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: May 31,
      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)





1701 E. Woodfield Rd. Suite
915, Schaumburg, IL 60173


(Address
of principal executive offices and zip code)




800-884-1189


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   ̈ 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).   ̈ 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: 35,480,000 shares of common stock outstanding
as of July 12, 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
                14Item
      4.
                
                Controls
      and Procedures
                14PART
      II  OTHER INFORMATIONItem
      1.
                
                Legal
      Proceedings
                14Item
      1A.
                
                Risk
      Factors
                15Item
      2.
                
                Changes
      in Securities
                15Item
      3.
                
                Defaults
      Upon Senior Securities
                15Item
      4.
                
                Submission
      of Matters to a Vote of Security Holders
                15Item
      5.
                
                Other
      Information
                15Item
      6.
                
                Exhibits
                15


2





PART
I-FINANCIAL INFORMATION




Item
1. Financial Statements





Table
of Contents





Balance
      Sheets as of May 31, 2010 and February 28, 2010
                          4Statements
      of Operations for the three months ended May 31, 2010 and 2009, and
      cumulative from February 28, 2008 (Inception) to May 31,
    2010
                          5Statement
      of Stockholders’ Equity cumulative from February 28, 2008 (Inception) to
      May 31, 2010
                          6Statements
      of Cash Flows for the three months ended May 31, 2010 and 2009, and
      cumulative from February 28, 2008 (Inception) to May 31,
    2010
                          7Notes
      to Financial Statements
                          8


3





INTERNATIONAL DEVELOPMENT
AND ENVIRONMENTAL HOLDINGS





(A
Development Stage Company)





BALANCE
SHEET





May 31,
                
                
                February 28,2010
                
                
                2010UnauditedASSETSCurrent
      assets:Cash
      and cash equivalents
                
                $
                31,995
                
                
                $
                2,429Other
      Receivable
                
                
                20,736
                
                
                
                -Prepaid
      expense
                
                
                2,500
                
                
                
                -Total
      Current Assets
                
                $
                55,231
                
                
                $
                2,429TOTAL
      ASSETS
                
                $
                55,231
                
                
                $
                2,429LIABILITIES
      & EQUITYCurrent
      liabilities:Loan
      from officer
                
                $
                136,788
                
                
                $
                131,788Account
      payable
                
                
                247,909
                
                
                
                241,506Deferred
      revenue
                
                
                7,230
                
                
                
                7,230Total
      Current Liabilities
                
                $
                391,927
                
                
                $
                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 May 31, 2010 and February 28, 2010
                
                $
                35,480
                
                
                $
                35,480Paid-in
      capital
                
                
                322,270
                
                
                
                322,270Deficit
      accumulated during the development stage
                
                
                (694,446
                )
                
                
                (735,845
                )Total
      stockholders' equity
                
                $
                (336,696
                )
                
                $
                (378,095
                )TOTAL
      LIABILITIES & EQUITY
                
                $
                55,231
                
                
                $
                2,429


4


INTERNATIONAL DEVELOPMENT
AND ENVIRONMENTAL HOLDINGS


STATEMENTS OF
OPERATIONS




(A Development Stage
Company)





Three Months Ended
                
                
                February 28, 2008May 31
                
                
                (Date of Inception)2010
                
                
                2009
                
                
                to May 31, 2010Unaudited
                
                
                Unaudited
                
                
                UnauditedRevenues
                
                $
                -
                
                
                $
                23,720
                
                
                $
                45,525Cost
      of Goods Sold
                
                
                -
                
                
                
                10,617
                
                
                
                160,310Gross
      Profit
                
                $
                -
                
                
                $
                13,103
                
                
                $
                (114,785
                )Operating
      expenses:Research
      and development
                
                
                -
                
                
                
                -
                
                
                
                -Professional,
      consulting and marketing fees
                
                
                19,138
                
                
                
                500
                
                
                
                342,385Selling,
      general and administrative expenses
                
                
                3,336
                
                
                
                43,306
                
                
                
                412,839Depreciation
      and amortization expenses
                
                
                -
                
                
                
                368
                
                
                
                2,637Total
      Operating Expenses
                
                $
                22,474
                
                
                $
                44,174
                
                
                $
                757,861Operating
      Loss
                
                
                (22,474
                )
                
                
                (31,071
                )
                
                
                (872,646
                )Other
      Income, net
                
                
                63,873
                
                
                
                -
                
                
                
                177,900Investment
      income, net
                
                
                -
                
                
                
                200
                
                
                
                300Interest
      Expense, net
                
                
                -
                
                
                
                -
                
                
                
                -Income(Loss)
      before taxes
                
                
                41,399
                
                
                
                (30,871
                )
                
                
                (694,446
                )Income(Loss)
      tax expense
                
                
                -
                
                
                
                -
                
                
                
                -Net
      Income(Loss)
                
                $
                41,399
                
                
                $
                (30,871
                )
                
                $
                (694,446
                )Net
      Income(Loss) per common share-Basic
                
                $
                (0.00
                )
                
                $
                (0.00
                )
                
                $
                (0.02
                )Net
      Income(Loss) per common share-Diluted
                
                $
                (0.00
                )
                
                $
                (0.00
                )
                
                $
                (0.02
                )


5





INTERNATIONAL DEVELOPMENT
AND ENVIRONMENTAL HOLDINGS


(A Development Stage
Company)


STATEMENT OF STOCKHOLDERS
EQUITY


FOR THE PERIOD ENDED MAY 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 Williams for services rendered on 2/28/08
                  
                  
                  2,000,000
                  
                  
                  
                  2,000
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  2,000Net
      loss for the period ended 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 for cash @0.05 per share
                  
                  
                  150,000
                  
                  
                  
                  150
                  
                  
                  
                  7,350
                  
                  
                  
                  -
                  
                  
                  
                  7,500Issued
      common stocks for services rendered @0.05 per share
                  
                  
                  3,240,000
                  
                  
                  
                  3,240
                  
                  
                  
                  158,760
                  
                  
                  
                  -
                  
                  
                  
                  162,000Cancellation
      of shares by founder for no consideration
                  
                  
                  (20,010,000
                  )
                  
                  
                  (20,010
                  )
                  
                  
                  20,010
                  
                  
                  
                  -
                  
                  
                  
                  -Contributed
      capital
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  75,000
                  
                  
                  
                  -
                  
                  
                  
                  75,000Net
      Loss for the period ended 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 period ended May 31, 2010
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  41,399
                  
                  
                  
                  41,399Balance,
      May 31, 2010
                  
                  
                  35,480,000
                  
                  
                  $
                  35,480
                  
                  
                  $
                  322,270
                  
                  
                  $
                  (694,446
                  )
                  
                  $
                  (336,696
                  )


6





INTERNATIONAL
DEVELOPMENT AND ENVIRONMENTAL HOLDINGS


(A
Development Stage Company)


STATEMENTS
OF CASH FLOWS





Cumulative fromThree Months Ended
                
                
                February 28, 2008May 31
                
                
                (Date of Inception)2010
                
                
                2009
                
                
                to May 31, 2010Unaudited
                
                
                Unaudited
                
                
                UnauditedOperating
      Activities:Net
      Income (Loss)
                
                $
                41,399
                
                
                $
                (30,871
                )
                
                $
                (694,446
                )Adjustments
      to reconcile net income to net cash provided by Operating
      activities:Depreciation
                
                
                -
                
                
                
                368
                
                
                
                2,636Non-cash
      portion of share based legal fee expense
                
                
                -
                
                
                
                -
                
                
                
                2,000Non-cash
      portion of share based compensation expense
                
                
                -
                
                
                
                -
                
                
                
                5,000Non-cash
      portion of share based consulting expense
                
                
                -
                
                
                
                -
                
                
                
                162,000Non-cash
      issuances of President's contributed capital
                
                
                -
                
                
                
                18,750
                
                
                
                131,250Receivable
                
                
                (20,736
                )
                
                
                (2,995
                )
                
                
                (20,736
                )Prepaid
      expense
                
                
                (2,500
                )
                
                
                -
                
                
                
                (2,500
                )Increase
      (Decrease) in accounts payable
                
                
                6,403
                
                
                
                14,075
                
                
                
                252,909Increase
      (Decrease) in credit card payable
                
                
                -
                
                
                
                (5,034
                )
                
                
                -Increase
      (Decrease) in accrued compensation
                
                
                -
                
                
                
                18,750
                
                
                
                -Increase(Decrease)
      in deferred revenue
                
                
                -
                
                
                
                (7,730
                )
                
                
                7,230Net
      cash provided by operating activities
                
                $
                24,566
                
                
                $
                5,313
                
                
                $
                (154,657
                )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
                
                
                -
                
                
                
                -
                
                
                
                25,267Proceeds
      from officer loans
                
                
                5,000
                
                
                
                5,902
                
                
                
                131,788Net
      cash provided by financing activities
                
                $
                5,000
                
                
                $
                5,902
                
                
                $
                189,288Net
      increase (decrease) in cash and cash equivalents
                
                $
                29,566
                
                
                $
                11,215
                
                
                $
                31,995Cash
      and cash equivalents at beginning of the period
                
                
                2,429
                
                
                
                (406
                )
                
                
                -Cash
      and cash equivalents at end of the period
                
                $
                31,995
                
                
                $
                10,809
                
                
                $
                31,995


7





INTERNATIONAL
DEVELOPMENT AND ENVIRONMENTAL HOLDINGS


(A Development Stage
Company)




NOTES
TO 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 May 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
May 31, 2010 has $31,955 cash and cash equivalents.





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.


8





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 May
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 three months ended May 31, 2010, no revenue was
recognized.





Cost of Goods
Sold





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





Other
Income





For the
three months ended May 31, 2010, an amount of $ 63,873 of other income,
primarily relating to extension fees under a merger agreement, was recorded for
the Company. 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 May 31, 2010.


9


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 May 31, 2010, the Company has account payables of $
241,018 and accrued expenses of $6,891.





Operating
Expense





For the
three months ended May 31, 2010, the company has a total operating expense of
$22,474.


Details
are listed in Table below:


Three months EndedMay 31, 2010ExpenseMiscellaneous
                  
                  
                  82Consulting
      Expense
                  
                  
                  1,000Professional
      FeesAccounting
                  
                  $
                  16,018Legal
      Fees
                  
                  
                  3,120Total
      Professional Fees
                  
                  
                  19,138Rent
                  
                  
                  1,704Telephone
                  
                  
                  550Total
                  
                  $
                  22,474





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
      815
                  
                  March
      2010
                  
                  Derivatives
      and Hedging (Topic 815): Scope Exception Related to Embedded Credit
      DerivativesASC
      740
                    ASC
      718
                  
                  April
      2010
                    April
      2010
                  
                  Income
      Taxes (Topic 740): Accounting for Certain Tax Effects of the 2010 Health
      Care Reform Acts (SEC Update)
                    Compensation
      – Stock Compensation (Topic 718): Effect of Denominating the Exercise
      Price of a Share-Based Payment Award in the Currency of the Market in
      Which the Underlying Equity Security TradesASC
      932
                    ASC
      944
                  
                  April
      2010
                    April
      2010
                  
                  Accounting
      for Extractive Activities – Oil & Gas – Amendments to 932-10-S99-1
      (SEC Update)
                    Financial
      Services – Insurance (Topic 944): How Investments Held through Separate
      Accounts Affect an Insurer’s Consolidation Analysis of Those
      InvestmentsASC
      924
                  
                  April
      2010
                  
                  Entertainment
      – Casinos (Topic 924): Accruals for casino Jackpot
    LiabilitiesASC
      605
                    ASC
      310
                  
                  April
      2010
                    April
      2010
                  
                  Revenue
      Recognition – Milestone Method (Topic 605)
                    Receivables
      (Topic 310): Effect of a Loan Modification When the Loan is Part of a Pool
      That is Accounted for as a Single AssetASC
      830
                  
                  May
      2010
                  
                  Foreign
      Currency (Topic 830): Foreign Currency Issues: Multiple Foreign Currency
      Exchange Rates (SEC
Update)


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


10





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 May 31, 2010, $131,788 had been advanced, $58,448 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.


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 – SHAREHOLDERS’ 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 May 31, 2010, the Company issued no additional
shares. Therefore, as of May 31, 2010, there were a total of 35,480,000 common
shares outstanding.


11


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 losses of $22,474 and $31,071 during three months ended May
31, 2010 and 2009; and cumulative operating losses of $872,646 for the period
February 28, 2008 (date of inception) through May 31, 2010.





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 May 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.




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.


12





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 May 31,
2010 were $45,525.  Development stage expenditures during the period from
inception on February 28, 2008 to May 31, 2010 were $918,171, which consisted
primarily of professional, consulting and marketing fees of $342,385 and general
and administrative expenses of $415,476, 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 May 31, 2010 was $178,200. This resulted in a net loss since inception
of $694,446.




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 May
31, 2010, we had total assets of $55,231 consisting of cash of $31,995,
receivables of $20,736 and prepaid expenses of $2,500.





At May
31, 2010, our total liabilities were $391,927, consisting of loans from
management, accounts payable and deferred revenue.





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 May 31, 2010, $131,788 had been advanced, $58,448 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.


13





We have
$26,332 in cash at July 12, 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
4. Controls and Procedures





Evaluation of Disclosure
Controls and Procedures




We
carried out an evaluation, under the supervision and with the participation of
our management, including our principal executive officer and principal
financial officer, of the effectiveness of our disclosure controls and
procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act
(defined below)). Based upon that evaluation, our principal executive officer
and principal financial officer concluded that, as of the end of the period
covered in this report, our disclosure controls and procedures were effective to
ensure that information required to be disclosed in reports filed under the
Securities Exchange Act of 1934, as amended (the "Exchange Act") is recorded,
processed, summarized and reported within the required time periods and is
accumulated and communicated to our management, including our principal
executive officer and principal financial officer, as appropriate to allow
timely decisions regarding required disclosure.




Our
management, including our principal executive officer and principal financial
officer, does not expect that our disclosure controls and procedures or our
internal controls will prevent all error or fraud.  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.
Further, the design of a control system must reflect the fact that there are
resource constraints and the benefits of controls must be considered relative to
their costs.  Due to 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, have been detected. Accordingly, management
believes that the financial statements included in this report fairly present in
all material respects our financial condition, results of operations and cash
flows for the periods presented.




Changes in Internal Control
Over Financial Reporting




In
addition, our management, with the participation of our Principal Executive
Officer and Principal Financial Officer, has determined that no change in our
internal control over financial reporting occurred during or subsequent to the
quarter ended May 31, 2010 that has materially affected, or is (as that term is
defined in Rules 13(a)-15(f) and 15(d)-15(f) of the Securities Exchange Act of
1934) reasonably likely to materially affect, our internal control over
financial reporting.





PART
II - OTHER INFORMATION




Item
1. Legal Proceedings





None.


14


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




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 HOLDINGSJuly
      15, 2010
                    By:
                    /s/ Bernard
      J. Tanenbaum IIIBernard
      J. Tanenbaum IIIPresidentJuly
      15, 2010
                    By
                    /s/
      Michael T. WilliamsMichael
      T. WilliamsPrincipal
      Financial and PrincipalAccounting
      Officer


15