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, 2011
[ ]
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)
Nevada (State or other jurisdiction of incorporation or organization) | 88-0247824 (I.R.S. Employer Identification No.) |
#281, 369 East 900 South, Salt Lake City, Utah (Address of principal executive offices) | 84111 (Zip Code) |
(435) 674-1282
(Registrant’s telephone number, including area code)
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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer [ ] Non-accelerated filer [ ] | Accelerated filer [ ] 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 [ ]
The number of shares outstanding of the registrant’s common stock as of October 27, 2011 was 18,500,000.
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TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
2
Condensed Balance Sheets
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Condensed Statements of Operations
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Condensed Statements of Cash Flows
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Notes to the Unaudited Condensed Financial Statements
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Item 3. Quantitative and Qualitative Disclosures about Market Risk
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Item 4. Controls and Procedures
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PART II – OTHER INFORMATION
Item 6. Exhibits
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Signatures
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PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The financial information set forth below with respect to our statements of operations for the three and nine month periods ended September 30, 2011 and 2010 is unaudited. This financial information, in the opinion of management, includes all adjustments consisting of normal recurring entries necessary for the fair presentation of such data. The results of operations for the nine month period ended September 30, 2011 are not necessarily indicative of results to be expected for any subsequent period.
WORLDNET INC. OF NEVADA
(A Development Stage Company)
Financial Statements
September 30, 2011
2
WorldNet, Inc. of Nevada
(a Development Stage Company)
Condensed Balance Sheets
(Unaudited)
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| SEPT 30, 2011 |
| DEC 31, 2010 |
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| ASSETS |
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| CURRENT ASSETS |
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| Cash | $ | 1,048 | $ | 576 |
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| Prepaid expense |
| 0 |
| 2,500 |
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| Total Current Assets |
| 1,048 |
| 3,076 |
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| TOTAL ASSETS | $ | 1,048 | $ | 3,076 |
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| LIABILITIES AND STOCKHOLDERS' DEFICIT |
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| CURRENT LIABILITIES |
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| Accounts payable | $ | 93,300 | $ | 86,475 |
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| Total current liabilities |
| 93,300 |
| 86,475 |
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| Total liabilities |
| 93,300 |
| 86,475 |
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| STOCKHOLDERS' DEFICIT |
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| Common stock, $.001 par value; 25,000,000 shares authorized; 18,500,000 shares issued and outstanding |
| 18,500 |
| 18,500 |
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| Additional paid-in capital |
| 47,500 |
| 47,500 |
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| Deficit accumulated during the development stage |
| (158,252) |
| (149,399) |
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| Total stockholders' deficit |
| (92,252) |
| (83,399) |
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| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,048 | $ | 3,076 |
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The accompanying notes are an integral part of these financial statements.
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WorldNet, Inc. of Nevada
(a Development Stage Company)
Condensed Statements of Operations
(Unaudited)
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| THREE MONTHS ENDED 9/30/2011 |
| THREE MONTHS ENDED 9/30/2010 |
| NINE MONTHS ENDED 9/30/2011 |
| NINE MONTHS ENDED 9/30/2010 |
| INCEPTION ON 3/12/1986 TO 9/30/2011 |
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| Revenues | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
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| Expenses |
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| General and administrative |
| 1,669 |
| 776 |
| 8,853 |
| 5,047 |
| 158,252 |
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| Total expenses |
| 1,669 |
| 776 |
| 8,853 |
| 5,047 |
| 158,252 |
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| Net loss before other expense |
| (1,669) |
| (776) |
| (8,853) |
| (5,047) |
| (158,252) |
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| Loss before income taxes |
| (1,669) |
| (776) |
| (8,853) |
| (5,047) |
| (158,252) |
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| Income Taxes |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
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| Net loss | $ | (1,669) | $ | (776) | $ | (8,853) | $ | (5,047) | $ | (158,252) |
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| Net loss per share | $ | (0.00) | $ | (0.00) | $ | (0.00) | $ | (0.00) |
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| Weighted average shares outstanding |
| 18,500,000 |
| 18,500,000 |
| 18,500,000 |
| 18,500,000 |
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The accompanying notes are an integral part of these financial statements.
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WorldNet, Inc. of Nevada
(a Development Stage Company)
Condensed Statements of Cash Flows
(Unaudited)
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| NINE MONTHS ENDED 9/30/2011 |
| NINE MONTHS ENDED 9/30/2010 |
| INCEPTION ON 03/12/1986 TO 9/30/2011 |
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| Cash Flows from Operating Activities |
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| Net loss | $ | (8,853) | $ | (5,047) | $ | (158,252) |
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| Adjustments to reconcile net loss to cash provided (used) by operating activities: |
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| Shares issued for services |
| 0 |
| 0 |
| 49,000 |
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| Depreciation & amortization |
| 0 |
| 0 |
| 17,000 |
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| Changes in assets & liabilities: |
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| (Increase) decrease in prepaid expenses |
| 2,500 |
| 0 |
| 0 |
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| Increase in accounts payable and accrued expenses |
| 6,825 |
| 7,900 |
| 93,300 |
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| Net cash provided (used) by operating activities |
| 472 |
| 2,853 |
| 1,048 |
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| Cash Flows from Investing Activities |
| 0 |
| 0 |
| 0 |
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| Cash Flows from Financing Activities |
| 0 |
| 0 |
| 0 |
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| Increase (decrease) in cash |
| 472 |
| 2,853 |
| 1,048 |
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| Cash and cash equivalents at beginning of period |
| 576 |
| 601 |
| 0 |
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| Cash and cash equivalents at end of period |
| 1,048 | $ | 3,454 | $ | 1,048 |
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| Supplemental Cash Flow Information: | $ |
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| Cash paid for interest | $ | 0 | $ | 0 | $ | 0 |
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| Cash paid for income taxes |
| 0 | $ | 0 | $ | 0 |
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| Non-Cash Investing and Financing Activities | $ |
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| Stock issued for marketing rights | $ | 0 | $ | 0 | $ | 17,000 |
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| Stock issued for services |
| 0 | $ | 0 | $ | 49,000 |
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The accompanying notes are an integral part of these financial statements.
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WorldNet, Inc. of Nevada
(A Development Stage Company)
Notes to the Financial Statements
September 30, 2011
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, 2010 Annual Report on Form 10-K. Operating results for the nine months ended September 30, 2011 are not necessarily indicative of the results to be expected for year ending December 31, 2011.
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In this report references to “WorldNet,” “the Company,” “we,” “us,” and “our” refer to WorldNet, Inc. of Nevada.
FORWARD LOOKING STATEMENTS
The 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 are a development stage company that has not recorded revenues for the past two fiscal years. At September 30, 2011 we had $1,048 in cash and total liabilities of $93,300. 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 doubt as to our ability to continue as a going concern. Our plan is to combine with an operating company to generate revenue.
As of the date of this report, our management has not had any 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. Also, 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.
Management anticipates that the struggling global economy will restrict the number of business opportunities available to us and will restrict the cash available for such transactions. There can be no assurance in the current economy that we will be able to acquire an interest in an operating company.
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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.
Liquidity and Capital Resources
We have not recorded revenues from operations since inception and we have not established an ongoing source of revenue sufficient to cover our operating costs. We intend to obtain capital from management, significant stockholders and/or third parties to cover minimal operations; however, there is no assurance that additional funding will be available. Accounts payable and accrued expenses have increased by $6,825 for the period ended September 30, 2011 (“2011 nine month period”) as a result of services and costs of our operations. Our ability to continue as a going concern during the long term is dependent upon our ability to find a suitable business opportunity and to acquire or enter into a merger with such company. The type of business opportunity with which we acquire or merge with 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 and/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 or services.
Results of Operations
We had no revenues during the 2011 and 2010 nine month periods and third quarters ended September 30. General and administrative expense increased from $5,047 for the 2010 nine month period to $8,853 for the 2011 nine month period. The increase was primarily due to legal expenses related to efforts to become listed on the OTC Bulletin Board and increased expenses related to the preparation and filing of XBRL files with our prior periodic report. The increased periodic filing costs will likely continue in the short term. General and administrative expense also increased from $776 for the 2010 third quarter to $1,669 for the 2011 third quarter. As a result, our net loss also increased for the 2011 nine month period and third quarter as compared to the 2010 periods.
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.
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
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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 ineffective 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, 2011 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.
PART II – OTHER INFORMATION
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) | Articles of Incorporation (Incorporated by reference to exhibit 3.1 of Form 10-SB, filed July 14, 2000) |
3(ii) | Bylaws of WorldNet (Incorporated by reference to exhibit 3.2 to Form 10-SB, filed July 14, 2000) |
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 |
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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.
Date: November 7, 2011 | WORLDNET, INC. OF NEVADA By: /s/ Donald R. Mayer Donald R. Mayer President and Director Principal Financial Officer |
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Exhibit 31.1
PRINCIPAL EXECUTIVE OFFICER CERTIFICATION
I, Donald R. Mayer, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of WorldNet Inc. of Nevada;
2.
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statement made, in light of the circumstances under which statements were made, not misleading with respect to the period covered by this quarterly 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.
The registrant’s other certifying officer(s) and I are 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 our 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 our 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; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):
(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: November 7, 2011 | /s/ Donald R. Mayer Donald R. Mayer Principal Executive Officer |
Exhibit 31.2
PRINCIPAL FINANCIAL OFFICER CERTIFICATION
I, Donald R. Mayer, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of WorldNet Inc. of Nevada;
2.
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statement made, in light of the circumstances under which statements were made, not misleading with respect to the period covered by this quarterly 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.
The registrant’s other certifying officer(s) and I are 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 our 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 our 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; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):
(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: November 7, 2011 | /s/ Donald R. Mayer Donald R. Mayer Principal Executive Officer |
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Exhibit 32.1
WorldNet Inc. of Nevada
CERTIFICATION OF PERIODIC REPORT
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
18 U.S.C. Section 1350
The undersigned executive officer of WorldNet, Inc. of Nevada certifies pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:
a.
the quarterly report on Form 10-Q of WorldNet, Inc. of Nevada for the quarter ended September 30, 2011 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
b.
the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of WorldNet, Inc. of Nevada.
Date: November 7, 2011 | /s/ Donald R. Mayer Donald R. Mayer Principal Executive Officer |
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WorldNet Inc. of Nevada (A Development Stage Company) Balance Sheet (Parentheticals) (USD $) | Sep. 30, 2011 | Dec. 31, 2010 |
|---|---|---|
| Common Stock Par Value | $ 0.001 | $ 0.001 |
| CommonStock Shares Authorized | 20,000,000 | 20,000,000 |
| Common Stock Shares Issued | 18,500,000 | 18,500,000 |
| Common Stock Shares Outstanding | 18,500,000 | 18,500,000 |
WorldNet Inc. of Nevada (A Development Stage Company) Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | 311 Months Ended | ||
|---|---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | |
| REVENUES | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
| EXPENSES | |||||
| General & Administrative | 1,669 | 776 | 8,853 | 5,047 | 158,252 |
| TOTAL EXPENSES | 1,669 | 776 | 8,853 | 5,047 | 158,252 |
| Net Operating Loss | (1,669) | (776) | (8,853) | (5,047) | (158,252) |
| LOSS BEFORE INCOME TAXES | (1,669) | (776) | (8,853) | (5,047) | (158,252) |
| Income Taxes | 0 | 0 | 0 | 0 | 0 |
| Net Loss | $ (1,669) | $ (776) | $ (8,853) | $ (5,047) | $ (158,252) |
| 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 | |
Document and Entity Information (USD $) | 3 Months Ended |
|---|---|
Sep. 30, 2011 | |
| Document and Entity Information | |
| Entity Registrant Name | WorldNet Inc of Nevada |
| Document Type | 10-Q |
| Document Period End Date | Sep. 30, 2011 |
| Amendment Flag | false |
| Entity Central Index Key | 0001118233 |
| Current Fiscal Year End Date | --12-31 |
| Entity Filer Category | Smaller Reporting Company |
| Entity Current Reporting Status | Yes |
| Entity Voluntary Filers | Yes |
| Entity Well-known Seasoned Issuer | No |
| Document Fiscal Year Focus | 2011 |
| Document Fiscal Period Focus | Q3 |
| Entity Common Stock, Shares Outstanding | 18,500,000 |
| Entity Public Float | $ 2,116,150 |
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Organization, Consolidation and Presentation of Financial Statements | 3 Months Ended |
|---|---|
Sep. 30, 2011 | |
| Organization, Consolidation and Presentation of Financial Statements | |
| Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 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, 2010 Annual Report on Form 10-K. Operating results for the nine months ended September 30, 2011 are not necessarily indicative of the results to be expected for year ending December 31, 2011. |
WorldNet Inc. of Nevada (A Development Stage Company) Condensed Balance Sheet (Unaudited) (USD $) | Sep. 30, 2011 | Dec. 31, 2010 |
|---|---|---|
| CURRENT ASSETS | ||
| Cash | $ 1,048 | $ 576 |
| Prepaid expense | 0 | 2,500 |
| Total Current Assets | 1,048 | 3,076 |
| TOTAL ASSETS | 1,048 | 3,076 |
| CURRENT LIABILITIES | ||
| Accounts Payable | 93,300 | 86,475 |
| Total Current Liabilities | 93,300 | 86,475 |
| TOTAL LIABILITIES | 93,300 | 86,475 |
| STOCKHOLDERS' EQUITY | ||
| 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 |
| Deficit Accumulated During the Development Stage | (158,252) | (149,399) |
| Total Stockholders' Equity | (92,252) | (83,399) |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,048 | $ 3,076 |