U.S.
SECURITIES AND EXCHANGE COMMISSION


WASHINGTON,
D.C. 20549







FORM
10-Q






(Mark
One)


x
              QUARTERLY
      REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934:
      For the quarterly period ended: August31, 2010




 ̈
              TRANSITION
      REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT:
                For
      the transition period from to




INTERNATIONAL DEVELOPMENT
AND ENVIRONMENTAL HOLDINGS


(Name of
small business issuer in its charter)





NEVADA
                  
                  32-0237237(State
      or other jurisdiction
                  
                  (I.R.S.
      employerof
      incorporation or organization)
                  
                  identification
      number)





1173 A 2ndAvenue, Suite 327 New York
City, NY  10065


(Address
of principal executive offices and zip code)




917-273-1717


Issuer's
telephone number:




SEC
File Number: 333-153899




Check
whether the issuer (1) filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the issuer was required to file such reports), and
(2) has been subject to such filing requirements for the past 90
days.


x Yes  o No





Indicate
by check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files).   Yes   ̈    No 
 ̈




Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company.




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




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




APPLICABLE
ONLY TO CORPORATE ISSUERS


State the
number of shares outstanding of each of the issuer's classes of common equity,
as of the latest practicable date: 437,570,000 shares of
common stock, on an as-converted basis, outstanding as of October 25,
2010.










INDEX




PagePART
      I  FINANCIAL INFORMATIONItem
      1.
              Financial
      Statements
              3Item
      2.
              Management's
      Discussion and Analysis of Financial Condition and Results of
      Operations
              12Item
      3.
              Quantitative
      and Qualitative Disclosures About Market Risk
              13Item
      4.
              Controls
      and Procedures
              13PART
      II  OTHER INFORMATIONItem
      1.
              Legal
      Proceedings
              14Item
      1A.
              Risk
      Factors
              14Item
      2.
              Changes
      in Securities
              14Item
      3.
              Defaults
      Upon Senior Securities
              14Item
      4.
              Submission
      of Matters to a Vote of Security Holders
              14Item
      5.
              Other
      Information
              15Item
      6.
              Exhibits
              15




2





PART
I-FINANCIAL INFORMATION




Item 1. Financial Statements





INTERNATIONAL DEVELOPMENT
AND ENVIRONMENTAL HOLDINGS


(A
Development Stage Company)


CONDENSED
BALANCE SHEETS





August 31,
                  
                  
                  February 28,2010
                  
                  
                  2010UnauditedASSETSCurrent
      assets:Cash
      and cash equivalents
                  
                  $
                  21,986
                  
                  
                  $
                  2,429Other
      Receivable
                  
                  
                  25,592
                  
                  
                  
                  -Total
      Current Assets
                  
                  $
                  47,578
                  
                  
                  $
                  2,429TOTAL
      ASSETS
                  
                  $
                  47,578
                  
                  
                  $
                  2,429LIABILITIES
      & EQUITYCurrent
      liabilities:Loan
      from officers
                  
                  $
                  254,789
                  
                  
                  $
                  131,788Account
      payable
                  
                  
                  136,243
                  
                  
                  
                  241,506Accrued
      expenses
                  
                  
                  12,891
                  
                  
                  
                  -Deferred
      revenue
                  
                  
                  -
                  
                  
                  
                  7,230Total
      Current Liabilities
                  
                  $
                  403,923
                  
                  
                  $
                  380,524Stockholders'
      Equity:Preferred
      stock, $0.001 par value; 25,000,000 shares authorized; no shares issued
      and outstanding
                  
                  
                  -
                  
                  
                  
                  -Common
      stock, $0.001 par value; 100,000,000 shares authorized;35,480,000
      issued and outstanding at August 31, 2010 and February 28,
      2010
                  
                  $
                  35,480
                  
                  
                  $
                  35,480Additional
      paid-in capital
                  
                  
                  322,270
                  
                  
                  
                  322,270Deficit
      accumulated during the development stage
                  
                  
                  (714,095
                  )
                  
                  
                  (735,845
                  )Total
      stockholders' equity
                  
                  $
                  (356,345
                  )
                  
                  $
                  (378,095
                  )TOTAL
      LIABILITIES & EQUITY
                  
                  $
                  47,578
                  
                  
                  $
                  2,429





See
notes to unaudited condensed financial statements.


3


INTERNATIONAL DEVELOPMENT
AND ENVIRONMENTAL HOLDINGS


CONDENSED STATEMENTS OF
OPERATIONS




(A Development Stage
Company)




Six Months Ended
                  
                  
                  Three Months Ended
                  
                  
                  February 28, 2008August 31
                  
                  
                  August 31
                  
                  
                  (Date of Inception)2010
                  
                  
                  2009
                  
                  
                  2010
                  
                  
                  2009
                  
                  
                  to August 31, 2010Unaudited
                  
                  
                  Unaudited
                  
                  
                  Unaudited
                  
                  
                  Unaudited
                  
                  
                  UnauditedRevenues
                  
                  $
                  -
                  
                  
                  $
                  45,525
                  
                  
                  $
                  -
                  
                  
                  $
                  21,805
                  
                  
                  $
                  45,525Cost
      of Goods Sold
                  
                  
                  -
                  
                  
                  
                  10,617
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  160,310Gross
      Profit
                  
                  
                  -
                  
                  
                  
                  34,908
                  
                  
                  $
                  -
                  
                  
                  $
                  21,805
                  
                  
                  $
                  (114,785
                  )Operating
      expenses:Research
      and development
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -Professional,
      consulting and marketing fees
                  
                  
                  62,800
                  
                  
                  
                  14,690
                  
                  
                  
                  42,714
                  
                  
                  
                  14,190
                  
                  
                  
                  385,047Selling,
      general and administrative expenses
                  
                  
                  2,139
                  
                  
                  
                  101,517
                  
                  
                  
                  (249
                  )
                  
                  
                  58,212
                  
                  
                  
                  408,375Depreciation
      and amortization expenses
                  
                  
                  -
                  
                  
                  
                  736
                  
                  
                  
                  -
                  
                  
                  
                  368
                  
                  
                  
                  2,637Total
      Operating Expenses
                  
                  
                  64,939
                  
                  
                  
                  116,943
                  
                  
                  $
                  42,465
                  
                  
                  $
                  72,770
                  
                  
                  $
                  796,059Operating
      Loss
                  
                  
                  (64,939
                  )
                  
                  
                  (82,035
                  )
                  
                  
                  (42,465
                  )
                  
                  
                  (50,965
                  )
                  
                  
                  (910,844
                  )Other
      Income, net
                  
                  
                  86,689
                  
                  
                  
                  -
                  
                  
                  
                  22,816
                  
                  
                  
                  -
                  
                  
                  
                  200,716Investment
      income, net
                  
                  
                  -
                  
                  
                  
                  200
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  300Other
      Expense, net
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (4,267
                  )Income(Loss)
      before taxes
                  
                  
                  21,750
                  
                  
                  
                  (81,835
                  )
                  
                  
                  (19,649
                  )
                  
                  
                  (50,965
                  )
                  
                  
                  (714,095
                  )Income(Loss)
      tax expense
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -Net
      Income(Loss)
                  
                  $
                  21,750
                  
                  
                  $
                  (81,835
                  )
                  
                  $
                  (19,649
                  )
                  
                  $
                  (50,965
                  )
                  
                  $
                  (714,095
                  )Net
      Income(Loss) per common share-Basic
                  
                  
                  (0.00
                  )
                  
                  
                  (0.00
                  )
                  
                  $
                  (0.00
                  )
                  
                  $
                  (0.00
                  )
                  
                  $
                  (0.02
                  )Net
      Income(Loss) per common share-Diluted
                  
                  
                  (0.00
                  )
                  
                  
                  (0.00
                  )
                  
                  $
                  (0.00
                  )
                  
                  $
                  (0.00
                  )
                  
                  $
                  (0.02
                  )


See
notes to unaudited condensed financial statements.




4




INTERNATIONAL DEVELOPMENT
AND ENVIRONMENTAL HOLDINGS


(A Development Stage
Company)


CONDENSED STATEMENT OF
STOCKHOLDERS EQUITY


FOR THE PERIOD ENDED AUGUST
31, 2010




DeficitAccumulatedAdditional
                                                                
                                                                
                                                                During the
                                                                
                                                                
                                                                TotalCommon Stock
                                                                
                                                                
                                                                Paid-in
                                                                
                                                                
                                                                Development
                                                                
                                                                
                                                                Stockholders'Shares
                                                                
                                                                
                                                                Amount
                                                                
                                                                
                                                                Capital
                                                                
                                                                
                                                                Stage
                                                                
                                                                
                                                                EquityFebruary
      28 , 2008
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                $
                                                                -
                                                                
                                                                
                                                                $
                                                                -
                                                                
                                                                
                                                                $
                                                                -
                                                                
                                                                
                                                                $
                                                                -Issued
      common stocks to founder for cash and subscriptions receivable on
      2/28/08
                                                                
                                                                
                                                                50,000,000
                                                                
                                                                
                                                                
                                                                50,000
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                50,000Issued
      common stocks to Williamsfor
      services rendered on 2/28/08
                                                                
                                                                
                                                                2,000,000
                                                                
                                                                
                                                                
                                                                2,000
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                2,000Net
      loss for the periodended
      February 29, 2008
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                (6,534
                                                                )
                                                                
                                                                
                                                                (6,534
                                                                )Balance,
      February 29 , 2008
                                                                
                                                                
                                                                52,000,000
                                                                
                                                                
                                                                $
                                                                52,000
                                                                
                                                                
                                                                $
                                                                -
                                                                
                                                                
                                                                $
                                                                (6,534
                                                                )
                                                                
                                                                $
                                                                45,466Issued
      common stocks for compensation expense @0.05 per share on
      3/21/08
                                                                
                                                                
                                                                100,000
                                                                
                                                                
                                                                
                                                                100
                                                                
                                                                
                                                                
                                                                4,900
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                5,000Issued
      common stocks forcash
      @0.05 per share
                                                                
                                                                
                                                                150,000
                                                                
                                                                
                                                                
                                                                150
                                                                
                                                                
                                                                
                                                                7,350
                                                                
                                                                
                                                                
                                                                -
      -
                                                                
                                                                
                                                                
                                                                7,500Issued
      common stocks for servicesrendered
      @0.05 per share
                                                                
                                                                
                                                                3,240,000
                                                                
                                                                
                                                                
                                                                3,240
                                                                
                                                                
                                                                
                                                                158,760
                                                                
                                                                
                                                                
                                                                -
      -
                                                                
                                                                
                                                                
                                                                162,000Cancellation
      of shares byfounder
      for no consideration
                                                                
                                                                
                                                                (20,010,000
                                                                )
                                                                
                                                                
                                                                (20,010
                                                                )
                                                                
                                                                
                                                                20,010
                                                                
                                                                
                                                                
                                                                -
      -
                                                                
                                                                
                                                                
                                                                -Contributed
      capital
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                75,000
                                                                
                                                                
                                                                
                                                                -
      -
                                                                
                                                                
                                                                
                                                                75,000Net
      loss for the periodended
      February 28, 2009
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                (600,586
                                                                )
                                                                
                                                                
                                                                (600,586
                                                                )Balance,
      February 28, 2009
                                                                
                                                                
                                                                35,480,000
                                                                
                                                                
                                                                
                                                                35,480
                                                                
                                                                
                                                                
                                                                266,020
                                                                
                                                                
                                                                
                                                                (607,120
                                                                )
                                                                
                                                                
                                                                (305,620
                                                                )Contributed
      capital
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                56,250
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                56,250Net
      loss for the period ended February 28, 2010
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                (128,725
                                                                )
                                                                
                                                                
                                                                (128,725
                                                                )Balance,
      February 28, 2010
                                                                
                                                                
                                                                35,480,000
                                                                
                                                                
                                                                
                                                                35,480
                                                                
                                                                
                                                                
                                                                322,270
                                                                
                                                                
                                                                
                                                                (735,845
                                                                )
                                                                
                                                                
                                                                (378,095
                                                                )Net
      income for the six months ended August 31, 2010
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                -
                                                                
                                                                
                                                                
                                                                21,750
                                                                
                                                                
                                                                
                                                                21,750Balance,
      August 31, 2010
                                                                
                                                                
                                                                35,480,000
                                                                
                                                                
                                                                $
                                                                35,480
                                                                
                                                                
                                                                $
                                                                322,270
                                                                
                                                                
                                                                $
                                                                (714,095
                                                                )
                                                                
                                                                $
                                                                (356,345
                                                                )





See
notes to unaudited condensed financial statements.


5





INTERNATIONAL
DEVELOPMENT AND ENVIRONMENTAL HOLDINGS


(A
Development Stage Company)


CONDENSED
STATEMENTS OF CASH FLOWS





Cumulative fromSix Months Ended
                      
                      
                      February 28, 2008August 31,
                      
                      
                      (Date of Inception)2010
                      
                      
                      2009
                      
                      
                      to August 31, 2010Unaudited
                      
                      
                      Unaudited
                      
                      
                      UnauditedOperating
      Activities:Net
      Income (Loss)
                      
                      $
                      21,750
                      
                      
                      $
                      (81,835
                      )
                      
                      $
                      (714,095
                      )Adjustments
      to reconcile net income to net cash provided byOperating
      activities:Depreciation
                      
                      
                      -
                      
                      
                      
                      736
                      
                      
                      
                      2,636Stock
      issued for legal fees
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      2,000Stock
      issued for compensation
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      5,000Stock
      issued for consulting
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      162,000Stock
      issued for President's contributed capital
                      
                      
                      -
                      
                      
                      
                      37,500
                      
                      
                      
                      131,250Accounts
      Receivable
                      
                      
                      (25,592
                      )
                      
                      
                      (3,485
                      )
                      
                      
                      (25,592
                      )Increase
      (Decrease) in accounts payable
                      
                      
                      (105,263
                      )
                      
                      
                      35,222
                      
                      
                      
                      136,243Increase
      (Decrease) in credit card payable
                      
                      
                      -
                      
                      
                      
                      (4,880
                      )
                      
                      
                      -Increase
      (Decrease) in accrued expense
                      
                      
                      12,891
                      
                      
                      
                      -
                      
                      
                      
                      12,892Increase
      (Decrease) in accrued compensation
                      
                      
                      -
                      
                      
                      
                      37,500
                      
                      
                      
                      -Increase(Decrease)
      in deferred revenue
                      
                      
                      (7,230
                      )
                      
                      
                      (500
                      )
                      
                      
                      -Net
      cash provided by operating activities
                      
                      $
                      (103,444
                      )
                      
                      $
                      20,257
                      
                      
                      $
                      (287,666
                      )Investing
      Activities:Property,
      plant and equipment
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      (2,636
                      )Net
      cash provided by investing activities
                      
                      $
                      -
                      
                      
                      $
                      -
                      
                      
                      $
                      (2,636
                      )Financing
      Activities:Proceeds
      from issuance of common stock
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      32,233Proceeds
      from collection of subscriptions receivable
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      25,267Loans
      from Williams Group
                      
                      
                      (5,000
                      )
                      
                      
                      56,667
                      
                      
                      
                      73,340Proceeds
      from officer loans
                      
                      
                      128,001
                      
                      
                      
                      (47,896
                      )
                      
                      
                      181,448Net
      cash provided by financing activities
                      
                      $
                      123,001
                      
                      
                      $
                      8,771
                      
                      
                      $
                      312,288Net
      increase (decrease) in cash and cash equivalents
                      
                      $
                      19,557
                      
                      
                      $
                      29,028
                      
                      
                      $
                      21,986Cash
      and cash equivalents at beginning of the period
                      
                      
                      2,429
                      
                      
                      
                      (406
                      )
                      
                      
                      -Cash
      and cash equivalents at end of the period
                      
                      $
                      21,986
                      
                      
                      $
                      28,622
                      
                      
                      $
                      21,986





See
notes to unaudited condensed financial statements.




6




INTERNATIONAL
DEVELOPMENT AND ENVIRONMENTAL HOLDINGS


(A Development Stage
Company)




NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS





NOTE
A- BUSINESS DESCRIPTION





International
Development and Environmental Holdings (the Company) is a Nevada corporation
with its principal corporate offices in Chicago, Illinois. The Company is in the
process of organizing itself and developing its main line of business:
environmental geological site assessment and remediation. The Company has
registered and may operate under the following assumed corporate names: (1)
Global Environmental Company (NV) (2) Global Environment Company (IL) (3) Global
Architecture & Engineering Company (NV) (4) Global Development &
Construction Company (NV) and (5) Global Real Estate & Finance Company
(NV).





The
Company is presented as in the development stage as of August 31, 2010. 
The Company’s business activities during its development stage consist solely of
corporate formation, raising capital, and attempting to secure environmental
remediation contracts.





Going
Concern





The
Company’s lack of operating history and financial resources raise substantial
doubt about its ability to continue as a going concern.  The financial
statements do not include adjustments that might result from the outcome of this
uncertainty and if the Company is unable to generate significant revenue or
secure financing, then the Company may be required to cease or curtail its
operations.





NOTE
B – SIGNIFICANT ACCOUNTING POLICIES





Development Stage
Company





The
Company is considered to be in the development stage as defined in FASB ASC
Topic 915, “Development Stage
Entities”. The Company has devoted substantially all of its efforts to
the corporate formation, the raising of capital and attempting to secure
environmental remediation contracts.





Basis of
Accounting





The
financial statements reflect the assets, revenues and expenditures of the
Company on the accrual basis of accounting. The Company’s fiscal year end is the
last day of February, i.e., February 28th or 29th. 
The financial statements and notes are presented in accordance with the rules
and regulations of the Securities and Exchange Commission and do not contain
certain information included in the Company’s Annual Report on Form 10-K for the
year ended February 28, 2010.  In the opinion of management, all
adjustments considered necessary for a fair presentation have been included and
are of a normal, recurring nature. Interim results are not necessarily
indicative of results for a full year.  Therefore, the interim condensed
consolidated financial statements should be read in conjunction with the
consolidated financial statements and notes thereto contained in the Company’s
Annual Report on Form 10-K.





Use of
Estimates





The
preparation of financial statements in conformity with generally accepted
accounting principles in the United States of America requires management to
make estimates and assumptions that affect certain amounts reported in the
financial statements and disclosures.  Accordingly, actual results could
differ from those estimates.





Cash and Cash
Equivalents





The
Company considers all highly-liquid investments with an original maturity of
three months or less when purchased to be cash equivalents. The company as of
August 31, 2010 has approximately $22,000 cash and cash
equivalents.




7




Research and
Development





The
Company incurs costs on activities that relate to the securing of environmental
remediation contracts. Research and development costs are expensed as incurred.
The Company has expensed its payments in connection with research and
development costs.





Stock-Based
Compensation





On
December 16, 2004, the Financial Accounting Standards Board (“FASB”) published
Statement ASC 718, “Compensation- Stock
Compensation”. ASC 718 requires that compensation cost related to
share-based payment transactions be recognized in the financial statements.
Share-based payment transactions within the scope of ASC 718 include stock
options, restricted stock plans, performance-based awards, stock appreciation
rights, and employee share purchase plans.  The provisions of ASC 718 are
effective for small business issuers beginning as of the next interim period
after December 15, 2005.





The
Company has elected to use the modified–prospective approach method. Stock-based
compensation expense for all awards granted is based on the grant-date fair
values estimated in accordance with the provisions of ASC 718. The Company
recognizes these compensation costs, net of an estimated forfeiture rate, on a
pro rata basis over the requisite service period of each vested tranche of each
award. The Company considers voluntary termination behavior as well as trends of
actual option forfeitures when estimating the forfeiture rate.





The
Company measures compensation expense for its non-employee stock-based
compensation under the Financial Accounting Standards Board (FASB) ASC 505 “Equity-Based Payments to
Non-Employees”. The fair value of the option issued is used to measure
the transaction, as this is more reliable than the fair value of the services
received.  The fair value is measured at the value of the Company’s common
stock on the date that the commitment for performance by the counterparty has
been reached or the counterparty’s performance is complete. The fair value of
the equity instrument is charged directly to compensation expense and additional
paid-in capital.





Basic and Diluted Net Loss
Per Common Share





The
Company computes per share amounts in accordance with FASB ASC Topic 260,
“Earnings per Share”.  ASC 260 requires presentation of basic and diluted
EPS.  Basic EPS is computed by dividing the income (loss) available to
Common Shareholders by the weighted-average number of common shares outstanding
for the period.  Diluted EPS is based on the weighted-average number of
shares of common stock and common stock equivalents outstanding during the
periods.





As of
August 31, 2010, the Company has issued one type of share, i.e., common shares
only.  There are no other types of securities.  Accordingly, the
diluted and basic net loss per common share are the same.





Revenues





The
Company will recognize revenue from the contracts they enter into for
environmental remediation and recognize revenue in accordance with the terms of
those contracts.  For the six months ended August 31, 2010, no revenue was
recognized.





Cost of Goods
Sold





For the
six months ended August 31, 2010, no Cost of Goods Sold was recorded for the
projects performed.





Other
Income





For the
six months ended August 31, 2010, an amount of $86,689 of other income was
recorded for the Company, $60,000 relating to extension fees under a merger
agreement and the difference was a result of settlements of accounts payable.
Other receivables of $20,000 were booked in relation to such extension
fees.





Accounts
Receivable





The
Company will extend credit based on an evaluation of a customer’s financial
condition, generally without requiring collateral. Exposure to losses on
receivables is expected to vary by customer due to the financial condition of
each customer. The Company will monitor exposure to credit losses and maintain
allowances for anticipated losses considered necessary under the circumstances.
The Company has no Accounts Receivables as of August 31, 2010.





8


Income
Tax





Income
taxes are provided for tax effects of transactions reported in the financial
statements and consist of taxes currently due plus deferred taxes. Deferred
taxes are recognized for differences between the bases of assets and liabilities
for financial statement and income tax purposes. The differences in asset and
liability bases relate primarily to organization and start-up costs (use of
different methods and periods to calculate deduction). Deferred taxes are also
recognized for operating losses and tax credits that are available to offset
future income taxes. The deferred tax assets and/or liabilities represent the
future tax return consequences of those differences, which will either be
taxable or deductible when the assets and liabilities are recovered or settled.
The components of the deferred tax asset and liability are classified as current
and concurrent based on their characteristics. Valuation allowances are provided
for deferred tax assets based on management’s projection of the sufficiency of
future taxable income to realize the assets.





Accounts
Payable





The
Company incurred accounts payable relating to professional fees including
accounting, audit and review fees, cost of goods sold, rent payable and other
service fee payables. As of August 31, 2010, the Company has accounts payable of
$136,243 and accrued expenses of $12,891.





Recently Issued Accounting
Pronouncements





The
following pronouncements have become effective during the period covered by
these financial statements or will become effective after the end of the period
covered by these financial statements:





Pronouncement
                      
                      Issued
                      
                      TitleASC
      310
                      
                      July 
      2010
                      
                      Receivables
      (Topic 310): Disclosures about the Credit Quality of Financing Receivables
      and the Allowance for Credit LossesASU
      No. 2010-21
                      
                      August 
      2010
                      
                      Accounting
      for Technical Amendments to Various SEC Rules and Schedules Amendments to
      SEC Paragraphs Pursuant to Release No. 33-9026: Technical Amendments to
      Rules, Forms, Schedules and Codification of Financial Reporting Policies
      (SEC Update)ASU
      No. 2010-22
                      
                      August
      2010
                      
                      Accounting
      for Various Topics—Technical Corrections to SEC Paragraphs (SEC
      Update)ASU
      No. 2010-23
                      
                      August
      2010
                      
                      Health
      Care Entities (Topic 954): Measuring Charity Care for Disclosure—a
      consensus of the FASB Emerging Issues Task ForceASU
      No. 2010-24
                      
                      August
      2010
                      
                      Health
      Care Entities (Topic 954): Presentation of Insurance Claims and Related
      Insurance Recoveries (a consensus of the FASB Emerging Issues Task
      Force)ASU
      No. 2010-25
                      
                      September
      2010
                      
                      Plan
      Accounting—Defined Contribution Pension Plans (Topic 962): Reporting Loans
      to Participants by Defined Contribution Pension Plans (a consensus of the
      FASB Emerging Issues Task Force)ASU
      No. 2010-26
                      
                      October
      2010
                      
                      Financial
      Services—Insurance (Topic 944): Accounting for Costs Associated with
      Acquiring or Renewing Insurance Contracts (a consensus of the FASB
      Emerging Issues Task
Force)





Management
does not anticipate that the new accounting pronouncements listed above will
have a material impact on our financial statements.





NOTE
C – RELATED PARTY TRANSACTIONS





Loans
from Officers and Shareholders





We have a
loan agreement with two private lenders who have now become our officers and
directors to advance us up to $75,000 in stages through September 30,
2009.  At August 31, 2010, $254,789 had been advanced, $181,450 by one
officer and $73,340 by the other.  The originally Due Date is the earlier
of: (i) the collection of Receivables by Borrower, (ii) a Change in Control
Transaction of Borrower, or (iii) December 31, 2009.   Change in
Control means any transaction pursuant to which more than 50% of the voting
rights of the stock of Borrower are transferred, directly or indirectly, to any
person, firm or entity.  Our current officers and directors have waived the
due date of the loan and indicated they will continue to provide us funding
under the above loan agreement and to increase the amount agreed to be advanced
and extend the due date as necessary to continue our current
operations.





9


As of
December 1, 2010, for additional consideration consisting of management and
legal services, an aggregate of the original $75,000 of the debt above can be
converted into common stock with such conversion terms and rights as may be
agreed by the parties in the future; provided, however, that the number of
shares of common stock to be issued upon conversion shall not exceed the total
authorized but unissued shares of common stock at the date of conversion and the
conversion price will not be below market price at the date of conversion.
Amounts advanced in addition to the $75,000 are not convertible at this
time.





Operating
Leases





The
Company entered into a sublease of office space. The sublease term runs from
September 1, 2008 through August 31, 2009 and required the issuance of 10,000
shares of Company common stock as consideration for the entire lease term. 
This lease is now terminated.  The value of the common stock was at $.05
per share or $500.  The Company currently utilizes space provided by an
officer at no charge.





NOTE
D – STOCKHOLDERS’ EQUITY





Common
Stock





On
February 28, 2008 (date of inception) the Company issued 50,000,000 shares of
common stock to its founder at $0.001 per share or $50,000 in initial capital
($24,733 cash and $25,267 subscription receivable) to fund the Company’s
development efforts.





Additionally
on February 28, 2008, the Company issued 2,000,000 shares of common stock for
legal services rendered which were valued at $2,000 based on the $0.001 value of
the shares issued.





On
March 21, 2008, the company issued 100,000 shares at a value of $ 0.05 per share
to one of the officer for compensation expense upon to the employment agreement
at a total value of $5,000.





During
the period March 1, 2008 through February 28, 2009, the Company issued an
additional 150,000 shares of common stock at $0.05 per share in a private
placement raising an aggregate of $7,500, and issued 3,240,000 shares of stock
at the $0.05 value for consulting services rendered at a value of
$162,000.





The
Company’s founder returned 20,010,000 shares of common stock to the Company for
no consideration of cancellation on August 14, 2008.





During the
period of March 1, 2010 to August 31, 2010, the Company issued no additional
shares. Therefore, as of August 31, 2010, there were a total of 35,480,000
common shares outstanding.





Amendments to Corporate
Articles of Incorporation





On
February 28, 2008, the Company was originally incorporated with 200,000,000
shares of common stock authorized with a $.0001 par value and 20,000,000 shares
of preferred stock with a $.0001 par value. On March 20, 2008, the Company
amended its articles to 900,000,000 shares of common stock authorized with a
$.0001 par value and 600,000,000 shares of preferred stock with a $.0001 par
value. Finally, on May 12, 2008, the Company amended its articles to its present
form with 100,000,000 shares of common stock authorized with a $.001 par value
and 25,000,000 shares of preferred stock authorized with a $.001 par
value.





All
references in the accompanying financial statements to the number of common and
preferred shares, par values and per share amounts have been retroactively
adjusted to reflect these amendments.





NOTE E - GOING
CONCERN





As shown
in the financial statements which have been prepared in conformity with
accounting principles generally accepted in the United States of America, which
contemplates continuation of the Company as a going concern, the Company has
incurred operating income of $21,750 during six months ended August 31, 2010;
and cumulative operating losses of $714,095 for the period February 28, 2008
(date of inception) through August 31, 2010.





10


The
Company is currently in the development stage and their activities consist
solely of corporate formation, raising capital, and attempting to secure
environmental remediation contracts.





There is
no guarantee that the Company will be able to raise enough capital or generate
revenues to sustain its operations and carry out its business plan.  These
conditions raise substantial doubt about the Company’s ability to continue as a
going concern.





Management
is focusing on collection of potential receivables from past operations,
determining how to move forward with existing remediation contracts and taking
such other actions as to protect shareholder value, including seeking a business
combination with a better capitalized company. For the period February 28, 2008
(date of inception) through August 31, 2010, the Company has revenues of
$45,525. Management believes that the Company’s continued operations as well as
loans from officers will provide them with the ability to continue as a going
concern.





The
financial statements do not include any adjustments relating to the carrying
amounts of recorded assets or the carrying amounts and classification of
recorded liabilities that may be required should the Company be unable to
continue as a going concern.





The Company’s lack of operating history
and financial resources raise substantial doubt about its ability to continue as
a going concern.  The financial statements do not include adjustments that
might result from the outcome of this uncertainty and if the Company is unable
to generate significant revenue or secure financing, then the Company may be
required to cease or curtail its operations.





NOTE
F – SUBSEQUENT EVENT





Entry
into a Material Definitive Agreement.





Acquisition
Agreement





On
September 16, 2010, pursuant to the terms of an Acquisition and Reorganization
Agreement (the “Acquisition Agreement”) by and between the Registrant (the
“Company”), Heights Management 63, LLC, a New York limited liability company
(“Heights”) and Scott Lieberman, the Company acquired all of the outstanding
membership interests of Heights resulting in Heights becoming a wholly-owned
subsidiary of the Company.





Redemption Agreement and
Promissory Note





On
September 16, 2010, pursuant to the terms of a Redemption Agreement (the
“Redemption Agreement”) by and between the Company and JTMW Partners (the
“Seller”), the Company agreed to redeem and cancel 30,710,00 shares of the
Company’s common stock owned by the Seller for a total of $510,000.  In
connection with the Redemption Agreement, the Company issued a secured
promissory note to the Seller (the “Promissory Note”) in the amount of $450,000,
payable on or before November 1, 2010.  As security for the payment of all
amounts due under the Promissory Note, the Company pledged its ownership
interest in its Heights subsidiary.  In addition, our President, Scott
Lieberman, agreed to personally guarantee the obligations of the Company under
the Promissory Note.





Completion
of Acquisition or Disposition of Assets





On
September 16, 2010, pursuant to the terms of the Acquisition Agreement, the
Company acquired all of the outstanding membership interests of Heights
resulting in Heights becoming a wholly-owned subsidiary of the
Company.





Pursuant
to the terms of the Agreement, as consideration for all of the outstanding
membership interests of Heights, the Company issued 8,700,000 newly issued
shares of the Company’s newly declared Series A Preferred Stock to the
Seller.  Each share of Series A Preferred Stock is convertible into and has
voting rights equal to fifty (50) days of common stock. Simultaneously, pursuant
to the terms of a Redemption Agreement, a total of 30,710,00 shares of the
Company’s common stock which were held by the Company’s former majority
stockholder.





11


Notice
to Quit





On or
about October 15, 2010, the Company’s Heights Management 63, LLC  (“Heights
63”) received a “Ten Day Licensee Notice to Quit”  (the “Notice”) related
to Heights 63’s license to operate its parking facility located at 404-413 East
63rd
Street, New York, NY, effective as of October 29, 2010.  The Company is
negotiating a revocation of the Notice with the landlord of  such
premises.  There can be no assurance given that the Company will be success
in its attempts to have the Notice and in the event that the Company is not
successful in resolving the outstanding issues with the landlord and Heights
63’s license is terminated, it will have a material, adverse effect on the
Company.




Item 2. Management’s Discussion and Analysis of Financial Condition and
Results of Operations





Forward-Looking
Statements





The
following discussion and analysis is provided to increase the understanding of,
and should be read in conjunction with, the Financial Statements of the Company
and Notes thereto included elsewhere in this Report. Historical results and
percentage relationships among any amounts in these financial statements are not
necessarily indicative of trends in operating results for any future period. The
statements, which are not historical facts contained in this Report, including
this Plan of Operations, and Notes to the Financial Statements, constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements are based on currently available
operating, financial and competitive information, and are subject to various
risks and uncertainties. Future events and the Company's actual results may
differ materially from the results reflected in these forward-looking
statements. Factors that might cause such a difference include, but are not
limited to, dependence on existing and future key strategic and strategic
end-user customers, limited ability to establish new strategic relationships,
ability to sustain and manage growth, variability of operating results, the
Company's expansion and development of new service lines, marketing and other
business development initiatives, the commencement of new engagements,
competition in the industry, general economic conditions, dependence on key
personnel, the ability to attract, hire and retain personnel who possess the
technical skills and experience necessary to meet the service requirements of
its clients, the potential liability with respect to actions taken by its
existing and past employees, risks associated with international sales, and
other risks described in the Company's other SEC filings.





The safe
harbors of forward-looking statements provided by Section 21E of the Exchange
Act are unavailable to issuers of penny stock. As we issued securities at a
price below $5.00 per share, our shares are considered penny stock and such safe
harbors set forth under the Reform Act are unavailable to us.





PLAN OF
OPERATIONS





We have
engaged primarily in environmental remediation activities.





We were
incorporated as Global Enterprise Holdings, Inc. in Nevada on February 28,
2008 and changed our name to International Development and Environmental
Holdings on June 16, 2008. We also do business under the name Global Environment
Company.





Since
inception, we have completed two contracts.  The first is Alliance
Petroleum in Bedford Park, Illinois and the second contract is Park Forest
Marathon in Park Forest, Illinois.  In addition, we have over 20 additional
contracts which we have not commenced.





An
Agreement and Plan of Merger (hereinafter referred to as the “Merger Agreement”)
dated as of January 8, 2010 was entered into by and between International
Development and Environmental Holdings, a corporation existing under the laws of
Nevada (“IDEH”)
and Petrocom Energy Limited, a Cayman Islands corporation (the “Target”).





The
Closing Date under the Merger Agreement has passed and there is substantial
doubt the merger will close.





However,
we have continued our operational activities by, among other things, securing
the services of counsel and consultants to continue to investigate and prosecute
reimbursement claims for our completed projects, negotiating with creditors,
assessing our options with respect to our other contracts and continuing to
explore all options to enhance shareholder value.





Development Stage Revenues
and Expenditures




Development
stage revenues during the period from inception on February 28, 2008 to August
31, 2010 were $45,525.  Development stage expenditures during the period
from inception on February 28, 2008 to August 31, 2010 were $960,636, which
consisted primarily of professional and consulting fees of $385,047 and general
and administrative expenses of $415,279, related to our formation, our
registration statement and related expenses of becoming and being a public
company and initial operations; and $160,310 in cost of sales related to our
operations.   Other income during the period inception on February 28,
2008 to August 31, 2010 was $201,016. This resulted in a net loss since
inception of $714,095.




12


Financial Condition,
Liquidity and Capital Resources





Our
principal capital resources have been acquired through the sale of shares of our
common stock and loans from our current officers and directors.





At August
31, 2010, we had total assets of $45,578 consisting of cash of $21,986 and
receivables of $25,592.





At August
31, 2010, our total liabilities were $403,924, consisting of loans from
management and accounts payable.





Cash
Requirements





We intend
to provide funding for our activities, if any, through collection of potential
receivables from our remediation activities and borrowing from our current
officers and directors.





We have a
loan agreement with two private lenders who have now become our officers and
directors to advance us up to $75,000 in stages through September 30,
2009.  At August 31, 2010, $254,790 had been advanced, $181,450 by one
officer and $73,340 by the other.  The originally Due Date is the earlier
of: (i) the collection of Receivables by Borrower, (ii) a Change in Control
Transaction of Borrower, or (iii) December 31, 2009.   Change in
Control means any transaction pursuant to which more than 50% of the voting
rights of the stock of Borrower are transferred, directly or indirectly, to any
person, firm or entity.  Our current officers and directors have waived the
due date of the loan and indicated they will continue to provide us funding
under the above loan agreement and to increase the amount agreed to be advanced
and extend the due date as necessary to continue our current operations. 
We have no agreement, commitment or understanding to secure any such funding
from any other source.





We have
$0 in cash at October 25, 2010.  We are continuing operations by minimizing
expenditures to the maximum extent possible and through the forbearance of our
creditors.  We are focusing on collection of potential receivables from
past operations, determining how to move forward with existing remediation
contracts and taking such other actions as to protect shareholder
value.




There is
substantial doubt about our ability to continue, as a going concern, over the
next twelve months.  There is uncertainty regarding our ability to commence
operations of our remediation business plan without additional financing.
 We have a history of operating losses, limited funds and no agreements,
commitments or understandings to secure additional financing except as set forth
above. Our future success is dependent upon our ability to achieve profitable
operations, generate cash from operating activities and obtain additional
financing. There is no assurance that we will be able to generate sufficient
cash from operations, sell additional shares of common stock or borrow
additional funds. Our inability to obtain additional cash could have a material
adverse affect on our financial position, results of operations and our ability
to continue in existence.





Item
3.  Quantitative and Qualitative Disclosure about Market Risk




Not
Applicable




Item
      4T.
            Controls
      and Procedures




Evaluation
of Effectiveness of Disclosure Controls and Procedures





We
carried out an evaluation required by Rule 13a-15(b) of the Securities Exchange
Act of 1934 under the supervision and with the participation of our chief
executive officer and chief financial officer of the effectiveness of the design
and operation of our “disclosure controls and procedures” as of the end of the
period covered by this Report.





Disclosure
controls and procedures are designed with the objective of ensuring that
(i) information required to be disclosed in an issuer’s reports filed under
the Securities Exchange Act of 1934 is recorded, processed, summarized and
reported within the time periods specified in the SEC rules and forms and
(ii) information is accumulated and communicated to management, including
our Principal Executive Officer and Principal Financial Officer, as appropriate
to allow timely decisions regarding required disclosures.





13


The
evaluation of our disclosure controls and procedures included a review of our
objectives and processes and effect on the information generated for use in this
Report. This type of evaluation will be done quarterly so that the conclusions
concerning the effectiveness of these controls can be reported in our periodic
reports filed with the SEC. We intend to maintain these controls as processes
that may be appropriately modified as circumstances warrant.





Based on
their evaluation, our chief executive officer and chief financial officer has
concluded that our disclosure controls and procedures are not effective in
timely alerting him to material information relating to the Company required to
be included in our periodic reports filed with the SEC as of the end of the
period covered by this Report. There were no changes in our internal control
over financial reporting that occurred during our last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting. However, a control system, no matter how well
conceived and operated, can provide only reasonable, not absolute, assurance
that the objectives of the control system are met. Management necessarily
applied its judgment in assessing the benefits of controls relative to their
costs. Because of the inherent limitations in all control systems, no evaluation
of controls can provide absolute assurance that all control issues and instances
of fraud, if any, within the company have been detected. The design of any
system of controls is based in part upon certain assumptions about the
likelihood of future events, and there can be no assurance that any design will
succeed in achieving its stated goals under all potential future conditions,
regardless of how remote. Because of the inherent limitations in a control
system, misstatements due to error or fraud may occur and may not be detected.
Our internal control over financial reporting was not effective for the
following reasons:





a.
              The
      deficiency was identified as the Company’s limited segregation of duties
      amongst the Company’s employees with respect to the Company’s control
      activities. This deficiency is the result of the Company’s limited number
      of employees. This deficiency may affect management’s ability to determine
      if errors or inappropriate actions have taken place.  Management is
      required to apply its judgment in evaluating the cost-benefit relationship
      of possible changes in our disclosure controls and
    procedures.





b.
            The
      deficiency was identified with respect to the Company’s Board of
      Directors.  This deficiency is the result of the Company’s limited
      number of external board members.  This deficiency may give the
      impression to the investors that the board is not independent from
      management.  Management and the Board of Directors are required
      to apply their judgment in evaluating the cost-benefit relationship of
      possible changes in the organization of the Board of
      Directors.





Changes in Internal Control over
Financial Reporting





There
have been no changes in our internal control over financial reporting (as
defined in Exchange Act Rule 13a-15(f)) during the three months ended August 31,
2010, that have materially affected, or are reasonably likely to materially
affect our internal control over financial reporting.





PART
II - OTHER INFORMATION




Item 1. Legal Proceedings





None.





Item 1A:  Risk Factors





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




Item 2. Changes in Securities





None




Item 3. Defaults upon Senior Securities.




None




Item 4. (Removed and Reserved).




None




14




Item 5. Other Information.




None




Item 6. Exhibits





Exhibit
                  Number
                
                Name and/or Identification of Exhibit31.1
                
                Certification
      of the Chief Executive Officer pursuant to Section 302 of the
      Sarbanes-Oxley Act of 2002.31.2
                
                Certification
      of the Chief Executive Officer and
      Chief Financial Officer pursuant to U.S.C. Section 1350 as
      adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
      2002.32.1
                
                Certification
      of Principal Executive Officer pursuant to Section 906 of the
      Sarbanes-Oxley Act of 200232.2
                
                Certification
      of Principal Financial Officer pursuant to Section 906 of the
      Sarbanes-Oxley Act of
2002




SIGNATURES





Pursuant
to the requirements 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.





INTERNATIONAL
      DEVELOPMENT
                    AND
      ENVIRONMENTAL HOLDINGSOctober 25, 2010
                  By:
                  /s/
      Scott LiebermanScott
      LiebermanPresidentOctober 25, 2010
                  By
                  /s/
      Scott LiebermanPrincipal
      Financial and PrincipalAccounting
      Officer




15