SECURITIES
AND EXCHANGE COMMISSION
 Washington,
D.C. 20549
 ___________________________________
  FORM 10-Q
  QUARTERLY
REPORT UNDER SECTION 13 OR 15 (d) OF THE
 SECURITIES
EXCHANGE ACT OF 1934
 
 For
Quarter Ended: December 31, 2009
 
 Commission
File No. 000-52936
 
 1ST
      HOME BUY AND SELL LTD.
                (Name
      of small business issuer in its charter)Nevada
                (State
      or other jurisdiction of incorporation
                or
      organization)
              27-1034540
                (I.R.S.
      Employer Identification No.)5315 East 93 Street
                Tulsa, OK
                (Address
      of principal executive offices)(918) 808-7290
                (Registrant's
      telephone number, including area code)
                with
      a copy to:
                Carrillo
      Huettel, LLP
                3033
      Fifth Ave. Suite 201
                San
      Diego, CA 92103
                Telephone
      (619) 399-3090
                Telecopier
      (619) 330-1888
 Indicate
by check mark whether the registrant (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes    x  No o
 
 Indicate
by check mark 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  o   No o   N/Ax
 
 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 o                                                                                      Accelerated
Filer o
 
 Non-Accelerated Filer o                                                                          Smaller
Reporting Company x
 
 Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act).Yes
xNo o
 
 Issuer’s
revenues for its most recent fiscal year: Nil
 
 As of
February 1, 2010, there were 15,000,000 shares of the registrant’s Common Stock
outstanding.
 
 
 Table of Contents
 1
 
 1ST
HOME BUY AND SELL LTD.
 (A
Development Stage Company)
  Report
on Form 10-Q
 
 PART I – FINANCIAL INFORMATION
              PageItem 1.
              Unaudited
      Financial Statements
              3Item 2.
              Management's
      Discussion and Analysis of Financial Condition and Results of
      Operations
              9Item 3.
              Quantitative
      and Qualitative Disclosure About Market Risk
              12Item 4.
              Controls
      and Procedures
              12PART II – OTHER INFORMATIONItem 1.
              Legal
      Proceedings
              13Item 1A.
              Risk
      Factors
              13Item 2.
              Unregistered
      Sales of Equity Securities and Use of Proceeds
              13Item 3.
              Default
      Upon Senior Securities
              13Item 4.
              Submission
      of matters to a Vote of Security Holders
              13Item 5.
              Other
      Information
              13Item 6.
              Exhibits
              14
 
  
 Table of Contents
 2
 PART
I
 
 ITEM1.UNAUDITED FINANCIAL STATEMENTS
 
 1st
      Home Buy And Sell Ltd.(A
      Development Stage Company)Consolidated
      Balance Sheets(In
      Canadian Dollars)December
      31
                
                
                June
      30,2009
                
                
                2009ASSETS
                
                (unaudited)Current
      AssetsCash
                
                $
                15,699
                
                
                $
                -Prepaid
      Expenses
                
                
                523
                
                
                
                -Total
      Current Assets
                
                
                16,222
                
                
                
                -TOTAL
      ASSETS
                
                $
                16,222
                
                
                $
                -LIABILITIESCurrent
      LiabilitiesAccounts
      payable
                
                $
                16,260
                
                
                $
                17,854Accrued
      liabilities
                
                
                2,093
                
                
                
                11,044Shareholders'
      Loans
                
                
                52,238
                
                
                
                11,951Demand
      loans payable to related parties
                
                
                153,176
                
                
                
                153,176Total
      Current Liabilities
                
                
                223,767
                
                
                
                194,024TOTAL
      LIABILITIES
                
                
                223,767
                
                
                
                194,024STOCKHOLDERS’
      EQUITY (DEFICIT)Capital
      StockPreferred
      StockAuthorized:  10,000,000
      shares with $0.001 par value
                
                
                -
                
                
                
                -Issued:
      NilCommon
      StockAuthorized:
      65,000,000 common shares with $0.001 par valueIssued:   15,000,000
      (December 31, 2009)
                
                
                15,715
                
                
                
                15,71515,000,000
      (June 30, 2009)Additional
      paid-in capital
                
                
                22,313
                
                
                
                17,928Accumulated
      Other Comprehensive Income
                
                
                2,290
                
                
                
                (2,290
                )Deficit
      accumulated prior to re-entering the development stage
                
                
                (200,523
                )
                
                
                (200,523
                )Deficit
      accumulated during the development stage
                
                
                (47,339
                )
                
                
                (24,853
                )TOTAL
      STOCKHOLDERS' EQUITY (DEFICIT)
                
                
                (207,545
                )
                
                
                (194,024
                )TOTAL
      LIABILITIES AND STOCKHOLDERS' EQUITY
                
                $
                16,222
                
                
                $
                -The
      accompanying notes are an integral part of these consolidated financials
      statements.
 Table of Contents
 3
 1st
      Home Buy And Sell Ltd.(A
      Development Stage Company)Consolidated
      Statements of Operations(In
      Canadian Dollars)(unaudited)For
      the
                
                
                For
      the
                
                
                For
      the
                
                
                For
      the
                
                
                From
      date of re-entering Development Stage (September 1, 2008)Three
      Months
                
                
                Three
      Months
                
                
                Six
      Months
                
                
                Six
      Months
                
                
                throughDecember
      31, 2009
                
                
                December
      31, 2008
                
                
                December
      31, 2009
                
                
                December
      31, 2008
                
                
                December
      31, 2009General
      and Administrative ExpensesBank
      Charges
                
                $
                -
                
                
                $
                39
                
                
                $
                -
                
                
                $
                100
                
                
                $
                141Filing
      Fees
                
                
                -
                
                
                
                1,545
                
                
                
                1,649
                
                
                
                3,994
                
                
                
                8,289Office
      Expenses
                
                
                -
                
                
                
                696
                
                
                
                -
                
                
                
                1,215
                
                
                
                1,215Professional
      Fees
                
                
                13,235
                
                
                
                1,837
                
                
                
                16,452
                
                
                
                12,367
                
                
                
                33,309Interest
      expense
                
                
                2,471
                
                
                
                -
                
                
                
                4,386
                
                
                
                -
                
                
                
                4,386Total
      Expenses
                
                
                15,706
                
                
                
                4,117
                
                
                
                22,487
                
                
                
                17,675
                
                
                
                47,339Income
      (Loss) from Operations
                
                
                (15,706
                )
                
                
                (4,117
                )
                
                
                (22,487
                )
                
                
                (17,675
                )
                
                
                (47,339
                )Income
      (Loss) from Discontinued Operations
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                53
                
                
                
                -Net
      Profit (Loss)
                
                
                (15,706
                )
                
                
                (4,117
                )
                
                
                (22,487
                )
                
                
                (17,622
                )
                
                
                (47,339
                )Comprehensive
      Income (Loss)Net
      Loss
                
                
                (15,706
                )
                
                
                (4,117
                )
                
                
                (22,487
                )
                
                
                (17,622
                )
                
                
                (47,339
                )Foreign
      currency translation adjustment
                
                
                1,333
                
                
                
                (85
                )
                
                
                4,580
                
                
                
                374
                
                
                
                2,840Total
      Comprehensive Loss
                
                $
                (14,374
                )
                
                $
                (4,201
                )
                
                $
                (17,907
                )
                
                $
                (17,248
                )
                
                $
                (44,499
                )$
                (0.00
                )
                
                $
                (0.00
                )
                
                $
                (0.00
                )
                
                $
                (0.00
                )
                
                $Gain
      (Loss) per Share – Basic and Diluted15,000,000
                
                
                
                19,975,272
                
                
                
                15,000,000
                
                
                
                19,975,272Weighted
      Average Shares OutstandingThe
      accompanying notes are an integral part of these consolidated financials
      statements.
  Table of Contents
 4
 1st
      Home Buy And Sell Ltd.(A
      Development Stage Company)Consolidated
      Statements of Cash Flow(In
      Canadian Dollars)(unaudited)For
      the Six Months Ended
                
                
                For
      the Six Months Ended
                
                Cumulative
      from date of re-entering Development Stage (September 1, 2008) throughDecember
      31, 2009
                
                
                December
      31, 2008
                
                
                December
      31, 2009OperatingNet
      Loss
                
                $
                (22,487
                )
                
                $
                (17,622
                )
                
                $
                (47,339
                )Adjustments
      to reconcile net loss to net cash flows used in operating
      activitiesImputed
      interest on loans
                
                
                4,386
                
                
                
                -
                
                
                
                4,386Changes
      in operating assets and liabilitiesPrepaid
      Expense
                
                
                (523
                )
                
                
                -
                
                
                
                (523
                )Accounts
      payable
                
                
                (1,594
                )
                
                
                5,775
                
                
                
                5,599Accrued
      liabilities
                
                
                (8,951
                )
                
                
                (2,747
                )
                
                
                (2,491
                )Net
      effects from discontinued operations
                
                
                -
                
                
                
                (10,561
                )
                
                
                -Net
      cash flows from (used for) operations
                
                
                (29,169
                )
                
                
                (25,155
                )
                
                
                (40,368
                )FinancingBorrowings
      on debt
                
                
                40,288
                
                
                
                3,304
                
                
                
                52,238Payments
      on debt
                
                
                -
                
                
                
                (12,669
                )
                
                
                (12,669
                )Net
      cash flows from financing activities
                
                
                40,288
                
                
                
                (9,365
                )
                
                
                39,569Effect
      of exchange rate changes
                
                
                4,580
                
                
                
                374
                
                
                
                2,840Change
      in Cash
                
                
                15,699
                
                
                
                (34,146
                )
                
                
                2,040Cash
      - Beginning
                
                
                -
                
                
                
                34,628
                
                
                
                13,659Cash
      - Ending
                
                $
                15,699
                
                
                $
                482
                
                
                $
                15,699Supplemental
      Cash Flow InformationCash
      paid for:Income
      Taxes
                
                $
                -
                
                
                $
                -
                
                
                $
                -Interest
                
                $
                -
                
                
                $
                -
                
                
                $
                -The
      accompanying notes are an integral part of these consolidated financials
      statements.
  Table of Contents
 5
 1ST HOME
BUY and SELL LTD.
 (A
Development Stage Company)
 
 NOTES
TO FINANCIAL STATEMENTS
 
 DECEMBER
31, 2009
 (In
Canadian Dollars)
 (unaudited)
 
 
 
 Note
1 - The Company and Significant Accounting Policies
 
 The
Company
 
 1st
Home Buy and Sell Ltd. (the “Company”) was incorporated under the laws of the
state of Nevada on August 10, 2006.  The Company is a shell
corporation as a result of a spin-off of its operating subsidiary, Pacific Coast
Development Corp., on August 31, 2008.
 
 The
Company does not currently have any ongoing business operations. The historical
results of the split-off subsidiary have been reclassified as discontinued
operations in these financial statements.
 
 The
accompanying financial statements have been prepared by the Company without
audit.  In the opinion of management, all adjustments (which include
only normal recurring adjustments) necessary to present fairly the financial
position, results of operations, and cash flows at December 31, 2009, and for
all periods presented herein, have been made.
 
 Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with accounting principles generally accepted in the
United States of America have been condensed or omitted.  It is
suggested that these condensed financial statements be read in conjunction with
the financial statements and notes thereto included in the Company's June 30,
2009 audited financial statements.  The results of operations for the
period ended December 31, 2009 are not necessarily indicative of the
operating results for the full years.
 
 Development Stage
Company
 
 The
Company complies with current accounting guidance and the Securities and
Exchange Commission Exchange Act 7 for its characterization of the Company as
development stage.
 
 Estimates
 
 The
preparation of these consolidated financial statements in conformity with
accounting principles generally accepted in the United States requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of these consolidated financial statements and the reported amounts of
revenue and expenses during the period.  Actual results could differ
from these estimates.
 New Accounting
Pronouncements
 
 Recently Adopted Accounting
Pronouncements
 
 Effective
June 30, 2009, the Company adopted a new accounting standard issued by the FASB
related to the disclosure requirements of the fair value of the financial
instruments. This standard expands the disclosure requirements of fair value
(including the methods and significant assumptions used to estimate fair value)
of certain financial instruments to interim period financial statements that
were previously only required to be disclosed in financial statements for annual
periods. In accordance with this standard, the disclosure requirements have been
applied on a prospective basis and did not have a material impact on the
Company’s financial statements.
 
 Table of Contents
 6
 On
September 30, 2009, the Company adopted changes issued by the Financial
Accounting Standards Board (FASB) to the authoritative hierarchy of
GAAP.  These changes establish the FASB Accounting Standards
Codification (Codification) as the source of authoritative accounting principles
recognized by the FASB to be applied by nongovernmental entities in the
preparation of financial statements in conformity with GAAP.  Rules
and interpretive releases of the Securities and Exchange Commission (SEC) under
authority of federal securities laws are also sources of authoritative GAAP for
SEC registrants.  The FASB will no longer issue new standards in the
form of Statements, FASB Staff Positions, or Emerging Issues Task Force
Abstracts; instead the FASB will issue Accounting Standards
Updates.  Accounting Standards Updates will not be authoritative in
their own right as they will only serve to update the
Codification.  These changes and the Codification itself do not change
GAAP.  Other than the manner in which new accounting guidance is
referenced, the adoption of these changes had no impact on the Financial
Statements.
 
 Recently Issued Accounting
Standards
 
 In August
2009, the FASB issued an amendment to the accounting standards related to the
measurement of liabilities that are recognized or disclosed at fair value on a
recurring basis. This standard clarifies how a company should measure the fair
value of liabilities and that restrictions preventing the transfer of a
liability should not be considered as a factor in the measurement of liabilities
within the scope of this standard. This standard is effective for the Company on
October 1, 2009. The Company does not expect the impact of its adoption to be
material to its financial statements.
 
 In
October 2009, the FASB issued an amendment to the accounting standards related
to the accounting for revenue in arrangements with multiple deliverables
including how the arrangement consideration is allocated among delivered and
undelivered items of the arrangement. Among the amendments, this standard
eliminated the use of the residual method for allocating arrangement
considerations and requires an entity to allocate the overall consideration to
each deliverable based on an estimated selling price of each individual
deliverable in the arrangement in the absence of having vendor-specific
objective evidence or other third party evidence of fair value of the
undelivered items. This standard also provides further guidance on how to
determine a separate unit of accounting in a multiple-deliverable revenue
arrangement and expands the disclosure requirements about the judgments made in
applying the estimated selling price method and how those judgments affect the
timing or amount of revenue recognition. This standard, for which the Company is
currently assessing the impact, will become effective for the Company on January
1, 2011.
 
 In
October 2009, the FASB issued an amendment to the accounting standards related
to certain revenue arrangements that include software elements. This standard
clarifies the existing accounting guidance such that tangible products that
contain both software and non-software components that function together to
deliver the product’s essential functionality, shall be excluded from the scope
of the software revenue recognition accounting standards. Accordingly, sales of
these products may fall within the scope of other revenue recognition standards
or may now be within the scope of this standard and may require an allocation of
the arrangement consideration for each element of the arrangement. This
standard, for which the Company is currently assessing the impact, will become
effective for the Company on January 1, 2011.
 
 Note
2 - Going Concern
 
 The
accompanying financial statements have been prepared assuming that the Company
will continue as a going concern. However, the Company has suffered recurring
losses from operations and has a net capital deficiency that raises substantial
doubt about its ability to continue as a going concern.
 
 The
Company’s ability to continue as a going concern is dependent upon its ability
to generate profitable operations in the future and/or obtain the necessary
financing to meet its obligations and repay its liabilities arising from normal
business operations when they come due. Management has plans to seek additional
capital through a private placement and public offering of its common stock.
These plans, if successful, will mitigate the factors which raise substantial
doubt about the Company’s ability to continue as a going concern.
 
 The
financial statements do not include any adjustments that might result from the
outcome of this uncertainty.
 
 Table of Contents
 7
 Note
3 – Related Party Transactions
 
 Effective
July 1, 2006, the Company entered into a loan agreement with a related party. At
December 31, 2009, the balance owing is $153,176. The loan does not bear
interest and is due on demand. Imputed interest in the amount of $3,829 is
included in additional paid in capital.
 
 A
shareholder has agreed to loan funds to the company as needed to cover expenses.
As of December 31, 2009, the balance owing is $52,238.  The loan does
not bear interest and is due on demand.  Imputed interest in the
amount of $556 is included in additional paid in capital.
 
 Note
4 - Income Taxes
 
 The
Company is liable for US Federal taxes.  As of December 31, 2009, the
Company did not have any income for tax purposes and therefore, no tax liability
or expense has been included in these consolidated financial
statements.
 
 The
Company has accumulated net operating loss carry-forwards for tax purposes of
approximately $248,000 that may be available to offset future taxable
income.  These operating loss carry-forwards begin to expire in 2027. 
In accordance with the Tax Reform Act of 1986, annual utilization of the
Company’s net operating loss carry-forwards may be limited if a cumulative
change in ownership of more than 50% is deemed to occur within any three-year
period.
 
 The
deferred tax asset associated with the operating loss carry-forward is
approximately $80,000.  The Company has provided a valuation allowance
against the deferred tax asset as follows:
 
 Period
      End
                Operating
      Loss
                  Carry-Forward
                Deferred
                  Tax
      Asset
                Allowance
                Net
      Deferred Tax AssetJune
      30, 2008
                192,187
                62,461
                (62,461)
                -June
      30, 2009
                227,667
                73,992
                (73,992)
                -December
      31, 2009
                247,863
                80,555
                (80,555)
                -
 
 Note 5 - Subsequent
Events
 
 There
were no subsequent events expected to have a material impact on the Company’s
financial statements through the date of this filing.
  Table of Contents
 8
 ITEM2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION OR PLAN OF OPERATION
 
 FORWARD-LOOKING
STATEMENTS
  This Annual Report on Form 10-Q
contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”). These
forward-looking statements are not historical facts but rather are based on
current expectations, estimates and projections. We use words such as
“anticipate,” “expect,” “intend,” “plan,” “believe,” “foresee,” “estimate” and
variations of these words and similar expressions to identify forward-looking
statements. These statements are not guarantees of future performance and are
subject to certain risks, uncertainties and other factors, some of which are
beyond our control, are difficult to predict and could cause actual results to
differ materially from those expressed or forecasted. You should read this
report completely and with the understanding that actual future results may be
materially different from what we expect. The forward looking statements
included in this report are made as of the date of this report and should be
evaluated with consideration of any changes occurring after the date of this
Report. We will not update forward-looking statements even though our situation
may change in the future and we assume no obligation to update any
forward-looking statements, whether as a result of new information, future
events or otherwise.
  Please
note that throughout this Quarterly Report, and unless otherwise noted, the
words "we," "our," "us," the "Company," or "1st Home Buy and Sell," refers to
1st Home Buy and Sell,
Ltd.
 
 GENERAL
 
 On August
10, 2006, 1st Home Buy
& Sell Ltd. was formed as a Nevada corporation. Initial operations had
commenced under the name Pacific Coast Development Corp., a British Columbia
corporation (“PCDC”), which was operating out of Surrey, British
Columbia.  On July 1, 2006, prior to incorporating under the laws of
the State of Nevada, we had acquired a 70%, non-dilutive interest in PCDC in
exchange for CDN 100,000.  This pre-incorporation contract with PCDC
was ratified by our Board of Directors immediately after we were formally
incorporated on August 10, 2006. Thereafter, we conducted all operations through
our majority owned operational subsidiary, PCDC.
  On August
31, 2008, the Company became a shell corporation as a result of a spin-off of
PCDC.
  The
shares of our common stock have traded on the Over-the-Counter Bulletin Board
under the symbol “FHBY.OB” since June 12, 2008.
 
 CURRENT
BUSINESS OPERATIONS
 
 We
believe that effective approximately August 31, 2008, we became a “shell”
company as that term is defined in Rule 12b-2 of the Securities Exchange Act of
1934.
 
 As of the
date of this Quarterly Report, we shall continue to undertake efforts to develop
a business or merge with or acquire an operating company with operating history
and assets. The exact form and nature of any investment or activity that we may
undertake has not yet been determined. If we do not successfully pursue some
form of operating business, then our primary activity will likely involve
seeking merger or acquisition candidates with whom we can either merge or
acquire.
  Table of Contents
 9
 RESULTS
OF OPERATION
 
 We are a
development stage company and have not generated any revenue since entering the
development state. We have incurred recurring losses to date. Our financial
statements have been prepared assuming that we will continue as a going concern
and, accordingly, do not include adjustments relating to the recoverability and
realization of assets and classification of liabilities that might be necessary
should we be unable to continue in operation. We expect we will require
additional capital to meet our long term operating requirements. We expect to
raise additional capital through, among other things, the sale of equity or debt
securities.
 
 For
the three month period ended December 31, 2009
 
 During
the three month period ended December 31, 2009, we incurred general and
administrative expenses in the aggregate amount of $15,706 compared to $4,117
incurred during the three month period ended December 31, 2008 (an increase in
expenses of $11,589). This increase in expenses is attributable to increased
legal fees and interest.
 
 During
the three month period ended December 31, 2009, we recorded a foreign currency
translation adjustment of $1,333 compared to foreign currency translation
adjustment of $(85) during the three month period ended December 31,
2008.  This is attributable to a falling US dollar relative to the
Canadian dollar during this period.
 
 The
comprehensive loss during the three month period ended December 31, 2009 was
($14,374) compared to ($4,201) during the three month period ended December 31,
2008. This is attributable to the increase in operating expenses, primarily in
legal fees and interest.
 
 The
weighted average number of shares outstanding was 15,000,000 at December 31,
2009 compared to 19,975,272 at December 31, 2008.
 
 For
the six month period ended December 31, 2009
 
 During
the six month period ended December 31, 2009, we incurred general and
administrative expenses in the aggregate amount of $22,487 compared to $17,675
incurred during the six month period ended December 31, 2008 (an increase in
expenses of $4,811). This increase in expenses is attributable to increased
legal fees and interest.
 
 During
the six month period ended December 31, 2009, we recorded a foreign currency
translation adjustment of $4,580 compared to foreign currency translation
adjustment of $374 during the six month period ended December 31,
2008.  This is attributable to a falling US dollar relative to the
Canadian dollar during this period.
 
 The
comprehensive loss during the six month period ended December 31, 2009 was
($17,907) compared to ($17,248) during the six month period ended December 31,
2008. This is attributable to the increase in operating expenses, primarily in
legal fees and interest.
 
 The
weighted average number of shares outstanding was 15,000,000 at December 31,
2009 compared to 19,975,272 at December 31, 2008.
 
 LIQUIDITY
AND CAPITAL RESOURCES
 
 As
at December 31, 2009
 
 Our
financial statements have been prepared assuming that we will continue as a
going concern and, accordingly, do not include adjustments relating to the
recoverability and realization of assets and classification of liabilities that
might be necessary should we be unable to continue in operation.
 
 At
December 31, 2009, our current assets were $16,222 and our current liabilities
were $223,767, resulting in a working capital deficit of $207,545. At December
31, 2009, our total assets were $16,222 compared to total assets of $-0- at our
fiscal year ended June 30, 2009, an increase of $16,222 attributable to cash
provided through a shareholder loans, and prepaid expenses. As at December 31,
2009, our current liabilities were $223,767 compared to current liabilities of
$194,024 as at June 30, 2009, an increase of $29,743. This increase in current
liabilities is attributable primarily to a $40,288 increase in shareholder
loans, offset by a decrease in accounts payable and accrued
liabilities.
 
 Table of Contents
 10
 Stockholders’
deficit increased from ($194,024) as at June 30, 2009 to ($207,545) as at
December 31, 2009.
 
 We have
not generated positive cash flows from operating activities. For the six month
period ended December 31, 2009, net cash flow used for operating activities was
($29,169) compared to net cash flow used for operating activities of ($25,155)
for the six month period ended December 31, 2008.
 
 During
the six month period ended December 31, 2009, net cash flow provided by
financing activities was $40,288 compared to net cash flow from financing
activities of ($9,365) for the six month period ended December 31, 2008. Net
cash flow provided from financing activities during the six month period ended
December 31, 2009 pertained to additional borrowings on a shareholder
loan.
 
 PLAN
OF OPERATION AND FUNDING
 
 Existing
working capital, further advances and possible debt instruments, private
placements, and anticipated cash flow are not expected to be adequate to fund
the Company over the next six months. We have no lines of credit or other bank
financing arrangements. Generally, we have been financed to date through
shareholder and other related party loans.
 
 Additional
issuances of equity or convertible debt securities will result in dilution to
our current shareholders. Further, such securities might have rights,
preferences or privileges senior to our common stock. Additional financing may
not be available upon acceptable terms, or at all. If adequate funds are not
available or are not available on acceptable terms, we may not be able to take
advantage of prospective new business endeavors or opportunities, which could
significantly and materially restrict our business operations.
 
 MATERIAL
COMMITMENTS
 
 As of the
date of this Quarterly Report and other than as disclosed below, we do not have
any material commitments for fiscal year 2009/2010.
 
 Loan
Agreement
 
 On July
1, 2006, we entered into a loan agreement with a related party. As at December
31, 2009, the balance due and owing is CDN $153,176. The loan does not bear
interest and is due on demand.
 
 Moreover,
a shareholder has agreed to loan us funds as needed to cover expenses. As at
December 31, 2009, the balance due and owing the shareholder is $52,238. The
loan does not bear interest and is due on demand.
 
 PURCHASE
OF SIGNIFICANT EQUIPMENT
 
 We do not
intend to purchase any significant equipment during the next twelve
months.
 
 OFF-BALANCE
SHEET ARRANGEMENTS
 
 As of the
date of this Quarterly Report, we do not have any off-balance sheet arrangements
that have or are reasonably likely to have a current or future effect on our
financial condition, changes in financial condition, revenues or expenses,
results of operations, liquidity, capital expenditures or capital resources that
are material to investors.
 
 GOING
CONCERN
 
 The
independent auditors' report accompanying our June 30, 2009 and June 30, 2008
financial statements contains an explanatory paragraph expressing substantial
doubt about our ability to continue as a going concern. The financial statements
have been prepared "assuming that we will continue as a going concern," which
contemplates that we will realize our assets and satisfy our liabilities and
commitments in the ordinary course of business.
  Table of Contents
 11
 ITEM III. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
 
 We are a
smaller reporting company as defined by Rule 12b-2 of the Securities Exchange
Act of 1934 and are not required to provide the information under this
item.
 
 ITEM
IV. CONTROLS AND PROCEDURES
 
 EVALUATION
OF DISCLOSURE CONTROLS AND PROCEDURES
 
 We
maintain disclosure controls and procedures that are designed to ensure that
information required to be disclosed in our reports filed under the Securities
Exchange Act of 1934 , as amended, is recorded, processed, summarized and
reported within the time periods specified in the Securities and Exchange
Commission's rules and forms, and that such information is accumulated and
communicated to our management, including our president (also our principal
executive officer) and our secretary, treasurer and chief financial officer
(also our principal financial and accounting officer) to allow for timely
decisions regarding required disclosure.
 
 As of
December 31, 2009, the end of our second quarter covered by this Quarterly
Report, we carried out an evaluation, under the supervision and with the
participation of our president (also our principal executive officer), and our
chief financial officer (also our principal financial and accounting officer) of
the effectiveness of the design and operation of our disclosure controls and
procedures. Based on the foregoing, our President and Chief Financial Officer
concluded that our disclosure controls and procedures were not effective in
providing reasonable assurance in the reliability of our corporate reporting as
of the end of the period covered by this Quarterly Report due to certain
deficiencies that existed in the design or operation of our internal controls
over financial reporting as disclosed below and that may be considered to be
material weaknesses.
 
 Evaluation
of Internal Controls and Procedures Over Financial Reporting
 
 We
maintain disclosure controls and procedures that are designed to ensure that
information required to be disclosed by us in the reports that we file or submit
to the Securities and Exchange Commission under the Securities Exchange Act of
1934, as amended, is recorded, processed, summarized and reported within the
time periods specified by the Securities and Exchange Commission’s rules and
forms, and that information is accumulated and communicated to our management,
including our principal executive and principal financial officer (whom we refer
to in this periodic report as our Certifying Officer), as appropriate to allow
timely decisions regarding required disclosure. Our management evaluated, with
the participation of our Certifying Officer, the effectiveness of our disclosure
controls and procedures as of December 31, 2009, pursuant to Rule 13a-15(b)
under the Securities Exchange Act. Based upon that evaluation, our Certifying
Officer concluded that, as of December 31, 2009, our disclosure controls and
procedures were not effective and contained the following significant
deficiencies and material weaknesses of our internal controls over financial
reporting:
 
 1.
              We do not have an Audit
      Committee– While not being legally obligated to have an audit
      committee, it is the management’s view that such a committee, including a
      financial expert member, is an utmost important entity level control over
      the Company’s financial statement. Currently the Board of Directors acts
      in the capacity of the Audit Committee, consisting of one sole member who
      is not independent of management and one member who is independent of
      management, but lacks sufficient financial expertise for overseeing
      financial reporting
responsibilities.
 
 Audit
Committee
 
 As of the
date of this Quarterly Report, we do not have any members on our audit
committee. We have not appointed additional members to the Board of Directors
and, therefore, the respective role of an audit committee has been conducted by
our Board of Directors. When new members are to be appointed to the audit
committee, the audit committee's primary function will be to provide advice with
respect to our financial matters and to assist our board of directors in
fulfilling its oversight responsibilities regarding finance, accounting, and
legal compliance. The audit committee's primary duties and responsibilities will
be to: (i) serve as an independent and objective party to monitor our financial
reporting process and internal control system; (ii) review and appraise the
audit efforts of our independent accountants; (iii) evaluate our quarterly
financial performance as well as our compliance with laws and regulations; (iv)
oversee management's establishment and enforcement of financial policies and
business practices; and (v) provide an open avenue of communication among the
independent accountants, management and the board of directors.
 
 Our Board
of Directors has considered whether the provision of such non-audit services
would be compatible with maintaining the principal independent accountant's
independence. Our Board of Directors considered whether our principal
independent accountant was independent, and concluded that the auditor for the
three month period ended December 31, 2009 was independent
 
 Table of Contents
 12
 Changes
in Internal Control over Financial Reporting
 
 There
have been no significant changes in our internal controls over financial
reporting that occurred since our fiscal year ended June 30, 2009 that have
materially or are reasonably likely to materially affect, our internal controls
over financial reporting.
 
 PART
II - OTHER INFORMATION.
 
 ITEM1. LEGAL PROCEEDINGS.
 
 We are
not a party to any pending legal proceeding. No federal, state or local
governmental agency is presently contemplating any proceeding against the
Company. No director, executive officer or affiliate of the Company or owner of
record or beneficially of more than five percent of the Company's common stock
is a party adverse to the Company or has a material interest adverse to the
Company in any proceeding.
 
 Item
1A.RISK FACTORS.
 
 We are a
smaller reporting company as defined by Rule 12b-2 of the Securities Exchange
Act of 1934 and are not required to provide the information under this
item.
 
 ITEM

2.UNREGISTERED SALES OF EQUITY SECURITIES
AND USE OF PROCEEDS
 
 None.
 
 ITEM3.DEFAULTS UPON SENIOR SECURITIES
 
 None.
 
 ITEM

4. SUBMISSION OF MATTERS TO A VOTE OF
SECURITY HOLDERS
 
 On
December 12, 2009, the Company filed an Information Statement with the SEC
pursuant to Schedule 14(c), (the “Information Statement”). The Information
Statement will be sent to shareholders of the Company to notify them that on
December 5, 2009, the Company received written consent from the Company’s
majority shareholder that he voted in favor of adopting two resolutions,
including amending the Company’s articles of incorporation to change the name of
the Company to Infrastructure Developments Corp. and to ratify the appointment
of M&K CPAs, PLLC, as the Company's independent auditors for the fiscal year
ended June 30, 2010.
 ITEM5.OTHER INFORMATION
 
 The
Company’s will change its name from 1st Home Buy & Sell Ltd. to Infrastructure Developments
Corp. The name change is being undertaken because Management believes
that it is in the Company’s best interests to adopt a more generic name in line
with our current strategic focus and plan of operation, and the new name will
create more opportunities for the Company while management begins the process of
seeking out and initiating discussions with possible business combinations,
acquisition and/or transactions.  The name change of the Company will
become effective upon the filing of the certificate of amendment to the
Company’s articles of incorporation with Secretary of State of the State of
Nevada. We intend to file the certificate of amendment in late February or early
March 2010.
 Table of Contents
 13
 ITEM

6. EXHIBITS
 
 Number
              
              Description
      of Exhibit3.1
              
              Articles
      of Incorporation(1)3.2
              
              Bylaws(1)10.1
              
              Asset
      Purchase Agreement between 1st Home Buy and Sell Ltd.
      and DK Group N.A. N.V. (2)10.2
              
              Split-Off
      Agreement between 1st Home Buy and Sell Ltd.
      and Pacific Coast Development Corp. (3)16.1
              
              Letter
      from Independent Registered Public Accounting Firm from Moore &
      Associates (4)31.1
              
              Certification
      of Chief Executive Officer Pursuant to Rule 13a-14(a) or 15d-14(a) of the
      Securities Exchange Act.31.2
              
              Certification
      of the Chief Financial Officer Pursuant to Rule 13a-14(a) or 15d-14(a) of
      the Securities Exchange Act32.1
              
              Certification
      of Chief Executive Officer and Chief Financial officer Under Section 1350
      as Adopted Pursuant to Section 906 of the Sarbanes-Oxley
    Act.
 
 (1)  Filed
as an Exhibit to the Company's Registration Statement on Form SB-1 filed with
the SEC on May 11, 2007 and incorporated herein by this reference.
 (2)  Filed
as an Exhibit to the Company's Current Report on Form 8-K filed with the SEC on
July 3, 2008 and incorporated herein by this reference.
 (3)  Filed
as an Exhibit to the Company's Current Report on Form 8-K filed with the SEC on
September 9, 2008 and incorporated herein by this reference.
 (4)  Filed
as an Exhibit to the Company's Current Report on Form 8-K filed with the SEC on
August 7, 2009 and incorporated herein by this reference.
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 14
 SIGNATUR

ES
 
 Pursuant to the requirements of the
Exchange Act, the registrant caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
 
 1ST HOME BUY AND SELL
      LTD.Dated: February
      12th, 2010
              By:
              /s/ GARRY
      UNGERGarry
      Unger, Chief Executive OfficerDated:
      February 12th, 2010
              By:
              /s/
      GARRY UNGERGarry
      Unger, Chief Financial Officer
 
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