**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

**[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the fiscal year ended:  September 30, 2009

or

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

For the transition period from                  to

Commission file number 000-49652

**ZALDIVA, INC.**

*(Exact Name of registrant as specified  in its Charter)*
| Florida

65-0773383

*(State or other Jurisdiction of Incorporation or organization)*

*(I.R.S. Employer Identification No.)*

331 East Commercial Blvd.

Ft. Lauderdale, Florida 33334

* (Address of Principal Executive Offices)*

(954) 938-4133

*(Registrant’s Telephone Number, including area code)*

Securities registered pursuant to Section 12(b) of the Act: None 

Securities registered pursuant to Section 12(g) of the Act: Common Stock, par value $0.001

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes [  ] No [X]

Indicate by check mark if  the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. Yes [  ]   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 Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 

(1) Yes [X] No [  ]     (2) Yes [X] No [  ]

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

1

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer 

or a smaller reporting company: 
 

 

Large accelerated filer       [   ]

Accelerated filer                     [   ]

Non-accelerated filer         [   ]

Smaller reporting company    [X]

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

Yes [  ] No [X]

State the aggregate market value of the voting and non-voting common stock held by non-affiliates computed by reference to the price at which the common stock was last sold, or the average bid and asked price of such common stock, as of the last business day of the Registrant's most recently completed second fiscal quarter.

December 28, 2009 - $1,212,235.50.  There are approximately 8,081,570 shares of common voting stock of the Registrant beneficially owned by non-affiliates.  There is a limited public market for the common stock of the Registrant, so this computation is based upon the bid price of $0.15 per share of the Registrant's common stock on the OTC Bulletin Board on March 31, 2009.

APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Not applicable.

Indicate the number of shares outstanding of each of the registrant’s classes of common equity, as of the latest practicable date: 

December  23, 2009:  Common – 10,209,999

December 23, 2009:  Preferred – 500,000

Documents incorporated by reference: See Item 15.

**PART I**

**ITEM 1.  BUSINESS**

**Description of Business**

Zaldiva, Inc., a Florida corporation (the "Company," "we" or "us"), is in the business of selling comic books, toys and collectible items at our retail location at 331 East Commercial Blvd., Ft. Lauderdale, Florida, and through our web sites, Zaldiva.com, and Zaldivacomics.com.  We also offer our own brand of premium cigars and accessories, which is a very small part of our product line. Since fiscal 2003, we have focused our operations increasingly on our online comic book and collectible retail operations, with less emphasis on cigar sales.  This increased emphasis on comics and collectables has also resulted in a decreased focus on our web design and hosting operations. Since the grand opening of our "brick-and-mortar" retail location in December, 2006, our operations have increasingly focused on the comic book and collectible end of business.  In the future, we may also acquire other small companies offering similar products and services.  At such time as we enter into a definitive transaction, we will file a Current Report on Form 8-K disclosing its terms.

Our retail location at 331 E Commercial Blvd, Ft. Lauderdale, FL 33334 officially opened for business on November 24, 2006.

Comic Books and Related Collectibles.

Comic books have been around at least as long as movies have. According to The Overstreet Comic Book Price Guide’s regular publication*The Golden Age Quarterly*, 1933 saw the publication of the first comic book in the size that would subsequently define the format.  Credit for the first comic book ever created typically goes to Richard Fenton Outcalt's creation, "The Yellow Kid," in 1896.  Outcalt essentially synthesized what had been made before 

2

him and introduced a new element, the balloon, a space where he wrote what the characters said, and that pointed to their mouth with a kind of tail.

From that point, the basis for a brand-new kind of art was set, and the adventure began.  In the first decades of their life, comic books were primarily for children’s amusement, and this explains the name they carry today in the English language.  

Presently, the comic book industry is still going strong more than 100 years after its birth. With advances like computer generated images (CGI), today's movie screens are filled with stories from comic books. In recent times, we have experienced such blockbuster movie hits as the "Batman" saga; "Spawn," which had its own animated series on HBO; "Spider-Man"; "X-Men" and "X-Men 2"; "The Hulk"; "The League of Extraordinary Gentlemen"; "DareDevil"; "Hellboy," "The Punisher" and "Electra". Many television shows have also sprung from the pages of comic books, most notably, "Smallville."

This unlimited market transcends all barriers, including age, race and gender, and also language, since most shows and movies are released in dubbed versions world-wide.  Movies are released twice, first at the theater and then again in DVD and/or VHS format.  The comic books themselves create a demand for collectible items; and the movies and televisions shows create even more of a demand.  A popular comic book can, and often does, spawn hundreds of items to be collected and adored by its fans.  We are engaged in the business of selling those items – everything from the comic book to the movie adaptation softcover book, and from the t-shirt to the prop replicas for the die-hard fans.

  

Traditional Marketing.

Since the grand opening of our brick-and-mortar retail location in December, 2006, our operations have taken a more traditional marketing approach.  

Brick-and-Mortar Store

The Company has taken out advertisements in local papers read by our target audience and we have also purchased radio spots on high-school and college radio stations. Flyers have been passed out as well as cooperatively placed in local businesses and restaurants. A costumed character was hired to wave to the traffic passing by in front of the store. More than 65,000 cars pass the location each day on their way to the highway entrance, so the sign on the building itself is a huge and effective form of advertisement.

Zaldiva.com

Advertisement for our web site is done through search engines, banner exchange programs and opt-in e-mail activities – all designed to drive traffic to our site.  Weekly specials and featured items are regularly created to increase return traffic.

**Principal Products or Services and Their Markets**

Our principal products are the comic books, toys and collectibles that we sell from our store in Ft. Lauderdale, Florida and through our web site (www.zaldiva.com).  Zaldiva has maintained an e-commerce web presence through Zaldiva.com since July of 1997.  Experience and a very low overhead are Zaldiva's principal advantages in this area.  

In our comic books business, we sell pop-culture comic book related collectibles, that primarily include action figures, dolls, statues, die-cast vehicles, T-shirts, books, magazines, posters and lithographs, household decor and decorative items, board and card games, caps and hats, licensed advertisements, plush toys, and some sports memorabilia.

The only services related to our comic book and related collectibles business provided by us are those services regarding newsletter subscriptions and/or free email accounts.

3

**Distribution Methods of the Products or Services**

All items sold in our comic book and related collectibles business are sold on our online stores at Zaldiva.com and ZaldivaComics.com and, since December, 2006, in our retail store in Ft. Lauderdale, Florida.

In November, 2003, we began accepting PayPal and eChecks from Authorize.net as payment for our products (in addition to traditional credit card payments).  This has allowed us to make non-U.S. sales with ease, and these payment methods have proven beneficial to us.

**Status of any Publicly Announced New Product or Service**

Zaldiva does not currently have any new product/service that has been publicly announced. 

**Competitive Business Conditions and Smaller Reporting Company's Competitive Position in the Industry and Methods of Competition**

The comic book and collectible retailing industry is no more or less competitive than any other mainstream retail business.  Our competitors include other brick-and-mortar and online retailers of comics, toys and collectibles. Zaldiva.com Comics & Collectibles does however have several advantages in the current market. 

No. 1: Location

Zaldiva.com Comics & Collectibles is located on the east side of the Greater Ft. Lauderdale area where there are few current competitors. 

No. 2: Location/Heavy Traffic

Commercial Blvd. is a heavily traveled road which runs east and west through Ft. Lauderdale and the surrounding cities. There is no highway to take travelers east and west in this section of the city, so Commercial Blvd. is most often used. The store is located about one-half mile east of the extremely busy Commercial Blvd. entrances and exits to I95. This location puts at least 65,000 cars in front of the store each day. Zaldiva’s largest competitor is about eight miles west of the our store. Many people who live on the east side of Ft. Lauderdale and surrounding cities have had to travel through heavy traffic to this competitor for the past decade – simply because there was no choice. Our store makes it easy not only for those living on the East side to get their collectibles, but for people to the south (the Hollywood/Miami areas) and to the north (the Boca Raton/Palm Beach areas) because of our proximity to the highway (I95).

No. 3: Knowledge and Attitude

We *KNOW* and love comics and collectibles. Other stores hire cheap labor to put behind the counter – and it shows. Zaldiva’s customers receive a warm and genuinely friendly greeting when they arrive. All of their questions are answered. We can find a common interest with anyone that walks in and run with it. We can recommend comics books based upon their interests. If they haven’t read a comic in years, we can get them up to speed. All of these things result in return customers. Many customers fly through our recommended books and return within days to get the next issue/volume or to get yet another recommendation. 

No. 4: Our Online Store

No other local shops currently provide an online purchase/in-store pick up option. No other local shops even offer their full line of products both online and in-store – so we are unique in that area. The web-site is maintained by Zaldiva, so the overhead is next to nothing.

No. 5: Gift Certificates

We offer both on-line and in-store gift certificates. As simple as this sounds, none of our local competitors offer them. They were a big hit for Christmas and they cost no more than a little paper and ink.  We had no outstanding gift certificates at September 30, 2009.

**Sources and Availability of Raw Materials and Names of Principal Suppliers**

Zaldiva does not use any raw materials in its operations.

4

**Dependence on One or a Few Major Customers**

None; not applicable.

**Patents, Trademarks, Licenses, Franchises, Concessions, Royalty Agreements or Labor Contracts, including Duration**

We have obtained a trademark with the Florida Department of State for our logo, the word "Zaldiva" and a design of a crest in an oval shape with two birds, a star, leaves and a sunburst.  Under Florida law, the knowing or willful forgery or counterfeiting of a Florida trademark constitutes the crime of counterfeiting, which may be a felony or a misdemeanor, depending on the circumstances.  Our trademark will expire on November 27, 2011, but it may be renewed for a fee of $87.50. (This trademarked logo is used expressly for Zaldiva Cigars). We have not applied for a registered trademark with the U.S. Patent and Trademark Office.

**Need for any Governmental Approval of Principal Products or Services**

None; not applicable.  However, see the caption "Effect of Existing or Probable Governmental Regulations on Business," below.

**Effect of Existing or Probable Governmental Regulations on the Business**

Zaldiva is subject to general business laws, rules and regulations, as well as laws, rules and regulations relating to the Internet and e-commerce.  These regulations may cover issues such as privacy, taxation, intellectual property, content, consumer protection and products liability.  Compliance with these regulations may be expensive and time consuming and may impact our profitability in the future.

**Smaller Reporting Company**

We are subject to the reporting requirements of Section 13 of the Exchange Act, and we are subject to the disclosure requirements of Regulation S-K of the SEC, as a “smaller reporting company.”  That designation relieves us of some of the informational requirements of Regulation S-K. 

**Sarbanes/Oxley Act**

We are also subject to the Sarbanes-Oxley Act of 2002.  The Sarbanes/Oxley Act created a strong and independent accounting oversight board to oversee the conduct of auditors of public companies and strengthens auditor independence.  It also requires steps to enhance the direct responsibility of senior members of management for financial reporting and for the quality of financial disclosures made by public companies; establishes clear statutory rules to limit, and to expose to public view, possible conflicts of interest affecting securities analysts; creates guidelines for audit committee members’ appointment, compensation and oversight of the work of public companies’ auditors; management assessment of our internal controls; auditor attestation to management’s conclusions about internal controls (anticipated to commence with the September 30, 2010, year end); prohibits certain insider trading during pension fund blackout periods; requires companies and auditors to evaluate internal controls and procedures; and establishes a federal crime of securities fraud, among other provisions. Compliance with the requirements of the Sarbanes/Oxley Act will substantially increase our legal and accounting costs.

**Securities Exchange Act of 1934, as amended (the “Exchange Act”) Reporting Requirements**

Section 14(a) of the Exchange Act requires all companies with securities registered pursuant to Section 12(g) of the Exchange Act to comply with the rules and regulations of the SEC regarding proxy solicitations, as outlined in Regulation 14A. Matters submitted to shareholders of the Company at a special or annual meeting thereof or pursuant to a written consent will require the Company to provide the Company’s shareholders with the information outlined in Schedules 14A or 14C of Regulation 14; preliminary copies of this information must be submitted to the SEC at least 10 days prior to the date that definitive copies of this information are forwarded to the Company’s shareholders. 

5

We are required to file annual reports on Form 10-K and quarterly reports on Form 10-Q with the Securities Exchange Commission on a regular basis, and are required to timely disclose certain material events (e.g., changes in corporate control; acquisitions or dispositions of a significant amount of assets other than in the ordinary course of business; and bankruptcy) in a Current Report on Form 8-K.

**Research and Development Costs During the Last Two Fiscal Years**

Zaldiva has not spent any money on research and development and we do not anticipate any need in the foreseeable future to spend resources on research and development.

**Cost and Effects of Compliance with Environmental Laws**

Since the nature of its business is retail sales and marketing, Zaldiva does not believe that it will have any environmental compliance concerns.

**Number of Total Employees and Number of Full Time Employees**

As of September 30, 2009, Zaldiva had four full-time and two part-time employees.  They are not part of any union, and we believe that our relationships with them are good.

**Additional Information**

You may read and copy any materials that we file with the SEC at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549.  You may also find all of the reports or registration statements that we have filed electronically with the SEC at its Internet site atwww.sec.gov.  Please call the SEC at 1-202-551-8090 for further information on this or other Public Reference Rooms.  The Company’s SEC Reports are also available from commercial document retrieval services, such as Corporation Service Company, whose telephone number is 1-800-222-2122.

**ITEM 1A.  RISK FACTORS**

Not required for Smaller Reporting Companies.

**ITEM 1B.  UNRESOLVED STAFF COMMENTS**

Not required for Smaller Reporting Companies.

**ITEM 2:  PROPERTIES**

In September, 2004, we purchased a property located at 331 East Commercial Boulevard in Fort Lauderdale, Florida. The property is situated in a high-traffic commercial residential area.  We have renovated and expanded the property, which is now being used as a retail location for higher-end collectibles.  We opened the property for business on November 24, 2006, and had our grand opening on December 16, 2006.

The property consists of approximately 1600 to 1700 square feet.  We purchased the property for approximately $239,000 cash, using the proceeds from a private placement of preferred stock.  The total cost of renovation was approximately $415,000.

**ITEM 3:  LEGAL PROCEEDINGS**

Zaldiva is not a party to any pending legal proceeding.  To the best of our knowledge, no federal, state or local governmental agency is presently contemplating any proceeding against us.  No director, executive officer or affiliate of Zaldiva or owner of record or beneficially of more than five percent of our common stock is a party adverse to Zaldiva or has a material interest adverse to us in any proceeding.

6

**ITEM 4:  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

No matter was submitted to a vote of our stockholders during the fourth quarter of the fiscal year covered by this Annual Report. 

**PART II**

**ITEM 5:  MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**

**Market Information**

Our common stock is quoted on the OTC Bulletin Board of the National Association of Securities Dealers, Inc. (the "NASD") under the symbol "ZLDV", with quotations that commenced in April, 2003; however, the market for shares of our common stock is extremely limited.  No assurance can be given that the present limited market for our common stock will continue or will be maintained.

For any market that develops for our Company’s common stock, the sale of “restricted securities” (common stock) pursuant to Rule 144 of the SEC by members of management or any other person to whom any such securities may be issued in the future may have a substantial adverse impact on any such public market. Present members of management have already satisfied the six month holding period of Rule 144 for public sales of their respective holdings in our Company in accordance with Rule 144. 

A minimum holding period of six months is required for resales under Rule 144.  In addition, affiliates of the Company must comply with certain other requirements, including publicly available information concerning our Company; limitations on the volume of “restricted securities” which can be sold in any ninety (90) day period; the requirement of unsolicited broker’s transactions; and the filing of a Notice of Sale on Form 144. 

The high and low closing bid prices for shares of our common stock of for each quarter within the last two fiscal years, or the applicable period when there were quotations are as follows:

Period

High

Low

October 1, 2008 through December 31, 2008

$0.85

$0.17

 

 

 

January 1, 2008 through March 31, 2008

$0.46

$0.26

 

 

 

April 1, 2008 through June 30, 2008

$0.48

$0.26

 

 

 

July 1, 2008 through September 30, 2008

$0.26

$0.10

 

 

 

October 1, 2008 through December 31, 2008

$0.25

$0.08

 

 

 

January 1, 2009 through March 31, 2009

$0.30

$0.12

 

 

 

April 1, 2009 through June 30, 2009

$0.20

$0.11

 

 

 

July 1, 2009 through September 30, 2009

$0.11

$0.05

These bid prices were obtained from the Pink OTC Markets, Inc. and do not necessarily reflect actual transactions, retail markups, mark downs or commissions.

No assurance can be given that any "established public market" will develop in the common stock of the Company, or if any such market does develop, that it will continue or be sustained for any period of time.

7

**Holders**

The number of record holders of the Company’s common stock as of the date of this Report is approximately 152, not including an indeterminate number who may hold shares in “street name.”

**Dividends**

Zaldiva has not declared any cash dividends with respect to its common stock, and does not intend to declare dividends in the foreseeable future.  There are no material restrictions limiting, or that are likely to limit, our ability to pay dividends on our securities. 

Our Preferred Stock holders are entitled to receive dividends at a rate to 4% of the Liquidation Preference per share per annum, payable quarterly on January 1, April 1, July 1, and October 1.  Any dividends that are not paid within three trading days following the date payable, shall continue to accrue and shall entail a late fee at the rate of 18% per annum.  During the year ended September 30, 2009, we paid all dividends in cash of $20,000, with none in arrears.

**Securities Authorized for Issuance under Equity Compensation Plans**

Plan Category

Number of Securities to be issued upon exercise of outstanding options, warrants and rights

Weighted-average exercise price of outstanding options, warrants and rights

Number of securities remaining available for future issuance under equity compensation plans excluding securities reflected in column (a)

 

(a)

(b)

(c)

Equity compensation plans approved by security holders

-0-

-0-

-0-

Equity compensation plans not approved by security holders

1,810,000

$0.25

190,000

Total

1,810,000

$0.25

190,000

**Recent Sales of Unregistered Securities**

During the last three years we issued the following unregistered securities:

To whom

Date

Number of shares

Consideration*

 

 

 

 

The Human Cash Register

6/06

305,000

Warrant exercise at $0.25 per share

 

 

 

 

Two ”accredited” investors

7/06

  42,858

(1)

 

 

 

 

Christopher Ebersole 

12/06

300,000

Services valued at $126,000 and signing bonus

Super Distributors

2/07

305,000

Warrant exercise at $0.25 per share

 

 

 

 

Two “accredited” investors

5/07

28,332

(1) 

 

 

 

 

Two “accredited” consultants

5/07

(2)

(2)

 

 

 

 

Super Distributors

7/07

357,142

Conversion of Preferred Stock

 

 

 

 

8

Three investors

8/07

305,000

Warrant exercise

 

 

 

 

One “accredited” investor

8/08

(3)

$25,000

 

 

 

 

Jeffrey A. Olweean

12/08

305,000

Warrant exercise at $0.25 per share

 

 

 

 

International Monetary

4/09

80,000

Services valued at $12,000

 

 

 

 

Biosystic Systems, Inc.

4/09

350,000

Services valued at $52,500

 

 

 

 

Jeffrey A. Olweean

4/09

70,000

Services valued at $10,500

 

 

 

 

The Human Cash Register

10/09

275,000

Cashless exercise of warrant

 

 

 

 

Jeffrey A. Olweean

10/09

450,000

Cashless exercise of warrant

 

 

 

 

Simon Maitre St. Cyr

10/09

466,667

Cashless exercise of warrant

(1) We issued these "unregistered" and "restricted" shares of our common stock as payment for the quarterly dividends of our Series A Preferred Stock.

(2)  We issued warrants to purchase a total of 1,300,000 “unregistered” and “restricted” shares of our common stock to two consultants, in consideration of services rendered.  Each warrant is exercisable at a price of $0.25 per share, and expires in June, 2012.

(3)  We sold 50,000 Units, with each Unit consisting of one “unregistered” and “restricted” share of our common stock and one warrant to purchase an additional such share at a price of $1.00, exercisable for two years.

 

We believe that the offer and sale of these securities was exempt from the registration requirements of the Securities Act, pursuant to Sections 4(2) and 4(6) thereof, and Regulation D of the Securities and Exchange Commission. 

**Purchases of Equity Securities by Us and Affiliated Purchasers**

ISSUER PURCHASES OF EQUITY SECURITIES

Period

(a) Total Number of Shares (or Units) Purchased

(b) Average Price Paid per Share (or Unit)

(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs

(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that may yet be Purchased Under the Plans or Programs

Month #1 July 1, 2009 through July 31, 2009

-0-

-0-

-0-

-0-

Month #2 August 1, 2009 through August 31, 2009

-0-

-0-

-0-

-0-

Month #3 September 1, 2009 through September 30, 2009

-0-

-0-

-0-

-0-

Total

-0-

-0-

-0-

-0-

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**ITEM 6:  SELECTED FINANCIAL DATA**

Not required for smaller reporting companies.

**ITEM 7:  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION**

**Forward-looking Statements**

Statements made in this Annual Report which are not purely historical are forward-looking statements with respect to the goals, plan objectives, intentions, expectations, financial condition, results of operations, future performance and business of our Company, including, without limitation, (i) our ability to raise capital, and (ii) statements preceded by, followed by or that include the words “may”, “would”, “could”, “should”, “expects”, “projects”, “anticipates”, “believes”, “estimates”, “plans”, “intends”, “targets” or similar expressions.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices. 

Accordingly, results actually achieved may differ materially from expected results in these statements. Forward-looking statements speak only as of the date they are made. Our Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements. 

**Liquidity and Capital Resources**

Zaldiva had cash and cash equivalents of $12,936 as of September 30, 2009, and total current assets of $81,915; total current liabilities of $596,847; and a total stockholders’ equity of $119,791.   We used cash of $80,281 and $85,802 for our operating activities during the years ended September 30, 2009 and 2008, respectively. We also used cash of $0 and $0 in our investing activities during the years ended September 30, 2009 and 2008, respectively.  We provided cash from investing activities of $76,250 and $25,000 from the issuance of common stock during those periods.

**Results of Operations**

For the years ended September 30, 2009 and 2008, we had total revenues of $294,160, and $247,337, respectively.   During the period ended September 30, 2009, 100% of our revenues were derived from retail sales of comics and collectibles and cigars and accessories.  In the fiscal year ended September 30, 2008, approximately 92% of our revenues were derived form retail sales of comics, collectibles, cigars and accessories, with the remaining 8% coming from internet sales. Our retail sales increased to $294,160 in 2009 from $227,129 in 2008 while our internet sales decreased from $20,208 to $0. We expect retail sales to continue to grow during 2009.

Cost of goods sold increased to $187,594 in the fiscal year ended September 30, 2009, from $108,920 in the prior fiscal year.  As a percentage of product sales, cost of goods sold increased, representing 58% of product sales in 2009, and 48% of product sales in 2008.                     . 

Our operating expenses increased to $1,015,359 in fiscal 2009, from $688,485, in fiscal 2008.  Net loss totaled $927,056 for the year ended September 30, 2009, and net loss totaled $568,997 for the year ended September 30, 2008. 

Our net loss for the year ended September 30, 2009 was $927,056 compared to $568,997 in 2008, or ($0.11) per 

share compared to ($0.07) share for the respective years. 

10

**Off-Balance Sheet Arrangements**

Zaldiva had no off-balance sheet arrangements during any of the period covered by this Annual Report or the consolidated financial statements that accompany this Annual Report.

**ITEM 7A:  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Not required for smaller reporting companies.

**ITEM 8:  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

**ZALDIVA, INC.**

FINANCIAL STATEMENTS

September 30, 2009 and 2008

11

C**O N T E N T S**

Report of Independent Registered Public Accounting Firm.....................................13

Balance Sheets.....................................................................................14

Statements of Operations...........................................................................15

Statements of Stockholders’ Equity (Deficit).....................................................16

Statements of Cash Flows.........................................................................17

Notes to the Financial Statements.................................................................18

12

**Report of Independent Registered Public Accounting Firm**

Board of Directors and Stockholders

Zaldiva, Inc.

Ft. Lauderdale, Florida 

We have audited the accompanying balance sheets of Zaldiva, Inc. as of September 30, 2009 and 2008 and the related statements of operations, stockholders' equity, and cash flows for the years ended September 30, 2009 and 2008. 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 the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. 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 Zaldiva, Inc. as of September 30, 2009 and 2008, and the results of operations and cash flows for the years ended September 30, 2009 and 2008, in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that Zaldiva, Inc. will continue as a going concern.  As discussed in Note F to the financial statements, the Company has experienced recurring losses.  These issues raise substantial doubt about its ability to continue as a going concern.  Management's plans in regard to these matters are also described in Note F.  The financial statements do not include any adjustment that might result from the outcome of this uncertainty.

Mantyla, McReynolds, LLC

December 28, 2009

Salt Lake City, Utah
13

**ZALDIVA, INC.**

**BALANCE SHEETS**

 

September 30, 

2009

 

 

September 30, 2008

CURRENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

12,936

 

$

16,967

 

Inventories

 

68,979

 

 

80,529

 

 

 

 

 

 

 

 

 

 

 

Total Current Assets

 

81,915

 

 

97,496

 

 

 

 

 

 

 

 

 

PROPERTY & EQUIPMENT, Net

 

634,723

 

 

650,693

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

$ 

716,638

 

$ 

748,189

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

8,612

 

$

17,093

 

Convertible preferred stock; $0.001 par value, 

 

 

 

 

 

 

   20,000,000 shares authorized, 500,000 shares

 

 

 

 

 

 

   issued and outstanding, respectively

 

588,235

 

 

          588,235

 

 

 

 

 

 

 

 

 

 

 

Total Current Liabilities

 

596,847

 

 

605,328

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock; $0.001 par value, 50,000,000

 

 

 

 

 

 

   shares authorized, 9,018,332 and  8,213,332 shares

 

 

 

 

 

 

   issued and outstanding, respectively

 

9,018

 

 

8,213

 

Additional paid-in capital

 

2,633,952

 

 

1,730,771

 

Accumulated deficit

 

      (2,523,179)

 

 

      (1,596,123)

 

 

 

 

 

 

 

 

 

 

 

Total Stockholders' Equity 

 

119,791

 

 

142,861

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

716,638

 

$

748,189

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

14

**ZALDIVA, INC.**

**STATEMENTS OF OPERATIONS**

 

 

 

For the Years Ended

 

 

 

September 30,

 

 

 

2009

 

2008

 

 

 

 

 

 

 

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product Sales

$

294,160

 

$

227,129

 

Internet services

 

-

 

 

20,208

 

 

 

 

 

 

 

 

 

 

Total Revenues

 

294,160

 

 

247,337

 

 

 

 

 

 

 

 

COST OF GOODS SOLD

 

187,594

 

 

108,920

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

106,566

 

 

138,417

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

986,153

 

 

637,105

 

Advertising expense

 

13,236

 

 

19,147

 

Website development expenses

 

-

 

 

14,020

 

Depreciation expense

 

15,970

 

 

18,213

 

 

 

 

 

 

 

 

 

 

Total Operating Expenses

 

1,015,359

 

 

688,485

 

 

 

 

 

 

 

 

 

 

OPERATING LOSS

 

(908,793)

 

 

(550,068)

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

528

 

 

1,071

 

Interest expense

 

(18,791)

 

 

(20,000)

 

 

 

 

 

 

 

 

 

 

Total Other Income (Expense)

 

(18,263)

 

 

(18,929)

 

 

 

 

 

 

 

 

NET LOSS

$

(927,056)

 

$

(568,997)

 

 

 

 

 

 

 

 

 

BASIC AND DILUTED  

 

 

 

 

 

 

  LOSS PER SHARE

$

(0.11)

 

$

(0.07)

 

 

 

 

 

 

 

 

 

WEIGTHED AVERAGE  NUMBER OF SHARES

 

 

 

 

 

 

  OUTSTANDING

 

8,612,990

 

 

8,169,633

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

15

**ZALDIVA, INC.**

**STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)**

 

 

 

 

 

 

Additional

 

 

 

 

Total

 

Common Stock

 

Paid-In

 

Accumulated

 

Stockholders'

 

Shares

 

Amount

 

Capital

 

Deficit

 

Equity (Deficit)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2007

  8,163,332 

 

 

8,163

 

 

1,247,477

 

 

(1,027,126)

 

 

228,514

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash

50,000

 

 

50

 

 

24,950

 

 

-

 

 

25,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of warrants granted

-

 

 

-

 

 

458,344

 

 

-

 

 

458,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the year ended

  September 30, 2008

-

 

 

-

 

 

-

 

 

(568,997)

 

 

(568,997)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2008

8,213,332

 

 

8,213

 

 

1,730,771

 

 

(1,596,123)

 

 

142,861

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash

305,000

 

 

305

 

 

75,945

 

 

-

 

 

76,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for services

500,000

 

 

500

 

 

74,500

 

 

-

 

 

75,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of warrants granted

-

 

 

-

 

 

305,565

 

 

-

 

 

305,565

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of options granted

-

 

 

-

 

 

447,171

 

 

-

 

 

447,171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the year ended September 30, 2009

-

 

 

-

 

 

-

 

 

(927,056)

 

 

(927,056)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2009

9,018,332

 

$

9,018

 

$

2,633,952

 

$

(2,523,179)

 

$

119,791

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

16

**ZALDIVA, INC.**

**STATEMENTS OF CASH FLOWS**

 

 

 

 

For the Years Ended

 

 

 

 

September 30,

 

 

 

 

2009

 

2008

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net loss

$

(927,056)

 

$

(568,997)

 

Adjustments to reconcile net loss to net cash

 

 

 

 

 

 

  used by operating activities:

 

 

 

 

 

 

 

Depreciation expense

 

15,970

 

 

18,213

 

 

Fair value of warrants

 

305,565

 

 

458,344

 

 

Fair value of options

 

447,171

 

 

 

 

 

Common stock issued for services

 

75,000

 

 

-

 

Changes in operating assets and liabilities

 

 

 

 

 

 

 

(Increase) decrease in inventory

 

11,550

 

 

4,444

 

 

(Increase) decrease in prepaid expenses

 

-

 

 

5,000

 

 

Increase (decrease) in accounts payable and accrued expenses

 

(8,481)

 

 

1,477

 

 

Increase (decrease) in unearned revenue

 

-

 

 

(4,283)

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Used by Operating Activities

 

(80,281)

 

 

(85,802)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

-

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Used by Investing Activities

 

-

 

 

-

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of common stock

 

76,250

 

 

25,000

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Provided by Financing Activities

 

76,250

 

 

25,000

 

 

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH

 

(4,031)

 

 

(60,802)

 

 

 

 

 

 

 

 

 

 

 

CASH AT BEGINNING OF YEAR

 

16,967

 

 

77,769

 

 

 

 

 

 

 

 

 

 

 

CASH AT END OF YEAR

$

12,936

 

$

16,967

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

 

 

 

 

 

 

CASH PAID FOR:

 

 

 

 

 

 

 

Interest

$ 

20,000

 

$ 

20,000

 

 

Income taxes

$ 

-

 

$ 

-

 

NON CASH FINANCING ACTIVITIES:

 

 

 

 

 

 

 

Stock issued as dividend on preferred stock

$ 

-

 

$ 

-

 

 

Preferred stock converted to common stock

$ 

-

 

$ 

-

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

17

**ZALDIVA, INC.**

Notes to Financial Statements

September 30, 2009 and 2008

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Company Background

The Company incorporated under the laws of the State of Florida on August 11, 1997 as Zaldiva Cigarz & Newz.  In October 2001 the Company amended its Articles of Incorporation to change its name to Zaldiva, Inc. and to change its authorized capital.  

The Company is in the principal business of selling comic books, toys and collectible items at its retail location in Ft. Lauderdale, Florida, and through the web sites, Zaldiva.com and Zaldivacomics.com.  The Company also has performed services such as web design, hosting and IT services.  The Company also sells cigars and accessories, but this currently comprises less than ten percent of the business.    The cigars are made by outside entities and are sold through e-commerce or through independent direct sales establishments. The Company has featured products from wholesalers through the Internet since July of 1997.  The majority of customer service issues are handled through individual affiliate partners, who are large online retailers with links from the Company's website to their own.   These affiliates use Zaldiva.com as a marketing source.  As customers purchase products as a result of a referral, the Company earns a commission on the sale.  

The financial statements of the Company have been prepared in accordance with U. S. generally accepted accounting principles.  The following summarizes the more significant of such policies:

Cash and Cash Equivalents

Cash is comprised of cash on hand or on deposit in banks.  The Company had $12,936 and $16,967 as of September 30, 2009 and 2008, respectively.

Inventory

Inventory is recorded at the lower of cost or market (net realizable value) using the first-in, first-out (FIFO) method.  The Company maintains little or no inventory of cigars which are generally shipped from the supplier directly to the customer.  The inventory on hand as of September 30, 2009 and 2008 consists of collectibles and memorabilia recorded at a cost of $68,979 and $80,529, respectively.  This inventory is listed and described on the Company's web site where it is available for sale. 

Income Taxes

The Company applies SFAS No. 109 (ASC 740), which requires the asset and liability method of accounting for income taxes.  The asset and liability method requires that the current or deferred tax consequences of all events recognized in the financial statements are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable or refundable currently or in future years. Deferred tax assets are reviewed for recoverability and the Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that all or some portion of the deferred tax assets will not be recovered. 

18

**ZALDIVA, INC.**

Notes to Financial Statements

September 30, 2009 and 2008

NOTE A – SUMMARY OF SIGINIFICANT ACCOUNTING POLICIES (Continued)

Income Taxes (Continued)

The Company adopted FIN 48(ASC 740), at the beginning of fiscal year 2008. This interpretation requires recognition and measurement of uncertain tax positions using a “more-likely-than-not” approach, requiring the recognition and measurement of uncertain tax positions. The adoption of FIN 48 (ASC 740) had no material impact on the Company’s financial statements. (See Note C below)

Basic Earnings (Loss) Per Common Share

Basic (loss) per common share is based on the net loss divided by weighted average number of common shares outstanding.

     

Diluted earnings per share is computed using the weighted average number of common shares plus dilutive common share equivalents outstanding during the period using the treasury stock method.  As the Company has a loss for the years ended September 30, 2009 and 2008 the potentially dilutive shares are anti-dilutive and are thus not added into the earnings per share calculation.  

     

As of the years ended September 30, 2009 and 2008 there were 3,160,000 and 1,655,000 potentially dilutive shares resulting from the issuances of warrants and the granting of options.  Also, all of the 500,000 shares of Series A Preferred Stock were potentially dilutive since they had reached the passage of 12 months.  (See Note B.)

Revenue Recognition

The Company recognizes revenues in accordance with the Securities and Exchange Commission, Staff Accounting Bulletin (SAB) number 104, "Revenue Recognition."  SAB 104 clarifies application of U. S. generally accepted accounting principles to revenue transactions.  

Revenue on cigar and accessory sales is recognized as products are delivered to the customer or retailer. The Company records accounts receivable for sales which have been delivered but for which money has not been collected.  The balance uncollected as of September 30, 2009 and 2008 was $0.  For customer purchases paid in advance, the Company records a liability until products are shipped.  There was $-0- and $-0- of outstanding unearned revenue from product sales as of September 30, 2009 and 2008, respectively. 

Revenue is also recognized from web site development and maintenance after services have been rendered.  For these services, contracts are established with each customer.  Fees for development of web sites are negotiated based on the level of detail and features desired by the customer.  Half of the fee is generally charged when the contract is entered.  The remaining fee is due upon completion of the customers working web site.  There were no unfinished projects in progress as of September 30, 2009. Historically, maintenance work and the associated costs have been minimal.  Typically, future services involve upgrades or enhancements which are services which generate new fee arrangements.  Hosting agreements are offered to customers for service periods of three, six, and twelve months.  As of September 30, 2009, the Company has no deferred revenue for hosting services to be provided over the next twelve months.

19

**ZALDIVA, INC.**

Notes to Financial Statements

September 30, 2009 and 2008

NOTE A – SUMMARY OF SIGINIFICANT ACCOUNTING POLICIES (Continued)

Revenue Recognition

The Company has realized approximately $-0- and $9,066 from commissions on sales through the on-line shopping center during the years ended September 30, 2009 and 2008, respectively. Contract terms contain a variety of durations and commission percentages based on dollar sales and volume of referrals. The Company recognizes these revenues in accordance with the requirements of EITF 99-19 (ASC 605).

    

The Company established and published a policy which allows customers to return most purchased items within 15 days of order for a full refund.  All returns or exchanges must be accompanied by an original invoice or sales receipt.  The Company will pay for return shipping costs if the return is a result of Company error.  As of September 30, 2009 and 2008, the Company had return transactions totaling $0 within the 15 day return period. No allowance for returns has been recorded as of September 30, 2009.

     

Use of Estimates in Preparation of Financial Statements

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Property and Equipment

Property and equipment are stated at cost.  Depreciation is provided using the straight-line and the declining balance methods over the useful lives of the related assets. See Note D.  Expenditures for maintenance and repairs are charged to expense as incurred.  The Company currently leases two servers under an operating lease.  The Company pays $625 on a month-to-month basis.  

The Company has acquired permits and registered a trademark with the Florida Department of State which relate to its cigar operations.  Amounts paid for registration have not been significant and have been charged to expense as incurred.  

Software/Web Site Costs

Costs incurred in the development of software products for in-house use are to be capitalized and amortized over its useful life.  Costs related to planning, implementation or operating activities are expensed as incurred.  The cost of web site development and maintenance has been expensed as incurred as part of the Company's ongoing operations. 

     

Stock Based Compensation

The Company has adopted FAS 123(R) (ASC 718), which generally requires share-based payments to employees, including grants of employee stock options and purchases under employee stock purchase plans, to be recognized in the statement of operations based on their fair values.  

20

**ZALDIVA, INC.**

Notes to Financial Statements

September 30, 2009 and 2008

NOTE A – SUMMARY OF SIGINIFICANT ACCOUNTING POLICIES (Continued)

     

Equity Instruments

The Company records the shares issued to non-employees and other external entities for goods and services at either the fair market value of the goods received or services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the measurement date guidelines enumerated in FASB ASC 505-50-30 (Prior authoritative literature, EITF 96-18, Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring or in Conjunction with Selling, Goods, or Services).”

Impact of Recent Accounting Pronouncements

In May 2009, the FASB issued SFAS 165 (ASC 855-10) entitled “Subsequent Events”.  Companies are now required to disclose the date through which subsequent events have been evaluated by management. Public entities (as defined) must conduct the evaluation as of the date the financial statements are issued, and provide disclosure that such date was used for this evaluation. SFAS 165 (ASC 855-10) provides that financial statements are considered “issued” when they are widely distributed for general use and reliance in a form and format that complies with GAAP. SFAS 165 (ASC 855-10) is effective for interim and annual periods ending after June 15, 2009 and must be applied prospectively. The adoption of SFAS 165 (ASC 855-10) during the fiscal year ended September 30, 2009 did not have a significant effect on the Company’s financial statements as of that date. The Company has evaluated subsequent events through December 28, 2009, the date of issuance of the Company’s financial position and results of operations.

 

In June 2009, the FASB issued SFAS 168, “The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles.” (“SFAS 168” or ASC 105-10) SFAS 168 (ASC 105-10) establishes the Codification as the sole source of authoritative accounting principles recognized by the FASB to be applied by all nongovernmental entities in the preparation of financial statements in conformity with GAAP. SFAS 168 (ASC 105-10) was prospectively effective for financial statements issued for fiscal years ending on or after September 15, 2009 and interim periods within those fiscal years. The adoption of SFAS 168 (ASC 105-10) on July 1, 2009 did not impact the Company’s results of operations or financial condition. The Codification did not change GAAP, however, it did change the way GAAP is organized and presented. As a result, these changes impact how companies reference GAAP in their financial statements and in their significant accounting policies. The Company implemented the Codification in this Report by providing references to the Codification topics alongside references to the corresponding standards. 

With the exception of the pronouncements noted above, no other accounting standards or interpretations issued or recently adopted are expected to have a material impact on the Company’s financial position, operations or cash flows.

21

**ZALDIVA, INC.**

Notes to Financial Statements

September 30, 2009 and 2008

NOTE B – ISSUANCE OF COMMON AND PREFERRED SHARES

Stock Purchase Warrants

During 2004, the Company raised $152,500 from the sale of 1,220,000 Units to four "accredited" investors at a price of $0.125 per Unit.  Each Unit consists of one "unregistered" and "restricted" share of common stock and one warrant to purchase an additional share of common stock for $0.25, exercisable for five years.   The Company has 305,000 of these warrants outstanding as of September 30, 2009 and 2008, respectively.

During May 2007, the Company issued 1,300,000 common stock purchase warrants to its officers and directors with an exercise price of $0.25 and vesting over 2 years. Under FAS 123(R) (ASC 718), the Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model with the following weighted average assumptions used for the grant of these warrants: dividend yield of zero percent; expected volatility of 165%; risk-free interest rates of 5.35 percent and expected lives of 2.0 years. The Company recorded an expense of $305,565   and $458,344 for the warrants vesting during the years ended September 30, 2009 and 2008, respectively.  

On August 15, 2008 the Company completed a private placement of 50,000 units at $0.50 per unit. Each unit includes one share of the Company’s common stock and a warrant to purchase an additional share of common stock at $1.00 per share for two years. Under FAS 123(R) (ASC 718), the Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model with the following weighted average assumptions used for the grant of these warrants: dividend yield of zero percent; expected volatility of 165%; risk-free interest rates of 5.35 percent and expected lives of 2.0 years. 

The following table summarizes the stock warrant activity as of and for the years ended September 30, 2009 and 2008:

 

Warrants

Wtd. Avg. Exercise Prices

Wtd. Avg. Remaining Life in Years

Aggregate Intrinsic Value

Outstanding at October 1, 2007

1,605,000

$

0.27

0

$

401,250

Granted

50,000

 

1.00

0.875

 

50,000

Outstanding at Sept. 30, 2008

1,655,000

 

0.28

 

 

451,250

Granted

0

 

 

 

 

 

Outstanding at Sept. 30, 2009

1,655,000

$

0.28

3.43

$

451,250

 

 

 

 

 

 

 

Exercisable at Sept. 30, 2009

1,655,000

$

0.28

2.43

$

451,250

22

**ZALDIVA, INC.**

Notes to Financial Statements

September 30, 2009 and 2008

NOTE B – ISSUANCE OF COMMON AND PREFERRED SHARES (CONTINUED)

The following table summarizes information about the stock warrants as of September 30, 2009:

 

 

Options/Warrants Outstanding

 

Options/Warrants Exercisable

 

 

 

 

Wtd. Avg.

 

 

 

 

 

 

 

Wtd. Avg.

 

 

 

 

Range of

 

 

 

Remaining

 

Wtd. Avg.

 

Aggregate

 

 

 

Remaining

 

Wtd. Avg.

 

Aggregate

Exercise

 

 

 

Contractual

 

Exercise

 

Intrinsic

 

 

 

Contractual

 

Exercise

 

Intrinsic

Prices

 

Shares

 

Life (years)

 

Price

 

Value

 

Shares

 

Life (years)

 

Price

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.25 

 

 

305,000

 

 

0

 

$

0.25 

 

$

76,250

 

 

305,000

 

 

0

 

$

0.25 

 

$

76,250

$

0.25 

 

 

1,300,000

 

 

2.5

 

 

0.25 

 

 

325,000

 

 

1,300,000

 

 

2.5

 

 

0.25 

 

 

325,000

$

1.00 

 

 

50,000

 

 

0.875

 

 

1.00 

 

 

50,000

 

 

50,000

 

 

0.875

 

 

1.00 

 

 

50,000

 

 

 

 

1,655,000

 

 

 

 

$

0.27 

 

$

451,250

 

 

1,655,000

 

 

 

 

$

0.27 

 

$

451,250

The following table summarizes information about non-vested warrants as of and for the year ended September 30, 2009:

  

 

 

 

Wtd. Avg.

  

 

 

 

Grant Date

  

 

Warrants

 

Fair Value

  

 

 

 

 

Non-vested at September 30, 2008

 

 

433,333

 

$

0.25

    Vested during the year ended September 30, 2009

 

 

(433,333

)

 

0.25

Non-vested at September 30, 2009

 

 

0

 

$

0.25

 

 

 

 

 

 

 

Common Stock Purchase Options

On April 21, 2009 the Company granted 1,810,000 options to its officers and directors as compensation for services.  These options vest immediately and are exercisable over eight (8) years.  Under FAS 123 (R) (ASC 718), the Company estimates the fair value of each stock award at the grant date by using the Black-Scholes option pricing model with the following weighted average assumptions used for the grant of these warrants: dividend yield of zero percent; expected volatility of 251%; risk-free interest rates of 1.24 percent and expected  lives of 4.0. The Company recorded an expense of $447,171 year ended September 30, 2009.  

Preferred Stock

On September 22, 2004, the Company issued 500,000 shares of Series A 4% Preferred Stock having a par value of one mill ($0.001) per share, in consideration of gross proceeds of $500,000.  On August 24, 2005 

23

**ZALDIVA, INC.**

Notes to Financial Statements

September 30, 2009 and 2008

NOTE B – ISSUANCE OF COMMON AND PREFERRED SHARES (Continued)

the Company issued 300,000 shares of Series A 4% Preferred Stock having a par value of one mill ($0.001) per share, in consideration of gross proceeds of $300,000 which were converted to 357,142 common shares during the year ended September 30, 2007.  The preferred shares are being recorded as a liability, and the dividends are being accounted for as interest expense.  The shares have the following rights: 

*    Voting rights:  The holders of the Series A Preferred Stock shall not be entitled to vote separately on any matter submitted to a vote of the stockholders of the Company.  

*    Liquidation: Upon any liquation, Series A Preferred Stockholders are entitled to distribution or payment before any other class of stock.  The per share liquidation value on any date is equal to $1.00.

*    Dividends:  The holders are entitled to receive dividends at a rate equal to 4% of the Liquidation Preference per share per annum, payable quarterly on January 1, April 1, July 1, and 

October 1.  Any dividends that are not paid within three trading days following the date payable, shall continue to accrue and shall entail a late fee at the rate of 18% per annum.

*     Conversion:  Subject to the passage of 12 months from stock issuance, the holder may convert the preferred shares into the Company's common shares at a price equal to 85% of the average closing bid price of the common shares for the five trading days immediately preceding the conversion date.  Consequently the liability has been recorded at $588,235 on the balance sheet.  The difference between the face value and the carrying value has been recognized as interest expense.

*    Redemption:  The Company is permitted to redeem any and all shares of the Series A Preferred Stock at a price of $1.00 per share.  In addition to the redemption price of $1.00, the Company shall issue one warrant to purchase one share of common stock at a price of $0.50 per share, exercisable for a period of five years.

According to the dividend rights, the Company paid dividends valued at $20,000 during the year.  No dividends are in arrears as of the balance sheet date.  

Common Stock

     

On December 29, 2008 the Company issued 305,000 shares of its unregistered restricted common stock for cash at $0.25 per share.  On April 1, 2009, the Company issued 500,000 shares of its common stock for services valued at $0.15 per share. The Company records shares issued to non-employees and other external entities for goods and services at either the fair market value of the goods received or services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the measurement date guidelines enumerated in FASB ASC 505-50-30 (Prior authoritative literature, EITF 96-18, Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring or in Conjunction with Selling, Goods, or Services). This compensation expense was recognized in the period that the services were rendered.  

On August 15, 2008 the Company completed a private placement of 50,000 units at $0.50 per unit. Each unit includes one share of the Company’s common stock and a warrant to purchase an additional share of common stock at $1.00 per share.

24

**ZALDIVA, INC.**

Notes to Financial Statements

September 30, 2009 and 2008

NOTE C – ACCOUNTING FOR INCOME TAXES 

No provision has been made in the financial statements for income taxes because the Company has accumulated losses from operations since inception.  Any deferred tax benefit arising from the operating loss carried forward is offset entirely by a valuation allowance since it is currently not likely that the Company will be significantly profitable in the near future to take advantage of the losses.  The provision for income taxes consists of the following:

 

Years Ended September 30,

 

2009

 

2008

Current Taxes

 

$                         -

 

$                         -

Deferred Tax Benefit

 

(60,670)

 

(38,332)

Benefits of operating loss carryforwards

 

60,670

 

38,332

Total provision for income taxes

 

$                         -

 

$                         -

The following table shows the components of the Company’s deferred tax assets. All of the components are noncurrent.

 

Years Ended September 30,

 

2009

 

2008

Deferred Tax Assets

 

 

 

 

Loss Carryforwards (expire through 2029)

 

$             276,575

 

$             215,510

Fixed Assets

 

1,535

 

1,193

Common Stock Warrants

 

364,942

 

257,944

Stock Compensation Expense 

 

156,510

 

-

Total Gross Deferred Tax Asset

 

799,562

 

474,697

Valuation Allowance

 

(799,562) 

 

(474,697)

Net Deferred Taxes

 

                        -

 

                         -

Deferred Tax Liabilities

 

-

 

-

Net Deferred Taxes

 

$                         -

 

$                         -

The valuation allowance has increased $324,865 from $474,697 during the period ended September 30, 2009.  Income tax expense differs from amounts computed by applying the statutory Federal rate to pretax income as follows:

 

Years Ended September 30,

 

2009

 

2008

Federal statutory rate

35.0%

 

35.0%

   Effect of:

 

 

 

      State income taxes

0.0%

 

0.0%

      Change in valuation allowance, 

 

 

 

         Federal and State; and other

-35.0%

 

-35.0%

Effective tax rate

0.0%

 

0.0%

The Company adopted the provisions of FIN 48 (ASC 740) at the beginning of fiscal year 2008. As a result of this adoption, the Company has not made any adjustments to deferred tax assets or liabilities. The Company did not identify any material uncertain tax positions on returns that have been filed or that 

25

**ZALDIVA, INC.**

Notes to Financial Statements

September 30, 2009 and 2008

NOTE C – ACCOUNTING FOR INCOME TAXES (CONTINUED)

will be filed. The Company has not had operations resulting in net income and is carrying a large Net Operating Loss as disclosed above.  Since it is not thought that this Net Operating Loss will ever produce a tax benefit, even if examined by taxing authorities and disallowed entirely, there would be no effect on the financial statements. A reconciliation of our unrecognized tax benefits is presented in the table below:

 

Years Ended September 30,

 

2009

 

2008

Balance as of October 1, 2008

$               - 

 

$               - 

Additions based on tax positions related to the current year

- 

 

- 

Additions based on tax positions related to prior year

- 

 

- 

Reductions for tax positions of prior years

- 

 

- 

Reductions due to expiration of statute of limitations

- 

 

- 

Settlements with taxing authorities

- 

 

- 

Balance as of September 30, 2009

$               - 

 

$               - 

The Company’s policy is to recognize potential interest and penalties accrued related to unrecognized tax benefits within income tax expense.  For the years ended September 30, 2009 and 2008, the Company did not recognize any interest or penalties in the Statements of Operations, nor did the Company have any interest or penalties accrued at September 30, 2009 and 2008 relating to unrecognized benefits.

 

The Company has filed income tax returns in the United States and Florida. All tax years prior to 2006 are closed by expiration of the statute of limitations.   The years ended September 30, 2009, 2008, and 2007 are open for examination.

NOTE D – PROPERTY

     

The major classes of assets as of September 30 are as follows:

                                          2009                  2008      .   

Building Improvements

$      7,695             $   7,695

Land                                                                       

    239,116              239,116

Building

    417,755              417,755

Cigar Equipment

      17,634                17,634

Computer Equipment

        5,355                 5,355

Display Equipment

      19,995                19,995

Accumulated Depreciation

     (72,827)             (56,857) 

 

 

Total

$   634,723          $  650,693

Depreciation expense was $15,970 and $18,213, for the years ended September 30, 2009 and 2008, respectively.

26

**ZALDIVA, INC.**

Notes to Financial Statements

September 30, 2009 and 2008

 

NOTE E – SEGMENT INFORMATION

SFAS No. 131 (ASC 280), requires that the Company disclose information about its operating segments. The Company has two strategic business units, one which sells comic books, toys and collectible items at its retail location in Ft. Lauderdale, Florida, and through the web sites and the second that offers internet 

services and facilitates on-line shopping.  Currently the Company accounts for the two lines of business in separate accounts but within one set of financial statements.  Evaluation procedures are performed on the Company as a whole.  The Company anticipates that with future growth, there will be additional SFAS 131 (ASC 280) data to report. 

NOTE F – LIQUIDITY/GOING CONCERN

The Company has experienced recurring losses and has limited operating capital which together raises substantial doubt about its ability to continue as a going concern.  Financing for the Company's activities to date has been provided primarily by its operations and by the issuance of stock.  

Management anticipates that the continued operation of its retail store will increase its ability to attain profitable operations. The Company's ability to achieve a level of profitable operations and/or additional financing impacts the Company's ability to continue as a going concern.  Management plans to continue to raise operating capital through the sale of its common stock until such time as profitable operations are achieved. Should management be unsuccessful in its activities, the Company may experience material adverse effects.

NOTE G – SUBSEQUENT EVENTS

On October 1, 2009, the Company restated the exercise price of the 1,300,000 outstanding common stock purchase warrants. The exercise price of the warrants was restated to $0.005 per warrant from $0.25. The change in the exercise price will result in the recording of additional compensation expense during the quarter ended December 31, 2009.

On October 10, 2009, investors exercised warrants in exchange for 1,191,667 shares of the Company’s common stock in a cashless exchange.                        

27

**ITEM 9:  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

There have been no changes in our independent accountants during the past two fiscal years or any disagreements with independent accountants on accounting and financial disclosure.

**ITEM 9A(T):  CONTROLS AND PROCEDURES**

The Company’s management, with the participation of our principal executive officer and our principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Annual Report.  In connection with the preparation of our financial statements for the fiscal year ended September 30, 2009, we identified a deficiency that existed in the design or operation of our disclosure controls and procedures that we consider to be a “material weakness.”  The material weakness identified relates to our recording, review and control of material information required to be included in our periodic Securities and Exchange Commission reports and our communication of such material information to our attorneys and accountants such that it can be properly disclosed in our periodic reports.  This material weakness resulted in failure to properly report and disclose information and matters affecting the Company’s financial statements for the three month and nine month periods ended June 30, 2009, and related footnotes.  The Company is in the process of preparing an amended Quarterly Report on Form 10-Q-A1 for the purpose of correcting these failures, and it expects to file such amended Quarterly Report at or about the time of filing of this Annual Report on Form 10-K.

During the first quarter of our 2010 fiscal year, we took the following step to remediate this weakness:

Communication with corporate counsel and accountants prior to the adoption of any corporate resolution providing for the issuance of shares of our common stock, the granting of options and other material events that require disclosure in our periodic Securities and Exchange Commission reports, and quarterly conferences with our counsel to ensure that all corporate actions undertaken during the prior quarter have been properly documented. 

**Management’s Annual Report on Internal Control Over Financial Reporting**

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act).  The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes of accounting principles generally accepted in the United States.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.

The Company’s management, with the participation of the principal executive officer and the principal financial officer, evaluated the effectiveness of the Company’s internal control over financial reporting as of September 30, 2009.  In making this assessment, the Company’s management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control – Integrated Framework. Based on this evaluation, our management, with the participation of the President and Vice President, concluded that, as of September 30, 2009, our internal control over financial reporting was not effective.  In connection with the preparation of our financial statements for the fiscal year ended September 30, 2009, we identified a deficiency that existed in the design or operation of our internal control over financial reporting that we consider to be a “material weakness.”  The Public Company Accounting Oversight Board has defined a material weakness as a “significant deficiency or combination of significant deficiencies that results in more than a remote likelihood that a material misstatement on the annual or interim financial statements will not be prevented or detected.”

The material weakness identified relates to our recording, review and control of material information required to be included in our periodic Securities and Exchange Commission reports and our communication of such material information to our attorneys and accountants such that it can be properly disclosed in our periodic reports.  This material weakness resulted in failure to properly report and disclose information and matters affecting the 

28

Company’s financial statements for the three month and nine month periods ended June 30, 2009, and related footnotes.  The Company is in the process of preparing an amended Quarterly Report on Form 10-Q-A1 for the purpose of correcting these failures, and it expects to file such amended Quarterly Report at or about the time of filing of this Annual Report on Form 10-K.

During the first quarter of our 2010 fiscal year, we took the following step to remediate this weakness:

Communication with corporate counsel and accountants prior to the adoption of any corporate resolution providing for the issuance of shares of our common stock, the granting of options and other material events that require disclosure in our periodic Securities and Exchange Commission reports, and quarterly conferences with our counsel to ensure that all corporate actions undertaken during the prior quarter have been properly documented. 

The Company will continue to monitor, assess and work to improve the effectiveness of its internal control procedures related to internal controls and financial reporting in order to comply with Section 404 of the Sarbanes Oxley Act of 2002.   

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 Security and Exchange Commission that permit the Company to provide only management’s report in this Annual Report.

**Changes in Internal Control Over Financial Reporting**

There have been no changes in internal control over financial reporting during the fourth fiscal quarter of the fiscal year covered by this Annual Report.

**ITEM 9B:  OTHER INFORMATION**

On October 1, 2009, which is subsequent to the end of the period covered by this Report, we restated the exercise price of the 1,300,000 outstanding common stock purchase warrants. The exercise price of the warrants was restated to $0.005 per warrant from $0.25. The change in the exercise price will result in the recording of additional compensation expense during the quarter ended December 31, 2009.  See our Current Report on Form 8-K dated October 1, 2009, filed with the Securities and Exchange Commission on October 2, 2009.

On November 16, 2009, we entered into an Investment and Banking Agreement with Charles Morgan Securities to use their best efforts with respect to an initial private placement of $250,000 at a price of $0.02 per share of our common stock and an additional private placement of up to $750,000 of convertible debt in or around February, 2010. See our Current Report on Form 8-K dated November 16, 2009, filed with the Securities and Exchange Commission on November 20, 2009.

**PART III**

**ITEM 10:  DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE**

**Identification of Directors and Executive Officers**

The following table sets forth the names of all current directors and executive officers of the Company. These persons will serve until the next annual meeting of the stockholders or until their successors are elected or appointed and qualified, or their prior resignation or termination. 

**Name**

**Positions Held**

**Date of Election or Designation**

**Date of Termination or Resignation**

Robert B. Lees

President

12/24/97

4/19/07

 

Chairman

12/24/97

*

 

CFO

7/10/08

*

 

Director

12/24/97

*

29

Nicole Leigh 

President

4/19/07

*

 

Director

6/4/07

*

John A. Palmer, Jr.

Secretary

2/15/98

*

 

Director

12/24/97

*

Jeremy I. Van Coller

Secretary 

12/24/97

2/15/98

 

Director

12/24/97

*

 

COO

6/2/07

*

* These persons presently serve in the capacities indicated. 

**Business Experience**

Robert B. Lees.  Mr. Lees, age 62, is a graduate of the U.S. Naval Academy. He served as an Officer in the Marine Corps, both overseas and domestically.  After transferring to the active Reserves, he joined the DuPont Company, where he managed the Southeastern Region.  He took the region from last to first in the acrylic sheet division for sales and service.  He then became part owner and general manager of a wood laminating operation in Orlando, Florida.  Upon the sale of the business, he joined Merrill Lynch in the Private Client Group and became an assistant Vice President.  He has since consulted to a Florida-based investor relations firm, and served as President and Chief Operating Officer of two start-up companies, as well as his current position.

Ms. Leigh is 38 years of age.  She is a 1989 graduate of Washington High School in Phoenix, Arizona.  For the past six years, she has been significantly involved in the Company’s operations, including web site design and maintenance, inventory and shipping, online sales fulfillment and general operations.  

John A. Palmer, Jr.  Mr. Palmer is 71 years old.  He is a graduate of the University of Wisconsin, where he received a BS in Mathematics and Physics and an MS in Education and Counseling.  He has continued his education throughout his life and has completed multiple workshops in Electromechanical Automation, Electromechanical Systems, Vacuum Technology, Vacuum and RF Power and Semiconductor Manufacturing Processes.  He was a presenter for Basic Troubleshooting and Electromechanical Devices at the Intel/MATEC Summer Institute, Arizona as well as for the transducers Workshop in Orlando, Florida and the Rockwell automation PLC Workshop in Michigan.  Since 1969, Mr. Palmer has served as a Professor of Electricity, Industrial Electronics, Manufacturing Electronics and Mathematics at the Central Arizona College in Coolidge, Arizona.  In addition, he has been involved in Summer Faculty Internships at Motorola and Intel, both in Phoenix, Arizona.

Jeremy I. van Coller.  Mr. Van Coller, age 30, is a graduate of Kloof High School (Kwa Zulu Natal, Kloof, South Africa) where his line of studies included Technical Drawing (architectural renderings), Biology, Advanced Mathematics, English and Afrikaans.  He continued his education by attending the Academy of Learning (Kwa Zulu Natal, Pinetown, South Africa) where he studied Marketing, Management and Computer Science for approximately one year prior to moving to the United States.  Mr. Van Coller worked as a computer sales person in South Africa during and after attending the Academy.  Over the past two years, he served as an Assistant to the Network Administrator for various South Florida Internet service providers, where he handled domain name servers, mail servers, BSDI and Cobalt servers.  Mr. van Coller currently serves as a Computer Technician Consultant handling personal computer repair and construction, hardware and software troubleshooting and some web design, in addition to being the current Network Administrator for Zaldiva, Inc.  Mr. van Coller is a collector and as such, has an extensive knowledge of comic books and related movies and merchandise.

**Significant Employees**

Zaldiva has no significant employees who are not executive officers. 

**Family Relationships**

None; not applicable.

30

**Directorships**

None of the Company’s directors holds a directorship in any other company with a class of securities registered pursuant to Section12 of the Exchange Act or subject to the requirements of Section 15(d) of such Act or any company registered as an investment company under the Investment Company Act of 1940.

**Involvement in Certain Legal Proceedings**

During the past five years, no director, promoter or control person: 

·

has filed a petition under federal bankruptcy laws or any state insolvency laws, nor had a receiver, fiscal agent or similar officer appointed by a court for the business or property of such person, or any partnership in which he was a general partner at or within two years before the time of such filing, or any corporation or business association of which he was an executive officer at or within two years before the time of such filing;

·

was convicted in a criminal proceeding or named subject to a pending criminal proceeding (excluding traffic violations and other minor offenses); 

·

was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him or her from or otherwise limiting his/her involvement in any type of business, securities or banking activities; or 

·

was found by a court of competent jurisdiction in a civil action, by the SEC or the Commodity Futures Trading Commission to have violated any federal or state securities law, and the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended, or vacated. 

**Promoters and control person.**

Not applicable.

**Compliance With Section 16(a) of the Exchange Act**

To our knowledge, during our past fiscal year and since then, all filings required to be made by members of management or others pursuant to Section 16(a) of the Exchange Act have been duly filed with the Securities and Exchange Commission.

**Code of Ethics**

The Company adopted a Code of Ethics that was filed as an exhibit 14 to our Annual Report on Form 10-KSB-A1 for the year ended September 30, 2002.  The Company undertakes to provide to any person, without charge, upon request, a copy of such Code of Ethics.  Requests may be made by contacting the Company at 877-925-3482.

**Corporate Governance**

***Nominating Committee***

During the annual period ended September 30, 2009, there were no changes in the procedures by which security holders may recommend nominees to Zaldiva’s Board of Directors; and Zaldiva does not presently have a Nominating Committee for members of its Board of Directors.  Nominations are considered by the entire Board.

***Audit Committee***

Zaldiva does not have an Audit Committee, and it is not required to have an Audit Committee; Zaldiva does not believe that the lack of an Audit Committee will have any adverse effect on its financial statements, based upon current operations. Management will assess whether an Audit Committee may be necessary in the future.

31

**ITEM 11:  EXECUTIVE COMPENSATION**

**All Compensation**

**SUMMARY COMPENSATION TABLE**

Name and Principal Position

(a)

Year

(b)

Salary

($)

(c)

Bonus

($)

(d)

Stock Awards

($)

(e)

Option Awards

($)

(f)

Non-Equity Incentive Plan Compensation

($)

(g)

Nonqualified  Deferred Compensation

($)

(h)

All Other Compensation

($)

(i)

Total

Earnings

($)

(j)

Robert B. Lees

Chairman,

CFO and Former President 

9/30/09

9/30/08

9/30/07

0

0

0

0

0

0

0

0

0

24,000(1)

0

0

0

0

0

0

0

0

0

0

0

0

0

0

John A. Palmer, Jr.

Secretary

and Director

9/30/09

9/30/08

9/30/07

0

0

0

0

0

0

0

0

0

24,000(1)

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Jeremy Van Coller

COO

Director

9/30/09

9/30/08

9/30/07

0

0

0

0

0

0

0

0

0

24,000(1)

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Nicole Leigh,

President and Director

9/30/09

9/30/08

0

0

0

0

0

0

120,000(2)

0

0

0

0

0

0

0

0

0

(1)  During the third quarter of our 2009 fiscal year, the Company granted to each of these persons the option to purchase 100,000 shares of its common stock at an exercise price of $0.25 per share.

(2)  During the third quarter of our 2009 fiscal year, the Company granted to Ms. Leigh an option to purchase 500,000 shares of its common stock at an exercise price of $0.25 per share.

Except as indicated above, no cash compensation, deferred compensation or long-term incentive plan awards were issued or granted to Zaldiva's management during the fiscal years indicated above.  Further, no member of management has been granted any option or stock appreciation rights; accordingly, no tables relating to such items have been included within this Item. 

**Outstanding Equity Awards at Fiscal Year-End**

None; not applicable.

**Compensation of Directors**

None; not applicable.

32

**ITEM 12:  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

**Security Ownership of Certain Beneficial Owners**

The following tables set forth the share holdings of those persons who are principal shareholders of the Company’s common stock as of December 9, 2009.

**Ownership of Principal Shareholders**

Title Of Class

Name and Address of Beneficial Owner

Amount and Nature of Beneficial Owner

Percent of Class

Common Stock

Jeffrey A. Olweean

520,000

5.0%

Common Stock

John A. Palmer, Jr.

607,000

5.9%

Common Stock

Nicole Leigh 

601,429

5.8%

**Security Ownership of Management**

The following table sets forth the share holdings of the Company’s directors and executive officers as of December 9, 2009:

**Ownership of Officers and Directors**

Title Of Class

Name and Address of Beneficial Owner

Amount and Nature of Beneficial Owner

Percent of Class

Common Stock

Robert B. Lees

500,000

4.8%

Common Stock

John A. Palmer, Jr.

607,000

5.9%

Common Stock

Jeremy I. Van Coller

-0-

-0-

Common Stock

Nicole Leigh

601,429

5.8%

In addition, Nicole Leigh is the beneficial owner of 75,000 shares of our Series A 4% Preferred Stock, representing 15% of the outstanding shares of that class.

**Changes in Control**

There are no present arrangements or pledges of our securities which may result in a change in control of Zaldiva. 

**Securities Authorized for Issuance under Equity Compensation Plans**

Plan Category

Number of Securities to be issued upon exercise of outstanding options, warrants and rights

Weighted-average exercise price of outstanding options, warrants and rights

Number of securities remaining available for future issuance under equity compensation plans excluding securities reflected in column (a)

 

(a)

(b)

(c)

Equity compensation plans approved by security holders

-0-

-0-

-0-

Equity compensation plans not approved by security holders

1,810,000

$0.25

190,000

Total

1,810,000

$0.25

190,000

33

**ITEM 13:  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTORS INDEPENDENCE**

**Transactions with Related Persons**

There were no material transactions, or series of similar transactions, during our Company’s last two fiscal years, or any currently proposed transactions, or series of similar transactions, to which our Company or any of our subsidiaries was or is to be a party, in which the amount involved exceeded the lesser of $120,000 or one percent of the average of the smaller reporting company's total assets at year-end for the last two completed fiscal years and in which any director, executive officer or any security holder who is known to us to own of record or beneficially more than five percent of any class of our common stock, or any member of the immediate family of any of the foregoing persons, had an interest.

**Promoters and Certain Control Persons**

There have been no transactions since the beginning of our last fiscal year, or any currently proposed transaction in which the Company was or is to be a participant and the amount involved exceeds the lesser of $120,000 or one percent of the average of our total assets at year end for the last three completed fiscal years. 

**Parents of the Smaller Reporting Company**

Zaldiva has no parents.

**Director Independence**

The Company does not have any independent directors serving on its board of directors.

**ITEM 14:  PRINCIPAL ACCOUNTANT FEES AND SERVICES**

The following is a summary of the fees billed to the Company by its principal accountants during the fiscal years ended September 30, 2009, and 2008: 

Fee category

2009

 

2008

 

 

 

 

 

 

Audit fees

$

31,106

 

$

42,713

Audit-related fees

$

0

 

$

0

Tax fees

$

0

 

$

1,340

All other fees

$

0

 

$

0

 

 

 

 

 

 

Total fees

$

31,106

 

$

44,053

**Audit Fees -**Consists of fees for professional services rendered by our principal accountants for the audit of the Company’s annual financial statements and review of the financial statements included in the Company’s Forms 10-Q or services that are normally provided by our principal accountants in connection with statutory and regulatory filings or engagements. 

**Audit-related Fees -** Consists of fees for assurance and related services by our principal accountants that are reasonably related to the performance of the audit or review of the Company’s financial statements and are not reported under “Audit fees.” 

**Tax Fees -** Consists of fees for professional services rendered by our principal accountants for tax compliance, tax advice and tax planning. 

**All Other Fees -** Consists of fees for products and services provided by our principal accountants, other than the services reported under “Audit fees,” “Audit-related fees,” and “Tax fees” above. 

34

**Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditors**

The Company has not adopted an Audit Committee, therefore, there is no Audit Committee policy in this regard. However, the Company does not require approval in advance of the performance of professional services to be provided to the Company by its principal accountant. Additionally, all services rendered by our principal accountant are performed pursuant to a written engagement letter between us and the principal accountant. 

**PART IV**

**ITEM 15:  EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

(a)(1)(2)    Financial Statements.  See the audited financial statements for the year ended September 30, 2009 contained in Item 8 above which are incorporated herein by this reference.

(a)(3)         Exhibits.  The following exhibits are filed as part of this Annual Report:

**No.            Description**

Exhibit 31.1 Certification of Nicole Leigh, the Company’s President, pursuant to section 302 of the Sarbanes-Oxley Act of 2002 

Exhibit 31.2 Certification of Robert B. Lees, the Company’s CFO, pursuant to section 302 of the Sarbanes-Oxley Act of 2002 

Exhibit 32 Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002 

*Incorporated herein by reference.

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

**ZALDIVA, INC.**

Date:

*December 28, 2009*

 

By:

*/s/Nicole Leigh*

 

 

 

 

Nicole Leigh

 

 

 

 

President and Director

Pursuant to the requirements of the Securities Exchange Act of 1934 this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. 

**ZALDIVA, INC.**

Date:

*December 28, 2009*

 

By:

*/s/Nicole Leigh*

 

 

 

 

Nicole Leigh

 

 

 

 

President and Director

 

 

 

 

 

Date:

*December28, 2009*

 

By:

*/s/Robert B. Lees*

 

 

 

 

Robert B. Lees

 

 

 

 

Chief Financial Officer and Director

 

 

 

 

 

Date:

*December 28, 2009*

 

By:

*/s/Jeremy I. Van Coller*

 

 

 

 

Jeremy I. Van Coller

 

 

 

 

Director

35 |
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