U.S.
Securities and Exchange Commission
 Washington,
D.C. 20549
 
 FORM
10-Q
  [X]
              Quarterly
      Report Under Section 13 or 15(d) of The Securities Exchange Act of 1934
      for the Quarterly Period Ended March 31,
2010.
 
 [
       ]
              Transition
      Report Under Section 13 or 15(d) of The Securities Exchange Act of 1934
      for the Transition Period from _______ to
  _______
 
 Commission
File Number: 000-52670
  BMX
DEVELOPMENT CORP.
 (Exact
name of small business issuer as specified in its charter)
  FLORIDA
              20-2089854(State
      or other jurisdiction of
              (IRS
      Employer Identification No.)incorporation
      or organization)
 
 19720
Jetton Road, 3rd
Floor
 Cornelius, North Carolina
28031
 (Address
of principal executive offices)
 
 704-892-8733
 (Issuer's
telephone number)
 
 Indicate
by check mark if the registrant is a well-know seasoned issuer, as defined in
Rule 405 of the Securities Act.
 Yes
[  ]                                No
[x]
 
 Indicate
by check mark if the registrant is not required to file reports pursuant to
Section 13 or Section 15(d) of the Act
 Yes
[  ]                                No
[x]
 
 Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or
for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90
days.
 [x]
 
 Indicate
by check mark whether the registrant has submitted electronically and posted on
its corporate Website, 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 such shorter period that the
registrant was required to submit and post such files).
 [  ]
 
 Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 if
Regulation S-K (229.405 of this Chapter) is not contained herein, and will not
be contained, to the best of the registrant’s knowledge, in definitive proxy of
information statements incorporated by reference in Part III of this Form 10-Q
or any amendments to this Form 10-Q.
 [  ]
  Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
definitions of “large accelerated filer”, “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act.
  Large
      accelerated filer
               ̈Non-accelerated
      filer
               ̈(Do
      not check if a smaller reporting company)Accelerated
      filer
               ̈Smaller
      reporting company
              þ
 
 Indicate
by check mark whether the registrant is a shell company (as defined in rule
12b-2 of the exchange act).
 Yes
[  ]                                No
[X]
 
 Number of
shares of common stock outstanding as of March 31, 2010:     4,914,500
 
 CAUTIONARY
STATEMENT REGARDING FORWARD LOOKING INFORMATION
 
 The
discussion contained in this 10-Q under the Securities Exchange Act of 1934, as
amended, contains forward-looking statements that involve risks and
uncertainties. The issuer's actual results could differ significantly from those
discussed herein. These include statements about our expectations, beliefs,
intentions or strategies for the future, which we indicate by words or phrases
such as "anticipate," "expect," "intend," "plan," "will," "we believe," "the
Company believes," "management believes" and similar language, including those
set forth in the discussions under "Notes to Consolidated Financial Statements"
and "Management's Discussion and Analysis or Plan of Operation" as well as those
discussed elsewhere in this Form 10-Q. We base our forward-looking statements on
information currently available to us, and we assume no obligation to update
them. Statements contained in this Form 10-Q that are not historical facts are
forward-looking statements that are subject to the "safe harbor" created by the
Private Securities Litigation Reform Act of 1995.
 
 
  INDEX TO
FORM 10-Q
 
 PART
      I
                  Page
  No.Item
      1.  Financial Statements
                  3Item
      2.  Management's Discussion and Analysis of Financial Condition
      and Results of Operations
                  11Item
      3.  Quantitative and Qualitative Disclosures About Market
      Risk
                  13Item
      4. Controls and Procedures
                  13Item
      4T. Controls and Procedures
                  13PART
      IIItem
      1.  Legal Proceedings
                  14Item
      1A. Risk Factors
                  14Item
      2.  Unregistered Sales of Equity Securities and Use of
      Proceeds
                  14Item
      3.  Defaults Upon Senior Securities
                  14Item
      4.  Submission of Matters to a Vote of Security
      Holders
                  14Item
      5.  Other Information
                  14Item
      6.  Exhibits
                  14
 2
  ITEM 1.CONSOLIDATED FINANCIAL
STATEMENTS
 
 INDEX TO
BMX DEVELOPMENT CORP. CONSOLIDATED FINANCIAL STATEMENTS
 BMX Development
      Corp
                      Page
      No.Consolidated
      Balance Sheets
                      4Consolidated
      Statements of Operations
                      5Consolidated
      Statement of Stockholders’ Equity
                      6Consolidated
      Statements of Cash Flows
                      7Notes
      to Consolidated Financial Statements
                      8
 3
  BMX
      DEVELOPMENT CORP.CONSOLIDATED BALANCE
      SHEETSAS
      OF MARCH 31, 2010 AND DECEMBER 31, 2009Unaudited
                
                
                AuditedASSETS
                
                03/31/2010
                
                
                12/31/2009CURRENT ASSETS:Cash
                
                $
                104,800
                
                
                $
                106,473TOTAL
      CURRENT ASSETS
                
                
                104,800
                
                
                
                106,473FIXED ASSETS:Machinery
      and equipment
                
                
                65,000
                
                
                
                65,000Accumulated
      depreciation
                
                
                (62,833
                )
                
                
                (62,833
                )TOTAL
      FIXED ASSETS
                
                
                2,167
                
                
                
                2,167TOTAL
      ASSETS
                
                $
                106,967
                
                
                $
                108,640LIABILITIES AND STOCKHOLDERS'
      EQUITYCURRENT LIABILITIESAccounts
      payable
                
                $
                5,350
                
                
                $
                4,275Due
      to related party
                
                
                5,000
                
                
                
                5,000Current
      portion of bank note payable
                
                
                1,394
                
                
                
                1,394TOTAL
      CURRENT LIABILITIES
                
                
                11,744
                
                
                
                10,669LONG-TERM LIABILITIESBank
      note payable
                
                
                2,242
                
                
                
                2,590TOTAL
      LONG-TERM LIABILITIES
                
                
                2,242
                
                
                
                2,590STOCKHOLDERS' EQUITYCommon
      stock ($.001 par value, 200,000,000 shares authorized; 4,914,500 shares
      issued and outstanding at March 31, 2010 and at December 31, 2009,
      respectively)
                
                
                4,915
                
                
                
                4,915Additional
      paid in capital
                
                
                291,852
                
                
                
                289,152Retained
      deficit
                
                
                (203,786
                )
                
                
                (198,686
                )TOTAL
      STOCKHOLDERS' EQUITY
                
                
                92,981
                
                
                
                95,381TOTAL
      LIABILITIES AND STOCKHOLDERS' EQUITY
                
                $
                106,967
                
                
                $
                108,640
 The
accompanying notes are an integral part of these consolidated financial
statements
  4
  BMX
      DEVELOPMENT CORP.CONSOLIDATED STATEMENTS OF
      OPERATIONSFOR
      THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009(Unaudited)
                
                For
      the Three MonthsEnded
      March 31,2010
                
                
                2009REVENUES:Sales
                
                $
                450
                
                
                $
                3,788Cost
      of sales
                
                
                (181
                )
                
                
                (1,515
                )Gross
      profit
                
                
                269
                
                
                
                2,273EXPENSES:Selling,
      general and administrative expenses
                
                
                4,959
                
                
                
                28,624Total
      expenses
                
                
                4,959
                
                
                
                28,624Loss
      from operations
                
                $
                (4,690
                )
                
                $
                (26,351
                )Interest
      expense
                
                
                (410
                )
                
                
                (579
                )Loss
      before income taxes
                
                
                (5,100
                )
                
                
                (26,930
                )Provision
      for income taxes
                
                
                -
                
                
                
                -NET
      LOSS
                
                $
                (5,100
                )
                
                $
                (26,930
                )Basic
      and fully diluted net loss per common share:
                
                $
                **
                
                
                $
                **Weighted
      average common shares outstanding
                
                
                4,914,500
                
                
                
                4,905,250**
      Less than $.01
 The
accompanying notes are an integral part of these consolidated financial
statements
 
 5
  BMX
      DEVELOPMENT CORP.CONSOLIDATED STATEMENT OF
      STOCKHOLDERS' EQUITYFOR
      THE THREE MONTHS ENDED MARCH 31, 2010(Unaudited)AdditionalCommon
      Stock
                
                
                Paid-in
                
                
                RetainedShares
                
                
                Amount
                
                
                Capital
                
                
                DeficitBalances,
      December 31, 2009
                
                
                4,914,500
                
                
                $
                4,915
                
                
                $
                289,152
                
                
                $
                (198,686
                )Fair
      value of rent contributed by related party
                
                
                -
                
                
                
                -
                
                
                
                2,700
                
                
                
                -Net
      loss for the three months ended March 31, 2010
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                (5,100
                )Balances,
      March 31, 2010
                
                
                4,914,500
                
                
                $
                4,915
                
                
                $
                291,852
                
                
                $
                (203,786
                )
 The
accompanying notes are an integral part of these consolidated financial
statements
 
 6
 
 BMX
      DEVELOPMENT CORP.CONSOLIDATED
      STATEMENTS OF CASH FLOWSFOR
      THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009Unaudited
                
                
                Unaudited2010
                
                
                2009CASH FLOWS FROM OPERATING
      ACTIVITIES:Net
      loss
                
                $
                (5,100
                )
                
                $
                (26,930
                )Adjustments
      to reconcile net loss to net cash provided by(used
      in) operations:Depreciation
                
                
                -
                
                
                
                3,250Fair
      value of warrants issued to accredited investors
                
                
                -
                
                
                
                21,123Fair
      value of rent contributed by related party
                
                
                2,700
                
                
                
                2,700Increase
      (decrease) in operating liabilitiesAccounts
      payable
                
                
                1,075
                
                
                
                103NET
      CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
                
                
                (1,325
                )
                
                
                246CASH FLOWS FROM FINANCING
      ACTIVITIES:Issuance
      of common shares to accredited investors
                
                
                -
                
                
                
                37,000Principal
      repayments of bank note payable
                
                
                (348
                )
                
                
                (305
                )NET
      CASH PROVIDED BY (USED) IN FINANCING ACTIVITIES
                
                
                (348
                )
                
                
                36,695NET
      INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
                
                
                (1,673
                )
                
                
                36,941CASH
      AND CASH EQUIVALENTS,BEGINNING
      OF THE PERIOD
                
                
                106,473
                
                
                
                87,074END
      OF THE PERIOD
                
                $
                104,800
                
                
                $
                124,015
 The accompanying notes are an integral
part of these consolidated financial statements
 
 7
 
 BMX
DEVELOPMENT CORP.
 NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS
 For the
Three Months Ended March 31, 2010 and 2009
 
 NOTE
1                      SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
 
 Business
Activity
 
 BMX
Development Corp., FKA Biometrix International Inc., (the “Company”) is a street
and off-road motorcycle servicing and repair company located in the Charlotte,
North Carolina area. The Company was certified as incorporated in the State of
Florida officially on January 3, 2005 although the articles of incorporation
were filed on December 28, 2004. Accordingly, under Florida Statutes 607.0203,
the effective date for corporate existence was December 28, 2004, within five
business days of the certification thereto.
 
 On May
30, 2007, we filed an amendment to the Articles of Incorporation with the
Secretary of State of Florida to change our corporate name to BMX Development
Corp. (“BMX”)
 
 On April
27, 2007, we acquired our sole wholly-owned subsidiary, Johnson High
Performance, Inc. ("JHP"). After the acquisition, we changed our corporate name
to BMX Development Corp. as mentioned above and began the business for
motorcycle repairs.
 
 On April
27, 2007, the Company (legal acquirer) executed a Plan of Exchange with JHP
(accounting acquirer), the sole shareholder of JHP, pursuant to which BMX issued
the new 200,000 common shares to Dean A. Stewart, sole shareholder of JHP,
pursuant to Regulation D under the Securities Act of 1933, as amended, in
exchange for all of the common shares of JHP. As a result, JHP became the
wholly-owner subsidiary of the Company.
 
 The above
mentioned stock exchange transaction has been accounted for as a reverse
acquisition and recapitalization of the Company whereby JHP is deemed to be the
accounting acquirer (legal acquiree) and the Company to be the accounting
acquiree (legal acquirer). The accompanying consolidated financial statements
are in substance those of JHP, with the assets and liabilities, and revenues and
expenses, of BMX being included effective from the date of stock exchange
transaction. BMX is deemed to be a continuation of the business of JHP.
Accordingly, the accompanying consolidated financial statements include the
following:
 
 (1)
      The balance sheet consists of the net assets of the accounting acquirer at
      historical cost and the net assets of the accounting acquiree at
      historical cost;
 
 (2)
      the financial position, results of operations, and cash flows of the
      acquirer for all periods presented as if the recapitalization had occurred
      at the beginning of the earliest period presented and the operations of
      the accounting acquiree from the date of stock exchange
      transaction.
 
 Basis of
Presentation
 The
consolidated financial statements include the accounts of BMX Development Corp.
and its wholly owned subsidiaries under the accrual basis of accounting. All
intercompany accounts and transactions have been eliminated.
 
 Management’s Use of
Estimates
 The
preparation of consolidated financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the consolidated financial statements and
the reported amounts of revenues and expenses during the reporting periods.
Actual results could differ from those estimates.
 
 Deferred
Taxes
 Income
taxes are provided in accordance with Statement of Financial Accounting
Standards No. 109 (SFAS No. 109), “Accounting for Income
Taxes.” A deferred tax asset or liability is recorded for all temporary
differences between financial and tax reporting and net operating loss-carry
forwards.
 
 Deferred
tax assets are reduced by a valuation allowance when, in the opinion of
management, it is more likely than not that, some portion or all of the deferred
tax asset will not be realized. Deferred tax assets and liabilities are adjusted
for the effect of changes in tax laws and rates on the date of
enactment.
 
 Fair Value of Financial
Instruments
 The
Company’s financial instruments are cash and accounts payable. The recorded
values of cash and payables approximate their fair values based on their
short-term nature.
 
 Cash and Cash
Equivalents - For purposes of the Statements of Cash Flows, the Company
considers highly liquid investments with an original maturity of three months or
less to be cash equivalents.
 
 Revenue Recognition –
Revenue is recognized when motorcycle repair services are completed provided
collection from the motorcycle owner of the resulting receivable is
probable.
 
 Comprehensive Income
(Loss) - The Company adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 130, “Reporting Comprehensive
Income”, which establishes standards for the reporting and display of
comprehensive income and its components in the consolidated financial
statements. There were no items of comprehensive income (loss) applicable to the
Company during the period covered in the consolidated financial
statements.
 
 Loss Per Share - The
Company reports loss per share in accordance with Statement of Financial
Accounting Standard (SFAS) No.128. This statement requires dual presentation of
basic and diluted earnings (loss) with a reconciliation of the numerator and
denominator of the loss per share computations. Basic earnings per share amounts
are based on the weighted average shares of common outstanding. If applicable,
diluted earnings per share would assume the conversion, exercise or issuance of
all potential common stock instruments such as options, warrants and convertible
securities, unless the effect is to reduce a loss or increase earnings per
share. There were no adjustments required to consolidated net loss for the
period presented in the computation of consolidated diluted earnings per share.
There were no common stock equivalents necessary for the computation of diluted
loss per share.
 
 Long-Lived Assets -
In accordance with SFAS No. 144, the Company reviews and evaluates its
long-lived assets for impairment whenever events or changes in circumstances
indicate that their net book value may not be recoverable. When such factors and
circumstances exist, including those noted above, the Company compares the
assets’ carrying amounts against the estimated undiscounted cash flows to be
generated by those assets over their estimated useful lives. If the carrying
amounts are greater than the undiscounted cash flows, the fair values of those
assets are estimated by discounting the projected cash flows. Any excess of the
carrying amounts over the fair values are recorded as impairments in that fiscal
period.
 
 Property and Equipment -Property and equipment is stated at cost. Depreciation is provided by the
straight-line method over the estimated economic life of the property and
equipment remaining from three to seven years.
 
 When
assets are sold or retired, their costs and accumulated deprecation are
eliminated from the accounts and any gain or loss resulting from their disposal
is included in the statement of operations.
 
 The
Company recognizes an impairment loss on property and equipment when evidence,
such as the sum of expected future cash flows (undiscounted and without interest
charges), indicates that future operations will not produce sufficient revenue
to cover the related future costs, including depreciation, and when the carrying
amount of the asset cannot be realized through sale. Measurement of the
impairment loss is based on the fair value of the assets.
 
 Risk and Uncertainties- The Company is subject to risks common to companies in the service
industry, including, but not limited to, litigation, development of new
technological innovations and dependence on key personnel.
 
 Share-Based Payments -The Company accounts for share-based compensation using the fair value
method of Financial Accounting Standard No. 123R. Common shares issued for
services rendered by a third party (both employees and non-employees) are
recorded at the fair value of the shares issued or services rendered, whichever
is more readily determinable. The Company accounts for options and warrants
under the same authoritative guidance using the Black-Scholes Option Pricing
Model.
 
 Advertising Costs -
Advertising costs are expensed as incurred. The Company does not incur any
direct-response advertising costs.
 
 Recent Accounting
Pronouncements- The Company has reviewed all recently issued, but not
yet effective, accounting pronouncements and do not believe the future adoption
of any such pronouncements may be expected to cause a material impact on its
financial condition or the results of its operations.
 
 8
 BMX
DEVELOPMENT CORP.
 NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
 For
the Three Months Ended March 31, 2010 and 2009
  FASB Accounting
Standards Codification
 
 (Accounting Standards Update (“ASU”)
2009-01)
 
 In
June 2009, FASB approved the FASB Accounting Standards Codification (“the
Codification”) as the single source of authoritative nongovernmental GAAP. All
existing accounting standard documents, such as FASB, American Institute of
Certified Public Accountants, Emerging Issues Task Force and other related
literature, excluding guidance from the Securities and Exchange Commission
(“SEC”), have been superseded by the Codification. All other non-grandfathered,
non-SEC accounting literature not included in the Codification has become
nonauthoritative. The Codification did not change GAAP, but instead introduced a
new structure that combines all authoritative standards into a comprehensive,
topically organized online database. The Codification is effective for interim
or annual periods ending after September 15, 2009, and impacts the
Company’s consolidated financial statements as all future references to
authoritative accounting literature will be referenced in accordance with the
Codification. There have been no changes to the content of the Company’s
consolidated financial statements or disclosures as a result of implementing the
Codification during the three months ended March 31, 2010.
 
 As a
result of the Company’s implementation of the Codification during the fiscal
year ended December 31, 2009, previous references to new accounting standards
and literature are no longer applicable. In the current annual consolidated
financial statements, the Company will provide reference to both new and old
guidance to assist in understanding the impacts of recently adopted accounting
literature, particularly for guidance adopted since the beginning of the current
fiscal year but prior to the Codification.
 
 Subsequent
Events
 
 (Included in Accounting Standards
Codification (“ASC”) 855 “Subsequent Events”, previously SFAS No. 165
“Subsequent Events”)
 
 SFAS
No. 165 established general standards of accounting for and disclosure of
events that occur after the balance sheet date, but before the consolidated
financial statements are issued or available to be issued (“subsequent events”).
An entity is required to disclose the date through which subsequent events have
been evaluated and the basis for that date. For public entities, this is the
date the consolidated financial statements are issued. SFAS No. 165 does
not apply to subsequent events or transactions that are within the scope of
other GAAP and did not result in significant changes in the subsequent events
reported by the Company. SFAS No. 165 became effective for interim or
annual periods ending after June 15, 2009 and did not impact the Company’s
consolidated financial statements. The Company evaluated for subsequent events
through the issuance date of the Company’s consolidated financial statements. No
recognized or non-recognized subsequent events were noted.
 
 Determination of
the Useful Life of Intangible Assets
 
 (Included in ASC 350 “Intangibles —
Goodwill and Other”, previously FSP SFAS No. 142-3 “Determination of the
Useful Lives of Intangible Assets”)
 
 FSP SFAS
No. 142-3 amended the factors that should be considered in developing
renewal or extension assumptions used to determine the useful life of a
recognized intangible asset under previously issued goodwill and intangible
assets topics. This change was intended to improve the consistency between the
useful life of a recognized intangible asset and the period of expected cash
flows used to measure the fair value of the asset under topics related to
business combinations and other GAAP. The requirement for determining useful
lives must be applied prospectively to intangible assets acquired after the
effective date and the disclosure requirements must be applied prospectively to
all intangible assets recognized as of, and subsequent to, the effective date.
FSP SFAS No. 142-3 became effective for consolidated financial statements
issued for fiscal years beginning after December 15, 2008, and interim
periods within those fiscal years. The adoption of FSP SFAS No. 142-3 did not
impact the Company’s consolidated financial statements.
 
 Noncontrolling
Interests
 (Included in ASC 810
“Consolidation”, previously SFAS No. 160 “Noncontrolling Interests in
Consolidated Financial Statements an amendment of ARB
No. 51”)
 
 SFAS
No. 160 changed the accounting and reporting for minority interests such
that they will be recharacterized as noncontrolling interests and classified as
a component of equity. SFAS No. 160 became effective for fiscal years
beginning after December 15, 2008 with early application prohibited. The
Company implemented SFAS No. 160 at the start of fiscal 2009 and no longer
records an intangible asset when the purchase price of a noncontrolling interest
exceeds the book value at the time of buyout. The adoption of SFAS No. 160
did not have any other material impact on the Company’s financial
statements.
 
 Consolidation of
Variable Interest Entities — Amended
 (To be included in ASC 810
“Consolidation”, SFAS No. 167 “Amendments to FASB Interpretation No.
46(R)”)
 
 SFAS
No. 167 amends FASB Interpretation No. 46(R) “Consolidation of
Variable Interest Entities regarding certain guidance for determining whether an
entity is a variable interest entity and modifies the methods allowed for
determining the primary beneficiary of a variable interest entity. The
amendments include: (1) the elimination of the exemption for qualifying
special purpose entities, (2) a new approach for determining who should
consolidate a variable-interest entity, and (3) changes to when it is
necessary to reassess who should consolidate a variable-interest entity. SFAS
No. 167 is effective for the first annual reporting period beginning after
November 15, 2009, with earlier adoption prohibited. The Company will adopt
SFAS No. 167 in fiscal 2010 and does not anticipate any material impact on
the Company’s financial statements.
 
 NOTE
2                      INCOME
TAXES
 
 At March
31, 2010, the Company had federal and state net operating loss carry forwards of
approximately $85,000 that expire in various years through the year
2023.
 
 Due to
operating losses, there is no provision for current federal or state income
taxes for the three months ended March 31, 2010 and 2009.
 
 Deferred
income taxes reflect the net tax effects of temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and
the amount used for federal and state income tax purposes.
 
 The
Company’s deferred tax asset at March 31, 2010 consists of net operating loss
carry forwards calculated using federal and state effective tax rates equating
to approximately $34,000 less a valuation allowance in the amount of
approximately $34,000. Because of the Company’s lack of earnings history, the
deferred tax asset has been fully offset by a valuation allowance. The valuation
allowance increased by approximately $2,000 for the three months ended March 31,
2010.
 
 The
Company’s total deferred tax asset as of March 31, 2010 is as
follows:
 
 Net operating loss carry
forwards                                                    $   34,000
 Valuation
allowance                                                                           (34,000)
 
 Net
deferred tax
asset                                                                                                      $   
    --
 ========
  The
reconciliation of income taxes computed at the federal and state statutory
income tax rate to total income taxes for the three months ended March 31, 2010
and 2009 is as follows:
 
 Income
tax computed at the federal statutory
rate                                     34%
 Income
tax computed at the state statutory
rate                                           5%
 Valuation
allowance                                                                                     (39%)
 
 Total
deferred tax
asset                                                                                0%
 
 9
 BMX
DEVELOPMENT CORP.
 NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
 For
the Three Months Ended March 31, 2010 and 2009
 NOTE
3                      CAPITAL
STOCK
 
 The
Company is authorized to issue 200,000,000 common shares at $.001 par value per
share.
 
 The
Company records the fair value of rent of its operational and headquarters
provided by a related party in the amount of $900 per month as a charge to
current period expense and a credit to additional paid in capital.
 
 During
the three months ended March 31, 2009, the Company issued 18,500 common shares
in exchange for $37,000 in cash collections, respectively, from the sale thereof
pursuant to a private placement to accredited investors made under Regulation
504.
 
 NOTE
4                      WARRANTS
 
 As part
of the issuance of common shares in 2009 noted in footnote 3 above, the Company
issued 18,500 stock warrants during the year 2009. No warrants were issued in
2010. These warrants expire in three years from issuance in the first quarter of
2009 and the exercise price is $2.00 per warrant. No warrants expired during
2010.
 
 During
the three months ended March 31, 2009, the Company recorded an expense of
$21,123, equal to the estimated fair value of the options at the date of grants.
The fair market value was calculated using the Black-Scholes options pricing
model, assuming approximately 5.0% risk-free interest, 0% dividend yield, 65%
volatility, and a life of three years. The remaining life of the warrants as of
March 31, 2010 is 2.00 years.
 
 NOTE
5                      LOSS PER
SHARE
 
 Loss per
share is computed by dividing the net loss by the weighted average number of
common shares outstanding during the period. Basic and diluted loss per share
was the same for the years ended December 31, 2009 and 2008.
 
 NOTE
6                      SUPPLEMENTAL CASH FLOW
INFORMATION
 
 Supplemental
disclosures of cash flow information for the three months ended March 31, 2010
and 2009 are summarized as follows:
 
 Cash paid
during the period for interest and income taxes:
 
 2009                               2010
 Income
Taxes                                                  $   --                                $  --
 Interest                                                             $
305                              $
410
 
 NOTE
7                      GOING CONCERN AND
UNCERTAINTY
 
 The
Company has suffered recurring losses from operations since inception. In
addition, the Company has yet to generate an internal cash flow from its
business operations. These factors raise substantial doubt as to the ability of
the Company to continue as a going concern.
 
 Management’s
plans with regard to these matters encompass the following actions: 1) obtain
funding from new investors to alleviate the Company’s working deficiency, and 2)
implement a plan to generate sales. The Company’s continued existence is
dependent upon its ability to resolve it liquidity problems and increase
profitability in its current business operations. However, the outcome of
management’s plans cannot be ascertained with any degree of certainty. The
accompanying consolidated financial statements do not include any adjustments
that might result from the outcome of these risks and
uncertainties.
 
 NOTE
8                      BANK NOTE
PAYABLE
 
 The
Company has a term bank note payable to an unrelated banking institution bearing
annual interest of 9.50% as of March of 2010, secured by equipment with a net
book value of approximately $2,167 at March 31, 2010. The note was originally
for $9,900 and consists of eighty-four monthly payments of principal and
interest of $168 with principal maturity in December, 2011.
 
 Principal
maturities of the bank note payable as of March 31, 2010 for the next five years
and thereafter are as follows:
 
 2010                                           $       1,394
 2011                                           $       2,242
 Total                                           $       3,636
 =======
 
 NOTE
9                      LEASE COMMITMENTS AND
RELATED PARTY TRANSACTIONS
 
 The
Company had a three year lease at $100 per month with a related party company
that is partially owned by its President. The lease, which was extended for a
one year period past its original expiration, currently expires on December 31,
2010. Therefore, no future minimum lease commitment exists beyond one
year.
 
 The
Company also has an oral, month-to-month lease with an individual related to the
Company’s Vice President. The lease is gratuitous and consists of approximately
1,100 square feet of space including a bay area, shop and office. The financial
statements herein include the imputed fair value of the space at $900 per month
based upon comparables in the area.
  10
  ITEM
2.MANAGEMENT'S
DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF
OPERATION
 
 As used herein the terms "we", "us",
"our," the “Registrant,” “BMX” and the "Company" means, BMX Development Corp., a
Florida corporation. These terms also refer to our wholly-owned subsidiary
corporation, Johnson High Performance, Inc. (“JHP”), organized and existing
under the laws of North Carolina on September 1, 2004, acquired on April 27,
2007.
 
 GENERAL
DESCRIPTION OF
BUSINESS
 We were
incorporated on December 28, 2004 under the name Biometrix International, Inc.
On May 30, 2007, we filed an amendment to the Articles of Incorporation with the
Secretary of State of Florida to change our corporate name to BMX Development
Corp. On April 27, 2007, we acquired our sole wholly-owned subsidiary, Johnson
High Performance, Inc. ("JHP"). After the acquisition, we changed our corporate
name to BMX Development Corp. as mentioned above and began the business for
motorcycle repairs.
 
 On April
27, 2007, BMX (legal acquirer) executed a Plan of Exchange with JHP (accounting
acquirer), the sole shareholder of JHP, pursuant to which BMX issued the new
200,000 common shares to Dean A. Stewart, sole shareholder of JHP, pursuant to
Regulation D under the Securities Act of 1933, as amended, in exchange for all
of the common shares of JHP. As a result, JHP became the wholly-owned subsidiary
of BMX.
 
 The above
mentioned stock exchange transaction has been accounted for as a reverse
acquisition and recapitalization of BMX whereby JHP is deemed to be the
accounting acquirer (legal acquiree) and BMX to be the accounting acquiree
(legal acquirer). The accompanying consolidated financial statements are in
substance those of JHP, with the assets and liabilities, and revenues and
expenses, of BMX being included effective from the date of stock exchange
transaction. BMX is deemed to be a continuation of the business of JHP.
Accordingly, the accompanying consolidated financial statements include the
following:
 
 (1)
      The balance sheet consists of the net assets of the accounting acquirer at
      historical cost and the net assets of the accounting acquiree at
      historical cost;
 
 (2)
      the financial position, results of operations, and cash flows of the
      acquirer for all periods presented as if the recapitalization had occurred
      at the beginning of the earliest period presented and the operations of
      the accounting acquiree from the date of stock exchange
      transaction.
 
 Since the completion of the Plan of
Exchange, which was on April 27, 2007, we have continued operations of JHP.
Prior to the merger with JHP, we were an inactive, dormant shell corporation. We
had been dormant since December, 2004 with operations consisting of only
organizational activities. Management decided that the repair and servicing of
motor cycles would be beneficial, thus we acquired a business in this
field.
 
 Our
operations primarily involve street and off-road motorcycle servicing and
repair, specializing in affordable brand name and after-market replacement
products. Through our emphasis on budget pricing and high quality service, we
have developed a market in the motorcycle service industry in the local
Charlotte, North Carolina area and a fifty mile surrounding area. We currently
operate one office and one service bay area that is maintained by a management
team of two individuals. The present geographic area we operate in includes
primarily the Mecklenburg County, and Iredell County areas of North Carolina.
Our subsidiary’s phone number is (336) 992-0241. This is the number used by
customers and for all other business related matters.
 
 Marketing
for our services is accomplished through print ads in newspapers as well as
wholesale referrals. Additionally, we utilize a network of motor cycle owners
and obtain business through networking with them.
 
 The
motorcycle repair service industry is highly competitive with respect to price,
service, quality, and location. There are numerous competitors in the motorcycle
repair servicing industry that possess substantially greater financial,
marketing, personnel and other resources. There can be no assurance that we will
be able to respond to various competitive factors affecting the business. We
plan to gain a competitive advantage over our competitors in the motorcycle
repair servicing industry by offering quality services at a low
price.
 
 We
believe our quality and good customer service will differentiate our services
from our competitors. For example, many of our listed prices currently match or
are lower than the advertised prices of our major competitors. Also, we offer
next day servicing on our repairs and our customer service professionals have an
average of five years in the motorcycle industry which allows them to better
serve our customers. However, since many of our competitors have greater brand
loyalty and more capital resources than we do, there can be no assurance we will
be successful in gaining that competitive advantage in our
marketplace.
 
 Our main
markets are individual retail customers and wholesale buyers and no single
customer makes up more than ten percent of our total revenues. We do not expect
that this will change in the future.
 
 We have
two full-time employees. We also have two management consultants that are each
independently contracted by us to service and provide financial consulting and
services.
 
 Our
service line consists primarily of the following:
 Air
      filters
                Fuel
      valves
                Throttle
      assembliesAir
      shifters
                Gaskets
                TiresCarburetors
                Ignitions
                Transmission
      and clutch partsChains
                Piston
      kits
                ValvesCylinders
                Race
      engine valves
                Velocity
      stacksExhaust
      systems
                RPM
      limiters
                Wheels
 
 We provide installation
services for these products.
 
 No single
customer accounts for more than ten percent of our business. At the present time
there is no need for governmental approvals, though this may change in the
future.
 
 Servicing
 
 Our tool
inventory consists of products which we purchase from wholesalers. Of our 200
total square feet of facility, 100 square feet is dedicated to accounting,
administration, billing, etc. We do provide installation and repair services
from this facility.
 
 Pricing
 
 The price
range of motor cycle replacement parts varies from market to market, affected by
several factors including brand recognition, marketing strategies, quality,
warranties, payment terms etc. A strategy primarily focused on being the lowest
price typically results in more intense competition and lower profit margin.
Therefore, on many of our services we offer multiple value choices in a
good/better/best assortment, with appropriate price and quality differences from
the “good” products to the “better” and “best” products. We believe that our
overall prices compare favorably to those of our competitors.
 
 Marketing
 
 We
believe that targeted advertising and marketing play important roles in
succeeding in today’s environment. We will constantly work to understand our
customers’ wants and needs so that we can build long-lasting, loyal
relationships. We plan to utilize marketing and advertising primarily to advise
customers about the overall importance of motor cycle maintenance, our great
value and the availability of high quality service and parts. We are attempting
to develop a targeted ‘loyalty program’ as a marketing method of driving new
traffic to us. The basic idea of a ‘loyalty program’ is providing incentive
discounts to the repeat customers. We will store up our customers' purchase
records and set up guidelines to identify qualified customers. Such guidelines
may include the total amount spent on repairs, or total visits for our services.
For example, we may provide a 10% discount to customers whose total yearly
spending exceeds $1,000. The loyalty program is still under development. We
believe such incentives will appeal to our targeted customers including garages,
service stations and other mechanics that repeatedly purchase use our services.
To increase average sales dollars per transaction, we utilize creative
promotional materials to increase the chance of up-selling and cross-selling
opportunities.
 
 Purchasing
and Supply Chain
 
 Replacement
parts are selected and purchased from various vendors locally. We currently have
several primary suppliers including Kustomwerks and Zippers. Neither of them are
related parties. We typically assemble a list of replacement parts and products
we need and phone or fax our orders into our suppliers on a daily basis. Most
replacement parts and products are delivered to us the same day. We do not have
any written distributors agreements with any of our suppliers. If we lost any of
our suppliers, we believe we will be able to replace them with a comparable
supplier without a material disruption to our business. However, we believe that
we currently have good relationships with our suppliers.
 
 Environmental
Law Compliance
  There are no current existing
environmental concerns for our services. If this changes in the future, we make
every effort to comply with all such applicable regulations.
 
 11
 
 RESULTS OF OPERATIONS FOR
THE THREE MONTHS ENDED MARCH 31, 2010 and 2009
 
 The following discussion should be read
in conjunction with the consolidated financial statements included in this
report and is qualified in its entirety by the foregoing.
 
 FORWARD
LOOKING STATEMENTS
 Certain
statements in this report, including statements of our expectations, intentions,
plans and beliefs, including those contained in or implied by "Management's
Discussion and Analysis" and the Notes to Consolidated Financial Statements, are
"forward-looking statements", within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), that are
subject to certain events, risks and uncertainties that may be outside our
control. The words “believe”, “expect”, “anticipate”, “optimistic”, “intend”,
“will”, and similar expressions identify forward-looking statements. Readers are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date on which they are made. We undertake no obligation to
update or revise any forward-looking statements. These forward-looking
statements include statements of management's plans and objectives for our
future operations and statements of future economic performance, information
regarding our expansion and possible results from expansion, our expected
growth, our capital budget and future capital requirements, the availability of
funds and our ability to meet future capital needs, the realization of our
deferred tax assets, and the assumptions described in this report underlying
such forward-looking statements. Actual results and developments could differ
materially from those expressed in or implied by such statements due to a number
of factors, including, without limitation, those described in the context of
such forward-looking statements.
 
 CRITICAL
ACCOUNTING POLICIES
 Revenue
recognition
 
 We
recognize revenue when repair services are completed, persuasive evidence of an
arrangement exists, the fee is fixed or determinable and collectibility is
probable. We assess collectibility based upon the clients’ financial condition
and prior payment history, as well as our performance under the
contract.
 
 Property, Plant, and
Equipment
 
 Property
and equipment are stated at cost less accumulated depreciation and accumulated
impairment losses, if any. Depreciation is calculated on the straight-line basis
over the following expected useful lives from the date on which they become
fully operational and after taking into account their estimated residual
values:
 
 Depreciable lifeMachinery
              5
      yearsEquipment
              5
      years
 
 Expenditure
for maintenance and repairs is expensed as incurred.
 
 Revenues
 
 Sales
were $450 and $3,788 for the three months ended March 31, 2010 and 2009,
respectively. Sales revenues were due primarily to motorcycle repairs and
maintenance. The decline in sales was due to fewer advertising in 2010 and a
recessionary economy.
 
 Gross
profits were $269 and $2,273 for the three months ended March 31, 2010 and 2009,
respectively. Sales revenues were due primarily to motorcycle repairs and
maintenance. The decline in quarterly revenues was due to fewer advertising in
2010 and a recessionary economy.
 
 Income /
Loss
 
 We had
net losses of $5,100 and $26,930 for the three months ended March 31, 2010 and
2009, respectively. The net losses in these periods were primarily due to the
amount of selling, general, and administrative expenses as $4,959 for the three
months ended March 31, 2010 compared to $28,624 for the three months ended March
31, 2009. The amount in expenses in 2009 was attributable to the issuance of
warrants in the first quarter of 2009 which were recorded at fair value of
$21,123 using the Black Scholes option pricing method.
 
 Expenses
 
 Operating
expenses for the three months ended March 31, 2010 and 2009 were $4,959 and
$28,624, respectively. The decrease was mainly attributable to the issuance of
warrants in the first quarter of 2009 which were recorded at fair value of
$21,123 using the Black Scholes option pricing method. The decrease is also
attributable to an overall decrease in sales.
 
 Cost of
Sales
 
 Cost of revenue primarily includes
sales of purchased motor cycle parts inventory. During the three months ended
March 31, 2010, we had cost of revenues of $181, or approximately 40.22% of
revenues, and $1,515 for the three months ended March 31, 2009, or approximately
39.99%. The cost of revenue as a percentage of revenue stayed constant with
costs of parts and labor staying constant during the three-month period ended
March 31, 2010.
 
 Impact of
Inflation
 
 We
believe that inflation has had a negligible effect on operations during the
three months ended March 31, 2010 and 2009. We believe that we can offset
inflationary increases in the cost of revenue by increasing revenue and
improving operating efficiencies.
 
 Liquidity and Capital
Resources
 
 Net cash
flows provided by (used in) operating activities were $(1,325) and $246 for the
three months ended March 31, 2010 and 2009, respectively, primarily attributable
to a net loss, which were $5,100 and $26,930 for the three months ended March
31, 2010 and 2009, respectively, offset by depreciation expense of $3,250 in
2009, fair value of rent provided in the amount of $2,700 in both 2010 and 2009,
and increases in accounts payable in March 31, 2010 in the amount of $1,075.
Also, the fair value of warrants issued to accredited investors decreased from
$21,123 in March 31, 2009 to $0 in March 31, 2010.
 
 There
were no cash flows from investing activities for the three months ended March
31, 2010 and 2009.
 
 Net cash
flows provided by (used in) financing activities were $(348) and $36,695 for the
three months ended March 31, 2010 and 2009, attributable to principal repayments
on our note payable to the bank in both periods. For the three months ended
March 31, 2009, the issuances of common shares to accredited investors in the
amount of $37,000 provided positive cash flows in financing activities for the
period.
 
 Overall,
we have funded all of our cash needs from inception through March 31, 2010 with
proceeds from issuance of our common stock.
 
 On March
31, 2010, we had cash of $104,800 on hand. We do not have or anticipate having
within the next 12 months any cash flow or liquidity problems and we are not in
default or in breach of our note or lease or other indebtedness or financing
arrangement requiring us to make payments.
 
 No
significant amount of our trade payables has been unpaid within the stated trade
term. We are not subject to any unsatisfied judgments, liens or settlement
obligations.
 
 12
 
 ITEM 3. QUANTITATIVE AND
QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
 The
information to be reported under this item is not required of smaller reporting
companies.
 
 ITEM 4. CONTROLS AND
PROCEDURES
 
 We
maintain disclosure controls and procedures designed to ensure that information
required to be disclosed in reports filed under the Securities Exchange Act of
1934 (“Exchange Act”) is recorded, processed, summarized and reported within the
specified time periods. Our Chief Executive Officer and its Chief Financial
Officer (collectively, the “Certifying Officers”) are responsible for
maintaining our disclosure controls and procedures. The controls and procedures
established by us are designed to provide reasonable assurance that information
required to be disclosed by the issuer in the reports that it files or submits
under the Exchange Act is recorded, processed, summarized and reported within
the time periods specified in the Commission’s rules and forms.
 
 As of the
end of the period covered by this report, the Certifying Officers evaluated the
effectiveness of our disclosure controls and procedures. Based on the
evaluation, the Certifying Officers concluded that our disclosure controls and
procedures were effective to provide reasonable assurance that information
required to be disclosed by us in the reports that we file or submit under the
Exchange Act is recorded, processed, summarized and reported, within the time
periods specified in the applicable rules and forms, and that it is accumulated
and communicated to our management, including the Certifying Officers, as
appropriate to allow timely decisions regarding required
disclosure.
 
 The
Certifying Officers have also concluded, based on their evaluation of our
controls and procedures that as of March 31, 2010, our internal controls over
financial reporting are effective and provide a reasonable assurance of
achieving their objective.
 
 The
Certifying Officers have also concluded that there was no change in our internal
controls over financial reporting identified in connection with the evaluation
that occurred during our fourth fiscal quarter that has materially affected, or
is reasonably likely to materially affect, our internal control over financial
reporting.
 
 ITEM 4T. CONTROLS AND
PROCEDURES
 
 (a) Conclusions
regarding disclosure controls and procedures. Disclosure controls and
procedures are the Company’s controls and other procedures that are designed to
ensure that information required to be disclosed by the Company in the reports
that the Company files or submits under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the Securities and
Exchange Commission’s rules and forms. Disclosure controls and procedures
include, without limitation, controls and procedures designed to ensure that
information required to be disclosed by the Company in the reports that it files
under the Exchange Act is accumulated and communicated to the Company’s
management, including its Chief Executive Officer and Chief Financial Officer,
as appropriate to allow timely decisions regarding required disclosure.
Management is responsible for establishing and maintaining adequate internal
control over financial reporting.
 
 Under the
supervision and with the participation of our management, including our
principal executive officer and principal financial officer, we conducted an
evaluation of our disclosure controls and procedures, as such term is defined
under Rule 13a-14(c) promulgated under the Exchange Act as of March 31, 2010,
and, based on their evaluation, as of the end of such period, the our disclosure
controls and procedures were effective as of the end of the period covered by
the Quarterly Report,
 
 (b) Management’s
Report On Internal Control Over Financial Reporting. It is management’s
responsibilities to establish and maintain adequate internal controls over the
Company’s financial reporting. Internal control over financial reporting is
defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Exchange Act as a
process designed by, or under the supervision of, the issuer’s principal
executive and principal financial officers and effected by the issuer’s
management and other personnel, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles and includes those policies and procedures that:
 
 •           Pertain
to the maintenance of records that in reasonable detail accurately and fairly
reflect the transactions and dispositions of the assets of the issuer;
and
 
 •           Provide
reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted
accounting principles and that receipts and expenditures of the issuer are being
made only in accordance with authorizations of management of the issuer;
and
 
 •           Provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the issuer’s assets that could have a
material effect on the financial statements.
 
 As of the
end of the period covered by the Quarterly Report, an evaluation was carried out
under the supervision and with the participation of our management, including
our Chief Executive Officer and Chief Financial Officer, of the effectiveness of
our internal control over financial reporting.
 
 Management
assessed the effectiveness of our internal control over financial reporting as
of March 31, 2010. In making this assessment, management used the criteria set
forth by the Committee of Sponsoring Organizations of the Treadway Commission in
Internal Control-Integrated Framework.
 
 Based on
that evaluation, our Chief Executive Officer and Chief Financial Officer have
concluded that, as of the end of such period, internal controls over financial
reporting were effective as of the end of the period covered by the
Report.
 
 Because
of its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements. Projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate. All internal control systems, no matter
how well designed, have inherent limitations. Therefore, even those systems
determined to be effective can provide only reasonable assurance with respect to
financial statement preparation and presentation. Because of the inherent
limitations of internal control, there is a risk that material misstatements may
not be prevented or detected on a timely basis by internal control over
financial reporting. However, these inherent limitations are known features of
the financial reporting process. Therefore, it is possible to design into the
process safeguards to reduce, though not eliminate, this risk.
 
 This
Quarterly Report does not include an attestation report of our registered public
accounting firm regarding internal control over financial reporting.
Management’s report was not subject to attestation by our registered public
accounting firm pursuant to temporary rules of the Securities and Exchange
Commission that permit us to provide only management’s report in this Quarterly
Report.
 
 (c) Changes in
internal control over financial reporting. There were no changes in our
internal control over financial reporting identified in connection with the
evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that
occurred during our last fiscal quarter that have materially affected, or are
reasonably likely to materially affect, our internal control over financial
reporting.
 
 13
 
 PART II. OTHER
INFORMATION
 
 ITEM
1. LEGAL PROCEEDINGS
 
 We are
not aware of any pending or threatened legal proceedings, in which we are
involved. In addition, we are not aware of any pending or threatened legal
proceedings in which entities affiliated with our officers, directors or
beneficial owners are involved.
  ITEM
1A. RISK FACTORS
  The
information to be reported under this item has not changed since the previously
filed 10K, for the year ended December 31, 2009.
 
 ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
 
 None.
 
 ITEM
3. DEFAULTS UPON SENIOR SECURITIES
 
 None.
 
 ITEM
4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
 
 None.
 
 ITEM
5. OTHER INFORMATION
 
 None.
 
 ITEM
6. EXHIBITS
 
 (1)
              Exhibits: Exhibits required to be attached
      by Item 601 of Regulation S-B are listed in the Index to Exhibits of this
      Form 10-Q, which is incorporated herein by
  reference.
 
 Reports on Form 8-K
filed
 
 On
February 8, 2010, we filed a Current Report on Form 8-K announcing that on
February 3, 2010, BMXD entered into an Agreement by and among the Registrant and
Apollo Energy Systems, Inc. Pursuant to the Agreement, BMXD was appointed as an
Apollo Distributor for the new Silver Volt II, Lead Cobalt Batteries and
Alkaline Fuel Cells for the United States. BMXD will attempt to sell the cars
through distributors, dealers, and fleet owners. The cars will be provided to
BMXD via the assembler, Viridian Motor Corporation.
 
 On
February 12, 2010, we filed a Current Report on Form 8-K announcing the
appointment of Mr. Robert Aronsson to the Advisory Board of Directors which is a
newly created subcommittee for the Electric Car Product Line
Division.
 
 14
 
 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, there
unto duly authorized.
 
 BMX
      DEVELOPMENT CORP.Date:
      May 12, 2010
              By:
              /s/ Michael
      J. BongiovanniMichael
      J. Bongiovanni
                President
 
 15
  INDEX
TO EXHIBITS
 
 Exhibit
      No.
              
              Description31.1
              
              Certification of Chief Executive
    Officer31.2
              
              Certification of Chief Financial
    Officer32.1
              
              Statement required by 18 U.S.C. Section 1350, as adopted
      pursuant to section 906 of the Sarbanes-Oxley Act of
2002.32.2
              
              Statement required by 18 U.S.C. Section 1350, as adopted
      pursuant to section 906 of the Sarbanes-Oxley Act of
    2002