0001072588-13-000050.txt : 20130510 0001072588-13-000050.hdr.sgml : 20130510 20130510115222 ACCESSION NUMBER: 0001072588-13-000050 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130510 DATE AS OF CHANGE: 20130510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLDEN DRAGON HOLDING CO. CENTRAL INDEX KEY: 0001081938 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 274635140 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-27055 FILM NUMBER: 13831895 BUSINESS ADDRESS: STREET 1: 2460 W. 26TH AVENUE, SUITE 380-C CITY: DENVER STATE: CO ZIP: 80211 BUSINESS PHONE: 303-380-8280 MAIL ADDRESS: STREET 1: 2460 W. 26TH AVENUE, SUITE 380-C CITY: DENVER STATE: CO ZIP: 80211 FORMER COMPANY: FORMER CONFORMED NAME: CCVG, INC. DATE OF NAME CHANGE: 20101117 FORMER COMPANY: FORMER CONFORMED NAME: CONCORD VENTURES, INC. DATE OF NAME CHANGE: 20071003 FORMER COMPANY: FORMER CONFORMED NAME: CAVION TECHNOLOGIES INC DATE OF NAME CHANGE: 19990423 10-Q 1 gdhc10q033113.txt SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10Q (Mark One) [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2013 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from __________ to ___________ Commission file number: 000-27055 GOLDEN DRAGON HOLDING CO. (Exact name of registrant as specified in its charter) DELAWARE 24-4635140 (State of Incorporation) (IRS Employer ID Number) 2460 WEST 26TH AVENUE, SUITE 380-C, DENVER, COLORADO, 80211 (Address of principal executive offices) 303-704-4623 (Registrant's Telephone number) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days. Yes [X] No [ ] Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [ ] No [ ] Indicate by check mark whether the registrant is a large accelerated file, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] (Do not check if a smaller reporting company) Smaller reporting company [X] Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [X] No [ ] Indicate the number of share outstanding of each of the issuer's classes of common stock, as of the latest practicable date. As of May 10, 2013, there were 2,384,407 shares of the registrant's common stock, $0.0001 par value, issued and outstanding. GOLDEN DRAGON HOLDING CO. INDEX PART I - FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Page ---- Balance Sheets As of March 31, 2013 (Unaudited) and December 31, 2012 (Audited) 2 Statements of Operations For the three Month Periods Ended March 31, 2013 and 2012 and the Period from Inception (January 1, 2011) Through March 31, 2013 3 Statements of Cash Flows For the three Month Periods Ended March 31, 2013 and 2012 and the Period from Inception (January 1, 2011) Through March 31, 2013 4 Statement of Movement in Stockholders' Deficit For Inception (January 1, 2011) Through March 31, 2013 5 Notes to Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3. Quantitative and Qualitative Disclosures About Market Risk 20 Item 4. Controls and Procedures 20 PART II - OTHER INFORMATION Item 1. Legal Proceedings 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 22 SIGNATURES 23 1 PART I ITEM 1. FINANCIAL STATEMENTS
GOLDEN DRAGON HOLDING CO. A DEVELOPMENT STAGE COMPANY BALANCE SHEETS MARCH 31, DECEMBER 31, 2013 2012 --------------- ------------------ (Unaudited) (Audited) ASSETS CURRENT ASSETS Cash and Cash Equivalents $ 25 $ 25 --------------- ------------------ Total Current Assets 25 25 --------------- ------------------ TOTAL ASSETS $ 25 $ 25 =============== ================== LIABILITIES & STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts Payable $ 43,087 $ 43,511 Accrued Expenses 14,116 11,199 Related Party Loan $ 163,343 142,943 --------------- ------------------ Total Current Liabilities 220,546 197,653 --------------- ------------------ COMMITMENTS AND CONTINGENCIES (Note. 7) STOCKHOLDERS' DEFICIT Preferred Stock; $0.0001 par value, 10,000,000 shares authorized no shares issued and outstanding - - Class A Common Stock; $0.0001 par value, 100,000,000, shares authorized as at March 31, 2013 and December 31, 2012 Additional Paid In Capital 16,874,642 16,874,642 Accumulated Deficit (including $(220,621) and $ (197,728) respectively during the development stage) (17,095,402) (17,072,509) --------------- ------------------ Total Stockholders' Deficit (220,521) (197,628) --------------- ------------------ TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 25 $ 25 =============== ==================
See Accompanying Notes to Financial Statements. 2
GOLDEN DRAGON HOLDING CO. A DEVELOPMENT STAGE COMPANY STATEMENTS OF OPERATIONS (Unaudited) FROM INCEPTION OF DEVELOPMENT STAGE (JANUARY 1, 2011) FOR THREE MONTHS ENDED THROUGH MARCH 31, MARCH 31, 2013 2012 2013 ------------- -------------- ----------------------- OPERATING EXPENSES General & Administrative Expenses $ 19,976 $ 34,361 $ 206,647 ------------- -------------- ----------------------- Total Operating Expenses 19,976 34,361 206,647 ------------- -------------- ----------------------- OPERATING LOSS (19,976) (34,361) (206,647) Interest and Other Income / (Expenses) Net (2,917) (1,562) (13,974) ------------- -------------- ----------------------- Loss before Income Taxes (22,893) (35,923) (220,621) Provision for Income Taxes - - - ------------- -------------- ----------------------- NET LOSS (22,893) (35,923) (220,621) Other Comprehensive Income / (loss), net of tax - - - ------------- -------------- ----------------------- COMPREHENSIVE LOSS $ (22,893) $ (35,923) $ (220,621) ============= ============== ======================= NET LOSS PER COMMON SHARE Basic & Diluted ($0.01) ($0.02) ============= ============== WEIGHTED AVERAGE COMMON SHARES OUTSTANDING Basic & Diluted 2,384,407 2,384,407 ============= ==============
See Accompanying Notes to Financial Statement. 3
GOLDEN DRAGON HOLDING CO. A DEVELOPMENT STAGE COMPANY STATEMENTS OF CASH FLOWS (Unaudited) FROM INCEPTION OF DEVELOPMENT STAGE (JANUARY 1, 2011) THROUGH FOR THE THREE MONTHS ENDED MARCH 31, MARCH 31, 2013 2013 2012 --------------- ---------------- -------------------- CASH FLOW PROVIDED BY / (USED IN) OPERATING ACTIVITIES NET PROFIT / (LOSS) $ (22,893) $ (35,923) $ (220,621) ADJUSTMENTS TO RECONCILE NET PROFIT /(LOSS) TO NET CASH PROVIDED BY / (USED IN) OPERATING ACTIVITIES Compensatory loan increases 15,000 15,000 135,000 CHANGES IN OPERATING ASSETS & LIABILITIES Increase / (decrease) in Accounts Payable (424) 13,760 43,089 Increase / (decrease) in Accrued Expenses - Related Party 2,917 1,563 14,116 --------------- ---------------- -------------------- Total Cash Flow provided by / (used in) Operating Activities (5,400) (5,600) (28,417) CASH FLOW FROM INVESTING ACTIVITIES Total Cash Flow provided by / (used in) Investing Activities - - - CASH FLOW FROM FINANCING ACTIVITIES Increase in Related Party Loan 5,400 5,600 28,342 --------------- ---------------- -------------------- Total Cash Flow provided by / (used in) Financing Activities 5,400 5,600 28,342 INCREASE / (DECREASE) IN CASH & CASH EQUIVALENTS $ 0 $ 0 $ (75) =============== ================ ==================== Cash and Cash Equivalents at the beginning of the period $ 25 $ 25 $ 100 =============== ================ ==================== Cash and Cash Equivalents at the end of the period $ 25 $ 25 $ 25 =============== ================ ==================== NON-CASH INVESTING AND FINANCING ACTIVITIES Related party loans $ 15,000 $ 15,000 $ 135,000 --------------- ---------------- -------------------- SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION Cash paid for interest $ - $ - $ - =============== ================ ==================== Cash paid for income tax $ - $ - $ - =============== ================ ====================
See Accompanying Notes to Financial Statements. 4
GOLDEN DRAGON HOLDING CO. A DEVELOPMENT STAGE COMPANY STATEMENTS OF MOVEMENT IN STOCKHOLDERS' DEFICIT FROM INCEPTION (JANUARY 1, 2011) THROUGH MARCH 31, 2013 Class A Common Stock Additional Paid - in Accumulated Shares Amount Capital Deficit Total # $ $ $ $ Balance, January 1, 2011 - audited 2,384,407 239 16,874,642 (16,874,781) 100 Net Loss - - - (99,661) (99,661) ------------ ------------ ------------ ---------------- -------------- Balance, December 31, 2011 - audited 2,384,407 239 16,874,642 (16,974,442) (99,561) Net Loss - - - (98,067) ------------ ------------ ------------ ---------------- -------------- Balance, December 31, 2012 - audited 2,384,407 239 16,874,642 (17,072,509) (197,628) Net loss - - - (22,893) (22,893) ------------ ------------ ------------ ---------------- -------------- Balance, March 31, 2012 - unaudited 2,384,407 239 16,874,642 (17,095,402) (220,521) ============ ============ ============ ================ ==============
See Accompanying Notes to Financial Statements. 5 GOLDEN DRAGON HOLDING CO. A DEVELOPMENT STAGE COMPANY NOTES TO FINANCIAL STATEMENTS MARCH 31, 2013 (UNAUDITED) 1. NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES: Nature of Operations Business Golden Dragon Holding Co. ("Golden Dragon," "We" or "Us") is a publicly quoted shell company seeking to create value for our shareholders by merging with another entity with experienced management and opportunities for growth in return for shares of our common stock. No potential merger candidate has been identified at this time. We are a development stage enterprise in accordance with Accounting Codification Standard ("ACS") 915 "Development Stage Entities." We have been in the development stage since Inception (January 1, 2011). History Golden Dragon was incorporated in the State of Delaware in April 2010 as a wholly owned subsidiary of Concord Ventures, Inc. ("Concord"). Concord was a publicly quoted shell company with no assets, no operating business or other source of income and liabilities in excess of $590,000. Merger of Concord In order for Concord to re-domicile in the State of Delaware from the State of Colorado, on September 29, 2010, Concord entered into an Agreement and Plan of Merger ("the Merger Agreement") with one of its wholly owned subsidiary companies, CCVG, Inc. ("CCVG"). Under the terms of the Merger Agreement, Concord shares of common stock converted automatically to CCVG shares, without change or necessity to reissue. Also under the Merger Agreement, CCVG became the surviving company domiciled in Delaware. Reorganization into a Holding Company Structure Effective December 31, 2010, pursuant to the Delaware Holding Company formation statute, under Delaware General Corporate Law (DGCL) Section 251(g), CCVG completed an Agreement and Plan of Merger and Reorganization into a Holding Company ("the Reorganization") with CCAPS, Inc. ("CCAPS") and Golden Dragon, both wholly-owned subsidiaries of CCVG. The Reorganization provided for the merger of CCVG with and into CCAPS, with CCAPS being the surviving corporation in that merger. Contemporaneously with CCVG's merger with and into CCAPS, the shareholders of CCVG were converted into shareholders of Golden Dragon on a one share for one share basis. 6 GOLDEN DRAGON HOLDING CO. A DEVELOPMENT STAGE COMPANY NOTES TO FINANCIAL STATEMENTS MARCH 31, 2013 (UNAUDITED) As a result of this reorganization into a Holding Company structure, Golden Dragon became the surviving publicly quoted parent holding company with CCAPS, the surviving corporation of the merger between CCVG and CCAPS, becoming the sole remaining wholly-owned subsidiary of Golden Dragon. The Reorganization has been accounted for so as to reflect the fact that both CCVG and Golden Dragon were under common control at the date of the Reorganization, similar to a reverse acquisition of CCVG and its subsidiary company, CCAPS, by Golden Dragon. Sale of CCAPS On December 31, 2010, Golden Dragon entered into a Share Purchase Agreement with an unrelated third party. Under the terms of the Share Purchase Agreement, Golden Dragon sold 100% of the issued and outstanding shares of its sole remaining wholly owned subsidiary, CCAPS for $100 cash consideration, subject to its debts, and issued 25,000 restricted shares of Golden Dragon common stock, valued at $1,000, to CCAPS pursuant to the terms of the Share Purchase Agreement. At the time of the sale, CCAPS had no ongoing operations or assets and outstanding liabilities of approximately $678,000. Following the merger of CCVG with and into CCAPS, CCAPS, as the surviving corporation in that merger, retained all outstanding liabilities of CCVG in the divestiture. As a result of the sale of 100% of the issued and outstanding shares of CCAPS, Golden Dragon, the surviving publicly quoted holding company, will no longer consolidate the liabilities of CCAPS or CCVG. Basis of Presentation: The accompanying unaudited financial statements of Golden Dragon have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion the financial statements include all adjustments (consisting of normal recurring accruals) necessary in order to make the financial statements not misleading. Operating results for the three months ended March 31, 2013 are not necessarily indicative of the results that may be expected for the year ended December 31, 2013. For more complete financial information, these unaudited financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2012 included in our Form 10-K filed with the SEC. 7 GOLDEN DRAGON HOLDING CO. A DEVELOPMENT STAGE COMPANY NOTES TO FINANCIAL STATEMENTS MARCH 31, 2013 (UNAUDITED) Significant Accounting Policies: Development Stage Company - We are a development stage enterprise in accordance with ACS 915 "Development Stage Entities." We have been in the development stage since Inception (January 1, 2011). Among the disclosures required as a development stage company are that our financial statements are identified as those of a development stage company, and that the statements of operations, stockholders' deficit and cash flows disclose activity since the date of our Inception (January 1, 2011) as a development stage company. Use of Estimates -- The preparation of our financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ from those estimates. Due to uncertainties inherent in the estimation process, it is possible that these estimates could be materially revised within the next year. Cash and Cash Equivalents -- Cash and cash equivalents consist of cash and highly liquid debt instruments with original maturities of less than three months. Property and Equipment -- We owned no property and equipment during the three months ended March 31, 2013 or 2012 and consequently we recorded no depreciation expense during the three months ended March 31, 2013 or 2012. Deferred Costs and Other -- Offering costs with respect to issue of common stock, warrants or options by us were initially deferred and ultimately offset against the proceeds from these equity transactions if successful or expensed if the proposed equity transaction is unsuccessful. We had no deferred costs and other as at March 31, 2013 or 2012. Impairment of Long-Lived and Intangible Assets -- In the event that facts and circumstances indicated that the cost of long-lived and intangible assets may be impaired, an evaluation of recoverability was performed. If an evaluation was required, the estimated future undiscounted cash flows associated with the asset were compared to the asset's carrying amount to determine if a write-down to market value or discounted cash flow value was required. Financial Instruments -- The estimated fair values for financial instruments was determined at discrete points in time based on relevant market information. These estimates involved uncertainties and could not be determined with precision. The carrying amounts of notes receivable, accounts receivable, accounts payable and accrued liabilities approximated fair value because of the short-term maturities of these instruments. The fair value of notes payable approximated to their carrying value as generally their interest rates reflected our effective annual borrowing rate. 8 GOLDEN DRAGON HOLDING CO. A DEVELOPMENT STAGE COMPANY NOTES TO FINANCIAL STATEMENTS MARCH 31, 2013 (UNAUDITED) Income Taxes -- We account for income taxes under the liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Advertising costs -- Advertising costs are expensed as incurred. No advertising costs were incurred during the three months ended March 31, 2013 or 2012. Comprehensive Income (Loss) -- Comprehensive income is defined as all changes in stockholders' equity (deficit), exclusive of transactions with owners, such as capital investments. Comprehensive income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. From our inception there were no differences between our comprehensive loss and net loss. Our comprehensive loss was identical to our net loss for the three months ended March 31, 2013 and 2012. Income (Loss) Per Share -- Income (loss) per share is presented in accordance with Accounting Standards Update ("ASU"), Earning Per Share (Topic 260) which requires the presentation of both basic and diluted earnings per share ("EPS") on the consolidated income statements. Basic EPS would exclude any dilutive effects of options, warrants and convertible securities but does include the restricted shares of common stock issued. Diluted EPS would reflect the potential dilution that would occur if securities of other contracts to issue common stock were exercised or converted to common stock. Basic EPS calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted EPS calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. Basic and diluted EPS were identical for the three months ended March 31, 2013 and 2012 as we had no stock options or warrants outstanding during those periods. Stock-Based Compensation -- We have adopted ASC Topic 718, "Accounting for Stock-Based Compensation," which establishes a fair value method of accounting for stock-based compensation plans. In accordance with guidance now incorporated in ASC Topic 718, the cost of stock options and warrants issued to employees and non-employees is measured on the grant date based on the fair value. The fair value is determined using the Black-Scholes option pricing model. The resulting amount is charged to expense on the straight-line basis over the period in which we expect to receive the benefit, which is generally the vesting period. The fair value of stock warrants was determined at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option model requires management to make various estimates and assumptions, including expected term, expected volatility, risk-free rate, and dividend yield. 9 GOLDEN DRAGON HOLDING CO. A DEVELOPMENT STAGE COMPANY NOTES TO FINANCIAL STATEMENTS MARCH 31, 2013 (UNAUDITED) No stock based compensation was issued or outstanding during the three months ending March 31, 2013 or 2012. Business Segments -- We believe that our activities during the three months ended March 31, 2013 and 2012 comprised a single segment. Recently Issued Accounting Pronouncements-- We have reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of our operations. 2. GOING CONCERN AND LIQUIDITY: At March 31, 2013, we had cash of $25, no other assets, no operating business or other source of income, outstanding liabilities totaling $220,546 and a stockholders' deficit of $220,521. In our financial statements for the fiscal years ended December 31, 2012 and 2011, the Report of the Independent Registered Public Accounting Firm includes an explanatory paragraph that describes substantial doubt about our ability to continue as a going concern. Our unaudited financial statements for the three months ended March 31, 2013 and 2012 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. We had a working capital deficit of $220,521 and reported an accumulated deficit since Inception (January 1, 2011) of $220,621 as at March 31, 2013. It is our current intention to seek to raise debt and, or, equity financing to fund our ongoing operating expenses and attempt to create value for our shareholders by merging with another entity with experienced management and opportunities for growth in return for shares of our common stock. There is no assurance that this series of events will be satisfactorily completed. 3. ASSETS As at March 31, 2013 and December 31, 2012, our sole asset was Cash and Cash Equivalents of $25. 4. ACCOUNTS PAYABLE As at March 31, 2013, the balance of accounts payable principally represents legal fees payable. 10 GOLDEN DRAGON HOLDING CO. A DEVELOPMENT STAGE COMPANY NOTES TO FINANCIAL STATEMENTS MARCH 31, 2013 (UNAUDITED) 5. ACCRUED EXPENSES As at March 31, 2013, the balance of accrued expenses represents interest payable on our related party loan (See Note 6.). 6. RELATED PARTY LOAN As at March 31, 2013, the related party loan represents a loan made to us by Mr. David J. Cutler, our sole officer, a director and majority shareholder. The loan is repayable on demand and at March 31, 2012, the principal balance owed was $163,343 with accrued interest of $14,116. Interest is accrued on the loan at 8%. 7. COMMITMENTS: Capital and Operating Leases We had no capital or operating leases outstanding as at March 31, 2013. Litigation No legal proceedings are currently pending or threatened to the best of our knowledge. 8. RELATED PARTY TRANSACTIONS As at March 31, 2013, we owed Mr. Cutler, our sole officer, a director and majority shareholder, $177,459 including accrued interest of $14,116. During the three months ended March 31, 2012, we accrued $15,000 remuneration payable to Mr. Cutler, one of our directors, our sole officer and controlling shareholder. 9. STOCKHOLDERS' DEFICIT: Preferred Stock We were authorized, without further action by the shareholders, to issue 10,000,000 shares of one or more series of preferred stock at a par value of $0.0001, all of which is nonvoting. The Board of Directors may, without shareholder approval, determine the dividend rates, redemption prices, preferences on liquidation or dissolution, conversion rights, voting rights and any other preferences. No shares of preferred stock were issued or outstanding during the three month periods ended March 31, 2013 and 2012. 11 GOLDEN DRAGON HOLDING CO. A DEVELOPMENT STAGE COMPANY NOTES TO FINANCIAL STATEMENTS MARCH 31, 2013 (UNAUDITED) Common Stock We were authorized to issue 100,000,000 shares of common stock, par value $0.0001 per share. On April 29, 2008, we held our annual meeting of stockholders at which meeting the majority of stockholders approved, an up to 3 for 1 reverse split of our shares of common stock. No such reverse split has been effected as yet. Recent Issuances No shares of our common stock were issued in the three months ended March 31, 2013 or 2012. Warrants No warrants were issued or outstanding during the three months ended March 31, 2013 or 2012. Stock Options Effective March 19, 1999, we adopted a stock option plan (the "Plan"). The Plan provides for grants of incentive stock options, nonqualified stock options and restricted stock to designated employees, officers, directors, advisors and independent contractors. The Plan authorized the issuance of up to 75,000 shares of Class A Common Stock. Under the Plan, the exercise price per share of a non-qualified stock option must be equal to at least 50% of the fair market value of the common stock at the grant date, and the exercise price per share of an incentive stock option must equal the fair market value of the common stock at the grant date. No stock options were issued or outstanding during the three months ended March 31, 2013 or 2012. 10. INCOME TAXES We have had losses since our Inception (January 1, 2011), and therefore have not been subject to federal or state income taxes since our Inception. Following our reorganization into a holding company structure and the sales of our subsidiary company, CCAPS, we disposed of the majority of our brought forward net operating losses. Consequently, effective March 31, 2013, we had NOLS of approximately $221,000, which expire in 2031 and 2033. 11. SUBSEQUENT EVENTS We have evaluated subsequent events through May 10, 2013. Other than those set out above, there have been no subsequent events after March 31, 2013 for which disclosure is required. 12 GOLDEN DRAGON HOLDING CO. A DEVELOPMENT STAGE COMPANY NOTES TO FINANCIAL STATEMENTS MARCH 31, 2013 (UNAUDITED) ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements and notes thereto and the other financial information included elsewhere in this report. This discussion contains forward-looking statements that involve risks and uncertainties. We believe that our expectations are based on reasonable assumptions within the bounds of our knowledge of our business and operations: there can be no assurance that actual results will not differ materially from our expectations. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated, including but not limited to, our ability to raise debt and, or, equity to fund our ongoing operating expenses and to create value for our shareholders by merging with another entity with experienced management and opportunities for growth in return for shares of our common stock. You are urged to carefully consider these factors, as well as other information contained in this Annual Report on Form 10-K and in our other periodic reports and documents filed with the SEC. OVERVIEW Golden Dragon Holding Co. ("Golden Dragon") is a publicly quoted shell company seeking to create value for our shareholders by merging with another entity with experienced management and opportunities for growth in return for shares of our common stock. No such potential merger candidate has been identified at that time of this filing. History Golden Dragon was incorporated in the State of Delaware in April 2010 as a wholly owned subsidiary of Concord Ventures, Inc. ("Concord"). Concord was a publicly quoted shell company with no assets, no operating business or other source of income and liabilities in excess of $590,000. Merger of Concord In order for Concord to re-domicile in the state of Delaware from the state of Colorado, on September 29, 2010, Concord entered into an Agreement and Plan of Merger ("the Merger Agreement") with one of its wholly owned subsidiary companies, CCVG, Inc. ("CCVG"). Under the terms of the Merger Agreement, Concord shares of common stock converted automatically to CCVG shares, without change or necessity to reissue. Also under the Merger Agreement, CCVG became the surviving company domiciled in Delaware. Reorganization into a Holding Company Structure Effective December 31, 2010, pursuant to the Delaware Holding Company formation statute, under Delaware General Corporate Law (DGCL) Section 251(g), CCVG completed an Agreement and Plan of Merger and Reorganization into a Holding Company ("the Reorganization") with CCAPS, Inc. ("CCAPS") and Golden Dragon, both wholly-owned subsidiaries of CCVG. The Reorganization provided for the merger of CCVG with and into CCAPS, with CCAPS being the surviving corporation 13 in that merger. Contemporaneously with CCVG's merger with and into CCAPS, the shareholders of CCVG were converted into shareholders of Golden Dragon on a one share for one share basis. As a result of this reorganization into a Holding Company structure, Golden Dragon became the surviving publicly quoted parent holding company with CCAPS, the surviving corporation of the merger between CCVG and CCAPS, becoming the sole remaining wholly-owned subsidiary of Golden Dragon. The Reorganization has been accounted for so as to reflect the fact that both CCVG and Golden Dragon were under common control at the date of the Reorganization, similar to a reverse acquisition of CCVG and its subsidiary company, CCAPS, by Golden Dragon. Sale of CCAPS On December 31, 2010, Golden Dragon entered into a Share Purchase Agreement with an unrelated third party. Under the terms of the Share Purchase Agreement, Golden Dragon sold 100% of the issued and outstanding shares of its sole remaining wholly owned subsidiary, CCAPS for $100 cash consideration, subject to its debts, and issued 25,000 restricted shares of Golden Dragon common stock, valued at $1,000, to CCAPS pursuant to the terms of the Share Purchase Agreement. At the time of the sale, CCAPS had no ongoing operations or assets and outstanding liabilities of approximately $678,000. Following the merger of CCVG with and into CCAPS, CCAPS, as the surviving corporation in that merger, retained all outstanding liabilities of CCVG in the divestiture. As a result of the sale of 100% of the issued and outstanding shares of CCAPS, Golden Dragon, the surviving publicly quoted holding company, will no longer consolidate the liabilities of CCAPS or CCVG. PLAN OF OPERATIONS General Business Plan Our plan of operations is to raise debt and, or, equity to meet our ongoing operating expenses and attempt to merge with another entity with experienced management and opportunities for growth in return for shares of our common stock to create value for our shareholders. There can be no assurance that we will successfully complete these transactions. In particular there is no assurance that any such business will be located or that any stockholder will realize any return on their shares after such a transaction. Any merger or acquisition completed by us can be expected to have a significant dilutive effect on the percentage of shares held by our current stockholders. We believe we are an insignificant participant among the firms which engage in the acquisition of business opportunities. There are many established venture capital and financial 14 concerns that have significantly greater financial and personnel resources and technical expertise than we have. In view of our limited financial resources and limited management availability, we will continue to be at a significant competitive disadvantage compared to our competitors. We intend to seek, investigate and, if such investigation warrants, acquire an interest in business opportunities presented to us by persons or firms which desire to seek the advantages of an issuer who has complied with the Securities Act of 1934 (the "1934 Act"). We will not restrict our search to any specific business, industry or geographical location, and we may participate in business ventures of virtually any nature. This discussion of our proposed business is purposefully general and is not meant to be restrictive of our unlimited discretion to search for and enter into potential business opportunities. We anticipate that we may be able to participate in only one potential business venture because of our lack of financial resources. We may seek a business opportunity with entities which have recently commenced operations, or that desire to utilize the public marketplace in order to raise additional capital in order to expand into new products or markets, to develop a new product or service, or for other corporate purposes. We may acquire assets and establish wholly owned subsidiaries in various businesses or acquire existing businesses as subsidiaries. We expect that the selection of a business opportunity will be complex. Due to general economic conditions, rapid technological advances being made in some industries and shortages of available capital, we believe that there are numerous firms seeking the benefits of an issuer who has complied with the 1934 Act. Such benefits may include facilitating or improving the terms on which additional equity financing may be sought, providing liquidity for incentive stock options or similar benefits to key employees, providing liquidity (subject to restrictions of applicable statutes) for all stockholders and other factors. Potentially, available business opportunities may occur in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex. We have, and will continue to have, essentially no assets to provide the owners of business opportunities. However, we will be able to offer owners of acquisition candidates the opportunity to acquire a controlling ownership interest in an issuer who has complied with the 1934 Act without incurring the cost and time required to conduct an initial public offering. The analysis of new business opportunities will be undertaken by, or under the supervision of, our Board of Directors. We intend to concentrate on identifying preliminary prospective business opportunities which may be brought to our attention through present associations of our director, professional advisors or by our stockholders. In analyzing prospective business opportunities, we will consider such matters as (i) available technical, financial and managerial resources; (ii) working capital and other financial requirements; (iii) history of operations, if any, and prospects for the future; (iv) nature of present and expected competition; (v) quality, experience and depth of management services; (vi) potential for further research, development or exploration; (vii) specific risk factors not now foreseeable but that may be anticipated to impact the proposed activities of the company; (viii) potential for growth or expansion; (ix) potential for profit; (x) public recognition and acceptance of products, 15 services or trades; (xi) name identification; and (xii) other factors that we consider relevant. As part of our investigation of the business opportunity, we expect to meet personally with management and key personnel. To the extent possible, we intend to utilize written reports and personal investigation to evaluate the above factors. We will not acquire or merge with any company for which audited financial statements cannot be obtained within a reasonable period of time after closing of the proposed transaction. Acquisition Opportunities In implementing a structure for a particular business acquisition, we may become a party to a merger, consolidation, reorganization, joint venture, or licensing agreement with another company or entity. We may also acquire stock or assets of an existing business. Upon consummation of a transaction, it is probable that our present management and stockholders will no longer be in control of us. In addition, our sole director may, as part of the terms of the acquisition transaction, resign and be replaced by new directors without a vote of our stockholders, or sell his stock in us. Any such sale will only be made in compliance with the securities laws of the United States and any applicable state. It is anticipated that any securities issued in any such reorganization would be issued in reliance upon exemption from registration under application federal and state securities laws. In some circumstances, as a negotiated element of the transaction, we may agree to register all or a part of such securities immediately after the transaction is consummated or at specified times thereafter. If such registration occurs, it will be undertaken by the surviving entity after it has successfully consummated a merger or acquisition and is no longer considered an inactive company. The issuance of substantial additional securities and their potential sale into any trading market which may develop in our securities may have a depressive effect on the value of our securities in the future. There is no assurance that such a trading market will develop. While the actual terms of a transaction cannot be predicted, it is expected that the parties to any business transaction will find it desirable to avoid the creation of a taxable event and thereby structure the business transaction in a so-called "tax-free" reorganization under Sections 368(a)(1) or 351 of the Internal Revenue Code (the "Code"). In order to obtain tax-free treatment under the Code, it may be necessary for the owner of the acquired business to own 80% or more of the voting stock of the surviving entity. In such event, our stockholders would retain less than 20% of the issued and outstanding shares of the surviving entity. This would result in significant dilution in the equity of our stockholders. As part of our investigation, we expect to meet personally with management and key personnel, visit and inspect material facilities, obtain independent analysis of verification of certain information provided, check references of management and key personnel, and take other reasonable investigative measures, to the extent of our limited financial resources and management expertise. The manner in which we participate in an opportunity will depend on the nature of the opportunity, the respective needs and desires of both parties, and the management of the opportunity. 16 With respect to any merger or acquisition, and depending upon, among other things, the target company's assets and liabilities, our stockholders will in all likelihood hold a substantially lesser percentage ownership interest in us following any merger or acquisition. The percentage ownership may be subject to significant reduction in the event we acquire a target company with assets and expectations of growth. Any merger or acquisition can be expected to have a significant dilutive effect on the percentage of shares held by our stockholders. We will participate in a business opportunity only after the negotiation and execution of appropriate written business agreements. Although the terms of such agreements cannot be predicted, generally we anticipate that such agreements will (i) require specific representations and warranties by all of the parties; (ii) specify certain events of default; (iii) detail the terms of closing and the conditions which must be satisfied by each of the parties prior to and after such closing; (iv) outline the manner of bearing costs, including costs associated with the Company's attorneys and accountants; (v) set forth remedies on defaults; and (vi) include miscellaneous other terms. As stated above, we will not acquire or merge with any entity which cannot provide independent audited financial statements within a reasonable period of time after closing of the proposed transaction. If such audited financial statements are not available at closing, or within time parameters necessary to insure our compliance within the requirements of the 1934 Act, or if the audited financial statements provided do not conform to the representations made by that business to be acquired, the definitive closing documents will provide that the proposed transaction will be voidable, at the discretion of our present management. If such transaction is voided, the definitive closing documents will also contain a provision providing for reimbursement for our costs associated with the proposed transaction. Competition We believe we are an insignificant participant among the firms which engage in the acquisition of business opportunities. There are many established venture capital and financial concerns that have significantly greater financial and personnel resources and technical expertise than we have. In view of our limited financial resources and limited management availability, we will continue to be at a significant competitive disadvantage compared to our competitors. Investment Company Act 1940 Although we will be subject to regulation under the Securities Act of 1933, as amended, and the 1934 Act, we believe we will not be subject to regulation under the Investment Company Act of 1940 (the "1940 Act") insofar as we will not be engaged in the business of investing or trading in securities. In the event we engage in business combinations that result in us holding passive investment interests in a number of entities, we could be subject to regulation under the 1940 Act. In such event, we would be required to register as an investment company and incur significant registration and compliance costs. We have obtained no formal determination from the SEC as to our status under the 1940 Act and, consequently, any violation of the 1940 Act would subject us to material adverse consequences. We believe that, currently, we are exempt under Regulation 3a-2 of the 1940 Act. 17 Liquidity and Capital Resources At March 31, 2013, we had cash of $25, no other assets, no operating business or other source of income, outstanding liabilities totaling $220,546 and a stockholders' deficit of $220,521. In our financial statements for the fiscal years ended December 31, 2012 and 2011, the Report of the Independent Registered Public Accounting Firm includes an explanatory paragraph that describes substantial doubt about our ability to continue as a going concern. Our unaudited financial statements for the three months ended March 31, 2013 and 2012 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. We had a working capital deficit of $220,521 and reported an accumulated deficit since Inception (January 1, 2011) of $220,621 as at March 31, 2013. It is our current intention to seek to raise debt and, or, equity financing to fund our ongoing operating expenses and attempt to create value for our shareholders by merging with another entity with experienced management and opportunities for growth in return for shares of our common stock. There is no assurance that this series of events will be satisfactorily completed. RESULTS OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2013 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2012 Revenue During the three months ended March 31, 2013 and 2012, we did not recognize any revenues and do not anticipate having revenue generating activities in the near future. General and Administrative Expenses During the three months ended March 31, 2013, we incurred $19,976 in general and administrative expenses compared to $34,361 in the three months ended March 31, 2012, a decrease of $14,385. The decrease was largely due to the fact that in the three months ended March 31, 2012 we incurred legal and accounting fees which we did not incur in the three months ended March 31, 2013. Interest Expense We recognized an interest expense of $2,917 during the three months ended March 31, 2013, compared to $1,562 during the three months ended March 31, 2012, an increase of $1,355. This interest expense relates to the interest accrued on the loans made to us by one of our directors. The increase in the amount of interest between the two periods reflects the increase in the average principal balance of the loans made to us by our director between the two periods. 18 Profit / (Loss) before Income Tax In the three months ended March 31, 2013, we recognized a loss before income tax of $22,893 compared to a loss before income tax of $35,923 in the three months ended March 31, 2012, an decrease of $13,030 due to the factors discussed above. Provision for Income Taxes No provision for income taxes was required in the three months ended March 31, 2013 or 2012 as we generated tax losses both periods. Net Profit / (Loss) and Comprehensive Profit / (Loss) In the three months ended March 31, 2013, we recognized a net loss of $22,893 compared to net a loss of $35,923 in the three months ended March 31, 2012, a decrease of $13,030 due to the factors discussed above. The comprehensive loss was identical to the net loss in both the three months ended March 31, 2013 and 2012. CASH FLOW INFORMATION FOR THE THREE MONTHS ENDED MARCH 31, 2013 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2012 At March 31, 2013, we had cash of $25, no other assets, no operating business or other source of income, outstanding liabilities totaling $220,546 and a stockholders' deficit of $220,521. In our financial statements for the fiscal years ended December 31, 2012 and 2011, the Report of the Independent Registered Public Accounting Firm includes an explanatory paragraph that describes substantial doubt about our ability to continue as a going concern. Our unaudited financial statements for the three months ended March 31, 2013 and 2012 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. We had a working capital deficit of $220,521 and reported an accumulated deficit since Inception (January 1, 2011) of $220,621 as at March 31, 2013. It is our current intention to seek to raise debt and, or, equity financing to fund our ongoing operating expenses and attempt to create value for our shareholders by merging with another entity with experienced management and opportunities for growth in return for shares of our common stock. There is no assurance that this series of events will be satisfactorily completed. There were no changes in our bank balance in the three months ended March 31, 2013 and 2012 as all our costs we paid for directly by Mr. Cutler, an officer, director and shareholder of the Company. 19 Net cash used in operations for the three months ended March 31, 2013 was $5,400 compared to $5,600 in the three months ended March 31, 2012, a decrease of $200. In the three months ended March 31, 2013, our net losses were $22,893, which we partially offset by a $15,000 non-cash item relating to compensatory loan increases and by a net increase of $2,494 in our accounts payable and accrued expenses. In the three months ended March 31, 2012, our net losses were $35,923, which we partially offset by a $15,000 non-cash item relating to compensatory loan increases and by a net increase of $15,324 in our accounts payable and accrued expenses. No cash was provided by, or used in, investing activities during the three months ended March 31, 2013 and 2012. During the three months ended March 31, 2013, the Company received $5,400 from its financing activities by way of loan from a related party which was broadly comparable to the $5.600 it received from its financing activities by way of loan from a related party in the three months ended March 31, 2012. ITEM 3. QUANTATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. As a "smaller reporting company" as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item. ITEM 4. CONTROLS AND PROCEDURES Disclosures Controls and Procedures We have adopted and maintain disclosure controls and procedures (as such term is defined in Rules 13a 15(e) under the Securities Exchange Act of 1934, as amended the "Exchange Act")) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act, is recorded, processed, summarized and reported within the time periods required under the SEC's rules and forms and that the information is gathered and communicated to our Chief Executive Officer and Principal Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. As required by SEC Rule 15d-15(b), our Chief Executive Officer and Principal Financial Officer carried out an evaluation under the supervision and with the participation of our management, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Exchange Act Rule 15d-14 as of the end of the period covered by this report. Based on the foregoing evaluation, our Chief Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures are effective in timely alerting them to material information required to be included in our periodic SEC filings and to ensure that information required to be disclosed in our periodic SEC filings is accumulated and communicated to our 20 management, including our Chief Executive Officer and Principal Financial Officer, to allow timely decisions regarding required disclosure. There was no change in our internal control over financial reporting that occurred during the fiscal quarter ended March 31, 2013, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS We were not subject to any legal proceedings during the three months ended March 31, 2013 or 2012 and, to the best of our knowledge; no legal proceedings are pending or threatened. ITEM 2. CHANGES IN SECURITIES There were no changes in our securities in the three months ended March 31, 2013. ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. ITEM 5. OTHER INFORMATION None. ITEM 6. EXHIBITS Exhibits. The following is a complete list of exhibits filed as part of this Form 10-Q. Exhibit numbers correspond to the numbers in the Exhibit Table of Item 601 of Regulation S-K. Exhibit 31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act Exhibit 32.1 Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act. Exhibit 101.INS XBRL Instance Document(1) Exhibit 101.SCH XBRL Taxonomy Extension Schema Document(1) Exhibit 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document(1) Exhibit 101.DEF XBRL Taxonomy Extension Definition Linkbase Document(1) 21 Exhibit 101.LAB XBRL Taxonomy Extension Label Linkbase Document(1) Exhibit 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document(1) (1) Pursuant to Rule 406T of Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections. 22 SIGNATURES Pursuant to the requirements of Section 12 of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. GOLDEN DRAGON HOLDING CO. Date: May 10, 2013 By: /s/ DAVID J. CUTLER ----------------------------- David J Cutler Chief Executive Officer, & Chief Financial Officer (Principal Accounting Officer) 23
EX-31 2 ex31-1.txt EXHIBIT 31.1 CERTIFICATION OF PERIODIC REPORT I, David J. Cutler, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Golden Dragon Holding Co.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. As the registrant's sole certifying officer, I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)) for the registrant and have: a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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; c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's 4th quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. 5. As the registrant's certifying officer, I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: May 10, 2013 /s/ David J. Cutler ----------------------------------- (Chief Executive Officer and Chief Financial Officer) EX-32 3 ex32-1.txt Exhibit 32.1 CERTIFICATION OF DISCLOSURE PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Golden Dragon Holding Co. (the "Company") on Form 10-Q for the period ending March 31, 2013 as filed with the Securities and Exchange Commission on the date hereof (the "Report") I, David J. Cutler, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 USC section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief: (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Dated: May 10, 2013 /s/ David J. Cutler -------------------------------------------------------- David J. Cutler (Chief Executive Officer & Chief Financial Officer and Principal Accounting Officer) This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. EX-101.INS 4 gdhc-20130331.xml false --12-31 Q1 2013 2013-03-31 10-Q 0001081938 2384407 Smaller Reporting Company GOLDEN DRAGON HOLDING CO. <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->3. ASSETS<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> As at March 31, 2013 and December 31, 2012, our sole asset was Cash and Cash<br /> <br /> <br /> <br /> Equivalents of $25. <!--EndFragment--> </pre> </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->Deferred Costs and Other -- Offering costs with respect to issue of common<br /> <br /> <br /> <br /> stock, warrants or options by us were initially deferred and ultimately offset<br /> <br /> <br /> <br /> against the proceeds from these equity transactions if successful or expensed if<br /> <br /> <br /> <br /> the proposed equity transaction is unsuccessful. We had no deferred costs and<br /> <br /> <br /> <br /> other as at March 31, 2013 or 2012. <!--EndFragment--> </pre> </div> </div> 177459 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->2. GOING CONCERN AND LIQUIDITY:<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> At March 31, 2013, we had cash of $25, no other assets, no operating business or<br /> <br /> <br /> <br /> other source of income, outstanding liabilities totaling $220,546 and a<br /> <br /> <br /> <br /> stockholders&#39; deficit of $220,521.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> In our financial statements for the fiscal years ended December 31, 2012 and<br /> <br /> <br /> <br /> 2011, the Report of the Independent Registered Public Accounting Firm includes<br /> <br /> <br /> <br /> an explanatory paragraph that describes substantial doubt about our ability to<br /> <br /> <br /> <br /> continue as a going concern.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Our unaudited financial statements for the three months ended March 31, 2013 and<br /> <br /> <br /> <br /> 2012 have been prepared on a going concern basis, which contemplates the<br /> <br /> <br /> <br /> realization of assets and the settlement of liabilities and commitments in the<br /> <br /> <br /> <br /> normal course of business.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> We had a working capital deficit of $220,521 and reported an accumulated deficit<br /> <br /> <br /> <br /> since Inception (January 1, 2011) of $220,621 as at March 31, 2013.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> It is our current intention to seek to raise debt and, or, equity financing to<br /> <br /> <br /> <br /> fund our ongoing operating expenses and attempt to create value for our<br /> <br /> <br /> <br /> shareholders by merging with another entity with experienced management and<br /> <br /> <br /> <br /> opportunities for growth in return for shares of our common stock. There is no<br /> <br /> <br /> <br /> assurance that this series of events will be satisfactorily completed.<br /> <br /> <!--EndFragment--> </pre> </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->6. RELATED PARTY LOAN<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> As at March 31, 2013, the related party loan represents a loan made to us by Mr.<br /> <br /> <br /> <br /> David J. Cutler, our sole officer, a director and majority shareholder. The loan<br /> <br /> <br /> <br /> is repayable on demand and at March 31, 2012, the principal balance owed was<br /> <br /> <br /> <br /> $163,343 with accrued interest of $14,116.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Interest is accrued on the loan at 8%. <!--EndFragment--> </pre> </div> </div> 25000 1000 -220521 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->5. ACCRUED EXPENSES<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> As at March 31, 2013, the balance of accrued expenses represents interest<br /> <br /> <br /> <br /> payable on our related party loan (See Note 6.). <!--EndFragment--> </pre> </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->4. ACCOUNTS PAYABLE<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> As at March 31, 2013, the balance of accounts payable principally represents<br /> <br /> <br /> <br /> legal fees payable. <!--EndFragment--> </pre> </div> </div> 43087 43511 14116 11199 15000 16874642 16874642 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->Advertising costs -- Advertising costs are expensed as incurred. No advertising<br /> <br /> <br /> <br /> costs were incurred during the three months ended March 31, 2013 or 2012. <!--EndFragment--> </pre> </div> </div> 25 25 25 25 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->Development Stage Company - We are a development stage enterprise in accordance<br /> <br /> <br /> <br /> with ACS 915 "Development Stage Entities." We have been in the development stage<br /> <br /> <br /> <br /> since Inception (January 1, 2011). Among the disclosures required as a<br /> <br /> <br /> <br /> development stage company are that our financial statements are identified as<br /> <br /> <br /> <br /> those of a development stage company, and that the statements of operations,<br /> <br /> <br /> <br /> stockholders&#39; deficit and cash flows disclose activity since the date of our<br /> <br /> <br /> <br /> Inception (January 1, 2011) as a development stage company. <!--EndFragment--> </pre> </div> </div> 25 25 100 25 25 0 0 -75 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->Cash and Cash Equivalents -- Cash and cash equivalents consist of cash and<br /> <br /> <br /> <br /> highly liquid debt instruments with original maturities of less than three<br /> <br /> <br /> <br /> months.<!--EndFragment--> </pre> </div> </div> 0 0 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->7. COMMITMENTS:<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Capital and Operating Leases<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> We had no capital or operating leases outstanding as at March 31, 2013.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Litigation<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> No legal proceedings are currently pending or threatened to the best of our<br /> <br /> <br /> <br /> knowledge. <!--EndFragment--> </pre> </div> </div> 0.0001 0.0001 100000000 100000000 239 239 -22893 -35923 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->Comprehensive Income (Loss) -- Comprehensive income is defined as all changes in<br /> <br /> <br /> <br /> stockholders&#39; equity (deficit), exclusive of transactions with owners, such as<br /> <br /> <br /> <br /> capital investments. Comprehensive income includes net income or loss, changes<br /> <br /> <br /> <br /> in certain assets and liabilities that are reported directly in equity such as<br /> <br /> <br /> <br /> translation adjustments on investments in foreign subsidiaries and unrealized<br /> <br /> <br /> <br /> gains (losses) on available-for-sale securities. From our inception there were<br /> <br /> <br /> <br /> no differences between our comprehensive loss and net loss.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Our comprehensive loss was identical to our net loss for the three months ended<br /> <br /> <br /> <br /> March 31, 2013 and 2012. <!--EndFragment--> </pre> </div> </div> 220621 197728 163343 142943 -0.01 -0.02 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->Income (Loss) Per Share -- Income (loss) per share is presented in accordance<br /> <br /> <br /> <br /> with Accounting Standards Update ("ASU"), Earning Per Share (Topic 260) which<br /> <br /> <br /> <br /> requires the presentation of both basic and diluted earnings per share ("EPS")<br /> <br /> <br /> <br /> on the consolidated income statements. Basic EPS would exclude any dilutive<br /> <br /> <br /> <br /> effects of options, warrants and convertible securities but does include the<br /> <br /> <br /> <br /> restricted shares of common stock issued. Diluted EPS would reflect the<br /> <br /> <br /> <br /> potential dilution that would occur if securities of other contracts to issue<br /> <br /> <br /> <br /> common stock were exercised or converted to common stock. Basic EPS calculations<br /> <br /> <br /> <br /> are determined by dividing net income by the weighted average number of shares<br /> <br /> <br /> <br /> of common stock outstanding during the year. Diluted EPS calculations are<br /> <br /> <br /> <br /> determined by dividing net income by the weighted average number of common<br /> <br /> <br /> <br /> shares and dilutive common share equivalents outstanding.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Basic and diluted EPS were identical for the three months ended March 31, 2013<br /> <br /> <br /> <br /> and 2012 as we had no stock options or warrants outstanding during those<br /> <br /> <br /> <br /> periods. <!--EndFragment--> </pre> </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->Financial Instruments -- The estimated fair values for financial instruments was<br /> <br /> <br /> <br /> determined at discrete points in time based on relevant market information.<br /> <br /> <br /> <br /> These estimates involved uncertainties and could not be determined with<br /> <br /> <br /> <br /> precision. The carrying amounts of notes receivable, accounts receivable,<br /> <br /> <br /> <br /> accounts payable and accrued liabilities approximated fair value because of the<br /> <br /> <br /> <br /> short-term maturities of these instruments. The fair value of notes payable<br /> <br /> <br /> <br /> approximated to their carrying value as generally their interest rates reflected<br /> <br /> <br /> <br /> our effective annual borrowing rate. <!--EndFragment--> </pre> </div> </div> 19976 34361 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->Impairment of Long-Lived and Intangible Assets -- In the event that facts and<br /> <br /> <br /> <br /> circumstances indicated that the cost of long-lived and intangible assets may be<br /> <br /> <br /> <br /> impaired, an evaluation of recoverability was performed. If an evaluation was<br /> <br /> <br /> <br /> required, the estimated future undiscounted cash flows associated with the asset<br /> <br /> <br /> <br /> were compared to the asset&#39;s carrying amount to determine if a write-down to<br /> <br /> <br /> <br /> market value or discounted cash flow value was required. <!--EndFragment--> </pre> </div> </div> -22893 -35923 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->10. INCOME TAXES<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> We have had losses since our Inception (January 1, 2011), and therefore have not<br /> <br /> <br /> <br /> been subject to federal or state income taxes since our Inception.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Following our reorganization into a holding company structure and the sales of<br /> <br /> <br /> <br /> our subsidiary company, CCAPS, we disposed of the majority of our brought<br /> <br /> <br /> <br /> forward net operating losses.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Consequently, effective March 31, 2013, we had NOLS of approximately $221,000,<br /> <br /> <br /> <br /> which expire in 2031 and 2033. <!--EndFragment--> </pre> </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->Income Taxes -- We account for income taxes under the liability method, which<br /> <br /> <br /> <br /> requires recognition of deferred tax assets and liabilities for the expected<br /> <br /> <br /> <br /> future tax consequences of events that have been included in the financial<br /> <br /> <br /> <br /> statements or tax returns. Under this method, deferred tax assets and<br /> <br /> <br /> <br /> liabilities are determined based on the difference between the financial<br /> <br /> <br /> <br /> statements and tax bases of assets and liabilities using enacted tax rates in<br /> <br /> <br /> <br /> effect for the year in which the differences are expected to reverse.<!--EndFragment--> </pre> </div> </div> -424 13760 43089 2917 1563 14116 678000 590000 25 25 220546 197653 5400 5600 28342 -5400 -5600 -28417 -22893 -35923 -220621 -99661 -98067 -22893 -98067 -99661 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->Recently Issued Accounting Pronouncements-- We have reviewed all recently<br /> <br /> <br /> <br /> issued, but not yet effective, accounting pronouncements and do not believe the<br /> <br /> <br /> <br /> future adoption of any such pronouncements may be expected to cause a material<br /> <br /> <br /> <br /> impact on our financial condition or the results of our operations. <!--EndFragment--> </pre> </div> </div> -2917 -1562 15000 15000 135000 19976 34361 -19976 -34361 221000 2031 and 2033 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->1. NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES:<br /> <br /> <br /> <br /> Nature of Operations<br /> <br /> <br /> <br /> Business<br /> <br /> <br /> <br /> <br /> <br /> Golden Dragon Holding Co. ("Golden Dragon," "We" or "Us") is a publicly quoted<br /> <br /> <br /> <br /> shell company seeking to create value for our shareholders by merging with<br /> <br /> <br /> <br /> another entity with experienced management and opportunities for growth in<br /> <br /> <br /> <br /> return for shares of our common stock. No potential merger candidate has been<br /> <br /> <br /> <br /> identified at this time.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> We are a development stage enterprise in accordance with Accounting Codification<br /> <br /> <br /> <br /> Standard ("ACS") 915 "Development Stage Entities." We have been in the<br /> <br /> <br /> <br /> development stage since Inception (January 1, 2011).<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> History<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Golden Dragon was incorporated in the State of Delaware in April 2010 as a<br /> <br /> <br /> <br /> wholly owned subsidiary of Concord Ventures, Inc. ("Concord"). Concord was a<br /> <br /> <br /> <br /> publicly quoted shell company with no assets, no operating business or other<br /> <br /> <br /> <br /> source of income and liabilities in excess of $590,000.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Merger of Concord<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> In order for Concord to re-domicile in the State of Delaware from the State of<br /> <br /> <br /> <br /> Colorado, on September 29, 2010, Concord entered into an Agreement and Plan of<br /> <br /> <br /> <br /> Merger ("the Merger Agreement") with one of its wholly owned subsidiary<br /> <br /> <br /> <br /> companies, CCVG, Inc. ("CCVG"). Under the terms of the Merger Agreement, Concord<br /> <br /> <br /> <br /> shares of common stock converted automatically to CCVG shares, without change or<br /> <br /> <br /> <br /> necessity to reissue. Also under the Merger Agreement, CCVG became the surviving<br /> <br /> <br /> <br /> company domiciled in Delaware.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Reorganization into a Holding Company Structure<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Effective December 31, 2010, pursuant to the Delaware Holding Company formation<br /> <br /> <br /> <br /> statute, under Delaware General Corporate Law (DGCL) Section 251(g), CCVG<br /> <br /> <br /> <br /> completed an Agreement and Plan of Merger and Reorganization into a Holding<br /> <br /> <br /> <br /> Company ("the Reorganization") with CCAPS, Inc. ("CCAPS") and Golden Dragon,<br /> <br /> <br /> <br /> both wholly-owned subsidiaries of CCVG. The Reorganization provided for the<br /> <br /> <br /> <br /> merger of CCVG with and into CCAPS, with CCAPS being the surviving corporation<br /> <br /> <br /> <br /> in that merger. Contemporaneously with CCVG&#39;s merger with and into CCAPS, the<br /> <br /> <br /> <br /> shareholders of CCVG were converted into shareholders of Golden Dragon on a one<br /> <br /> <br /> <br /> share for one share basis.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> As a result of this reorganization into a Holding Company structure, Golden<br /> <br /> <br /> <br /> Dragon became the surviving publicly quoted parent holding company with CCAPS,<br /> <br /> <br /> <br /> the surviving corporation of the merger between CCVG and CCAPS, becoming the<br /> <br /> <br /> <br /> sole remaining wholly-owned subsidiary of Golden Dragon.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> The Reorganization has been accounted for so as to reflect the fact that both<br /> <br /> <br /> <br /> CCVG and Golden Dragon were under common control at the date of the<br /> <br /> <br /> <br /> Reorganization, similar to a reverse acquisition of CCVG and its subsidiary<br /> <br /> <br /> <br /> company, CCAPS, by Golden Dragon.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Sale of CCAPS<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> On December 31, 2010, Golden Dragon entered into a Share Purchase Agreement with<br /> <br /> <br /> <br /> an unrelated third party. Under the terms of the Share Purchase Agreement,<br /> <br /> <br /> <br /> Golden Dragon sold 100% of the issued and outstanding shares of its sole<br /> <br /> <br /> <br /> remaining wholly owned subsidiary, CCAPS for $100 cash consideration, subject to<br /> <br /> <br /> <br /> its debts, and issued 25,000 restricted shares of Golden Dragon common stock,<br /> <br /> <br /> <br /> valued at $1,000, to CCAPS pursuant to the terms of the Share Purchase<br /> <br /> <br /> <br /> Agreement. At the time of the sale, CCAPS had no ongoing operations or assets<br /> <br /> <br /> <br /> and outstanding liabilities of approximately $678,000.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Following the merger of CCVG with and into CCAPS, CCAPS, as the surviving<br /> <br /> <br /> <br /> corporation in that merger, retained all outstanding liabilities of CCVG in the<br /> <br /> <br /> <br /> divestiture.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> As a result of the sale of 100% of the issued and outstanding shares of CCAPS,<br /> <br /> <br /> <br /> Golden Dragon, the surviving publicly quoted holding company, will no longer<br /> <br /> <br /> <br /> consolidate the liabilities of CCAPS or CCVG.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Basis of Presentation:<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> The accompanying unaudited financial statements of Golden Dragon have been<br /> <br /> <br /> <br /> prepared in accordance with generally accepted accounting principles for interim<br /> <br /> <br /> <br /> financial information and with the instructions to Form 10-Q and Article 10 of<br /> <br /> <br /> <br /> Regulation S-X. Accordingly, they do not include all of the information and<br /> <br /> <br /> <br /> footnotes required by generally accepted accounting principles for complete<br /> <br /> <br /> <br /> financial statements. In our opinion the financial statements include all<br /> <br /> <br /> <br /> adjustments (consisting of normal recurring accruals) necessary in order to make<br /> <br /> <br /> <br /> the financial statements not misleading. Operating results for the three months<br /> <br /> <br /> <br /> ended March 31, 2013 are not necessarily indicative of the results that may be<br /> <br /> <br /> <br /> expected for the year ended December 31, 2013. For more complete financial<br /> <br /> <br /> <br /> information, these unaudited financial statements should be read in conjunction<br /> <br /> <br /> <br /> with the audited financial statements for the year ended December 31, 2012<br /> <br /> <br /> <br /> included in our Form 10-K filed with the SEC.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Significant Accounting Policies:<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Development Stage Company - We are a development stage enterprise in accordance<br /> <br /> <br /> <br /> with ACS 915 "Development Stage Entities." We have been in the development stage<br /> <br /> <br /> <br /> since Inception (January 1, 2011). Among the disclosures required as a<br /> <br /> <br /> <br /> development stage company are that our financial statements are identified as<br /> <br /> <br /> <br /> those of a development stage company, and that the statements of operations,<br /> <br /> <br /> <br /> stockholders&#39; deficit and cash flows disclose activity since the date of our<br /> <br /> <br /> <br /> Inception (January 1, 2011) as a development stage company.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Use of Estimates -- The preparation of our financial statements in conformity<br /> <br /> <br /> <br /> with generally accepted accounting principles requires management to make<br /> <br /> <br /> <br /> estimates and assumptions that affect the amounts reported in these financial<br /> <br /> <br /> <br /> statements and accompanying notes. Actual results could differ from those<br /> <br /> <br /> <br /> estimates. Due to uncertainties inherent in the estimation process, it is<br /> <br /> <br /> <br /> possible that these estimates could be materially revised within the next year.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Cash and Cash Equivalents -- Cash and cash equivalents consist of cash and<br /> <br /> <br /> <br /> highly liquid debt instruments with original maturities of less than three<br /> <br /> <br /> <br /> months.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Property and Equipment -- We owned no property and equipment during the three<br /> <br /> <br /> <br /> months ended March 31, 2013 or 2012 and consequently we recorded no depreciation<br /> <br /> <br /> <br /> expense during the three months ended March 31, 2013 or 2012.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Deferred Costs and Other -- Offering costs with respect to issue of common<br /> <br /> <br /> <br /> stock, warrants or options by us were initially deferred and ultimately offset<br /> <br /> <br /> <br /> against the proceeds from these equity transactions if successful or expensed if<br /> <br /> <br /> <br /> the proposed equity transaction is unsuccessful. We had no deferred costs and<br /> <br /> <br /> <br /> other as at March 31, 2013 or 2012.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Impairment of Long-Lived and Intangible Assets -- In the event that facts and<br /> <br /> <br /> <br /> circumstances indicated that the cost of long-lived and intangible assets may be<br /> <br /> <br /> <br /> impaired, an evaluation of recoverability was performed. If an evaluation was<br /> <br /> <br /> <br /> required, the estimated future undiscounted cash flows associated with the asset<br /> <br /> <br /> <br /> were compared to the asset&#39;s carrying amount to determine if a write-down to<br /> <br /> <br /> <br /> market value or discounted cash flow value was required.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Financial Instruments -- The estimated fair values for financial instruments was<br /> <br /> <br /> <br /> determined at discrete points in time based on relevant market information.<br /> <br /> <br /> <br /> These estimates involved uncertainties and could not be determined with<br /> <br /> <br /> <br /> precision. The carrying amounts of notes receivable, accounts receivable,<br /> <br /> <br /> <br /> accounts payable and accrued liabilities approximated fair value because of the<br /> <br /> <br /> <br /> short-term maturities of these instruments. The fair value of notes payable<br /> <br /> <br /> <br /> approximated to their carrying value as generally their interest rates reflected<br /> <br /> <br /> <br /> our effective annual borrowing rate.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Income Taxes -- We account for income taxes under the liability method, which<br /> <br /> <br /> <br /> requires recognition of deferred tax assets and liabilities for the expected<br /> <br /> <br /> <br /> future tax consequences of events that have been included in the financial<br /> <br /> <br /> <br /> statements or tax returns. Under this method, deferred tax assets and<br /> <br /> <br /> <br /> liabilities are determined based on the difference between the financial<br /> <br /> <br /> <br /> statements and tax bases of assets and liabilities using enacted tax rates in<br /> <br /> <br /> <br /> effect for the year in which the differences are expected to reverse.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Advertising costs -- Advertising costs are expensed as incurred. No advertising<br /> <br /> <br /> <br /> costs were incurred during the three months ended March 31, 2013 or 2012.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Comprehensive Income (Loss) -- Comprehensive income is defined as all changes in<br /> <br /> <br /> <br /> stockholders&#39; equity (deficit), exclusive of transactions with owners, such as<br /> <br /> <br /> <br /> capital investments. Comprehensive income includes net income or loss, changes<br /> <br /> <br /> <br /> in certain assets and liabilities that are reported directly in equity such as<br /> <br /> <br /> <br /> translation adjustments on investments in foreign subsidiaries and unrealized<br /> <br /> <br /> <br /> gains (losses) on available-for-sale securities. From our inception there were<br /> <br /> <br /> <br /> no differences between our comprehensive loss and net loss.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Our comprehensive loss was identical to our net loss for the three months ended<br /> <br /> <br /> <br /> March 31, 2013 and 2012.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Income (Loss) Per Share -- Income (loss) per share is presented in accordance<br /> <br /> <br /> <br /> with Accounting Standards Update ("ASU"), Earning Per Share (Topic 260) which<br /> <br /> <br /> <br /> requires the presentation of both basic and diluted earnings per share ("EPS")<br /> <br /> <br /> <br /> on the consolidated income statements. Basic EPS would exclude any dilutive<br /> <br /> <br /> <br /> effects of options, warrants and convertible securities but does include the<br /> <br /> <br /> <br /> restricted shares of common stock issued. Diluted EPS would reflect the<br /> <br /> <br /> <br /> potential dilution that would occur if securities of other contracts to issue<br /> <br /> <br /> <br /> common stock were exercised or converted to common stock. Basic EPS calculations<br /> <br /> <br /> <br /> are determined by dividing net income by the weighted average number of shares<br /> <br /> <br /> <br /> of common stock outstanding during the year. Diluted EPS calculations are<br /> <br /> <br /> <br /> determined by dividing net income by the weighted average number of common<br /> <br /> <br /> <br /> shares and dilutive common share equivalents outstanding.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Basic and diluted EPS were identical for the three months ended March 31, 2013<br /> <br /> <br /> <br /> and 2012 as we had no stock options or warrants outstanding during those<br /> <br /> <br /> <br /> periods.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Stock-Based Compensation -- We have adopted ASC Topic 718, "Accounting for<br /> <br /> <br /> <br /> Stock-Based Compensation," which establishes a fair value method of accounting<br /> <br /> <br /> <br /> for stock-based compensation plans. In accordance with guidance now incorporated<br /> <br /> <br /> <br /> in ASC Topic 718, the cost of stock options and warrants issued to employees and<br /> <br /> <br /> <br /> non-employees is measured on the grant date based on the fair value. The fair<br /> <br /> <br /> <br /> value is determined using the Black-Scholes option pricing model. The resulting<br /> <br /> <br /> <br /> amount is charged to expense on the straight-line basis over the period in which<br /> <br /> <br /> <br /> we expect to receive the benefit, which is generally the vesting period. The<br /> <br /> <br /> <br /> fair value of stock warrants was determined at the date of grant using the<br /> <br /> <br /> <br /> Black-Scholes option pricing model. The Black-Scholes option model requires<br /> <br /> <br /> <br /> management to make various estimates and assumptions, including expected term,<br /> <br /> <br /> <br /> expected volatility, risk-free rate, and dividend yield.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> No stock based compensation was issued or outstanding during the three months<br /> <br /> <br /> <br /> ending March 31, 2013 or 2012.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Business Segments -- We believe that our activities during the three months<br /> <br /> <br /> <br /> ended March 31, 2013 and 2012 comprised a single segment.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Recently Issued Accounting Pronouncements-- We have reviewed all recently<br /> <br /> <br /> <br /> issued, but not yet effective, accounting pronouncements and do not believe the<br /> <br /> <br /> <br /> future adoption of any such pronouncements may be expected to cause a material<br /> <br /> <br /> <br /> impact on our financial condition or the results of our operations.<br /> <br /> <!--EndFragment--> </pre> </div> </div> 15000 15000 135000 0.0001 0.0001 10000000 10000000 0 0 0 0 5400 5600 28342 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->Property and Equipment -- We owned no property and equipment during the three<br /> <br /> <br /> <br /> months ended March 31, 2013 or 2012 and consequently we recorded no depreciation<br /> <br /> <br /> <br /> expense during the three months ended March 31, 2013 or 2012. <!--EndFragment--> </pre> </div> </div> 0.08 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->8. RELATED PARTY TRANSACTIONS<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> As at March 31, 2013, we owed Mr. Cutler, our sole officer, a director and<br /> <br /> <br /> <br /> majority shareholder, $177,459 including accrued interest of $14,116.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> During the three months ended March 31, 2012, we accrued $15,000 remuneration<br /> <br /> <br /> <br /> payable to Mr. Cutler, one of our directors, our sole officer and controlling<br /> <br /> <br /> <br /> shareholder. <!--EndFragment--> </pre> </div> </div> -17095402 -17072509 100 1 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->Business Segments -- We believe that our activities during the three months<br /> <br /> <br /> <br /> ended March 31, 2013 and 2012 comprised a single segment. <!--EndFragment--> </pre> </div> </div> 0.5 75000 0 0 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->Stock-Based Compensation -- We have adopted ASC Topic 718, "Accounting for<br /> <br /> <br /> <br /> Stock-Based Compensation," which establishes a fair value method of accounting<br /> <br /> <br /> <br /> for stock-based compensation plans. In accordance with guidance now incorporated<br /> <br /> <br /> <br /> in ASC Topic 718, the cost of stock options and warrants issued to employees and<br /> <br /> <br /> <br /> non-employees is measured on the grant date based on the fair value. The fair<br /> <br /> <br /> <br /> value is determined using the Black-Scholes option pricing model. The resulting<br /> <br /> <br /> <br /> amount is charged to expense on the straight-line basis over the period in which<br /> <br /> <br /> <br /> we expect to receive the benefit, which is generally the vesting period. The<br /> <br /> <br /> <br /> fair value of stock warrants was determined at the date of grant using the<br /> <br /> <br /> <br /> Black-Scholes option pricing model. The Black-Scholes option model requires<br /> <br /> <br /> <br /> management to make various estimates and assumptions, including expected term,<br /> <br /> <br /> <br /> expected volatility, risk-free rate, and dividend yield.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> No stock based compensation was issued or outstanding during the three months<br /> <br /> <br /> <br /> ending March 31, 2013 or 2012. <!--EndFragment--> </pre> </div> </div> 2384407 2384407 2384407 2384407 -220521 -197628 100 -99561 239 239 239 239 16874642 16874642 16874642 16874642 -17095402 -17072509 -16974442 -16874781 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->9. STOCKHOLDERS&#39; DEFICIT:<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Preferred Stock<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> We were authorized, without further action by the shareholders, to issue<br /> <br /> <br /> <br /> 10,000,000 shares of one or more series of preferred stock at a par value of<br /> <br /> <br /> <br /> $0.0001, all of which is nonvoting. The Board of Directors may, without<br /> <br /> <br /> <br /> shareholder approval, determine the dividend rates, redemption prices,<br /> <br /> <br /> <br /> preferences on liquidation or dissolution, conversion rights, voting rights and<br /> <br /> <br /> <br /> any other preferences.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> No shares of preferred stock were issued or outstanding during the three month<br /> <br /> <br /> <br /> periods ended March 31, 2013 and 2012.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Common Stock<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> We were authorized to issue 100,000,000 shares of common stock, par value<br /> <br /> <br /> <br /> $0.0001 per share.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> On April 29, 2008, we held our annual meeting of stockholders at which meeting<br /> <br /> <br /> <br /> the majority of stockholders approved, an up to 3 for 1 reverse split of our<br /> <br /> <br /> <br /> shares of common stock. No such reverse split has been effected as yet.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Recent Issuances<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> No shares of our common stock were issued in the three months ended March 31,<br /> <br /> <br /> <br /> 2013 or 2012.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Warrants<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> No warrants were issued or outstanding during the three months ended March 31,<br /> <br /> <br /> <br /> 2013 or 2012.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Stock Options<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Effective March 19, 1999, we adopted a stock option plan (the "Plan"). The Plan<br /> <br /> <br /> <br /> provides for grants of incentive stock options, nonqualified stock options and<br /> <br /> <br /> <br /> restricted stock to designated employees, officers, directors, advisors and<br /> <br /> <br /> <br /> independent contractors. The Plan authorized the issuance of up to 75,000 shares<br /> <br /> <br /> <br /> of Class A Common Stock. Under the Plan, the exercise price per share of a<br /> <br /> <br /> <br /> non-qualified stock option must be equal to at least 50% of the fair market<br /> <br /> <br /> <br /> value of the common stock at the grant date, and the exercise price per share of<br /> <br /> <br /> <br /> an incentive stock option must equal the fair market value of the common stock<br /> <br /> <br /> <br /> at the grant date.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> No stock options were issued or outstanding during the three months ended March<br /> <br /> <br /> <br /> 31, 2013 or 2012. <!--EndFragment--> </pre> </div> </div> 3 0 0 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->11. SUBSEQUENT EVENTS<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> We have evaluated subsequent events through May 10, 2013. Other than those set<br /> <br /> <br /> <br /> out above, there have been no subsequent events after March 31, 2013 for which<br /> <br /> <br /> <br /> disclosure is required. <!--EndFragment--> </pre> </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div> <pre> <!--StartFragment-->Use of Estimates -- The preparation of our financial statements in conformity<br /> <br /> <br /> <br /> with generally accepted accounting principles requires management to make<br /> <br /> <br /> <br /> estimates and assumptions that affect the amounts reported in these financial<br /> <br /> <br /> <br /> statements and accompanying notes. Actual results could differ from those<br /> <br /> <br /> <br /> estimates. Due to uncertainties inherent in the estimation process, it is<br /> <br /> <br /> <br /> possible that these estimates could be materially revised within the next year.<!--EndFragment--> </pre> </div> </div> 2384407 2384407 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure 0001081938 us-gaap:AdditionalPaidInCapitalMember 2013-01-01 2013-03-31 0001081938 us-gaap:RetainedEarningsMember 2013-01-01 2013-03-31 0001081938 us-gaap:CommonClassAMember 2013-01-01 2013-03-31 0001081938 2013-01-01 2013-03-31 0001081938 us-gaap:AdditionalPaidInCapitalMember 2012-01-01 2012-12-31 0001081938 us-gaap:RetainedEarningsMember 2012-01-01 2012-12-31 0001081938 us-gaap:CommonClassAMember 2012-01-01 2012-12-31 0001081938 2012-01-01 2012-12-31 0001081938 us-gaap:SubsidiariesMember 2012-01-01 2012-03-31 0001081938 2012-01-01 2012-03-31 0001081938 2011-01-01 2012-03-31 0001081938 us-gaap:AdditionalPaidInCapitalMember 2011-01-01 2011-12-31 0001081938 us-gaap:RetainedEarningsMember 2011-01-01 2011-12-31 0001081938 us-gaap:CommonClassAMember 2011-01-01 2011-12-31 0001081938 2011-01-01 2011-12-31 0001081938 2013-05-10 0001081938 us-gaap:AdditionalPaidInCapitalMember 2013-03-31 0001081938 us-gaap:RetainedEarningsMember 2013-03-31 0001081938 us-gaap:CommonClassAMember 2013-03-31 0001081938 2013-03-31 0001081938 us-gaap:AdditionalPaidInCapitalMember 2012-12-31 0001081938 us-gaap:RetainedEarningsMember 2012-12-31 0001081938 us-gaap:CommonClassAMember 2012-12-31 0001081938 2012-12-31 0001081938 2012-03-31 0001081938 us-gaap:AdditionalPaidInCapitalMember 2011-12-31 0001081938 us-gaap:RetainedEarningsMember 2011-12-31 0001081938 us-gaap:CommonClassAMember 2011-12-31 0001081938 2011-12-31 0001081938 us-gaap:SubsidiariesMember 2010-12-31 0001081938 us-gaap:AdditionalPaidInCapitalMember 2010-12-31 0001081938 us-gaap:RetainedEarningsMember 2010-12-31 0001081938 us-gaap:CommonClassAMember 2010-12-31 0001081938 2010-12-31 0001081938 us-gaap:ParentCompanyMember 2010-04-30 EX-101.SCH 5 gdhc-20130331.xsd 103 - 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INCOME TAXES (Details) (USD $)
3 Months Ended
Mar. 31, 2013
INCOME TAXES [Abstract]  
Net operating loss carry forwards $ 221,000
Expiration 2031 and 2033
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ASSETS
3 Months Ended
Mar. 31, 2013
ASSETS [Abstract]  
ASSETS
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As at March 31, 2013 and December 31, 2012, our sole asset was Cash and Cash



Equivalents of $25.
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GOING CONCERN AND LIQUIDITY
3 Months Ended
Mar. 31, 2013
GOING CONCERN AND LIQUIDITY [Abstract]  
GOING CONCERN AND LIQUIDITY
 2. GOING CONCERN AND LIQUIDITY:







At March 31, 2013, we had cash of $25, no other assets, no operating business or



other source of income, outstanding liabilities totaling $220,546 and a



stockholders' deficit of $220,521.







In our financial statements for the fiscal years ended December 31, 2012 and



2011, the Report of the Independent Registered Public Accounting Firm includes



an explanatory paragraph that describes substantial doubt about our ability to



continue as a going concern.







Our unaudited financial statements for the three months ended March 31, 2013 and



2012 have been prepared on a going concern basis, which contemplates the



realization of assets and the settlement of liabilities and commitments in the



normal course of business.







We had a working capital deficit of $220,521 and reported an accumulated deficit



since Inception (January 1, 2011) of $220,621 as at March 31, 2013.







It is our current intention to seek to raise debt and, or, equity financing to



fund our ongoing operating expenses and attempt to create value for our



shareholders by merging with another entity with experienced management and



opportunities for growth in return for shares of our common stock. There is no



assurance that this series of events will be satisfactorily completed.

XML 15 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
BALANCE SHEETS (USD $)
Mar. 31, 2013
Dec. 31, 2012
CURRENT ASSETS    
Cash and Cash Equivalents $ 25 $ 25
Total Current Assets 25 25
TOTAL ASSETS 25 25
CURRENT LIABILITIES    
Accounts Payable 43,087 43,511
Accrued Expenses 14,116 11,199
Related Party Loan 163,343 142,943
Total Current Liabilities 220,546 197,653
COMMITMENTS AND CONTINGENCIES (Note. 7)      
STOCKHOLDERS' DEFICIT    
Preferred Stock; $0.0001 par value, 10,000,000 shares authorized no shares issued and outstanding      
Class A Common Stock; $0.0001 par value, 100,000,000 shares authorized as at March 31, 2013 and December 31, 2012 239 239
Additional Paid In Capital 16,874,642 16,874,642
Accumulated Deficit (including $(220,621) and $ (197,728) respectively during the development stage) (17,095,402) (17,072,509)
Total Stockholders' Deficit (220,521) (197,628)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 25 $ 25
XML 16 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF STOCKHOLDERS' DEFICIT (USD $)
Total
Class A Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
Balance at Dec. 31, 2010 $ 100 $ 239 $ 16,874,642 $ (16,974,442)
Balance, shares at Dec. 31, 2010   2,384,407    
Net loss (99,661)       (98,067)
Balance at Dec. 31, 2011 (99,561) 239 16,874,642 (16,874,781)
Balance, shares at Dec. 31, 2011   2,384,407    
Net loss (98,067)       (99,661)
Balance at Dec. 31, 2012 (197,628) 239 16,874,642 (17,072,509)
Balance, shares at Dec. 31, 2012   2,384,407    
Net loss (22,893)       (22,893)
Balance at Mar. 31, 2013 $ (220,521) $ 239 $ 16,874,642 $ (17,095,402)
Balance, shares at Mar. 31, 2013   2,384,407    
XML 17 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTY LOANS (Details) (USD $)
3 Months Ended
Mar. 31, 2013
Dec. 31, 2012
RELATED PARTY TRANSACTIONS [Abstract]    
Related Party Loan $ 163,343 $ 142,943
Accrued Expenses $ 14,116 $ 11,199
Interest rate 8.00%  
XML 18 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCKHOLDERS' DEFICIT (Details) (USD $)
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Dec. 31, 2012
STOCKHOLDERS' DEFICIT [Abstract]      
Preferred Stock, shares authorized 10,000,000   10,000,000
Preferred Stock, par value per share $ 0.0001   $ 0.0001
Preferred Stock, shares issued 0   0
Preferred Stock, shares outstanding 0   0
Class A Common Stock, shares authorized 100,000,000   100,000,000
Class A Common Stock, par value per share $ 0.0001   $ 0.0001
Reverse stock split ratio, not yet effected 3    
Common stock issued during the period 0 0  
Warrants, issued and outstanding 0 0  
Stock option plan, shares authorized 75,000    
Stock option plan, minimum exercise price as a percentage of fair market value 50.00%    
Options, issued and outstanding 0 0  
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NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Mar. 31, 2013
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES
 1. NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES:



Nature of Operations



Business





Golden Dragon Holding Co. ("Golden Dragon," "We" or "Us") is a publicly quoted



shell company seeking to create value for our shareholders by merging with



another entity with experienced management and opportunities for growth in



return for shares of our common stock. No potential merger candidate has been



identified at this time.







We are a development stage enterprise in accordance with Accounting Codification



Standard ("ACS") 915 "Development Stage Entities." We have been in the



development stage since Inception (January 1, 2011).







History







Golden Dragon was incorporated in the State of Delaware in April 2010 as a



wholly owned subsidiary of Concord Ventures, Inc. ("Concord"). Concord was a



publicly quoted shell company with no assets, no operating business or other



source of income and liabilities in excess of $590,000.







Merger of Concord







In order for Concord to re-domicile in the State of Delaware from the State of



Colorado, on September 29, 2010, Concord entered into an Agreement and Plan of



Merger ("the Merger Agreement") with one of its wholly owned subsidiary



companies, CCVG, Inc. ("CCVG"). Under the terms of the Merger Agreement, Concord



shares of common stock converted automatically to CCVG shares, without change or



necessity to reissue. Also under the Merger Agreement, CCVG became the surviving



company domiciled in Delaware.







Reorganization into a Holding Company Structure







Effective December 31, 2010, pursuant to the Delaware Holding Company formation



statute, under Delaware General Corporate Law (DGCL) Section 251(g), CCVG



completed an Agreement and Plan of Merger and Reorganization into a Holding



Company ("the Reorganization") with CCAPS, Inc. ("CCAPS") and Golden Dragon,



both wholly-owned subsidiaries of CCVG. The Reorganization provided for the



merger of CCVG with and into CCAPS, with CCAPS being the surviving corporation



in that merger. Contemporaneously with CCVG's merger with and into CCAPS, the



shareholders of CCVG were converted into shareholders of Golden Dragon on a one



share for one share basis.







As a result of this reorganization into a Holding Company structure, Golden



Dragon became the surviving publicly quoted parent holding company with CCAPS,



the surviving corporation of the merger between CCVG and CCAPS, becoming the



sole remaining wholly-owned subsidiary of Golden Dragon.







The Reorganization has been accounted for so as to reflect the fact that both



CCVG and Golden Dragon were under common control at the date of the



Reorganization, similar to a reverse acquisition of CCVG and its subsidiary



company, CCAPS, by Golden Dragon.







Sale of CCAPS







On December 31, 2010, Golden Dragon entered into a Share Purchase Agreement with



an unrelated third party. Under the terms of the Share Purchase Agreement,



Golden Dragon sold 100% of the issued and outstanding shares of its sole



remaining wholly owned subsidiary, CCAPS for $100 cash consideration, subject to



its debts, and issued 25,000 restricted shares of Golden Dragon common stock,



valued at $1,000, to CCAPS pursuant to the terms of the Share Purchase



Agreement. At the time of the sale, CCAPS had no ongoing operations or assets



and outstanding liabilities of approximately $678,000.







Following the merger of CCVG with and into CCAPS, CCAPS, as the surviving



corporation in that merger, retained all outstanding liabilities of CCVG in the



divestiture.







As a result of the sale of 100% of the issued and outstanding shares of CCAPS,



Golden Dragon, the surviving publicly quoted holding company, will no longer



consolidate the liabilities of CCAPS or CCVG.







Basis of Presentation:







The accompanying unaudited financial statements of Golden Dragon have been



prepared in accordance with generally accepted accounting principles for interim



financial information and with the instructions to Form 10-Q and Article 10 of



Regulation S-X. Accordingly, they do not include all of the information and



footnotes required by generally accepted accounting principles for complete



financial statements. In our opinion the financial statements include all



adjustments (consisting of normal recurring accruals) necessary in order to make



the financial statements not misleading. Operating results for the three months



ended March 31, 2013 are not necessarily indicative of the results that may be



expected for the year ended December 31, 2013. For more complete financial



information, these unaudited financial statements should be read in conjunction



with the audited financial statements for the year ended December 31, 2012



included in our Form 10-K filed with the SEC.







Significant Accounting Policies:







Development Stage Company - We are a development stage enterprise in accordance



with ACS 915 "Development Stage Entities." We have been in the development stage



since Inception (January 1, 2011). Among the disclosures required as a



development stage company are that our financial statements are identified as



those of a development stage company, and that the statements of operations,



stockholders' deficit and cash flows disclose activity since the date of our



Inception (January 1, 2011) as a development stage company.







Use of Estimates -- The preparation of our financial statements in conformity



with generally accepted accounting principles requires management to make



estimates and assumptions that affect the amounts reported in these financial



statements and accompanying notes. Actual results could differ from those



estimates. Due to uncertainties inherent in the estimation process, it is



possible that these estimates could be materially revised within the next year.







Cash and Cash Equivalents -- Cash and cash equivalents consist of cash and



highly liquid debt instruments with original maturities of less than three



months.







Property and Equipment -- We owned no property and equipment during the three



months ended March 31, 2013 or 2012 and consequently we recorded no depreciation



expense during the three months ended March 31, 2013 or 2012.







Deferred Costs and Other -- Offering costs with respect to issue of common



stock, warrants or options by us were initially deferred and ultimately offset



against the proceeds from these equity transactions if successful or expensed if



the proposed equity transaction is unsuccessful. We had no deferred costs and



other as at March 31, 2013 or 2012.







Impairment of Long-Lived and Intangible Assets -- In the event that facts and



circumstances indicated that the cost of long-lived and intangible assets may be



impaired, an evaluation of recoverability was performed. If an evaluation was



required, the estimated future undiscounted cash flows associated with the asset



were compared to the asset's carrying amount to determine if a write-down to



market value or discounted cash flow value was required.







Financial Instruments -- The estimated fair values for financial instruments was



determined at discrete points in time based on relevant market information.



These estimates involved uncertainties and could not be determined with



precision. The carrying amounts of notes receivable, accounts receivable,



accounts payable and accrued liabilities approximated fair value because of the



short-term maturities of these instruments. The fair value of notes payable



approximated to their carrying value as generally their interest rates reflected



our effective annual borrowing rate.







Income Taxes -- We account for income taxes under the liability method, which



requires recognition of deferred tax assets and liabilities for the expected



future tax consequences of events that have been included in the financial



statements or tax returns. Under this method, deferred tax assets and



liabilities are determined based on the difference between the financial



statements and tax bases of assets and liabilities using enacted tax rates in



effect for the year in which the differences are expected to reverse.







Advertising costs -- Advertising costs are expensed as incurred. No advertising



costs were incurred during the three months ended March 31, 2013 or 2012.







Comprehensive Income (Loss) -- Comprehensive income is defined as all changes in



stockholders' equity (deficit), exclusive of transactions with owners, such as



capital investments. Comprehensive income includes net income or loss, changes



in certain assets and liabilities that are reported directly in equity such as



translation adjustments on investments in foreign subsidiaries and unrealized



gains (losses) on available-for-sale securities. From our inception there were



no differences between our comprehensive loss and net loss.







Our comprehensive loss was identical to our net loss for the three months ended



March 31, 2013 and 2012.







Income (Loss) Per Share -- Income (loss) per share is presented in accordance



with Accounting Standards Update ("ASU"), Earning Per Share (Topic 260) which



requires the presentation of both basic and diluted earnings per share ("EPS")



on the consolidated income statements. Basic EPS would exclude any dilutive



effects of options, warrants and convertible securities but does include the



restricted shares of common stock issued. Diluted EPS would reflect the



potential dilution that would occur if securities of other contracts to issue



common stock were exercised or converted to common stock. Basic EPS calculations



are determined by dividing net income by the weighted average number of shares



of common stock outstanding during the year. Diluted EPS calculations are



determined by dividing net income by the weighted average number of common



shares and dilutive common share equivalents outstanding.







Basic and diluted EPS were identical for the three months ended March 31, 2013



and 2012 as we had no stock options or warrants outstanding during those



periods.







Stock-Based Compensation -- We have adopted ASC Topic 718, "Accounting for



Stock-Based Compensation," which establishes a fair value method of accounting



for stock-based compensation plans. In accordance with guidance now incorporated



in ASC Topic 718, the cost of stock options and warrants issued to employees and



non-employees is measured on the grant date based on the fair value. The fair



value is determined using the Black-Scholes option pricing model. The resulting



amount is charged to expense on the straight-line basis over the period in which



we expect to receive the benefit, which is generally the vesting period. The



fair value of stock warrants was determined at the date of grant using the



Black-Scholes option pricing model. The Black-Scholes option model requires



management to make various estimates and assumptions, including expected term,



expected volatility, risk-free rate, and dividend yield.







No stock based compensation was issued or outstanding during the three months



ending March 31, 2013 or 2012.







Business Segments -- We believe that our activities during the three months



ended March 31, 2013 and 2012 comprised a single segment.







Recently Issued Accounting Pronouncements-- We have reviewed all recently



issued, but not yet effective, accounting pronouncements and do not believe the



future adoption of any such pronouncements may be expected to cause a material



impact on our financial condition or the results of our operations.

XML 21 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
BALANCE SHEETS (Parenthetical) (USD $)
Mar. 31, 2013
Dec. 31, 2012
BALANCE SHEETS [Abstract]    
Preferred Stock, par value per share $ 0.0001 $ 0.0001
Preferred Stock, shares authorized 10,000,000 10,000,000
Preferred Stock, shares issued 0 0
Preferred Stock, shares outstanding 0 0
Class A Common Stock, par value per share $ 0.0001 $ 0.0001
Class A Common Stock, shares authorized 100,000,000 100,000,000
Accumulated deficit $ (220,621) $ (197,728)
XML 22 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2013
SUBSEQUENT EVENTS [Abstract]  
SUBSEQUENT EVENTS
 11. SUBSEQUENT EVENTS







We have evaluated subsequent events through May 10, 2013. Other than those set



out above, there have been no subsequent events after March 31, 2013 for which



disclosure is required.
XML 23 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
3 Months Ended
Mar. 31, 2013
May 10, 2013
Document and Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2013  
Entity Registrant Name GOLDEN DRAGON HOLDING CO.  
Entity Central Index Key 0001081938  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2013  
Document Fiscal Period Focus Q1  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   2,384,407
XML 24 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Policy)
3 Months Ended
Mar. 31, 2013
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Development Stage Company
 Development Stage Company - We are a development stage enterprise in accordance



with ACS 915 "Development Stage Entities." We have been in the development stage



since Inception (January 1, 2011). Among the disclosures required as a



development stage company are that our financial statements are identified as



those of a development stage company, and that the statements of operations,



stockholders' deficit and cash flows disclose activity since the date of our



Inception (January 1, 2011) as a development stage company.
Use of Estimates
 Use of Estimates -- The preparation of our financial statements in conformity



with generally accepted accounting principles requires management to make



estimates and assumptions that affect the amounts reported in these financial



statements and accompanying notes. Actual results could differ from those



estimates. Due to uncertainties inherent in the estimation process, it is



possible that these estimates could be materially revised within the next year.
Cash and Cash Equivalents
 Cash and Cash Equivalents -- Cash and cash equivalents consist of cash and



highly liquid debt instruments with original maturities of less than three



months.
Property and Equipment
 Property and Equipment -- We owned no property and equipment during the three



months ended March 31, 2013 or 2012 and consequently we recorded no depreciation



expense during the three months ended March 31, 2013 or 2012.
Deferred Cost and Other
 Deferred Costs and Other -- Offering costs with respect to issue of common



stock, warrants or options by us were initially deferred and ultimately offset



against the proceeds from these equity transactions if successful or expensed if



the proposed equity transaction is unsuccessful. We had no deferred costs and



other as at March 31, 2013 or 2012.
Impairment of Long-Lived and Intangible Assets
 Impairment of Long-Lived and Intangible Assets -- In the event that facts and



circumstances indicated that the cost of long-lived and intangible assets may be



impaired, an evaluation of recoverability was performed. If an evaluation was



required, the estimated future undiscounted cash flows associated with the asset



were compared to the asset's carrying amount to determine if a write-down to



market value or discounted cash flow value was required.
Financial Instruments
 Financial Instruments -- The estimated fair values for financial instruments was



determined at discrete points in time based on relevant market information.



These estimates involved uncertainties and could not be determined with



precision. The carrying amounts of notes receivable, accounts receivable,



accounts payable and accrued liabilities approximated fair value because of the



short-term maturities of these instruments. The fair value of notes payable



approximated to their carrying value as generally their interest rates reflected



our effective annual borrowing rate.
Income Taxes
 Income Taxes -- We account for income taxes under the liability method, which



requires recognition of deferred tax assets and liabilities for the expected



future tax consequences of events that have been included in the financial



statements or tax returns. Under this method, deferred tax assets and



liabilities are determined based on the difference between the financial



statements and tax bases of assets and liabilities using enacted tax rates in



effect for the year in which the differences are expected to reverse.
Advertising cost
 Advertising costs -- Advertising costs are expensed as incurred. No advertising



costs were incurred during the three months ended March 31, 2013 or 2012.
Comprehensive Income (Loss)
 Comprehensive Income (Loss) -- Comprehensive income is defined as all changes in



stockholders' equity (deficit), exclusive of transactions with owners, such as



capital investments. Comprehensive income includes net income or loss, changes



in certain assets and liabilities that are reported directly in equity such as



translation adjustments on investments in foreign subsidiaries and unrealized



gains (losses) on available-for-sale securities. From our inception there were



no differences between our comprehensive loss and net loss.







Our comprehensive loss was identical to our net loss for the three months ended



March 31, 2013 and 2012.
Income (Loss) Per Share
 Income (Loss) Per Share -- Income (loss) per share is presented in accordance



with Accounting Standards Update ("ASU"), Earning Per Share (Topic 260) which



requires the presentation of both basic and diluted earnings per share ("EPS")



on the consolidated income statements. Basic EPS would exclude any dilutive



effects of options, warrants and convertible securities but does include the



restricted shares of common stock issued. Diluted EPS would reflect the



potential dilution that would occur if securities of other contracts to issue



common stock were exercised or converted to common stock. Basic EPS calculations



are determined by dividing net income by the weighted average number of shares



of common stock outstanding during the year. Diluted EPS calculations are



determined by dividing net income by the weighted average number of common



shares and dilutive common share equivalents outstanding.







Basic and diluted EPS were identical for the three months ended March 31, 2013



and 2012 as we had no stock options or warrants outstanding during those



periods.
Stock-Based Compensation
 Stock-Based Compensation -- We have adopted ASC Topic 718, "Accounting for



Stock-Based Compensation," which establishes a fair value method of accounting



for stock-based compensation plans. In accordance with guidance now incorporated



in ASC Topic 718, the cost of stock options and warrants issued to employees and



non-employees is measured on the grant date based on the fair value. The fair



value is determined using the Black-Scholes option pricing model. The resulting



amount is charged to expense on the straight-line basis over the period in which



we expect to receive the benefit, which is generally the vesting period. The



fair value of stock warrants was determined at the date of grant using the



Black-Scholes option pricing model. The Black-Scholes option model requires



management to make various estimates and assumptions, including expected term,



expected volatility, risk-free rate, and dividend yield.







No stock based compensation was issued or outstanding during the three months



ending March 31, 2013 or 2012.
Business Segments
 Business Segments -- We believe that our activities during the three months



ended March 31, 2013 and 2012 comprised a single segment.
Recently Issued Accounting Pronouncements
 Recently Issued Accounting Pronouncements-- We have reviewed all recently



issued, but not yet effective, accounting pronouncements and do not believe the



future adoption of any such pronouncements may be expected to cause a material



impact on our financial condition or the results of our operations.
XML 25 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF OPERATIONS (USD $)
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
OPERATING EXPENSES    
General & Administrative Expenses $ 19,976 $ 34,361
Total Operating Expenses 19,976 34,361
OPERATING LOSS (19,976) (34,361)
Interest and Other Income / (Expenses) Net (2,917) (1,562)
Loss before Income Taxes (22,893) (35,923)
Provision for Income Taxes      
NET LOSS (22,893) (35,923)
Other Comprehensive Income / (loss), net of tax      
COMPREHENSIVE LOSS $ (22,893) $ (35,923)
NET LOSS PER COMMON SHARE    
Basic & Diluted $ (0.01) $ (0.02)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING    
Basic & Diluted 2,384,407 2,384,407
XML 26 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTY LOANS
3 Months Ended
Mar. 31, 2013
RELATED PARTY LOAN [Abstract]  
RELATED PARTY LOAN
 6. RELATED PARTY LOAN







As at March 31, 2013, the related party loan represents a loan made to us by Mr.



David J. Cutler, our sole officer, a director and majority shareholder. The loan



is repayable on demand and at March 31, 2012, the principal balance owed was



$163,343 with accrued interest of $14,116.







Interest is accrued on the loan at 8%.
XML 27 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
ACCRUED EXPENSES
3 Months Ended
Mar. 31, 2013
ACCRUED EXPENSES [Abstract]  
ACCRUED EXPENSES
 5. ACCRUED EXPENSES







As at March 31, 2013, the balance of accrued expenses represents interest



payable on our related party loan (See Note 6.).
XML 28 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTY TRANSACTIONS (Details) (USD $)
Mar. 31, 2013
Dec. 31, 2012
RELATED PARTY TRANSACTIONS [Abstract]    
Due to related party $ 177,459  
Accrued Expenses 14,116 11,199
Related party payable $ 15,000  
XML 29 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)
3 Months Ended
Apr. 30, 2010
Concord [Member]
Mar. 31, 2012
CCAPS [Member]
Dec. 31, 2010
CCAPS [Member]
Nature of Operations [Line Items]      
Ownership percentage sold   100.00%  
Consideration received from sale of stock   $ 100  
Stock issued     25,000
Stock issued, value     1,000
Liabilities $ 590,000   $ 678,000
XML 30 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCKHOLDERS' DEFICIT
3 Months Ended
Mar. 31, 2013
STOCKHOLDERS' DEFICIT [Abstract]  
STOCKHOLDERS' DEFICIT
 9. STOCKHOLDERS' DEFICIT:







Preferred Stock







We were authorized, without further action by the shareholders, to issue



10,000,000 shares of one or more series of preferred stock at a par value of



$0.0001, all of which is nonvoting. The Board of Directors may, without



shareholder approval, determine the dividend rates, redemption prices,



preferences on liquidation or dissolution, conversion rights, voting rights and



any other preferences.







No shares of preferred stock were issued or outstanding during the three month



periods ended March 31, 2013 and 2012.







Common Stock







We were authorized to issue 100,000,000 shares of common stock, par value



$0.0001 per share.







On April 29, 2008, we held our annual meeting of stockholders at which meeting



the majority of stockholders approved, an up to 3 for 1 reverse split of our



shares of common stock. No such reverse split has been effected as yet.







Recent Issuances







No shares of our common stock were issued in the three months ended March 31,



2013 or 2012.







Warrants







No warrants were issued or outstanding during the three months ended March 31,



2013 or 2012.







Stock Options







Effective March 19, 1999, we adopted a stock option plan (the "Plan"). The Plan



provides for grants of incentive stock options, nonqualified stock options and



restricted stock to designated employees, officers, directors, advisors and



independent contractors. The Plan authorized the issuance of up to 75,000 shares



of Class A Common Stock. Under the Plan, the exercise price per share of a



non-qualified stock option must be equal to at least 50% of the fair market



value of the common stock at the grant date, and the exercise price per share of



an incentive stock option must equal the fair market value of the common stock



at the grant date.







No stock options were issued or outstanding during the three months ended March



31, 2013 or 2012.
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COMMITMENTS AND CONTINGENCIES
3 Months Ended
Mar. 31, 2013
COMMITMENTS [Abstract]  
COMMITMENTS
 7. COMMITMENTS:







Capital and Operating Leases







We had no capital or operating leases outstanding as at March 31, 2013.







Litigation







No legal proceedings are currently pending or threatened to the best of our



knowledge.

XML 33 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTY TRANSACTIONS
3 Months Ended
Mar. 31, 2013
RELATED PARTY TRANSACTIONS [Abstract]  
RELATED PARTY TRANSACTIONS
 8. RELATED PARTY TRANSACTIONS







As at March 31, 2013, we owed Mr. Cutler, our sole officer, a director and



majority shareholder, $177,459 including accrued interest of $14,116.







During the three months ended March 31, 2012, we accrued $15,000 remuneration



payable to Mr. Cutler, one of our directors, our sole officer and controlling



shareholder.
XML 34 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES
3 Months Ended
Mar. 31, 2013
INCOME TAXES [Abstract]  
INCOME TAXES
 10. INCOME TAXES







We have had losses since our Inception (January 1, 2011), and therefore have not



been subject to federal or state income taxes since our Inception.







Following our reorganization into a holding company structure and the sales of



our subsidiary company, CCAPS, we disposed of the majority of our brought



forward net operating losses.







Consequently, effective March 31, 2013, we had NOLS of approximately $221,000,



which expire in 2031 and 2033.
XML 35 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
ASSETS (Details) (USD $)
Mar. 31, 2013
Dec. 31, 2012
Mar. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
ASSETS [Abstract]          
Cash and Cash Equivalents $ 25 $ 25 $ 25 $ 25 $ 100
XML 36 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENT OF CASH FLOWS (USD $)
3 Months Ended 15 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2012
CASH FLOW PROVIDED BY / (USED IN) OPERATING ACTIVITIES      
NET PROFIT / (LOSS) $ (22,893) $ (35,923) $ (220,621)
ADJUSTMENTS TO RECONCILE NET INCOME / (LOSS) TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES      
Compensatory loan increases 15,000 15,000 135,000
CHANGES IN OPERATING ASSETS & LIABILITIES      
Increase / (Decrease) in Accounts Payable (424) 13,760 43,089
Increase / (Decrease) in Accrued Expenses - Related Party 2,917 1,563 14,116
Total Cash Flow provided by / (used in) Operating Activities (5,400) (5,600) (28,417)
CASH FLOW FROM INVESTING ACTIVITIES      
Total Cash Flow provided by / (used in) Investing Activities         
CASH FLOW FROM FINANCING ACTIVITIES      
Increase in Related Party Loan 5,400 5,600 28,342
Total Cash Flow provided by / (used in) Financing Activities 5,400 5,600 28,342
NET INCREASE / (DECREASE) IN CASH & CASH EQUIVALENTS 0 0 (75)
Cash and Cash Equivalents at the beginning of the period 25 25 100
Cash and Cash Equivalents at the end of the period 25 25 25
NON-CASH INVESTING AND FINANCING ACTIVITIES      
Related party loans 15,000 15,000 135,000
SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION      
Cash paid for interest         
Cash paid for income tax         
XML 37 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
ACCOUNTS PAYABLE
3 Months Ended
Mar. 31, 2013
ACCOUNTS PAYABLE [Abstract]  
ACCOUNTS PAYABLE
 4. ACCOUNTS PAYABLE







As at March 31, 2013, the balance of accounts payable principally represents



legal fees payable.
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GOING CONCERN AND LIQUIDITY (Details) (USD $)
Mar. 31, 2013
Dec. 31, 2012
GOING CONCERN AND LIQUIDITY [Abstract]    
Assets $ 25 $ 25
Liabilities 220,546 197,653
Deficit accumulated during the exploration stage 220,621 197,728
Working capital deficit (220,521)  
Accumulated deficit $ (17,095,402) $ (17,072,509)