U.S.
SECURITIES AND EXCHANGE COMMISSION


Washington,
D.C. 20549


FORM
10-K/A


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


EXCHANGE
ACT OF 1934





For
the fiscal year ended December 31, 2009





Commission
File Number:333-156154





GLOBAL
DYNAMICS, CORP.


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





Delaware
              98-0593668(State
      of incorporation)
              (IRS
      Employer ID Number)





c/o
Margalit Yosef


43
Hakablan Street


Jerusalem,
Israel 93874


(Address
of principal executive offices)





972-(2)6515089


(Issuer's
telephone number)





Commission file number:
333-147629


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, $0.0001 par value





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 Registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
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 x   No o





Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K (§229.405 of this chapter) 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.    o





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





Large
      accelerated filer    ̈
              
              Accelerated
      filer  oNon-accelerated
      filer    o
              
              Smaller
      reporting company   x(Do
      not check if a smaller reporting company)





Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Act).


Yes   No
x





The
number of shares of the issuer’s common stock issued and outstanding as of March
15, 2010, was 500,000,000 shares.





There has
been no active trading in the Company’s common stock and therefore there is no
market value readily determinable for the Company





Documents
Incorporated By Reference:  None










TABLE
OF CONTENTS





PagePART
      I
              
              
              
              3Item
      1
              
              Business
              
              3Item
      1A
              
              Risk
      Factors
              
              4Item
      1B
              
              Unresolved
      Staff Comments
              
              5Item
      2
              
              Properties
              
              5Item
      3
              
              Legal
      Proceedings
              
              5PART
      II
              
              
              
              5Item
      4
              
              Market
      for Registrant’s Common Equity, Related Stockholder Matters and Issuer
      Purchases of Equity Securities
              
              5Item
      5
              
              Selected
      Financial Data
              
              6Item
      6
              
              Management’s
      Discussion and Analysis of Financial Condition and Results of
      Operation
              
              6Item
      6A
              
              Quantitative
      and Qualitative Disclosures About Market Risk.
              
              10Item
      7
              
              Financial
      Statements and Supplementary Data
              
              F-1Item
      8
              
              Changes
      in and Disagreements With Accountants on Accounting and Financial
      Disclosure
              
              11Item
      8A(T)
              
              Controls
      and Procedures
              
              11Item
      8B
              
              Other
      Information
              
              12PART
      III
              
              
              
              13Item
      9
              
              Directors,
      Executive Officers and Corporate Governance
              
              13Item
      10
              
              Executive
      Compensation
              
              15Item
      11
              
              Security
      Ownership of Certain Beneficial Owners and Management and Related
      Stockholder Matters
              
              15Item
      12
              
              Certain
      Relationships and Related Transactions, and Director
      Independence
              
              16Item
      13
              
              Principal
      Accountant Fees and Services
              
              17PART
      IV
              
              
              
              17Item
      14
              
              Exhibits
      and Financial Statement Schedules
              
              17SIGNATURES
              
              
              
              18





2





PART
I





Item
1.  Business.





As used
in this Annual Report on Form 10-K (this “Report”), references to the “Company,”
the “Registrant,” “we,” “our,” “us” or “Global Dynamics Corp , unless the
context otherwise indicates .





Forward-Looking
Statements





This
Report contains forward-looking statements. For this purpose, any statements
contained in this Report that are not statements of historical fact may be
deemed to be forward-looking statements. Forward-looking information includes
statements relating to future actions, prospective products, future performance
or results of current or anticipated products, sales and marketing efforts,
costs and expenses, interest rates, outcome of contingencies, financial
condition, results of operations, liquidity, business strategies, cost savings,
objectives of management, and other matters. You can identify forward-looking
statements by those that are not historical in nature, particularly those that
use terminology such as “may,” “will,” “should,” “expects,” “anticipates,”
“contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,”
“potential,” or “continue” or the negative of these similar terms. The Private
Securities Litigation Reform Act of 1995 provides a “safe harbor” for
forward-looking information to encourage companies to provide prospective
information about themselves without fear of litigation so long as that
information is identified as forward-looking and is accompanied by meaningful
cautionary statements identifying important factors that could cause actual
results to differ materially from those projected in the
information.





These
forward-looking statements are not guarantees of future performance and involve
risks, uncertainties and assumptions that we cannot predict. In evaluating these
forward-looking statements, you should consider various factors, including the
following: (a) those risks and uncertainties related to general economic
conditions, (b) whether we are able to manage our planned growth efficiently and
operate profitable operations, (c) whether we are able to generate sufficient
revenues or obtain financing to sustain and grow our operations, (d) whether we
are able to successfully fulfill our primary requirements for cash, which are
explained below under “Liquidity and Capital Resources.” We assume no obligation
to update forward-looking statements, except as otherwise required under the
applicable federal securities laws.





Corporate
Background





We were
incorporated in Delaware on September 2, 2008 and are a development stage
company. Our principal offices are located at 43 Hakablan Street, Jerusalem ,
Israel. Our telephone number is 972 (2) 6515089. Our registered office in
Delaware is located at 113 Barksdale Professional Center, Newark, DE 19711, and
our registered agent is Delaware Intercorp. Our fiscal year end is December
31.





Business
Summary





On
September 23, 2008, we entered into an exclusive worldwide patent sale agreement
(the "Patent Transfer and Sale Agreement ") with Appelfeld Zer Fisher, in
relation to a patented technology (Patent Number: 6,382,057) for a right-angle
wrench socket wrench adaptor. The technology presents the design and development
of an adapter for adapting a right-angle wrench, such as an Allen wrench, to a
socket wrench or ratchet handle in exchange for a commitment to pay Appelfeld
Zer Fisher US $26,000, according to the condition specified in the Patent
Transfer and Sale Agreement related to the Patent Number:
6,382,057.





The
present invention generally relates to tool adapters, and in particular to
adapters for adapting right angle wrenches for use with socket sets, such as the
standard rectangular drive end of a ratchet handle. There are a multitude of
applications where devices are tightened or loosened using hexagonal socket
keys, or right angle wrenches, sometimes referred to as Allen wrenches. The
Allen wrench is typically an extended piece of metal with an hexagonal cross
section along its entire length. The wrench typically has the shape of an `L`
and both ends of the piece may be used for tightening or loosening bolts or
other items which have hexagonal recesses in their heads corresponding to the
cross-sectional size of the specific Allen wrench.


3





When
using the Allen wrench for tightening a bolt where only a moderate amount of
torque is necessary, a person can simply tighten the bolt while holding the
Allen wrench in one hand. To get the maximum torque while tightening a bolt, the
user typically holds on to the longer `L` section of the Allen wrench and uses
the end of the shorter `L` section to engage the bolt head. When the bolt is
located in crowded or narrow space, it can be necessary to hold on to the
shorter portion of the Allen wrench while tightening the bolt, which typically
results in tightening the bolt with less torque. In many mechanical
applications, bolts must be tightened with a higher amount of torque than can be
exerted by hand tightening without the use of additional tools. Accordingly,
removing bolts tightened with tools requires tools to loosen as
well.





The
present invention is an adapter that accepts a standard right-angle wrench, such
as an Allen wrench, that can be used with a socket wrench or ratchet handle. One
aspect of the invention, an adapter for adapting right-angle wrenches to socket
wrenches, comprises an upper adapter housing, a lower adapter housing which
receives the upper adapter housing, and an insert portion insert able in the
lower adapter housing. The upper adapter housing has a rectangular recessed
socket opening at a top end adapted for receiving the drive portion of a socket
wrench and a lower externally threaded portion toward a bottom end.





The
present invention is an adapter for accepting a standard right-angle wrench,
such as an Allen wrench, which can be used with a socket wrench or ratchet
handle. Therefore, the present invention successfully addresses the shortcomings
of the presently known configurations by providing an adapter that changes the
right-angle wrench to a wrench with the torque produced by a socket wrench. This
durable, easy to assemble, and easy to disassemble after use adapter solves the
problems in a way that other adapter do not.





The
Company intends to develop a fully operational valid working prototype, which
can then be used to develop and manufacture the actual product.





The
Company is also seeking other business opportunities in various aspects to bring
further added value to its shareholders .





In the
third quarter of 2009 the Company initiated a forward split of 1-100 on its
common stock .





Employees





Other
than our current Directors and officers, Margalit Yosef and Jacob Schub, we have
no other full time or part-time employees. If and when we develop the prototype
for our adapters, and are able to begin manufacturing and marketing, we may need
additional employees for such operations. We do not foresee any significant
changes in the number of employees or consultants we will have over the next
twelve months.





Transfer
Agent





We have
engaged Nevada Agency and Trust as our stock transfer agent. Nevada Agency and
Trust is located at 50 West Liberty Street, Reno, Nevada 89501. Their telephone
number is (775) 322-0626 and their fax number is (775) 322-5623. The transfer
agent is responsible for all record-keeping and administrative functions in
connection with our issued and outstanding common stock.





Item
1A. Risk Factors





In
addition to the risk factors described in our Registration Statement on Form S1,
as filed with the Securities and Exchange Commission, and although smaller
reporting companies are not required to provide disclosure pursuant to this
Item, your attention is directed to the following risk factor that relates to
our business.





4





We
do not have sufficient cash to fund our operating expenses for the next twelve
months, and plan to seek funding through the sale of our common stock. Without
significant improvement in the capital markets, we may not be able to sell our
common stock and funding may not be available for continued
operations.





There is
not enough cash on hand to fund our administrative and other operating expenses
or our proposed research and development program for the next twelve months. In
addition, we will require substantial new capital following the development of a
strategic marketing plan for bringing our product to global markets in order to
actually market, arrange for the manufacturing of, and sell our product. Because
we do not expect to have any cash flow from operations within the next twelve
months, we will need to raise additional capital, which may be in the form of
loans from current stockholders and/or from public and private equity offerings.
Our ability to access capital will depend on our success in implementing our
business plan. It will also depend upon the status of the capital markets at the
time such capital is sought. Without significant improvement in the capital
markets, sufficient capital may not be available and the implementation of our
business plan could be delayed. If we are unable to raise additional funds in
the future, we may have to cease all substantive operations. In such event it
would not be likely that investors would obtain a profitable return on their
investment or a return of their investment at all





Item
1B.  Unresolved Staff Comments





None





Item
2.  Properties





Our Principal executive offices are
located at c/oc/o Margalit Yosef 43 Hakablan Street Jerusalem, Israel
93874 . This
location is the home of our Director and we have been allowed to operate out of
such location at no cost to the Company. We believe that this space is adequate
for our current and immediately foreseeable operating needs. We do not have any
policies regarding investments in real estate, securities, or other forms of
property.





Item
3.  Legal Proceedings.





There are
no pending legal proceedings to which the Company is a party or in which any
Director, officer or affiliate of the Company, any owner of record or
beneficially of more than 5% of any class of voting securities of the Company,
or security holder is a party adverse to the Company or has a material interest
adverse to the Company. The Company’s property is not the subject of any pending
legal proceedings.





PART
II





Item 4.
            Market
      for Registrant’s Common Equity, Related Stockholder Matters and Issuer
      Purchases of Equity Securities.





Market
Information





Our
common stock has been eligible to be traded on the Over-The-Counter Bulletin
Board since May 15 2009 , under the ticker symbol  GLDY .There
has been no material active trading in the Company’s securities.





5





Holders





As of
March 15, 2010, there were 500,000,000 common shares issued and
outstanding, which were held by 43 stockholders of record.





Dividends





We have
never declared or paid any cash dividends on our common stock nor do we
anticipate paying any in the foreseeable future. Furthermore, we expect to
retain any future earnings to finance our operations and expansion. The payment
of cash dividends in the future will be at the discretion of our Board of
Directors and will depend upon our earnings levels, capital requirements, any
restrictive loan covenants and other factors the Board considers
relevant.





Equity
Compensation Plans





We do not
have any equity compensation plans.





Recent
Sales of Unregistered Securities; Use of Proceeds from Registered
Securities





We did
not sell any unregistered securities during the fiscal year ended December 31,
2009.





Purchases
of Equity Securities by the Small Business Issuer and Affiliated
Purchasers





We have
not repurchased any shares of our common stock during the fiscal year ended
December 31, 2009.





Item
5. Selected Financial Data.





A smaller
reporting company is not required to provide the information required by this
item.





Item
6.   Management’s Discussion and Analysis of Financial Condition
and Results of Operations.





Certain
statements contained in this Annual Report, including statements regarding the
anticipated development and expansion of our business, our intent, belief or
current expectations, primarily with respect to the future operating performance
of  Global Dynamics Corp and the services we expect to offer and other
statements contained herein regarding matters that are not historical facts, are
“forward-looking” statements. Future filings with the Securities and Exchange
Commission, future press releases and future oral or written statements made by
us or with our approval, which are not statements of historical fact, may
contain forward-looking statements, because such statements include risks and
uncertainties, actual results may differ materially from those expressed or
implied by such forward-looking statements.





All
forward-looking statements speak only as of the date on which they are made. We
undertake no obligation to update such statements to reflect events that occur
or circumstances that exist after the date on which they are made.





This
Management’s Discussion and Analysis or Plan of Operations (“MD&A”) section
of this Report discusses our results of operations, liquidity and financial
condition, and certain factors that may affect our future results. You should
read this MD&A in conjunction with our audited financial statements and
accompanying notes included in this Report. This plan of operation contains
forward-looking statements that involve risks, uncertainties, and assumptions.
The actual results may differ materially from those anticipated in these
forward-looking statements as a result of certain factors, including, but not
limited to, those presented under “Risk Factors” or elsewhere in this
Report.





6





Plan
of Operation




We are a
development stage company that has licensed the technology and received a patent
for an adapter for a right-angle wrench. The system includes:





(a) an
upper adapter housing having a rectangular recessed socket opening at the top
end and a lower externally threaded portion toward a bottom end, the lower
externally threaded portion defining a transverse channel with an angular taper
for accommodating handle portions of the right-angle wrenches;





(b) a
lower adapter housing having an axial hole there through and an upper internally
threaded portion toward a top end, which upper internally threaded portion
receives the lower externally threaded portion; and





(c) an
insert portion, insertable into the lower adapter housing, for snugly
accommodating a lower shaft portion of the right-angle wrench in the axial hole
of the lower adapter housing.





Although
we have not yet engaged a manufacturer to develop a fully operational prototype
of the adapters, based on our preliminary discussions with certain manufacturing
vendors, we believe that it will take approximately three to four months to
construct a basic valid prototype of our product. If and when we have a viable
prototype, depending on the availability of funds, we estimate that we would
need approximately an additional four to six months to bring this product to
market. Our objective is to manufacture the product ourselves through third
party sub-contractors and market the product as an off-the-shelf device, and/or
to license the manufacturing rights to product and related technology to third
party manufacturers who would then assume responsibility for marketing and
sales.





The
Company is also seeking other business opportunities in various aspects to bring
further added value to its shareholders .





Liquidity
and Capital Resources





As of
December 31, 2009, we had $21,192  in cash as compared to $282 in
cash as of December 31, 2008. We incurred a net loss of $41,255 for
the fiscal year ended December 31, 2009 as compared with a net loss of $11,629
for the period December 31 2008.  Our cumulative net loss since
inception is $52,884, which is comprised entirely of general and administrative
and research and development expenses .





The
Company does not believe that its cash resources will be sufficient to
fund its expenses over the next 12 months. There can be no assurance that
additional capital will be available to the Company. The Company currently has
no agreements, arrangements, or understandings with any person to obtain funds
through bank loans, lines of credit, or any other sources. Since the Company has
no such arrangements or plans currently in effect, its inability to raise funds
for the above purposes will have a severe negative impact on its ability to
remain a viable company.





7




Lack
of Insurance





The
Company currently has no insurance in force for its office facilities and
operations and it cannot be certain that it can cover the risks associated with
such lack of insurance or that it will be able to obtain and/or maintain
insurance to cover these risks at economically feasible premiums.





Going
Concern Consideration





Our
registered independent auditors have issued an opinion on our financial
statements which includes a statement describing our going concern status. This
means that there is substantial doubt that we can continue as an on-going
business for the next 12 months unless we obtain additional capital to pay our
bills and meet our other financial obligations. This is because we have not
generated any revenues and no revenues are anticipated until we begin marketing
the product. Accordingly, we must raise capital from sources other than the
actual sale of the product. We must raise capital to implement our project and
stay in business. Even if we raise the maximum amount of money in this offering,
we do not know how long the money will last, however, we do believe it will last
at least 12 months.





Recently
issued accounting pronouncements





In March
2008, the FASB issued FASB Statement No. 161, (FASB ASC 815) “Disclosures about
Derivative Instruments and Hedging Activities – an amendment of FASB Statement
133.”  SFAS No. 161 (FASB ASC 815) enhances required disclosures
regarding derivatives and hedging activities, including enhanced disclosures
regarding how:  (a) an entity uses derivative instruments; (b)
derivative instruments and related hedged items are accounted for under FASB No.
133, “Accounting for Derivative Instruments and Hedging Activities”; and (c)
derivative instruments and related hedged items affect an entity’s financial
position, financial performance, and cash flows.  Specifically, SFAS
No. 161 (FASB ASC 815) requires:




·
            disclosure
      of the objectives for using derivative instruments be disclosed in terms
      of underlying risk and accounting designation;·
            disclosure
      of the fair values of derivative instruments and their gains and losses in
      a tabular format;·
            disclosure
      of information about credit-risk-related contingent
    features;·
            and
      cross-reference from the derivative footnote to other footnotes in which
      derivative-related information is
disclosed.





SFAS No.
161 (FASB ASC 815) is effective for fiscal years and interim periods beginning
after November 15, 2008.  Earlier application is
encouraged.  The management of the Company does not expect the
adoption of this pronouncement to have a material impact on its financial
statements.





On May 9,
2008, the FASB issued FASB Statement No. 162, (FASB ASC 105) “The Hierarchy of
Generally Accepted Accounting Principles.”  SFAS No. 162 (FASB ASC
105) is intended to improve financial reporting by identifying a consistent
framework, or hierarchy, for selecting accounting principles to be used in
preparing financial statements that are presented in conformity with U.S.
generally accepted accounting principles (“GAAP”) for nongovernmental
entities.





Prior to
the issuance of SFAS No. 162 (FASB ASC 105), GAAP hierarchy was defined in the
American Institute of Certified Public Accountants (“AICPA”) Statement on
Auditing Standards (“SAS”) No. 69, “The Meaning of Present Fairly in Conformity
with Generally Accept Accounting Principles.”  SAS No. 69 has been
criticized because it is directed to the auditor rather than the
entity.  SFAS No. 162 (FASB ASC 105) addresses these issues by
establishing that the GAAP hierarchy should be directed to entities because it
is the entity (not the auditor) that is responsible for selecting accounting
principles for financial statements that are presented in conformity with
GAAP.





The
sources of accounting principles that are generally accepted are categorized in
descending order as follows:





a.
            FASB
      Statements of Financial Accounting Standards and Interpretations, FASB
      Statement 133 Implementation Issues, FASB Staff Positions, and American
      Institute of Certified Public Accountants (AICPA) Accounting Research
      Bulletins and Accounting Principles Board Opinions that are not superseded
      by actions of the FASB.





b.
            FASB
      Technical Bulletins and, if cleared by the FASB, AICPA Industry Audit and
      Accounting Guides and Statements of
Position.





c.
            AICPA
      Accounting Standards Executive Committee Practice Bulletins that have been
      cleared by the FASB, consensus positions of the FASB Emerging Issues Task
      Force (EITF), and the Topics discussed in Appendix D of EITF Abstracts
      (EITF D-Topics).





d.
            Implementation
      guides (Q&As) published by the FASB staff, AICPA Accounting
      Interpretations, AICPA Industry Audit and Accounting Guides and Statements
      of Position not cleared by the FASB, and practices that are widely
      recognized and prevalent either generally or in the
    industry.





8





SFAS No.
162 (FASB ASC 105) is effective 60 days following the SEC’s approval of the
Public Company Accounting Oversight Board amendment to its authoritative
literature. It is only effective for nongovernmental entities; therefore, the
GAAP hierarchy will remain in SAS 69 for state and local governmental entities
and federal governmental entities. The management of the Company does not expect
the adoption of this pronouncement to have a material impact on its financial
statements.





On May
26, 2008, the FASB issued FASB Statement No. 163, (FASB ASC 944) “Accounting for
Financial Guarantee Insurance Contracts.” SFAS No. 163 (FASB ASC 944) clarifies
how FASB Statement No. 60, “Accounting and Reporting by Insurance Enterprises”
(“SFAS No. 60”), applies to financial guarantee insurance contracts issued by
insurance enterprises, including the recognition and measurement of premium
revenue and claim liabilities. It also requires expanded disclosures about
financial guarantee insurance contracts.





The
accounting and disclosure requirements of SFAS No. 163 (FASB ASC 944) are
intended to improve the comparability and quality of information provided to
users of financial statements by creating consistency.  Diversity
exists in practice in accounting for financial guarantee insurance contracts by
insurance enterprises under SFAS No. 60, “Accounting and Reporting by Insurance
Enterprises.”  That diversity results in inconsistencies in the
recognition and measurement of claim liabilities because of differing views
about when a loss has been incurred under FASB Statement No. 5, “Accounting for
Contingencies” (“SFAS No. 5”).  SFAS No. 163 (FASB ASC 944) requires
that an insurance enterprise recognize a claim liability prior to an event of
default when there is evidence that credit deterioration has occurred in an
insured financial obligation.  It also requires disclosure about (a)
the risk-management activities used by an insurance enterprise to evaluate
credit deterioration in its insured financial obligations and (b) the insurance
enterprise’s surveillance or watch list.





SFAS No.
163 (FASB ASC 944) is effective for financial statements issued for fiscal years
beginning after December 15, 2008, and all interim periods within those fiscal
years, except for disclosures about the insurance enterprise’s risk-management
activities.  Disclosures about the insurance enterprise’s
risk-management activities are effective the first period beginning after
issuance of SFAS No. 163 (FASB ASC 944).  Except for those
disclosures, earlier application is not permitted.  The management of
the Company does not expect the adoption of this pronouncement to have material
impact on its financial statements.





On May
22, 2009, the FASB issued FASB Statement No. 164, (FASB ASC 958) “Not-for-Profit
Entities: Mergers and Acquisitions”.  SFAS No. 164 (FASB ASC 958) is
intended to improve the relevance, representational faithfulness, and
comparability of the information that a not-for-profit entity provides in its
financial reports about a combination with one or more other not-for-profit
entities, businesses, or nonprofit activities.  To accomplish that,
this Statement establishes principles and requirements for how a not-for-profit
entity:





a.
            Determines
      whether a combination is a merger or an acquisition.b.
            Applies
      the carryover method in accounting for a merger.c.
            Applies
      the acquisition method in accounting for an acquisition, including
      determining which of the combining entities is the
    acquirer.d.
            Determines
      what information to disclose to enable users of financial statements to
      evaluate the nature and financial effects of a merger or an
      acquisition.





This
Statement also improves the information a not-for-profit entity provides about
goodwill and other intangible assets after an acquisition by amending FASB
Statement No. 142, Goodwill and Other Intangible Assets, to make it fully
applicable to not-for-profit entities.





SFAS No.
164 (FASB ASC 958) is effective for mergers occurring on or after December 15,
2009, and acquisitions for which the acquisition date is on or after the
beginning of the first annual reporting period beginning on or after December
15, 2009.  Early application is prohibited.  The management
of the Company does not expect the adoption of this pronouncement to have
material impact on its financial statements.





On May
28, 2009, the FASB issued FASB Statement No. 165, (FASB ASC 855) “Subsequent
Events.”  SFAS No.  165 (FASB ASC 855) establishes general
standards of accounting for and disclosure of events that occur after the
balance sheet date but before financial statements are issued or are available
to be issued.  Specifically, Statement 165 (FASB ASC 855)
provides:





1.
            The
      period after the balance sheet date during which management of a reporting
      entity should evaluate events or transactions that may occur for potential
      recognition or disclosure in the financial statements.2.
            The
      circumstances under which an entity should recognize events or
      transactions occurring after the balance sheet date in its financial
      statements.3.
            The
      disclosures that an entity should make about events or transactions that
      occurred after the balance sheet
date.





In
accordance with this Statement, an entity should apply the requirements to
interim or annual financial periods ending after June 15, 2009.  The
adoption of this pronouncement did not have a material impact on the financial
statements of the Company.





In June
2009, the FASB issued FASB Statement No. 166, (FASB ASC 860) “Accounting for
Transfers of Financial Assets- an amendment of FASB Statement No,
140.”  SFAS No. 166 (FASB ASC 860) is a revision to SFAS No. 140
“Accounting for Transfers and Servicing of Financial Assets and Extinguishment
of Liabilities” and will require more information about transfers of financial
assets, including securitization transactions, and where companies have
continuing exposure to the risks related to transferred financial
assets.  It eliminates the concept of a “qualifying special-purpose
entity,” changes the requirements for derecognizing financial assets, and
requires additional disclosures.





This
statement is effective for financial asset transfers occurring after the
beginning of an entity's first fiscal year that begins after November 15,
2009.  The management of the Company does not expect the adoption of
this pronouncement to have material impact on its financial
statements.





In June
2009, the FASB issued FASB Statement No. 167, (FASB ASC 810) "Amendments to FASB
Interpretation No. 46(R).”  SFAS No. 167 (FASB ASC 810) amends certain
requirements of FASB Interpretation No. 46(R), “Consolidation of Variable
Interest Entities” and changes how a company determines when an entity that is
insufficiently capitalized or is not controlled through voting (or similar
rights) should be consolidated.  The determination of whether a
company is required to consolidate an entity is based on, among other things, an
entity’s purpose and design and a company’s ability to direct the activities of
the entity that most significantly impact the entity’s economic
performance.





This
statement is effective as of the beginning of each reporting entity’s first
annual reporting period that begins after November 15, 2009.  The
management of the Company does not expect the adoption of this pronouncement to
have material impact on its financial statements.





In June
2009, the FASB issued FASB Statement No. 168, (FASB ASC 105) "The FASB
Accounting Standards Codification and the Hierarchy of Generally Accepted
Accounting Principles - a replacement of FASB Statement No.
162.”  SFAS No. 168 (FASB ASC 105) establishes the FASB Accounting
Standards Codification (the "Codification") to become the single official source
of authoritative, nongovernmental U.S. generally accepted accounting principles
(“GAAP”).  The Codification did not change GAAP but reorganizes the
literature.





SFAS No.
168 (FASB ASC 105) is effective for interim and annual periods ending after
September 15, 2009.  The adoption of this pronouncement did not have a
material impact on the financial statements of the Company.





9





Off Balance
Sheet Arrangements





We do not
have any off-balance sheet arrangements that have or are reasonably likely to
have a current or future effect on our financial condition, changes in financial
condition, revenues or expenses, results of operations, liquidity, capital
expenditures, or capital resources that are material to investors.





Item
6A.        Quantitative and Qualitative
Disclosures About Market Risk.





A smaller
reporting company is not required to provide the information required by this
item.





10




Item
7. Financial Statements and Supplementary Data.


GLOBAL
DYNAMICS CORP.
 (A
DEVELOPMENT STAGE COMPANY)
  INDEX
TO FINANCIAL STATEMENTS
 DECEMBER
31, 2009
  Report
      of Registered Independent Auditors
                  
                  F-2Financial
      Statements-Balance
      Sheets as of December 31, 2009 and 2008
                  
                  F-3Statements of Operations for the
      Years Ended December
      31, 2009 and 2008, and Cumulative from Inception
                  
                  F-4Statement of Changes in
      Stockholders’ Equity for the Period from Inception Through December 31,
      2009
                  
                  F-5Statements of Cash Flows for the
      Years Ended December 31, 2009 and 2008, and Cumulative from
      Inception
                  
                  F-6Notes
      to Financial Statements
                  
                  F-7
  F-1
 
 REPORT
OF REGISTERED INDEPENDENT AUDITORS
 
 To the
Board of Directors and Stockholders
 of Global
Dynamics Corp.:
 
 We have
audited the accompanying balance sheets of Global Dynamics Corp. (a Delaware
corporation in the development stage) as of December 31, 2009 and 2008, and the
related statements of operations, stockholders’ equity, and cash flows for the
years ended December 31, 2009 and 2008, and from inception (September 2, 2008)
through December 31, 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 of America). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. The Company is not
required to have, nor were we engaged to perform, an audit of its internal
control over financial reporting. Our audit included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s internal control over financial
reporting. Accordingly, we express no such opinion. 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 Global Dynamics Corp. as of
December 31, 2009 and 2008, and the results of its operations and its cash flows
for the years ended December 31, 2009 and 2008, and from inception (September 2,
2008) through December 31, 2009, in conformity with accounting principles
generally accepted in the United States of America.
 
 The
accompanying financial statements have been prepared assuming that the Company
will continue as a going concern. As discussed in Note 2 to the financial
statements, the Company is in the development stage, and has not established any
source of revenue to cover its operating costs. As such, it has incurred an
operating loss since inception. Further, as of December 31, 2009, the cash
resources of the Company were insufficient to meet its planned business
objectives. These and other factors raise substantial doubt about the Company’s
ability to continue as a going concern. Management’s plan regarding these
matters is also described in Note 2 to the financial statements. The financial
statements do not include any adjustments that might result from the outcome of
this uncertainty.
 
 Respectfully
submitted,
 
 /s/ Alan
Weinberg CPA
 
 Baltimore,
Maryland
 February
13, 2010
  F-2
  GLOBAL
DYNAMICS CORP.
 (A
DEVELOPMENT STAGE COMPANY)
 BALANCE
SHEETS
 AS
OF DECEMBER 31, 2009 AND, 2008
  As of
                          
                          
                          As ofDecember 31,
                          
                          
                          December 31,2009
                          
                          
                          2008ASSETSCurrent
      Assets:Cash
      and cash equivalents
                          
                          $
                          21,192
                          
                          
                          $
                          282Total
      current assets
                          
                          
                          21,192
                          
                          
                          
                          282Other
      Assets:Patent,
      net of $2,460 and $1,845 amortization, respectively
                          
                          
                          23,540
                          
                          
                          
                          26,000Deferred
      offering costs
                          
                          
                          -
                          
                          
                          
                          20,000Total
      other assets
                          
                          
                          23,540
                          
                          
                          
                          46,000Total
      Assets
                          
                          $
                          44,732
                          
                          
                          $
                          46,282LIABILITIES AND STOCKHOLDERS'
      (DEFICIT)Current
      Liabilities:Accounts
      payable and accrued liabilities
                          
                          $
                          27,316
                          
                          
                          $
                          29,611Loans
      from related parties - directors and stockholders
                          
                          
                          10,000
                          
                          
                          
                          28,000Total
      current liabilities
                          
                          
                          37,316
                          
                          
                          
                          57,611Total
      liabilities
                          
                          
                          37,316
                          
                          
                          
                          57,611Commitments
      and ContingenciesStockholders'
      Equity (Deficit):Common
      stock, par value $.0001 per share, 1,000,000,000 shares authorized;
      500,000,000 and 300,000,000 shares issued and outstanding,
      respectively
                          
                          
                          50,000
                          
                          
                          
                          30,000Additional
      paid-in capital
                          
                          
                          10,300
                          
                          
                          
                          (29,700
                          )(Deficit)
      accumulated during the development stage
                          
                          
                          (52,884
                          )
                          
                          
                          (11,629
                          )Total
      stockholders' equity (deficit)
                          
                          
                          7,416
                          
                          
                          
                          (11,329
                          )Total
      Liabilities and Stockholders' Equity (Deficit)
                          
                          $
                          44,732
                          
                          
                          $
                          46,282
 
 The
accompanying notes to financial statements
 are an
integral part of this balance sheet.
  F-3
 
 GLOBAL
DYNAMICS CORP.
 (A
DEVELOPMENT STAGE COMPANY)
 STATEMENTS
OF OPERATIONS
 FOR
THE YEARS ENDED DECEMBER 31, 2009 AND 2008,
 AND
CUMULATIVE FROM INCEPTION (SEPTEMBER 2, 2008)
 THROUGH
DECEMBER 31, 2009
 
 Years Ended
                    
                    
                    CumulativeDecember 31,
                    
                    
                    From2009
                    
                    
                    2008
                    
                    
                    InceptionRevenues
                    
                    $
                    -
                    
                    
                    $
                    -
                    
                    
                    $
                    -Expenses:General
      and administrative-Amortization
                    
                    
                    2,460
                    
                    
                    
                    -
                    
                    
                    
                    2,460Professional
      fees
                    
                    
                    39,486
                    
                    
                    
                    10,111
                    
                    
                    
                    49,597Legal
      - incorporation
                    
                    
                    -
                    
                    
                    
                    1,500
                    
                    
                    
                    1,500Other
                    
                    
                    501
                    
                    
                    
                    18
                    
                    
                    
                    519Total
      general and administrative expenses
                    
                    
                    42,447
                    
                    
                    
                    11,629
                    
                    
                    
                    54,076(Loss)
      from Operations
                    
                    
                    (42,447
                    )
                    
                    
                    (11,629
                    )
                    
                    
                    (54,076
                    )Other
      Income (Expense)
                    
                    
                    1,192
                    
                    
                    
                    -
                    
                    
                    
                    1,192Provision
      for Income Taxes
                    
                    
                    -
                    
                    
                    
                    -
                    
                    
                    
                    -Net
      (Loss)
                    
                    $
                    (41,255
                    )
                    
                    $
                    (11,629
                    )
                    
                    $
                    (52,884
                    )(Loss)
      Per Common Share:(Loss)
      per common share - Basic and Diluted
                    
                    $
                    (0.00
                    )
                    
                    $
                    (0.00
                    )Weighted
      Average Number of Common Shares Outstanding - Basic and
      Diluted
                    
                    
                    432,602,740
                    
                    
                    
                    297,520,700
  The
accompanying notes to financial statements are
 an
integral part of these statements.
  F-4
 
 GLOBAL
DYNAMICS CORP.
 (A
DEVELOPMENT STAGE COMPANY)
 STATEMENT
OF CHANGES IN STOCKHOLDERS' EQUITY
 FOR
THE PERIOD FROM INCEPTION (SEPTEMBER 2, 2008)
 THROUGH
DECEMBER 31, 2009
 
 (Deficit)AccumulatedAdditional
                    
                    
                    During
      theCommon stock
                    
                    
                    Paid-in
                    
                    
                    DevelopmentShares
                    
                    
                    Amount
                    
                    
                    Capital
                    
                    
                    Stage
                    
                    
                    TotalsBalance
      - September 2, 2008
                    
                    
                    -
                    
                    
                    $
                    -
                    
                    
                    $
                    -
                    
                    
                    $
                    -
                    
                    
                    $
                    -Common
      stock issued for cash
                    
                    
                    300,000,000
                    
                    
                    
                    30,000
                    
                    
                    
                    (29,700
                    )
                    
                    
                    -
                    
                    
                    
                    300Net
      (loss) for the period
                    
                    
                    -
                    
                    
                    
                    -
                    
                    
                    
                    -
                    
                    
                    
                    (11,629
                    )
                    
                    
                    (11,629
                    )Balance
      - December 31, 2008
                    
                    
                    300,000,000
                    
                    
                    $
                    30,000
                    
                    
                    $
                    (29,700
                    )
                    
                    $
                    (11,629
                    )
                    
                    $
                    (11,329
                    )Common
      stock issued for cash
                    
                    
                    200,000,000
                    
                    
                    
                    20,000
                    
                    
                    
                    40,000
                    
                    
                    
                    -
                    
                    
                    
                    60,000Net
      (loss) for the period
                    
                    
                    -
                    
                    
                    
                    -
                    
                    
                    
                    -
                    
                    
                    
                    (41,255
                    )
                    
                    
                    (41,255
                    )Balance
      - December 31, 2009
                    
                    
                    500,000,000
                    
                    
                    $
                    50,000
                    
                    
                    $
                    10,300
                    
                    
                    $
                    (52,884
                    )
                    
                    $
                    7,416
 
 The
accompanying notes to financial statements are
 an
integral part of this statement.
  F-5
 
 GLOBAL
DYNAMICS CORP.
 (A
DEVELOPMENT STAGE COMPANY)
 STATEMENTS
OF CASH FLOWS
 FOR
THE YEARS ENDED DECEMBER 31, 2009 AND 2008,
 AND
CUMULATIVE FROM INCEPTION (SEPTEMBER 2, 2008)
 THROUGH
DECEMBER 31, 2009
 
 Years Ended
                      
                      
                      CumulativeDecember 31,
                      
                      
                      From2009
                      
                      
                      2008
                      
                      
                      InceptionOperating
      Activities:Net
      (loss)
                      
                      $
                      (41,255
                      )
                      
                      $
                      (11,629
                      )
                      
                      $
                      (52,884
                      )Adjustments
      to reconcile net (loss) to net cash (used in) operating
      activities:Amortization
                      
                      
                      2,460
                      
                      
                      
                      -
                      
                      
                      
                      2,460Changes
      in net liabilities-Accounts
      payable and accrued liabilities
                      
                      
                      17,705
                      
                      
                      
                      9,611
                      
                      
                      
                      27,316Net
      Cash Used in Operating Activities
                      
                      
                      (21,090
                      )
                      
                      
                      (2,018
                      )
                      
                      
                      (23,108
                      )Investing
      Activities:Acquisition
      and costs of patent
                      
                      
                      -
                      
                      
                      
                      (26,000
                      )
                      
                      
                      (26,000
                      )Net
      Cash Used in Investing Activities
                      
                      
                      -
                      
                      
                      
                      (26,000
                      )
                      
                      
                      (26,000
                      )Financing
      Activities:Proceeds
      from common stock issued
                      
                      
                      60,000
                      
                      
                      
                      300
                      
                      
                      
                      60,300Loans
      from related parties - directors and stockholders
                      
                      
                      (18,000
                      )
                      
                      
                      28,000
                      
                      
                      
                      10,000Net
      Cash Provided by Financing Activities
                      
                      
                      42,000
                      
                      
                      
                      28,300
                      
                      
                      
                      70,300Net
      (Decrease) Increase in Cash
                      
                      
                      20,910
                      
                      
                      
                      282
                      
                      
                      
                      21,192Cash
      - Beginning of Period
                      
                      
                      282
                      
                      
                      
                      -
                      
                      
                      
                      -Cash
      - End of Period
                      
                      $
                      21,192
                      
                      
                      $
                      282
                      
                      
                      $
                      21,192Supplemental
      disclosure of cash flow information:Cash
      paid during the period for:Interest
                      
                      $
                      -
                      
                      
                      $
                      -
                      
                      
                      $
                      -Income
      taxes
                      
                      $
                      -
                      
                      
                      $
                      -
                      
                      
                      $
                      -Supplemental schedule of noncash investing and financing
      activities:Patent
      was acquired and payable incurred
                      
                      $
                      -
                      
                      
                      $
                      26,000
                      
                      
                      $
                      -
 
 The
accompanying notes to financial statements are
 an
integral part of these statements.
  F-6
  GLOBAL
DYNAMICS CORP.
 (A
DEVELOPMENT STAGE COMPANY)
 NOTES
TO FINANCIAL STATEMENTS
 DECEMBER
31, 2009
  (1)  Summary of Significant Accounting
Policies
 
 Basis
of Presentation and Organization
 
 Global
Dynamics Corp. (“Global Dynamics” or the “Company”) is a Delaware corporation in
the development stage and has not commenced operations. The Company was
incorporated under the laws of the State of Delaware on September 2, 2008. The
business plan of the Company is to develop a commercial application of the
design in a patent, “Right angle wrench socket wrench adaptor”. The Company also
intends to enhance the existing prototype, and manufacture and market the
product and/or seek third party entities interested in licensing the rights to
manufacture and market the device. The accompanying financial statements of
Global Dynamics were prepared from the accounts of the Company under the accrual
basis of accounting.
 
 Cash and Cash
Equivalents
 
 For
purposes of reporting within the statement of cash flows, the Company considers
all cash on hand, cash accounts not subject to withdrawal restrictions or
penalties, and all highly liquid debt instruments purchased with a maturity of
three months or less to be cash and cash equivalents.
  Revenue
Recognition
 
 The
Company is in the development stage and has yet to realize revenues from
operations. Once the Company has commenced operations, it will recognize
revenues when delivery of goods or completion of services has occurred provided
there is persuasive evidence of an agreement, acceptance has been approved by
its customers, the fee is fixed or determinable based on the completion of
stated terms and conditions, and collection of any related receivable is
probable.
 
 Loss
per Common Share
 
 Basic
loss per share is computed by dividing the net loss attributable to the common
stockholders by the weighted average number of shares of common stock
outstanding during the period. Fully diluted loss per share is computed
similarly to basic loss per share except that the denominator is increased to
include the number of additional common shares that would have been outstanding
if the potential common shares had been issued and if the additional common
shares were dilutive. There were no dilutive financial instruments issued or
outstanding for the period ended December 31, 2009.
 
 Income
Taxes
 
 Deferred
tax assets and liabilities are determined based on temporary differences between
the bases of certain assets and liabilities for income tax and financial
reporting purposes. The deferred tax assets and liabilities are classified
according to the financial statement classification of the assets and
liabilities generating the differences.
 
 The
Company maintains a valuation allowance with respect to deferred tax assets. The
Company establishes a valuation allowance based upon the potential likelihood of
realizing the deferred tax asset and taking into consideration the Company’s
financial position and results of operations for the current period. Future
realization of the deferred tax benefit depends on the existence of sufficient
taxable income within the carryforward period under the federal tax
laws.
 
 Changes
in circumstances, such as the Company generating taxable income, could cause a
change in judgment about the realizability of the related deferred tax asset.
Any change in the valuation allowance will be included in income in the year of
the change in estimate.
  F-7
 
 Fair
Value of Financial Instruments
 
 The
Company estimates the fair value of financial instruments using the available
market information and valuation methods. Considerable judgment is required in
estimating fair value. Accordingly, the estimates of fair value may not be
indicative of the amounts the Company could realize in a current market
exchange. As of December 31, 2009, the carrying value of accrued liabilities,
and loans from directors and stockholders approximated fair value due to the
short-term nature and maturity of these instruments.
  Patent
and Intellectual Property
 
 The
Company capitalizes the costs associated with obtaining a patent or other
intellectual property associated with its intended business plan. Such costs are
amortized over the estimated useful lives of the related assets.
  Deferred
Offering Costs
 
 The
Company defers as other assets the direct incremental costs of raising capital
until such time as the offering is completed. At the time of the completion of
the offering, the costs are charged against the capital raised. Should the
offering be terminated, deferred offering costs are charged to operations during
the period in which the offering is terminated.
  Impairment
of Long-Lived Assets
 
 The
Company evaluates the recoverability of long-lived assets and the related
estimated remaining lives when events or circumstances lead management to
believe that the carrying value of an asset may not be recoverable. For the
period ended December 31, 2009, no events or circumstances occurred for which an
evaluation of the recoverability of long-lived assets was required.
  Common
Stock Registration Expenses
 
 The
Company considers incremental costs and expenses related to the registration of
equity securities with the SEC, whether by contractual arrangement as of a
certain date or by demand, to be unrelated to original issuance transactions. As
such, subsequent registration costs and expenses are expensed as
incurred.
  Estimates
 
 The
financial statements are prepared on the basis of accounting principles
generally accepted in the United States. The preparation of financial statements
in conformity with generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported amounts of assets and
liabilities as of December 31, 2009, and expenses for the period ended December
31, 2009, and cumulative from inception. Actual results could differ from those
estimates made by management.
 
 Recent Accounting
Pronouncements
  In April
2009, the FASB issued FSP No. FAS 157-4, “Determining Fair Value When the Volume
and Level of Activity for the Asset or Liability Have Significantly Decreased
and Identifying Transactions That Are Not Orderly” (“FSP FAS 157-4”), codified
in FASB ASC 820-10-65, which provides additional guidance for estimating fair
value in accordance with ASC 820-10 when the volume and level of activity for an
asset or liability have significantly decreased. ASC 820-10-65 also includes
guidance on identifying circumstances that indicate a transaction is not
orderly. The adoption of ASC 820-10-65 did not have an impact on the Company's
results of operations or financial condition.
  F-8
  In May
2009, the FASB issued SFAS No. 165, "Subsequent Events" ("SFAS 165") codified in
FASB ASC 855-10-05, which provides guidance to establish general standards of
accounting for and disclosures of events that occur after the balance sheet date
but before financial statements are issued or are available to be issued. FASB
ASC 855-10-05 also requires entities to disclose the date through which
subsequent events were evaluated as well as the rationale for why that date was
selected. FASB ASC 855-10-05 is effective for interim and annual periods ending
after June 15, 2009. FASB ASC 855-10-05 requires that public entities evaluate
subsequent events through the date that the financial statements are
issued.
  In June
2009, the FASB issued SFAS No. 166, "Accounting for Transfers of Financial
Assets - an amendment of FASB Statement No. 140" ("SFAS 166"), codified as FASB
ASC 860, which requires entities to provide more information regarding sales of
securitized financial assets and similar transactions, particularly if the
entity has continuing exposure to the risks related to transferred financial
assets. FASB ASC 860 eliminates the concept of a "qualifying special-purpose
entity," changes the requirements for derecognizing financial assets and
requires additional disclosures. FASB ASC 860 is effective for fiscal years
beginning after November 15, 2009. The adoption of FASB ASC 860 did not have an
impact on the Company's financial condition, results of operations or cash
flows.
  In June
2009, the FASB issued SFAS No. 167, "Amendments to FASB Interpretation No.
46(R)" ("SFAS 167"), codified as FASB ASC 810-10, which modifies how a company
determines when an entity that is insufficiently capitalized or is not
controlled through voting (or similar rights) should be consolidated. FASB ASC
810-10 clarifies that the determination of whether a company is required to
consolidate an entity is based on, among other things, an entity's purpose and
design and a company's ability to direct the activities of the entity that most
significantly impact the entity's economic performance. FASB ASC 810-10 requires
an ongoing reassessment of whether a company is the primary beneficiary of a
variable interest entity. FASB ASC 810-10 also requires additional disclosures
about a company's involvement in variable interest entities and any significant
changes in risk exposure due to that involvement. FASB ASC 810-10 is effective
for fiscal years beginning after November 15, 2009. The adoption of FASB ASC
810-10 did not have an impact on the Company's financial condition, results of
operations or cash flows.
  In June
2009, the FASB issued FASB ASC 105, Generally Accepted Accounting Principles,
which establishes the FASB Accounting Standards Codification as the sole source
of authoritative generally accepted accounting principles. Pursuant to the
provisions of FASB ASC 105, we have updated references to GAAP in our financial
statements. The adoption of FASB ASC 105 did not impact the Company's financial
position or results of operations.
  (2)  Development Stage Activities and
Going Concern
 
 The
Company is currently in the development stage and has no operations. The
business plan of the Company is to develop a commercial application of the
design in a patent, “Right angle wrench socket wrench adaptor”. The Company also
intends to enhance the existing prototype and manufacture and market the product
and/or seek third party entities interested in licensing the rights to
manufacture and market the device.
 
 On
September 23, 2008, the Company entered into a Patent Transfer and Sale
Agreement whereby the Company acquired all of the rights, title and interest in
the patent known as the “Right angle wrench socket wrench adaptor” for
consideration of $26,000. The United States Patent Application 6,382,057 was
granted on May 7, 2002.
 
 The
Company commenced a capital formation activity to submit a Registration
Statement on Form S-1 to the Securities and Exchange Commission (“SEC”) to
register and sell in a self-directed offering 200,000,000 (post forward stock
split) shares of newly issued common stock at an offering price of $0.04 for
proceeds of up to $80,000. The Registration Statement on Form S-1 was filed with
the SEC on December 16, 2008 and declared effective on January 13,
2009.  The Company has issued 200,000,000 (post forward stock split)
shares  of common stock pursuant to the Registration Statement on Form
S-1 and received proceeds of $80,000. The Company incurred $20,000 of offering
costs related to this capital formation activity.
  F-9
  The
accompanying financial statements have been prepared in conformity with
accounting principles generally accepted in the United States of America, which
contemplate continuation of the Company as a going concern. The Company has not
established any source of revenue to cover its operating costs, and as such, has
incurred an operating loss since inception. Further, as of December 31, 2009,
the cash resources of the Company were insufficient to meet its current business
plan. These and other factors raise substantial doubt about the Company’s
ability to continue as a going concern. The accompanying financial statements do
not include any adjustments to reflect the possible future effects on the
recoverability and classification of assets or the amounts and classification of
liabilities that may result from the possible inability of the Company to
continue as a going concern.
 
 (3)  Patent
 
 On
September 23, 2008, the Company entered into a Patent Transfer and Sale
Agreement whereby the Company acquired all of the rights, title and interest in
the patent known as the “Right angle wrench socket wrench adaptor” for
consideration of $26,000. The United States Patent Application 6,382,057 was
granted on May 7, 2002. Under the terms of the Patent Transfer and Sale
Agreement, the Company was assigned rights to the patent free of any liens,
claims, royalties, licenses, security interests or other encumbrances. The
historical cost of obtaining the patent ($26,000) has been capitalized by the
Company. The historical cost of the Patent will be amortized over its remaining
useful life, which is estimated to be 10 years and 7 months.
 
 (4)  Loans from Related Parties -
Directors and Stockholders
 
 As of
December 31, 2009, loans from directors and stockholders amounted to $10,000,
and represented working capital advances from officers who are also stockholders
of the Company. The loans are unsecured, non-interest bearing, and due on
demand.
 
 (5)  Common Stock
 
 On September 3, 2008, the Company
issued 300,000,000 (post forward stock split) shares of its common stock to two
individuals who are Directors and officers for proceeds of
$300.
  The
Company commenced a capital formation activity to submit a Registration
Statement on Form S-1 to the Securities and Exchange Commission (“SEC”) to
register and sell in a self-directed offering 200,000,000 (post forward stock
split) shares of newly issued common stock at an offering price of $0.04 for
proceeds of up to $80,000. The Registration Statement on Form S-1 was filed with
the SEC on December 16, 2008 and declared effective on January 13, 2009. The
Company has issued 200,000,000 (post forward stock split) shares of common stock
pursuant to the Registration Statement on Form S-1 and received proceeds of
$80,000. The Company incurred $20,000 of offering costs related to this capital
formation activity.
 
 On
September 9, 2009, the Company implemented a 100 for 1 forward stock split
on its issued and outstanding shares of common stock to the holders of record as
of September 9, 2009. As a result of the split, each holder of record on the
record date automatically received ninety nine additional shares of the
Company’s common stock. After the split, the number of shares of common stock
issued and outstanding were 500,000,000 shares. The accompanying financial
statements and related notes thereto have been adjusted accordingly to reflect
this forward stock split.
 
 (6)  Income Taxes
 
 The
provision (benefit) for income taxes for the period ended December 31, 2009 and
2008, was as follows (assuming a 23% effective tax rate):
  F-10
 
 2009
                    
                    
                    2008Current
      Tax Provision:Federal-Taxable
      income
                    
                    $
                    -
                    
                    
                    $
                    -Total
      current tax provision
                    
                    $
                    -
                    
                    
                    $
                    -Deferred
      Tax Provision:Federal-Loss
      carryforwards
                    
                    $
                    9,489
                    
                    
                    $
                    2,675Change
      in valuation allowance
                    
                    
                    (9,489
                    )
                    
                    
                    (2,675
                    )Total
      deferred tax provision
                    
                    $
                    -
                    
                    
                    $
                    -
 
 The
Company had deferred income tax assets as of December 31, 2009 and 2008, as
follows:
 
 2009
                    
                    
                    2008Loss
      carryforwards
                    
                    $
                    12,163
                    
                    
                    $
                    2,675Less
      - Valuation allowance
                    
                    
                    (12,163
                    )
                    
                    
                    (2,675
                    )Total
      net deferred tax assets
                    
                    $
                    -
                    
                    
                    $
                    -
 
 The
Company provided a valuation allowance equal to the deferred income tax assets
for the periods ended December 31, 2009 and 2008, because it is not presently
known whether future taxable income will be sufficient to utilize the loss
carryforwards.
 
 As of
December 31, 2009, the Company had approximately $52,884 in tax loss
carryforwards that can be utilized in future periods to reduce taxable income,
and which will expire by the year 2029.
 
 (7)  Related Party
Transactions
 
 As
described in Note 5, on September 3, 2008, the Company issued 300,000,000 (post
forward stock split) shares of its common stock to two individuals who are
directors and officers for proceeds of $300.
 
 As
described in Note 4, as of December 31, 2009, the Company owed $10,000 to
directors, officers, and principal stockholders of the Company for working
capital loans.
 
 (8)  Commitments
 
 On
November 10, 2008, the Company entered into a Transfer Agent and Registrar
Agreement with Nevada Agency and Trust Company (“NATCO”).  NATCO will
act as the Company’s transfer agent and registrar.  Under the
Agreement, the Company agreed to pay to NATCO initial fees amounting to $1,800
plus transaction fees.
 
 (9)  Concentration of Credit
Risk
  The
Company’s cash and cash equivalents are invested in a major bank
in Israel and are not insured. Management believes that the financial
institution that holds the Company’s investments is financially sound.
Accordingly, minimal credit risk exists with respect to these
investments.
 
 (10)
Subsequent Events
 
 The
Company evaluated events occurring between the balance sheet date and February
13, 2010, the date the financial statements were issued, and there were no
significant events.
  F-11


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





None.





Item
8A(T).   Controls and Procedures.





Under the
supervision and with the participation of our management, including our Interim
Chief Executive Officer and Chief Financial Officer, we evaluated the
effectiveness of our disclosure controls and procedures (as defined in
Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of
December 31, 2009. Based upon that evaluation, our Chief Executive Officer
and Chief Financial Officer concluded that our disclosure controls and
procedures were effective as of December 31, 2009.





There has
not been any change in our internal control over financial reporting (as defined
in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during
the period ended December 31, 2009 that has materially affected, or is
reasonably likely to materially affect, our internal control over financial
reporting.





Management's
annual report on internal control over financial reporting





Our
management is responsible for establishing and maintaining adequate internal
control over financial reporting. Internal control over financial reporting is
defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act as
a process designed by, or under the supervision of, a company’s principal
executive and principal financial officers and effected by the company’s Board
of Directors, management and other personnel to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted
accounting principles and includes those policies and procedures
that:




·
            pertain
      to the maintenance of records that in reasonable detail accurately and
      fairly reflect the transactions and dispositions of the assets of the
      Company;





·
            provide
      reasonable assurance that transactions are recorded as necessary to permit
      preparation of financial statements in accordance with generally accepted
      accounting principles, and that receipts and expenditures of the Company
      are being made only in accordance with authorizations of management and
      directors of the Company; and





11





·
            provide
      reasonable assurance regarding prevention or timely detection of
      unauthorized acquisition, use or disposition of the Company’s assets that
      could have a material effect on the financial
  statements.





Attestation
report of the registered public accounting firm





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





Changes
in internal control over financial reporting





During
the year ended December 31, 2009, there was no 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.





Item
8B.        Other
Information.





On
February 11, 2010, the Registrant entered into a Letter of Intent, dated
February 11, 2010 with Consumer Products Services LLC whereby the Registrant
shall purchase all of the membership interests of Consumer Products Services
LLC.





The
purchase price for the purchase of all interest of Consumer Products Services
LLC will be the issuance of 300,000,000 shares of common stock of the
Registrant.





The
closing of the transaction will occur as promptly as practicable and expected to
be no later than March 20, 2010.





At the
closing of the transaction, the current Management and Board of Directors will
be replaced by the Management of Consumer Products Services, LLC.





Consumer
Product Services, LLC (“CPS”) is engaged in returned product management, return
center services, remanufacturing, reprocessing, repairing and recycling of
consumer products. For over two decades the management team at CPS has been
servicing some of the world's leading consumer product
manufacturers.





Instead
of discarding millions of defective, damaged, and un-repairable returned
products into America's overflowing landfills, which cost manufacturers millions
of dollars to transport, process and dispose of annually, CPS developed
environmentally conscious proprietary remanufacturing, reprocessing and
recycling processes with the highest recovery rate of those very products
without the use of new replacement parts.





12




PART
III





Item
9.         Directors, Executive
Officers and Corporate Governance.





Directors
and Executive Officers





The
following table sets forth certain information regarding the members of our
Board of Directors and our executive officers:




Name
              
              Age
              
              Positions and Offices HeldMargalit  Joseph
              
              26
              
              Chief
      Executive Officer, and DirectorJacob
      Schub
              
              23
              
              Secretary
      , Chief Financial Officer and
Director





Our
Directors hold office until the next annual meeting of our shareholders, or
until their successors are duly elected and qualified. Set forth below is a
summary description of the principal occupation and business experience of each
of our Directors and executive officers for at least the last five
years.





Margalit
Yosef has been our President and Director since the Company’s inception in
September 2, 2008. Margalit Yosef studied from the years September 2001 thru
December 2005 at the Tel Aviv Bar Ilan Univeristy where she earned her Bachelor
of Arts degree in Social Science . From January 2006 she  was employed
at the Office of the Minister of  Interior of Israel as
the  Administrative Manager until  June 2008 whereby she
continued her career as the Chief Administrative Manager  at Yefeh Nof
a Jerusalem based Publishing Company .





Jacob
Schub has served as our Secretary and Director since September 2, 2008. From
October 2001 thru December 2005 Mr Schub obtained his Bachelor of Arts Degree in
Biblical Science from Ateret Biblical College a Jerusalem based College for
Biblical Science Studies. Thereafter he continued his career at FeldHeim
Publishing Corporation a Jerusalem based publishing House as Secretary and chief
accounting officer until January 2007. From January 2007 thru present he has
continued his career as Secretary and principal accounting Officer at Yefe Nof a
Jerusalem based Publishing House.





13





There are
no familial relationships among any of our directors or officers. None of our
directors or officers is a director in any other U.S. reporting companies. None
of our directors or officers has been affiliated with any company that has filed
for bankruptcy within the last five years. The Company is not aware of any
proceedings to which any of the Company’s officers or directors, or any
associate of any such officer or director, is a party adverse to the Company or
any of the Company’s subsidiaries or has a material interest adverse to it or
any of its subsidiaries.





Each
director of the Company serves for a term of one year or until the successor is
elected at the Company's annual shareholders' meeting and is qualified, subject
to removal by the Company's shareholders. Each officer serves, at the pleasure
of the Board of Directors, for a term of one year and until the successor is
elected at the annual meeting of the Board of Directors and is
qualified.





Section
16(a) Beneficial Ownership Reporting Compliance





Section
16(a) of the Securities Exchange Act of 1934 requires officers and directors of
the Company and persons who own more than ten percent of a registered class of
the Company's equity securities to file reports of ownership and changes in
their ownership with the Securities and Exchange Commission, and forward copies
of such filings to the Company. We believe, based solely on our review of the
copies of such forms, that during the fiscal year ended December 31, 2008, all
reporting persons complied with all applicable Section 16(a) filing
requirements.





Auditors





Alan
Weinbberg CPA , an independent registered public accounting firm, is our
auditor.





We do not
currently have a Code of Ethics applicable to our principal executive, financial
and accounting officers. We do not have a “financial expert” on the board or an
audit committee or nominating committee.





Potential
Conflicts of Interest





Since we
do not have an audit or compensation committee comprised of independent
directors, the functions that would have been performed by such committees are
performed by our directors. The Board of Directors has not established an audit
committee and does not have an audit committee financial expert, nor has the
Board established a nominating committee. The Board is of the opinion that such
committees are not necessary since the Company has only two directors, and to
date, such directors have been performing the functions of such committees.
Thus, there is a potential conflict of interest in that our directors and
officers have the authority to determine issues concerning management
compensation, nominations, and audit issues that may affect management
decisions. We are not aware of any other conflicts of interest with any of our
executive officers or directors.





Involvement
in Certain Legal Proceedings





There are
no legal proceedings that have occurred within the past five years concerning
our directors, or control persons which involved a criminal conviction, a
criminal proceeding, an administrative or civil proceeding limiting one's
participation in the securities or banking industries, or a finding of
securities or commodities law violations.





14


Item
10.         Executive
Compensation.





Summary
Compensation





Since our
incorporation , we have not paid any compensation to our Directors or officers
in consideration for their services rendered to our Company in their capacity as
such.  We have no employment agreements with any of our Directors or
executive officers.  We have no pension, health, annuity, bonus,
insurance, stock options, profit sharing or similar benefit plans.





Since our
incorporation , no stock options or stock appreciation rights were granted to
any of our Directors or executive officers.  We have no long-term
equity incentive plans.





Outstanding
Equity Awards





None of
our Directors or executive officers holds unexercised options, stock that has
not vested, or equity incentive plan awards.





Compensation
of Directors





Since our
incorporation , no compensation has been paid to any of our Directors in
consideration for their services rendered in their capacity as
directors.





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





The
following table lists, as of March  15, 2010, the number of shares of
common stock of our Company that are beneficially owned by (i) each person or
entity known to our Company to be the beneficial owner of more than 5% of the
outstanding common stock; (ii) each officer and director of our Company; and
(iii) all officers and directors as a group. Information relating to beneficial
ownership of common stock by our principal shareholders and management is based
upon information furnished by each person using “beneficial ownership” concepts
under the rules of the Securities and Exchange Commission. Under these rules, a
person is deemed to be a beneficial owner of a security if that person has or
shares voting power, which includes the power to vote or direct the voting of
the security, or investment power, which includes the power to vote or direct
the voting of the security. The person is also deemed to be a beneficial owner
of any security of which that person has a right to acquire beneficial ownership
within 60 days. Under the Securities and Exchange Commission rules, more than
one person may be deemed to be a beneficial owner of the same securities, and a
person may be deemed to be a beneficial owner of securities as to which he or
she may not have any pecuniary beneficial interest. Except as noted below, each
person has sole voting and investment power.





The
percentages below are calculated based on 500,000,000 shares of our common stock
issued and outstanding as of March 15, 2010. We do not have any outstanding
options, warrants or other securities exercisable for or convertible into shares
of our common stock.





15





Name and Address of
                    Beneficial Owner
                  
                  Number of Shares of Common
                    Stock Beneficially
                    Owned or Right to
                    Direct Vote(1)
                  
                  
                  Percent of
                    Common
                    Stock Beneficially
                    Owned or Right
                    to Direct VoteMargalit
      Joseph
                  
                  
                  150,000,000
                  
                  
                  
                  30
                  %Jacob
      Schub
                  
                  
                  150,000,000
                  
                  
                  
                  30
                  %





(1)
Beneficial ownership is determined in accordance with the rules of the
Securities and Exchange Commission (the "SEC") and generally includes voting or
investment power with respect to securities. In accordance with SEC rules,
shares of common stock issuable upon the exercise of options or warrants which
are currently exercisable or which become exercisable within 60 days following
the date of the information in this table are deemed to be beneficially owned
by, and outstanding with respect to, the holder of such option or warrant.
Except as indicated by footnote, and subject to community property laws where
applicable, to our knowledge, each person listed is believed to have sole voting
and investment power with respect to all shares of common stock owned by such
person.





Item
12.         Certain Relationships
and Related Transactions, and Director Independence.





Other
than the transactions discussed below, we have not entered into any transaction
nor are there any proposed transactions in which our Director, executive
officer, stockholders, or any member of the immediate family of the foregoing
had or is to have a direct or indirect material interest.





As of
December 31, 2009, the Company owed to the CEO, and  Director and
stockholder of the Company $10.000 for various working capital loans received by
the Company , through December 31, 2009.  The loans are unsecured,
non-interest bearing, and have no terms for repayment.





16




Director
Independence





We are
not subject to listing requirements of any national securities exchange or
national securities association and, as a result, we are not at this time
required to have our board comprised of a majority of “independent directors.”
We do not believe that any of our directors currently meet the definition of
“independent” as promulgated by the rules and regulations of the American Stock
Exchange.





Item
13.         Principal Accounting
Fees and Services.





Our
principal independent accountant is Alan Weinberg CPA. Their pre-approved fees
billed to the Company are set forth below:




For Fiscal Year Ended
                    December 31, 2009
                  
                  
                  For Fiscal Year Ended
                    December 31, 2008Audit
      Fees
                  
                  $
                  14,000
                  
                  
                  $
                  8,000Tax
      Fees ( Paid to Alan Weinberg CPA )
                  
                  $
                  1,000
                  
                  
                  $
                  1,000





As of
December 31, 2009, the Company did not have a formal documented pre-approval
policy for the fees of the principal accountant. The Company does not have
an audit committee. The percentage of hours expended on the principal
accountant's engagement to audit our financial statements for the most recent
fiscal year that were attributed to work performed by persons other than the
principal accountant's full-time, permanent employees was 0%.





PART
IV





Item
14.         Exhibits
and Financial Statement Schedules.




Exhibit
                          
                          DescriptionExhibit3.1
                          
                          Articles
      of Incorporation of the Company (filed as Exhibit 3.1 to Registration
      Statement on Form S1, filed with the Securities and Exchange Commission on
      December 16 2008 )3.2
                          
                          Bylaws
      of the Company (filed as Exhibit 3.2 to Registration Statement on Form S1,
      filed with the Securities and Exchange Commission on December 16 2008
      )3.3
                          
                          Form
      of Common Stock Certificate of the Company (filed as Exhibit 3.3 to
      Registration Statement on Form S1, filed with the Securities and Exchange
      Commission on December 16 2008)10.1
                          
                          Patent
      Transfer and Sale  Agreement dated September 23 2008, between
      the Company and the Patent assignor  (filed as Exhibit 10.1 to
      Registration Statement on Form S1, filed with the Securities and Exchange
      Commission on December 16 2008 )31.1
                          
                          Certification
      of Principal Executive  Officer Pursuant to Exchange Act Rule
      13A-14(A)/15D-14(A) as Adopted Pursuant to Section 302 of the
      Sarbanes-Oxley Act of 200231.2
                          
                          Certification
      of Principal  Financial Officer Pursuant to Exchange Act Rule
      13A-14(A)/15D-14(A) as Adopted Pursuant to Section 302 of the
      Sarbanes-Oxley Act of 200232.1
                          
                          Certification
      of Principal Executive  Officer pursuant to Section 302(a) of
      the Sarbanes-Oxley Act of 2002(filed herewith)32.2
                          
                          Certification
      of Principal Financial Officer pursuant to Section 302(a) of the
      Sarbanes-Oxley Act of
  2002(filed  herewith)




17


SIGNATURES





In
accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.





Global
      Dynamics CorpDate:
      March  16, 2010
                By:
                /s/
      Margalit YosephName: Margalit
      YosephTitle: Chief Executive Officer,  and DirectorBy
      ;
                /s/
      Jacob SchubName
      : Jacob SchubTitle
      : Principal Financial Officer , Secretary and
  Director





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  16, 2010
            By:
            /s/ Margalit
      YosephName: Margalit
      Yoseph
              Title: Chief Executive Officer,
      and DirectorDate:
      March 16, 2010
            By:
            /s/ Jacob SchubName:
      Jacob Schub
              Title:
      Principal Financial Officer , Secretary and
  Director


18