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DRHC > SEC Filings for DRHC > Form 10-K on 29-Oct-2012All Recent SEC Filings




Annual Report

Item 7.


Our independent registered auditors included an explanatory paragraph in their opinion on our financial statements as of and for the fiscal years ended July 31, 2012 and 2011 that states that our lack of resources causes substantial doubt about our ability to continue as a going concern.


A detailed description of our operating history is set forth under BUSINESS.

A summary of operations for the fiscal years ended July 31, 2012 and 2011

                                                    2012       2011

              REVENUES                          $         - $       -

              General, administrative and other      49,820     3,526
              Marketing                               5,863         -
              Product development                    45,413         -
              Compensation                           20,000         -

              TOTAL OPERATING EXPENSES              121,096     3,526

              LOSS FROM CONTINUING OPERATIONS     (121,096)   (3,526)

              DISCONTINUED OPERATION - net             (25)       651

              NET LOSS                          $ (121,121) $ (2,875)

General, administrative and other expenses consist of professional fees, office supplies and travel expenses relating to the introduction of the new product line.

Marketing costs relate to the costs of press releases and meetings with individuals considered important to the marketplace introduction of our new product line.

Product development costs consist of costs for planning for product packaging, samples and similar introductory costs.

All compensation was paid to Messrs. Holley and McBride.


As a corporate policy, we will incur few cash obligations that we cannot satisfy with known resources, of which there are currently none except as described in "Liquidity" below.


Private capital has been sought from former business associates of our two officers or private investors referred to us by those business associates.

On May 4, 2012, the Company sold 400,000 newly-issued restricted shares of common stock for $50,000 ($0.125 per share). After these shares were issued there were 94,150,000 shares outstanding.

In June and July 2012, the Company sold an aggregate of 610,415 restricted shares of common stock for $61,361. As of July 31, 2012, the Company had not yet issued stock certificates to the buyers of these shares so the amount collected is reported in "Liability for Issuable Common Stock" in the accompanying Consolidated Balance Sheet.

In August 2012 , the Company sold an aggregate of 670,000 restricted shares of common stock for $100,000.

We will continue to seek financing as necessary but cannot give any assurances that we will be successful in doing so.

Recent Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Critical Accounting Policies

The preparation of financial statements and related notes requires us to make judgments, estimates, and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities.

An accounting policy is considered to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made, and if different estimates that reasonably could have been used, or changes in the accounting estimates that are reasonably likely to occur periodically, could materially impact the financial statements.

Financial Reporting Release No. 60 requires all companies to include a discussion of critical accounting policies or methods used in the preparation of financial statements. There are no critical policies or decisions that rely on judgments that are based on assumptions about matters that are highly uncertain at the time the estimate is made. Note 2 to the financial statements includes a summary of the significant accounting policies and methods used in the preparation of our financial statements.


We do not yet have a basis to determine whether our business will be seasonal.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K, obligations under any guarantee contracts or contingent obligations. We also have no other commitments, other than the costs of being a public company that will increase our operating costs or cash requirements in the future

Item 7A.

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