UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

x
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2009

o
TRANSITION REPORT UNDER SECTION 13 OF 15(d) OF THE EXCHANGE ACT
For the transition period from ________to ____________
 
Commission file number 0001345294

GOLDEN VALLEY DEVELOPMENT, INC.
a Nevada corporation

1200 Truxtun Avenue  #130
Bakersfield, CA  93301
(661) 327-0067

I.R.S. Employer I.D. # 84-1658720

Check whether the issuer (1) 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 o

Number of shares of common stock of Golden Valley Development Inc. outstanding as of May 7, 2009: 42,400,000

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

Transitional Small Business Disclosure Format (Check One): Yes o No x
 
-1-
 
 
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

 
GOLDEN VALLEY DEVELOPMENT, INC.
CONSOLIDATED BALANCE SHEETS
March 31, 2009 and December 31, 2008
(unaudited)

   
3/31/2009
   
12/31/2008
 
ASSETS
           
             
Cash
  $ 1,494     $ 446  
Accounts receivable
    8,240       -  
Prepaid income taxes
    600       -  
                 
Total Assets
  $ 10,334     $ 446  
                 
                 
LIABILITIES AND STOCKHOLDERS' DEFICIT
               
                 
Current Liabilities
               
Accounts payable
  $ 1,053     $ 45  
Accrued interest
    4,770       4,008  
Notes payable to related party
    56,000       56,000  
Total current liabilities
    61,823          
                 
Long Term Liabilities
               
       Notes payable to related party
    13,000       -  
       Total long term liabilities
    13,000       -  
                 
Total Liabilities
    74,823       60,053  
                 
Stockholder's Deficit
               
Common Stock; $.001 par value;75,000,000 shares authorized
               
42,400,000 shares issued and outstanding
    42,400       42,400  
Additional paid-in-capital
    (9,346 )     (10,510 )
Accumulated deficit
    (97,543 )     (91,497 )
Total Stockholders' Deficit
    (64,489 )     (59,607 )
                 
Total Liabilities and Stockholders' Deficit
  $ 10,334     $ 446  

 
-2-
 
GOLDEN VALLEY DEVELOPMENT, INC.
 
CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2009 and 2008  
(unaudited)
 
   
   
   
Three Months
 
   
2009
   
2008
 
             
Revenue
  $ 240     $ -  
                 
Operating Expenses
               
General & Administrative
    5,524       10,959  
Interest Expense
    762       623  
Total Operating Expenses
    6,286       11,582  
                 
Net Loss
  $ (6,046 )   $ (11,582 )
                 
Basic and diluted loss per common share
  $ (0.00 )   $ (0.00 )
                 
                 
Basic weighted average common
               
shares outstanding
    42,400,000       42,400,000  

 
-3-
 
GOLDEN VALLEY DEVELOPMENT, INC
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2009 and 2008
(unaudited)
 
   
2009
   
2008
 
             
Net income (loss)
  $ (6,046 )   $ (11,582 )
Adjustments to reconcile net income (loss ) to net cash used in operating activities:
               
Imputed Rent
    1,164       1,164  
Changes in operating assets and liabilities:
               
Accounts receivable
    (8,240 )     -  
Prepaid expenses and other current assets
    (600 )     (600 )
Accounts payable
    1,008       1,420  
Accrued expenses
    762       624  
                 
CASH USED IN OPERATING ACTIVITIES
    (11,952 )     (8,974 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES
               
Borrowings on debt from related parties
    13,000       -  
CASH PROVIDED BY FINANCING ACTIVITIES
  $ 13,000     $ -  
                 
NET CHANGE IN CASH
    1,048       (8,974 )
Cash balance, beginning of the period
    446       13,200  
Cash balance, end of the period
  $ 1,494     $ 4,226  
                 
Supplemental Disclosures
               
Taxes paid
  $ -     $ -  
Interest paid
  $ -     $ -  

 
-4-
 
GOLDEN VALLEY DEVELOPMENT, INC.
Notes to Consolidated Financial Statements

NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements of Golden Valley Development, Inc. (“GVD”), have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in GVD's 2008 annual report on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein.  The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosure contained in the audited financial statements for fiscal year 2008, as reported in the Form 10-K, have been omitted.

Note 2 - GOING CONCERN

As shown in the accompanying consolidated financial statements, GVD had an accumulated deficit as of March 31, 2009 and minimal revenues for the three months ended March 31, 2009. These conditions raise substantial doubt as to GVD’s ability to continue as a going concern. Management is trying to raise additional capital through sales of stock. The financial statements do not include any adjustments that might be necessary if GVD is unable to continue as a going concern.

Note 3 – Related Party

On January 26, 2009, ADAVACO, Inc. provided a $5,000 loan to GVD due January 11, 2011 with no interest.  On March 5, 2009, ADAVCO, Inc. provided an additional $8,000 loan to GVD due March 5, 2011 with no interest.

 
-5-
 
 
Item 2. Managements Discussion and Analysis

Liquidity and Cash Requirements

Adavco Inc., a related party, loaned us $50,000 in October of 2004 to satisfy cash requirements, including accounting and auditing costs, for our first 48 months – through October of 2009. In addition, Adavco has provided temporary funding to support certain broker transactions. Additional funding may be available to us from Adavco; however, based on our current cash forecasts, we do not expect to borrow additional funds, except as may be needed on a short-term basis to support a broker transaction. Our projected cash requirements over the next twelve months should not exceed $15,000. However, our cash requirements will increase significantly if we begin any advertising campaigns, as discussed below in our Marketing subsection. As of March 31, 2009, our cash on hand was $1,494.

Results of Operations

During the quarter ended March 31, 2009, we completed one transaction. The transaction completed in March was for a net amount of $240. During these tough economic conditions management will continue to try and develop new contacts and create new transactions.

Industry Trends. As we discussed above, there is a growing trend in our industry which is of concern to us. As farms grow and consolidate, they become better able to negotiate sales directly with the buyers, since the farms now have the sufficient quantity to satisfy most buyers.

Our business model only works when there are still sufficient small, niche farmers with which to work, and by “niche” farmers we mean those that produce a niche crop such as alfalfa hay or grass hay, organic produce, and unusual or specialty commodities. However, we are able to work with larger farms and larger buyers on occasion, because we still retain the advantage of quality control. We send out a field inspector to make sure all the produce loaded onto the trucks is high quality, which is something the buyers do not do themselves, nor do the farmers, nor do our competitors.

Description of Property .

Our principal office is in a dedicated office building at 1200 Truxton Ave., Suite 130 in Bakersfield, California.

We own no real estate nor other property, nor do we invest in real estate.

Plant and Significant Equipment We do not expect any purchase of any plant or significant equipment assets in the next 12 months.

Number of Employees. Our current number of employees is zero.  We do not expect a significant number in the change of employees in the next 12 months.

Security Ownership of Certain Beneficial Owners and Management .

We have only one class of securities – our Common Stock.
 
-6-
 

The following represents the security ownership of the only person who owns more than five percent of our outstanding Common Stock:

Annette Davis                                                                38,054,331 shares                                                                95.1% of class
 
Financing Plans We will continue to rely on loans from Adavco Inc. to complete brokerage transactions. At this time there has been nothing signed by Adavco Inc. guaranteeing that such funds will be made available.
 
OFF BALANCE SHEET ARRANGEMENTS
 
We have no off balance sheet arrangements.
 
Item.3 Quantitative and Qualitative Disclosures About Market Risk
 
None.
 
Item 4. Controls and Procedures.
 
It is management’s responsibility for establishing and maintaining adequate internal control over financial reporting for Golden Valley Development. It is the President’s ultimate responsibility to ensure the Company maintains disclosure controls and procedures designed to provide reasonable assurance that material information, both financial and non-financial, and other information required under the securities laws to be disclosed is identified and communicated to senior management on a timely basis. The Company’s disclosure controls and procedures include mandatory communication of material events, management review of monthly, quarterly and annual results and an established system of internal controls.
 
As of March 31 2009, management of the Company, including the President, conducted an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures with respect to the information generated for use in this Quarterly Report. Based upon and as of the date of that evaluation, the President and Treasurer have concluded the Company’s disclosure controls were effective to provide reasonable assurance that information required to be disclosed in the reports that the Company files or submits under the relevant securities laws is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms. There have been no changes in the Company’s internal control over financial reporting during the period ended March 31, 2009, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
 
It should be noted that while the Company’s management, including the President, believes the Company’s disclosure controls and procedures provide a reasonable level of assurance, they do not expect that the Company’s disclosure controls and procedures or internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance the objectives of the control system are met. Further, the design of a control system must reflect the fact 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 all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to errors or fraud may occur and not be detected.
 
 
This quarterly report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting.  Management’s report was not subject to attestation by our registered public accounting firm pursuant to temporary rules of the SEC that permit us to provide only management’s report in this quarterly report .
 
-7-
 
 
Other Information
 
 
Item 4.  Exhibits
 
Index of Exhibits
 
 
1.
31.1 Certification of Director pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
 
 
2.
31.2 Certification of President pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
 
 
3.
32.1 Certification of Director pursuant to 18 U.S.C. Section 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
 
4.
32.2 Certification of President pursuant to 18 U.S.C. Section 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
 
 
-8-
 
 
 
SIGNATURES
 
 
        In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
Golden Valley Development, Inc.
(Registrant)
 
       
Date May 14, 2009
By:
/s/ Annette Davis  
    Annette Davis  
   
Director, Treasurer and Principal
Financial Officer
 
       
   
       
Date May 14, 2009
By:
/s/ H. Arthur Davis  
    H. Arthur Davis  
    President, Secretary and Principal Executive Officer  
       
 
 
 
-9-
 
Golden Valley Development (PK) (USOTC:GVDI)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Golden Valley Development (PK) Charts.
Golden Valley Development (PK) (USOTC:GVDI)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Golden Valley Development (PK) Charts.