**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

| [X]

Quarterly report pursuant Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended September 30, 2010.

 

 

[  ]

Transition report pursuant Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the transition period from _______ to _______.

**000-50738**

(Commission file number)

**APD ANTIQUITIES, INC.**

(Exact name of small business issuer as specified in its charter)

**Nevada**

**91-1959986**

(State or other jurisdiction

(IRS Employer

of incorporation or organization)

Identification No.)

**1314 S. Grand Blvd, Ste. 2-250, Spokane, WA 99202**

(Address of principal executive offices)

**(509) 744-8590**

(Registrant’s telephone number)

**______________________________________**

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes [X]  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. (Check one):

Large accelerated filer [  ]

Accelerated filer [  ] 

Non-accelerated filer [  ] 

Smaller reporting company [X]

(Do not check if a smaller reporting company)

 

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

As of November 12, 2010, there were 3,911,111 shares of the registrant’s common stock outstanding.

**TABLE OF CONTENTS**

PART I – FINANCIAL INFORMATION

 

**3**

**Item 1.**

**Financial Statements**

 

**3**

**Item 2.**

**Management’s Discussion and Analysis of Financial Condition and Results of Operations**

 

**12**

**Item 3.**

**Quantitative and Qualitative Disclosures About Market Risk**

 

**15**

**Item 4.**

**Controls and Procedures**

 

**15**

PART II – OTHER INFORMATION

 

**16**

**Item 1.**

**Legal Proceedings**

 

**16**

**Item 1A.**

**Risk Factors**

 

**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**

- 2 -

**PART I – FINANCIAL INFORMATION**

**Item1. Financial Statements**

**APD ANTIQUITIES, INC.**

**BALANCE SHEETS**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**September 30,**

**2010**

 

 

**December 31,**

**2009**

 

 

 

 

 

 

 

 (Unaudited) 

 

 

 

**ASSETS**

 

 

 

 

 

 

 

 

 

**CURRENT ASSETS**

 

 

 

 

 

 

 

 

 

Cash

 

 

$

              65    

 

$ 

1,962 

 

 

Inventory

 

 

 

              4,709

 

 

4,709 

 

 

 

Total Current Assets

 

 

 

4,774

 

 

6,671 

 

 

 

 

 

 

 

 

 

 

 

 

**TOTAL ASSETS**

 

 

$

4,774

 

$ 

6,671 

 

 

 

 

 

 

 

 

 

 

 

**LIABILITIES AND STOCKHOLDERS' EQUITY**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**CURRENT LIABILITIES**

 

 

 

 

 

 

 

 

 

Accounts payable 

 

 

$

18,364 

 

$ 

13,456 

 

 

Accrued expenses

 

 

 

3,030 

 

 

10,200 

 

 

Commissions payable - related party

 

 

4,229 

 

 

5,462 

 

 

 

Total Current Liabilities

 

 

 

25,623 

 

 

29,118 

 

 

 

 

 

 

 

 

 

 

 

 

**LONG TERM LIABILITIES**

 

 

 

 

 

 

 

 

 

Loan payable

 

 

 

6,200 

 

 

6,200 

 

 

 

Total Long Term Liabilities

 

 

 

6,200 

 

 

6,200 

 

 

 

 

 

 

 

 

 

 

 

 

**COMMITMENTS AND CONTINGENCIES**

 

 

- 

 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

**STOCKHOLDERS' EQUITY**

 

 

 

 

 

 

 

 

 

Preferred stock, 5,000,000 shares authorized, 

 

 

 

 

 

 

 

 

 

$0.001 par value; no shares issued and outstanding   

 

 

- 

 

 

- 

 

 

Common stock, 20,000,000 shares authorized, $0.001 

 

 

 

 

 

 

 

 

 

par value;  3,911,111 and 2,711,111  shares issued 

 

 

 

 

 

 

 

 

 

and outstanding, respectively

 

 

 

3,911 

 

 

2,711 

 

 

Additional paid-in capital

 

 

 

186,964 

 

 

158,164 

 

 

Accumulated deficit 

 

 

 

(217,924)

 

 

(189,522)

 

 

 

Total Stockholder's Equity

 

 

 

(27,049)

 

 

(28,647)

 

 

 

 

 

 

 

 

 

 

 

 

**TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY**

 

$

4,774 

 

$ 

6,671 

 

 

 

 

 

 

 

 

 

 

 

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

- 3 -

**APD ANTIQUITIES, INC.**

**STATEMENTS OF OPERATIONS**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

** For Three Months Ended**

 

 

**For Nine Months Ended**

 

 

 

 

 

**September 30,**

 

 

**September 30,**

 

 

**September 30,**

 

 

**September 30,**

 

 

 

 

 

**2010**

 

 

**2009**

 

 

**2010**

 

 

**2009**

 

 

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**SALES**

 

 

$ 

    - 

 

 

      - 

 

 

     - 

 

 $ 

   - 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**EXPENSES**

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketing

 

 

    - 

 

 

165

 

 

162

 

 

419

 

Rent

 

 

900

 

 

900

 

 

2,700

 

 

2,700

 

General and administrative

 

 

24

 

 

24

 

 

681

 

 

237

 

Professional fees

 

 

2,003

 

 

4,205

 

 

24,746

 

 

9,264

 

Commissions

 

 

-

 

 

-

 

 

-

 

 

-

 

 

**TOTAL EXPENSES**

 

 

2,927

 

 

5,294

 

 

28,289

 

 

12,620

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**LOSS FROM OPERATIONS**

 

 

(2,927)

 

 

(5,294)

 

 

(28,289)

 

 

(12,620)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**OTHER INCOME (EXPENSE)**

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

-

 

 

-

 

 

(113)

 

 

-

 

 

**TOTAL OTHER INCOME (EXPENSE)**

 

 

-

 

 

-

 

 

(113)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**INCOME (LOSS) BEFORE INCOME TAXES**

 

 

(2,927)

 

 

(5,294)

 

 

(28,402)

 

 

(12,620)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**INCOME TAXES**

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**NET INCOME (LOSS)**

 

$ 

(2,927)

 

 

(5,294)

 

 

(28,402)

 

 $ 

(12,620)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS PER COMMON SHARE,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC AND DILUTED

 

$ 

(0.00)

 

 

(0.00)

 

 

(0.01)

 

 $ 

(0.01)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF

 

 

3,911,111

 

 

2,336,000

 

 

3,372,649

 

 

2,112,374

 

 

COMMON STOCK SHARES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OUTSTANDING, BASIC AND DILUTED

 

 

 

 

 

 

 

 

 

 

 

 

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

- 4 -

**APD ANTIQUITIES, INC.**

**STATEMENTS OF CASH FLOWS**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      For The Nine Months Ended

 

 

 

 

 

 

September 30,

 

 

September 30,

 

 

 

 

 

 

2010

 

 

2009

 

 

 

 

 

 

(Unaudited)

 

 

(Unaudited)

**CASH FLOWS FROM OPERATING ACTIVITIES**

 

 

 

 

 

 

Net loss

 

$ 

(28,402)

 

$ 

(12,620)

 

Adjustments to reconcile net loss

 

 

 

 

 

 

 

to net cash provided (used) by operating activities:

 

 

 

 

 

 

Decrease (increase) in inventory

 

-

 

 

-

 

Increase (decrease) in accrued expenses

 

(7,170)

 

 

(9,306)

 

Increase (decrease) in accounts payable

 

4,908

 

 

(1,930)

 

Increase (decrease) in interest payable

 

(1,233)

 

 

-

Net cash provided by operating activities

 

(31,897)

 

 

(23,856)

 

 

 

 

 

 

 

 

 

 

**CASH FLOWS FROM INVESTING ACTIVITIES**

 

-

 

 

-

 

 

 

 

 

 

 

 

 

 

**CASH FLOWS FROM FINANCING ACTIVITIES**

 

 

 

 

 

 

Proceeds from sale of common stock

 

30,000

 

 

24,975

Net cash used by financing activities

 

30,000

 

 

24,975

 

 

 

 

 

 

 

 

 

 

Change in cash

 

 

(1,897)

 

 

1,119

 

 

 

 

 

 

 

 

 

 

**Cash, beginning of period**

 

1,962

 

 

1,124

 

 

 

 

 

 

 

 

 

 

**Cash, end of period**

$ 

65

 

$ 

2,243

 

 

 

 

 

 

 

 

 

 

**SUPPLEMENTAL CASH FLOW DISCLOSURES:**

 

 

 

 

 

 

Interest paid

$ 

113

 

$ 

- 

 

Income taxes paid

$ 

- 

 

$ 

- 

 

 

 

 

 

 

 

 

 

 

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

- 5 -

**APD ANTIQUITIES, INC.**

**Notes to the Financial Statements**

**September 30, 2010**

**(Unaudited)**

**NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS**

APD Antiquities, Inc. (hereinafter “APD” or “the Company”) was incorporated on July 23, 1996 under the laws of the State of Nevada for the purpose of acquiring, importing, marketing, and selling valuable antiquity and art items of Asian origin.  Examples of these items are such things as furniture, works of art, antiques, glass works, porcelain, statues, pottery, sculptures and other collectibles and collector items that have their origin in the Far East.  These collectibles and antiques will be acquired through a variety of agents and wholesale distribution sources in Hong Kong and the Peoples Republic of China. Acquisitions will be made by agents of APD and as the result of direct buying trips and direct contact with wholesale companies located in several Asian countries.  The Company changed its name from APD International Corporation in August of 1999.

The Company is examining a range of possible funding sources, including additional strategic alliances, additional equity or debt private placements, the sale of existing assets, as well as the possibility of entering into one or more business transactions that could involve a merger or sale of the Company and/or the sale of some or all of its assets.      

The Company maintains its corporate office in Spokane, Washington and offers its products online. The Company’s fiscal year end is December 31.

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

This summary of significant accounting policies of the Company is presented to assist in understanding the financial statements.  The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity.  These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.

*Basis of presentation*

The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) to Form 10-Q and Article 8 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.  The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented.  Unaudited interim results are not necessarily indicative of the results for the full year.  These unaudited interim financial statements should be read in conjunction with the financial statements of the Company for the fiscal year ended December 31, 2009 and notes thereto contained in the information as part of the Company’s Annual Report on Form 10-K filed with the SEC on April 13, 2010. 

*Accounting Method*

The Company’s financial statements are prepared using the accrual method of accounting.

*Advertising Costs*

Advertising costs, including costs for direct mailings, are expensed when incurred.  Advertising costs incurred during the interim periods ending September 30, 2010, and 2009 were $0 and $165, respectively.

*Basic and Diluted Earnings Per Share*

Basic net income (loss) per share is computed using the weighted average number of common shares outstanding. Diluted net income (loss) per share is the same as basic net income (loss) per share as there are no common stock equivalents outstanding.

 

- 6 -

*Cash and Cash Equivalents*

For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a remaining maturity of three months or less to be cash equivalents.

 

*Compensated Absences*

The Company does not offer paid vacation or personal time to its employees. Accordingly, there is no related accrual of expenses.

 

*Going Concern*

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  At September 30, 2010, the Company had a history of operating losses, an accumulated deficit of $217,924 and limited cash resources. These conditions raise significant doubt about the Company’s ability to continue as a going concern. 

The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations. Management's plans are to seek additional capital through sales of its common stock.  If necessary, the Company may sell common stock to provide additional cash to future operations and market development.  

 

The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence.

 

*Inventories*

Inventories are accounted for using the specific identification method, and stated at the lower of cost or market, with market representing the lower of replacement cost or estimated net realizable value. The Company has no insurance coverage on its inventory.  The Company has no inventory on consignment at September 30, 2010. In the future, if the Company consigns inventory, it will retain title and will insure the inventory until the inventory is sold, returned, lost, stolen, damaged, or destroyed.

*Reclassification*

Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation.   These reclassifications had no effect on reported losses.

*Revenue and Cost Recognition*

Revenues from retail sales are recognized at the time the products are delivered.

 

Although the Company does not provide a written warranty on its items sold, the Company will refund the purchase price paid to any customer in those instances when an item sold is proven to be non-authentic. In a majority of instances, the Company receives a certificate of authenticity for documents (items) purchased from its vendors and is reasonably assured as to the provenance of its products. Since inception, the Company has made no refunds for the sale of any non-authentic items nor has the Company received any claims or notice of prospective claims relating to such items. Accordingly, the Company has not established a reserve against forgery or non-authenticity. 

If a product proves not to be authentic, the Company would give a full refund to the purchaser and record a charge for sales returns.

*Use of Estimates*

The process of preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts. At September 30, 2010, the Company had not participated in consignment or conditional sales; therefore, there are no unsettled transactions related to sales or cost of sales.

*Fair Value of Financial Instruments*

The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements.  To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair 

- 7 -

value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels.  The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.  The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:

Level 1  Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

Level 2  Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Level 3  Pricing inputs that are generally observable inputs and not corroborated by market data.

The carrying amounts of the Company’s financial assets and liabilities, such as cash and accrued expenses, approximate their fair values because of the short maturity of these instruments.

The Company does not have any assets or liabilities measured at fair value on a recurring or a non-recurring basis, consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value at September 30, 2010 or 2009, nor gains or losses are reported in the statement of operations that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date for the period ended September 30, 2010 or 2009. 

**NOTE 3 – COMMITMENTS**

*Rental Agreement*

The Company has a month-to-month rental agreement for office space in Spokane, Washington.  The monthly rent is $300.  

**NOTE 4 – PROVISION FOR TAXES**

The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification.  Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.  Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date.

The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”)..  Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements.  Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.  The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement.  Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.  The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25.

At September 30, 2010, the Company had deferred tax assets of approximately $74,100 principally arising from net operating loss carry forwards for income tax purposes calculated at an expected rate of 34%. As management of the Company cannot determine that it is more likely than not that the Company will realize the benefit of the deferred tax assets, a valuation allowance equal to the deferred tax assets was present at September 30, 2010 and 2009. 

The significant components of the Company’s deferred tax assets at September 30, 2010 and December 31, 2009 were as follows:

- 8 -

       

 

September 30,2010

 

 

December 31,

2009

 

Net operating loss carry forward** **

$

217,402 

 

$

189,522 

 

 

 

 

 

 

 

 

Deferred tax asset

$ 

74,100 

 

$ 

64,000 

 

Deferred tax asset valuation allowance

 

( 74,100 

)

 

( 64,000 

)

Net deferred tax asset

$

-

 

$

-

 

At September 30, 2010, the Company has net operating loss carry forwards of approximately $217,924, which expire in the years 2023 through 2030. The change in the allowance account from December 31, 2009 to September 30, 2010 was an increase of $10,100.

**NOTE 5 – PREFERRED AND COMMON STOCK**

 

The Company has 5,000,000 shares of preferred stock authorized and none issued.

On April 20, 2009 the Company sold 555,000 shares of common stock in a private placement for cash of $24,975 ($0.045 per share).  

On November 9, 2009, the Company sold 111,111 shares of common stock in a private placement for cash of $5,000 ($0.045 per share).  

On December 29, 2009, the Company converted a payable of $13,200 to 264,000 shares of common stock at $0.05 per share.

On April 2, 2010, the Company sold 600,000 shares of common stock in a private placement for cash of $15,000 ($0.025 per share).

On May 11, 2010, the Company sold 300,000 shares of common stock in a private placement for cash of $7,500 ($0.025 per share).  

On June 24, 2010, the Company sold 300,000 shares of common stock in a private placement for cash of $7,500 ($0.025 per share).   

**NOTE 6 – STOCK OPTION PLAN**

 

The Company’s board of directors approved the adoption of the “2001 Non-Qualified Stock Option and Stock Appreciation Rights Plan” by unanimous consent on January 15, 2001. This plan was initiated to encourage and enable officers, directors, consultants, advisors and other key employees of the Company to acquire and retain a proprietary interest in the Company by ownership of its common stock. A total of 1,000,000 of the authorized shares of the Company’s common stock may be subject to, or issued pursuant to, the terms of the plan. No options have been issued under the plan as of September 30, 2010.

**NOTE 7 – RECENT ACCOUNTING PRONOUNCEMENTS**

In January 2010, the FASB issued the FASB Accounting Standards Update No. 2010-01 *“Equity Topic 505 – Accounting for Distributions to Shareholders with Components of Stock and Cash”*, which clarify that the stock portion of a distribution to shareholders that allows them to elect to receive cash or stock with a potential limitation on the total amount of cash that all shareholders can elect to receive in the aggregate is considered a share issuance that is reflected in EPS prospectively and is not a stock dividend for purposes of applying Topics 505 and 260 (Equity and Earnings Per Share (“EPS”)).  Those distributions should be accounted for and included in EPS calculations in accordance with paragraphs 480-10-25- 14 and 260-10-45-45 through 45-47 of the FASB Accounting Standards codification.  The amendments in this Update also provide a technical correction to the Accounting Standards Codification.  The correction moves guidance that was previously included in the Overview and Background Section to the definition of a stock dividend in the Master Glossary.  That guidance indicates that a stock dividend takes nothing from the property of the corporation and adds nothing to the interests of the stockholders.  It also indicates that the proportional interest of each shareholder remains the same, and is a key factor to consider in determining whether a distribution is a stock dividend.

- 9 -

In January 2010, the FASB issued the FASB Accounting Standards Update No. 2010-02 *“Consolidation Topic 810 – Accounting and Reporting for Decreases in Ownership of a Subsidiary – a Scope Clarification”*, which provides amendments to Subtopic 810-10 and related guidance within U.S. GAAP to clarify that the scope of the decrease in ownership provisions of the Subtopic and related guidance applies to the following:

1.

A subsidiary or group of assets that is a business or nonprofit activity

2.

A subsidiary that is a business or nonprofit activity that is transferred to an equity method investee or joint venture

3.

An exchange of a group of assets that constitutes a business or nonprofit activity for a noncontrolling interest in an entity (including an equity method investee or joint venture).

The amendments in this Update also clarify that the decrease in ownership guidance in Subtopic 810-10 does not apply to the following transactions even if they involve businesses:

1.

Sales of in substance real estate.  Entities should apply the sale of real estate guidance in Subtopics 360-20 (Property, Plant, and Equipment) and 976-605 (Retail/Land) to such transactions.

2.

Conveyances of oil and gas mineral rights.  Entities should apply the mineral property conveyance and related transactions guidance in Subtopic 932-360 (Oil and Gas-Property, Plant, and Equipment) to such transactions.

If a decrease in ownership occurs in a subsidiary that is not a business or nonprofit activity, an entity first needs to consider whether the substance of the transaction causing the decrease in ownership is addressed in other U.S. GAAP, such as transfers of financial assets, revenue recognition, exchanges of nonmonetary assets, sales of in substance real estate, or conveyances of oil and gas mineral rights, and apply that guidance as applicable. If no other guidance exists, an entity should apply the guidance in Subtopic 810-10.

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

In February 2010, the FASB issued the FASB Accounting Standards Update No. 2010-09 *“Subsequent Events (Topic 855) Amendments to Certain Recognition and Disclosure Requirements”*, which provides amendments to Subtopic 855-10 as follows:

1.

An entity that either (a) is an SEC filer or(b) is a conduit bond obligor for conduit debt securities that are traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local or regional markets) is required to evaluate subsequent events through the date that the financial statements are issued. If an entity meets neither of those criteria, then it should evaluate subsequent events through the date the financial statements are available to be issued.

2.

An entity that is an SEC filer is not required to disclose the date through which subsequent events have been evaluated. This change alleviates potential conflicts between Subtopic 855-10 and the SEC's requirements.

3.

The scope of the reissuance disclosure requirements is refined to include revised financial statements only. The term *revised financial statements*is added to the glossary of Topic 855. Revised financial statements include financial statements revised either as a result of correction of an error or retrospective application of U.S. generally accepted accounting principles.

All of the amendments in this Update are effective upon issuance of the final Update, except for the use of the issued date for conduit debt obligors. That amendment is effective for interim or annual periods ending after June 15, 2010.

In April 2010, the FASB issued the FASB Accounting Standards Update No. 2010-17 *“Revenue Recognition — Milestone Method (Topic 605) Milestone Method of Revenue Recognition”*, which provides guidance on the criteria that should be met for determining whether the milestone method of revenue recognition is appropriate. A vendor can recognize consideration that is contingent upon achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone meets all criteria to be considered substantive.

Determining whether a milestone is substantive is a matter of judgment made at the inception of the arrangement. The following criteria must be met for a milestone to be considered substantive. The consideration earned by achieving the milestone should:

1.

Be commensurate with either of the following:

a.

The vendor's performance to achieve the milestone

b.

The enhancement of the value of the item delivered as a result of a specific outcome resulting from the vendor's performance to achieve the milestone 

2.

Relate solely to past performance

- 10 -

3.

Be reasonable relative to all deliverables and payment terms in the arrangement.

A milestone should be considered substantive in its entirety. An individual milestone may not be bifurcated. An arrangement may include more than one milestone, and each milestone should be evaluated separately to determine whether the milestone is substantive. Accordingly, an arrangement may contain both substantive and nonsubstantive milestones.

A vendor's decision to use the milestone method of revenue recognition for transactions within the scope of the amendments in this Update is a policy election. Other proportional revenue recognition methods also may be applied as long as the application of those other methods does not result in the recognition of consideration in its entirety in the period the milestone is achieved.

A vendor that is affected by the amendments in this Update is required to provide all of the following disclosures:

1.

A description of the overall arrangement 

2.

A description of each milestone and related contingent consideration 

3.

A determination of whether each milestone is considered substantive 

4.

The factors that the entity considered in determining whether the milestone or milestones are substantive 

5.

The amount of consideration recognized during the period for the milestone or milestones. 

The amendments in this Update are effective on a prospective basis for milestones achieved in fiscal years, and interim periods within those years, beginning on or after June 15, 2010. Early adoption is permitted. If a vendor elects early adoption and the period of adoption is not the beginning of the entity's fiscal year, the entity should apply the amendments retrospectively from the beginning of the year of adoption. Additionally, a vendor electing early adoption should disclose the following information at a minimum for all previously reported interim periods in the fiscal year of adoption:

1.

Revenue 

2.

Income before income taxes 

3.

Net income 

4.

Earnings per share 

5.

The effect of the change for the captions presented. 

A vendor may elect, but is not required, to adopt the amendments in this Update retrospectively for all prior periods. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements.

**NOTE 8 – SUBSEQUENT EVENTS**

The Company has evaluated all events that occurred after the balance sheet date, through the date when the financial statements were issued, to determine if they must be reported.  The Management of the Company determined that there were no reportable subsequent events to be disclosed.

- 11 -

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

THE FOLLOWING PLAN OF OPERATIONS SECTION SHOULD BE READ IN CONJUNCTION WITH OUR FINANCIAL STATEMENTS AND THE NOTES THERETO INCLUDED ON PAGES 3 THROUGH 12 OF THIS QUARTERLY REPORT ON FORM 10-Q.  ALL STATEMENTS IN THIS QUARTERLY REPORT RELATED TO OUR CHANGING FINANCIAL OPERATIONS AND EXPECTED FUTURE OPERATIONAL PLANS CONSTITUTE FORWARD-LOOKING STATEMENTS. THE ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE ANTICIPATED OR EXPRESSED IN SUCH STATEMENTS.  FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE.
Our plan of operation for the coming year, if reasonable funding is not obtained to support operations, is to identify and acquire a favorable business opportunity through merger or acquisition.  We have not yet entered into any agreement, nor do we have any commitment or understanding to enter into or become engaged in any transaction, as of the date of this filing.

Our existing cash position is not sufficient to support our operations.  Accordingly, we continue to examine a range of possible funding sources, including additional strategic alliances, additional equity or debt private placements, the sale of existing assets, as well as the possibility of entering into one or more business transactions that could involve a merger or sale of the Company and/or the sale of some or all of its assets.  We do not currently have any contractual restrictions on our ability to incur debt.  Any such indebtedness could contain covenants that would restrict our operations.  There can be no assurance that additional financing will be available on terms favorable to us, or at all.  If equity or convertible debt securities are issued, the percentage ownership of our stockholders will be reduced, stockholders may experience additional dilution and such securities may have rights, preferences or privileges senior to those of our common stock.  This effect is attributed to the fact that while additional shares of common stock are issued from our treasury, our earnings at that particular moment remain consistent and, therefore, the earnings per share decreases.  If we are unsuccessful in these efforts, we will be required to curtail our ongoing operations.  If we were unable to sufficiently curtail our costs in such a situation, we might be forced to seek protection of the courts through reorganization, bankruptcy or insolvency proceeding, or cease operations completely.

**Liquidity and Capital Resources**

With respect to long term liquidity (periods in excess of one year), we are unable to reasonably project or otherwise make assumptions concerning future cash flows or amounts of funds that may be available to us. With additional funding to carry on and support operations, management anticipates that our operating expenses would increase in the long-term as a result of an increase in sales and marketing activities, as well as general and administrative costs. Long-term liquidity is directly dependent upon either the future success of our business or our ability to identify and acquire a favorable business opportunity through merger or acquisition.  Without reasonable funding in the near future, we will attempt to enter into one or more business transactions that could involve a merger or sale of the Company and/or the sale of some or all of its assets to protect our shareholders’ interest and investments. 

For more information concerning our ability to continue as a going concern, see Note 2 to the consolidated financial statements.  Our significant accounting policies are also detailed in Note 2 of our Consolidated Financial Statements. 

We have had minimal operations and very limited revenues.  From inception to September 30, 2010, we have accumulated an operating deficit of $217,924. For the nine months ended September 30, 2010, we had a net loss of $28,402 on gross revenues of $0 from no sales.  As of September 30, 2010, we had cash of $65, inventories of $4,709 and accounts receivable of $0, for total current assets of $4,774.  We have realized only minimal revenue from sales and had a net loss for the year ended December 31, 2009 and 2008.  We believe that we could experience negative operating cash flow for the foreseeable future.

The only development costs incurred since inception are with respect to finding suitable products that offer us potential for revenues and profits, as we market these products through our website. 

Our ability to achieve profitable operations is subject to the validity of our assumptions and risk factors within the industry and pertaining to us. 

Our financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.  We use cash and cash equivalents as our primary 

- 12 -

measure of liquidity.  Except as discussed above, management is not aware of any other known trends, events, commitments, or uncertainties that will have a significant impact on liquidity.

For the year ended December 31, 2009, we had an accumulated deficit of $189,522 compared to an accumulated deficit of $165,381 for the year ended December 31, 2008.

The current President of the Company owns a total of 202,004 shares of the Company's authorized stock, which she paid $1,150 in cash. Additionally, a private placement offering was made in reliance upon an exemption from the registration provisions of Section 5 of the Securities Act of 1933, as amended, pursuant to Regulation D, Rule 504, of the Act. Between May 1, 1999 and May 24, 1999, we raised $51,000 through the sale of 51,000 thousand (51,000) shares of common stock in connection with the above-mentioned private placement offering, at a price of $1.00 per share, to forty (40) unaffiliated shareholders. On December 21, 2004, the Company implemented a 4 for 1 split of the common stock. In September of 2004, we raised $10,000 through the sale of forty thousand (40,000) shares of common stock at a price of $.25 per share, to one unaffiliated shareholder.  In June of 2005, we raised $25,000 through the sale of two hundred fifty thousand (250,000) shares of common stock at a price of $.10 per share, to one unaffiliated shareholder.  In October of 2007, we raised $12,500 through the sale of twenty-five thousand (25,000) shares of common stock at a price of $.50 per share, to one unaffiliated shareholder.  In September of 2008, we raised $12,500 through the sale of twenty-five thousand (25,000) shares of common stock at a price of $.50 per share, to one unaffiliated shareholder.  In November of 2008, we raised $5,000 through the sale of twenty-five thousand (25,000) shares of common stock at a price of $.20 per share, to one unaffiliated shareholder.  In April 2009, we issued 555,000 unregistered shares of its common stock, par value $0.001, at $.045 per share from our treasury to three corporations in exchange for $24,975 cash.  In November of 2009, we raised $5,000 through the sale of one hundred eleven thousand one hundred eleven (111,111) shares of common stock at a price of $.045 per share, to one unaffiliated company.  In December of 2009, we raised $13,200 through the sale of two hundred sixty four thousand (264,000) shares of common stock at a price of $0.05 per share.  In April of 2010, we raised $15,000 through the sale of six hundred thousand (600,000) shares of common stock at a price of $.025 per share, to two unaffiliated companies.  In May and June of 2010, we raised $15,000 through the sale of six hundred thousand (600,000) shares of common stock at a price of $.025 per share.  

The inventory is periodically reviewed by management to determine if there has been any known auction or interdealer sales of similar antiques at reduced prices and to determine if a reduction in the inventory carrying value is needed. Our review of our inventory of antiques has shown no decline in market value below cost. 

During the past two fiscal years, there has been no adverse impact from inflation.  However, in the event prices for antiques increase materially or the value of the dollar decreases against other currencies, the ability to acquire antiques, and, in turn, its ability to market such newly acquired antiques to its market, may be adversely affected. Thus, although the retail and wholesale values of existing inventory might be favorably affected by increasing prices, passing along such increases to customers could have an inhibiting effect on the overall business. Our management believes that tangible collectibles move inversely with financial assets over the long term. As a result, during times of greater inflationary expectations, tangible collectibles may actually be the beneficiary of greater interest. 

On February 26, 2010, we hired IWJ Consulting Group, LLC, for $5,000 to assist our officers and directors and act as a finder to locate potential investors and help identify and screen private companies that maybe of interest in merging with us.  We anticipate no other material commitments for capital expenditures at the present time. Management is not aware of any trend in our capital resources, which may have an impact on its income, revenue, or income from continuing operations.
**Results of Operations**

Results of operations for the nine months ended September 30, 2010, compared to the nine months ended September 30, 2009 are as follows:

Net cash used in operating activities during the nine months ended September 30, 2010 was $31,897 as compared to net cash used in operating activities during the nine months ended September 30, 2009 of $23,856. The increase was due to factors as follows.  For the six months ended September 30, 2010, we reported a net loss of $28,402, gross revenues of $0, with gross profit on sales of $0, compared to a net loss of $12,620 sales of $0, and a gross profit on sales of $0 during the nine months ended September 30, 2009.  We incurred operating expenses of $28,289 in the nine months ended September 30, 2010 and $12,620 in the nine months ended September 30, 2009.  This is an increase of $15,669.  The major difference in the two periods was attributable to an increase in professional fees. 

- 13 -

Our independent public accountants have included explanatory paragraphs in their reports on our financial statements for the years ended December 31, 2009 and 2008, which express substantial doubt about our ability to continue as a going concern.  As discussed in Footnote 2 of our financial statements, included with this 10-Q, we have suffered recurring losses from operations since inception and accumulated deficit that raises substantial doubt about its ability to continue as a going concern. 

**Revenues**

Total revenues amounted to $0 for the nine months ended September 30, 2010 compared to $0 for the corresponding period in the prior year.  This lack of revenue is attributed to the lack of time and focus of the president. The Company has capital restraints that have not allowed inventory augmentation and diversification, implementation of our marketing strategy, etc.  There were no cost of goods sold for the nine months ended September 30, 2010 and 2009.  

**Operating Expenses**

Costs and expenses amounted to $28,289 for the nine months ended September 30, 2010, compared to $12,620 for the corresponding period in the prior year, an increase of $15,669. The net loss increase is primarily due to an increase in professional fees.

**Net Income or Loss**

Net loss amounted to $28,402 for the nine months ended September 30, 2010 compared to a net loss of $12,620 for the corresponding period in the prior year, an increase of $15,782. The net loss increase is primarily due to an increase in professional fees.

**Plan of Operations**

Since commencement of operations in 1999, APD Antiquities, Inc. is in its initial operational stage as an e-commerce based company engaged in the business of acquiring and marketing antiques and collectible items, focusing our attention on high quality pieces from the Far East.  Our plan of operation for the coming year is to identify and acquire a favorable business opportunity through a merger or acquisition. We have not yet entered into any agreement, nor do we have any commitment or understanding to enter into or become engaged in any transaction, as of the date of this filing.  We expect to raise additional funds to be used as operating capital with a view to expand the business.  If necessary, we may sell common stock to provide additional cash for future operations and development.

**Critical Accounting Policies and Estimates**

This discussion and analysis of our financial condition and results of operations are based on our financial statements that have been prepared under accounting principles generally accepted in the United States of America.  The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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 materially differ from those estimates.  We have disclosed all significant accounting policies in Note 2 to the financial statements included in this Form 10-Q.  Our critical accounting policies are:

Revenue recognition: Sales are recognized as revenue when the amounts are contractually earned, fixed and determinable, and there is substantial probability of collection.  Revenues from retail sales are recognized at the time the products are delivered.

Although we do not provide a written warranty on its items sold, we will refund the purchase price paid to any customer in those instances when an item sold is proven to be non-authentic.  In a majority of instances, we receive a certificate of authenticity for documents (items) purchased from our vendors and are reasonably assured as to the provenance of its products.  Since inception, we have made no refunds for the sale of any non-authentic items nor has we received any claims or notice of prospective claims relating to such items.  Accordingly, we have not established a reserve against forgery or non-authenticity.

- 14 -

Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Our accounting estimates principally concern the net reliability of its receivables and the marketability and value of its inventory.  Actual results could differ from those estimates.

Inventories: Inventories are accounted for using the specific identification method, and stated at the lower of cost or market, with market representing the lower of replacement cost or estimated net realizable value.  We have no insurance coverage on our inventory.

We had no inventory on consignment at September 30, 2010 or 2009.  In the future, if we consign inventory, it will retain title and will insure the inventory until the inventory is sold, returned, lost, stolen, damaged, or destroyed. 

**ITEM 3.  ****QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Not required

 

**ITEM 4.  CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

In connection with the preparation of this quarterly report on Form 10-Q, an evaluation was carried out by the Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (Exchange Act)).  Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.  Based on its evaluation, and in light of the previously-identified material weaknesses in internal control over financial reporting, as of December 31, 2009, described in the 2009 Annual Report on Form 10-K, the Company’s Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2010, the Company’s disclosure controls and procedures were not effective.

**Changes in Internal Control Over Financial Reporting**

There has been no change in the Company’s internal control over financial reporting that occurred during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.  There has been no progress towards remediating our previously disclosed material weakness due to the lack of funding.

- 15 -

**PART II - OTHER INFORMATION**

**ITEM 1.  LEGAL PROCEEDINGS**

The Registrant is not currently involved in any litigation.

**ITEM 1A.  RISK FACTORS**

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

**ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

None

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

None

**ITEM 5.  OTHER INFORMATION**

None

- 16 -

**ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.**

 

**Exhibits**

 

 

2.1

Acquisition Agreement and Plan of Merger between APD Antiquities, Inc. and GCJ, Inc. dated December 27, 2004 (Incorporated by reference to the corresponding exhibit to the Form 8-K previously filed by APD Antiquities, Inc.) on December 30, 2004 (File No. 000-50738) (the “December 30, 2004 Form 8-K”)

 

 

2.2

Articles of Merger (Nevada) dated December 29, 2004 (File No. 000-50738) (Incorporated by reference to exhibit 2.1 to the December 30, 2004 Form 8-K)

 

 

3.1

Articles of Incorporation*

 

 

3.2

By-Laws*

 

 

10.1

2001 Stock Option Plan (Incorporated by reference to Exhibit 10.1 to the December 31, 2008 Annual Report on Form 10-K) (File No. 000-50738)

 

 

10.2

Common Stock Purchase Agreement dated May 2, 2010. (Incorporated by reference to Form 8-K on May 6, 2010, Exhibit 10.1, file no. 000-50738.)

 

 

31.1

Section 302(a) CEO and Principal Financial Officer Certification

 

 

32.1

Section 1350 Certifications

 

* Incorporated by reference to the Registrant's Registration Statement on

Form 10SB12G filed on May 3, 2004, File No. 000-50738

- 17 -

**SIGNATURES**

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

**APD ANTIQUITIES, INC.**

*BY:  /s/ Cindy K. Swank                                       Date: November 12, 2010*

       *Cindy K. Swank, President, Treasurer,*

*       CEO, Principal Financial Officer*

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