NEVADA | 98-0521119 | |
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer | o | Accelerated filer | o |
Non-accelerated filer | o | Smaller reporting company | þ |
Digital Development Partners, Inc.
|
||||||||
Balance Sheet
|
||||||||
as at
|
||||||||
March 31,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash
|
$ | 37,051 | $ | 49,831 | ||||
Total Assets
|
$ | 37,051 | $ | 49,831 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current Liabilities
|
||||||||
Accounts Payable & Accrued Expenses
|
47,175 | 42,772 | ||||||
Long Term Liabilities
|
||||||||
Loan Payable (Note 3)
|
300,000 | 300,000 | ||||||
$ | 347,175 | $ | 342,772 | |||||
Stockholders' Equity
|
||||||||
Common Stock, $0.001 par value; authorized 225,000,000 shares; issued and outstanding 86,402,665 shares as at December 31, 2011, 86,402,665 shares as at March 31, 2012
|
86,403 | 86,403 | ||||||
Additional Paid-In Capital
|
8,281,164 | 8,281,164 | ||||||
Deficit
|
(8,677,691 | ) | (8,660,508 | ) | ||||
Total Stockholders' Equity
|
(310,124 | ) | (292,941 | ) | ||||
$ | 37,051 | $ | 49,831 |
DIGITAL DEVELOPMENT PARTNERS, INC.
|
||||||||
Statement of Operations
|
||||||||
(Unaudited)
|
||||||||
For the
|
||||||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
2012
|
2011
|
|||||||
Revenue
|
$ | - | $ | 850,480 | ||||
Cost of Sales
|
- | 787,690 | ||||||
Operating Income
|
- | 62,790 | ||||||
General and Administrative Expenses:
|
||||||||
Advertising
|
- | 60,840 | ||||||
Consulting
|
- | 26,250 | ||||||
Professional Fees
|
2,080 | 6,312 | ||||||
Project Related Costs
|
- | - | ||||||
Other Administrative Expenses
|
11,437 | 23,556 | ||||||
Total General and
|
||||||||
Administrative Expenses
|
13,517 | 116,958 | ||||||
Net Loss from Operations
|
(13,517 | ) | (54,168 | ) | ||||
Other Income and Expense
|
||||||||
Interest Income
|
2 | 2 | ||||||
Interest Expense
|
(3,668 | ) | (4,563 | ) | ||||
(3,666 | ) | (4,561 | ) | |||||
Net Loss
|
$ | (17,183 | ) | $ | (58,729 | ) | ||
Loss Per Common Share:
|
||||||||
Basic and Diluted
|
$ | (0.00 | ) | $ | (0.00 | ) | ||
Weighted Average Shares Outstanding,
|
||||||||
Basic and Diluted:
|
86,402,665 | 86,402,665 |
DIGITAL DEVELOPMENT PARTNERS, INC.
|
||||||||
Statement of Cash Flows
|
||||||||
(Unaudited)
|
||||||||
For the
|
||||||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
2012
|
2011
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss | $ | (17,183 | ) | $ | (58,729 | ) | ||
Adjustments to reconcile net loss to
|
||||||||
net cash used by operating activities:
|
||||||||
Change in operating assets and liabilities:
|
||||||||
Accounts payable, accrued liabilities
|
4,403 | 8,787 | ||||||
Deposits | - | 252,448 | ||||||
Net cash provided (used) by operating activities
|
(12,780 | ) | 202,506 | |||||
Cash flows from investing activities
|
||||||||
Impairment of Goodwill
|
- | 5,000 | ||||||
Net cash provided (used) by investing activities
|
- | 5,000 | ||||||
Cash flows from financing activities:
|
||||||||
Repayment of loans
|
- | (319,666 | ) | |||||
Proceeds of loan receivable
|
- | 33,000 | ||||||
Loan to related company
|
- | (39,900 | ) | |||||
Net cash provided (used) by financing activities
|
- | (326,566 | ) | |||||
Net increase (decrease) in cash
|
(12,780 | ) | (119,060 | ) | ||||
Cash, beginning of the period
|
49,831 | 196,676 | ||||||
Cash, end of the period
|
$ | 37,051 | $ | 77,616 | ||||
Supplemental cash flow disclosure:
|
||||||||
Interest paid
|
$ | - | $ | - | ||||
Taxes paid
|
$ | - | $ | - |
2012 | 2011 | |||||||
Numerator: | ||||||||
Basic and diluted net loss per share: | ||||||||
Net Loss | $ | (17,183 | ) | $ | (58,729 | ) | ||
Denominator: | ||||||||
Basic and diluted weighted average number of shares outstanding | 86,402,665 | 86,402,615 | ||||||
Basic and Diluted Net Loss Per Share | $ | (0.00 | ) | $ | (0.00 | ) |
March 31, 2012 |
December 31, 2011 | |||||||
Loan Payable – EFT Holdings | $ | 300,000 | $ | 300,000 |
●
|
involved the distribution of its shares in YuDeal to the Company’s shareholders; and
|
●
|
the acquisition of new line of technology which has the prospect of being the core of a commercially viable business.
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
Certification pursuant to Section 906 of the Sarbanes-Oxley Act.
|
DIGITAL DEVELOPMENT PARTNERS, INC. | |||
May 18, 2012
|
By:
|
/s/ Jack Jie Qin | |
Jack Jie Qin, President and Principal
Executive Officer
|
|||
By: | /s/ William E. Sluss | ||
William E. Sluss, Principal Financial
and Accounting Officer
|
May 18, 2012
|
By:
|
/s/ Jack Jie Qin | |
Jack Jie Qin, | |||
Principal Executive Officer |
May 18, 2012
|
By:
|
/s/ William E. Sluss | |
William E. Sluss, | |||
Principal Financial Officer |
(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 the Company.
|
May 18, 2012
|
By:
|
/s/ Jack Jie Qin | |
Jack Jie Qin, Principal Executive Officer
|
|||
By: | /s/ William E. Sluss | ||
William E. Sluss, Principal Financial Officer
|
Income Taxes
|
3 Months Ended |
---|---|
Mar. 31, 2012
|
|
Notes to Financial Statements | |
Income Taxes |
No provision was made for federal income tax since the Company had an operating loss and has accumulated net operating loss carry-forwards of approximately $8.6 million. The net operating loss carry-forwards may be used to reduce taxable income through the year 2025. |
Loans Payable
|
3 Months Ended |
---|---|
Mar. 31, 2012
|
|
Notes to Financial Statements | |
Loans Payable |
March 31, 2012 December 31, 2011
Loan Payable EFT Holdings $ 300,000 $ 300,000
A promissory note for $500,000 was issued May 13, 2010 to EFT Holdings Inc. A series of advances was received from EFT Holdings during the fiscal year ended December 31, 2011 totaling $300,000. The note bears annual interest of 5%, requires no monthly payments, and matured November 13, 2010. The note was extended indefinitely. The note was paid down to $300,000 in January, 2011. |
Balance Sheets (Unaudited) (USD $)
|
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
ASSETS | ||
Cash | $ 37,051 | $ 49,831 |
Total Assets | 37,051 | 49,831 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts Payable and Accrued Liabilities | 47,175 | 42,772 |
Long Term Liabilities | ||
Loan Payable (Note 5) | 300,000 | 300,000 |
Total Liabilities | 347,175 | 342,772 |
Stockholders' Equity | ||
Common Stock, $0.001 par value;authorized 225,000,000 shares; issued and outstanding 86,402,665 shares as at December 31, 2011, 86,402,665 shares as at March 31, 2012 | 86,403 | 86,403 |
Additional Paid-In Capital | 8,281,164 | 8,281,164 |
Deficit | (8,677,691) | (8,660,508) |
Total Stockholders' Equity | (310,124) | (292,941) |
Total Liabilities and Stockholders Equity | $ 37,051 | $ 49,831 |
Basis of Presentation and Nature of Operations
|
3 Months Ended | |
---|---|---|
Mar. 31, 2012
|
||
Notes to Financial Statements | ||
Basis of Presentation and Nature of Operations |
These unaudited interim financial statements as of and for the three months ended March 31, 2012 reflect all adjustments which, in the opinion of management, are necessary to fairly state the Companys financial position and the results of its operations for the periods presented, in accordance with the accounting principles generally accepted in the United States of America. All adjustments are of a normal recurring nature.
These unaudited interim financial statements should be read in conjunction with the Companys financial statements and notes thereto included in the Companys December 31, 2011 report on Form 10-K. The Company assumes that the users of the interim financial information herein have read, or have access to, the audited financial statements for the preceding period, and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. The results of operations for the three month period ended March 31, 2012 are not necessarily indicative of results for the entire year ending December 31, 2012.
|
"+ text.join( "
\n" ) +"
" + text[p] + "
\n"; } } }else{ formatted = '' + raw + '
'; } html = ''+ "\n"+''+ "\n"+''+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+' | '+ "\n"+'
'+ "\n"+' | '+ "\n"+' '+ "\n"+'
'+ "\n"+' | '+ "\n"+' '+ "\n"+'
Summary of Significant Accounting Policies
|
3 Months Ended |
---|---|
Mar. 31, 2012
|
|
Notes to Financial Statements | |
Summary of Significant Accounting Policies |
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. Significant estimates made by management are, among others, reliability of long-lived assets and deferred taxes.
Cash and equivalents
Cash and equivalents include investments with initial maturities of six months or less.
Fair Value of Financial Instruments
Income Taxes
The Company accounts for income taxes using the liability method prescribed by ASC 740, Income Taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the year in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date.
The Company applied the provisions of ASC 740-10-50, Accounting For Uncertainty In Income Taxes, which provides clarification related to the process associated with accounting for uncertain tax positions recognized in its financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Companys liability for income taxes. Any such adjustment could be material to the Companys results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of December 31, 2010 and 2009, the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future.
The Company generated a deferred tax credit through net operating loss carryforward. However, a valuation allowance of 100% has been established.
Interest and penalties on tax deficiencies recognized in accordance with ASC accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19.
Recent Accounting Pronouncements
The Company has reviewed issued and proposed accounting pronouncements and plans to adopt those that are applicable to it. The Company does not expect the adoption of any recently adopted or proposed pronouncements to have a material impact on its results of operations or financial position.
Basic and Diluted Net Loss Per Share
Net loss per share is calculated in accordance with ASC 260, Earnings Per Share, for the period presented. Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilative convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period.
As of March 31, 2012 the Company has potentially dilutive securities in outstanding warrants for the purchase of shares of common stock. Since the Company is in a loss position the warrants are anti-dilutive and not considered in the calculation.
The following is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations for the three months ended March 31, 2012 and 2011: 2012 2011 Numerator:
Basic and diluted net loss per share: Net Loss $ (17,183) $ (58,729)
Denominator
Basic and diluted weighted average number of shares outstanding 86,402,665 86,402,615
Basic and Diluted Net Loss Per Share $ (0.00) $ (0.00)
|
Balance Sheets (Parenthetical) (USD $)
|
Dec. 31, 2011
|
---|---|
Stockholders' Equity | |
Common stock, par value | $ 0.001 |
Common stock, Authorized | 225,000,000 |
Common stock, Issued | 86,402,665 |
Common stock, outstanding | 86,402,665 |
Document and Entity Information
|
3 Months Ended | |
---|---|---|
Mar. 31, 2012
|
Apr. 30, 2012
|
|
Document And Entity Information | ||
Entity Registrant Name | Digital Development Partners, Inc. | |
Entity Central Index Key | 0001409999 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2012 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 86,402,665 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2012 |
Statements of Operations (Unaudited) (USD $)
|
3 Months Ended | |
---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
|
Income Statement [Abstract] | ||
Revenue | $ 850,480 | |
Cost of Sales | 787,690 | |
Operating Income | 62,790 | |
General and Administrative Expenses: | ||
Advertising | 60,840 | |
Consulting | 26,250 | |
Professional Fees | 2,080 | 6,312 |
Project Related Costs | ||
Other Administrative Expenses | 11,437 | 23,556 |
Total General and Administrative Expenses | 13,517 | 116,958 |
Net Loss from Operations | (13,517) | (54,168) |
Other Income and Expense | ||
Interest Income | 2 | 2 |
Interest Expense | (3,668) | (4,563) |
Total | (3,666) | (4,561) |
Net Loss | $ (17,183) | $ (58,729) |
Loss Per Common Share: | ||
Basic and Diluted | $ 0.00 | $ 0.00 |
Weighted Average Shares Outstanding, Basic and Diluted: | 86,402,665 | 86,402,665 |
Statements of Cash Flows (Unaudited) (USD $)
|
3 Months Ended | |
---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
|
Cash flows from operating activities: | ||
Net loss | $ (17,183) | $ (58,729) |
Change in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 4,403 | 8,787 |
Deposits | 252,448 | |
Net cash provided (used) by operating activities | (12,780) | 202,506 |
Cash flows from investing activities | ||
Impairment of Goodwill | 5,000 | |
Net cash (used by) investing activities | 5,000 | |
Cash flows from financing activities: | ||
Repayment of loans | (319,666) | |
Proceeds of loan receivable | 33,000 | |
Loan to related company | (39,900) | |
Net cash provided (used) by financing activities | (326,566) | |
Net increase (decrease) in cash | (12,780) | (119,060) |
Cash, beginning of the period | 49,831 | 196,676 |
Cash, end of the period | 37,051 | 77,616 |
Supplemental cash flow disclosure: | ||
Interest paid | ||
Taxes paid |
Capital Stock
|
3 Months Ended |
---|---|
Mar. 31, 2012
|
|
Notes to Financial Statements | |
Capital Stock |
No stock was issued in the three months ended March 31, 2012. As of March 31, 2012, the Company was authorized to issue 225,000,000 common shares, of which 86,402,665 shares were issued and outstanding. |