Company Quick10K Filing
WorldNet of Nevada
Price-0.00 EPS-0
Shares18 P/E0
MCap-0 P/FCF0
Net Debt-0 EBIT-0
TEV-0 TEV/EBIT0
TTM 2019-09-30, in MM, except price, ratios
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-03-19
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-03-23
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-10
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-20
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-12
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-23
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-08-11
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-02-23
10-Q 2014-09-30 Filed 2014-11-12
10-Q 2014-06-30 Filed 2014-07-29
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-31
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-03-27
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-08-14 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-05-16
10-K 2011-12-31 Filed 2012-03-29
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-13
10-Q 2010-03-31 Filed 2010-05-17
10-K 2009-12-31 Filed 2010-03-24
8-K 2018-01-23

WDNT 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Basis of Financial Statement Presentation
Note 2 - Going Concern
Note 3 - Related Party Transactions
Note 4 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Part I Exhibits
Part II Exhibits
EX-31.1 wdnt_ex311.htm
EX-31.2 wdnt_ex312.htm
EX-32.1 wdnt_ex321.htm

WorldNet of Nevada Earnings 2019-09-30

Balance SheetIncome StatementCash Flow
8290-66018-140326-214634-288942-3632502012201420172020
Assets, Equity
-6260.0-7290.0-8320.0-9350.0-10380.0-11410.02012201420172020
Rev, G Profit, Net Income
682254066013095-14470-42035-696002012201420172020
Ops, Inv, Fin

10-Q 1 wdnt_10q.htm FORM 10-Q wdnt_10q.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2019

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _________ to _________

 

Commission file number: 000-31023

 

WORLDNET, INC. OF NEVADA

(Exact name of registrant as specified in its charter)

 

Wyoming

 

88-0247824

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

#281, 369 East 900 South, Salt Lake City, Utah

 

84111

(Address of principal executive offices)

 

(Zip Code)

 

(801) 323-2395

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

 

Indicate by check mark whether the registrant (1) has filed all reports required 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 x No ¨

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes x No ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

¨

Accelerated filer

¨

Non-accelerated filer

x

Smaller reporting company

x

 

 

Emerging growth company

x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

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

 

The number of shares outstanding of the registrant’s common stock as of November 8, 2019 was 18,500,000.

 

 
 
 
 

 

TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION

 

 

 

 

 

 

Item 1.

Financial Statements (Unaudited)

 

3

 

 

Condensed Balance Sheets (Unaudited)

4

 

 

Condensed Statements of Operations (Unaudited)

5

 

 

Condensed Statement of Stockholders’ Deficit (Unaudited)

6

 

 

Condensed Statements of Cash Flows (Unaudited)

 

7

 

 

Notes to the Unaudited Condensed Financial Statements

8

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

9

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

 

11

 

Item 4.

Controls and Procedures

 

11

 

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

Item 1.  

Legal Proceedings

 

12

 

Item 1a.

Risk Factors Information

 

12

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

12

 

Item 3.

Defaults upon Senior Securities

 

12

 

Item 4.

Mine Safety Disclosures

 

12

 

Item 5.

Other Information

 

12

 

Item 6.

Exhibits

 

13

 

Signatures

 

14

 

 

 
2
 
 

 

PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

WORLDNET, INC. OF NEVADA

 

Condensed Financial Statements

 

September 30, 2019

 

(Unaudited)

 

 
3
 
Table of Contents

 

WorldNet, Inc. of Nevada

Condensed Balance Sheets

(Unaudited)

 

 

 

SEPT 30,

2019

 

 

DEC 31,

2018

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

Cash

 

$296

 

 

$196

 

Total current assets

 

 

296

 

 

 

196

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$296

 

 

$196

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Accounts payable – related party

 

$11,100

 

 

$6,600

 

Accounts payable

 

 

--

 

 

 

1,300

 

Notes payable – related party

 

 

159,500

 

 

 

151,300

 

Notes payable

 

 

88,500

 

 

 

88,500

 

Accrued interest – related party

 

 

62,651

 

 

 

53,400

 

Accrued interest

 

 

41,795

 

 

 

36,485

 

Total current liabilities

 

 

363,546

 

 

 

337,585

 

Total liabilities

 

 

363,546

 

 

 

337,585

 

STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

Common stock, $.001 par value; 25,000,000 shares authorized;18,500,000 shares issued and outstanding

 

 

18,500

 

 

 

18,500

 

Additional paid-in capital

 

 

47,500

 

 

 

47,500

 

Accumulated deficit

 

 

(429,250)

 

 

(403,389)

Total stockholders' deficit

 

 

(363,250)

 

 

(337,389)

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

 

$296

 

 

$196

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 
4
 
Table of Contents

 

WorldNet, Inc. of Nevada

Condensed Statements of Operations

(Unaudited)

 

 

 

FOR THE

THREE

MONTHS

ENDED

SEPT 30,

2019

 

 

FOR THE

THREE

MONTHS

ENDED

SEPT 30,

2018

 

 

FOR THE

NINE

MONTHS

ENDED

SEPT 30,

2019

 

 

FOR THE

NINE

MONTHS

ENDED

SEPT 30,

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$--

 

 

$--

 

 

$--

 

 

$--

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

2,900

 

 

 

2,800

 

 

 

11,300

 

 

 

11,200

 

Total expenses

 

 

2,900

 

 

 

2,800

 

 

 

11,300

 

 

 

11,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Operating Loss

 

 

(2,900)

 

 

(2,800)

 

 

(11,300)

 

 

(11,200)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense – related party

 

 

(3,160)

 

 

(2,866)

 

 

(9,251)

 

 

(8,488)

Interest expense

 

 

(1,770)

 

 

(1,770)

 

 

(5,310)

 

 

(5,310)

Total other income (expense)

 

 

(4,930)

 

 

(4,636)

 

 

(14,561)

 

 

(13,798)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

(7,830)

 

 

(7,436)

 

 

(25,861)

 

 

(24,998)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxes

 

 

--

 

 

 

--

 

 

 

--

 

 

 

--

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$(7,830)

 

$(7,436)

 

$(25,861)

 

$(24,998)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share

 

$(0.00)

 

$(0.00)

 

$(0.00)

 

$(0.00)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

18,500,000

 

 

 

18,500,000

 

 

 

18,500,000

 

 

 

18,500,000

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 
5
 
Table of Contents

 

WorldNet, Inc. of Nevada

Statement of Stockholders’ Deficit

For the six months ended Sept. 30, 2018 and 2019

(Unaudited)

 

 

 

Common stock

 

 

Additional

paid-in

 

 

Accumulated

 

 

 

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

deficit

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance December 31, 2017

 

 

18,500,000

 

 

$18,500

 

 

$47,500

 

 

$(370,927)

 

$(304,927)

Net loss for the quarter ended - March 31, 2018

 

 

--

 

 

 

--

 

 

 

--

 

 

 

(10,146)

 

 

(10,146)

Balance at March 31, 2018

 

 

18,500,000

 

 

$18,500

 

 

$47,500

 

 

$(381,073)

 

$(315,073)

Net loss for the quarter ended - June 30, 2018

 

 

--

 

 

 

--

 

 

 

--

 

 

 

(7,416)

 

 

(7,416)

Balance at June 30, 2018

 

 

18,500,000

 

 

$18,500

 

 

$47,500

 

 

$(388,489)

 

$(322,489)

Net loss for the quarter ended - September 30, 2018

 

 

--

 

 

 

--

 

 

 

--

 

 

 

(7,436)

 

 

(7,436)

Balance at September 30, 2018

 

 

18,500,000

 

 

$18,500

 

 

$47,500

 

 

$(395,925)

 

$(329,925)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance December 31, 2018

 

 

18,500,000

 

 

$18,500

 

 

$47,500

 

 

$(403,389)

 

$(337,389)

Net loss for the quarter ended - March 31, 2019

 

 

--

 

 

 

--

 

 

 

--

 

 

 

(10,276)

 

 

(10,276)

Balance at March 31, 2019

 

 

18,500,000

 

 

$18,500

 

 

$47,500

 

 

$(413,665)

 

$(347,665)

Net loss for the quarter ended - June 30, 2019

 

 

--

 

 

 

--

 

 

 

--

 

 

 

(7,755)

 

 

(7,755)

Balance at June 30, 2019

 

 

18,500,000

 

 

$18,500

 

 

$47,500

 

 

$(421,420)

 

$(355,420)

Net loss for the quarter ended - September 30, 2019

 

 

--

 

 

 

--

 

 

 

--

 

 

 

(7,830)

 

 

(7,830)

Balance at September 30, 2019

 

 

18,500,000

 

 

$18,500

 

 

$47,500

 

 

$(429,250)

 

$(363,250)

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 
6
 
Table of Contents

 

WorldNet, Inc. of Nevada

Condensed Statements of Cash Flows

(Unaudited)

 

 

 

FOR THE

NINE

MONTHS

ENDED

SEPT 30,

2019

 

 

FOR THE

NINE

MONTHS

ENDED

SEPT 30,

2018

 

 

 

 

 

 

 

 

Cash Flows from Operating Activities

 

 

 

 

 

 

Net loss

 

$(25,861)

 

$(24,998)

Adjustments to reconcile net loss to cash provided (used) by operating activities:

 

 

 

 

 

 

 

 

Expenses paid by related party

 

 

4,500

 

 

 

5,100

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Increase (decrease) in accounts payable

 

 

(1,300)

 

 

1,300

 

Increase in accrued interest – related party

 

 

9,251

 

 

 

8,488

 

Increase in accrued interest

 

 

5,310

 

 

 

5,310

 

Net cash provided (used) by operating activities

 

 

(8,100)

 

 

(4,800)

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities

 

 

 

 

 

 

 

 

Net cash provided (used) by investing activities

 

 

--

 

 

 

--

 

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities

 

 

 

 

 

 

 

 

Proceeds from notes payable – related party

 

 

8,200

 

 

 

4,500

 

Net cash provided (used) by financing activities

 

 

8,200

 

 

 

4,500

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash

 

 

100

 

 

 

(300)

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

 

196

 

 

 

396

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$296

 

 

$96

 

 

 

 

 

 

 

 

 

 

Supplemental Cash Flow Information:

 

 

 

 

 

 

 

 

Cash paid for interest

 

$--

 

 

$--

 

Cash paid for income taxes

 

$--

 

 

$--

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 
7
 
Table of Contents

 

WorldNet, Inc. of Nevada

Notes to the (Unaudited) Condensed Financial Statements

September 30, 2019

 

NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION

 

The accompanying unaudited condensed financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim condensed financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim condensed financial statements be read in conjunction with the Company’s audited financial statements and notes thereto included in its December 31, 2018 Annual Report on Form 10-K. Operating results for the nine months ended September 30, 2019 are not necessarily indicative of the results to be expected for year ending December 31, 2019.

 

NOTE 2 – GOING CONCERN

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has limited assets, has incurred losses since inception, has negative cash flows from operations, and has no revenue-generating activities. Its activities have been limited for the past several years and it is dependent upon financing to continue operations. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is management’s plan to acquire or merge with other operating companies.

 

NOTE 3 – RELATED PARTY TRANSACTIONS

 

During the nine months ended September 30, 2019, a shareholder invoiced the Company for consulting, administrative and professional services and out-of-pocket costs provided or paid on behalf of the Company totaling $4,500. The Company owed the shareholder $11,100 and $6,600 at September 30, 2019 and December 31, 2018, respectively.

 

During the nine months ended September 30, 2019, a shareholder loaned the Company $8,200. The notes bear interest at 8% and are due on demand. Notes payable – related party at September 30, 2019 and December 31, 2018 were $159,500 and $151,300, respectively. Accrued interest at September 30, 2019 and December 31, 2018 was $62,651 and $53,400, respectively.

 

NOTE 4 – SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and has determined that there are no such events that would have a material impact on the financial statements.

 

 
8
 
Table of Contents

 

In this report references to “WorldNet,” “the Company,” “we,” “us,” and “our” refer to WorldNet, Inc. of Nevada.

 

FORWARD LOOKING STATEMENTS

 

The U.S. Securities and Exchange Commission (“SEC”) encourages reporting companies to disclose forward-looking information so that investors can better understand future prospects and make informed investment decisions. This report contains these types of statements. Words such as “may,” “expect,” “believe,” “intend,” “anticipate,” “estimate,” “project,” or “continue” or comparable terminology used in connection with any discussion of future operating results or financial performance identify forward-looking statements. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. All forward-looking statements reflect our present expectation of future events and are subject to a number of important factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Executive Overview

 

We have not recorded revenues and we are dependent upon financing to continue basic operations. Management intends to rely upon advances or loans from management, significant stockholders or third parties to meet our cash requirements, but we have not entered into written agreements guaranteeing funds and, therefore, no one is obligated to provide funds to us in the future. These factors raise substantial doubt as to our ability to continue as a going concern. Our plan is to combine with an operating company to generate revenue.

 

Our management has not had any recent discussions with any representative of any other entity regarding a business combination with us. Any target business that is selected may be a financially unstable company or an entity in its early stages of development or growth, including entities without established records of sales or earnings. In that event, we will be subject to numerous risks inherent in the business and operations of financially unstable and early stage or potential emerging growth companies. In addition, we may effect a business combination with an entity in an industry characterized by a high level of risk, and, although our management will endeavor to evaluate the risks inherent in a particular target business, there can be no assurance that we will properly ascertain or assess all significant risks. In addition, any business combination or transaction will likely result in a significant issuance of shares and substantial dilution to present stockholders of the Company.

 

We anticipate that the selection of a business opportunity will be complex and extremely risky. Because of general economic conditions, rapid technological advances being made in some industries and shortages of available capital, our management believes that there are numerous firms seeking the perceived benefits of becoming a publicly traded corporation. Such perceived benefits of becoming a publicly traded corporation include, among other things, facilitating or improving the terms on which additional equity financing may be obtained, providing liquidity for the principals of and investors in a business, creating a means for providing incentive stock options or similar benefits to key employees, and offering greater flexibility in structuring acquisitions, joint ventures and the like through the issuance of securities. Potentially available business combinations may occur in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex.

 

If we obtain a business opportunity, then it may be necessary to raise additional capital. We anticipate that we will sell our common stock to raise this additional capital. We expect that we would issue such stock pursuant to exemptions to the registration requirements provided by federal and state securities laws. The purchasers and manner of issuance will be determined according to our financial needs and the available exemptions to the registration requirements of the Securities Act of 1933. We do not currently intend to make a public offering of our stock. We also note that if we issue more shares of our common stock, then our stockholders may experience dilution in the value per share of their common stock.

 

 
9
 
Table of Contents

 

Liquidity and Capital Resources

 

We have not established an ongoing source of revenue sufficient to cover our operating costs and we have relied primarily upon related and third parties to provide loans to fund operations and provide or pay for professional expenses. At September 30, 2019 we recorded cash of $296 compared to $196 at December 31, 2018. Our total liabilities increased to $363,546 at September 30, 2019 from $337,585 at December 31, 2018. This increase of total liabilities for the period primarily represents accounts payable – related party, notes payable – related party and accrued interest.

 

We intend to obtain capital from management, significant stockholders or third parties to cover minimal operations; however, there is no assurance that additional funding will be available. Our ability to continue as a going concern during the long term is dependent upon our ability to find a suitable business opportunity and acquire or enter into a merger with such company. The type of business opportunity with which we acquire or merge will affect our profitability for the long term.

 

During the next 12 months we anticipate incurring additional costs related to the filing of Exchange Act reports. We believe we will be able to meet these costs through funds provided by management, significant stockholders or third parties. We may also rely on the issuance of our common stock in lieu of cash to convert debt or pay for expenses.

 

Results of Operations

 

We did not record revenues in either 2019 or 2018. General and administrative expense was $11,300 for the nine months ended September 30, 2019 (“2019 nine month period”) and $11,200 for the nine months ended September 30, 2018 (“2018 nine month period”). General and administrative expense was $2,900 for the three months ended September 30, 2019 (“2019 third quarter”) compared to $2,800 for the three months ended September 30, 2018 (“2018 third quarter”).

 

Total other expense increased to $14,561 for the 2019 nine month period compared to $13,798 for the 2018 nine month period. Total other expense increased to $4,930 for the 2019 third quarter compared to $4,636 for the 2018 third quarter. Total other expense represents interest expense related to notes payable.

 

Our net loss increased to $25,861 for the 2019 nine month period compared to $24,998 for the 2018 nine month period. Our net loss increased to $ 7,830 for the 2019 third quarter compared to $7,436 for the 2018 third quarter. Management expects net losses to continue until we acquire or merge with a business opportunity.

 

Commitments and Obligations

 

At September 30, 2019, we had notes payable to third parties of $88,500 with accrued interest of $41,795 and notes payable-related party (a more than 5% shareholder) of $159,500, with accrued interest of $62,651. During the nine months ended September 30, 2019, the shareholder loaned the Company $8,200. All of the notes payable are non-collateralized, carry interest at 8% and are due on demand.

 

During the 2019 nine month period expenses of $4,500 were paid by a more than 5% shareholder. We recorded accounts payable-related party to this shareholder of $11,100 at September 30, 2019.

 

Off-Balance Sheet Arrangements

 

We have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources and would be considered material to investors.

 

 
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Emerging Growth Company

 

We qualify as an emerging growth company as that term is used in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). A company qualifies as an emerging growth company if it has total annual gross revenues of less than $1.07 billion during its most recently completed fiscal year and, as of December 8, 2011, had not sold common equity securities under a registration statement. Under the JOBS Act we are permitted to, and intend to, rely on exemptions from certain disclosure requirements

 

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable to smaller reporting companies.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our filings under the Exchange Act is recorded, processed, summarized and reported within the periods specified in the rules and forms of the SEC. This information is accumulated to allow timely decisions regarding required disclosure. Our President, who serves as our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report and he determined that our disclosure controls and procedures were not effective due to a control deficiency. During the period we did not have additional personnel to allow segregation of duties to ensure the completeness or accuracy of our information. Due to the size and operations of the Company we are unable to remediate this deficiency until we acquire or merge with another company.

 

Changes to Internal Control over Financial Reporting

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). Management conducted an evaluation of our internal control over financial reporting and determined that there were no changes made in our internal control over financial reporting during the quarter ended September 30, 2019 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

 

 
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PART II – OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

We know of no material, existing or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our company.

 

ITEM 1A. RISK FACTORS

 

As a smaller reporting company we are not required to provide the information required by this Item.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

None.

 

 
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ITEM 6. EXHIBITS

 

Part I Exhibits

 

No.

 

Description

31.1

 

Principal Executive Officer Certification

31.2

 

Principal Financial Officer Certification

32.1

 

Section 1350 Certification

 

Part II Exhibits

 

No.

 

Description

3(i).1

 

Articles of Incorporation (Incorporated by reference to exhibit 3.1 of Form 10-SB, filed July 14, 2000)

3(i).2

 

Wyoming Articles of Domestication, filed November 7, 2016 (Incorporated by reference to exhibit 3(i).2 of Form 10-K, filed March 20, 2017)

3(ii)

 

Bylaws of WorldNet, dated November 21, 2016 (Incorporated by reference to exhibit 3(ii) of Form 10-K, filed March 20, 2017)

101.INS**

 

XBRL Instance Document

101.SCH**

 

XBRL Taxonomy Extension Schema Document

101.CAL**

 

XBRL Taxonomy Calculation Linkbase Document

101.DEF**

 

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB**

 

XBRL Taxonomy Label Linkbase Document

101.PRE**

 

XBRL Taxonomy Presentation Linkbase Document

__________ 

** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections. 

 

 
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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.

 

 

WORLDNET, INC. OF NEVADA

    
Date: November 8, 2019By:

/s/ Brett D. Mayer

 

 

Brett D. Mayer

 
  

President and Director

 
  

Principal Financial Officer

 

 

 
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