UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, DC 20549





FORM 10-K





x  ANNUAL REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE  SECURITIES  EXCHANGE


ACT OF 1934





For the fiscal year ended December 31, 2010





or





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





For the transition period from ______ to ______





Commission file number: 000-26703





GREENWORLD DEVELOPMENT, INC.


_________________________________________________________________




(Exact name of registrant as specified in its charter)




Delaware

000-26703

98-0206030(State or other jurisdiction

(Commission

(IRS Employerof incorporation)

file number)

Identification No.)




2101 Vista Parkway., Suite 4022


West Palm Beach FL

33411(Address of principal executive offices)

(Zip Code)





Registrant's telephone number, including area code: (561) 939-4890





Securities registered pursuant to Section 12(b) of the Exchange Act:


None





Securities registered pursuant to Section 12(g) of the Exchange Act:


Common Stock, Par Value $0.001 Per Share





Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes o  No x




Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes o   No x




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





Indicate by check mark if disclosure  of  delinquent  filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in  definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x




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





Large accelerated filer   o
Accelerated filer o





Non-accelerated filer     o
smaller reporting company x





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





Of the 46,617,120 shares of voting stock of the registrant issued and outstanding as of February 28, 2011, 552,046 shares were held by non-affiliates. The aggregate market value of the voting  stock held by non-affiliates of the registrant computed by reference to the closing bid price of its Common Stock as reported on the OTC Bulletin Board on March 3, 2010: US$126,971.





DOCUMENTS INCORPORATED BY REFERENCE





None







PART I





Item 1. Description of Business




The following discussion should be read in conjunction with the Company's audited financial  statements and notes thereto and Item 6 included herein. In connection with, and because the Company desires to take advantage of, the "safe harbor" provisions of the Private Securities  Litigation Reform Act of 1995, the Company cautions readers regarding certain forward looking  statements in the following discussion  and elsewhere in this report and in any other statement made by, or on its behalf, whether or not in future filings with the Securities and Exchange Commission. Forward-looking statements are statements not based on historical information  and which relate to future operations, strategies, financial results or other developments.  Forward looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control and many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward looking statements made by, or on the Company's behalf. Without limiting the generality of the foregoing, words such as "may", "anticipate", "intend", "could", "estimate", or "continue" or the negative or other comparable terminology are intended to identify forward-looking statements. The Company disclaims any obligation to update forward-looking statements.





(a)  Business Development




Greenworld Development, Inc. was incorporated on December 15, 1997 in Delaware as AlphaCom  Corporation. Previously, we were a subsidiary of Lingo Media Inc. ("LMI") (formerly Alpha Communications Corp.) located at 151 Bloor Street West, Suite 890, Toronto, Ontario, M5S 1S4. On March 20, 2003, Bruce Cohen ("Mr. Cohen") acquired 1,500,000 shares of our common stock from 1476848 Ontario Inc. We changed our name in March 2003 to TVE  Corporation  and in July 2004 to Echo Resources, Inc. In September 2000, we commenced trading on the Over-The-Counter Bulletin Board under the symbol "AHMC", our symbol was changed to "ALHO" as of March 7, 2003 due to a 1:25 reverse stock split and was later  changed in March 2003 to "TVEO" due to a name change.





On June 30, 2004,  Gala  Enterprises  Ltd.  ("Gala"),  purchased  1,500,000 shares of our  restricted  Common Stock for $85,000 from Mr.  Cohen,  our former majority  shareholder and former sole officer and director.  The purpose of this transaction  was to effect a change of control of us from Mr. Cohen to Gala.  As of the date of this filing, Gala directly owns 54% of the issued and outstanding common stock of Echo. On June 30, 2004, Mr. Pieter DuRand ("Mr. DuRand") assumed the position as our sole officer and director from Mr. Cohen. In July, 2004, the Company  effected a forward 2 for 1 stock split by way of a stock dividend,  and officially changed its name to Echo Resources, Inc.





In the third quarter 2009 we changed our name to Fortress Exploration, Inc., and received a new trading symbol - FRXP. The Company reincorporated from Delaware to Nevada in June 2010.On June 14, 2010, we changed our name to Greenworld Development, Inc. and there has been no change in our trading symbol.




2





Unless the context indicates otherwise, references hereinafter to the "Company", "we", "us" or "Greenworld" include Greenworld Development, Inc., a Nevada corporation. Our principal place of business is 2101 Vista Parkway, Suite 4022, West Palm Beach, Florida 33411, and our telephone number at that address is (561) 939-4890.





(b) Business of the Company




The Company is a start-up, development stage company and has not yet generated or realized any revenues from business operations. The Company's business strategy focused on diamond and gold  exploration and development of diamond and gold mines in Canada. In 2007 the Company decided to exit this business plan and seek a different plan that would require less start-up capital to develop. The Company's auditors have issued a going concern opinion in our audited financial statements for the fiscal year ended December 31, 2009. This means that our auditors believe there is doubt that the Company can continue as an on-going business for the next twelve months unless it obtains  additional capital to pay its bills. This is because the Company has not  generated any revenues and no revenues are anticipated until it begins removing and selling minerals. Accordingly, we must raise cash from sources such as investments by others in the Company and through possible transactions with strategic or joint venture partners. In the event we raise cash, we will likely use such funds to develop an new business plan, which is as yet undetermined We do not plan to use any capital raised for the purchase or sale of any plant or significant equipment.





In April 2010, the Company acquired Greenworld International Resources, Ltd., a company formed under the laws of the Republic of Ireland, with offices in Dublin, Ireland and Hamburg, Germany.





Business of Greenworld International Resources, Ltd:




Greenworld is dedicated to the global development and improvement of environmental and health services. It concentrates and is particularly active and aggressive in projects in Africa, the Middle East and Southeast Asia, generally in developing third-world countries where the needs far exceed the currently available resources.





Greenworld owns an interest in a pharmaceutical manufacturing plant in Uganda where it is in the process of completing the government awarded license to manufacture medical products, principally for consumption in sub-Sahara Africa. The expectation is that such  products will have a significantly lower cost basis, therefore have a significantly lower end user cost, reducing the cost of health care in sub-Sahara Africa, along with providing greater access to needed health care products in the region. It is also hoped that products manufactured locally (within the region) will have more rapid acceptance and approval by other governments within the region. Greenworld and its partners are currently negotiating an agreement with a third party pharmaceutical company to operate the existing manufacturing facility upon receipt of the government license to manufacture such products under a royalty structure.




3





Greenworld is actively associated with certain Wind Energy projects in India, with the hope and expectations of bring lower cost electricity to needy and impoverished regions within the country. Greenworld is currently seeking to raise 5,000,000 Euros, (approximately $6,400,000), for the company’s first joint venture operation in the wind farm power generation sector in India.





Greenworld is also engaged in projects in the development of economic plant-biomass extraction technologies as well as technologies related to the sustainable production of environmentally friendly power generation including wind, biomass, small-scale hydro, geothermal, biogas and solar.





Greenworld, during the first quarter of 2010, became registered in Germany as a Carbon Emission Trader and is operating from its offices in Hamburg, Germany and Dublin, Ireland. The Company has entered into success based service contracts with two individuals to operate in this arena.





Greenworld is actively seeking investments in solar energy production within Europe as well.





The following  discussion and analysis  should be read in conjunction with the financial statements of the Company and the  accompanying notes appearing subsequently under the caption "Financial Statements."





Employees




As of December 31, 2010, we do not have any compensated employees. We anticipate hiring employees over the next twelve months if we are successful in implementing our  plan of operations. Presently,  the Company does not have pension, health, annuity, insurance, stock options, profit sharing or similar benefit plans; however, the Company may adopt such plans in the future.





Available Information




Information regarding the Company's annual reports on Form 10-K, quarterly reports on Form  10-Q, current reports on Form 8-K, and any amendments to these reports, are available to the public from the SEC's website at  http://www.sec.gov as soon as reasonably practicable after the  Company electronically files such reports with the Securities and Exchange  Commission. Any document that the Company files with the SEC may also be read and copied at the SEC's public reference room located at Room 1024, Judiciary Plaza, 450 Fifth Street, N.W., Washington, DC 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference room.




4





Item 1A. Risk Factors





Risk Factors





You should consider each of the following risk factors and any other information set forth in this Form 10-K and the other Company's reports filed with the Securities and Exchange Commission  ("SEC"), including the Company's financial statements and related notes, in evaluating the Company's business and prospects. The risks and uncertainties described below are not the only ones that impact on the  Company's operations and business. Additional risks and uncertainties not presently known to the Company, or that the Company currently considers immaterial, may also impair its business or operations. If any of the following risks actually occur, the Company's business and financial  condition, results or prospects could be harmed.





RISKS ASSOCIATED WITH THE COMPANY'S PROSPECTIVE BUSINESS AND OPERATIONS





The Company lacks meaningful operating history and will require substantial capital if it is to be successful.





The Company has a very limited operating history upon which an evaluation of its future success or failure can be made. In fact, it was only recently that the Company took steps in a plan to engage in the acquisition of interests in exploration and development mines in Canada,  and it is too early to determine whether such steps will lead to success. The Company's ability to achieve and maintain profitability and positive cash flow over time will be dependent upon, among other things, its ability to (i)identify opportunities within the scope of our expected range of operations, (ii) raise the necessary  capital to develop such opportunities, and (iii) raise the necessary  capital to operate during this period. At this stage in the Company's development, it cannot be predicted how much financing will be required to accomplish its objectives.





The Company needs to raise funds in order to initiate any business plan and cover operating deficits for the foreseeable future. The Company presently does not have any revenues, nor does  it anticipate operating income in the near future. No assurances can be given that the Company will be able to obtain the necessary funding remain in operation. The inability to raise additional  funds will have a material adverse affect on the Company's business, plan of operation and prospects.





The Company's success is dependent upon a limited number of people.





The Company's business will be harmed if it is unable to manage growth.





The Company's business may experience periods of rapid growth that will place significant  demands on its managerial, operational and financial resources. In order to manage this possible growth, the Company must continue to improve and expand its management, operational and  financial systems and controls. The Company will need to expand, train and manage its employee base. No assurances can be given that the Company will be able to timely and effectively meet such demands. The Company's officers and directors may have conflicts of interest and do not devote full time to the Company's operations. In addition, the Company's  officers do not devote full time to the Company's operations. Until such time that the Company can afford executive compensation commensurate with that being paid in the marketplace, its officers will not devote their full time and attention to the operations of the Company. No assurances can be given as to when the Company will be financially  able to engage its officers on a full time basis.




5





Increased Costs Could Affect Profitability





Costs frequently are subject to variation from one year to the next due to a number of factors. In  addition, costs are affected by the price of commodities such as fuel and electricity. Such commodities are at times subject to volatile price movements, including increases that could make production at certain operations less profitable. A material increase in costs at any significant location could have a significant effect on the Company's profitability.





Government regulation or changes in such  regulation may adversely affect the Company's business.





The Company has and will, in the future, engage experts to assist it with respect to its  operations. No assurances can be given that it will be successful in its efforts. Uncertainty and new regulations and rules could increase the Company's cost of doing business or prevent it from conducting its business.





Occurrence of Events for Which We Are Not Insured May Affect Our Cash Flow and Overall Profitability





The Company does not maintain insurance policies to protect against certain risks related to our  operations because of the high premiums associated with insuring those risks. In other cases, insurance may not be available for certain risks. The Company does not maintain insurance policies against political risk. The occurrence of events for which the Company is not  insured may affect our cash flow and overall profitability.





RISKS RELATED TO THE COMPANY'S COMMON STOCK





The Company does not expect to pay dividends in the foreseeable future. The Company has never paid cash dividends on its common stock and has no plans to do so in the foreseeable future. The Company intends to retain earnings, if any, to develop and expand its business.





"Penny stock" rules may make buying or selling the common stock difficult and severely limit their market and liquidity. Trading in the Company's common stock is subject to certain regulations adopted by the SEC commonly known as the "Penny Stock Rules". The Company's common stock qualifies as penny stock and is covered by Section 15(g) of the Securities and Exchange Act of 1934, as amended (the "1934 Act"), which imposes additional sales practice  requirements on broker/dealers who sell the  Company's common stock in the market. The "Penny Stock" rules govern how broker/dealers can deal with their clients and "penny stock".  For sales of the Company's common stock, the broker/dealer must make a special suitability  determination and receive from clients a written agreement prior to making a sale. The additional  burdens imposed upon broker/dealers by the "penny stock" rules may discourage broker/dealers  from effecting transactions in the Company's common stock, which could severely limit its market price and liquidity. This could prevent investors from reselling Echo common stock and may cause the price of the common stock to decline.




6





Although publicly traded, the Company's common stock has substantially less liquidity than the average trading market for a stock quoted on other national exchanges, and our price may fluctuate dramatically in the future. Although the Company's common stock is listed for trading on the Over-the-Counter Electronic Bulletin Board, the trading market in the common stock has  substantially less liquidity than the average trading market for companies quoted on other national stock exchanges. A public trading market having the desired characteristics of depth,  liquidity and orderliness depends on the presence in the marketplace of willing buyers and sellers of our common stock at any given time. This presence depends on the individual decisions of investors and general economic and market conditions over which we have no control. Due to limited trading volume, the market price of the Company's common stock may fluctuate significantly in the future, and these fluctuations may be unrelated to the Company's  performance. General market price declines or overall market volatility in the future could adversely affect the price of the Company's common stock, and the current market


price may not be indicative of future market prices.





Item 2. Description of Property




The Company's current mailing address is 2101 Vista Parkway., Suite 4022, West Palm Beach,  Florida 33411. The property consists of approximately 100 square feet of finished office space. Other than this mailing address, we do not currently maintain any other office facilities. We pay no rent or other fees for the use of the mailing address as these offices are used virtually full-time by other businesses of our shareholder. We believe that the foregoing space is adequate to meet our current needs and anticipate moving our offices during the next twelve (12) months if we are able to execute our business plan.





Item 3. Legal Proceedings




There are no material legal proceedings to which we (or any of our officers and directors in their  capacities as such) are a party or to which our property is subject and no such material  proceedings are known by our management to be contemplated.





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




No  matter  was  submitted  to a vote  of  our  shareholders,  through  the solicitation  of proxies or  otherwise  during the fourth  quarter of our fiscal year ended December 31, 2010, covered by this report.


7


PART II





Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.





a) Market Information. Our common stock, par value $0.001 per share (the "Common  Stock"),  was traded on the OTC Bulletin Board market under the symbol "AHMC" until such time as we amended our articles of incorporation and affected a 1:25 reverse stock split in March 2003 and received the stock symbol "ALHO". Subsequently, we changed our name to TVE  Corporation and  received  the stock symbol "TVEO". We then changed our name to Echo Resources, Inc. and received the stock symbol "ECHR". In the third quarter of 2009 we changed our name to Fortress Exploration, Inc. and received the stock symbol "FRXP" Our common stock is traded sporadically and no established liquid trading market currently exists therefore.





The following table represents the range of the high and low price for our Common Stock on the OTC Bulletin  Board for each fiscal quarter for the last two fiscal years ending December 31, 2010, and 2009, respectively. These Quotations represent prices between dealers, may not include retail markups, markdowns, or commissions and may not necessarily represent actual transactions.





Year 2009
High
LowFirst Quarter
0.51
0.51Second Quarter
0.51
0.51Third Quarter
0.51
0.51Fourth Quarter
0.70
0.51





Year 2010
High
LowFirst Quarter
0.80
0.70Second Quarter
0.75
0.50Third Quarter
0.50
0.02Fourth Quarter
0.53
0.10





(b)  Holders.  As of March 3, 2011,  there were  approximately  two hundred (200) holders of record of our common stock.





(c) Dividend  Policy. We have not declared or paid cash dividends or made distributions in the  past, and we do not anticipate that we will pay cash dividends or make distributions in the foreseeable future. We currently intend to retain and reinvest future earnings, if any, to finance our operations.





(d) Equity Compensation Plans. We have not authorized any compensation plans (including  individual compensation arrangements) under which our equity securities  have been authorized for issuance as of the end of the most recently completed fiscal year ended December 31, 2005.





Recent Sales of Unregistered Securities.





We did not sell any securities during the period covered by this report that were not registered  under the Securities Act, which was not disclosed in our 10-K.


8


Item 7. Management's Discussion and Analysis





Overview




The Company is a start-up, development stage company and has not yet generated or realized any revenues from business operations. The Company's business strategy focused on diamond and gold exploration and development of diamond and gold mines in Canada, which the Company elected to abandon in the third quarter of 2007. The Company's auditors have issued a going concern opinion. This means that its auditors believe there is doubt that the Company can continue as an on-going business for the next twelve months unless it obtains additional capital to pay its bills. This is because the Company has not generated any revenues and no revenues  are anticipated until it begins operations from a new business plan. Accordingly, we must raise cash from sources such as investments by others in the Company and through possible  transactions with strategic or joint venture partners. We do not plan to use any capital raised for the purchase or sale of any plant or significant equipment. The following discussion and analysis  should be read in conjunction with the financial statements of the Company and the  accompanying notes appearing subsequently under the caption "Financial Statements."





Results of Operations





Revenues




There is no historical financial information about the Company upon which to base an  evaluation of our performance. The Company did not generate any revenues from operations for the twelve months ended December 31, 2010 nor 2009. Accordingly, comparisons with prior periods are not meaningful. The Company is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in the decision and implementation of a new business plan.





Operating Expenses




Operating expenses increased by $71,009 from $62,212 for the year ended December 31, 2009 to $133,221 for the year ended December 31, 2010. The increase in our operating expenses is due to the a increase in general and administrative expenses, primarily at our wholly owned subsidiary.





Interest Expense




Interest expense for the years ended December 31, 2010 and 2009 were $86,351 and $55,119.  The increase in our interest expense is due to the interest payable pursuant to the convertible  promissory notes entered into with Confederated Finance Corp. ("Convertible Note") and the amortization of the beneficial conversion feature discount of these notes.





Net Income/Loss




Net loss increased $102,241 from net operating loss of $117,331 for the year ended December 31, 2009 to a net operating  loss of $219,572 for the year ended December 31, 2010. The increase in net operating loss is due to higher general and administrative expenses and increased interest expense of the notes payable.




9





As of December 31, 2010, our accumulated deficit was $236,992.





Assets and Liabilities




Our total assets were $1,884,657 as of December 31, 2010.





Total Current Liabilities as of December 31, 2010 were $621,083. Our notes payable are to Confederated Finance Corp. for $302,000. The notes have been discounted by $302,000 for their beneficial conversion feature which is amortized over the life of the notes. As of December 31, 2010, $302,000 of the discount has been amortized.





Financial Condition, Liquidity and Capital Resources




At December 31, 2010, we had cash and cash equivalents of $13,001. Our working capital is presently ($608,082) and there can be no assurance that our financial condition will improve.  We expect to continue to have minimal working capital or a working capital deficit as a result of our current liabilities.





For the year ended December 31, 2010, we have not generated cash flow from operations,  consequently, we have been dependent upon a third party non-affiliate, Confederated Finance Corp. ("Confederated"), to fund our cash requirements. Specifically, we entered into a  Convertible Promissory Note ("Note") with Confederated for the principal sum or so much of the principal sum of One Hundred Thousand Dollars ($100,000) and a second note in the principal sum of One Hundred Thousand Dollars, ($100,000), as may from time to time have been advanced and be outstanding, together with accrued interest at the rate of 7% per annum. The entire unpaid balance of principal (subject to conversion of such principal as provided in the Note) and all accrued and unpaid interest shall be due and payable on the day prior to the first  anniversary of the Effective Date of the Note. On December 29, 2008 the Company and Confederated Finance entered into a Line of Credit Agreement which replaced the two existing lines into one, increased the line principal amount to $400,000 and extended the maturity to December 31, 2010. Therefore the Company has drawn $302,000 against this replacement Line of Credit agreement at December 31, 2010.





As of December 31, 2010, we had cash of $13,001 and a working capital deficit of $608,082. As of December 31, 2010, we had no outstanding debt other than ordinary notes payable to  Confederated in connection with accrued interest payable on the Notes. The Company will seek funds from possible strategic and joint venture partners and financing to cover any short term  operating deficits and provide for long term working capital. No assurances can be given that the Company will successfully engage strategic or joint venture partners or otherwise obtain sufficient financing through the sale of equity.





No trends have been identified which would materially increase or decrease our results of operations or liquidity.





We have short-term liquidity problems that will be addressed by the Convertible Note, which we have a balance of $98,000 to draw for working capital. For long-term liquidity, we believe that  we will need to raise additional capital to remain an ongoing concern; however, as stated above no commitments have been made as of this date.


10


Going Concern





We have suffered recurring losses from operations and are in serious need of additional  financing. These factors among others indicate that we may be unable to continue as a going concern, particularly in the event that we cannot obtain additional financing or, in the  alternative, affect a merger or acquisition. Our continuation as a going concern depends upon our ability to generate sufficient cash flow to conduct our operations and our ability to obtain additional sources of capital and financing.





The accompanying financial statements have been prepared assuming that we will continue as a going concern. We have a stockholders deficit of $236,992 at December 31, 2010 and net losses  from operations of $219,572 and  $117,331,  respectively, for the years ended December 31, 2010 and 2009. These conditions raise substantial doubt about our ability to continue as a going  concern. The financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.





Critical Accounting Policies




Use of 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. Actual results could differ materially from those estimates.





Loss per share: Basic loss per share excludes dilution and is computed by dividing the loss  attributable to common shareholders by the weighted-average number of common shares  outstanding for the period. Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that shared in the earnings of the Company.  Diluted loss per share is computed by dividing the loss available to common shareholders by the weighted average number of common shares outstanding for the period and dilutive potential  common shares outstanding unless consideration of such dilutive potential common shares  would result in anti-dilution. Common stock equivalents were not considered in the calculation of diluted loss per share as their effect would have been anti-dilutive for the periods ended December 31, 2010 and 2009.





Off-Balance Sheet Arrangements




We have not entered into any off-balance sheet arrangements. We do not anticipate entering into any off-balance sheet arrangements during the next 12 months.





Item 8. Financial Statements and Supplementary Data.




Our financial statements have been examined to the extent indicated in their report by Hamilton, PC for the two years ended December 31, 2010, and have been prepared in accordance with generally accepted accounting principles and pursuant to  Regulation S-X as promulgated by the Securities and Exchange Commission and are included  herein, on Page F-1 hereof in response to Part F/S of this Form 10-K.




11





INDEX TO FINANCIAL STATEMENTS





Report of Independent Registered Public Accounting Firm
F-2Consolidated Balance Sheet
F-3Consolidated Statements of Operations
F-4Consolidated Statements of Stockholders’ Equity
F-5Consolidated Statements of Cash Flows
F-6Notes to Consolidated Financial Statements
F-7





12





REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM





The Board of Directors and Stockholders


Greenworld Development, Inc.


West Palm Beach, Florida





We have audited the accompanying consolidated balance sheets of Greenworld Development, Inc., as of December 31, 2010 and 2009, and the related consolidated statements of operations, stockholders’ equity (deficit) and cash flows for the years in the period ended December 31, 2010 and 2009. These financial statements are the responsibility of the Company’s management.  Our responsibility is to express an opinion on these financial statements based on our audit.





We conducted our audit in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.





In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Greenworld Development, Inc. as of December 31, 2010 and 2009, and the results of its operations and its cash flows for the years in the period ended December 31, 2010 and 2009, in conformity with U.S. generally accepted accounting principles.


The  accompanying  financial  statements  have been prepared assuming that Greenworld Development, Inc. will continue as a going concern. As discussed in Note 2 to the financial  statements Greenworld Development, Inc. suffered recurring losses from operations  which  raises  substantial  doubt about its ability to continue as a going concern.  Management's plans regarding those matters also are described in Note 2. The  financial  statements  do not  include any  adjustments  that might result from the outcome of this uncertainty.





/s/ Hamilton, PC


Hamilton, PC


March 30, 2011


Denver, CO




13





Greenworld Development, Inc.


Consolidated Balance Sheet


December 31,





2,010



2,009ASSETSCURRENT ASSETSCash

$
13,001


$
2,159Accounts receivable


0



0Total current assets


13,001



2,159OTHER ASSETSProperty lease holding


1,134,757



0Deferred expenses


735,257Other assets


1,642



0Total other assets


1,871,656



0Total Assets

$
1,884,657


$
2,159LIABILITIES AND STOCKHOLDERS’ EQUITYCURRENT LIABILITIESAccounts payable

$
241,848


$
0Accrued interest


77,235



58,036Note payable


302,000



214,848Total current liabilities


621,083



272,884Total Liabilities


621,083



272,884STOCKHOLDERS’ EQUITYPreferred stock, $0.001 par value, 50,000,000 and10,000 shares authorized, 0 issued and outstanding


0



0Common stock, $0.001 and $0.00005 par value, authorized 300,000,000 and 49,990,000 shares; 46,617,120 and 5,539,040 issued and outstanding


46,617



277Additional paid-in capital


1,532,759



415,810Accumulated comprehensive income (loss)


(78,810
)


0Deficit accumulated during the development stage


(236,992
)


(686,812
)Total stockholders’ equity


1,263,574



(270,725
)Total Liabilities and Stockholders’ Equity

$
1,884,657


$
2,159




The accompanying notes are an integral part of the financial statements





14





Greenworld Development, Inc.


Consolidated Statements of Operations


The Year Ended December 31,




2010


2009REVENUES

$
0


$
0OPERATING EXPENSES:General and administrative expenses


112,221



40,158Professional fees


21,000



22,054Total expenses


133,221



62,212Interest expense


86,351



55,119Net income (loss)


(219,572
)


(117,331
)Other comprehensive income (loss) Foreign currency translation gain (loss)


(78,810
)


0Comprehensive income (loss)

$
(298,382
)

$
(117,331
)Income (loss) per weighted average common share

$
(0.00
)

$
(0.01
)Number of weighted average common shares outstanding


46,617,120



5,539,040




The accompanying notes are an integral part of the financial statements





15





Greenworld Development, Inc.


Consolidated Statement of Stockholders’ Equity (Deficit)





Number of

Shares

Common

Stock

Additional

Paid-in Capital

Deficit

Accumulated

During the

Development

Stage

Accum

Comp

Income/

(Loss)

Total

Stockholders’

EquityBEGINNING BALANCE, January 1, 2005


16,617,120

$
831

$
415,256

$
(292,280
)
$
0

$
123,807Net loss


0


0


0


(187,537
)

0


(187,537
)BALANCE,December 31, 2005


16,617,120


831


415,256


(479,817
)

0


(63,730
)Beneficial Conversion Feature Discount


0


0


0


15,000


0


15,000Net loss


0


0


0


(79,450
)

0


(79,450
)BALANCE,December 31, 2006


16,617,120


831


415,256


(544,267
)

0


(128,180
)Beneficial Conversion Feature Discount


0


0


0


47,000


0


47,000Net loss


0


0


0


(78,730
)

0


(78,730
)BALANCE,December 31, 2007


16,617,120


831


415,810


(563,388
)

0


(147,301
)Beneficial Conversion Feature Discount


0


0


0


35,001


0


35,001Net loss


0


0


0


(91,093
)

0


(91,093
)BALANCE,December 31, 2008


16,617,120


831


415,810


(619,480
)

0


(203,393
)Beneficial Conversion Feature Discount


0


0


0


50,000


0


50,000Net loss


0


0


0


(117,331
)

0


(117,331
)BALANCE,December 31, 2009


16,617,120


831


415,810


(686,811
)

0


(270,724
)Beneficial Conversion Feature Discount


0


0


0


35,000


0


35,000Reverse acquisition


30,000,000


1,500


1,161,235


634,391


0


1,797,126Reincorporation effects


0


44,286


(44,286
)

0


0


0Comprehensive income (loss)














(78,810
)Net loss


0


0


0


(219,572
)

0


(219,572
)ENDING BALANCE,December 31, 2010


46,617,120

$
46,617

$
1,532,759

$
(236,992
)
$
(78,810
)
$
1,341,830





The accompanying notes are an integral part of the financial statements





16




Greenworld Development, Inc.


Consolidated Statements of Cash Flows


For the Year Ended December 31,





2010


2009CASH FLOWS FROM OPERATING ACTIVITIES:Net loss

$
(219,572
)

$
(117,331
)Adjustments to reconcile net loss to net cash used by operating activities:Amortization of beneficial conversion feature discount


61,336



39,711Changes in operating assets and liabilities(Increase) decrease in accounts receivable


132



0(Increase) decrease in deferred expenses


(14,809
)


0Increase (decrease) in accounts payable - trade


105,309



0Increase (decrease) in accrued interest expense


19,199



15,408Net cash provided (used) by operating activities


(48,405
)


(62,212
)CASH FLOWS FROM INVESTING ACTIVITIES:Purchase of fixed assets


(1,631
)


0Net cash provided (used) by investing activities


(1,631
)


0CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from stockholder loan payable


0



0Proceeds from note payable


55,000



50,000Net cash provided by financing activities


55,000



50,000Effects of exchange rates on cash


5,878



0Net increase (decrease) in cash


10,842



(12,212
)CASH,beginning of period


2,159



14,371CASH,end of period

$
13,001


$
2,159SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:Non-Cash Financing Activities:Exchange of assets for reduction in notes payable

$
0


$
0




The accompanying notes are an integral part of the financial statements





17




Greenworld Development, Inc.


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS





Note 1 -  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES




(a) The Company  Greenworld Development, Inc., (f/k/a Fortress Exploration, Inc.), is a Nevada chartered development stage corporation which conducts business from its headquarters in West Palm Beach, Florida. The Company reincorporated from Delaware in June 2010.





The following summarize the more significant accounting and reporting policies and practices of the Company:





(b) Use of estimatesThe financial statements have been prepared in conformity with generally accepted accounting principles.  In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition and revenues and expenses for the year then ended.  Actual results may differ significantly from those estimates.





(c) Start-up costsCosts of start-up activities, including organization costs, are expensed as incurred, in accordance with Statement of Position (SOP) 98-5.





d) Stock compensation for services rendered The Company may issue shares of common stock in exchange for services rendered.  The costs of the services are valued according to generally accepted accounting principles and have been charged to operations.





(e) Net income (loss) per shareBasic loss per share is computed by dividing the net income (loss) by the weighted average number of common shares outstanding during the period.





(f) Property and equipmentAll property and equipment are recorded at cost and depreciated over their estimated useful lives, using the straight-line method.  Upon sale or retirement, the cost and related accumulated depreciation are eliminated from their respective accounts, and the resulting gain or loss is  included in the results of operations.  Repairs and maintenance charges, which do not increase the useful lives of the assets, are charged to operations as incurred.





NOTE 2 - GOING CONCERN





The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  The Company’s financial position and operating results raise substantial doubt about the Company’s ability to continue as a going concern, as reflected by the net loss of $236,992 accumulated through December 31, 2010.  The ability of the Company to continue as a going concern is dependent upon commencing operations, developing sales and obtaining additional capital and financing.  The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.  The Company is currently seeking additional capital to allow it to begin its planned operations




18





NOTE 3 - NOTES PAYABLE





In September 2004, Fortress issued a convertible  promissory note to allow advances up to $100,000.  As of September 30, 2005, $100,000 had been advanced to the company. The note bears seven percent interest,  is convertible at the lender's option at $2 per share, and is payable in one year. The lender has agreed to a third extension of  the maturity date for an additional year, to September 2008. The note has been discounted for its beneficial  conversion feature,  which will be amortized over the life of the note.





In September 2005, the Company issued another convertible promissory note with exactly the same terms as the first note, principal up to $100,000, interest at 7%, maturity in one year and convertible at the lenders option at $2 per share. At December 31, 2006,$65,000 had been advanced under this note. $22,000 was advanced under this note through the first half of 2007. The Company sold its mining claim interest to this creditor for a reduction of the promissory note balance in the amount of $50,000 in the third quarter of 2007. $25,000 was advanced under this loan at the end of the third quarter of 2007. The note was due September 30, 2007 and a one year extension of the due date to September 30, 2008, has been received.





Greenworld Development, Inc.


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS





NOTE 3 - NOTES PAYABLE, continued





The second note has been discounted for its beneficial  conversion feature,  which will be amortized over the life of the note. A summary of the notes follows.





On December 29, 2008, the Company and the lender entered into an extension and modification of the two notes, into 1 note with a new maturity of December 31, 2013 and an increase of the principal balance from a combined $200,000 to a total of $400,000.




Notes PayableGross proceeds from notes

$
352,000Less: Loan set-off


(50,000
)Less: Beneficial conversion feature


(302,000
)Add: Amortization of discount


302,000Value of note on December 31, 2010

$
302,000




NOTE 4 – CASH AND CASH EQUIVALENTS





For purposes of the statement of cash flows, the Company considers all highly liquid investments with maturity of three months or less when purchased to be cash equivalents





NOTE 6 - NON-CASH TRANSACTIONS





In the third quarter of 2007, the Company sold the mining claim to the holder of its notes payable in exchange for a reduction in the outstanding balance of the notes payable in the amount of $50,000. The Company recorded no gain or loss on this transaction.





NOTE 7 – INVESTMENT





The 20% interest in two Canadian mining claims that Fortress purchased in 2004 required it to fund 50% of the exploration estimated work program beginning September 2005 in order to maintain the interest. In August 2005, this deadline was extended to February 26, 2006.




19





In August 2005, the Company purchased an additional 20% of this mining claim in exchange for $50,000 in cash.





In the third quarter of 2007, the Company sold the mining claim to the holder of its notes payable in exchange for a reduction in the outstanding balance of the notes payable in the amount of $50,000. The Company recorded no gain or loss on this transaction.




Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure.




During 2009 we changed auditors from Pollard-Kelley Auditing Services, Inc. to Hamilton, PC





Item 9A. Controls and Procedures





Management’s Report on Internal Control Over Financial Reporting




(a)   Evaluation of Disclosure Controls and Procedures




Management of the Company with the participation of the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934) pursuant to Rule 13a-15 under the Exchange Act.  The Company’s disclosure controls and procedures are designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported on a timely basis and that such information is communicated to management, including the Chief Executive Officer, Chief Financial Officer and the Company’s Board of Directors, to allow timely decisions regarding required disclosure.





Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of December 31, 2010.





(b) Management’s Report on Internal Control over Financial Reporting




Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) under the Exchange Act.





Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.





It should be noted that the Company’s management, including the Chief Executive Officer and Chief Financial Officer, do not expect that the Company’s internal controls will necessarily prevent all errors or fraud. A control system, no matter how well conceived or operated, can only provide reasonable, not absolute, assurance that the objectives of the control system are met, Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs.





A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.




20





We conducted an evaluation of the effectiveness of our internal controls over financial reporting based on the framework in “Internal Control-Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission.   Based on this evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, 2010.


This annual report does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting.  The Company’s internal controls over financial reporting was not subject to attestation by the Company’s independent registered public accounting firm pursuant to temporary rules if the Securities and Exchange Commission that permit the Company to provide only management’s report in this annual report.





(c) Changes in Internal Control Over Financial Reporting




No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the fourth quarter of 2010 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.





Item 9B. Other Information




None.




21





PART III





Item 10. Directors, Executive Officers and Corporate Governance.




(a) Set forth below is the names, ages, positions, with the Company and business experiences of the executive officers and directors of the Company.




Name

Age

Position(s) with CompanyLeo J. Heinl

56

Chief Executive Officer, President, DirectorNiall Shanahan

43

Director




Business Experience




Mr. Leo J. Heinl, 56, is the President and CEO of Greenworld. He received his law degree from Ludwig Maxmillians University in Munich, Germany in 1978. He is admitted to practice law as a Registered European Lawyer, with offices in London, England and Hamburg, Germany. He has been the Managing Director of BVE Bundesverband Deutscher Emissios-hauser, e.V. since 2004; Chairman of LawPartners Solicitors Limited in London, England since 2001 and he has been a member of the boards of directors of various companies in Great Britain and Ireland since 1997.





He has published numerous articles in a variety of media on financial services topics since 1984. He is co-editor of “Allfinanz 200," 1992 - a comprehensive handbook on the financial services industry in Germany. He is the author of “Property acquisition abroad” - 2nd edition 1999 and “Property acquisition in Spain” - 3rd edition 2000.





He has been a guest lecturer a various conferences since 2002.





Niall Shanahan, age 43, Director, is founder and current Chief Executive Officer of 4Front Group.  4Front Project Management is a client representative multi-disciplinary firm specializing in acting for clients with asset management and consolidation projects.





Mr. Shanahan is a seasoned entrepreneur and investor in the professional services, technology and green sectors. He is currently involved in opportunities that promote climate change and the green technology sectors.  Additionally, he collaborates with suppliers and partners that serve the carbon, value added telecoms, and renewable energy sectors.




22





Mr. Shanahan has reached into Eastern Europe, specifically into Poland and Hungary, and is actively establishing operations in those countries to service their growing economies.  Mr. Shanahan also has partnerships in New York, New York and Atlanta, Georgia.





Committees of the Board of Directors




We presently do not have an audit committee, compensation committee, nominating committee,  an executive committee of our board of directors, stock plan committee or any other  committees. However, our board of directors may establish various committees during the current fiscal year.





Compensation of Directors




Our directors receive no compensation for service as a director.





Terms of Office




Our directors are appointed for one-year terms to hold office until the next annual general  meeting of the holders of our Common Stock or until removed from office in accordance with our by-laws. Our officers are appointed by our board of directors and hold office until removed by our board of directors.





Involvement in Certain Legal Proceedings


Except as indicated above, no event listed in Sub-paragraphs (1) through (4) of Subparagraph (d) of Item 401 of Regulation S-K, has occurred with respect to any of our present executive  officers or directors or any nominee for director during the past five years which is material to an  evaluation of the ability or integrity of such director or officer.





Compliance with Section 16(a) of the Securities Exchange Act of 1934




For companies registered pursuant to section 12(g) of the Exchange Act, Section 16(a) of the Exchange Act requires our executive officers and directors, and persons who beneficially own more than ten percent of our equity securities, to file reports of ownership and changes in ownership with the Securities and Exchange Commission. Officers, directors and greater than  ten percent shareholders are required by SEC regulation to furnish us with copies of all Section 16(a) forms they file. To our knowledge, based solely on a review of the copies of reports  furnished to us and written representations that no other reports were required, Section 16(a) filing requirements applicable to our officers, directors and greater than ten percent beneficial owners were complied with on a timely basis for the period which this report relates.





Code of Ethics




In March 2004, we adopted a Code of Ethics that meets the requirements of Section 406 of the  Sarbanes-Oxley Act of 2002. We will provide to any person without charge, upon request, a copy of such Code of Ethics. Persons wishing to make such a request should contact Leo Heinl, Chief Executive Officer, 2101 Vista Parkway, Suite 4011, West Palm Beach,  Florida 33411. (561) 939-4890.




23





Conflicts of Interest




None of our officers will devote more than a portion of his time to our affairs. There will be  occasions when the time requirements of our business conflict with the demands of the officers  other business and investment activities. Such conflicts may require that we attempt to employ  additional personnel. There is no assurance that the services of such persons will be available or that they can be obtained upon terms favorable to us.





Our officers, directors and principal shareholders may actively negotiate for the purchase of a portion of their common stock as a condition to, or in connection with, a proposed merger or acquisition transaction, if any. In the event that such a transaction occurs, it is anticipated that a  substantial premium may be paid by the purchaser in conjunction with any sale of shares by our officers, directors and principal shareholders made as a condition to, or in connection with, a proposed merger or acquisition transaction. The fact that a substantial  premium may be paid to members of our  management to acquire their shares creates a conflict of interest for them and may compromise their state law fiduciary duties to the our other shareholders. In making any such sale, members of Company management may consider their own personal pecuniary benefit rather than the best interests of the Company and the Company's other shareholders, and the other shareholders are not expected to be afforded the opportunity to approve or consent to any  particular buy-out transaction involving shares held by members of Company management.





It is not currently anticipated that any salary, consulting fee, or finders fee shall be paid to any of our directors or executive officers, or to any other affiliate of us except as described under Executive Compensation below.





Although management has no current plans to cause us to do so, it is possible that we may enter  into an agreement with an acquisition candidate requiring the sale of all or a portion of the Common Stock held by our current stockholders to the acquisition candidate or principals  thereof, or to other individuals or business entities, or requiring some other form of payment to our current stockholders, or requiring the future employment of specified officers and payment of salaries to them. It is more likely than not that any sale of securities by our current stockholders to an acquisition candidate would be at a price substantially higher than that originally paid by such stockholders. Any payment to current stockholders in the context of an acquisition involving us would be determined entirely by the largely unforeseeable terms of a future agreement with an unidentified business entity.





Item 11. Executive Compensation




The following table shows all the cash compensation paid by the Company, as well as certain  other compensation paid or accrued, during the fiscal year ended December 31, 2010 to the Company's President and highest paid executive officers. No restricted stock awards, long-term incentive plan payouts or other types of compensation, other than the compensation identified in the chart below, were paid to these executive officers during these fiscal years.




24





SUMMARY COMPENSATION TABLE


Annual Compensation


Long Term Compensation

Awards


PayoutsName and

Principal Position
Year

Salary


Bonus


Other

Annual

Compensation


Restricted

Stock

Awards


Securities

Underlying

Options/SARs


LTIP Payouts


All

Other

Comp.Leo Heinl
2010

$
0



0



0



0



0



0



0Pieter DuRand
2010

$
3,000



0



0



0



0



0



02009

$
12,000



0



0



0



0



0



0



02008

$
9,000



0



0



0



0



0



02007

$
9,000



0



0



0



0



0



0



2006$
9,000



0



0



0



0



0



02005

$
9,000



0



0



0



0



0



0





Compensation of Directors




We have no standard arrangements for compensating our board of directors for their attendance at meetings of the Board of Directors.




Bonuses and Deferred Compensation




We do not have any bonus, deferred compensation or retirement plan. Such plans may be  adopted by us at such time as deemed  reasonable by our board of directors. We do not have a  compensation committee, all decisions  regarding compensation are determined by our board of directors.





Stock Option and Stock Appreciation Rights.




We do not currently have a Stock Option or Stock Appreciation Rights Plan. No stock options or stock appreciation rights were awarded during the fiscal year ended December 31, 2010, or the period ending on the date of this Report.





Termination of Employment and Change of Control Arrangement




There are no compensatory  plans or arrangements, including payments to be received from us, with respect to any person named in cash compensation set out above which would in any way result in payments to any such person because of his resignation, retirement, or other termination of such person's employment with us or our subsidiaries, or any change in control of us, or a change in the person's responsibilities following a changing in control.





Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.




The following table sets forth, as of December 31, 2010, information with respect to the beneficial ownership of our common stock by (i) persons known by us to beneficially own more than five percent of the outstanding  shares, (ii) each director, (iii) each executive officer and (iv) all directors and executive officers as a group.




25




Common Stock

Beneficially OwnedName and Address

Title of Class

Number

PercentLeo Heinl


Common


30,000,000


64.4All Executive Officers andDirectors as a Group


Common


30,000,000


64.4
%(One (1) person)







(1)  Under Rule 13d-3, a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to dispose or direct the disposition of shares.  Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition,  shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the  information is provided. In computing the percentage ownership of any person, the amount of shares outstanding is deemed to include the amount of shares beneficially owned by such person (and only such person)  by reason of these acquisition rights. As a result, the percentage of outstanding shares of any person as shown in this table does not necessarily reflect the person's actual ownership or voting power with respect to the number of shares of common stock  actually outstanding on February 2, 2011. As of February 2, 2011, there were 46,617,120  shares of our common stock issued and outstanding.





Securities Authorized for Issuance Under Equity Compensation Plans




The following table sets forth information as of December 31, 2010, with respect to compensation plans (including individual compensation arrangements) under which our common stock is authorized for issuance, aggregated as follows: (i) all compensation plans previously approved by security holders; and (ii) all compensation plans not previously approved by security Holders:


None.




26





Item 13. Certain Relationships and Related Transactions and Director Independence.




Except as described below, none of the following persons has any direct or indirect material interest in any transaction to which we are a party during the past two years, or in any proposed  transaction to which the Company is proposed to be a party:


(A)   any director or officer;


(B)    any proposed nominee for election as a director;


(C)    any person who beneficially owns, directly or indirectly,  shares


carrying more than 5% of the voting rights attached to our common


stock; or


(D)    any relative or spouse of any of the  foregoing  persons,  or any


relative of such spouse, who has the same house as such person or


who is a director or officer of any parent or subsidiary.




Item 14. Principal Accounting Fees and Services.


Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees2010

$
8,000

none


none

none2009

$
10,500

none


none

none2008

$
10,000

none


none

none





We have no formal audit committee. However, our entire Board of Directors (the "Board") is our defacto audit committee. In discharging its oversight responsibility as to the audit process, the Board obtained from the independent auditors a formal written statement describing all  relationships between the auditors and us that might bear on the auditors' independence as required by Independence Standards Board Standard No. 1, "Independence Discussions with Audit Committees." The Board discussed with the auditors any relationships that may impact their objectivity and independence, including fees for non-audit services, and satisfied itself as to the auditors' independence. The Board also discussed with management, the internal auditors and the independent auditors the quality and adequacy of its internal controls. The Board reviewed with the independent auditors their management letter on internal controls.





The Board discussed and reviewed with the independent  auditors all matters required to be discussed by auditing standards generally accepted in the United States of America, including those described in Statement on Auditing Standards No. 61, as amended, "Communication with Audit Committees". The Board reviewed the audited consolidated financial statements of the Company as of and for the year ended December 31, 2010 with management and the  independent auditors. Management has the responsibility for the preparation of the Company's financial statements and the independent auditors have the responsibility for the examination of  those statements. Based on the above-mentioned review and discussions with the independent auditors and management, the Board of Directors approved the Company's audited consolidated financial statements and recommended that they be included in its Annual Report on Form 10-K for the year ended December 31, 2010, for filing with the Securities and Exchange Commission.  The Board also approved the reappointment of Hamilton, PC as independent auditors.




27





PART IV





Item 15. Exhibits and Reports on Form 8-K.





(a) The exhibits required to be filed herewith by Item 601 of Regulation S-K, as described in the following index of exhibits, are incorporated herein by reference, as follows:




Exhibit No.

Description31.1

* Certificate of the Chief  Executive  Officer and Chief  FinancialOfficer pursuant Section 302 of the Sarbanes-Oxley Act of 200232.1

* Certificate of the Chief  Executive  Officer and Chief  FinancialOfficer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002




*    Included herein





(b) Reports on Form 8-K


During the last quarter of the fiscal year ended December 31, 2010, we did not file any reports on Form 8-K.




28




SIGNATURES





In  accordance  with the Exchange Act, this report has been signed below by the  following  persons  on our behalf  and in the  capacities  and on the dates indicated.





Greenworld Development, Inc.




(Registrant)





Date: March 31, 2011


By:
/s/ Leo HeinlLeo Heinl, President and Director




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










Signature

Title

Date/s/ Leo Heinl

CEO, President & Director

March 31, 2011/s/ Niall Shanahan

Director

March 31, 2011














29