Attached files
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| EXCEL - IDEA: XBRL DOCUMENT - Black Bird Biotech, Inc. | Financial_Report.xls |
| EX-32.1 - CERTIFICATION - Black Bird Biotech, Inc. | dgdm_ec32.htm |
| EX-31.2 - CERTIFICATION - Black Bird Biotech, Inc. | dgdm_ec312.htm |
| EX-31.1 - CERTIFICATION - Black Bird Biotech, Inc. | dgdm_ec311.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
þ Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act Of 1934
For the quarterly period ended March 31, 2014
o Transition Report Under Section 13 or 15(d) of the Securities Exchange Act Of 1934
For the transition period from __________ to __________
Commission File Number: 000-52828
DIGITAL DEVELOPMENT PARTNERS, INC.
(Exact name of registrant as specified in its charter)
| NEVADA | 98-0521119 | |
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.) |
17800 Castleton St., Suite 300
City of Industry, CA 91748
(Address of principal executive offices, including Zip Code)
(626) 581-3335
(Issuer’s telephone number, including area code)
(Former name or former address if changed since last report)
Check whether the issuer (1) filed all reports required to be filed by section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer
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o | Accelerated filer | o |
| Non-accelerated filer | o | Smaller reporting company | þ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ
State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 85,970,665 shares of common stock as of April 30, 2014.
Digital Development Partners, Inc.
Balance Sheet
as of
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March 31,
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December 31,
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2014 (Unaudited)
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2013
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ASSETS
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Current Assets
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Cash
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17,617 | 24,184 | ||||||
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Total Assets
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$ | 17,617 | $ | 24,184 | ||||
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LIABILITIES AND STOCKHOLDERS' DEFICIT
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Current Liabilities
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Accounts Payable
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73,936 | 73,631 | ||||||
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Loan Payable to Related Party
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440,000 | 420,000 | ||||||
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Total Liabilities
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513,936 | 493,631 | ||||||
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Stockholders' Deficit
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Common Stock, $0.001 par value; authorized 225,000,000
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shares;
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85,970,665 shares issued and outstanding
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as at December 31, 2013 and March 31, 2014
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85,971 | 85,971 | ||||||
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Additional Paid-In Capital
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7,488,946 | 7,488,946 | ||||||
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Accumulated Deficit
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(8,071,236 | ) | (8,044,364 | ) | ||||
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Total Stockholders' Deficit
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(496,319 | ) | (469,447 | ) | ||||
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Total Liabilities and Stockholders' Deficit
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$ | 17,617 | $ | 24,184 | ||||
The accompanying notes are an integral part of these unaudited financial statements.
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DIGITAL DEVELOPMENT PARTNERS, INC.
Statement of Operations
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For the
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Three Months Ended
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March 31 (Unaudited),
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2014
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2013
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Operating Expenses
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$ | 21,611 | $ | 15,358 | ||||
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Loss from Operations
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(21,611 | ) | (15,358 | ) | ||||
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Interest Expense
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5,261 | 4,249 | ||||||
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Net Loss
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(26,872 | ) | (19,607 | ) | ||||
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Loss Per Common Share:
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Basic and Diluted
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$ | (0.00 | ) | $ | (0.00 | ) | ||
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Weighted Average Shares
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Outstanding, Basic and Diluted:
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85,970,665 | 85,970,665 | ||||||
The accompanying notes are an integral part of these unaudited financial statements.
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DIGITAL DEVELOPMENT PARTNERS, INC.
Statement of Cash Flows
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For the
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Three Months Ended
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March 31 (Unaudited),
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2014
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2013
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Cash flows from operating activities:
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Net loss
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$ | (26,872 | ) | $ | (19,607 | ) | ||
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Adjustments to reconcile net loss to
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net cash used by operating activities:
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Change in operating assets and liabilities:
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Accounts payable and accrued liabilities
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305 | 1,357 | ||||||
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Net cash used by operating activities
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(26,567 | ) | (18,250 | ) | ||||
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Cash flows from financing activities:
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Proceeds of loans payable from related party
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20,000 | - | ||||||
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Net cash provided by financing activities
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20,000 | - | ||||||
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Net increase (decrease) in cash
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(6,567 | ) | (18,250 | ) | ||||
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Cash, beginning of the period
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24,184 | 22,665 | ||||||
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Cash, end of the period
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$ | 17,617 | $ | 4,415 | ||||
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Supplemental cash flow disclosure:
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Interest paid
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$ | - | $ | - | ||||
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Taxes paid
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$ | - | $ | - | ||||
The accompanying notes are an integral part of these unaudited financial statements.
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DIGITAL DEVELOPMENT PARTNERS INC.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2014
(Unaudited)
1. Basis of Presentation and Nature of Operations
These unaudited interim financial statements as of and for the period ended March 31, 2014 reflect all adjustments which, in the opinion of management, are necessary to fairly state the Company’s 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 Company’s financial statements and notes thereto included in the Company’s fiscal year end December 31, 2013 report. 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, 2014 are not necessarily indicative of results for the year ending December 31, 2014.
2. Going Concern
The Company’s financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company also has a working capital deficit as of
March 31, 2014. These factors raise substantial doubt about the Company’s ability to continue as a going concern.
The Company’s activities will necessitate significant uses of working capital beyond 2014. Additionally, the Company’s capital requirements will depend on many factors, including the success of the Company’s researching for new markets. The Company plans to continue financing its operations with cash received from financing activities, more specifically from related party loans.
While the Company strongly believes that its capital resources will be sufficient in the near term, there is no assurance that the Company’s activities will generate sufficient revenues to sustain its operations without additional capital or if additional capital is needed, that such funds, if available, will be obtainable on terms satisfactory to the Company.
3. Related Party Transactions
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March 31,
2014
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March 31,
2013
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| Loan Payable – EFT | $ | 440,000 | $ | 420,000 | ||||
A promissory note for $500,000 was issued May 13, 2010 to EFT A series of advances was received from EFT 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. A further $40,000 was advanced during 2012, increasing the loan balance to 340,000 as of December 31, 2012. During 2013 a further $80,000 was advanced, which bears interest at 5% per year and is due and payable in one year, increasing the loan balance to $420,000. During the three months ended March 31, 2014, an additional $20,000 was advanced, increasing the loan balance to $440,000 at March 31, 2014 under the same terms & conditions.
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation
The Company was incorporated in December 2006.
In January 2007, the Company leased ten mining claims from an unrelated third party. These claims were located in Piute County, Utah. The mining lease was for a twenty-year term and required the Company to pay a royalty to the lessor equal to 2.5% of the net smelter returns from the sale of any minerals extracted from the claims. Minimum royalty payments of $4,500 were also required each year during the term of the lease.
On November 1, 2008, the mining lease was terminated by the mutual agreement of the Company and the lessor.
Between November 2008 and August 2009 the Company was inactive.
On August 3, 2009, the Company acquired all of the outstanding shares of 4gDeals for 15,495,000 shares of the Company’s common stock.
On December 18, 2009, 4gDeal’s articles of incorporation were amended to change the name of 4gDeals to YuDeal.
In February 2010, the Company determined that its existing capital structure would impair its ability to raise the capital required to further the development of YuDeal’s network. Accordingly, the Company adopted a reorganization plan which:
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●
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involved the distribution of its shares in YuDeal to the Company’s shareholders; and
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●
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the acquisition of new line of technology which has the prospect of being the core of a commercially viable business.
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Consistent with its reorganization plan, on February 18, 2010 the Company’s directors approved an agreement between the Company and EFT Holdings, Inc., now named EFT Holdings, Inc., (“EFT”), whereby EFT agreed to assign its worldwide distribution and servicing rights to a product known as the “EFT-Phone” in exchange for 79,265,000 shares of the Company’s common stock.
EFT markets its products through a direct sales organization. Once a customer of EFT’s makes a minimum purchase of $600 (plus $60 for shipping and handling fees), the customer becomes an “affiliate”.
The EFT-Phone is a cell phone which uses the Android Operating System. The phone is manufactured by an unrelated third party. The EFT-Phone has an application that allows EFT’s affiliate base to access all of their back office sites including their Funds Management Account where the affiliate is able to deposit, withdraw and transfer money to another EFT account or to another EFT Affiliate at no cost for the transfer. The EFT-Phone has educational applications and PowerPoint presentation capability for training new affiliates anywhere in the world.
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The worldwide distribution and servicing rights to the EFT-Phone include the right to sell the EFT-Phone to EFT’s affiliates and others. Servicing includes the collection of service fees for all EFT-Phones worldwide, including monthly fees, usage fees, as well as call forwarding, call waiting, text messaging and video fees. The Company also acquired the rights to distribute all EFT-Phone accessories.
Results of Operations
The Company did not received any orders for the EFT phone during the year ended December 31, 2013 or the three months ended March 31, 2014. The Company has been advised by EFT that due to a significant drop in demand for the EFT phone, EFT has not placed any new orders with the Company. It is the Company’s understanding that EFT has inventory previously purchased from the Company and until sales increase, EFT will not be placing any new orders from the Company. The Company is very concerned regarding this news and is investigating other sources of revenue to mitigate the significant drop in revenue.
Other than the foregoing, the Company does not know of any trends, events or uncertainties that will have, or are reasonably expected to have, a material impact on sales, revenues, expenses or results of operations.
Liquidity and Capital Resources
The Company does not have any firm commitments from any person to provide the Company with any additional capital.
Item 4. Controls and Procedures.
(a) The Company maintains a system of controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934, as amended (“1934 Act”), is recorded, processed, summarized and reported, within time periods specified in the SEC's rules and forms and to ensure that information required to be disclosed by the Company in the reports that it files or submits under the 1934 Act, is accumulated and communicated to the Company’s management, including its Principal Executive and Financial Officer, as appropriate to allow timely decisions regarding required disclosure. As of March 31, 2014, the Company’s Principal Executive and Financial Officer evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based on that evaluation, the Principal Executive and Financial Officer concluded that the Company’s disclosure controls and procedures were effective.
(b) Changes in Internal Controls. There were no changes in the Company’s internal control over financial reporting during the quarter ended March 31, 2014, that materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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DIGITAL DEVELOPMENT PARTNERS, INC.
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May 14 2014
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By:
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/s/ Jack Jie Qin | |
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Jack Jie Qin, Principal Executive Officer
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By:
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/s/ William E. Sluss | ||
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William E. Sluss, Principal Financial and Accounting Officer
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