**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**Washington,
      D.C. 20549**











**ANNUAL
      REPORT UNDER SECTION 13 OF THE SECURITIES EXCHANGE ACT OF
      1934**


**For
      the fiscal year ended December 31, 2006**





**GOLDEN
      VALLEY DEVELOPMENT, INC.**


a
      Nevada
      corporation





1200
      Truxton Avenue #130


Bakersfield,
      CA 93301


(661)
      327-0067








**Common
      Stock, $0.001 par value registered under Section 12(g) of The Securities
      Exchange Act of 1934**





**I.R.S.
      Employer I.D. # 84-1658720**





Check
      whether the issuer (1) filed all reports required to be filed by Section 13
      or
      15(d) of the Exchange Act during the past 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
o   No
x


Check
      if
      there is no disclosure of delinquent filers in response to Item 405 of
      Regulation S-B contained in this form, and no disclosure will be contained,
      to
      the best of registrant’s knowledge, in definitive proxy or information
      statements incorporated by reference in Part III of this Form 10-KSB or any
      amendment thereto.  x




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




Revenues
      for our most recent fiscal year:  $5,058





**Number
      of shares oustanding of our only class of common equity, as of** **March
      19, 2007: 40,000,000**





Transitional
      Small Business Disclosure Format (check one): Yes oNo x


-1-




TABLE
                OF CONTENTS*PART
                I*Item
                1.
            BusinessItem
                1A.
            Risk
              FactorsItem
                2.
            PropertiesItem
                3.
            Legal
                ProceedingsItem
                4.
            Submissions
                of Matters to a Vote of Security
                Holders*PART
                II*Item
                5.
            Market
                for Registrant’s Common Equity and Related Stockholder
                MattersItem
                6.
            Management’s
                Discussion and Analysis of Financial Condition and
                Results of OperationsItem
                7.
            Financial
                StatementsItem
                8.
            Changes
                In and Disagreements with Accountants on Accounting and
                Financial DisclosuresItem
                8A.
            Controls
                and Procedures*PART
                III*Item
                9.
            Directors
                and Executive Officers, Promoters and Control
                Persons, ComplianceWith
                Section 16(a) of the Exchange Act of the RegistrantItem
                10.
            Executive
                CompensationItem
                11.
            Security
                Ownership of Certain Beneficial Owners and
                ManagementItem
                12.
            Certain
                Relationships and Related
                TransactionsItem
                13.
            Exhibits,
                Financial Statements, Schedules and Reports on Form
                8-KItem
                14.
            Principal
                Accountants Fees and ServicesSignatures




-2-


Part
      I




Item
      1.
      Description of Business.




History
      and Structure.  We
      were
      incorporated in July of 2004 as Golden Valley Development, Inc. in the state
      of
      Nevada. From the date of incorporation to August of 2004, we were a wholly-owned
      subsidiary of Fresh Veg Broker.com, Inc., a Nevada corporation. Then, in August
      of 2004, we were spun off from Fresh Veg, and in that process the shares held
      by
      Fresh Veg were distributed to its own shareholders on a pro rata basis, making
      our shareholder base exactly the same as Fresh Veg’s shareholder
      base.




The
      business purpose of the spin-off was to separate three distinct, disparate
      business plans so that different, separate entities could focus on each business
      plan. Prior to the spin-off, there was a parent company - Fresh Veg - and two
      subsidiaries. We were one of the two subsidiaries. Our business plan is for
      a
      brokerage firm that specializes in buying commodities such as fresh fruits,
      vegetables and hay and re-selling them, as we describe below. The business
      plan
      belonging to the other former subsidiary of Fresh Veg, Pebble Beach Enterprises,
      was for the development and re-sale of real estate. Our then-parent company
      had
      planned on acquiring a third subsidiary which had certain technologies designed
      to assist medical insurance companies in securely receiving hospital data.
      Therefore, it was determined that three business plans - each requiring vastly
      different types of energy, talent and resources to operate - was too dispersing
      to be operated by one conglomerate, and so the two subsidiaries, Pebble Beach
      and Golden Valley, were spun off.




Subsequent
      to our being spun off from Fresh Veg, Fresh Veg changed its name to Tiger Team
      Technologies, Inc. officially on August 16, 2004, in order to better reflect
      the
      change in its business from a vegetable broker business - which is the business
      we inherited - to a company that dealt with certain technologies designed to
      assist medical insurance companies in securely receiving hospital
      data.




What
      We
      Do.  We
      are a
      brokerage firm that specializes in buying commodities such as fresh fruits
      and
      vegetables and hay in California’s central valley from local farmers and then
      selling the products to buyers, such as supermarkets, wholesalers, and other
      farmers, also located in California.




We
      operate as a broker, someone who acts as the agent for the farmer in negotiating
      a contract between seller and buyer. The brokerage fee is generally collected
      from the seller. We earn our fee by arranging the transaction through written
      or
      phone communication and bringing the two parties together with a confirmation
      of
      sale. Our management team has over 25 years of combined brokerage experience
      in
      the produce industry, including the last year and a half with Golden Valley.
      Our
      expertise ranges from contract negotiation and product research to innovative
      business development.




Our
      business model begins with various buyers in need of produce, such as
      supermarkets and wholesalers, who buy on behalf of restaurants, restaurant
      chains and other large institutions; or in need of hay for animal feed. These
      buyers place their orders with us. After receiving an order from a buyer we
      prepare a quote. At that point, we check to see if we have any other pending
      orders for the same commodity that has not been purchased yet. If we do, we
      try
      to purchase a larger quantity from the farmer, and negotiate a lower price
      for
      buying at a bulk rate, which lowers our base cost and increases our
      profit.




We
      find
      the farmers who have the desired produce or hay, and then put in the order
      to
      the farmer. Before the goods are shipped from the farmer to the buyer, we send
      out our inspector to inspect them, to guarantee high level of quality and
      minimize disputes over damaged goods. Our inspectors, currently only Art and
      Annette Davis, do not allow damaged goods to ship. This way the customers know
      that they are receiving quality products with every order placed. If a customer
      receives damaged goods, we know that the damage occurred en route and the
      transportation company is responsible for the damage. We strive to ensure that
      all products are of the highest quality. In inspecting commodities, we use
      the
      USDA standards, the only broadly recognized quality standards in our industry,
      and due to Art and Annette Davis’s experience with similar ventures in the past,
      we will be able to train and test future inspectors in-house to follow these
      standards.




-3-


Competition.  Our
      main
      competitors are mostly individual brokers with small offices and few or no
      employees. Varsity Produce and Manny Lawrence are the largest competitors to
      our
      knowledge.




The
      main
      competitive factor in our industry, however, does not come from other brokers,
      but from the changing nature of the industry. As farms become larger, they
      become more able to offer the same type of discounts to buyers that we can.
      Our
      advantage remains that we inspect all produce before it ships, and so ensure
      high quality produce, which is also an advantage over our competitors who,
      in
      the experience of Art and Annette Davis, have never inspected the produce being
      shipped or even were physically present furing any part of the shipping process;
      however, our challenge is always to find more small, “niche” farmers and more
“niche” buyers, such as for organic produce, unusual produce, hay and other
      niches.




In
      the
      experience of our management, customers usually pick up the produce from the
      seller with their own trucks. When necessary, however, we will have the
      capability to coordinate transportation for buyers. We are allied with
      Freymiller Trucking through verbal, informal agreements between our management
      and theirs, whose trucks, because of our alliance, can be contracted out at
      any
      time. Having access to such a broad transportation network allows us to offer
      reasonable transportation rates and still generate a profit. Since we are able
      to handle all of our clients’ shipping needs, there is more incentive for
      companies to buy goods from us rather than our competitors, providing another
      competitive advantage.




Regulation.  Golden
      Valley has no involvement in the farming process. Therefore we do not need
      to
      conform to any environmental standards. When we supply transportation for the
      goods to be delivered, we contract out with trucking companies and it is
      ultimately the responsibility of the transportation company to make sure that
      all environmental laws in regards to transporting commodities are adhered to
      and
      followed.




Because
      we currently operate exclusively intra-state, we are not subject to federal
      agricultural regulations as a broker; specifically we are not covered under
      the
      United States Perishable Agricultural Commodities Act, abbreviated as “PACA”.
      However, as we expand into interstate deals, we would need to receive a license
      from the U.S. Department of Agriculture as a “broker”, defined by PACA in part
      as: “ any
      person engaged in the business of negotiating sales and purchases of any
      perishable agricultural commodity in interstate or foreign commerce for or
      on
      behalf of the vendor or the purchaser, respectively...”. Receiving the license
      entails filling out a relatively simple application and paying a $550 annual
      fee. Licenses are granted fairly automatically unless the applicant has had
      a
      license revoked in the past or been otherwise found in violation of PACA or
      its
      regulations in the past. Maintaining a license would principally involve making
      sure we pay our farmers on time. If we are late in paying farmers, our license
      may be suspended by the U.S. Department of Agriculture. Since our business
      model
      includes the receipt of monies from the buyer before the farmers deliver the
      product, it is very unlikely we would have trouble maintaining our
      license.




Suppliers
      and Customers.  California’s
      central valley services 70 percent of the nation’s produce and vegetables, and
      has hundreds of suppliers, i.e. farmers and sheds, and therefore sources and
      availability of the produce is good. Some of the small- and mid-size farmers
      who
      are most suited as suppliers in our business model include Gerowan Farms, HMC
      Farms, Bolthouse Farms, Grimway Farms and Giumarra Vineyards.




We
      have
      no major customers yet; our three customers so far have been ERE Sheep Company,
      M&E Farms and Diamond Cattle Company. However, major customers that have
      transacted business with Art and/or Annette Davis - our management team - in
      the
      past include Tops Supermarkets, Bi-Lo Supermarkets and Giant Foods.




Research
      and Development.  We
      spent
      no money on research and development in the last two and a half years, relying
      instead on the experience of our management team, Art and Annette Davis, to
      make
      any amendments to our business or marketing plans.





Employees.  We
      have
      no formal employees. Instead, our two management personnel - Art and Annette
      Davis - each dedicate 5-20 hours per week to conduct the business and prepare
      all requisite administration, including this filing.


-4-


Item
      1A.
Risk factors





**Fluctuations
      in our operating results on a quarterly and annual basis could cause the market
      price of our common stock to decline.**




Our
      revenue and operating results have fluctuated significantly from period to
      period in the past and are likely to do so in the future. These fluctuations
      could cause the market price of our common stock to decline.




**If
      our internal control over financial reporting does not comply with the
      requirements of the Sarbanes-Oxley Act, investor perceptions of our company
      may
      be adversely affected and could cause a decline in the market price of our
      stock.**




Section 404
      of the Sarbanes-Oxley Act of 2002 requires our management to report on, and
      our
      independent auditors to attest to, the effectiveness of our internal control
      structure and procedures for financial reporting. We have an ongoing program
      to
      perform the system and process evaluation and testing necessary to comply with
      these requirements. We have incurred and expect to continue to incur significant
      expense and to devote significant management resources to Section 404
      compliance. In the event that our chief executive officer, chief financial
      officer, chief accounting officer, or independent registered public accounting
      firm determine that our internal control over financial reporting is not
      effective as defined under Section 404, investor perceptions of our company
      may be adversely affected and could cause a decline in the market price of
      our
      stock




**We
      may experience a decrease in market demand or a supply disruption due to
      uncertain economic conditions in the United States market, including as a result
      of the concerns of terrorism, war and social and political
      instability.**




Terrorist
      attacks in the United States and elsewhere, the continued presence of United
      States military forces in Iraq, and turmoil in the Middle East have contributed
      to the uncertainty in the United States and global economy and may lead to
      a
      decline in economic conditions, both domestically and
      internationally.




**Our
      ability to raise capital in the future may be limited and our failure to raise
      capital when needed could prevent us from executing our growth
      strategy.**




We
      believe that our existing cash will be sufficient for the next 12 months however
      there is no guarantee that in the future that we will be able to raise capital
      when needed.




Item
      2.
      Description of Property.




Our
      principal office is a rented space in a dedicated office building at 1200
      Truxton Ave., Suite 130 in Bakersfield, California.




We
      do not
      own any real estate or other property, nor do we invest in real
      estate.




Item
      3.
Legal Proceedings.




We
      are
      not a party of any pending or existing legal proceedings, nor the subject of
      any
      governmental proceedings.




Item
      4.
Submissions ofMatters to a Vote of Security
      Holders.




None




Item
      5.  Marketfor Registrant’sCommon Equity and Related Stockholder
      Matters




The
      common stock is not currently traded


-5-


Part
      II




Item
      6.
      Management’s Discussion and Analysis





**SAFE
      HARBOR FOR FORWARD LOOKING STATEMENTS**




The
      following discussion and analysis contains certain statements that may be deemed
      “forward-looking statements”. All statements, other than statements of
      historical fact, that address events or developments that the we expect to
      occur, are forward-looking statements. Forward-looking statements are statements
      that are not historical facts and are generally, but not always, identified
      by
      the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”,
“projects”, “potential” and similar expressions, or that events or conditions
“will”, “would”, “may”, “could” or “should” occur.




Although
      we believe the expectations expressed in such forward-looking statements are
      based on reasonable assumptions, such statements are not guarantees of future
      performance and actual results may differ materially from those in the
      forward-looking statements. Factors that could cause the actual results to
      differ materially from those in forward-looking statements include: failure
      to
      successfully negotiate or subsequently close such transactions, inability to
      obtain required shareholder or regulatory approvals, and general economic,
      market or business conditions. Investors are cautioned that any such statements
      are not guarantees of future performance and actual results or developments
      may
      differ materially from those projected in the forward-looking statements.
      Forward-looking statements are based on the beliefs, estimates and opinions
      of
      management on the date the statements are made. We undertakes no obligation
      to
      update these forward-looking statements in the event that managements beliefs,
      estimates or opinions, or other factors, should change. ’




Liquidity
      and Cash Requirements.  Adavco
      Inc., a corporation owned jointly by Art and Annette Davis, loaned us $50,000
      in
      October of 2004 to satisfy cash requirements, including accounting and auditing
      costs, for our first 36 months - through October of 2007. In addition, Adavco
      has provided temporary funding to support certain broker transactions.
      Additional funding may be available to us from Adavco; however, based on our
      current cash forecasts, we do not expect to borrow additional funds, except
      as
      may be needed on a short-term basis to support a broker transaction. Our
      projected cash requirements over the next twelve months should not exceed
      $15,000. However, our cash requirements will increase significantly if we begin
      any advertising campaigns, as discussed below in our Marketing subsection.
      As of
      December 31, 2006, our cash on hand was $89,381.





Results
      of operations.  In
      2006,
      we brokered 8 transactions, primarily related to cattle and other agricultural
      products, and recorded net revenues of $5,058. We incurred general and
      administrative expenses of $27,158, primarily related to accounting fees and
      rent expense. In addition, we incurred $3,514 of interest expense.





For
      the
      year we saw a dramatic increase in business activity as compared to 2005. We
      also recently increased our commission fee from 1% to 3% on all transactions
      and
      feel that this will lead to increased revenues for the company. We will continue
      with our strategic plan of servicing our current set of customers as well as
      working to obtain new ones.




Industry
      Trends.  As local
      farms consolidate, they become better able to negotiate sales directly with
      the
      buyers. Our primary customer is the smaller, “niche” farmers who do not have
      direct access to buyers. These niche farms typically produce crops such as
      alfalfa hay or grass hay, organic produce, and unusual or specialty commodities.
      However, there are still opportunities for us to work with larger farms and
      larger buyers on occasion, because we still retain the advantage of quality
      control. As we mention above, we send out a field inspector to make sure all
      the
      produce loaded onto the trucks is high quality, which is something the buyers
      do
      not do themselves, nor do the farmers, nor do our competitors. In this way,
      we
      still are able to generate enough business to continue as a going
      concern.





Generation
      of revenues..  We
      act as
      a broker between farms and wholesale buyers. In some cases, we broker products
      between two farms. For example, we may purchase alfalfa hay from one farm and
      sell it to a cattle farm. We generate net revenue form the margin between
      selling price and the buying price.





Marketing.  Our
      company is local and will rely on our reputation and word-of-mouth to generate
      most of our customers. As mentioned above, we maintain a competitive advantage
      by thoroughly inspecting the product prior to shipment. Our management has
      historically found that happy customers are the best form of advertising.
      However, in conjunction with word-of-mouth marketing, we also plan to expand
      our
      advertising to various produce industry publications. We also will direct-mail
      to address lists endemic to our industry.





Our
      management team, Art and Annette Davis, has formed many partnerships, alliances
      and contacts while operating as produce brokers for the past 25 years. These
      business relationships provide an enormous base of resources from which we
      can
      operate. Most of our brokerage deals will start - as they have with our one
      transaction we have completed so far - with our management team’s large client
      base that we hope will contract with us to locate, purchase and deliver various
      commodities for them.




Potential
      Future Business Models.  Additionally,
      we are currently researching the viability of farming certain commodities
      ourselves in order to lower the cost of goods sold and improve our profit
      margin. Whatever excess product was grown could be sold to the various competing
      brokers. By controlling the product, we can effectively control the quality
      of
      product that other brokers are able to supply. There is currently no precise
      plan in place and there can be no assurances that any such plan will be
      implemented.




Another
      option is to purchase the farmland outright and lease it back to the various
      farmers. By controlling the farmers you can demand the best product for the
      lowest price. This business model is possible with another loan from Adavco,
      which is controlled by our management team. We would feel ready for this model
      once we have completed several more transactions under our current model this
      year, and determined how much time and effort will be required to keep our
      current model viable.




Another
      profitable means of expansion we are exploring is to continue hiring brokers
      with established customer bases, who can promote the benefits of doing business
      with Golden Valley. The new hires would stay employed with Golden Valley as
      long
      as they can continually solicit new customers. The more customers these brokers
      bring Golden Valley, the higher their salaries and bonuses. We anticipate hiring
      one produce broker per year, beginning this year, to allow for reasonable
      expansion.


-6-


Item
      7.
Financial Statements.





REPORT
      OF
      INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM





To
      the
      Board of Directors


Golden
      Valley Development, Inc.


Bakersfield,
      California





We
      have
      audited the accompanying balance sheet of Golden Valley Development, Inc.,
      as of
      December 31, 2006 and the related statements of operations, changes in
      stockholders’ deficit, and cash flows for the two years then ended. These
      financial statements are the responsibility of Golden Valley Development, Inc.
      Our responsibility is to express an opinion on these financial statements based
      on our audits.




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




In
      our
      opinion, the financial statements referred to above present fairly, in all
      material respects, the financial position of Golden Valley Development, Inc.
      as
      of December 31, 2006, and the results of its operations and its cash flows
      for
      the two years then ended in conformity with accounting principles generally
      accepted in the United States of America.




/s/
      MALONE & BAILEY, PC


MALONE
      & BAILEY, PC


www.malone-bailey.com


Houston,
      Texas





March
      1,
      2007


-7-




GOLDEN
      VALLEY DEVELOPMENT, INC.


BALANCE
      SHEET


December
      31, 2006





ASSETSCash
            
            $
            89,381Prepaid
                and other current assets
            
            
            1,180Total
                assets
            
            $
            90,561LIABILITIES
                AND STOCKHOLDERS’ DEFICITNote
                payable to related party
            
            $
            110,000Total
                liabilities
            
            
            110,000CommitmentsStockholders’
                deficitCommon
                stock; $.001 par value; 75,000,000 shares authorized,40,000,000
                issued and outstanding
            
            
            40,000Additional
                paid-in capital
            
            
            (22,109
            )Accumulated
                deficit
            
            
            (37,330
            )Total
                stockholders’ deficit
            
            
            (19,439
            )Total
                liabilities and stockholders’ deficit
            
            $
            90,561





See
      accompanying summary of accounting policies


and
      notes
      to financials statements.


-8-


GOLDEN
      VALLEY DEVELOPMENT, INC.


STATEMENTS
      OF OPERATIONS


Years
      Ended December 31, 2006 and 2005








**2006**
            ****
            **2005**Revenues
            
            $
            5,058
            
            $
            --Operating
                expensesGeneral
                and administrative
            
            
            27,158
            
            
            13,805Interest
                expense
            
            
            3,514
            
            
            2,547Total
                expenses
            
            
            30,672
            
            
            16,352Loss
                before benefit for income taxes
            
            
            (25,614
            )
            
            (16,352
            )Benefit
                for income taxes
            
            
            --
            
            
            695Net
                loss
            
            $
            (25,614
            )
            $
            (15,657
            )Basic
                and diluted loss per common share
            
            $
            (0.00
            )
            $
            (0.00
            )Basic
                and diluted weighted average commonshares
                outstanding
            
            
            40,000,000
            
            
            40,000,000





See
      accompanying summary of accounting policies


and
      notes
      to financials statements.


-9-


GOLDEN
      VALLEY DEVELOPMENT, INC.




STATEMENT
      OF CHANGES IN STOCKHOLDERS’ DEFICIT


Years
      ended December 31, 2006 and 2005





**Additional**
            ****
            ****
            ****
            **Total**
            ********
            ****
            **Common
                Stock**
            ****
            **Paid-in**
            ****
            **Accumulated**
            ****
            **Stockholders’**
            ********
            ****
            **Shares**
            ****
            **Amount**
            ****
            **Capital**
            ****
            **Deficit**
            ****
            **Deficit**Balance,
                December 31, 2004
            
            
            40,000,000
            
            $
            40,000
            
            $
            (38,059
            )
            $
            3,941
            
            $
            5,882Contribution
                of rent expense
            
            
            
            
            
            
            
            
            4,660
            
            
            
            
            
            4,660Net
                loss
            
            
            
            
            
            
            
            
            
            
            
            (15,657
            )
            
            (15,657
            )Balance,
                December 31, 2005
            
            
            40,000,000
            
            
            40,000
            
            
            (33,399
            )
            
            (11,716
            )
            
            (5,115
            )Contribution
                of forgiveness of accrued interest
            
            
            
            
            
            
            
            
            3,121
            
            
            
            
            
            3,121Contribution
                of rent expense
            
            
            
            
            
            
            
            
            4,660
            
            
            
            
            
            4,660Contribution
                of imputed interest
            
            
            
            
            
            
            
            
            3,509
            
            
            
            
            
            3,509Net
                loss
            
            
            
            
            
            
            
            
            
            
            
            (25,614
            )
            
            (25,614
            )Balance,
                December 31, 2006
            
            
            40,000,000
            
            $
            40,000
            
            $
            (22,109
            )
            $
            (37,330
            )
            $
            (19,439
            )





See
      accompanying summary of accounting policies


and
      notes
      to financials statements.


-10-


GOLDEN
      VALLEY DEVELOPMENT, INC.




STATEMENT
      OF CASH FLOWS


Years
      Ended December 31, 2006 and 2005








**2006**
            
            **2005**Cash
                flows from operating activities:Net
                loss
            
            $
            (25,614
            )
            $
            (15,657
            )Adjustments
                to reconcile net loss to net cashused
                in operating activities:Imputed
                rent & interest expense
            
            
            8,169
            
            
            4,660Changes
                in operating assets and liabilities:Prepaid
                and other current assets
            
            
            1,200
            
            
            (2,380
            )Accrued
                expenses
            
            
            
            
            
            1,698Income
                tax payable
            
            
            --
            
            
            (695
            )Net
                cash used in operating activities
            
            
            (16,245
            )
            
            (12,374
            )Cash
                flow from financing activities:Payments
                on note payable to related party
            
            
            (303,000
            )Borrowings
                on note payable to related party
            
            
            363,000
            
            
            --Net
                cash provided by financing activities
            
            
            60,000
            
            
            --Net
                change in cash
            
            
            43,755
            
            
            (12,374
            )Cash,
                beginning of period
            
            
            45,626
            
            
            58,000Cash,
                end of period
            
            $
            89,381
            
            $
            45,626Supplemental
                cash flow information:Taxes
                paid
            
            $
            --
            
            $
            --Interest
                paid
            
            
            --
            
            
            --Non-cash
                transactionsForgiveness
                of accrued interest by related party
            
            
            3,121
            
            
            --


See
      accompanying summary of accounting policies


and
      notes
      to financials statements.





-11-


*Golden
      Valley Development, Inc.*




NOTES
      TO
      FINANCIAL STATEMENTS




NOTE
      1 -
      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES




Nature
      of
      Business. Golden Valley Development, Inc. (“Golden Valley”) was incorporated in
      Nevada on July 26, 2004. Golden Valley is a commodities broker.




Cash
      and
      Cash Equivalents. For purposes of the statement of cash flows, Golden Valley
      considers all highly liquid investments purchased with an original maturity
      of
      three months or less to be cash equivalents.




Use
      of
      Estimates. In preparing financial statements, management makes estimates and
      assumptions that affect the reported amounts of assets and liabilities in the
      balance sheet and revenue and expenses in the statement of expenses. Actual
      results could differ from those estimates.




Revenue
      Recognition. Golden Valley recognizes revenue when persuasive evidence of an
      arrangement exists, services have been rendered, the sales price is fixed or
      determinable, and collectibility is reasonably assured. Golden Valley performs
      as a broker without assuming the risks and rewards of ownership of the goods,
      therefore sales are reported on a net basis. After receiving an order, Golden
      Valley will locate and inspect the desired item. The item will be shipped
      directly to the customer from the supplier by Golden Valley or the customer
      can
      arrange for pickup at the supplier. The item must meet certain industry
      standards prior to customer acceptance. If the industry standards are not met,
      the loss carries back to the supplier. If the item meets industry standards
      and
      the customer were to reject the item, the loss belongs to the customer. Golden
      Valley recognizes revenues at the time the customer accepts the
      item.




Advertising.
      In accordance with Accounting Standards Executive Committee Statement of
      Position 93-7, costs incurred for producing and communicating advertising of
      Golden Valley are charged to operations as incurred. Advertising expense for
      two
      years ended December 31, 2006 was $0.




Income
      taxes. Golden Valley recognizes deferred tax assets and liabilities based on
      differences between the financial reporting and tax bases of assets and
      liabilities using the enacted tax rates and laws that are expected to be in
      effect when the differences are expected to be recovered. Golden Valley provides
      a valuation allowance for deferred tax assets for which it does not consider
      realization of such assets to be more likely than not.




Basic
      and
      diluted net loss per share calculations are presented in accordance with
      Financial Accounting Standards Statement 128, and are calculated on the basis
      of
      the weighted average number of common shares outstanding during the year. They
      include the dilutive effect of common stock equivalents in years with net
      income. Basic and diluted loss per share is the same due to the absence of
      common stock equivalents.




Recently
      issued accounting pronouncements. Golden Valley does not expect the adoption
      of
      recently issued accounting pronouncements to have a significant impact on Golden
      Valley’s results of operations, financial position or cash flow.




NOTE
      2 -
      RELATED PARTY TRANSACTIONS




On
      October 1, 2004, Golden Valley entered into an unsecured note agreement with
      a
      company controlled by Golden Valley’s majority shareholder. This note, which
      carried no interest rate, was repaid in 2006. Interest was imputed at 5%.
      Accrued interest of $3,121 owed to the related party was forgiven in 2006 and
      accounted for as a contribution to capital.




During
      2006, Golden Valley entered into four similar unsecured notes with the same
      related party. These notes, dated May 14, 2006, May 5, 2006, September 25,
      2006
      and December 26, 2006, were unsecured and carried no interest rate. The
      principal amounts borrowed under these notes were $173,000, $80,000, $50,000
      and
      $60,000, respectively. These loans were primarily used in the operations to
      purchase products. The $173,000 and $80,000 notes were repaid during the year
      from the proceeds received in a brokering arrangement. At December 31, 2006,
      $110,000 remained outstanding. The $50,000 note dated September 25, 2006 is
      due
      on September 25, 2008 and the $60,000 note dated December 26, 2006 is due on
      December 26, 2008.




Interest
      on these related party notes was imputed at 5%.




Golden
      Valley is using office space provided by a related party on a rent-free, month
      to month basis. The fair value of the office space is $388 per month. Golden
      Valley had $4,660 and $4,660 of rent expense for the years ended December 31,
      2006 and 2005, respectively. The rent is contributed to capital by a related
      party as a credit to additional paid in capital.




-12-


NOTE
      4 -
      INCOME TAXES




Golden
      Valley uses the liability method, where deferred tax assets and liabilities
      are
      determined based on the expected future tax consequences of temporary
      differences between the carrying amounts of assets and liabilities for financial
      and income tax reporting purposes. During fiscal 2006 Golden Valley incurred
      a
      net loss and, therefore, has no tax liability. The net deferred tax asset
      generated by the loss carry-forward has been fully reserved. The cumulative
      net
      operating loss carry-forward is approximately $1,886 at December 31, 2006,
      and
      will expire in the year 2026.




At
      December 31, 2006, deferred tax assets consisted of the following:




Deferred
      tax assets




Net
                operating losses
            
            $
            1,886Less:
                valuation allowance
            
            
            (1,886
            )Net
                deferred tax asset
            
            $
            0





At
      December 31, 2006, Golden Valley has income tax refundable of
      $1,180.




NOTE
      5 -
      COMMITMENTS




At
      December 31, 2006, Golden Valley had no commitments other than those recorded
      on
      the balance sheet or disclosed in the accompanying notes.




NOTE
      6 -
      MAJOR CUSTOMERS




All
      2006
      revenues were from 3 customers.


-13-


Item
      8.
Changes In andDisagreements With Accountants on Accounting and
      Financial Disclosure.




There
      have been no changes in or disagreements with our accountants.




Item
      8A. Controlsand Procedures.




Disclosure
      Controls




Management,
      including our President and Treasurer, has evaluated the effectiveness of our
      disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
      and 15d-15(e)) as of the end of the period covered by this report. Based upon
      that evaluation, the President and Treasurer concluded that the disclosure
      controls and procedures were effective to provide reasonable assurance that
      information required to be disclosed in the reports that we file and submit
      under the Exchange Act is (i) recorded, processed, summarized and reported
      as
      and when required and (ii) accumulated and communicated to our management,
      including our principal executive officer and principal financial officer,
      as
      appropriate to allow timely discussions regarding disclosure. In designing
      and
      evaluating the disclosure controls and procedures, management recognized that
      any controls and procedures, no matter how well designed and operated, can
      provide only reasonable assurance of achieving the desired control objectives,
      and management is required to apply its judgment in evaluating the cost-benefit
      relationship of possible controls and procedures.




Internal
      Controls




There
      has
      not been any change in our internal control over financial reporting that has
      materially affected, or is reasonably likely to materially affect, our internal
      control over financial reporting.




We
      do not
      expect that internal controls over financial reporting will prevent all errors
      or all instances of fraud. A control system, no matter how well designed and
      operated, can provide only reasonable, not absolute, assurance that the control
      system’s objectives will be 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. Because of the inherent
      limitations in all control systems, no evaluation of controls can provide
      absolute assurance that all control issues and instances of fraud, if any,
      within its company have been detected. These inherent limitations include the
      realities that judgments in decision-making can be faulty, and that breakdowns
      can occur because of simple error or mistake. Controls can also be circumvented
      by the individual acts of some persons, by collusion of two or more people,
      or
      by management override of the controls. The design of any system of controls
      is
      based in part upon certain assumptions about the likelihood of future events,
      and any design may not succeed in achieving its stated goals under all potential
      future conditions. Over time, controls may become inadequate because of changes
      in conditions or deterioration in the degree of compliance with policies or
      procedures. Because of the inherent limitation of a cost-effective control
      system, misstatements due to error or fraud may occur and not be
      detected.




-14-


Part
      III




Item
      9.
Directors, ExecutiveOfficers, Promoters and Control Persons;
      Compliance With Section 16(a) of the Exchange Act.




Annette
      Davis ,
      53,
      director and treasurer - elected to directorship and office on July 26, 2004
      to
      serve for one year; re-elected to both positions on July 26, 2005 for additional
      one-year term.




Ms.
      Davis
      had been CFO of Bakersfield Produce & Distributing, in Bakersfield,
      California, from 1977 until its closure in May, 2002. Bakersfield Produce had
      revenues exceeding $60,000,000 annually. She supervised its accounting
      department, reviewed balance sheets and income statements, approved capital
      expenditures, coordinated with CPAs for audit and tax filings purposes, and
      negotiated contracts with legal departments. Ms. Davis was responsible for
      this
      corporation’s fiscal aspects.




Ms.
      Davis
      had also served as Controller of Andes River Company, LLC, in Bakersfield,
      California, from 1999 until it ceased operations in December of 2003. She held
      the fiscal responsibilities of this company, which imported produce from the
      South American country of Chile and distributed it on the East Coast, with
      revenues of $40 million annually. Ms. Davis was responsible for its income and
      balance sheets, accounting department, approved all expenditures and outside
      business, established credit lines for the company, and coordinated with CPAs
      for tax returns in three states.




Ms.
      Davis
      is also currently President of Adavco, Inc., a real estate development company.
      Ms. Davis has been in that position since co-founding Adavco in 1982, and is
      the
      supervisor of accounting for Adavco projects, which include apartment buildings
      and custom homes.




From
      1999-2004, Ms. Davis was also Treasurer of Fresh Veg Broker.com, Inc., our
      former parent company whose business plan, which never was successful, was
      to
      create a website where buyers and sellers of produce could do deals with each
      other online.




Ms.
      Davis
      is also the sole director of Pebble Beach Enterprises, Inc., which is also
      a
      reporting company under The Securities Exchange Act of 1934. She has been its
      director since July of 2004. As we describe above in our Description of Business
      section, Pebble Beach was at one time a subsidiary of our former parent, Fresh
      Veg Broker.com. In that respect, Pebble Beach and Golden Valley were considered
      “sister” companies until both we and Pebble Beach were spun off from Fresh Veg
      in 2004. Pebble Beach has a totally different business plan than we do, but
      Annette Davis serves as director of both companies. She is not an officer of
      Pebble Beach.




Art
      Davis ,
      56,
      director, president and secretary - elected to directorship and offices on
      July
      26, 2004 to serve for one year; re-elected to all positions on July 26, 2005
      for
      additional one-year term.




Mr.
      Davis
      had served as Vice-president of Bakersfield Produce & Distributing from 1977
      until it ceased operations in 2002 in Bakersfield, California. The company
      added
      a consolidation point for chain supermarkets in 1979. In 1980, he was
      responsible for bringing in employees to begin a produce brokerage operation.
      The brokerage sales increased so rapidly that the wholesale and consolidations
      divisions were sold and Bakersfield Produce became Bakersfield Produce &
Distributing Company, which grew to become one of the largest produce brokerage
      firms in the United States.




As
      Vice
      President, he was responsible for buying fresh fruit and vegetables from
      California and Arizona for shipment to several large supermarket chains on
      the
      East coast. Mr. Davis was personally responsible for shipping over 125 loads
      of
      produce per week and dealt with most of the shippers in the produce industry
      due
      to the volume of the business.




Mr.
      Davis
      is also currently Vice-President of Adavco, Inc., a real estate development
      company. Mr. Davis has been in that position since co-founding Adavco in 1982,
      and is a licensed contractor overseeing Adavco projects, which include apartment
      buildings and custom homes.




From
      1999-2004, Mr. Davis was also President of Fresh Veg Broker.com, Inc., our
      former parent company whose business plan, which never was successful, was
      to
      create a website where buyers and sellers of produce could do deals with each
      other online.




-15-


Arthur
      Davis
      is the husband of Annette Davis.


Annette
      Davis
      is the wife of Arthur Davis.





Neither
      of the directors or executives of Golden Valley, nor any promoter or control
      person, was involved in any bankruptcy or insolvency action, nor was involved
      in
      any business which was involved in any such action at or within 2 years before
      the time of such filing, nor any criminal proceeding nor found to be in
      violation of any securities or futures laws or regulations nor has been barred
      or otherwise enjoined from participating in any type of business, securities
      or
      banking activities.




We
      do not
      have an audit committee financial expert serving on our audit committee, due
      to
      our relatively light revenues and operations and unreasonable expense an audit
      committee financial expert would pose for our business.




Golden
      Valley has adopted a Code of Ethics that applies to our principle executive
      officer (Arthur Davis), principal financial officer (Annette Davis), and
      principal controller (Annette Davis) and has posted it on our website www.goldenvalleydevelopment.com .




We
      undertake to provide to any person without charge, upon request, a copy of
      our
      Code of Ethics. To receive a copy of our Code of Ethics, mail a request for
      such
      to: Golden Valley Development, Inc., P.O. Box 2346, Bakersfield, CA
      93303.




Item
      10.
      Executive Compensation.




None
      of
      the officers or directors of Golden Valley is compensated nor has received
      any
      compensation, including any options or stock appreciation rights.




We
      have
      no employee contracts of any kind.





Item
      11.
Security Ownershipof Certain Beneficial Owners and
      Management.




We
      have
      no equity compensation plans or other arrangements and had none in the fiscal
      year covered by this Form.




We
      have
      only one class of securities - our Common Stock.




The
      following represents the security ownership of the only person who owns more
      than five percent of our outstanding Common Stock:




Annette
                Davis
            38,054,331
                shares1
            95.1%
                of classc/o
                Golden Valley Development, Inc.
            Direct
                ownership1200
                Truxton Avenue #130Bakersfield,
                CA 93301The
                following represents the security ownership of all members of
                management:Annette
                Davis
            38,054,331
                shares2
            95.1%
                of classDirector
                and Treasurer
            Direct
                ownershipc/o
                Golden Valley Development, Inc.1200
                Truxton Avenue #130Bakersfield,
                CA 93301Art
                Davis
            0
                shares3
            0%
                of classDirector,
                President and Secretaryc/o
                Golden Valley Development, Inc.1200
                Truxton Avenue #130Bakersfield,
                CA 93301





-16-


Item
      12.
      Certain Relationships and Related Transactions.




On
      October 1, 2004, Golden Valley entered into an unsecured note agreement with
      a
      company controlled by Golden Valley’s majority shareholder. This note, which
      carried no interest rate, was repaid in 2006. Accrued interest of $3,121 owed
      to
      the related party was forgiven in 2006 and accounted for as a contribution
      to
      capital.




During
      2006, Golden Valley entered into four similar unsecured notes with the same
      related party. These notes, dated May 14, 2006, May 5, 2006, September 25,
      2006
      and December 26, 2006, were unsecured and carried no interest rate. The
      principal amounts borrowed under these notes were $173,000, $80,000, $50,000
      and
      $60,000, respectively. These loans were primarily used in the operations to
      purchase products. The $173,000 and $80,000 notes were repaid during the year
      from the proceeds received in a brokering arrangement. At December 31, 2006,
      $110,000 remained outstanding. The $50,000 note dated September 25, 2006 is
      due
      on September 25, 2008 and the $60,000 note dated December 26, 2006 is due on
      December 26, 2008.




Interest
      on these related party notes was imputed at 5%.




Golden
      Valley is using office space provided by a related party on a rent-free, month
      to month basis. The fair value of the office space is $388 per month. Golden
      Valley had $4,660 and $4,660 of rent expense for the year ended December 31,
      2006 and 2005 respectively. The rent is contributed to capital by a related
      party as a credit to additional paid in capital.




We
      have
      no parent companies.




The
      names
      of our promoters are as follows:




Fresh
      Veg
      Broker.com, Inc., a Nevada corporation




H.
      Arthur
      Davis




Annette
      Davis




Item
13.
      Indexto Exhibits.




**Index
              No.**
            **Description**Exhibit
                3.1
            Item
                601(b)(3)(i)
            Articles
                of Incorporation*Exhibit
                3.2
            Item
                601(b)(3)(ii)
            Bylaws*Exhibit
                14
            Item
                601(b)(14)
            Code
                of ethics (attached)Exhibit
                31.1and 31.2
            Item
                601(b)(31)
            Rule
                13a-14(a)/15d-14(a) Certifications (attached)Exhibit
                32.1and 32.2
            Item
                601(b)(32)
            Section
                1350 (attached)




*
            These
                exhibits are hereby incorporated by reference to our Registration
                Statement on Form 10-SB filed November 29, 2005. File No.
                0-51637.





There
      are
      no management contracts or compensatory plans or arrangements required to be
      filed as an exhibit to this form.




-17-


Item
      14.PrincipalAccountant Fees and Services.




**Audit
      Fees**




Aggregate
      fees billed for fiscal year 2006 and 2005 for professional services rendered
      by
      the principal accountant for the audit of our annual financial statements,
      review of quarterly statements and other services provided in connection with
      statutory or regulatory filings or engagements: $16,746 and $4,740,
      respectively.




**Audit-Related
      Fees**




Aggregate
      fees billed in fiscal year 2006 and 2005 for assurance and related services
      by
      the principal accountant that are reasonably related to the performance of
      the
      audit or review of our financial statements and are not reported under the
      “Audit Fees” caption above: $0 for both years.




**Tax
      Fees**




Aggregate
      fees billed in fiscal year 2006 and 2005 for professional services rendered
      by
      the principal accountant for tax compliance, tax advice and tax planning: $0
      for
      both years.




**All
      Other Fees**




Aggregate
      fees billed in fiscal year 2006 and 2005 for products and services provided
      by
      the principal accountant, other than the services reported above: $0 for both
      years.




Golden
      Valley’s audit committee’s pre-approval policy is to retain the services of a
      professional accountant only once the threshhold established by Rule 2-01 of
      Regulation S-X has been met.




The
      audit
      committee’s pre-approval procedure is to carefully establish that each of the
      tests delineated in paragraphs (b) and (c)(1)-(3) of Rule 2-01 of Regulation
      S-X
      are met.





-18-


SIGNATURES




In
      accordance with Section 13 of the Exchange Act, the registrant caused this
      report to be signed on its behalf by the undersigned, thereunto duly
      authorized.


*GOLDEN VALLEY DEVELOPMENT,
              INC.*Date: March
              26, 2007
            By:
            /s/ H.
              Arthur
              DavisH.
              Arthur DavisPresident




In
      accordance with 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.




Date: March
                26, 2007
              By:
              /s/ H.
                Arthur
                DavisH.
                Arthur DavisPresident
                and a
                Director
  Date: March
                26, 2007
              By:
              /s/ Annette
                DavisAnnette
                DavisTreasurer,
                  Controller
                and
                  a Director




-19-