10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q /A

Amendment #1

x  Quarterly Report Pursuant To Section 13 Or 15(D) Of The Securities Exchange Act Of 1934

For the quarterly period ended January 31, 2013

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    333-175183

DIVERSIFIED RESOURCES INC.

(Exact name of registrant as specified in its charter)

NEVADA	98-0687026
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

37 Mayfair Road SW, Calgary, Alberta, Canada, T2V 1Y8

(Address of principal executive offices, including zip code)

403-862-5331

(Issuer’s telephone number, including area code)

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 x  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.

Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes x  No o

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date. 5,250,000 shares of common stock as of March 22, 2013.

PART I. FINANCIAL INFORMATION

Item 1.       Financial Statements

The following interim unaudited financial statements of Diversified Resources Inc. (the “Company”) as of and for the three month period ended January 31, 2013 are included with this Quarterly Report on Form 10-Q:

(a)	Condensed Balance Sheets at January 31, 2013 (unaudited) and October 31, 2012.
(b)	Condensed Statements of Operations for the three months ended January 31, 2013 and 2012, for the three months ended January 31, 2013 and 2012 and for the cumulative period from inception (March 19, 2009) through January 31, 2013 (unaudited).
(c)	Condensed Statements of Cash Flows for the three months ended January 31, 2013 and 2012 and for the cumulative period from inception (March 19, 2009) through January 31, 2013 (unaudited).
(d)	Notes to Condensed Financial Statements (unaudited).

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DIVERSIFIED RESOURCES, INC.
(A Development Stage Company)
Condensed Balance Sheets
	January 31,			October 31,
	2013			2012
	(Unaudited)
ASSETS
CURRENT ASSETS
Cash	$	542		$	4,631
TOTAL ASSETS	$	542		$	4,631
LIABILITIES & STOCKHOLDERS' DEFICIT
LIABILITIES
Accrued liabilities - mineral lease payable		230,533			215,780
TOTAL LIABILITIES	$	230,533		$	215,780
STOCKHOLDERS' DEFICIT
Preferred Stock, par value $0.001; authorized 50,000,000 shares;
issued and outstanding:  none as of January 31, 2013 and October 31, 2012		-			-
Common Stock, par value $0.001; authorized 450,000,000 shares;
issued and outstanding:  5,250,000 shares as of January 31, 2013
5,250,000 shares as of October 31 , 2012		5,250			5,250
Additional paid-in capital		74,750			74,750
Deficit accumulated in the development stage		(309,991	)		(291,149	)
Total Stockholders' Deficit		(229,991	)		(211,149	)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$	542		$	4,631

See accompanying notes to condensed financial statements.

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DIVERSIFIED RESOURCES, INC.
(A Development Stage Company)
Condensed Statements of Operations
(Unaudited)
							For the period
							from
							Inception,
	For the three months ended						March 19, 2009
	January 31,						through
				2012			January 31,
	2013			(Restated)			2013
REVENUES	$	-		$	-		$	-
COSTS AND EXPENSES
Professional Fees		2,600			-			24,145
Filling Fees		650			-			27,490
Mineral Lease		14,753			14,753			191,792
General and Administrative		839			191			66,564
TOTAL EXPENSES		18,842			14,944			309,991
NET LOSS	$	(18,842	)	$	(14,944	)	$	(309,991	)
Net loss per share,
basic and diluted	$	(0.00	)	$	(0.00	)
Weighted average number of common
shares, outstanding, basic and diluted		5,250,000			5,250,000

See accompanying notes to condensed financial statements.

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DIVERSIFIED RESOURCES, INC.
(A Development Stage Company)
Condensed Statements of Cash Flows
(Unaudited)
							For the period
							from
							Inception,
	For the three months ended						March 19, 2009
	January 31,						through
				2012			January 31,
	2013			(Restated)			2013
OPERATING ACTIVITIES:
Net Loss	$	(18,842	)	$	(14,944	)	$	(309,991	)
Adjustments to reconcile net loss to net cash
used by operating activities:		-			-			-
Change in operating assets and liabilities:
Accrued liabilities - mineral lease payable		14,753			14,753			230,533
Net Cash used in operating activities		(4,089	)		(191	)		(79,458	)
INVESTING ACTIVITIES:
Sale of stock for cash		-			-			60,000
Net Cash provided by Investing Activities		-			-			60,000
FINANCING ACTIVITIES:
Proceeds from related party notes		-			-			20,000
Net Cash provided by Financing Activities		-			-			20,000
NET INCREASE (DECREASE) IN CASH		(4,089	)		(191	)		542
CASH AT BEGINNING OF PERIOD		4,631			6,843			-
CASH AT END OF PERIOD	$	542		$	6,652		$	542
CASH PAID FOR:
Interest	$	-		$	-
Income Taxes	$	-		$	-

See accompanying notes to condensed financial statements.

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DIVERSIFIED RESOURCES INC.

(A Development Stage Company)

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 – BASIS OF PRESENTATION AND ORGANIZATION

Basis of Presentation

These interim condensed financial statements as of and for the three months ended January 31, 2013 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 interim condensed financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s fiscal year end October 31, 2012 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 January 31, 2013 are not necessarily indicative of results for the entire year ending October 31, 2013.

Current Operations and Background

Diversified Resources Inc. (“the Company”) was incorporated in the State of Nevada on March 19, 2009 to pursue mineral extraction in the United States.

On May 22, 2009, the Company leased two mining claims in Esmerelda County, Nevada, in the Dunfee Mine Area.  The lease includes all additional claims within one mile of these claims.  The area was the subject of a geological report on September 11, 2009.  The lease required an initial payment of $5,000, plus $275 Federal and State maintenance fees.  Minimum annual payments are required, beginning with $5,000 at the 2nd anniversary year, and escalating after the 3rd year. The Company is responsible for taxes and maintenance fees imposed on the claims.  The Company defaulted on the third anniversary year payment due in 2012.  The Company is negotiating with the lessor to change the terms of the lease.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Cash and Cash Equivalents

The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. As of January 31, 2012 and October 31, 2012, the Company has no cash equivalents.

Going Concern

The Company sustained operating losses during the three months ended January 31, 2013. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtaining additional financing from its shareholders or other sources, as may be required.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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Income Taxes

We account for income taxes in accordance with ASC Topic 740, Income Taxes.  Under this standard, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using the enacted tax rates in effect for the year in which the differences are expected to reverse.  Deferred tax assets are reduced by a valuation allowance when we cannot make the determination that it is more likely than not that some portion or all of the related tax asset will be realized. Interest and penalties on tax deficiencies recognized in accordance with ACS accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19.

Operating Lease

On June 15, 2009 the Company leased two mining claims in Esmerelda County, Nevada, in the Dunfee Mine Area. We account for leases in accordance with ASC Topic 840, Leases. A lease should be classified as a capital lease by a lessee if the lease meets at least one of the following criteria: (1) By the end of the lease term, ownership of the leased property is transferred to the lessee. (2) The lease contains a bargain purchase option. (3) The lease term is at least 75% of the estimated remaining economic life of the leased property. This criterion is not applicable when the beginning of the lease term falls within the last 25% of the total estimated economic life of the leased property. (4) At the inception of the lease, the present value of the minimum lease payments is at least 90% of the fair value of the leased property. Since the mineral lease did not meet any of these criteria, the mineral lease is classified as an operating lease.

Development Stage Company

All of our operating results and cash flows reported in the accompanying financial statements from March 19, 2009 (inception) through January 31, 2013 are considered to be those related to development stage activities and represent the 'cumulative from inception' amounts from our development stage activities required to be reported pursuant to Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 915, Development Stage Entities.

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.

Net Loss Per Share

The Company computes net loss per share in accordance with FASB ASC Topic 260, “Earnings per Share,” Under the provisions of the standard, basic and diluted net loss per share is computed by dividing the net loss available to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period.

Recent Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-04, "Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs." The amendments in this update generally represent clarifications of Topic 820, but also include some instances where a particular principle or requirement for measuring fair value or disclosing information about fair value measurements has changed. This update results in common principles and requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. GAAP and IFRS. The amendments in this update are to be applied prospectively. The amendments are effective for interim and annual periods beginning after December 15, 2011. Early application is not permitted. The Company does not expect this guidance to have a significant impact on its financial position, results of operations or cash flows.

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In June 2011, the FASB issued ASU No. 2011-05, "Presentation of Comprehensive Income." This update was amended in December 2011 by ASU No. 2011-12, "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." This update defers only those changes in update 2011-05 that relate to the presentation of reclassification adjustments. All other requirements in update 2011-05 are not affected by this update, including the requirement to report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements. ASU No. 2011-05 and 2011-12 are effective for fiscal years (including interim periods) beginning after December 15, 2011. The Company does not expect this guidance to have a significant impact on its financial position, results of operations or cash flows.

In December 2011, the FASB issued ASU No. 2011-11, "Disclosures about Offsetting Assets and Liabilities." The amendments in this update require enhanced disclosures around financial instruments and derivative instruments that are either (1) offset in accordance with either ASC 210-20-45 or ASC 815-10-45 or (2) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with either ASC 210-20-45 or ASC 815-10-45. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The amendments are effective during interim and annual periods beginning on or after January 1, 2013. The Company does not expect this guidance to have any impact on its financial position, results of operations or cash flows.

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. 

NOTE 3 – INCOME TAXES

No provision was made for federal income tax for the three months ended January 31, 2013 and 2012, since the Company had net operating losses.

The Company has available a net operating loss carry-forward of approximately $79,000, 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 periods 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 January 31, 2013. 

NOTE 4 – STOCKHOLDERS’ DEFICIT

The Company is authorized to issue 450,000,000 common shares of par value at $0.001 and 50,000,000 preferred shares of par value at $0.001. As of October 31, 2012, 5,250,000 shares of common stock and no preferred shares were issued and outstanding.

On May 12, 2009, 3,000,000 shares were issued for cash at $0.0005 per share for a total of $15,000.

On September 30, 2010, 2,250,000 shares were issued for cash at $0.02 per share for a total of $45,000.

On July 25, 2012 Philip F. Grey acquired control of 3,000,000 shares of the Company’s common stock, representing 57% of the Company’s issued and outstanding common stock, from Mr. Gordon Smith.  A purchase price of $80,000 was paid to Mr. Smith for the shares. 

On July 24, 2012 Mr. Smith resigned as President, Treasurer, Chief Executive Officer, Chief Financial Officer, and director of the Company.  On the same date, Gordon Cormie resigned as the Company’s Secretary and Richard O’Hara resigned as a Company director. The positions of President, Chief Executive Officer, Chief Financial Officer, Secretary and Director were filled by Philip F. Grey.

On October 23, 2012 the Company filed amended Articles of Incorporation with the Secretary of State of Nevada.  The articles were amended to reduce the types of authorized shares to common and preferred and to set the number of authorized common shares and preferred shares at 450,000,000 and 50,000,000 respectively.  The Articles were further amended to (1) eliminate any restrictions on the transfer of shares, (2) allow the number of Directors to be fixed by the Board of Directors, and (3) eliminate any restrictions on the number of shareholders. 

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NOTE 5 – COMMITMENTS AND CONTINGENCIES

On June 15, 2009 the Company leased two mining claims in Esmerelda County, Nevada, in the Dunfee Mine Area.  The lease includes all additional claims within one mile of these claims.  The area was the subject of a geological report on September 11, 2009.  The term of the lease is for 20 years and renewable for additional 20 years assuming all conditions of the lease are met. The lease required an initial payment of $5,000, plus $275 Federal and State maintenance fees.  Minimum annual payments are required, beginning with $5,000 down payment at the execution of the lease agreement, $5,000 on or before the first anniversary year, $10,000 on or before the second and third anniversaries years, $25,000 on or before the fourth anniversary year, and $75,000 at the fifth anniversary and subsequent years which are subject to increase or decrease equivalent to the rate of inflation designated by the Consumer Price Index for that year. The Company is responsible for taxes and maintenance fees imposed on the claims.  The lease grants the Company the right to purchase 2 ½ percent of the royalty on the claims for $5,000,000, reduced by minimum payments made.  Lessor is entitled to a royalty of one percent of net smelter returns.

Since the Company failed to make the lease payment in 2012, the Lessor has the right to terminate the lease agreement at any time.

The following is the financial commitment related to the lease over the following five fiscal years subject to the lease payment terms above:

2013	$	25,000
2014	$	75,000
2015	$	75,000
2016	$	75,000
Thereafter	$	900,000
Total Commitment	$	1,150,000

NOTE 6 - RESTATEMENT

A prior period adjustment was made for the three months ended January 31, 2012 financial statements for an accounting error.  Annual lease expense, under generally accepted accounting principles, is recorded as the average annual amortization of total lease payments over the life of the lease.  The Company recorded lease payments for its mineral lease at the amount paid in error.  The effect of correcting prior lease expense was recorded as a prior period adjustment to stockholder’s deficit, to lease expense and to accumulated expense amounts. The unamortized balance of future lease expenses was recorded as a liability.

	As Originally				Effect on		Effect on
Item	Reported		As Restated		Earnings		Net Equity
Statement of Operations
Mineral Lease Maintenance	$	191	$	14,944	$	14,753		Included

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Item 2.       Management’s Discussion and Analysis of Financial condition and Results of Operations

THE FOLLOWING DISCUSSION OF THE RESULTS OF OUR OPERATIONS AND FINANCIAL CONDITION SHOULD BE READ IN CONJUNCTION WITH OUR FINANCIAL STATEMENTS AND THE NOTES THERETO INCLUDED ELSEWHERE IN THIS REPORT.

Forward-Looking Statements and Associated Risks.

This report contains forward-looking statements.  Forward-looking statements are projections of events, revenues, income, future economic performance or management’s plans and objectives for future operations.  In some cases, you can identify forward-looking statements by the use of terminology such as “may”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue” or the negative of these terms or other comparable terminology. Examples of forward-looking statements made in this report include statements about:

● our plan of operations;

● our future exploration programs and results;

● our expectations regarding the impact of various accounting policies;

● our future capital expenditures; and

● our future investments in and acquisitions of mineral resource properties.

These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including:

● risks and uncertainties relating to the interpretation of sampling results, the geology, grade and continuity of mineral deposits;

● risks and uncertainties that results of initial sampling and mapping will not be consistent with our expectations;

● mining and development risks, including risks related to accidents, equipment breakdowns, labor disputes or other unanticipated difficulties with or interruptions in production;

● the potential for delays in exploration activities; risks related to the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses;

● risks related to commodity price fluctuations;

● the uncertainty of profitability based upon our limited history;

● risks related to failure to obtain adequate financing on a timely basis and on acceptable terms for our planned exploration project;

● risks related to environmental regulation and liability;

● risks that the amounts reserved or allocated for environmental compliance, reclamation, post- closure control measures, monitoring and on-going maintenance may not be sufficient to cover such costs;

● risks related to tax assessments; and

● political and regulatory risks associated with mining development and exploration.

Any of these risks could cause our Company’s or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by the forward-looking statements contained in this quarterly report.

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While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein.  Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

In this report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to “common shares” refer to the common shares in our capital stock.

Plan Of Operation

We are a development stage company engaged in the acquisition and exploration of mineral properties.  We currently hold a lease on twenty two (22) unpatented lode mineral claims that we refer to as the Dunfee Property.  Further exploration of these mineral claims is required before a final determination as to their viability can be made.  Although exploratory work on the claims conducted prior to our obtaining a lease on the property has indicated some potential showings of mineralization, we are uncertain as to the potential existence of a commercially viable mineral deposit existing in these claims.

Our plan of operations is to carry out exploration work on these claims in order to ascertain whether they possess commercially exploitable quantities of gold, silver, copper or any other valuable minerals.  We will not be able to determine whether or not our mineral claims contain a commercially exploitable mineral deposit, or reserve, until appropriate exploratory work is done and an economic evaluation based on that work concludes economic viability.  As of the date of this Report, the Company has not paid the minimum agreed royalty advance of $10,000 which was due on June 15, 2012.  Due to our lack of capital, we are unable to make this payment.

Additionally, we will be required to make a payment of $25,000 on or before June 15, 2013.  We currently do not have sufficient funds to make this lease payment.  It is our intention to renegotiate the terms of the mineral lease agreements with Timberwolf Minerals, LTD.  However, there is no guarantee that we will be successful at renegotiation and may be required to relinquish our rights in the mineral leases currently leased by us.

Results of Operations

We have generated no revenues since inception. Professional fees increased from zero in the three months ended January 31, 2012, to $2,600 in the comparable period of 2013.  Filing fees increased from zero in the prior year three months ended January 31, 2013 to $650 in the same period of 2013. Mineral lease expense remained the same at $14,753 from the three months ended January 31, 2012 to the same three months of 2013. General and administrative expense increased from $191 in the three months ended January 31, 2012 to $839 in the same three months of the current year. We incurred $309,991 in operating expenses from inception through January 31, 2013. These expenses were comprised of $24,145 in Professional Fees, $27,490 in Filing Fees, $191,792 in Mineral Lease Maintenance and $66,564 in general and administrative costs.  We incurred net loss of $18,842 for the three months ending January 31, 2013.  Our net loss since inception (March 19, 2009) through January 31, 2013 was $309,991.

Going Concern

Diversified Resources, Inc. is a development stage company and currently has no operations.  Our independent auditor has issued an audit opinion for Diversified Resources which includes a statement raising substantial doubt as to our ability to continue as a going concern.

Liquidity And Capital Resources

Our cash balance at January 31, 2013 was $542 which declined from $6,652 at January 31, 2012 and $230,533 in outstanding (accrued) liabilities which increased from zero at January 31, 2012 . Total expenditures over the next 12 months are expected to be approximately $90,000.  Our current cash balance will not be sufficient to fund our operations for the next twelve months.  Accordingly, we may utilize funds from our directors, who have informally agreed to advance funds to allow us to pay for operating costs, however they have no formal commitment, arrangement or legal obligation to advance or loan funds to us.

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Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

 Item 3.       Quantitative and Qualitative Disclosures About Market Risk.

As a “smaller reporting company,” as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information called for by this Item.

Item 4.       Controls and Procedures.

As of the end of the period covered by this Report, the Company’s President, and principal financial officer (the “Certifying Officer”), evaluated the effectiveness of the Company’s “disclosure controls and procedures,” as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934. Based on that evaluation, the officer concluded that, as of the date of the evaluation, the Company’s disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed in the Company’s periodic filings under the Securities Exchange Act of 1934 is accumulated and communicated to management to allow timely decisions regarding required disclosure.

The Certifying Officer has also indicated that there were no changes in internal controls over financial reporting during the Company’s last fiscal quarter, and no significant changes in our internal controls or other factors that could significantly affect such controls subsequent to the date of their evaluation and there were no corrective actions with regard to significant deficiencies and material weaknesses.

Our management, including the Certifying Officer, does not expect that our disclosure controls or our internal controls will prevent all errors and fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. In addition, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the control. The design of any systems of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Because of these inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Item 4(t).   Controls and Procedures.

The information required pursuant to item 4(t) has been provided in Item 4.

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PART II. OTHER INFORMATION

Item 1.       Legal Proceedings

None.

Item 1(a).   Risk Factors

There have been no changes to our risk factors from those disclosed in our Amendment No. 4 to Form S-1 filed on November 22, 2011.

Item 2.       Unregistered Sales of Equity Securities

We did not issue any securities without registration pursuant to the Securities Act of 1933 during the three months ended January 31, 2013.

Item 3.       Defaults Upon Senior Securities

None.

Item 4.       Submission of Matters to a Vote of Securities Holders

No matters were submitted to our security holders for a vote during the three months ending January 31, 2013.

Item 5.       Other Information

None.

Item 6.       Exhibits

Exhibit Number	Description of Exhibit
31.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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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.

DIVERSIFIED RESOURCES INC.

Date:	May 9 , 2013	DIVERSIFIED RESOURCES, INC.
		By:	/s/ Philip F. Grey
			Philip F. Grey President, Treasurer, Chief Executive Officer and Chief Financial Officer (Principal Executive Officer, Principal Accounting Officer And Principal Financial Officer)

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EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I,  Philip F. Grey  certify that:

1.     I have reviewed this amended report on Form 10-Q /A of Diversified Resources Inc.;

2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.     I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)    Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)    Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

5.     I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 9 , 2013

/s/ Philip F. Grey                                       

Philip F. Grey

President, Treasurer, Chief Executive Officer

and Chief Financial Officer

(Principal Executive Officer, Principal

Accounting Officer And

Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Philip F. Grey, President, Treasurer, Chief Executive Officer and Chief Financial Officer (Principal Executive Officer, Principal Accounting Officer And Principal Financial Officer) of Diversified Resources Inc., hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	the amended report on Form 10-Q /A of Diversified Resources Inc. for the period ended January 31, 2013, (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Diversified Resources Inc.

Dated: May 9 , 2013

/s/ Philip F. Grey                                    

Philip F. Grey

President, Treasurer, Chief Executive Officer

and Chief Financial Officer

(Principal Executive Officer, Principal

Accounting Officer And

Principal Financial Officer)

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Diversified Resources Inc. and will be retained by Diversified Resources Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

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Note 3 - Income Taxes (Details) (USD $)	Jan. 31, 2013
Operating Loss Carryforwards	$ 79,000
Deferred Tax Assets, Net	$ 0

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Note 4 - Stockholders' Deficit

3 Months Ended

Jan. 31, 2013

Notes

Note 4 - Stockholders' Deficit

NOTE 4 – STOCKHOLDERS’ DEFICIT

The Company is authorized to issue 450,000,000 common shares of par value at $0.001 and 50,000,000 preferred shares of par value at $0.001. As of October 31, 2012, 5,250,000 shares of common stock and no preferred shares were issued and outstanding.

On May 12, 2009, 3,000,000 shares were issued for cash at $0.0005 per share for a total of $15,000.

On September 30, 2010, 2,250,000 shares were issued for cash at $0.02 per share for a total of $45,000.

On July 25, 2012 Philip F. Grey acquired control of 3,000,000 shares of the Company’s common stock, representing 57% of the Company’s issued and outstanding common stock, from Mr. Gordon Smith.  A purchase price of $80,000 was paid to Mr. Smith for the shares. 

On July 24, 2012 Mr. Smith resigned as President, Treasurer, Chief Executive Officer, Chief Financial Officer, and director of the Company.  On the same date, Gordon Cormie resigned as the Company’s Secretary and Richard O’Hara resigned as a Company director. The positions of President, Chief Executive Officer, Chief Financial Officer, Secretary and Director were filled by Philip F. Grey.

On October 23, 2012 the Company filed amended Articles of Incorporation with the Secretary of State of Nevada.  The articles were amended to reduce the types of authorized shares to common and preferred and to set the number of authorized common shares and preferred shares at 450,000,000 and 50,000,000 respectively.  The Articles were further amended to (1) eliminate any restrictions on the transfer of shares, (2) allow the number of Directors to be fixed by the Board of Directors, and (3) eliminate any restrictions on the number of shareholders. 

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Note 3 - Income Taxes

3 Months Ended

Jan. 31, 2013

Notes

Note 3 - Income Taxes

NOTE 3 – INCOME TAXES

No provision was made for federal income tax for the three months ended January 31, 2013 and 2012, since the Company had net operating losses.

The Company has available a net operating loss carry-forward of approximately $79,000, 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 periods 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 January 31, 2013. 

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Condensed Balance Sheets (Unaudited for March 31, 2013) (USD $)	Jan. 31, 2013	Oct. 31, 2012
CURRENT ASSETS
Cash	$ 542	$ 4,631
TOTAL ASSETS	542	4,631
LIABILITIES
Accrued liabilities - mineral lease payable	230,533	215,780
TOTAL LIABILITIES	230,533	215,780
STOCKHOLDERS' DEFICIT
Common Stock	5,250	5,250
Additional paid-in capital	74,750	74,750
Deficit accumulated in the development stage	(309,991)	(291,149)
Total Stockholders' Deficit	(229,991)	(211,149)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 542	$ 4,631

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Note 1 - Basis of Presentation and Organization

3 Months Ended

Jan. 31, 2013

Notes

Note 1 - Basis of Presentation and Organization

NOTE 1 – BASIS OF PRESENTATION AND ORGANIZATION

Basis of Presentation

These interim condensed financial statements as of and for the three months ended January 31, 2013 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 interim condensed financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s fiscal year end October 31, 2012 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 January 31, 2013 are not necessarily indicative of results for the entire year ending October 31, 2013.

Current Operations and Background

Diversified Resources Inc. (“the Company”) was incorporated in the State of Nevada on March 19, 2009 to pursue mineral extraction in the United States.

On May 22, 2009, the Company leased two mining claims in Esmerelda County, Nevada, in the Dunfee Mine Area.  The lease includes all additional claims within one mile of these claims.  The area was the subject of a geological report on September 11, 2009.  The lease required an initial payment of $5,000, plus $275 Federal and State maintenance fees.  Minimum annual payments are required, beginning with $5,000 at the 2nd anniversary year, and escalating after the 3rd year. The Company is responsible for taxes and maintenance fees imposed on the claims.  The Company defaulted on the third anniversary year payment due in 2012.  The Company is negotiating with the lessor to change the terms of the lease.

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Note 2 - Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies)

3 Months Ended

Jan. 31, 2013

Policies

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-04, "Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs." The amendments in this update generally represent clarifications of Topic 820, but also include some instances where a particular principle or requirement for measuring fair value or disclosing information about fair value measurements has changed. This update results in common principles and requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. GAAP and IFRS. The amendments in this update are to be applied prospectively. The amendments are effective for interim and annual periods beginning after December 15, 2011. Early application is not permitted. The Company does not expect this guidance to have a significant impact on its financial position, results of operations or cash flows.

In June 2011, the FASB issued ASU No. 2011-05, "Presentation of Comprehensive Income." This update was amended in December 2011 by ASU No. 2011-12, "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." This update defers only those changes in update 2011-05 that relate to the presentation of reclassification adjustments. All other requirements in update 2011-05 are not affected by this update, including the requirement to report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements. ASU No. 2011-05 and 2011-12 are effective for fiscal years (including interim periods) beginning after December 15, 2011. The Company does not expect this guidance to have a significant impact on its financial position, results of operations or cash flows.

In December 2011, the FASB issued ASU No. 2011-11, "Disclosures about Offsetting Assets and Liabilities." The amendments in this update require enhanced disclosures around financial instruments and derivative instruments that are either (1) offset in accordance with either ASC 210-20-45 or ASC 815-10-45 or (2) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with either ASC 210-20-45 or ASC 815-10-45. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The amendments are effective during interim and annual periods beginning on or after January 1, 2013. The Company does not expect this guidance to have any impact on its financial position, results of operations or cash flows.

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. 

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Note 6 - Restatement: Schedule of Error Corrections and Prior Period Adjustments (Tables)

3 Months Ended

Jan. 31, 2013

Tables/Schedules

Schedule of Error Corrections and Prior Period Adjustments

	As Originally				Effect on		Effect on
Item	Reported		As Restated		Earnings		Net Equity
Statement of Operations
Mineral Lease Maintenance	$	191	$	14,944	$	14,753		Included

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Note 2 - Summary of Significant Accounting Policies

3 Months Ended

Jan. 31, 2013

Notes

Note 2 - Summary of Significant Accounting Policies

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Cash and Cash Equivalents

The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. As of January 31, 2012 and October 31, 2012, the Company has no cash equivalents.

Going Concern

The Company sustained operating losses during the three months ended January 31, 2013. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtaining additional financing from its shareholders or other sources, as may be required.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Income Taxes

We account for income taxes in accordance with ASC Topic 740, Income Taxes.  Under this standard, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using the enacted tax rates in effect for the year in which the differences are expected to reverse.  Deferred tax assets are reduced by a valuation allowance when we cannot make the determination that it is more likely than not that some portion or all of the related tax asset will be realized. Interest and penalties on tax deficiencies recognized in accordance with ACS accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19.

Operating Lease

On June 15, 2009 the Company leased two mining claims in Esmerelda County, Nevada, in the Dunfee Mine Area. We account for leases in accordance with ASC Topic 840, Leases. A lease should be classified as a capital lease by a lessee if the lease meets at least one of the following criteria: (1) By the end of the lease term, ownership of the leased property is transferred to the lessee. (2) The lease contains a bargain purchase option. (3) The lease term is at least 75% of the estimated remaining economic life of the leased property. This criterion is not applicable when the beginning of the lease term falls within the last 25% of the total estimated economic life of the leased property. (4) At the inception of the lease, the present value of the minimum lease payments is at least 90% of the fair value of the leased property. Since the mineral lease did not meet any of these criteria, the mineral lease is classified as an operating lease.

Development Stage Company

All of our operating results and cash flows reported in the accompanying financial statements from March 19, 2009 (inception) through January 31, 2013 are considered to be those related to development stage activities and represent the 'cumulative from inception' amounts from our development stage activities required to be reported pursuant to Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 915, Development Stage Entities.

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.

Net Loss Per Share

The Company computes net loss per share in accordance with FASB ASC Topic 260, “Earnings per Share,” Under the provisions of the standard, basic and diluted net loss per share is computed by dividing the net loss available to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period.

Recent Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-04, "Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs." The amendments in this update generally represent clarifications of Topic 820, but also include some instances where a particular principle or requirement for measuring fair value or disclosing information about fair value measurements has changed. This update results in common principles and requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. GAAP and IFRS. The amendments in this update are to be applied prospectively. The amendments are effective for interim and annual periods beginning after December 15, 2011. Early application is not permitted. The Company does not expect this guidance to have a significant impact on its financial position, results of operations or cash flows.

In June 2011, the FASB issued ASU No. 2011-05, "Presentation of Comprehensive Income." This update was amended in December 2011 by ASU No. 2011-12, "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." This update defers only those changes in update 2011-05 that relate to the presentation of reclassification adjustments. All other requirements in update 2011-05 are not affected by this update, including the requirement to report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements. ASU No. 2011-05 and 2011-12 are effective for fiscal years (including interim periods) beginning after December 15, 2011. The Company does not expect this guidance to have a significant impact on its financial position, results of operations or cash flows.

In December 2011, the FASB issued ASU No. 2011-11, "Disclosures about Offsetting Assets and Liabilities." The amendments in this update require enhanced disclosures around financial instruments and derivative instruments that are either (1) offset in accordance with either ASC 210-20-45 or ASC 815-10-45 or (2) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with either ASC 210-20-45 or ASC 815-10-45. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The amendments are effective during interim and annual periods beginning on or after January 1, 2013. The Company does not expect this guidance to have any impact on its financial position, results of operations or cash flows.

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. 

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Statement of Financial Position - Parenthetical (USD $)	Jan. 31, 2013	Oct. 31, 2012
Preferred Stock, Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	450,000,000	450,000,000
Common Stock, Shares Issued	5,250,000	5,250,000
Common Stock, Shares Outstanding	5,250,000	5,250,000

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Note 2 - Summary of Significant Accounting Policies: Income Taxes (Policies)

3 Months Ended

Jan. 31, 2013

Policies

Income Taxes

Income Taxes

We account for income taxes in accordance with ASC Topic 740, Income Taxes.  Under this standard, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using the enacted tax rates in effect for the year in which the differences are expected to reverse.  Deferred tax assets are reduced by a valuation allowance when we cannot make the determination that it is more likely than not that some portion or all of the related tax asset will be realized. Interest and penalties on tax deficiencies recognized in accordance with ACS accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19.

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Document and Entity Information (USD $)	3 Months Ended
	Jan. 31, 2013
Document and Entity Information
Entity Registrant Name	Diversified Resources Inc.
Document Type	10-Q
Document Period End Date	Jan. 31, 2013
Amendment Flag	true
Entity Central Index Key	0001509692
Current Fiscal Year End Date	--10-31
Entity Common Stock, Shares Outstanding	5,250,000
Entity Public Float	$ 34,000
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Amendment Description	Amendment 1

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Note 2 - Summary of Significant Accounting Policies: Operating Lease (Policies)

3 Months Ended

Jan. 31, 2013

Policies

Operating Lease

Operating Lease

On June 15, 2009 the Company leased two mining claims in Esmerelda County, Nevada, in the Dunfee Mine Area. We account for leases in accordance with ASC Topic 840, Leases. A lease should be classified as a capital lease by a lessee if the lease meets at least one of the following criteria: (1) By the end of the lease term, ownership of the leased property is transferred to the lessee. (2) The lease contains a bargain purchase option. (3) The lease term is at least 75% of the estimated remaining economic life of the leased property. This criterion is not applicable when the beginning of the lease term falls within the last 25% of the total estimated economic life of the leased property. (4) At the inception of the lease, the present value of the minimum lease payments is at least 90% of the fair value of the leased property. Since the mineral lease did not meet any of these criteria, the mineral lease is classified as an operating lease.

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Condensed Statements of Operations (Unaudited) (USD $)	3 Months Ended		46 Months Ended
	Jan. 31, 2013	Jan. 31, 2012	Jan. 31, 2013
COSTS AND EXPENSES
Professional Fees	$ 2,600		$ 24,145
Filling Fees	650		27,490
Mineral Lease	14,753	14,753	191,792
General and Administrative	839	191	66,564
TOTAL EXPENSES	18,842	14,944	309,991
NET LOSS	$ (18,842)	$ (14,944)	$ (309,991)
Net loss per share, basic and diluted	$ 0.00	$ 0.00
Weighted Average number of common shares, outstanding, basic and diluted	5,250,000	5,250,000

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Note 1 - Basis of Presentation and Organization: Basis of Presentation (Policies)

3 Months Ended

Jan. 31, 2013

Policies

Basis of Presentation

Basis of Presentation

These interim condensed financial statements as of and for the three months ended January 31, 2013 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 interim condensed financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s fiscal year end October 31, 2012 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 January 31, 2013 are not necessarily indicative of results for the entire year ending October 31, 2013.

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Note 6 - Restatement

3 Months Ended

Jan. 31, 2013

Notes

Note 6 - Restatement

NOTE 6 - RESTATEMENT

A prior period adjustment was made for the three months ended January 31, 2012 financial statements for an accounting error.  Annual lease expense, under generally accepted accounting principles, is recorded as the average annual amortization of total lease payments over the life of the lease.  The Company recorded lease payments for its mineral lease at the amount paid in error.  The effect of correcting prior lease expense was recorded as a prior period adjustment to stockholder’s deficit, to lease expense and to accumulated expense amounts. The unamortized balance of future lease expenses was recorded as a liability.

	As Originally				Effect on		Effect on
Item	Reported		As Restated		Earnings		Net Equity
Statement of Operations
Mineral Lease Maintenance	$	191	$	14,944	$	14,753		Included

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Note 5 - Commitments and Contingencies: Long-term Purchase Commitment (Tables)

3 Months Ended

Jan. 31, 2013

Tables/Schedules

Long-term Purchase Commitment

2013	$	25,000
2014	$	75,000
2015	$	75,000
2016	$	75,000
Thereafter	$	900,000
Total Commitment	$	1,150,000

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Note 2 - Summary of Significant Accounting Policies: Development Stage Company (Policies)

3 Months Ended

Jan. 31, 2013

Policies

Development Stage Company

Development Stage Company

All of our operating results and cash flows reported in the accompanying financial statements from March 19, 2009 (inception) through January 31, 2013 are considered to be those related to development stage activities and represent the 'cumulative from inception' amounts from our development stage activities required to be reported pursuant to Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 915, Development Stage Entities.

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Note 2 - Summary of Significant Accounting Policies: Going Concern (Policies)

3 Months Ended

Jan. 31, 2013

Policies

Going Concern

Going Concern

The Company sustained operating losses during the three months ended January 31, 2013. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtaining additional financing from its shareholders or other sources, as may be required.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.

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Note 1 - Basis of Presentation and Organization: Current Operations and Background (Policies)

3 Months Ended

Jan. 31, 2013

Policies

Current Operations and Background

Current Operations and Background

Diversified Resources Inc. (“the Company”) was incorporated in the State of Nevada on March 19, 2009 to pursue mineral extraction in the United States.

On May 22, 2009, the Company leased two mining claims in Esmerelda County, Nevada, in the Dunfee Mine Area.  The lease includes all additional claims within one mile of these claims.  The area was the subject of a geological report on September 11, 2009.  The lease required an initial payment of $5,000, plus $275 Federal and State maintenance fees.  Minimum annual payments are required, beginning with $5,000 at the 2nd anniversary year, and escalating after the 3rd year. The Company is responsible for taxes and maintenance fees imposed on the claims.  The Company defaulted on the third anniversary year payment due in 2012.  The Company is negotiating with the lessor to change the terms of the lease.

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Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)

3 Months Ended

Jan. 31, 2013

Policies

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. As of January 31, 2012 and October 31, 2012, the Company has no cash equivalents.

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Note 2 - Summary of Significant Accounting Policies: Use of Estimates (Policies)

3 Months Ended

Jan. 31, 2013

Policies

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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Note 2 - Summary of Significant Accounting Policies: Net Loss Per Share (Policies)

3 Months Ended

Jan. 31, 2013

Policies

Net Loss Per Share

Net Loss Per Share

The Company computes net loss per share in accordance with FASB ASC Topic 260, “Earnings per Share,” Under the provisions of the standard, basic and diluted net loss per share is computed by dividing the net loss available to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period.

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Note 4 - Stockholders' Deficit (Details) (USD $)	Jan. 31, 2013	Oct. 31, 2012	Sep. 30, 2010	May 12, 2009
Common Stock, Shares Authorized	450,000,000	450,000,000
Common Stock, Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares Issued	5,250,000	5,250,000	2,250,000	3,000,000
Sale of Stock, Price Per Share			$ 0.02	$ 0.0005
Total Stockholders' Deficit	$ (229,991)	$ (211,149)	$ 45,000	$ 15,000

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Condensed Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended		46 Months Ended
	Jan. 31, 2013	Jan. 31, 2012	Jan. 31, 2013
OPERATING ACTIVITIES:
NET LOSS	$ (18,842)	$ (14,944)	$ (309,991)
Accrued liabilities - mineral lease payable (increase/decrease)	14,753	14,753	230,533
Net Cash used in operating activities	(4,089)	(191)	(79,458)
INVESTING ACTIVITIES:
Sale of stock for cash			60,000
Net Cash provided by Investing Activities			60,000
FINANCING ACTIVITIES:
Proceeds from related party notes			20,000
Net Cash provided by Financing Activities			20,000
NET INCREASE (DECREASE) IN CASH	(4,089)	(191)	542
CASH AT BEGINNING OF PERIOD	4,631	6,843
CASH AT END OF PERIOD	542	6,652	542
CASH PAID FOR:
Interest
Income Taxes

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Note 5 - Commitments and Contingencies

3 Months Ended

Jan. 31, 2013

Notes

Note 5 - Commitments and Contingencies

NOTE 5 – COMMITMENTS AND CONTINGENCIES

On June 15, 2009 the Company leased two mining claims in Esmerelda County, Nevada, in the Dunfee Mine Area.  The lease includes all additional claims within one mile of these claims.  The area was the subject of a geological report on September 11, 2009.  The term of the lease is for 20 years and renewable for additional 20 years assuming all conditions of the lease are met. The lease required an initial payment of $5,000, plus $275 Federal and State maintenance fees.  Minimum annual payments are required, beginning with $5,000 down payment at the execution of the lease agreement, $5,000 on or before the first anniversary year, $10,000 on or before the second and third anniversaries years, $25,000 on or before the fourth anniversary year, and $75,000 at the fifth anniversary and subsequent years which are subject to increase or decrease equivalent to the rate of inflation designated by the Consumer Price Index for that year. The Company is responsible for taxes and maintenance fees imposed on the claims.  The lease grants the Company the right to purchase 2 percent of the royalty on the claims for $5,000,000, reduced by minimum payments made.  Lessor is entitled to a royalty of one percent of net smelter returns.

Since the Company failed to make the lease payment in 2012, the Lessor has the right to terminate the lease agreement at any time.

The following is the financial commitment related to the lease over the following five fiscal years subject to the lease payment terms above:

2013	$	25,000
2014	$	75,000
2015	$	75,000
2016	$	75,000
Thereafter	$	900,000
Total Commitment	$	1,150,000

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Note 2 - Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies)

3 Months Ended

Jan. 31, 2013

Policies

Fair Value of Financial Instruments

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.