Exemption grant date:
                                                                       5/27/97

10.3              Articles of Amendment to Articles of                 Exhibit listed under hardship exemption
                  Incorporation of Chatham International,              as provided in Rule 202 of Regulation
                  Inc.                                                 S-T.  Hardship Exemption grant date:
                                                                       5/27/97

10.4              Articles of Incorporation of Cornerstone             Exhibit listed under hardship exemption
                  Capital, Inc.                                        as provided in Rule 202 of Regulation
                                                                       S-T.  Hardship Exemption grant date:
                                                                       5/27/97

                                       12

<PAGE>

10.5              Articles of Incorporation of International           Exhibit listed under hardship exemption
                  Jazz Hall of Fame Production Co., Inc.               as provided in Rule 202 of Regulation
                                                                       S-T.  Hardship Exemption grant date:
                                                                       5/27/97

10.6              Articles of Incorporation of                         Exhibit listed under hardship
                                                                       exemption as provided in Rule 202
                  Octopus Entertainment, Inc.                          of Regulation S-T.  Hardship
                                                                       Exemption grant date: 5/27/97

10.7              Articles of Amendment to Articles of                 Exhibit listed under hardship exemption
                  Incorporation of Octopus Entertainment,              as provided in Rule 202 of Regulation
                  Inc.                                                 S-T.  Hardship Exemption grant date:
                                                                       5/27/97

10.8              Articles of Incorporation of Marin                   Exhibit listed under hardship exemption
                  Movies, Inc.                                         as provided in Rule 202 of Regulation
                                                                       S-T.  Hardship Exemption grant date:
                                                                       5/27/97

10.9              Articles of Amendment to Articles of                 Exhibit listed under hardship exemption
                  Incorporation of Marin Movies, Inc.                  as provided in Rule 202 of Regulation
                                                                       S-T.  Hardship Exemption grant date:
                                                                       5/27/97

10.10             Articles of Incorporation of Classical               Exhibit listed under hardship exemption
                  Music Collection, Inc.                               as provided in Rule 202 of Regulation
                                                                       S-T.  Hardship Exemption grant date:
                                                                       5/27/97

10.11             Articles of Amendment to Articles of                 Exhibit listed under hardship exemption
                  Incorporation of Classical Music                     as provided in Rule 202 of Regulation
                  Collection, Inc.                                     S-T.  Hardship Exemption grant date:
                                                                       5/27/97

10.12             Articles of Incorporation of Spellbinder             Exhibit listed under hardship exemption
                  Productions, Inc. and Articles of                    as provided in Rule 202 of Regulation
                  Amendment to Articles of Incorporation               S-T.  Hardship Exemption grant date:
                                                                       5/27/97

10.13             Bylaws of Art Music &                                Exhibit listed under hardship exemption
                  Entertainment, Inc.                                  as provided in Rule 202 of Regulation
                                                                       S-T.  Hardship Exemption grant date:
                                                                       5/27/97

10.14             Certificate of Name Change                           Exhibit listed under hardship exemption
                                                                       as provided in Rule 202 of Regulation
                                                                       S-T.  Hardship Exemption grant date:
                                                                       5/27/97

10.15             Articles of Amendment to Articles of                 Exhibit listed under hardship exemption
                  Incorporation of Chatham International,              as provided in Rule 202 of Regulation
                  Inc.                                                 S-T.  Hardship Exemption grant date:
                                                                       5/27/97

10.16             Agreement and Plan of Reorganization                 Exhibit listed under hardship exemption
                  of AM&E, Inc. and IJHFPC                             as provided in Rule 202 of Regulation
                                                                       S-T.  Hardship Exemption grant date:
                                                                       5/27/97

10.17             License Agreement for PCMCIA Based Distribution
                  System

10.18             License Agreement for Tomigel & Junon Systems

31                Sarbanes-Oxley Certification

32                Sarbanes-Oxley Certification
</TABLE>

                                       13

<PAGE>

Item 14.  Principal Accountant Fees and Services

     General.  Jaspers + Hall, PC ("Jaspers + Hall") is the Company's  principal
auditing  accountant  firm.  The  Company's  Board of Directors  has  considered
whether the provisions of audit services is compatible  with  maintaining  MJC's
independence.

     Audit  Fees.  Jaspers + Hall billed the  Company  $8,500 for the  following
professional  services:  audit of the annual financial  statement of the Company
for the fiscal year ended December 31, 2005 and interim financial statements for
quarters ended March 31, 2006, June 30, 2006, and September 30, 2006.

     There were no audit related fees in 2006 or 2005. There were no tax fees or
other fees in 2006 or 2005.

     The Company's  Board acts as the audit  committee and had no  "pre-approval
policies and  procedures"  in effect for the auditors'  engagement for the audit
year 2006 and 2005.

     All audit work was performed by the auditors' full time employees.



                                       14
<PAGE>

JASPERS + HALL, PC
CERTIFIED PUBLIC ACCOUNTANTS
--------------------------------------------------------------------------------
9175 Kenyon Avenue, Suite 100
Denver, CO 80237
303-796-0099

To the Board of Directors
Jointland Development, Inc.


             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We have  audited  the  accompanying  consolidated  balance  sheet  of  Jointland
Development,  Inc. and its  subsidiary as of December 31, 2006 and 2005, and the
related  consolidated  statements  of  operations,  cash  flows,  and changes in
stockholders'  deficit  for the years then ended and for the period May 25, 1988
(inception)  to  December  31,  2006.   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 audit.

We conducted our audits in accordance  with the standards of the Public  Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  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  consolidated  financial  position  of  Jointland
Development,  Inc. and its  subsidiary  at December  31, 2006 and 2005,  and the
results  of its  operations  and its cash flows for the years then ended and for
the period May 25, 1988  (inception)  to December 31, 2006, in  conformity  with
accounting principles generally accepted in the United States.

The  accompanying  financial  statements  have been  prepared  assuming that the
Company  will  continue  as a  going  concern.  As  described  in  Note 2 to the
financial  statements,  the Company is in the  development  stage and conditions
exist which raise substantial doubt about the Company's ability to continue as a
going  concern.  Management's  plans in regard to these matters are described in
Note 2. The  financial  statements  do not  include any  adjustments  that might
result from the outcome of this uncertainty.


/s/ Jaspers + Hall, PC

March 30, 2007

                                      F-1

<PAGE>

<TABLE>
<CAPTION>

                           JOINTLAND DEVELOPMENT, INC. AND SUBSIDIARY
                          (Formerly Global Assets and Services, Inc.)
                                 (A Development Stage Company)
                                   Consolidated Balance Sheets

                                                                                December 31,          December 31,
                                                                                    2006                  2005
                                                                              -----------------     -----------------
<S>                                                                           <C>                   <C>
Assets
Current Assets:
         Cash                                                                              $ 7                 $ 144
                                                                              -----------------     -----------------
                 Total Current Assets                                                        7                   144
                                                                              -----------------     -----------------

Total assets                                                                               $ 7                 $ 144
                                                                              =================     =================


Liabilities and Stockholders' Equity (Deficit)
Current liabilities:
         Accounts payable and accrued liabilities                                     $ 70,524              $ 50,849
         Advance payable, related party                                                  6,985                     -
         Note payable, related party                                                   245,830               230,198
                                                                              -----------------     -----------------
                 Total current liabilities                                             323,339               281,047
                                                                              -----------------     -----------------


Stockholders' equity (deficit)
         Common stock, $0.001 par value; 100,000,000 shares                              1,981                 1,981
           authorized 1,979,965 shares issued and outstanding
           December 31, 2006 and December 31, 2005 respectively
         Additonal paid in capital                                                   3,480,670             3,480,670
         Deficit accumulated during the development stage                           (3,805,983)           (3,763,554)
                                                                              -----------------     -----------------
                 Total stockholders' equity (deficit)                                 (323,332)             (280,903)
                                                                              -----------------     -----------------

Total liabilities and stockholders' equity (deficit)                                       $ 7                 $ 144
                                                                              =================     =================

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

                                      F-2
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                           JOINTLAND DEVELOPMENT, INC. AND SUBSIDIARY
                           (Formerly Global Assets and Services, Inc.)
                                  (A Development Stage Company)
                              Consolidated Statements of Operations

                                                                                                         May 25, 1988
                                                                                                        (Inception) to
                                                              December 31,                               December 31,
                                                              2006                   2005                    2006
                                                         ---------------        ---------------        -----------------
<S>                                                      <C>                    <C>                    <C>
Revenue
         Revenue                                                    $ -                    $ -             $    846,545
         Cost of sales                                                -                      -                 (336,524)
                                                         ---------------        ---------------        -----------------
         Gross Profit                                                 -                      -                  510,021
                                                         ---------------        ---------------        -----------------

Operational expenses:
         Doubtful accounts                                            -                      -                   34,469
         Consulting fees                                              -                      -                2,189,459
         Legal and accounting                                    28,393                105,915                  294,781
         Advertising                                                  -                      -                   14,542
         Directors and officer fees                                   -                      -                1,409,500
         Telephone                                                    -                      -                   30,412
         Transfer fees                                                -                    150                      150
         Travel                                                       -                  2,526                   21,935
         Rent                                                         -                      -                   52,594
         Other general expenses                                     121                    990                  249,688
                                                         ---------------        ---------------        -----------------
         Total operational expenses                              28,514                109,581                4,297,530
                                                         ---------------        ---------------        -----------------
Loss from operations                                            (28,514)              (109,581)              (3,787,509)
                                                         ---------------        ---------------        -----------------

Other income (expense):
         Interest income                                              -                      -                    4,021
         Interest expense                                       (13,915)                    (3)                 (22,495)
                                                         ---------------        ---------------        -----------------
Net loss                                                      $ (42,429)             $(109,584)             $(3,805,983)
                                                         ===============        ===============        =================

Net loss per share of common
         stock                                              $ (0.02)               $ (0.06)
                                                         ===============        ===============
Weighted average number of common
         stock outstanding                                    1,979,965              1,979,965
                                                         ===============        ===============

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

                                      F-3
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                           JOINTLAND DEVELOPMENT, INC. AND SUBSIDIARY
                                 (A Development Stage Company)
                          Consolidated Stockholders' Equity (Deficit)
                                       December 31, 2006

                                                                                                Deficit
                                                                             Additional      accum. during
                                                   Comon Stock                paid-in         the development
                                             # of Shares       Amount         capital            stage            Totals
                                             -------------   -----------    -------------   ----------------    ------------
<S>                                          <C>             <C>            <C>             <C>                 <C>
Balance - December 31, 1997                        87,955          $ 88        $ 208,875         $ (208,963)            $ -
                                             -------------   -----------    -------------   ----------------    ------------
Balance - December 31, 1998                        87,955            88          208,875           (208,963)              -
                                             -------------   -----------    -------------   ----------------    ------------
Balance - December 31, 1999                        87,955            88          208,875           (208,963)              -
                                             -------------   -----------    -------------   ----------------    ------------
Balance - December 31, 2000                        87,955            88          208,875           (208,963)              -
                                             -------------   -----------    -------------   ----------------    ------------
Issuance of stock for services                     68,000            68            3,332                  -           3,400
Net loss                                                -             -                -            (39,462)        (39,462)
                                             -------------   -----------    -------------   ----------------    ------------
Balance - December 31, 2001                       155,955           156          212,207           (248,425)        (36,062)
                                             -------------   -----------    -------------   ----------------    ------------
Issuance of common stock for cash                     400             1            1,999                  -           2,000
Issuance of common stock for services             136,000           136          679,864                  -         680,000
Issuance of common stock for services              20,000            20           99,980                  -         100,000
Issuance of commonstock for services               10,000            10           49,990                  -          50,000
Issuance of common stock for services              14,200            14           71,023                  -          71,037
Issuance of common stock for
  asset acquisition                                35,000            35          656,215                  -         656,250
Issuance of common stock for services              11,800            12           58,988                  -          59,000
Issuance of common stock for cash                   1,600             1           19,999                  -          20,000
Issuance of common stock for services              98,900            99          494,401                  -         494,500
Net loss                                                -             -                -         (2,103,229)     (2,103,229)
                                             -------------   -----------    -------------   ----------------    ------------
Balance - December 31, 2002                       483,855           484        2,344,666         (2,351,654)         (6,504)
                                             -------------   -----------    -------------   ----------------    ------------
Issuance of common stock for services              55,500            55          254,945                  -         255,000
Issuance of common stock for services              52,600            53          254,947                  -         255,000
Issuance of common stock for services               2,000             2            9,998                  -          10,000
Issuance of common stock for services              36,000            36          179,964                  -         180,000
Net loss                                                -             -                -           (746,134)       (746,134)
                                             -------------   -----------    -------------   ----------------    ------------
Balance - December 31, 2003                       629,955           630        3,044,520         (3,097,788)        (52,638)
                                             -------------   -----------    -------------   ----------------    ------------
Issuance of common stock for cash               1,000,000         1,000          249,000                  -         250,000
Issuance of common stock for services             150,000           150           37,350                  -          37,500
Issuance of common stock for services                  10             1                -                  -               1
Issuance of common stock for cash                 200,000           200          149,800                  -         150,000
Net loss                                                -             -                -           (556,182)       (556,182)
                                             -------------   -----------    -------------   ----------------    ------------
Balance - December 31, 2004                     1,979,965         1,981        3,480,670         (3,653,970)       (171,319)
                                             -------------   -----------    -------------   ----------------    ------------
Net loss                                                -             -                -           (109,584)       (109,584)
                                             -------------   -----------    -------------   ----------------    ------------
Balance - December 31, 2005                     1,979,965         1,981        3,480,670         (3,763,554)       (280,903)
                                             -------------   -----------    -------------   ----------------    ------------
Net loss                                                -             -                -            (42,429)        (42,429)
                                             -------------   -----------    -------------   ----------------    ------------
Balance - December 31, 2006                     1,979,965       $ 1,981       $3,480,670       $ (3,805,983)     $ (323,332)
                                             =============   ===========    =============   ================    ============

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

</TABLE>

                                      F-4
<PAGE>

<TABLE>
<CAPTION>

                           JOINTLAND DEVELOPMENT, INC. AND SUBSIDIARY
                          (Formerly Global Assets and Services, Inc.)
                                 (A Development Stage Company)
                              Consolidated Statements of Cash Flows

                                                                                                              May 25, 1988
                                                                                                             (Inception) to
                                                                            December 31,                      December 31,
                                                                     2006                 2005                    2006
                                                                 --------------       --------------        -----------------
<S>                                                              <C>                  <C>                   <C>

Cash flows from operating activities:
Net loss                                                             $ (42,429)           $(109,584)            $ (3,805,983)
         Stock issued for services                                           -                    -                2,195,437
         Adjustments to reconcile net loss to net cash used
         in operating activities
         Increase in accounts payable and accrued liabilities           33,590               50,849                   84,439
                                                                 --------------       --------------        -----------------
         Total adjustments                                              33,590               50,849                2,279,876
                                                                 --------------       --------------        -----------------
           Net cash used in operating activities                        (8,839)             (58,735)              (1,526,107)
                                                                 --------------       --------------        -----------------

Cash flows from financing activities:
         Proceeds from notes payable, related party                      1,717                    -                  231,915
         Proceeds from advances payable, related party                   6,985                    -                    6,985
         Issuance of common stock for asset acquisition                      -                    -                  656,250
         Issuance of common stock                                            -                    -                  630,964
                                                                 --------------       --------------        -----------------
           Net cash flows provided by financing activities               8,702                    -                1,526,114
                                                                 --------------       --------------        -----------------

Net (decrease) increase in cash                                         $ (137)           $ (58,735)                     $ 7
                                                                 --------------       --------------        -----------------

Cash and cash equivalents, beginning                                       144               58,879                        -
                                                                 --------------       --------------        -----------------

Cash and cash equivalents, ending                                          $ 7                $ 144                      $ 7
                                                                 ==============       ==============        =================

Supplemental disclosure of cash flow information:
         Cash paid for interest                                            $ -                  $ -                  $ 8,577
                                                                 ==============       ==============        =================
         Cash paid for income taxes                                        $ -                  $ -                      $ -
                                                                 ==============       ==============        =================

Supplemental disclosure of non-cash transactions:
         Common stock issued in exchange for services                      $ -                  $ -              $ 2,195,437
                                                                 ==============       ==============        =================

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


</TABLE>
                                      F-5

<PAGE>

                   JOINTLAND DEVELOPMENT, INC. AND SUBSIDIARY
                          (A Development Stage Company)
                 Notes to the Consolidated Financial Statements
                 For the years ended December 31, 2006 and 2005


Note 1. Organization, Basis of Presentation and Significant Accounting Policies:

Organization:

The  accompanying  consolidated  financial  statements  include the  accounts of
Jointland  Development,  Inc., a Florida  corporation,  (the  "Company") and its
wholly-owned  subsidiary,  Corporate Empire Limited  ("Corporate  Empire").  All
significant  intercompany  accounts and  transactions  have been  eliminated  in
consolidation.

Basis of Presentation - Development Stage Company:

The  Company  has  not  earned  significant   revenues  from  limited  principal
operations.  Accordingly,  the Company's  activities  have been accounted for as
those of a "Development  Stage Enterprise" as set forth in Financial  Accounting
Standards Board  Statement No. 7 ("FASB 7"). Among the  disclosures  required by
FASB 7 are that the Company's  financial  statements be identified as those of a
development stage company, and that the statements of operations,  stockholders'
equity  (deficit)  and  cash  flows  disclose  activity  since  the  date of the
Company's inception.

Cash and Cash Equivalents:

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

Use of Estimates:

The  preparation  of  financial   statements,   in  conformity  with  accounting
principles generally accepted in the United States,  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 revenue and expenses during
the reporting period. Actual results could differ from those estimates.

Foreign Currency Translation:

The financial  statements of the Company's foreign subsidiary are measured using
the local currency (the Hong Kong Dollar) as the functional currency. Assets and
liabilities  of the  subsidiaries  are  translated  at exchange  rates as of the
balance  sheet date.  Revenues and expenses are  translated  at average rates of
exchange in effect during the period.

                                      F-6

<PAGE>

                   JOINTLAND DEVELOPMENT, INC. AND SUBSIDIARY
                          (A Development Stage Company)
                 Notes to the Consolidated Financial Statements
                 For the years ended December 31, 2006 and 2005

Foreign Currency Transactions:

Gains and losses from foreign  currency  transaction  are included in net income
(loss).  Foreign  currency  transaction  gains and losses  were not  significant
during the years ended December 31, 2006 and 2005.

Loss Per Share:

Loss per  share is  based  on the  weighted  average  number  of  common  shares
outstanding during the period.

Other Comprehensive Income:

The Company has no material components of other comprehensive income (loss), and
accordingly, net loss is equal to comprehensive loss in all periods.

Recently Issued Accounting Pronouncements:

In December 2004, the Financial  Accounting Standards Board ("FASB") issued SFAS
No. 123(R),  Share-Based Payment, which addresses the accounting for share-based
payment  transactions.  SFAS No.  123(R)  eliminates  the ability to account for
share-based  compensation  transactions  using APB 25,  and  generally  requires
instead that such  transactions  be accounted and recognized in the statement of
operations based on their fair value.  SFAS No. 123(R) will be effective for the
Company  beginning with the first quarter of the fiscal year ending December 31,
2007. As the Company has no un-vested options outstanding, the implementation of
this  standard is not  expected  to have an  immediate  impact on the  Company's
financial position and results of operations.

In  February  2006,  the FASB  issued SFAS 155,  Accounting  for Certain  Hybrid
Financial  Instruments,   which  amends  SFAS  133,  Accounting  for  Derivative
Instruments and Hedging  Activities,  and SFAS 140, Accounting for Transfers and
Servicing of Financial Assets and Extinguishments of Liabilities - a replacement
of FASB  Statement  No. 125.  SFAS 155 will be effective for the Company for all
financial  instruments  issued or acquired  after the  beginning its fiscal year
ending  December 31, 2006.  The Company not yet  evaluated  and  determined  the
likely effect of SFAS 155 on future financial statements.

In June 2006, the FASB issued  Interpretation No. 48, Accounting for Uncertainty
in Income Taxes - An  Interpretation of FASB Statement No. 109, (FIN 48). FIN 48
clarifies  the  accounting  for  uncertainty  in income taxes  recognized  in an
enterprise's  financial  statements in accordance  with FASB  Statement No. 109,
Accounting for Income Taxes. FIN 48 also prescribes a recognition  threshold and
measurement attribute for the financial statement recognition and measurement of
a tax  position  taken or expected to be taken in a tax return that results in a
tax benefit.

                                      F-7

<PAGE>


                   JOINTLAND DEVELOPMENT, INC. AND SUBSIDIARY
                          (A Development Stage Company)
                 Notes to the Consolidated Financial Statements
                 For the years ended December 31, 2006 and 2005

Additionally,  FIN 48 provides  guidance  on  de-recognition,  income  statement
classification  of  interest  and  penalties,  accounting  in  interim  periods,
disclosure, and transition. This interpretation is effective for the Company for
its fiscal year ending  December 31, 2007. The Company has not yet evaluated the
effect that the application of FIN 48 may have, if any, on its future results of
operations and financial condition.

In September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements". This
statement  defines fair value,  establishes a framework for measuring fair value
in generally accepted accounting principles,  and expands disclosures about fair
value measurements. This statement applies under other accounting pronouncements
that require or permit fair value  measurements.  SFAS No. 157 is effective  for
the  Company  for its fiscal  year  beginning  on July 1, 2008.  The  Company is
currently  assessing  the impact the  adoption  of SFAS No. 157 will have on its
financial statements.

In September  2006,  the SEC issued Staff  Accounting  Bulletin (SAB) No. 108 in
order to eliminate the diversity of practice  surrounding  how public  companies
quantify  financial  statement   misstatements.   In  SAB  108,  the  SEC  staff
established  an approach that  requires  quantification  of financial  statement
misstatements based on the effects of the misstatements on each of the Company's
financial  statements and the related financial statement  disclosures.  SAB No.
108 is effective  for the Company for its current  fiscal year.  The adoption of
SAB No. 108 did not have an impact on the Company's financial statements.

On February 15, 2007,  the FASB issued SFAS No. 159,  "The Fair Value Option for
Financial  Assets and  Financial  Liabilities  - Including  an Amendment of FASB
Statement  No. 115." This standard  permits an entity to measure many  financial
instruments  and  certain  other  items at  estimated  fair  value.  Most of the
provisions  of SFAS No. 115  ("Accounting  for Certain  Investments  in Debt and
Equity   Securities)   applies   to  all   entities   that   own   trading   and
available-for-sale  securities.  The fair value  option  created by SFAS No. 159
permits  an entity  to  measure  eligible  items at fair  value as of  specified
election dates. Among others,  eligible items exclude (1) financial  instruments
classified  (partially  or in total) as  permanent  or  temporary  stockholders'
equity (such as a convertible  debt security  with a  non-contingent  beneficial
conversion  feature)  and (2)  investments  in  subsidiaries  and  interests  in
variable interests that must be consolidated.  A for-profit business entity will
be  required to report  unrealized  gains and losses on items for which the fair
value option has been elected in its statements of operations at each subsequent
reposting date. The fair value option (a) may generally be applied instrument by
instruments, (b) is irrevocable unless a new elections date occurs, and (c) must
be applied to the entire instrument and not to only a portion of the instrument.
SFAS No. 159 is  effective  as of the  beginning  of the first  fiscal year that
begins after  November 15, 2007.  The Company has not yet  evaluated  the effect
that the application of SFAS No. 159, may have, if any, on its future results of
operations and financial condition.

                                      F-8

<PAGE>

                   JOINTLAND DEVELOPMENT, INC. AND SUBSIDIARY
                          (A Development Stage Company)
                 Notes to the Consolidated Financial Statements
                 For the years ended December 31, 2006 and 2005

Note 2  Going Concern and Results of Operations:

The financial  statements  of the Company have been  presented on the basis that
they are a going concern,  which  contemplates the realization of assets and the
satisfaction  of  liabilities  in the normal  course of  business.  The  Company
reported a net loss of $42,429  for the year ended  December  31,  2006,  and an
accumulated  deficit during the development  stage of $3,805,983.  The Company's
current liabilities exceed current assets by $323,332 at December 31, 2006.

The future  success of the Company is likely  dependent on its ability to attain
additional  capital,  or to find an  acquisition  to add  value  to its  present
shareholders  and  ultimately,  upon its  ability  to attain  future  profitable
operations.  There can be no assurance  that the Company will be  successful  in
obtaining  such  financing,  or that it will  attain  positive  cash  flow  from
operations. Management believes that actions presently being taken to revise the
Company's operating and financial  requirements  provide the opportunity for the
Company to continue as a going concern.

Note 3 Notes Payable and Advances Payable, Related Parties:

Advance payable, related party:

During the year ended  December  31, 2006,  Mr. Chen  Yorung,  a director of the
Company,  advance  an amount of $6,985  to the  Company  to pay for  operational
expenses.  The  amount is  unsecured,  interest  free and has no fixed  terms of
repayment.

Note payable, related party:

During the year ended December 31, 2005, Praise Direct Holding, a stockholder of
the  Company,  advanced  funds of  $231,915  to the  Company in the form of a 6%
interest bearing  promissory note.  During the year ended December 31, 2006, the
note accrued interest of $13,915.  The note is due upon demand.  At December 31,
2006, the promissory note was still outstanding.

Note 4 Stockholders' Deficit:

The  authorized  capital  stock of the Company is  100,000,000  shares of common
stock at $.001 par value.  During the year ended  December 31, 2006, the Company
did not issue any shares of common stock.

Note 5  Federal Income Taxes:

The Company has made no  provision  for income taxes  because  there has been no
income generated since 1997 for financial statements or tax purposes.

                                      F-9

<PAGE>

                   JOINTLAND DEVELOPMENT, INC. AND SUBSIDIARY
                          (A Development Stage Company)
                 Notes to the Consolidated Financial Statements
                 For the years ended December 31, 2006 and 2005

The  Financial  Accounting  Standards  Board  (FASB)  has  issued  Statement  of
Financial Accounting  Standards Number 109 ("SFAS 109").  "Accounting for Income
Taxes",  which  requires  a change  from the  deferred  method  to the asset and
liability  method of accounting for income taxes.  Under the asset and liability
method,  deferred  income  taxes  are  recognized  for the tax  consequences  of
"temporary  differences" by applying  enacted  statutory tax rates applicable to
future years to differences between the financial statement carrying amounts and
the tax basis of existing assets and liabilities.

                                                        2006           2005
Deferred tax assets
         Net operating loss carry forwards          $  3,805,983   $ 3,763,554
         Valuation allowance                          (3,805,983)   (3,763,554)
                                                    ------------   ------------
         Net deferred tax assets                    $          0   $         0
                                                    ============   ============

The Company had net operating  loss carry forwards of  approximately  $3,805,983
and $3,763,554 at December 31, 2006 and 2005,  respectively,  for federal income
tax purposes. These carry forwards if not utilized to offset taxable income will
begin to expire in 2011.

Note 6  Segment Information:

The  Company  operates  primarily  in a  single  operating  segment,  the  asset
management and capital raising business.





                                      F-10


<PAGE>


                                   Signatures

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

Dated:  April 13, 2007

                                          JOINTLAND DEVELOPMENT, INC.

                                     By:  /s/ Kexi Xu
                                          ----------------------------------
                                          Kexi Xu, President

     Pursuant to the  requirements of the Securities  Exchange Act of 1934, this
Report has been signed by the  following  persons in the  capacities  and on the
dates indicated.



     Signature                       Title                        Date
     ---------                       -----                        ----

/s/ Xu                               President/Director
---------------------------------    & Chief Executive Officer    April 13, 2007
Kexi Xu


Directors:


/s/ Kexi Xu                          Director
---------------------------------                                 April 13, 2007
Kexi Xu

/s/ Madam Yurong Chen                Director                     April 13, 2007
---------------------------------
Madam Yurong Chen



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