**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 March 31, 2011.

 

 

[  ]

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 May 16, 2011, there were 4,431,111 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

 

 

**17**

- 2 -

**PART I – FINANCIAL INFORMATION**

**Item1. Financial Statements**

**APD ANTIQUITIES, INC.**

**BALANCE SHEETS**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**March 31, 2011**

 

 

**December 31, 2010**

 

 

 

 

 

 

 

 (Unaudited) 

 

 

 

**ASSETS**

 

 

 

 

 

 

 

 

 

**CURRENT ASSETS**

 

 

 

 

 

 

 

 

 

Cash

 

 

$

907 

 

$ 

41 

 

 

Inventory

 

 

 

1,255 

 

 

3,755 

 

 

 

Total Current Assets

 

 

 

2,162 

 

 

3,796 

 

 

 

 

 

 

 

 

 

 

 

 

**TOTAL ASSETS**

 

 

$

2,162 

 

$ 

3,796 

 

 

 

 

 

 

 

 

 

 

 

**LIABILITIES AND STOCKHOLDERS' EQUITY**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**CURRENT LIABILITIES**

 

 

 

 

 

 

 

 

 

Accounts payable 

 

 

$

9,484 

 

$ 

21,154 

 

 

Accrued expenses

 

 

 

5,865 

 

 

5,500 

 

 

Commissions payable - related party

 

 

4,229 

 

 

4,229 

 

 

Related party payable

 

 

900 

 

 

- 

 

 

 

Total Current Liabilities

 

 

 

20,478 

 

 

30,883 

 

 

 

 

 

 

 

 

 

 

 

 

**LONG TERM LIABILITIES**

 

 

 

 

 

 

 

 

 

Loan payable

 

 

 

6,200 

 

 

6,200 

 

 

 

Total Long Term Liabilities

 

 

 

6,200 

 

 

6,200 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

 

 

26,678 

 

 

37,083 

 

 

 

 

 

 

 

 

 

 

 

 

**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;  4,431,111 and 3,911,111  shares issued 

 

 

 

 

 

 

 

 

 

and outstanding, respectively

 

 

 

4,431 

 

 

3,911 

 

 

Additional paid-in capital

 

 

 

199,444 

 

 

186,964 

 

 

Accumulated deficit 

 

 

 

(228,391)

 

 

(224,162)

 

 

 

Total Stockholder's Equity

 

 

 

(24,516)

 

 

(33,287)

 

 

 

 

 

 

 

 

 

 

 

 

**TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY**

 

$

2,162 

 

$ 

3,796 

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

- 3 -

**APD ANTIQUITIES, INC.**

**STATEMENT OF OPERATIONS**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

** For Three Months Ended**

 

 

 

 

 

**March 31, 2011**

 

 

**March 31, 2010**

 

 

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

**SALES**

 

 

$ 

2,500 

 

 

- 

 

 

 

 

 

 

 

 

 

**COST OF GOODS SOLD**

 

 

2,500 

 

 

- 

 

 

 

 

 

 

 

 

 

**GROSS PROFIT**

 

 

- 

 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**EXPENSES**

 

 

 

 

 

 

 

Marketing

 

 

- 

 

 

161 

 

Rent

 

 

900 

 

 

900 

 

General and administrative

 

 

34 

 

 

118 

 

Professional fees

 

 

3,295 

 

 

7,698 

 

 

**TOTAL EXPENSES**

 

 

4,229 

 

 

8,877 

 

 

 

 

 

 

 

 

 

**LOSS FROM OPERATIONS**

 

 

(4,229)

 

 

(8,877)

 

 

 

 

 

 

 

 

 

**OTHER INCOME (EXPENSE)**

 

 

 

 

 

 

 

Interest expense

 

 

- 

 

 

(67)

 

 

**TOTAL OTHER INCOME (EXPENSE)**

 

 

- 

 

 

(67)

 

 

 

 

 

 

 

 

 

**INCOME (LOSS) BEFORE INCOME TAXES**

 

 

(4,229)

 

 

(8,944)

 

 

 

 

 

 

 

 

 

**INCOME TAXES**

 

 

- 

 

 

- 

 

 

 

 

 

 

 

 

 

**NET INCOME (LOSS)**

 

$ 

(4,229)

 

 

(8,944)

 

 

 

 

 

 

 

 

 

 

NET LOSS PER COMMON SHARE,

 

 

 

 

 

 

 

 

BASIC AND DILUTED

 

$ 

nil

 

 

nil

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF

 

 

4,128,889 

 

 

2,711,111 

 

 

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 Three Months Ended**

 

 

 

 

 

 

**March 31, 2011**

 

 

**March 31, 2010**

 

 

 

 

 

 

(Unaudited)

 

 

(Unaudited)

**CASH FLOWS FROM OPERATING ACTIVITIES**

 

 

 

 

 

 

Net loss

 

$ 

(4,229)

 

$ 

(8,944)

 

Adjustments to reconcile net loss

 

 

 

 

 

 

 

to net cash provided (used) by operating activities:

 

 

 

 

 

 

Decrease (increase) in inventory

 

2,500 

 

 

- 

 

Increase (decrease) in accrued expenses

 

365 

 

 

(5,338)

 

Increase (decrease) in accounts payable

 

(11,670)

 

 

3,875 

 

Increase (decrease) in related party payable

 

900 

 

 

- 

 

Increase (decrease) in interest payable

 

- 

 

 

67 

Net cash provided by operating activities

 

(12,134)

 

 

(10,340)

 

 

 

 

 

 

 

 

 

 

**CASH FLOWS FROM INVESTING ACTIVITIES**

 

- 

 

 

- 

 

 

 

 

 

 

 

 

 

 

**CASH FLOWS FROM FINANCING ACTIVITIES**

 

 

 

 

 

 

Proceeds from sale of common stock

 

13,000 

 

 

- 

 

Proceeds from note payable

 

- 

 

 

10,000 

Net cash used by financing activities

 

13,000 

 

 

10,000 

 

 

 

 

 

 

 

 

 

 

Change in cash

 

 

866 

 

 

(340)

 

 

 

 

 

 

 

 

 

 

**Cash, beginning of period**

 

41 

 

 

1,962 

 

 

 

 

 

 

 

 

 

 

**Cash, end of period**

$ 

907 

 

$ 

1,622 

 

 

 

 

 

 

 

 

 

 

**SUPPLEMENTAL CASH FLOW DISCLOSURES:**

 

 

 

 

 

 

Interest paid

$ 

- 

 

$ 

- 

 

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**

**March 31, 2011**

**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.

Subsequent to March 31, 2011, the Company formed APD Metals, Inc. a wholly own subsidiary corporation in the state of Nevada. The company entered into a Letter of Intent with an unrelated entity to acquire options to lease mineral properties at a future date (see NOTE 8).  

The Company maintains its corporate office in Spokane, Washington and offers its products online. The Company is now searching for an acquisition target.  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.  

*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, 2010 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 1, 2011. 

 

*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 period ending March 31, 2011, and 2010 were $0 and $161, respectively.

*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.

- 6 -

*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 has adopted 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, 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 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, accounts receivable, accounts payable 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 March 31, 2011.  There are no gains or losses 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 periods ended March 31, 2011 or 2010.  

*Commitments and contingencies*

The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies.  Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

*Income taxes*

The Company accounts for income taxes under paragraph 710-10-30-2 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, 

- 7 -

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.

*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 March 31, 2011. 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.

Due to deteriorating economic market conditions, the Company impaired its inventory to fifty percent (50%) of its original cost at December 31, 2010.  No additional impairment was made for the period ending March 31, 2011.  

*Net income (loss) per common share*

Net income (loss) per common share is computed pursuant to paragraph of 260-10-45-10 of the FASB Accounting Standards Codification.  Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during each period.  Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period to reflect the potential dilution that could occur from common shares issuable through stock options and warrants.  There were no potentially dilutive shares outstanding as of March 31, 2011 or 2010.

*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*

The Company follows paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition.  The Company recognizes revenue when it is realized or realizable and earned.  The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.  

 

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 March 31, 2011, the Company had not participated in consignment or conditional sales; therefore, there are no unsettled transactions related to sales or cost of sales.

- 8 -

*Recently Issued Accounting Pronouncements*

In December 2010, the FASB issued the FASB Accounting Standards Update No. 2010-28 *“Intangibles—Goodwill and Other (Topic 350):**When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts”**(“ASU 2010-28”).*Under ASU 2010-28, if the carrying amount of a reporting unit is zero or negative, an entity must assess whether it is more likely than not that goodwill impairment exists. To make that determination, an entity should consider whether there are adverse qualitative factors that could impact the amount of goodwill, including those listed in ASC 350-20-35-30. As a result of the new guidance, an entity can no longer assert that a reporting unit is not required to perform the second step of the goodwill impairment test because the carrying amount of the reporting unit is zero or negative, despite the existence of qualitative factors that indicate goodwill is more likely than not impaired. ASU 2010-28 is effective for public entities for fiscal years, and for interim periods within those years, beginning after December 15, 2010, with early adoption prohibited. 

In December 2010, the FASB issued the FASB Accounting Standards Update No. 2010-29 *“Business Combinations (Topic 805):**Disclosure of Supplementary Pro Forma Information for Business Combinations”**(“ASU 2010-29”).* ASU 2010-29 specifies that if a public entity presents comparative financial statements, the entity should disclose revenue and earnings of the combined entity as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only. The amendments in this Update also expand the supplemental pro forma disclosures under Topic 805 to include a description of the nature and amount of material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. The amended guidance is effective prospectively for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2010. Early adoption is permitted.  

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.

*Subsequent events*

The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events.  The Company will disclose the date through which subsequent events have been evaluated and that date is the date when the financial statements were issued.

**NOTE 3 – GOING CONCERN**

As reflected in the accompanying financial statements, the Company had an accumulated deficit of $228,391at March 31, 2011 and had a net loss of $4,229 and net cash used in operating activities of $12,134 for the period ended March 31, 2011, respectively.

While the Company is attempting to generate sufficient revenues, the Company’s cash position may not be sufficient enough to support the Company’s daily operations.  Management intends to raise additional funds by way of a public or private offering.  Management believes that the actions presently being taken to further implement its business plan and generate sufficient revenues provide the opportunity for the Company to continue as a going concern.  While the Company believes in the viability of its strategy to generate sufficient revenues and in its ability to raise additional funds, there can be no assurances to that effect.  The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenues.

The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

- 9 -

**NOTE 4 – COMMITMENTS**

*Rental Agreement*

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

**NOTE 5 – PREFERRED AND COMMON STOCK**

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

 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).

On February 4, 2011, the Company sold 320,000 shares of common stock in a private placement for cash of $8,000 ($0.025 per share).  

On March 21, 2011, the Company sold 200,000 shares of common stock in a private placement for cash of $5,000 ($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 March 31, 2011.

**NOTE 7 – INCOME TAXES**

The Company accounts for income taxes and the related accounts under the liability method.  Deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and the income tax basis of assets and liabilities.  A valuation allowance is applied against any net deferred tax asset if , based on available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

At March 31, 2011 and December 31, 2010 the Company had gross deferred tax assets calculated at the expected rate of 34% of approximately $77,600 and $76,200, respectively, principally arising from net operating loss carryforwards for income tax purposes.  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 asset, a valuation allowance of $77,600 and $76,200 has been established at March 31, 2011 and December 31, 2010, respectively.

The significant components of the Company’s net deferred tax asset (liabilities) at March 31, 2011 and December 31, 2010 are as follows:

- 10 -

                                                                                                                    March 31, 2011          December 31, 2010

Net operating loss carryforwards                                                                 $  228,000                     $ 224,000

Gross deferred tax assets (liabilities):

     Net Operating Loss                                                                                    $    77,600                     $   76,200

     Valuation Allowance                                                                                      (77,600)                        (76,200)

 

Net Deferred tax asset (liability)                                                                    $          -                         $         -

 

At March 31, 2011 and December 31, 2010, the Company has net operating loss carryforwards of approximately $228,000 and $224,000 respectively, which will expire in the years 2016 through 2031.  The net change in the allowance account was an increase of $1,400.

**NOTE 8 – SUBSEQUENT EVENTS**

The Company has evaluated all events that occur 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 the following items were reportable subsequent events to be disclosed:

On April 8, 2011, APD Antiquities, Inc. (the “Company”) entered into a definitive agreement with Marycliff Investment Corporation and executed a convertible promissory note relating to a loan in the amount of $50,000 for a period of 270 days at 8% interest per annum. This promissory note can be converted to shares of restricted common stock at $.05 per share at any time during the term of the promissory note. 

On April 12, 2011, the Company entered into a similar definitive agreement with Vincent Valdez and executed a convertible promissory note relating to a loan in the amount of $50,000 for a period of 270 days at 8% interest. This promissory note can be converted to shares of restricted common stock at $.05 per share at any time during the term of the promissory note. 

 

On April 30, 2011, the Company entered into a similar definitive agreement with Manuel Graiwer and executed a convertible promissory note relating to a loan in the amount of $50,000 for a period of 270 days at 8% interest. This promissory note can be converted to shares of restricted common stock at $.05 per share at any time during the term of the promissory note.

 On April 8, 2011, the Company entered into a non-binding Letter of Intent with Northern Adventures LLC. (“Northern”) related to securing an option to enter into a lease agreement related to two mineral properties located in the state of Montana.  As part of the transaction with Northern, the Company made a one hundred twenty (120) day unsecured loan in the amount of $95,000 to Northern for the express purpose of securing additional mineral rights in the immediate area of the two mineral properties owned by Northern by locating, filing and recording approximately 125 unpatented mining claims at an average cost of $400 each.  The promissory note bears interest at 8% per annum.

On May 7, 2011, the Company formed a wholly owned subsidiary named APD Metals, Inc. with the intent of acquiring mining properties in the Northwest.

- 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 March 31, 2011, we have accumulated an operating deficit of $228,391. For the three months ended March 31, 2011, we had a net loss of $4,229 on gross revenues from limited sales.  As of March 31, 2011, we had cash of $907, inventories of $1,255 and accounts receivable of $0, for total current assets of $2,162.  We have realized only minimal revenue from sales and had a net loss for the year ended December 31, 2010 and 2009.  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, 2010, we had an accumulated deficit of $224,162 compared to an accumulated deficit of $189,522 for the year ended December 31, 2009.

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. In February and March of 2011, we raised $13,000 through the sale of five hundred twenty thousand (520,000) shares of common stock at a price of $.025 per share, to two unaffiliated companies.

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 three months ended March 31, 2011, compared to the three months ended March 31, 2010 are as follows:

Net cash used in operating activities during the three months ended March 31, 2011 was $12,134 as compared to net cash used in operating activities during the three months ended March 31, 2010 of $10,340. The increase was due to factors as follows.  For the three months ended March 31, 2011, we reported a net loss of $4,229, gross revenues of 2,500, with gross profit on sales of $0, compared to a net loss of $8,944 sales of $0, and a gross profit on sales of $0 during the three months ended March 31, 2010.  We incurred operating expenses of $4,229 in the three months 

- 13 -

ended March 31, 2011 and $8,877 in the three months ended March 31, 2010.  This is a decrease of $4,648.  The major difference in the two periods was attributable to a decrease in professional fees. 

Our independent public accountants have included explanatory paragraphs in their reports on our financial statements for the years ended December 31, 2010 and 2009, which express substantial doubt about our ability to continue as a going concern.  As discussed in Footnote 3 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 $2,500 for the three months ended March 31, 2011 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.  Cost of goods sold was $2,500 for the three months ended March 31, 2011, and was zero for the period ending March 31, 2010.  

**Operating Expenses**

Costs and expenses amounted to $4,229 for the three months ended March 31, 2011, compared to $8,877 for the corresponding period in the prior year, a decrease of $4,648. The net loss decrease is primarily due to a decrease in professional fees.

**Net Income or Loss**

Net loss amounted to $4,229 for the three months ended March 31, 2011 compared to a net loss of $8,944 for the corresponding period in the prior year,  a decrease and net loss of $4,715. The net loss decrease is primarily due to a decrease 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 

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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.

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 March 31, 2011 or 2010.  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, 2010, described in the 2010 Annual Report on Form 10-K, the Company’s Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2011, 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

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**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

**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: May 16, 2011*

       *Cindy K. Swank, President, Treasurer,*

*       CEO, Principal Financial Officer*

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