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EX-32 - CERTIFICATION - Digital Development Partners, Inc.dgdm_ex32.htm


SECURITIES AND EXCHANGE COMMISSION
 
FORM 10-K
(Mark One)
 
þ
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the Fiscal Year Ended December 31, 2012
 
OR
 
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Commission File No. 000-52828
 
DIGITAL DEVELOPMENT PARTNERS, INC.
(Exact name of registrant as specified in its charter)
 
Nevada   98-0521119
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)
     
17800 Castleton St., Suite 300
City of Industry, California
  91748
(Address of Principal Executive Office)   Zip Code
 
Registrant's telephone number, including Area Code: (626) 581-3335
 
Securities registered pursuant to Section 12(b) of the Act: None
 
Securities registered pursuant to Section 12(g) of the Act: Common Stock
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. o
 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. o
 
Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. þ
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer o Accelerated filer o
       
Non-accelerated filer o Smaller reporting company þ
(Do not check if a smaller reporting company)      
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act): o Yes þ No
 
The aggregate market value of the voting stock held by non-affiliates of the Company on June 30, 2012 was approximately $71,000.
 
As of March 15, 2013 the Company had 85,970,665 issued and outstanding shares of common stock.
 
Documents incorporated by reference: None
 


 
 

 
 
ITEM 1. BUSINESS
 
The Company was incorporated in December 2006. During the period from its incorporation through March 15, 2010 the Company has not generated any revenue.
 
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 March 2009 the Company did not conduct any business.
 
On January 15, 2009, Jeffrey A. Collins purchased 1,500,000 shares of the Company’s common stock from Consultants & Risk Management, Inc. At that time, the 1,500,000 shares purchased by Mr. Collins represented approximately 42% of the Company’s common stock and Consultants & Risk Management, Inc. was controlled by the Company’s sole officer and director, Richard Shea. Contemporaneous with the sale, Richard Shea resigned as an officer and director of the Company and Jeffrey Collins was appointed as the sole officer and director of the Company.
 
On May 19, 2009 Jeffrey Collins, the Company’s sole director:
 
  
in accordance with Section 78.207 of the Nevada Revised Statutes, approved a resolution approving a 3-for-1 forward stock split and increasing the Company’s authorized capitalization to 225,000,000 shares of common stock; and
 
  
in accordance with Section 92A.180 of the Nevada revised statutes, approved a resolution changing the Company’s name to Digital Development Partners, Inc.
 
Prior to May 19, 2009, the Company had an authorized capitalization of 75,000,000 shares of common stock and had 3,625,000 outstanding shares of common stock. Following the forward split, the Company had 10,875,000 outstanding shares of common stock.
 
The forward stock split and the name change became effective on the OTC Bulleting Board on June 29, 2009.
 
On August 3, 2009 the Company acquired all of the outstanding shares of 4gDeals, Inc. for 15,495,000 shares of the Company’s common stock. At the time, Isaac Roberts was the President and a director of 4gDeals and Ravikumar Nandagopalan was the Secretary, Treasurer and a director of 4gDeals.
 
 
2

 

In connection with the acquisition:
 
  
Jeffrey Collins resigned as the Company’s sole officer and director;
 
  
Isaac Roberts was appointed the Company’s President and a director;
 
  
Ravikumar Nandagopalan was appointed the Company’s Secretary and Treasurer and a director;
 
  
Jeffrey Collins sold 4,500,000 shares (as adjusted for the June 2009 forward stock split) of the Company’s common stock to Isaac Roberts for a nominal price; and
 
  
the Company issued Mr. Collins a warrant which allows Mr. Collins to acquire up to 2,000,000 shares of the Company’s common stock at a price of $1.00 per share at any time prior to June 1, 2014. These warrants were subsequently assigned by Mr. Collins to unrelated third parties.
 
Between September 30 and November 4, 2009 the Company sold 216,000 Units to private investors at a price of $0.75 per Unit. Each Unit consisted of one share of the Company’s common stock, one Series A Warrant and one Series B Warrant.
 
Each Series A Warrant entitles the holder to purchase one share of the Company’s common stock at a price of $1.00 per share. Each Series B Warrant entitles the holder to purchase one share of the Company’s common stock at a price of $1.25 per share. The Series A and B Warrants expire on September 30, 2014.
 
In November 2009, the Company issued 100,000 shares of its common stock in consideration for an option to acquire TopFloor Studios LLC, a privately held company engaged in website design.
 
On December 18, 2009, James McMahon was appointed the Company’s Chief Operating Officer and a director.
 
On December 18, 2009, 4gDeal’s articles of incorporation were amended to change the name of 4gDeals to YuDeal, Inc.
 
YuDeal was developing a software based network which would allow restaurants, merchants and service providers to send text messages to customers advising the customer of discounts or other promotional offers. Through YuDeal’s network, the customer would be able to accept or counter the restaurant, merchant or service provider’s offer until the restaurant, merchant or service provider agreed on a new discount or promotional offer.
 
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:
 
  
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.
 
 
3

 
 
Consistent with its reorganization plan, on February 18, 2010 the Company’s directors approved an agreement between the Company and 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.
 
Aside from its “EFT-Phone”, EFT distributes 25 nutritional products, 18 personal care products, an environmentally friendly automotive product, an environmentally friendly house cleaner and a portable drinking container which contains a filter to remove impurities.
 
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 consists of a cell phone which uses the Microsoft Operating System. The EFT-Phone has an application that will allow EFT’s affiliate base to access all of their back office sites including their Funds Management Account where the affiliate will be able to deposit, withdraw and transfer money to another EFT account or to another EFT Affiliate at no cost for the transfer.
 
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.
 
In connection with the agreement between the Company and EFT:
 
  
Isaac Roberts resigned as the Company’s President and a director;
 
  
Ravikumar Nandagopalan resigned as the Company’s Secretary, Treasurer and a director;
 
  
James McMahon resigned as the Company’s Chief Operating Officer and a director; and
 
  
Jack Jie Qin was appointed as the Company’s sole director.
 
As part of its reorganization plan, the Company:
 
  
assigned its option to purchase Top Floor Studios LLC to YuDeal in exchange for 2,580,066 shares of YuDeal’s common stock, and
 
  
the following persons exchanged all of their shares of the Company’s common stock for shares of YuDeal’s common stock:
 
 
4

 

    Shares of Company’scommon stock exchanged
for shares of YuDeal
    Shares of YuDeal’s common stock received in exchange for shares of the Company’s
common stock
 
         
Name
       
             
Isaac Roberts
    16,295,925       1,629,593  
Ravikumar Nandagopalan
    3,499,125       349,913  
Christopher Killen
    199,950       19,995  
Ty Hallock
    100,000       10,000  
 
Following the transactions described above, the Company owned 670,565 shares of YuDeal. In April 2010, these 670,565 shares were distributed to the Company’s shareholders, with the exception of EFT, which did not participate in the distribution, on the basis of one share of YuDeal for every ten outstanding shares of the Company’s common stock owned.
 
The Company did not receive any orders for the EFT phone during the year ended December 31, 2012. 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.
 
General
 
As of March 15, 2013 The Company did not have any full time employees.
 
ITEM 2. DESCRIPTION OF PROPERTY
 
See Item 1 of this report.
 
ITEM 3. LEGAL PROCEEDINGS.
 
The Company is not involved in any legal proceedings and the Company does not know of any legal proceedings which are threatened or contemplated.
 
ITEM 4. MINE SAFETY DISCLOSURE.
 
Not Applicable.
 
ITEM 5. MARKET PRICE OF AND DIVIDENDS ON THE REGISTRANT'S COMMON EQUITY AND OTHER SHAREHOLDER MATTERS.
 
Although the Company’s common stock has been quoted on the OTC Bulletin Board under the symbol “CYIM” between November 7, 2007 and June 29, 2009, and under the symbol “DGDM” since June 29, 2009, the Company’s common stock did not begin trading until June 24, 2010.
 
 
5

 
 
Shown below are the ranges of high and low closing prices for the Company’s common stock for the periods indicated as reported by FINRA. The market quotations reflect inter-dealer prices, without retail mark-up, mark-down or commissions and may not necessarily represent actual transactions.
 
Quarter Ended
 
High
   
Low
 
             
June 30, 2010
  $ 0.18     $ 0.08  
September 30, 2010
  $ 0.18     $ 0.17  
December 31, 2010
  $ 0.19     $ 0.07  
                 
March 31, 2011
  $ 0.35     $ 0.14  
June 30, 2011
  $ 0.13     $ 0.03  
September 30, 2011
  $ 0.05     $ 0.02  
December 31, 2011
  $ 0.05     $ 0.02  
                 
March 31, 2012
  $ 0.05     $ 0.02  
June 30, 2012
  $ 0.05     $ 0.01  
September 30, 2012
  $ 0.02     $ 0.01  
December 31, 2012
  $ 0.01     $ 0.01  
 
Trades of the Company’s common stock, are subject to Rule 15g-9 of the Securities Exchange Act of 1934, which rule imposes certain requirements on broker/dealers who sell securities subject to the rule to persons other than established customers and accredited investors. For transactions covered by the rule, brokers/dealers must make a special suitability determination for purchasers of the securities and receive the purchaser's written agreement to the transaction prior to sale. The Securities and Exchange Commission also has rules that regulate broker/dealer practices in connection with transactions in "penny stocks". Penny stocks generally are equity securities with a price of less than $5.00 (other than securities registered on certain national securities exchanges or quoted on the NASDAQ system, provided that current price and volume information with respect to transactions in that security is provided by the exchange or system). The penny stock rules require a broker/ dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document prepared by the Commission that provides information about penny stocks and the nature and level of risks in the penny stock market. The broker/dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker/dealer and its salesperson in the transaction, and monthly account statements showing the market value of each penny stock held in the customer's account. The bid and offer quotations, and the broker/dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer's confirmation. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the Company’s common stock.
 
As of March 15, 2013 the Company had 85,970,665 outstanding shares of common stock and seven shareholders of record.
 
As of March 15, 2013 the Company had 2,000,000 outstanding warrants and 216,000 outstanding Series A and Series B warrants.
 
 
6

 
 
The 2,000,000 warrants allow the holders to purchase one share of the Company’s common stock at a price of $1.00 per share at any time on or before June 1, 2014.
 
Each Series A Warrant entitles the holder to purchase one share of the Company’s common stock at a price of $1.00 per share. Each Series B Warrant entitles the holder to purchase one share of the Company’s common stock at a price of $1.25 per share. The Series A and B Warrants expire on September 30, 2014.
 
As of March 15, 2013, there was no public market for the Company’s warrants.
 
As of March 15, 2013, 6,705,665 shares of the Company’s common stock were freely tradable. The remaining outstanding shares, 79,265,000, are owned by a wholly owned subsidiary of EFT Holdings and may be sold pursuant to Rule 144 of the Securities and Exchange Commission.
 
Holders of common stock are entitled to receive dividends as may be declared by the Board of Directors. The Company’s Board of Directors is not restricted from paying any dividends but is not obligated to declare a dividend. No dividends have ever been declared and it is not anticipated that dividends will ever be paid.
 
During the year ended December 31, 2012, the Company did not purchase any shares of its common stock from third parties in a private transaction or as a result of any purchases in the open market. None of the Company’s officers or directors, nor any of its principal shareholders purchased any shares of its common stock from third parties in a private transaction or as a result of purchases in the open market during the year ended December 31, 2012.
 
ITEM 6.   SELECTED FINANCIAL DATA
 
Not applicable.
 
ITEM 7.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND PLAN 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.
 
 
7

 
 
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:
 
  
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.
 
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.
 
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
 
Material changes of items in the Company’s Statement of Operations for the year ended December 31, 2012, as compared to the same period in the prior year, are the result of the fact that the Company did not received any orders for the EFT phone during the year ended December 31, 2012. 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.
 
 
8

 
 
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.
 
See Note 2 to the financial statements included as part of this report for a description of the Company’s accounting policies and recent accounting pronouncements.
 
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
 
Not applicable.
 
ITEM 8.   FINANCIAL STATEMENTS
 
See the financial statements attached to this report.
 
ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS.
 
See the Company’s 8-K reports dated:
 
  
November 14, 2012, and
  
January 11, 2013
 
ITEM 9A. CONTROLS AND PROCEDURES
 
Management’s Report on Disclosure Control
 
Under the direction and with the participation of the Company’s management, the Company carried out an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures as of December 31, 2012. The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its periodic reports with the Securities and Exchange Commission is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and regulations, and that such information is accumulated and communicated to The Company’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Company’s disclosure controls and procedures are designed to provide a reasonable level of assurance of reaching its desired disclosure control objectives. Based upon this evaluation, management concluded that the Company’s disclosure controls and procedures were effective as of December 31, 2012. common stocks.
 
Management’s Report on Internal Control Over Financial Reporting
 
The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting and for the assessment of the effectiveness of internal control over financial reporting. As defined by the Securities and Exchange Commission, internal control over financial reporting is a process designed by, or under the supervision of The Company’s principal executive officer and principal financial officer and implemented by The Company’s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of The Company’s financial statements in accordance with U.S. generally accepted accounting principles.
 
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
 
The Company’s management evaluated the effectiveness of its internal control over financial reporting as of December 31, 2012 based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, or the COSO Framework. Management’s assessment included an evaluation of the design of The Company’s internal control over financial reporting and testing of the operational effectiveness of those controls.
 
Based on this assessment, management concluded that the Company’s internal control over financial reporting was effective as of December 31, 2012
 
This Annual Report on Form 10-K does not include an attestation report by our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to temporary rules of the SEC that permit us to provide only our management’s report in this Annual Report on Form 10-K
 
Changes in Internal Controls.
 
There have been no changes to our internal control over financial reporting that occurred during the year ended December 31, 2012 that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.
 
ITEM 9B. OTHER INFORMATION
 
Not applicable.
 
 
9

 
 
ITEM 10.  DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS

Name
 
Age
 
Position
         
Jack Jie Qin
  52  
President, Secretary, Chief Executive Officer and  Director
         
William E. Sluss
  57  
Principal Financial and Accounting Officer
 
The directors of the Company serve in such capacity until the annual meeting of the Company’s shareholders and until their successors have been duly elected and qualified. The officers of the Company serve at the discretion of the Company’s directors.
 
The principal occupation of the Company’s officers and director during the past several years is as follows:
 
Mr. Qin has been the Company’s President, Chief Executive Officer, Secretary and Director since February 2010. Mr. Qin has been EFT Holdings, Inc.’s President, Chief Executive Officer and Chairman of its Board of Directors since November 2007. Since 2002, Mr. Qin has been the President of EFT Inc. From July 1998 to December 2002, Mr. Qin was the President of eFastTeam International, Inc. located in Los Angeles, California. Between June 1992 and December 1997 Mr. Qin was the President of LA Import & Export Company, also located in Los Angeles, California. In May 1991, Mr. Qin earned an MBA degree from Emporia State University. In May 1982, Mr. Qin graduated from Jiangxi Engineering Institute in Nanchang, China with a major in Mechanical Engineering.
 
Mr. Sluss has been the Company’s Principal Financial and Accounting Officer since January 2011. Between August 2010 and January 2011 Mr. Sluss assisted the Company with its accounting and financial reporting. Between 2008 and 2010 Mr. Sluss was the Chief Financial Officer for AcccuForce Staffing Services in Kingsport, TN. Between 2002 and 2008 Mr. Sluss was the Chief Financial Officer and Treasurer for Studsvik, Inc., a nuclear services company based in Erwin, TN. Mr. Sluss is a certified public accountant and received his Bachelor of Science degree in accounting from the University of Virginia’s College at Wise (Wise, Virginia) in 1990.
 
The Company believes that Mr. Qin’s longstanding experience with EFT Holdings, and in particular with EFT’s affiliate base, qualifies him to be a director.
 
The compensation the Company plans to pay Mr. Qin, and the time he plans to devote to the Company’s business, have not yet been determined.
 
Mr. Sluss devotes approximately one-third of his time to the Company and is paid an annual salary of $37,700.
 
The Company does not have a compensation or an audit committee. Mr. Sluss serves as the Company’s financial expert.
 
None of the Company’s directors are independent as that term is defined in section 803 of listing standards of the NYSE MKT.
 
 
10

 
 
The Company has not adopted a Code of Ethics applicable to its principal executive, financial, and accounting officers and persons performing similar functions. The Company does not believe it requires a Code of Ethics since its only has two officers.
 
Compensation Committee Interlocks and Insider Participation.
 
The Company’s director acts as its compensation committee. During the year ended December 31, 2012 the Company’s sole officer was not a member of the compensation committee or a director of another entity, which other entity had one of its executive officers serving as a director of the Company or as a member of the Company’s compensation committee.
 
ITEM 11. EXECUTIVE COMPENSATION
 
The following table shows the compensation paid or accrued during the two years ended December 31, 2012 to the executive officers of the Company. No officer of the Company has ever received compensation in excess of $100,000 per year.
 
                                All        
                                Other        
                   
Stock
   
Option
   
Annual
       
Name and Principal
 
Fiscal
 
Salary
   
Bonus
   
Awards
   
Awards
   
Compensation
       
Position
 
Year
  (1)     (2)     (3)     (4)     (5)     Total  
                                                   
Jack Jie Qin
 
2012
    -       -       -       -       -       -  
   
2011
    -       -       -       -       -       -  
                                                     
William Sluss
 
2012
  $ 37,700       -       -       -       -     $ 37,700  
   
2011
  $ 37,700       -       -       -       -     $ 37,700  
 
(1)
The dollar value of base salary (cash and non-cash) received.
 
(2)
The dollar value of bonus (cash and non-cash) received.
 
(3)
During the periods covered by the table, the value of the Company’s shares issued as compensation for services to the persons listed in the table.
 
(4)
The value of all stock options granted during the periods covered by the table.
 
(5)
All other compensation received that the Company could not properly report in any other column of the table.
 
The Company has an employment agreement with William E. Sluss, the Company’s Principal Financial and Accounting Officer, who became the Company’s principal financial and accounting officer in January 2011. The employment agreement, which expires December 31, 2013, provides that Mr. Sluss will devote approximately one-third of his time to the Company and will be paid an annual salary of $37,700.
 
 
11

 
 
Long-Term Incentive Plans. The Company does not have any pension, stock appreciation rights, long-term incentive or other plans and has no intention of implementing any of these plans for the foreseeable future.
 
Employee Pension, Profit Sharing or other Retirement Plans. The Company does not have a defined benefit, pension plan, profit sharing or other retirement plan, although it may adopt one or more of such plans in the future.
 
Compensation of Directors. The Company’s directors did not receive any compensation for their services as director during the fiscal year ended December 31, 2012.
 
Stock Option and Bonus Plans. The Company has not adopted any stock option or stock bonus plans.
 
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDERS MATTERS
 
The following table lists, as of March 15, 2013, those persons owning beneficially 5% or more of the Company’s common stock, the number and percentage of outstanding shares owned by each director and officer of the Company and by all officers and directors as a group. Unless otherwise indicated, each owner has sole voting and investment powers over his shares of common stock.

Name and Address
 
Number of
Shares
   
Percent of
Class
 
EFT Holdings, Inc.
    79,265,000 (1)     92 %
17800 Castleton St., Suite 300
               
City of Industry, California 91748
               
 
(1)
Shares are held of record by a wholly owned subsidiary of EFT Holdings.
 
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
 
See Item 1 of this report.
 
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
 
John Kinross-Kennedy, C.P.A., audited the Company’s financial statements for the year ended December 31, 2011. The following table shows the aggregate fees billed to the Company during the year ended December 31, 2011 by Mr. Kinross-Kennedy.
 
 
12

 

Audit Fees
  $ 4,000  
Audit-Related Fees
  $ 1,500  
Financial Information Systems
    --  
Design and Implementation Fees
    --  
Tax Fees
    --  
All Other Fees
    --  
 
Audit fees and audit related fees represent amounts billed for professional services rendered for the audit of the Company’s annual financial statements and the review of the Company’s interim financial statements. Before Mr. Kinross-Kennedy was engaged by the Company to render these services, the engagement was approved by the Company’s Directors.
 
Anton & Chia, LLP served as the Company’s independent registered public accountant for the year ended December 31, 2012. Anton & Chia did not bill the Company for any fees during the year December 31, 2012 since they were not engaged by the Company until January 11, 2013.
 
ITEM 15. EXHIBITS
 
ExhibitNumber  
Exhibit  Name
       
3.1
 
Articles of Incorporation
*
       
3.2
 
Bylaws
*
       
 
Rule 13a-14(a) Certifications
 
       
  Rule 13a-14(a) Certifications  
       
 
Section 1350 Certifications
 

Incorporated by reference to the same exhibit filed with the Company’s registration statement on Form SB-2 (File # 333-145951).
 
 
13

 

DIGITAL DEVELOPMENT PARTNER, INC.
FINANCIAL STATEMENTS
 
December 31, 2012 and 2011
 
INDEX TO FINANCIAL STATEMENTS
 
Reports of Independent Registered Public Accounting Firms
    15  
         
Balance Sheets
    17  
         
Statements of Operations
    18  
         
Statements of Cash Flows
    19  
         
Statements of Changes in Stockholders’ Deficit
    20  
         
Notes to Financial Statements
    21  
 
 
14

 
 
 
 
REPORT OF INDEPENDENT REGISTRERED PUBLIC ACCOUNTING FIRM
 
To the Board of Directors and Stockholders
Digital Development Partners, Inc.
 
We have audited the accompanying balance sheet of Digital Development Partner, Inc. (the “Company”) as of December 31, 2012 and the related statements of operations, changes in stockholders' deficit and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Digital Development Partners, Inc. as of December 31, 2011 and the period from inception (December 22, 2006) to December 31, 2011 were audited by other auditors whose report dated March 26, 2012, expressed an unqualified opinion on those statements.
 
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
 
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2012 and the result of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States.
 
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As shown in the financial statements, the Company has incurred an accumulated deficit of $7,954,373 from inception to December 31, 2012. This raises substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to this matter are described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
 
/s/Anton & Chia, LLP
 
April 5, 2013
Newport Beach, CA
 
 
15

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To: the Board of Directors and Shareholders
Digital Development Partners Inc.

I have audited the accompanying balance sheet of Digital Development Partners Inc. as of December 31, 2011, and the related statements of operations, and of cash flows for the year ended December 31, 2011. These financial statements are the responsibility of the Company’s management. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provide a reasonable basis for my opinion.

In my opinion, based on my audit, the financial statements referred to above present fairly, in all material respects, the financial position of Digital Development Partners Inc. as of December 31, 2011 and the results of its operations, and its cash flows for the years ended December 31, 2011 in conformity with United States generally accepted accounting principles.

The Company has determined that it is not required to have, nor was I engaged to perform, an audit of the effectiveness of its documented internal controls over financial reporting.

/s/ John Kinross-Kennedy

John Kinross-Kennedy
Certified Public Accountant
Irvine, California
March 26, 2012
 
 
16

 
 
DIGITAL DEVELOPMENT PARTNERS, INC.
Balance Sheets
 
   
December 31,
2012
   
December 31,
2011
 
             
 ASSETS
             
Current Assets:
           
Cash
  $ 22,665     $ 49,831  
Total assets
    22,665       49,831  
                 
                 
 LIABILITIES AND STOCKHOLDERS' DEFICIT
 
                 
Current Liabilities:
               
Accounts payable
  $ 62,121     $ 42,772  
                 
                 
Loan Payable to related party - EFT Holdings, Inc.
    340,000       300,000  
Total current liabilities
    402,122       342,772  
Total Liabilities
    402,122       342,772  
                 
Stockholders' Deficit:
               
Common stock; $0.0001 par value;  225,000,000 shares
               
authorized, 85,970,665 shares issued and outstanding
               
as of December 31, 2012 and December 31, 2011
    85,971       85,971  
Additional paid-in capital
    7,488,946       7,488,946  
Accumulated deficit
    (7,954,373 )     (7,867,858 )
Total Stockholders' Deficit
    (379,456 )     (292,941 )
                 
Total Liabilities and Stockholders' Deficit
  $ 22,665     $ 49,831  
 
The accompanying notes are an integral part of these financial statements
 
 
17

 

DIGITAL DEVELOPMENT PARTNERS, INC.
Statement of Operations
 
   
For the year ended
   
For the year ended
 
   
December 31, 2012
   
December 31, 2011
 
             
             
Revenues
  $ -     $ 1,116,880  
Cost of revenues
    -       1,033,990  
Gross profit
    -       82,890  
Operating expenses
    86,515       243,049  
                 
Loss from operations
    (86,515 )     (160,159 )
                 
Income tax expense
    -       -  
                 
Net loss
  $ (86,515 )   $ (160,159 )
                 
Basic and diluted loss per common share
  $ (0.00 )   $ (0.00 )
Basic and diluted weighted average common
               
shares outstanding
    85,970,665       85,970,665  
 
The accompanying notes are an integral part of these financial statements
 
 
18

 

DIGITAL DEVELOPMENT PARTNERS, INC.
Statement of Cash Flows
 
   
For the year ended
   
For the year ended
 
   
December 31, 2012
   
December 31, 2011
 
             
Operating Activities:
           
Net loss
  $ (86,515 )   $ (160,159 )
Adjustments of reconcile net loss
               
  to net cash used by operating activities:
               
Impairment of goodwill
    -       5,000  
Change in operating assets and liablities:
               
Employee loans
    -       33,000  
Accounts payable
    19,349       25,852  
Deposit
    -       269,128  
Net cash (used in) provided by operating activities
    (67,166 )     172,821  
                 
Financing Activities:
               
Proceeds of loan payable to related party - EFT Holdings, Inc.
    40,000       -  
Repayment of loan payable - EFT Holdings, Inc.
    -       (319,666 )
Net cash (used in) provided by financing activities
    40,000       (319,666 )
                 
Net decrease in cash
    (27,166 )     (146,845 )
Cash, beginning of period
    49,831       196,676  
                 
Cash, end of period
  $ 22,665     $ 49,831  
                 
Suppplemental disclosure of cash flow information
               
Cash paid for interest
  $ -     $ -  
Cash paid for taxes
  $ -     $ -  
 
The accompanying notes are an integral part of these financial statements

 
19

 

DIGITAL DEVELOPMENT PARTNERS, INC.
Statement of Changes in Stockholders' Deficit
December 31, 2012 and December 31, 2011
 
         
 
   
Additional
         
Total
 
   
Common Stock
   
Paid-In
   
Accumulated
   
Stockholders'
 
   
Shares
   
Amount
   
Capital
   
Deficit
   
Deficit
 
                               
Balance, December 31, 2010  (Restated)
    85,970,665     $ 85,971     $ 7,488,946     $ (7,707,699 )   $ (132,782 )
(Note 6)
                                 
   Net loss for the year
    -       -       -       (160,159 )     (160,159 )
Balance, December 31, 2011 (Restated)
    85,970,665       85,971       7,489,378       (7,867,858 )     (292,941 )
(Note 6)
                                 
   Net loss for the year
    -       -       -       (86,515 )     (86,515 )
Balance, December 31, 2012 (Restated)
    85,970,665     $ 85,971     $ 7,488,946     $ (7,954,373 )   $ (379,456 )
(Note 6)
                                       

The accompanying notes are an integral part of these financial statements

 
20

 
 
DIGITAL DEVELOPMENT PARTNERS INC.
 
NOTES TO FINANCIAL STATEMENTS
 
1.  Basis of Presentation and Nature of Operations
 
These financial statements as of and for the twelve months ended December 31, 2012 and 2011 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.
 
Organization
 
The Company was incorporated as Cyprium Resources, Inc. under the laws of the State of Nevada December 22, 2006. The Company was originally formed for mineral exploration in the United States. On May 19, 2009 the Company’s name was changed to Digital Development Partners, Inc.
 
A reassessment of the Company’s direction resulted in a reorganization plan on February 17, 2010 which included:
 
1.  
Acquisition of a new line of technology through the acquisition of the worldwide distribution and servicing rights to a cell phone enterprise based in Hong Kong;
 
2.  
Change in management;
 
3.  
Sale of the Company’s option on Top Floor Studio;
 
4.  
Distribution of the Company’s shares in YuDeal, Inc. to the stockholders.
 
Pursuant to the plan, the Company’s interests in Top Floor Studio and YuDeal Inc. were disposed of in February, 2010. The Company’s option on Top Floor was sold to YuDeal, Inc. for YuDeal common stock, which in turn was traded for 20,095,000 shares of Company stock. These shares were returned to Treasury and cancelled. A residual of YuDeal stock was distributed to Company stockholders in March and April, 2010.
 
In conjunction with the reorganization the management team of the Company resigned. The Company’s president, Isaac Roberts, was replaced by Jack Jie Quin, president of EFT Biotech Holding Inc.
 
On February 17, 2010 an agreement was signed with the cell phone company, EFT Biotech Holding, Inc., which trades on the OTC Pink Sheets under the ticker symbol “EFTB”, and markets its “EFT-Phone” through direct marketing in China from Hong Kong. EFT’s distribution and servicing rights were acquired by the Company in the agreement through the exchange of 79,265,000 shares of the Company’s common stock.
 
 
21

 
 
EFT Biotech Holding Inc. thereby became the majority stockholder of Digital Development Partners Inc. The Company sold EFT-Phones as agent to EFT-Phone for its Chinese market through the fiscal year ended December 31, 2011. There have been no new orders in the current fiscal year. EFT has advised the Company that due to a significant drop in demand for the EFT phone, no new orders will be placed until demand increases. The Company is investigating other business opportunities and sources to develop revenue.
 
2. 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.
 
Cash and Cash equivalents
 
Cash and equivalents include investments with initial maturities of three months or less. The Company had no cash equivalents as of December 31, 2012 and 2011.
 
Fair Value of Financial Instruments
 
The Financial Accounting Standards Board issued ASC 820-10 (SFAS No. 157), “Fair Value Measurements and Disclosures" for financial assets and liabilities. ASC 820-10 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. FASB ASC 820-10 defines fair value as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. FASB ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value:
 
-  
Level 1: Quoted prices in active markets for identical assets or liabilities
-  
Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.
-  
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
 
 
22

 
Income Taxes
 
Deferred tax assets and liabilities are recorded based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company calculates a provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized by identifying the temporary differences arising from the different treatment of items for tax and accounting purposes. In determining the future tax consequences of events that have been recognized in the financial statements or tax returns, judgment and interpretation of statutes is required. Additionally, the Company uses tax planning strategies as a part of its tax compliance program. Judgments and interpretation of statutes are inherent in this process.
 
The accounting guidance for uncertainties in income tax prescribes a comprehensive model for the financial statement recognition, measurement, presentation, and disclosure of uncertain tax positions taken or expected to be taken in income tax returns. The Company recognizes a tax benefit from an uncertain tax position in the financial statements only when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits and a consideration of the relevant taxing authority’s widely understood administrative practices and precedents.
 
We believe that our income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material change to our financial position. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to ASC 740. In addition, we did not record a cumulative effect adjustment related to the adoption of ASC 740. our policy for recording interest and penalties associated with income-based tax audits is to record such items as a component of income taxes.
 
Going Concern
 
The Company’s activities will necessitate significant uses of working capital beyond 2012. 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.
 
Recent Accounting Pronouncements
 
Effective January 2012, FASB adopted ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (ASU 2011-04). ASU 2011-04 represents the converged guidance of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) on fair value measurement. A variety of measures are included in the update intended to either clarify existing fair value measurement requirements, change particular principles requirements for measuring fair value or for disclosing information about fair value measurements. For many of the requirements, the FASB does not intend to change the application of existing requirements under Accounting Standards Codification (ASC) Topic 820, Fair Value Measurements. ASU 2011-04 was effective for interim and annual periods beginning after December 15, 2011. The adoption of this update did not have a material impact on the financial statements.
 
 
23

 
 
January 2012, FASB adopted ASU No. 2011-05, Presentation of Comprehensive Income (ASU 2011-05). ASU 2011-05 is intended to increase the prominence of items reported in other comprehensive income and to facilitate convergence of accounting guidance in this area with that of the IASB. The amendments require that all nonowner changes in shareholders’ equity be presented in a single continuous statement of comprehensive income or in two separate but consecutive statements. In December 2011, the FASB issued ASU No. 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05 (ASU 2011-12). ASU 2011-12 defers the provisions of ASU 2011-05 that require the presentation of reclassification adjustments on the face of both the statement of income and statement of other comprehensive income. Amendments under ASU 2011-05 that were not deferred under ASU 2011-12 will be applied retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this update did not have a material impact on the financial statements.
 
In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11). The amendments in ASU 2011-11 require the disclosure of information on offsetting and related arrangements for financial and derivative instruments to enable users of its financial statements to understand the effect of those arrangements on its financial position. Amendments under ASU 2011-11 will be applied retrospectively for fiscal years, and interim periods within those years, beginning after January 1, 2013. The Company is evaluating the effect, if any, adoption of ASU 2011-11 will have on its financial statements.
 
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified out of Accumulated Other Comprehensive (ASU 2013-02). This guidance is the culmination of the FASB’s deliberation on reporting reclassification adjustments from accumulated other comprehensive income (AOCI). The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income. However, the amendments require disclosure of amounts reclassified out of AOCI in its entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. This standard is effective prospectively for annual and interim reporting periods beginning after December 15, 2012. The Company is evaluating the effect, if any; the adoption of ASU 2013-02 will have on its financial statements.
 
Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.
 
 
24

 
 
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 dilutive 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 December 31, 2012 the Company has potentially dilutive securities in outstanding warrants for the purchase of 85,970,665 shares of common stock. Since the Company is in a loss position the warrants are anti-dilutive and not included in the calculation.
 
The following is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations for the twelve months ended December 31, 2012 and 2011:

 
 
  2012     2011  
Numerator:
           
Basic and diluted net loss per share:
           
Net Loss
  $ (86,515 )   $ (160,159 )
                 
Denominator
               
                 
Basic and diluted weighted average
               
number of shares outstanding
    85,970,665       85,970,665  
Basic and Diluted Net Loss Per Share
  $ (0.00 )   $ (0.00 )
 
3. Related Party Transactions
 
   
December 31,
   
December 31,
 
   
2012
   
2011
 
Loan Payable to related party – EFT Holdings, Inc.
  $ 340,000     $ 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 due on demand. The note was paid down to $300,000 in January, 2011. A further $20,000 was advanced August 17, 2012, and another $20,000 was advanced on December 11, 2012 increasing the loan balance to 340,000.
 
 
25

 
 
4. Income Taxes
 
No provision was made for federal income tax for the year ended December 31, 2012, since the Company had net operating losses.
 
The Company has available a net operating loss carry-forward of approximately $8,519,259, which begins to expire in 2029 unless utilized beforehand. Net operating loss carry forwards may be used to reduce taxable income through the year 2032. The availability of the Company’s net operating loss carry forwards are subject to limitation if there is a 50% or more positive change in the ownership of the Company’s stock. As presented below, the Company generated a deferred tax asset through the net operating loss carry-forward. However, a 100% valuation allowance has been established because the ultimate realization of the deferred tax asset is dependent upon the generation of future taxable income during the periods in which the net operating loss carryforwards are available. Management considers projected future taxable income, the scheduled reversal of deferred tax liabilities and available tax planning strategies that can be implemented by the Company in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the period in which the net operating loss carryforwards are available to reduce income taxes payable, management has established a valuation allowance such that the net deferred tax asset is $0 as of December 31, 2012.
 
   
As of December 31,
 
   
2012
   
2011
 
Deferred tax assets:
           
Net operating loss carryforwards
  $ 86,790     $ 160,159  
Less: valuation allowance
    (86,790 )     (160,159 )
Net deferred tax assets
  $ -     $ -  

 
26

 

 
 
Pursuant to the requirements of Section 13 or 15(a) of the Securities and Exchange Act, the Registrant has caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized on the 9th day of April 2013.
 
  DIGITAL DEVELOPMENT PARTNERS, INC.  
       
 
By:
 /s/ Jack Jie Qin  
    Jack Jie Qin, President  
 
Pursuant to the requirements of the Securities Act of l934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
 
   
Title
 
Date
         
/s/ Jack Jie Qin 
 
Principal Executive
 
April 9, 2013
Jack Jie Qin 
  Officer and Director     
         
/s/ William E. Sluss  
 
Principal Financial and
 
April 9, 2013
William E. Sluss  
  Accounting Officer    
 
27