**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2010

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Commission file number: **000-50738**

**APD ANTIQUITIES, INC.**

(Exact name of small business issuer as specified in its charter)

| **Nevada**

** **

**91- 1959986**

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

**1314 S. Grand Boulevard, Suite 2 - 250, Spokane, WA**

** **

**99202**

(Address of principal executive offices)

 

(Zip Code)

Registrant's telephone number, (including area code): **(509) 744-8590**

Securities registered under Section 12(b) of the Act: **None**

Securities registered under Section 12(g) of the Act:

**Common Stock, par value $.001**

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

YES [  ]  NO [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 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.

YES [X]  NO [   ]

 

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

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 definition of “accelerated filer,” “larger accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):

Large accelerated filer [   ]

       Accelerated filer [   ]       Non- accelerated filer [  ]       Smaller reporting company [X]

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

The aggregate market value of the Registrant's Common Stock held by non-affiliates of the Registrant (3,911,111 shares) as of December 31, 2010 was approximately $97,778 based upon $0.025 per share, the last price at which the stock was issued.  The shares of our company are currently listed on the OTC Bulletin Board.

The Registrant had 4,431,111 shares of Common Stock outstanding as of April 1, 2011.

DOCUMENTS INCORPORATED BY REFERENCE

14A Proxy Statement was filed on December 22, 2010 and is referenced in Item 4 of this Form 10-K.

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**TABLE OF CONTENTS**

 

 

Page

**PART I**

 

4

 

 

 

Item 1.

Business

4

 

 

 

Item 1A.

Risk Factors

7

 

 

 

Item 2.

Properties

7

 

 

 

Item 3.

Legal Proceedings

7

 

 

 

Item 4.

Submission of Matters to a Vote of Security Holders

8

 

 

 

**PART II**

 

8

 

 

 

Item 5.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

9

 

 

 

Item 6.

Selected Financial Data

10

 

 

 

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

10

 

 

 

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

13

 

 

 

Item 8.

Financial Statements and Supplementary Data

14

 

 

 

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

28

 

 

 

Item 9A.

Controls and Procedures

28

 

 

 

Item 9B.

Other Information

29

 

 

 

**PART III**

 

30

 

 

 

Item 10.

Directors, Executive Officers, and Corporate Governance

30

 

 

 

Item 11.

Executive Compensation

31

 

 

 

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

32

 

 

 

Item 13.

Certain Relationships and Related Transactions, and Director Independence

33

 

 

 

Item 14.

Principal Accountant Fees and Services 

34

 

 

 

**PART IV**

 

36

 

 

 

Item 15.

Exhibits, Financial Statement Schedules

36

 

 

 

**SIGNATURES**

 

37

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**FORWARD LOOKING STATEMENTS**

This Report on Form 10-K and the documents incorporated by reference include “forward-looking statements”. To the extent that the information presented in this Report on Form 10-K discusses financial projections, information or expectations about our business plans, results of operations, products or markets, or otherwise makes statements about future events, such statements are forward-looking. Such forward-looking statements can be identified by the use of words such as “intends”, “anticipates”, “believes”, “estimates”, “projects”, “forecasts”, “expects”, “plans” and “proposes”. Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. These include, among others, the cautionary statements in the “Risk Factors” and “Management’s Discussion and Analysis or Plan of Operation” sections of this Report on Form 10-K. These cautionary statements identify important factors that could cause actual results to differ materially from those described in the forward-looking statements. When considering forward-looking statements in this prospectus, you should keep in mind the cautionary statements in the “Risk Factors” and “Management’s Discussion and Analysis or Plan of Operation” sections below, and other sections of this Report on Form 10-K.

The statements contained in this Report on Form 10-K that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements regarding our expectations, objectives, anticipations, plans, hopes, beliefs, intentions or strategies regarding the future. All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements. It is important to note that our actual results could differ materially from those included in such forward-looking statements. There are many factors that could cause actual results to differ materially from the forward looking statements. For a detailed explanation of such risks, please see the section entitled “Risk Factors” beginning on page 10 of this Report on Form 10-K. Such risks, as well as such other risks and uncertainties as are detailed in our SEC reports and filings for a discussion of the factors that could cause actual results to differ materially from the forward- looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on the forward-looking statements.

 

The following discussion should be read in conjunction with the audited consolidated financial statements and the notes included in this Report on Form 10-K and the section entitled “Management’s Discussion and Analysis or Plan of Operation” included in this Report on Form 10-K.
**PART I**

**ITEM 1. BUSINESS**

**Business Development**

APD Antiquities, Inc. (hereinafter "We", the "Registrant" or the "Company") was incorporated in the State of Nevada on July 23, 1996.

APD Antiquities, Inc. is an e-Commerce based Company engaged in the business of acquiring and marketing antiques. As of December 31, 2010 our inventory consists of four antiques, with an inventory cost of $3,755. Retail sales of antiques and collectibles are primarily facilitated through our website: www.apd-antiquities.com.

On December 27, 2004, APD Antiquities, Inc., a Nevada corporation and GCJ, Inc., ("GCJ") a Nevada corporation entered into to an Acquisition Agreement and Plan of Merger, whereby APD has acquired all the outstanding shares of common stock of GCJ from its sole stockholder in an exchange for $3,600 cash in a transaction where APD is the successor corporation. Pursuant to Rule 12g-3(g) of the General Rules and Regulations of the Securities and Exchange Commission, the APD Antiquities, Inc. is the successor issuer to GCJ for reporting purposes under the Securities Exchange Act of 1934, as amended (the "Act"). The purpose of this transaction was for APD Antiquities, Inc. to succeed to the registration status of GCJ under the Exchange Act pursuant to Rule 12g-3.

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**Inventory of Antiques Owned**

Our focusis high quality Asian antiques, Chinese art and other collectibles having their origin in Hong Kong and the Peoples Republic of China. We do not limit our inventory to Asian antiques exclusively.  We specialize in museum quality antique items such as statues, pottery, porcelain, earthen sculptures, gilt lacquer accessories, and jewelry. Other than this general mission, we have no established criterion or procedures for selecting merchandise.  

In order to catalogue our inventory, we utilize a computerized inventory control system. The computer system allows our sales staff to quickly identify and obtain information about every antique in inventory. 

**Clientele**

Our marketing efforts principally target individuals who have appreciated or collected antiques and collectibles, but who may not be aware of the availability of antiques for purchase. In addition, antique collectors, interior decorators, interior designers, private clients and corporations are being targeted as these groups may have an appreciation for antiques or collectibles.

 

We have two primary sales and marketing strategies. The first is a direct sales approach via an Internet retail site. Originating from our corporate headquarters, we have contracted with a local Web Designer/Internet Service Provider (ISP) for the development and hosting of our retail website. Upon accessing the site, interested parties are able to read about our Company, browse the some of the inventory items and place orders. Our gallery can be viewed at www.apd-antiquities.com. Utilizing the internet has allowed us to market antiques on a global basis. At the current time, due to the expense associated with secure credit card transactions, we do not accept credit card orders via the website.

Our second marketing and sales strategy is a proposed direct mail approach. The direct mail approach will focus on antique collectors, interior decorators, home designers, private clients and corporations. This marketing effort is aimed at attracting persons who have not necessarily had an awareness of the existence of antiques available for private sale. At the present time, management has agreed upon a plan concerning our direct sales approach. In this regard, we will need to undertake an assessment of local and national business, economic and social demographics. When we are in a position to conduct this research we will seek the services of a marketing/public relations firm. We are uncertain, at this time, which local or national firm we will secure to undertake such a demographic study. Due to capital constraints, we cannot implement our proposed direct sales approach at this time. 

For the year ended December 31, 2010, the Company sold no items and recorded no revenues. 

**Certificates of Authenticity**

Antiques in our inventory are frequently acquired with guarantees from the sellers. In order to verify authenticity the Company may also: (a) utilize information provided by the seller as to age, condition and origin of an antique upon the transfer of ownership; (b) subject the antique or collectible to our own expert examination; (c) employ outside experts available to it to examine the antique items or (d) use other means. 

We honor the Certificates of Authenticity provided by our wholesale vendors. Therefore, we have an obligation to refund to the customer the purchase price paid if any document is proven non-authentic. Should our determination of authenticity of an antique be erroneous we would, as a consequence, likely suffer a loss unless redress by the Company against the seller of the antiques could be obtained. We do not carry any insurance and are currently not aware of any entity that would offer or underwrite such insurance at commercially reasonable rates to protect us against a loss arising from either the purchase of antiques lacking authenticity or claims by customers for recovery against the Certificates of Authenticity. Currently, there are no claims against us and there have been no claims made against the Company pursuant to the Certificates of Authenticity. Accordingly, we have not established a reserve against the risk of forgery or against any exposure under the Certificates of Authenticity.

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**The Company**

The Company’s plan of operation for the coming year is to identify and acquire a favorable business opportunity through merger or acquisition. We have not yet entered into any agreement, nor do we have any commitment or understanding to enter into or become engaged in any transaction, as of the date of this filing.

Although the Company is still investigating the profitability of pursuing the antiquities business, management is of the belief that there may be more value for our shareholders if we were able to attract a more substantial operating company and engage in a merger or business combination of some kind, or acquire assets or shares of an entity actively engaged in business which generates revenues. Any business combination or transaction may result in a significant issuance of shares and substantial dilution to our present stockholders. The Company may also purchase stock or assets of an existing business.  On the consummation of a transaction, it is possible that the present management and shareholders of the Company will not be in control of the Company. In addition, the Company’s officers and directors may, as part of the terms of the acquisition transaction, resign and be replaced by new officers and directors without a vote of the Company’s shareholders.

The Company does not intend to restrict its consideration to any particular business or industry segment, and the Company may consider, among others, finance, brokerage, insurance, transportation, communications, research and development, biotechnology, service, natural resources, manufacturing or high-technology. However, due to the Company’s limited financial resources, the scope and number of suitable business venture candidates is limited, and most likely the Company will not be able to participate in more than a single business venture. Accordingly, it is anticipated that the Company will not be able to diversify, but may be limited to one merger or acquisition. This lack of diversification will not permit the Company to offset potential losses from one business opportunity against profits from another.

The Company’s operation following any future merger or acquisition of a business cannot be predicted at the present time.

**Competition**

We do not regard the business of marketing antiques as a definable industry. There are a great number of dealers of antiquities, many of which are only part-time operators, many are located in homes without any established commercial location and many are located in commercial office buildings or have retail space in metropolitan areas. We compete primarily with art galleries, antique stores and sellers of other collectible items, as well as dealers in Asian antiquities. 

When acquiring an antique or collectible, APD Antiquities, Inc. competes with persons who acquire similar antiques and collectibles for resale, as well as private collectors. The principal sources for antiques are wholesale vendors in Hong Kong and the People's Republic of China, as well as other Asian countries, such as Thailand, Viet Nam and South Korea. In the event prices for antiques increase materially, our ability to acquire antiques and, in turn, our ability to market such newly acquired antiques to the general public, may be adversely affected. However, if prices for antiques significantly increase, the resale/wholesale value of our inventory would be positively affected. 

There is no assurance that we will be able to continue to realize profits for existing inventory or items purchased for resale in the future. Moreover, existing dealers may choose to compete with us in the same manner or in a more favorable format than that of the Company. 

Barriers to entry into the market of sales of Asian antiques and collectibles are relatively low, and current and new competitors can launch new sites at relatively low costs using commercially available software. We potentially compete with a number of other companies marketing similar antiquities over the Internet. Pressures created by our competitors could have a material adverse effect on our business, results of operations and financial condition. We believe that the principal competitive factors in our market are volume and selection of goods, population of buyers and sellers, customer service, reliability of delivery and payment by users, brand recognition, Website convenience and accessibility, price, quality of search tools and system reliability. Some of our potential competitors have longer operating histories, larger customer bases, greater brand recognition and significantly greater financial, marketing, technical and other resources. In addition, other online trading services may be acquired by, receive investments from or 

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enter into other commercial relationships with larger, well-established and well-financed companies. Therefore, some of our competitors with other revenue sources may be able to devote greater resources to marketing and promotional campaigns, adopt more aggressive pricing policies, and devote substantially more resources to Website and systems development, or may try to attract traffic by offering incentives such as free products and/or services. Increased competition may result in reduced operating margins, loss of market share and diminished value in the Company brand. 

As a strategic response to changes in the competitive environment, we may, from time to time, make certain pricing, service or marketing decisions or acquisitions. Such decisions or acquisitions could have a material adverse effect on our business, results of operations and financial condition. New technologies and the expansion of existing technologies may increase competitive pressures on the Company by enabling our competitors to offer products at a lower cost. Certain Web-based applications that direct Internet traffic to certain Websites may channel users to retail services that compete with us. Although we plan to establish arrangements with online services and have listed our site with search engine companies, there can be no assurance that arrangements can be initially established, will be renewed on commercially reasonable terms or that they will otherwise bring traffic to our website. In addition, companies that control access to transactions through network access or web browsers could promote our competitors or charge us substantial fees for inclusion. Any and all of these events could have a material adverse effect on our business, results of operations and financial condition. 

**Seasonal Business**

The nature of the business in which the Company engages is not seasonal. 

**Employees**

As of that date of this filing, the Company has two part time independent, commissioned officers, including its executive officers, Ms. Swank and Mr. Edward Wong Wah On. Ms. Swank is currently employed by Eastern Washington University.  Mr. Wong Wah On is currently employed by Anka Consultants Limited, a consultant service provider headquartered in Sheung Wan, Hong Kong. APD Antiquities, Inc. does not serve as either individual's primary source of income. Ms. Swank currently spends about five percent (5%) of her free time on our operations. Mr. Wong is currently only able to dedicate a few hours per week working on our operations and is the person primarily responsible for selecting and purchasing antiques and collectibles. Our bylaws do not establish a minimum time commitment expected of each officer. We have no employment agreements with Ms. Swank or Mr. Wong. 

**ITEM 1A.  RISK FACTORS**

Smaller reporting companies are not required to provide the information required by this item.

**ITEM 2. PROPERTIES**

The address of the principal office is: 1314 S. Grand Boulevard, Suite 2 - 250, Spokane, WA 99202. An unaffiliated party is providing approximately 1,250 square feet of office space on a month-to-month basis at the rate of $300 per month. The subleased space is currently fully utilized by our operation. 

Management believes that this space is currently suitable for the Company's needs for an additional twelve (12) months. 

Our officers own the computer equipment the Company utilizes. 

**ITEM 3. LEGAL PROCEEDINGS**

We are not involved in any legal proceedings, and there are no material pending legal proceedings of which we are aware.

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

We held our Annual Meeting of Stockholders on January 31, 2011.  Set forth below is a summary of each matter voted upon at the meeting and the number of votes cast for, against, withheld or abstained.  Both proposals passed. 

*Proposal #1*: The re-election of Cindy Swank, Edward Wong Wah On, and Timothy Kuh to serve on the Board of Directors:

Nominee

 

Total Votes For All Nominees

 

Total Votes Withheld From All Nominees

Cindy Swank

 

1,366,268

 

0

Edward Wong Wah On

 

1,366,268

 

0

Timothy Kuh

 

1,366,268

 

0

*Proposal #2*: Ratification of the appointment of BehlerMick PS as our independent auditors for the year ending December 31, 2011:

Total Votes For

 

Total Votes Against

 

Abstained

1,366,268

 

0

 

0

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**PART II**

**ITE****M 5.  MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.**

THERE IS NO PUBLIC MARKET FOR THE COMPANY'S COMMON STOCK. THE COMPANY'S COMMON STOCK, PAR VALUE $.001, HAS NEVER BEEN TRADED ON ANY NATIONAL EXCHANGE OR OTHER FORMAL PUBLIC EXCHANGE QUOTATION MEDIUM. THERE IS NO TRADING MARKET FOR OUR COMMON STOCK AT PRESENT AND THERE HAS BEEN NO TRADING MARKET TO DATE. 

As of December 31, 2010 there were approximately 53 holders of record of the Company's Common Stock before calculating individual participants in security position listings pursuant to Rule 17Ad-8 under the Securities Exchange Act of 1934. The Company's transfer agent Nevada Agency and Trust Company, 50 West Liberty Street, Suite 880, Reno, Nevada 89501, reported approximately 53 beneficial owners of 3,911,111 shares the Company's issued and outstanding common stock, as of December 31, 2010. 

Since its inception in July of 1996, the Company has never paid cash dividends to the holders of the common stock. We presently intend to retain future earnings, if any, to finance the expansion of our business and we do not anticipate that any cash dividends will be paid in the foreseeable future. Our future dividend policy will depend on our earnings, capital requirements, expansion plans, financial condition and other relevant factors.

**Recent Sales of Unregistered Securities; Use of Proceeds From Unregistered Securities**

On June 24, 2010, we received $7,500 cash for 300,000 unregistered shares of common stock, par value $0.001, at $.025 per share. Stock certificates have not been issued to date. This investment is to be used to further capitalize the Company in order to pay operating expenses and to execute our business plan. We will rely on the exemption from registration provided by Section 4(2) and Rule 506 of Regulation D under the Securities Act of 1933, as amended (“Regulation D”), for sales to “accredited investors” (as such term is defined in Rule 501 of Regulation D).  The purchaser has represented to the Company that they are an “accredited investor.”  We believed that Section 4(2) was available because the offer and sale did not involve a public offering and there was no general solicitation or general advertising involved in the offer or sale and no fees were paid in connection with the transaction. 

On May 11, 2010, we received a $7,500 cash investment. The investment was exchanged for 300,000 unregistered shares of common stock, par value $0.001, at $.025 per share. Stock certificates have not been issued to date. This investment is to be used for further capitalize the Company in order to pay operating expenses and to execute our business plan. We will rely on the exemption from registration provided by Section 4(2) and Rule 506 of Regulation D under the Securities Act of 1933, as amended (“Regulation D”), for sales to “accredited investors” (as such term is defined in Rule 501 of Regulation D).  The purchaser has represented to the Company that they are an “accredited investor.”  We believed that Section 4(2) was available because the offer and sale did not involve a public offering and there was no general solicitation or general advertising involved in the offer or sale and no fees were paid in connection with the transaction. 

On April 2, 2010, we issued 600,000 unregistered shares of common stock, par value $0.001, at $.025 per share to one corporation in exchange for $15,000 cash.  We sold these restricted shares to further capitalize the Company in order to pay operating expenses and to execute our business plan. We relied on the exemption from registration provided by Section 4(2) and Rule 506 of Regulation D under the Securities Act of 1933, as amended (“Regulation D”), for sales to “accredited investors” (as such term is defined in Rule 501 of Regulation D).  The purchaser has represented to the Company that it is an “accredited investor.”  We believed that Section 4(2) was available because the offer and sale did not involve a public offering and there was no general solicitation or general advertising involved in the offer or sale and no fees were paid in connection with the transaction. 

On November 10, 2009, we issued 111,111 unregistered shares of common stock, par value $0.001, at $.045 per share to one corporation in exchange for $5,000 cash.  We sold these restricted shares to further capitalize the Company in order to pay operating expenses and to execute our business plan. We relied on the exemption from registration provided by Section 4(2) and Rule 506 of Regulation D under the Securities Act of 1933, as amended (“Regulation D”), 

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for sales to “accredited investors” (as such term is defined in Rule 501 of Regulation D).  The purchaser has represented to the Company that it is an “accredited investor.”  We believed that Section 4(2) was available because the offer and sale did not involve a public offering and there was no general solicitation or general advertising involved in the offer or sale and no fees were paid in connection with the transaction. 

On April 20, 2009, we issued 555,000 unregistered shares of common stock, par value $0.001, at $.045 per share to three corporations in exchange for $24,975 cash.   Each purchaser invested $8,325 and was issued 185,000 shares.  We sold these restricted shares to further capitalize the Company in order to pay operating expenses and to execute our business plan.  We relied on the exemption from registration provided by Section 4(2) and Rule 506 of Regulation D under the Securities Act of 1933, as amended (“Regulation D”), for sales to “accredited investors” (as such term is defined in Rule 501 of Regulation D).  Each purchaser has represented to the Company that they are an “accredited investor.”  We believed that Section 4(2) was available because the offer and sale did not involve a public offering and there was no general solicitation or general advertising involved in the offer or sale and no fees were paid in connection with the transaction.

In November 2008, we issued 25,000 shares of common stock in a private placement at $.20 per share. The issuance of the securities was exempt from the registration requirements of the Securities Act pursuant to the exemption set forth in Section 4(2) and Regulation D, Rule 506 of the Securities Act. Gross proceeds of $5,000 were paid to the Company in this private placement. No commission or finder's fee was paid in regards to this transaction.

In September 2008, we issued 25,000 shares of common stock in a private placement at $.50 per share. The issuance of the securities was exempt from the registration requirements of the Securities Act pursuant to the exemption set forth in Section 4(2) and Regulation D, Rule 506 of the Securities Act. Gross proceeds of $12,500 were paid to the Company in this private placement. No commission or finder's fee was paid in regards to this transaction.

In October 2007, we issued an aggregate of 25,000 shares of common stock in a private placement at $.50 per share. The issuance of the securities was exempt from the registration requirements of the Securities Act pursuant to the exemption set forth in Section 4(2) and Regulation D, Rule 506 of the Securities Act. Gross proceeds of $12,500 were paid to the Company in this private placement. No commission or finder's fee was paid in regards to this transaction.

In June 2005, we issued an aggregate of 250,000 shares of common stock in a private placement at $.10 per share. The issuance of the securities was exempt from the registration requirements of the Securities Act pursuant to the exemption set forth in Section 4(2) and Regulation D, Rule 506 of the Securities Act. Gross proceeds of $25,000 were paid to the Company in this private placement. No commission or finder's fee was paid in regards to this transaction.

**ITEM 6.  ****SELECTED FINANCIAL DATA**

Not applicable.

**ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

THE FOLLOWING PLAN OF OPERATIONS SECTION SHOULD BE READ IN CONJUNCTION WITH OUR FINANCIAL STATEMENTS AND THE NOTES THERETO INCLUDED ON PAGES 15 THROUGH 25 OF THIS ANNUAL REPORT ON FORM 10-K. ALL STATEMENTS IN THIS ANNUAL REPORT RELATED TO APD ANTIQUITIES’ CHANGING FINANCIAL OPERATIONS AND EXPECTED FUTURE OPERATIONAL PLANS CONSTITUTE FORWARD-LOOKING STATEMENTS. THE ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE ANTICIPATED OR EXPRESSED IN SUCH STATEMENTS. FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE.
The Company’s plan of operation for the coming year is to identify and acquire a favorable business opportunity through merger or acquisition. We have not yet entered into any agreement, nor do we have any commitment or understanding to enter into or become engaged in any transaction, as of the date of this filing.

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The Company's existing cash position is not sufficient to support its operations. Accordingly, the Company is continuing to examine a range of possible funding sources, including additional strategic alliances, additional equity or debt private placements, the sale of existing assets, the possibility of entering into one or more business transactions that could involve the merger or sale of the Company and/or the sale of some or all of its assets. We do not currently have any contractual restrictions on our ability to incur debt. Any such indebtedness could contain covenants that would restrict our operations. There can be no assurance that additional financing will be available on terms favorable to the Company, or at all. If equity or convertible debt securities are issued, the percentage ownership of our stockholders will be reduced, stockholders may experience additional dilution and such securities may have rights, preferences or privileges senior to those of the Company's common stock. This effect is attributed to the fact that while additional shares of common stock are issued from the company treasury, the Company's earnings at that particular moment remain consistent and, therefore, the earnings per share decreases. If the Company is unsuccessful in these efforts, the Company will be required to curtail its ongoing operations. If the Company were unable to sufficiently curtail its costs in such a situation, it might be forced to seek protection of the courts through reorganization, bankruptcy or insolvency proceeding or cease operations completely.

With respect to long term liquidity (periods in excess of one year), we are unable to reasonably project or otherwise make assumptions concerning future cash flows or amounts of funds that may be available to the Company. Long-term liquidity is directly dependent upon the future success of the Company's business, including our marketing strategy, our efforts to increase sales and the costs of goods sold relative to our market price. Management currently anticipates that cash flow from operations will increase in the long-term as the Company increases its sales and marketing activities. However, management also anticipates that our operating expenses will increase in the long-term as a result of the increase in sales and marketing activities as well as general and administrative activities. 

For more information concerning the Company's ability to continue as a going concern, see Note 2 to the financial statements. The Company's significant accounting policies are also detailed in Note 2 of the Company's Financial Statements. 

We have had minimal operations and very limited revenues. From inception we have accumulated an operating deficit of $224,162. For the year ended December 31, 2010, we had a net loss of $34,640 on gross revenues of $0 from no sales. As of December 31, 2010, we had cash of $41, inventories of $3,755 and accounts receivable of zero for total current assets of $3,796. We have realized only minimal revenue from sales and had a net loss for the year ended December 31, 2010. We believe that we could experience negative operating cash flow for the foreseeable future as a result of significant increased spending on advertising, augmentation of inventory, etc. 

The only development costs incurred since inception are with respect to finding suitable products that offer the Company potential for revenues and profits, as we market these products through our Website. 

Our ability to achieve profitable operations is subject to the validity of our assumptions and risk factors within the industry and pertaining to the Company. 

 

**Results of Operations**

FISCAL 2010 COMPARED TO FISCAL 2009

There were no revenues for the years ending December 31, 2009 or 2010.  This lack of revenue is attributed to the lack of time and focus of the president. The Company has capital restraints that have not allowed inventory augmentation and diversification, implementation of our marketing strategy, etc. There was no cost of goods sold for the years ending December 31, 2009 or 2010.  

For the twelve months ending December 31, 2010, the Company reported a net loss of $34,640 on gross revenues of $0 with gross profit on sales of $0 compared to sales of $0, a gross profit of $0 and net loss of $24,141 in the year ended December 31, 2009. The Company incurred Operating Expenses of $34,640 in the year ended December 31, 2010 and $24,141 in the year ended December 31, 2009. This is an increase of $10,499 from the year ending December 31, 2009 

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as compared to the year ended December 31, 2010. The major difference in the two periods is attributable to an increase in professional fees. 

The Company's independent public accountants have included explanatory paragraphs in their reports on the Company's financial statements for the years ended December 31, 2010 and 2009, which express substantial doubt about the Company's ability to continue as a going concern. As discussed in Note 2 to the Company's financial statements, included with this 10-K, the Company has suffered recurring losses from operations since inception and accumulated deficit that raises substantial doubt about its ability to continue as a going concern. 

**Liquidity and Capital Resources**

APD Antiquities, Inc. has limited assets. As of December 31, 2010, our assets consisted of cash of $41, inventories of $3,755 and accounts receivable of zero for total assets of $3,796. 

The current President of the Company owns a total of 202,004 shares of the Company's authorized stock, which she paid $1,150 in cash. Additionally, a private placement offering was made in reliance upon an exemption from the registration provisions of Section 5 of the Securities Act of 1933, as amended, pursuant to Regulation D, Rule 504, of the Act. Between May 1, 1999 and May 24, 1999, we raised $51,000 through the sale of 51,000 shares of common stock in connection with the above-mentioned private placement offering, at a price of $1.00 per share, to forty  unaffiliated shareholders. On December 21, 2004, the Company implemented a 4 for 1 split of the common stock. In September of 2004, we raised $10,000 through the sale of 40,000 shares of common stock at a price of $.25 per share, to one unaffiliated shareholder.  In June of 2005, we raised $25,000 through the sale of 250,000 shares of common stock at a price of $.10 per share, to one unaffiliated shareholder.  In October of 2007, we raised $12,500 through the sale of 25,000 shares of common stock at a price of $.25 per share, to one unaffiliated shareholder.  In September of 2008, we raised $12,500 through the sale of 25,000 shares of common stock at a price of $.50 per share, to one unaffiliated shareholder.  In November of 2008, we raised $5,000 through the sale of 25,000 shares of common stock at a price of $.20 per share, to one unaffiliated shareholder.  In April 2009, we issued 555,000 unregistered shares of its common stock, par value $0.001, at $.045 per share from our treasury to three corporations in exchange for $24,975 cash.  In November of 2009, we raised $5,000 through the sale of 111,111 shares of common stock at a price of $.045 per share, to one unaffiliated company.  In April 2010, we issued 600,000 shares of unregistered shares of its common stock, par value of $0.001, at $.025 per share from our treasury to two corporations in exchange for $15,000 cash.  In May 2010, we received a $7,500 cash investment and will issue 300,000 unregistered shares of common stock, par value $0.001 at $.025 per share, to one unaffiliated individual.  In June 2010, we received $7,500 cash and will issue 300,000 unregistered shares of common stock, par value $0.001, at $.025 per share, to one unaffiliated individual.

The inventory periodically reviewed by management to determine if there has been any known auction or interdealer sales of similar antiques at reduced prices and to determine if a reduction in the inventory carrying value is needed. The Company's review of its inventory of antiques has shown no decline in market value below cost. 

During the past two fiscal years, the Company has not experienced any adverse impact arising from inflation. However, in the event prices for antiques increase materially or the value of the dollar decrease against other currencies, the Company's ability to acquire antiques, and, in turn, its ability to market such newly acquired antiques to its market, may be adversely affected. Thus, although the retail and wholesale values of the Company's existing inventory might be favorably affected by increasing prices, passing along such increases to customers could have an inhibiting effect on the Company's overall business. Management of the Company believes that tangible collectibles move inversely with financial assets over the long term. As a result, during times of greater inflationary expectations, tangible collectibles may actually be the beneficiary of greater interest. 

The Company anticipates no material commitments for capital expenditures at the present time. Management is not aware of any trend in the Company's capital resources, which may have an impact on its income, revenue or income from continuing operations.

- 12 -

**Critical Accounting Policies and Estimates**

This discussion and analysis of our financial condition and results of operations are based on our financial statements that have been prepared under accounting principles generally accepted in the United States of America. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could materially differ from those estimates. We have disclosed all significant accounting policies in Note 2 to the financial statements included in this Form 10-K. Our critical accounting policies are:

Revenue recognition: Sales are recognized as revenue when the amounts are contractually earned, fixed and determinable, and there is substantial probability of collection. Revenues from retail sales are recognized at the time the products are delivered.

Although the Company does not provide a written warranty on its items sold, the Company will refund the purchase price paid to any customer in those instances when an item sold is proven to be non-authentic. In a majority of instances, the Company receives a certificate of authenticity for documents (items) purchased from its vendors and is reasonably assured as to the provenance of its products. Since inception, the Company has made no refunds for the sale of any non-authentic items nor has the Company received any claims or notice of prospective claims relating to such items. Accordingly, the Company has not established a reserve against forgery or non-authenticity. 

If a product proves not to be authentic, the Company would give a full refund to the purchaser and record a charge for sales returns. 

 

Inventories: Inventories are accounted for using the specific identification method, and stated at the lower of cost or market, with market representing the lower of replacement cost or estimated net realizable value. The Company has no insurance coverage on its inventory.

The Company has no inventory on consignment at December 31, 2009 or 2008. In the future, if the Company consigns inventory, it will retain title and will insure the inventory until the inventory is sold, returned, lost, stolen, damaged, or destroyed. 

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

As of the date hereof, the debt the Company has is with no variable or fixed interest, however, in the future we may incur debt or issue debt instruments. The fair market value of any future debt will be sensitive to changes in prevailing interest rates. The Company runs the risk that market rates will decline and the required payments will exceed those based on the current market rate. We do not use interest rate derivative instruments to manage our exposure to interest rate changes. 

- 13 -

**ITEM 8.  FINANCIAL STATEMENTS**

APD ANTIQUITIES, INC.

INDEX TO FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm

 

15

Balance Sheets for December 31, 2010 and December 31, 2009

 

16

Statements of Operations for twelve months ended December 31, 2010 and December 31, 2009

 

17

Statement of Stockholder’s Equity as of December 31, 2010

 

18

Statements of Cash Flows for twelve months ended December 31, 2010 and December 31, 2009

 

20

Notes to Financial Statements for period ended December 31, 2010

 

21 to 28

- 14 -

To the Board of Directors and Stockholders

APD Antiquities, Inc.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We have audited the accompanying balance sheets of APD Antiquities, Inc. as of December 31, 2010 and 2009, and the related statements of operations, stockholders’ equity and cash flows for each of the years in the two-year period ended December 31, 2010. APD Antiquities, Inc.’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of APD Antiquities, Inc. as of December 31, 2010 and 2009, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2010 in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 2, the Company has a history of operating losses, has limited cash resources, and its viability is dependent upon its ability to meet its future financing requirements, and the success of future operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans regarding those matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/S/BehlerMick PS

Spokane, Washington

March 24, 2011

- 15 -

APD ANTIQUITIES, INC.

BALANCE SHEETS

 

 

December 31,

 

 

 

2010

 

2009

 

ASSETS

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

Cash

 

$

41

 

$

1,962

 

Inventory

 

 

3,755

 

 

4,709

 

Total Current Assets

 

 

3,796

 

 

6,671

 

TOTAL ASSETS

 

$

3,796

 

$

6,671

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

Accounts payable

 

$

21,154

 

$

13,456

 

Accrued expenses

 

 

5,500

 

 

10,200

 

Commissions payable - related party

 

 

4,229

 

 

5,462

 

Total Current Liabilities

 

 

30,883

 

 

29,118

 

 

 

 

 

 

 

 

 

LONG TERM LIABILITIES

 

 

 

 

 

 

 

Loan payable – related party

 

 

5,000

 

 

5,000

 

Note Payable

 

 

1,200

 

 

1,200

 

Total Long Term Liabilities

 

 

6,200

 

 

6,200

 

 

 

 

 

 

 

 

 

COMMITMENTS AND CONTINGENCIES

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

Preferred stock, 5,000,000 shares authorized, $0.001 par value;

no shares issued and outstanding

 

 

-

 

 

-

 

Common stock, 20,000,000 shares authorized, $0.001 par value;

3,911,111 and 2,711,111 shares issued and outstanding, respectively

 

 

3,911

 

 

2,711

 

Additional paid-in capital

 

 

186,964

 

 

158,164

 

Accumulated deficit

 

 

(224,162

)

 

(189,522

)

Total Stockholder’s Equity (Deficit)

 

 

(33,287

)

 

(28,647

)

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY(DEFICIT)

 

$

3,796

 

$

6,671

 

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

- 16 -

APD ANTIQUITIES, INC.

STATEMENTS OF OPERATIONS

 

 

Years Ended

 

 

 

December 31,

 

 

 

2010

 

2009

 

 

 

 

 

 

 

SALES

 

$

-

 

$

**-**

 

 

 

 

 

 

 

 

 

COST OF GOODS SOLD

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

Marketing

 

 

162

 

 

585

 

Rent

 

 

3,600

 

 

3,600

 

General and administrative

 

 

271

 

 

271

 

Professional fees

 

 

29,106

 

 

19,685

 

Commissions

 

 

-

 

 

-

 

TOTAL EXPENSES

 

 

34,527

 

 

24,141

 

 

 

 

 

 

 

 

 

LOSS FROM OPERATIONS

 

 

(34,527

)

 

(24,141

)

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

Interest expense

 

 

(113

) 

 

-

 

TOTAL OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) BEFORE INCOME TAXES

 

 

(34,640

)

 

(24,141

)

INCOME TAXES

 

 

 

 

 

 

 

NET LOSS

 

$

(34,640

)

$

(24,141

)

 

 

 

 

 

 

 

 

NET LOSS PER COMMON SHARE,BASIC AND DILUTED

 

$

(0.01

)

$

(0.01

)

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF

COMMON STOCK SHARES

OUTSTANDING, BASIC AND DILUTED

 

 

3,508,371

 

 

2,186,016

 

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

- 17 -

APD ANTIQUITIES, INC.

STATEMENT OF STOCKHOLDERS’ EQUITY(DEFICIT)

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

Additional

 

 

 

Stockholders’

 

 

 

Common Stock

 

Paid-in

 

Accumulated

 

Equity

 

 

 

Shares

 

Amount

 

Capital

 

Deficit

 

(Deficit)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2008

 

 

1,781,000

 

 

1,781

 

 

115,919

 

 

(165, 381

)

 

(47,681

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash April 20, 2009

 

 

555,000

 

 

555

 

 

24,420

 

 

-

 

 

24,975

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash November 9, 2009

 

 

111,111

 

 

111

 

 

4,889

 

 

-

 

 

5,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash December 29, 2009

 

 

264,000

 

 

264

 

 

12,936

 

 

-

 

 

13,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the period ended December 31, 2009

 

 

-

 

 

-

 

 

-

 

 

(24,141

)

 

(24,141

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2009

 

 

2,711,111

 

 

2,711

 

 

158,164

 

 

(189,522

)

 

(28,647

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash April, 2 2010

 

 

600,000

 

 

600

 

 

14,400

 

 

 

 

 

15,000

 

Common stock issued for cash May 11, 2010

 

 

300,000

 

 

300

 

 

7,200

 

 

-

 

 

7,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash June 24, 2011

 

 

300,000

 

 

300

 

 

7,200

 

 

-

 

 

7,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the period ended December 31, 2010

 

 

-

 

 

-

 

 

-

 

 

(34,640)

 

 

(34,640)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2010

 

 

3,911,111

 

 

3,911

 

 

186,964

 

 

(224,162

)

 

(33,287

)

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

- 18 -

APD ANTIQUITIES, INC.

STATEMENTS OF CASH FLOWS

 

 

Years Ended

 

 

 

December 31,

 

 

 

2010

 

2009

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

Net loss

 

$

(34,640

)

$

(24,141

)

Adj  Adjustments to reconcile net loss to net cash provided (used) by operating activities:

 

 

 

 

 

 

 

Decrease (increase) in inventory

 

 

954

 

 

-

 

Increase (decrease) in accrued expenses

 

 

(4,700

)

 

(2,156

)

Increase (decrease) in accounts payable

 

 

7,698

 

 

(16,040

)

Increase (decrease) in commissions payable

 

 

(1,233

)

 

-

 

 

 

 

 

 

 

 

 

Net cash provided (used) by operating activities

 

 

(31,921

)

 

(42,337

)

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

Proceeds from sale of common stock

 

 

30,000

 

 

43,175

 

Net cash provided by financing activities

 

 

30,000

 

 

43,175

 

 

 

 

 

 

 

 

 

Change in cash

 

 

(1,921

)

 

838

 

 

 

 

 

 

 

 

 

CASH, BEGINNING OF PERIOD

 

 

1,962

 

 

1,124

 

CASH, END OF PERIOD

 

$

41

 

$

1,962

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL CASH FLOW DISCLOSURES:

 

 

 

 

 

 

 

Interest paid

 

$

113

 

$

-

 

Income taxes paid

 

$

-

 

$

-

 

 

 

 

 

 

 

 

 

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

- 19 -

**APD ANTIQUITIES, INC.**

**Notes to the Financial Statements**

**December 31, 2010**

**NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS**

APD Antiquities, Inc. (hereinafter “APD” or “the Company”) was incorporated on July 23, 1996 under the laws of the State of Nevada for the purpose of acquiring, importing, marketing, and selling valuable antiquity and art items of Asian origin.  Examples of these items are such things as furniture, works of art, antiques, glass works, porcelain, statues, pottery, sculptures and other collectibles and collector items that have their origin in the Far East.  These collectibles and antiques will be acquired through a variety of agents and wholesale distribution sources in Hong Kong and the Peoples Republic of China. Acquisitions will be made by agents of APD and as the result of direct buying trips and direct contact with wholesale companies located in several Asian countries.  The Company changed its name from APD International Corporation in August of 1999.

 

The Company maintains its corporate office in Spokane, Washington and offers its products online. The Company is now searching for an acquisition target.  The Company’s fiscal year end is December 31. 

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

This summary of significant accounting policies of the Company is presented to assist in understanding the financial statements.  The financial statements and notes are  representations of the Company’s management, which is responsible for their integrity and objectivity.  

*Basis of presentation*

The accompanying financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

 

*Accounting Method*

The Company’s financial statements are prepared using the accrual method of accounting.

 

*Advertising Costs*

Advertising costs, including costs for direct mailings, are expensed when incurred.  Advertising costs incurred during the years ending December 31, 2010, and 2009 were $162 and $585, respectively.

*Cash and Cash Equivalents*

For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a remaining maturity of three months or less to be cash equivalents.

 *Fair value of financial instruments*

The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels.  The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the 

- 20 -

lowest priority to unobservable inputs.  The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:

 

 

 

Level 1

 

Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

 

 

 

Level 2

 

Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

 

 

 

Level 3

 

Pricing inputs that are generally observable inputs and not corroborated by market data.

The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, accounts payable and accrued expenses approximate their fair values because of the short maturity of these instruments.

The Company does not have any assets or liabilities measured at fair value on a recurring or a non-recurring basis, consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value at December 31, 2010 nor gains or losses are reported in the statement of operations that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date for the years ended December 31, 2010 or December 31, 2009.  

*Commitments and contingencies*

The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies.  Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

*Income taxes*

The Company accounts for income taxes under paragraph 710-10-30-2 of the FASB Accounting Standards Codification.  Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.  Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date.

The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”).  Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements.  Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.  The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.  The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25.

- 21 -

*Inventories*

Inventories are accounted for using the specific identification method, and stated at the lower of cost or market, with market representing the lower of replacement cost or estimated net realizable value. The Company has no insurance coverage on its inventory.  The Company has no inventory on consignment at December 31, 2010. In the future, if the Company consigns inventory, it will retain title and will insure the inventory until the inventory is sold, returned, lost, stolen, damaged, or destroyed.

Due to deteriorating economic market conditions, the Company impaired its inventory to fifty percent (50%) of its original cost at December 31, 2010 for a total charge to operations of $955.  

*Net income (loss) per common share*

Net income (loss) per common share is computed pursuant to paragraph of 260-10-45-10 of the FASB Accounting Standards Codification.  Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during each period.  Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period to reflect the potential dilution that could occur from common shares issuable through stock options and warrants.  There were no potentially dilutive shares outstanding as of December 31, 2010 or 2009.

*Reclassification*

Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation.   These reclassifications had no effect on reported losses.

*Revenue and Cost Recognition*

The Company follows paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition.  The Company recognizes revenue when it is realized or realizable and earned.  The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.  

 

Although the Company does not provide a written warranty on its items sold, the Company will refund the purchase price paid to any customer in those instances when an item sold is proven to be non-authentic. In a majority of instances, the Company receives a certificate of authenticity for documents (items) purchased from its vendors and is reasonably assured as to the provenance of its products. Since inception, the Company has made no refunds for the sale of any non-authentic items nor has the Company received any claims or notice of prospective claims relating to such items. Accordingly, the Company has not established a reserve against forgery or non-authenticity. 

If a product proves not to be authentic, the Company would give a full refund to the purchaser and record a charge for sales returns.

*Use of Estimates*

The process of preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts. At December 31, 2010, the Company had not participated in consignment or conditional sales; therefore, there are no unsettled transactions related to sales or cost of sales.

*Recently Issued Accounting Pronouncements*

In January 2010, the FASB issued the FASB Accounting Standards Update No. 2010-06 *“Fair Value*

- 22 -

*Measurements and Disclosures (Topic 820) Improving Disclosures about Fair Value Measurements”*, which provides amendments to Subtopic 820-10 that requires new disclosures as follows:

1.

Transfers in and out of Levels 1 and 2. A reporting entity should disclose separately the amounts of significant transfers in and out of Level 1 and Level 2 fair value measurements and describe the reasons for the transfers. 

2.

Activity in Level 3 fair value measurements. In the reconciliation for fair value measurements using significant unobservable inputs (Level 3), a reporting entity should present separately information about purchases, sales, issuances, and settlements (that is, on a gross basis rather than as one net number). 

This Update provides amendments to Subtopic 820-10 that clarifies existing disclosures as follows: 

1.

Level of disaggregation. A reporting entity should provide fair value measurement disclosures for each class of assets and liabilities. A class is often a subset of assets or liabilities within a line item in the statement of financial position. A reporting entity needs to use judgment in determining the appropriate classes of assets and liabilities. 

2.

Disclosures about inputs and valuation techniques. A reporting entity should provide disclosures about the valuation techniques and inputs used to measure fair value for both recurring and nonrecurring fair value measurements. Those disclosures are required for fair value measurements that fall in either Level 2 or Level 3. 

In February 2010, the FASB issued the FASB Accounting Standards Update No. 2010-09 *“Subsequent Events (Topic 855) Amendments to Certain Recognition and Disclosure Requirements”*, which provides amendments to Subtopic 855-10 as follows:

1.

An entity that either (a) is an SEC filer or(b) is a conduit bond obligor for conduit debt securities that are traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local or regional markets) is required to evaluate subsequent events through the date that the financial statements are issued. If an entity meets neither of those criteria, then it should evaluate subsequent events through the date the financial statements are available to be issued.

2.

An entity that is an SEC filer is not required to disclose the date through which subsequent events have been evaluated. This change alleviates potential conflicts between Subtopic 855-10 and the SEC's requirements.

3.

The scope of the reissuance disclosure requirements is refined to include revised financial statements only. The term *revised financial statements*is added to the glossary of Topic 855. Revised financial statements include financial statements revised either as a result of correction of an error or retrospective application of U.S. generally accepted accounting principles.

All of the amendments in this Update are effective upon issuance of the final Update, except for the use of the issued date for conduit debt obligors. That amendment is effective for interim or annual periods ending after June 15, 2010.

In April 2010, the FASB issued the FASB Accounting Standards Update No. 2010-17 *“Revenue Recognition — Milestone Method (Topic 605) Milestone Method of Revenue Recognition”*, which provides guidance on the criteria that should be met for determining whether the milestone method of revenue recognition is appropriate. A vendor can recognize consideration that is contingent upon achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone meets all criteria to be considered substantive.

- 23 -

Determining whether a milestone is substantive is a matter of judgment made at the inception of the arrangement. The following criteria must be met for a milestone to be considered substantive. The consideration earned by achieving the milestone should:

1.

Be commensurate with either of the following:

a.

The vendor's performance to achieve the milestone

b.

The enhancement of the value of the item delivered as a result of a specific outcome resulting from the vendor's performance to achieve the milestone 

2.

Relate solely to past performance

3.

Be reasonable relative to all deliverables and payment terms in the arrangement.

A milestone should be considered substantive in its entirety. An individual milestone may not be bifurcated. An arrangement may include more than one milestone, and each milestone should be evaluated separately to determine whether the milestone is substantive. Accordingly, an arrangement may contain both substantive and nonsubstantive milestones.

A vendor's decision to use the milestone method of revenue recognition for transactions within the scope of the amendments in this Update is a policy election. Other proportional revenue recognition methods also may be applied as long as the application of those other methods does not result in the recognition of consideration in its entirety in the period the milestone is achieved.

A vendor that is affected by the amendments in this Update is required to provide all of the following disclosures:

1.

A description of the overall arrangement 

2.

A description of each milestone and related contingent consideration 

3.

A determination of whether each milestone is considered substantive 

4.

The factors that the entity considered in determining whether the milestone or milestones are  substantive 

5.

The amount of consideration recognized during the period for the milestone or milestones. 

The amendments in this Update are effective on a prospective basis for milestones achieved in fiscal years, and interim periods within those years, beginning on or after June 15, 2010. Early adoption is permitted. If a vendor elects early adoption and the period of adoption is not the beginning of the entity's fiscal year, the entity should apply the amendments retrospectively from the beginning of the year of adoption. Additionally, a vendor electing early adoption should disclose the following information at a minimum for all previously reported interim periods in the fiscal year of adoption:

1.

Revenue 

2.

Income before income taxes 

3.

Net income 

4.

Earnings per share 

5.

The effect of the change for the captions presented. 

A vendor may elect, but is not required, to adopt the amendments in this Update retrospectively for all prior periods.

In April 2010, the FASB issued ASU No. 2010-13, “*Compensation—Stock Compensation (Topic 718):**Effect of Denominating the Exercise Price of a Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Trades” (“ASU 2010-13”).*This update provides amendments to Topic 718 to clarify that an employee share-based payment award with an exercise price denominated in the 

- 24 -

currency of a market in which a substantial portion of the entity’s equity securities trades should not be considered to contain a condition that is not a market, performance, or service condition. Therefore, an entity would not classify such an award as a liability if it otherwise qualifies as equity. The amendments in ASU 2010-13 are effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2010. 

In August 2010, the FASB issued ASU 2010-21, *“Accounting for Technical Amendments to Various SEC Rules and Schedules:**Amendments to SEC Paragraphs Pursuant to Release No. 33-9026: Technical Amendments to Rules, Forms, Schedules and Codification of Financial Reporting Policies”* (“ASU 2010-21”)*,*was issued to conform the SEC’s reporting requirements to the terminology and provisions in *ASC 805, Business Combinations*, and in *ASC 810-10, Consolidation*. ASU No. 2010-21 was issued to reflect SEC Release No. 33-9026, “Technical Amendments to Rules, Forms, Schedules and Codification of Financial Reporting Policies,” which was effective April 23, 2009. The ASU also proposes additions or modifications to the XBRL taxonomy as a result of the amendments in the update.

In August 2010, the FASB issued ASU 2010-22, *“Accounting for Various Topics: Technical Corrections to SEC Paragraphs”* (“ASU 2010-22”)*,* which amends various SEC paragraphs based on external comments received and the issuance of SEC Staff Accounting Bulletin (SAB) No. 112, which amends or rescinds portions of certain SAB topics. The topics affected include reporting of inventories in condensed financial statements for Form 10-Q, debt issue costs in conjunction with a business combination, sales of stock by subsidiary, gain recognition on sales of business, business combinations prior to an initial public offering, loss contingent and liability assumed in business combination, divestitures, and oil and gas exchange offers.

 

In December 2010, the FASB issued the FASB Accounting Standards Update No. 2010-28 *“Intangibles—Goodwill and Other (Topic 350):**When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts”**(“ASU 2010-28”).*Under ASU 2010-28, if the carrying amount of a reporting unit is zero or negative, an entity must assess whether it is more likely than not that goodwill impairment exists. To make that determination, an entity should consider whether there are adverse qualitative factors that could impact the amount of goodwill, including those listed in ASC 350-20-35-30. As a result of the new guidance, an entity can no longer assert that a reporting unit is not required to perform the second step of the goodwill impairment test because the carrying amount of the reporting unit is zero or negative, despite the existence of qualitative factors that indicate goodwill is more likely than not impaired. ASU 2010-28 is effective for public entities for fiscal years, and for interim periods within those years, beginning after December 15, 2010, with early adoption prohibited. 

In December 2010, the FASB issued the FASB Accounting Standards Update No. 2010-29 *“Business Combinations (Topic 805):**Disclosure of Supplementary Pro Forma Information for Business Combinations”**(“ASU 2010-29”).* ASU 2010-29 specifies that if a public entity presents comparative financial statements, the entity should disclose revenue and earnings of the combined entity as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only. The amendments in this Update also expand the supplemental pro forma disclosures under Topic 805 to include a description of the nature and amount of material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. The amended guidance is effective prospectively for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2010. Early adoption is permitted.

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements.

*Subsequent events*

- 25 -

The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events.  The Company will disclose the date through which subsequent events have been evaluated and that date is the date when the financial statements were issued.

**NOTE 3 – GOING CONCERN**

As reflected in the accompanying financial statements, the Company had an accumulated deficit of $224,162 at December 31, 2010 and had a net loss of $34,640 and net cash used in operating activities of $31,921 for the year ended December 31, 2010, respectively.

While the Company is attempting to generate sufficient revenues, the Company’s cash position may not be sufficient enough to support the Company’s daily operations.  Management intends to raise additional funds by way of a public or private offering.  Management believes that the actions presently being taken to further implement its business plan and generate sufficient revenues provide the opportunity for the Company to continue as a going concern.  While the Company believes in the viability of its strategy to generate sufficient revenues and in its ability to raise additional funds, there can be no assurances to that effect.  The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenues.

The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

**NOTE 4 – COMMITMENTS**

*Rental Agreement*

The Company has a month-to-month rental agreement for office space in Spokane, Washington.  The monthly rent is $300.

**NOTE 5 – PREFERRED AND COMMON STOCK**

The Company has 5,000,000 shares of preferred stock authorized and none issued.

On April 20, 2009 the Company sold 555,000 shares of common stock in a private placement for cash of $24,975 ($0.045 per share).  

On November 9, 2009, the Company sold 111,111 shares of common stock in a private placement for cash of $5,000 ($0.045 per share).  

On December 29, 2009, the Company converted a payable of $13,200 to 264,000 shares of common stock at $0.05 per share.

 On April 2, 2010, the Company sold 600,000 shares of common stock in a private placement for cash of $15,000 ($0.025 per share).

On May 11, 2010, the Company sold 300,000 shares of common stock in a private placement for cash of $7,500 ($0.025 per share).  

On June 24, 2010, the Company sold 300,000 shares of common stock in a private placement for cash of $7,500 ($0.025 per share).   

- 26 -

**NOTE 6 – STOCK OPTION PLAN**

The Company’s board of directors approved the adoption of the “2001 Non-Qualified Stock Option and Stock Appreciation Rights Plan” by unanimous consent on January 15, 2001. This plan was initiated to encourage and enable officers, directors, consultants, advisors and other key employees of the Company to acquire and retain a proprietary interest in the Company by ownership of its common stock. A total of 1,000,000 of the authorized shares of the Company’s common stock may be subject to, or issued pursuant to, the terms of the plan. No options have been issued under the plan as of December 31, 2010.

**NOTE 7 – INCOME TAXES**

The Company accounts for income taxes and the related accounts under the liability method.  Deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and the income tax basis of assets and liabilities.  A valuation allowance is applied against any net deferred tax asset if , based on available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

At December 31, 2010 and 2009 the Company had gross deferred tax assets calculated at the expected rate of 34% of approximately $76,200 and $64,400, respectively, principally arising from net operating loss carryforwards for income tax purposes.  As management of the Company cannot determine that it is more likely than not that the Company will realize the benefit of the deferred tax asset, a valuation allowance of $76,200 and $64,400 has been established at December 31, 2010 and 2009, respectively.

The significant components of the Company’s net deferred tax asset (liabilities) at December 31, 2010 and 2009 are as follows:

       2010__

      2009__

  Net operating loss carryforwards

$  224,162

$ 189,522

Gross deferred tax assets (liabilities):

  Net Operating Loss

$   76,200

$  64,400

  Valuation Allowance

   (76,200)

  (64,400)

Net Deferred tax asset (liability)

$          -

$         -

At December 31, 2010 and 2009, the Company has net operating loss carryforwards of approximately $224,162 and $189,522 respectively, which will expire in the years 2016 through 2030.  The net change in the allowance account was an increase of $11,800.

**NOTE 8 – SUBSEQUENT EVENTS**

The Company has evaluated all events that occur after the balance sheet date through the date when the financial statements were issued to determine if they must be reported.  The Management of the Company determined that the following items were reportable subsequent events to be disclosed:

On February 4, 2011 the Company sold 320,000 shares of restricted common stock to one investor at $0.025 per share for $8,000 in cash.

- 27 -

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

None. 

**ITEM 9A. CONTROLS AND PROCEDURES.**

**Evaluation of Disclosure Controls and Procedures.**

An evaluation was performed under the supervision and with the participation of our management, including the Chief Executive Officer (CEO) and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended).  Based on that evaluation, our management, including the CEO, concluded that as of December 31, 2010 our disclosure controls and procedures were not effective to ensure the information required to be disclosed by an issuer in the reports we file or submit under the Securities Exchange Act of 1934, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms relating to us, and was accumulated and communicated to our management, including our CEO, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.  There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.  Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.  

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

Management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934, as amended, as a process designed by, or under the supervision of, a company’s chief executive and chief financial officers and effected by a company’s board of directors, 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 company;

 

·

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 company are being made only in accordance with authorizations of management and directors of the company; and

 

·

Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

All internal control systems, no matter how well designed, have inherent limitations and can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of our internal control over financial reporting as of December 31, 2010. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission 

- 28 -

(COSO) in *Internal Control – Integrated Framework*and *Internal Control over Financial Reporting-Guidance for Smaller Public Companies.*

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.
We identified a material weakness in our internal control over financial reporting as of December 31, 2010 because fundamental elements of an effective control environment were missing or inadequate, including a documented ethics or values statement, a code of conduct, and independent oversight and monitoring of financial reporting, financial reporting processes and procedures, and internal control procedures. At present, the Board of Directors is comprised entirely of individuals performing management functions. Because no Directors are independent, no Audit Committee has been established to which the Board could delegate its oversight responsibilities. Accordingly, our management has determined that this control deficiency constitutes a material weakness. 
Additionally, due to the size of the Company, it was not possible to ensure adequate segregation of duties between incompatible functions, and management has not established or implemented monitoring procedures to mitigate this risk. Due to a lack of personnel, it was not possible to ensure that both routine and non-routine financial information was adequately analyzed and reviewed on a timely basis to detect misstatements.

Based on this assessment and the material weakness described above, management has concluded that as of December 31, 2010, our internal control over financial reporting was not effective based on criteria in *Internal Control – Integrated Framework*and *Internal Control over Financial Reporting-Guidance for Smaller Public Companies*issued by the COSO.

This annual report does not include an attestation report of the company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the company’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the company to provide only management’s report in this annual report.

Management intends, as capital resources allow, to take the following steps to remediate the material weaknesses we identified as follows:

 

·

To the extent management is able to attract competent, independent Directors, the Board will delegate its oversight responsibilities to an Audit Committee of independent Directors.

 

·

We will adopt a code of conduct and ethics.

 

·

We will increase the oversight and review procedures of the board of directors with regard to financial reporting, financial reporting processes and procedures and internal control procedures.

 

·

We will segregate incompatible functions using existing personnel where possible or, given sufficient capital resources, we will contract additional personnel to perform those functions.

**Changes in Internal Controls Over Financial Reporting**

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) identified in connection with the evaluation of our internal control performed during our last fiscal quarter that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. 

**ITEM 9B. OTHER INFORMATION.**

None.

- 29 -

**PART III**

 

**Item 10.**   **Directors, Executive Officers, and Corporate Governance**

**A.****Directors, Executive Officers, Promoters and Control Persons**

Set forth below are the present directors, executive officers and any significant employees of the Company. Note that there are no other persons who have been nominated or chosen to become directors nor are there any other persons who have been chosen to become executive officers. Directors are elected until the next annual meeting of shareholders and until their successors are duly elected and qualified. Officers are elected for terms of one year, or until their successors are duly elected and qualified or until terminated by the action of the Board of Directors. 

 

 

 

 

 

 

Has Served as

 

 

 

 

 

 

Director Continuously

Name

 

Age

 

Position with the Company

 

Since

Cindy K. Swank

 

55

 

President, Treasurerand Director

 

August 1999

 

 

 

 

 

 

 

Timothy J. Kuh

 

36

 

Vice President

and Director

 

December 2004

 

 

 

 

 

 

 

Edward Wong Wah On

 

43

 

Secretary and Director

 

March 2003

There is no relationship by blood, marriage or adoption (not more remote than first cousin) between any Director or executive officer of the Company. 

Set forth below are brief accounts of the business experience during the past five years of each director and executive officer of the Company. 

Ms. Cindy K. Swank has been the President/Treasurer, or Secretary and Director of APD Antiquities, Inc. since 1999 and has focused on developing sales and marketing programs for the Company's products. From 1997 through the present, Ms. Swank has been self-employed as a manager-promoter of her daughter, a singer/stage performer, as well as other activities in the marketing and reorganization of websites. She attended Eastern Washington University in Cheney, WA and has awards for her accomplishments and creativity in the design industry. Mrs. Swank founded, owned and managed Daisy's Bloomers, from 1990 until 1997, when she sold the business to L&L Limited Partnership. The principle business of Daisy's Bloomers was retail sales of flowers and gifts. Mrs. Swank is currently employed by Eastern Washington University.

Mr. Wong Wah On Edward, Secretary and director of APD Antiquities, Inc., was elected to these offices in March 2003. Mr. Wong obtained his professional diploma in Company Secretaryship and Administration from the Hong Kong Polytechnic University in 1988 and is an associate of the Chartered Association of Certified Accountants, the Hong Kong Society of Accountants, and the Institute of Chartered Secretaries and Administrators. He is also a certified public accountant in Hong Kong. He joined Ernst & Young Hong Kong following his graduation and worked as audit supervisor until late 1992. Thereafter, he commenced private practice in Hong Kong and is a partner in the firm of Tam & Wong CPA. Mr. Wong is also currently a shareholder, director and Financial Controller of China Resources Development, Inc. (CHRB), a company listed on Nasdaq SmallCap market. Mr. Wong currently resides in Hong Kong and assists the company in purchasing antiques as an agent for the company. He helps the Company find qualified suppliers of antiques. 

Mr. Timothy J. Kuh, Vice President and director of APD Antiquities, Inc. was elected to these offices in December of 2004. Mr. Kuh obtained his Bachelor Degree in International Affairs from Eastern Washington University in 2004. Mr. Kuh was employed by Horizon/Alaska Airlines from 1999 until November 2004. He is currently employed by Triax 

- 30 -

Capital Management, Inc. as their operations manager. Mr. Kuh resides in Spokane, Washington and will assist the company in operations and administrative activities.

**B.  Section 16(a) Beneficial Ownership Reporting Compliance**

Section 16(a) of the Securities Exchange Act of 1934 requires the Company's directors and executive officers, and persons who own more than ten percent of the Company's Common Stock, to file with the Securities and Exchange Commission initial reports of ownership and reports of changes of ownership of Common Stock of the Company. Officers, directors and greater than ten percent stockholders are required by SEC regulation to furnish the Company with copies of all Section 16(a) forms they file. 

The Company has no knowledge that, as of the date of this filing, the Company's directors, executive officers and persons who own more than ten percent of the Company's Common Stock have filed an initial Form 3 or an annual Form 5. 

**ITEM 11.  EXECUTIVE COMPENSATION**

**A.**   **Summary Compensation Table**

The following summary compensation table sets forth information concerning the annual and long-term compensation for services in all capacities to the Company for the fiscal years ended December 31, 2010 and 2009, of those persons who were (i) the chief executive officer and (ii) the other most highly compensated executive officers of the Company, whose annual base salary and bonus compensation was in excess of $100,000. No person received compensation in excess of $100,000. 

SUMMARY COMPENSATION TABLE

NAME AND

 

 

 

 

 

 

 

OTHER ANNUAL

 

PRINCIPAL POSITION

 

YEAR

 

SALARY

 

BONUS

 

COMPENSATION (1)

 

Cindy Swank

 

 

2010

 

$

-0-

 

 

-0-

 

$

-0-

 

President, Treasurer

 

 

2009

 

$

-0-

 

 

-0-

 

$

-0-

 

Chief Executive Officer

 

 

2008

 

$

-0-

 

 

-0-

 

$

-0-

 

*The officers/directors do not receive salaries but are to be compensated for sales generated on behalf of the Company. Compensation is based solely on bringing business to the Company. A nine percent (9%) commission is equally divided amongst the officers/directors for each sale made. No commissions were paid during the year ended December 31, 2009.

**B.****Narrative Disclosure to Summary Compensation Table**

During the fiscal year ended December 31, 2010, no director received any compensation for attending meetings of the Board of Directors and the Company presently intends that the same will be the case for the fiscal year ended December 31, 2011. Directors are reimbursed, however, for reasonable expenses incurred on behalf of the Company. 

**C.****Outstanding Equity Awards at Fiscal Year End**

No director had been granted any equity compensation, including option grants, as of December 31, 2010.  

**D.****Compensation of Directors**

No compensation was paid to directors for their director services during the fiscal year ending December 31, 2010.

- 31 -

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

The following table sets forth the number and percentage of Common Shares beneficially owned, as of the date of this filing, out of 3,311,111 shares, by: (i) the beneficial owners of more than five percent of the Common Stock of the Company; (ii) all Directors of the Company; (iii) each of the named Executive Officers; and, (iv) all Officers and Directors of the Company as a group: 

 

 

**Number of Shares**

 

**Name of**

**Name of**

**Beneficially**

 

**Title of Class**

**Beneficial Owner (1)**

**Owned**

**Percent of Class**

Common

Cindy K. Swank (2)

202,004

9%

Common

Wong Wah On Edward (3)

 400

0%

Common

Raymond J. Kuh (4)

201,004

9%

Common

Peter Yauschew (5)

Oberaschauer Str. 2

83355 Grabenstatt, Chiemsee, Germany

133,732

6%

Common

Merridy Buttice (6)

914 Hobson St.

Walla Walla, WA 99362

133,732

6%

Common

Peter Schmid (7)

Wiesenweg 7

85653 Aying, Germany

133,732

6%

Common

Klaus Lewin (8)

Meisenweg 15

50126 Bergheim, Germany

308,564

14%

Common

Donna Street (9)

PO Box 216

Rockford, WA 99030

133,332

6%

Common

Timothy Kuh (10)

2,000

0%

Common

Yu Shum Cheung (11)

The Galleria Ste. 2702

9 Queen’s Road

Central Hong Kong, PRC

251,500

11%

Common

Medford Financial, Ltd.

60 Market Square, Belize City, Belize

185,000

8%

Common

Sierra Growth, Inc.

Henville Building, Charlestown, Nevis

185,000

8%

Common

Stonehurst Limited

Oliaji trade Centre, Suite 13, Francis Rachel Street, Victoria, Seychelles

185,000

8%

Common

Soto Holdings, Ltd.

Ajeltake Road, Ajeltake Island, Majuro

Republic of the Marshall islands, 96960

300,000

13%

Common

Diamond Dawg Investments, LLC.

P.O. Box 50046

Bellevue, WA 98015

300,000

13%

Common

All Executive Officers, Directors as a Group (3 persons) (15)

204,404

9%

- 32 -

(1)

Unless otherwise indicated, the address of each of the listed beneficial owners identified above is c/o 1314 South Grand Boulevard, Suite 2-250, Spokane, WA 99202.

(2)

Cindy K. Swank.  Includes 202,004 shares of common stock held by Cindy Swank.

(3)

Wong Wah On Edward.  Includes 400 shares of common stock held by Edward Wong.

(4)

Raymond J. Kuh.  Includes 201,004 shares of common stock held by Raymond Kuh.

(5)

Peter Yauschew.  Includes 133,732 shares of common stock held by Peter Yauschew.

(6)

Merridy Buttice.  Includes 133,732 shares of common stock held by Merridy Buttice.

(7)

Peter Schmid.  Includes 133,732 shares of common stock held by Peter Schmid.

(8)

Klaus Lewin.  Includes 308,564 shares of common stock held by Klaus Lewin.

(9)

Donna Street.  Includes 133,332 shares of common stock held by Donna Street.

(10)

Timothy J. Kuh.  Includes 2,000 shares of common stock held by Timothy Kuh.

(11)

Yu Shum Cheung.  Includes 251,500 shares of common stock held by Shum Cheung Yu.

(12)

Medford Financial, Ltd.  Includes 185,000 shares of common stock held by Medford Financial, Ltd. 

(13)

Sierra Growth, Inc.  Includes 185,000 shares of common stock held by Sierra Growth, Inc.

(14)

Stonehurst Limited.  Includes 185,000 shares of common stock held by Stonehurst Limited. 

(15)

Soto Holdings, Ltd.  Includes 300,000 shares of common stock held by Soto Holdings, Ltd.

(16)

Diamond Dawg Investments, LLC. Includes 300,000 shares of common stock held by Diamond Dawg Investments, LLC.

(17) 

Includes the shares of Common Stock beneficially owned by Ms. Swank, Mr. Tim Kuh, and Mr. Wong Wah On.

Unless otherwise indicated, the owners have sole voting and investment power with respect to their respective shares. In general, a person is deemed to be a "beneficial owner" of a security if that person has or shares the power to vote or direct the voting of such security, or the power to dispose or to direct the disposition of such security. A person is also deemed to be a beneficial owner of any securities of which the person has the right to acquire beneficial ownership within 60 days. At December 31, 2010 we had outstanding 3,911,111 shares of common stock.

(a) Changes in Control 

There are no arrangements known to the Company, the operation of which may at a subsequent date result in a change of control of the Registrant. 

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**

APD Antiquities, Inc. was incorporated on July 23, 1996, in the state of Nevada. During the year ended December 31, 1999, 300,000 shares of common stock were issued to officers and directors for cash in the amount of $300 (par value), 51,000 common shares were sold for $1.00 per share and 10,000 common shares were issued for converted debt. In 

- 33 -

September 2004, the Company issued 10,000 shares of common stock for cash in the amount of $10,000. On December 21, 2004 the company undertook a 1 for 4 split of the common stock, resulting in a total of 1,448,000 shares being issued and outstanding. 

The Company's officers/directors do not receive salaries but are being compensated for sales generated on behalf of the Company. Compensation is based solely on bringing business to the Company. A nine percent (9%) commission is equally divided amongst the officers/directors for each item sold. From inception the current corporate officer/director, Ms. Swank, was paid a total of $ 4,529.35 for sales arranged on behalf of the Company. Additionally, as a result of no revenue and minimal operations, no commissions were accrued during the year ended December 31, 2010 and any commissions payable to Ms. Swank were accrued on our books during that fiscal year. 

**Equity Compensation Plan Information**

The following table sets forth information about the common stock available for issuance under compensatory plans and arrangements as of December 31, 2010.

 

 

(a)

 

(b)

 

(c)

 

Plan Category

 

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

 

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

 

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

 

Equity compensation plan approved by security holders (1)

 

 

0

 

$

0

 

 

1,000,000

 

Equity compensation plans not approved by security holders

 

 

0

 

$

0

 

 

 

 

Total

 

 

0

 

$

0

 

 

1,000,000

 

(1)

On January 15, 2001, our board of directors adopted the 2001 stock Option Plan (the "Plan") as a means of increasing employees', board of advisors, consultants' and non-employee directors' proprietary interest and to align more closely their interests with the interests of our stockholders. The Plan should also increase our ability to attract and retain the services of experienced and highly qualified employees and non-employee directors. Under the Plan, we have reserved an aggregate of one million (1,000,000) shares of common stock for issuance pursuant to options ("Plan Options"). Our board of directors or a committee of our board of directors consisting of non-employee directors (the "Committee") will administer the Plan, including, without limitation, the selection of the persons who will be granted Plan Options under the Plan, the type of Plan Options to be granted, the number of shares subject to each Plan Option and the Plan Option price.

**ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES**

BehlerMick PS, Certified Public Accountants, are the Company’s independent auditors to examine the financial statements of the Company for the fiscal year ending December 31, 2010. BehlerMick PS has performed the following services and has been paid the following fees for these fiscal years.

*Audit Fees.* Aggregate fees billed for professional services rendered by BehlerMick in connection with its audit of APD’s financial statements as of and for the years ended December 31, 2010, and 2009, its reviews of APD’s unaudited condensed consolidated interim financial statements, and for SEC consultations and filings were $12,425 and $16,932, respectively.

*Audit-Related Fees.* BehlerMick PS was not paid additional fees for the fiscal year ended December 31, 2009 and December 31, 2010 for assurance and related services reasonably related to the performance of the audit or review of the Company’s financial statements.

*Tax Fees* - BehlerMick any aggregate fees for the fiscal year 2010 for professional services rendered for tax compliance. We did not incur any fees and expenses from BehlerMick PS for the fiscal year 2009 for professional services rendered for tax compliance, tax advice and tax planning.

- 34 -

*All Other Fees* - We did not incur any other fees and expenses from BehlerMick PS for the fiscal years 2009 and 2010 annual audits.

Our pre-approval policies and procedures for the board, acting in lieu of a separately designated, independent audit committee, described in paragraph (c)(7)(i) of Rule 2-01 of Regulation S-X were that the audit committee pre-approve all accounting related activities prior to the performance of any services by any accountant or auditor.

The percentage of hours expended on the principal accountant’s engagement to audit our financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full time, permanent employees was 0%.

- 35 -

**PART IV**

**ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES**

(a) 1 & 2.  Financial Statements See Item 8 in Part II of this report. 

All other financial statement schedules are omitted because the information required to be set forth therein is not applicable or because that information is in the financial statements or notes thereto. 

(a) 3.

 

**Exhibits**

 

 

 

2.1

 

Acquisition Agreement and Plan of Merger between APD Antiquities, Inc. and GCJ, Inc. dated December 27, 2004 (Incorporated by reference to the corresponding exhibit to the Form 8-K previously filed by APD Antiquities, Inc.) on December 30, 2004 (File No. 000-50738) (the “December 30, 2004 Form 8-K”)

 

 

 

2.2

 

Articles of Merger (Nevada) dated December 29, 2004 (File No. 000-50738) (Incorporated by reference to exhibit 2.1 to the December 30, 2004 Form 8-K)

 

 

 

3.1

 

Articles of Incorporation*

 

 

 

3.2 

 

By-Laws*

 

 

 

10.1

 

2001 stock Option Plan (Incorporated by reference to Exhibit 10.1 to the December 31, 2008 Annual Report on Form 10-K) (File No. 000-50738)

 

 

 

31.1

 

Section 302 CEO Certification

 

 

 

31.2

 

Section 302 Secretary Certification

 

 

 

32.1

 

Section 1350 Certifications

 

* Incorporated by reference to the Registrant's Registration Statement on Form 10SB, File No. 0-32345

- 36 -

**SIGNATURES**

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

Dated: April 1, 2011

APD ANTIQUITIES, INC.

By: 

     /s/ Cindy Swank

 

       *Cindy K. Swank, President, Treasurer,*
*       CEO, Principal Financial Officer*

In accordance with the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated:

            /s/ Cindy Swank

                Cindy Swank

                Director

Dated: April 1, 2011

            /s/ Edward Wong Wah On

                Edward Wong Wah On

                Director

Dated: April 1, 2011

- 37 - |
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