UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One) |
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended October 31, 2018 |
Or |
[ ] 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 000-50693
Cyber Apps World Inc.
(Name of Registrant as Specified in Its Charter)
Nevada (State or Other Jurisdiction of Incorporation or Organization) |
90-0314205 (I.R.S. Employer Identification No.) | |
420 N. Nellis Blvd., Suite A3-146, Las Vegas, Nevada (Address of Principal Executive Offices) |
89110 (Zip Code) | |
(702) 425-4289 (Issuer’s Telephone Number, Including Area Code) |
Securities registered under Section 12(b) of the Exchange Act:
None
Securities registered under Section 12(g) of the Exchange Act:
Common Stock, Par value $0.001per share
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. [x] No
Indicate by checkmark if the registrant is not required to file reports to Section 13 or 15(d) Of the Act. [ ] Yes [x] No
Indicate by check mark 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
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ ]
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 [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [x]
(Do not check if a smaller reporting company)
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [ X ] Yes [ ] No
On October 31, 2018, there were 24,319,935 shares of common stock outstanding.
Table of Contents
Page No. | ||
PART I. FINANCIAL INFORMATION | 1 | |
ITEM 1 - Unaudited Financial Statements | 1 | |
Balance Sheets as of October 31, 2018 and July 31, 2017 (Unaudited) | 1 | |
Statements of Operations for the Three Months Ended October 31, 2018 and 2017 (Unaudited) | 2 | |
Statements of Cash Flows for the Three Months Ended October 31, 2018 and 2017 (Unaudited) | 3 | |
Notes to Unaudited Financial Statements | 4 | |
ITEM 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations | 6 | |
ITEM 3 - Quantitative and Qualitative Disclosures About Market Risk | 7 | |
ITEM 4 - Controls and Procedures | 7 | |
PART II. OTHER INFORMATION | 8 | |
ITEM 6 – Exhibits | 9 |
PART I FINANCIAL INFORMATION
Certain information and footnote disclosures required under accounting principles generally accepted in the United States of America have been condensed or omitted from the following financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. It is suggested that the following financial statements be read in conjunction with the year-end financial statements and notes thereto included in the Company’s Annual Report on Form 10K for the year ended July 31, 2018. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature.
The results of operations for the three months ended October 31, 2018 and 2017 are not necessarily indicative of the results for the entire fiscal year or for any other period.
Cyber Apps World, Inc.
Balance Sheets
(unaudited)
` | October 31, 2018 | July 31, 2018 | ||||||
Assets | ||||||||
Current assets: | ||||||||
Deposits | $ | 6,702 | 469 | |||||
Total current assets | 6,702 | 469 | ||||||
Property & Equipment, net | ||||||||
Total assets | $ | 6,702 | $ | 469 | ||||
Liabilities and Stockholders' Deficiency | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued expenses | $ | 100,550 | $ | 101,536 | ||||
Convertible Note Payable | 29,767 | 29,767 | ||||||
Notes Payable | 1,448 | 77,593 | ||||||
Loan Payable | 100,000 | — | ||||||
Total Current Liabilities | 231,765 | 208,896 | ||||||
Commitments and contingencies | — | — | ||||||
Stockholders' deficiency: | ||||||||
Preferred stock, $.001 par value, 10,000,000 shares authorized, 0 issued and outstanding | — | — | ||||||
Common stock, $.001 par value, 50,000,000 shares authorized as of July 31, 2018; | ||||||||
24,319,935 issued and outstanding at October31, 2018 and July 31st 2018, respectively. | 24,320 | 24,320 | ||||||
Additional paid-in capital | 8,347,541 | 8,347,541 | ||||||
Accumulated deficit | (8,596,924 | ) | (8,580,288 | ) | ||||
Stockholders' deficiency | (225,063 | ) | (208,427 | ) | ||||
Total liabilities and stockholders' equity | $ | 6,702 | $ | 469 | ||||
` |
The accompanying notes are an integral part of these unaudited financial statements
1
Cyber Apps World, Inc.
Statements of Operations
(unaudited)
For the Three Months Ended October 31, | ||||||||
2018 | 2017 | |||||||
Net Sales | $ | — | $ | — | ||||
Operating expenses: | ||||||||
General and administrative | 16,636 | (576 | ) | |||||
Research & Development | — | — | ||||||
Total operating expenses | 16,636 | (576 | ) | |||||
Income / (Loss) from operations | $ | (16,636 | ) | $ | 576 | |||
Other (expenses)/ income | — | — | ||||||
Net Income / (Loss) before provision for income taxes | $ | (16,636 | ) | $ | 576 | |||
Provision for (benefit from) income taxes | — | — | ||||||
Net Income / (Loss) | $ | (16,636 | ) | $ | 576 | |||
Net Loss per common share- basic and diluted | $ | — | $ | — | ||||
Weighted average number of common shares outstanding- basic and diluted | 24,319,935 | 24,319,935 | ||||||
The accompanying notes are an integral part of these unaudited financial statements
2
Cyber Apps World, Inc.
Statements of Cash Flows
(unaudited)
Three Months Ended October 31, | ||||||||
2018 | 2017 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net Income / (loss) | $ | (16,636 | ) | $ | 576 | |||
Adjustments to reconcile net loss to net cash utilized in operating activities | ||||||||
Change in accounts receivable | — | — | ||||||
Change in accounts payable and accrued expenses | (7,219 | ) | (25,895 | ) | ||||
Change in other receivable | — | — | ||||||
Net cash used in operating activities | $ | (23,855 | ) | $ | (25,319 | ) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Net cash used in investing activities | — | — | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Loan Payable | $ | 100,000 | $ | — | ||||
Note Payable | (76,145 | ) | 25,319 | |||||
Net cash provided by financing activities | $ | 23,855 | $ | 25,319 | ||||
CHANGE IN CASH AND CASH EQUIVALENTS: | ||||||||
Net decrease in cash and cash equivalents | — | — | ||||||
Cash and cash equivalents at beginning of year | — | — | ||||||
Cash and cash equivalents at end of Period | $ | — | $ | — | ||||
NON-CASH SUPPLEMENTARY DISCLOSURES: | ||||||||
Cash paid for interest | $ | — | $ | — | ||||
Cash paid for income taxes | $ | — | $ | — |
The accompanying notes are an integral part of these unaudited financial statements
3
NOTES TO UNAUDITED FINANCIAL STATEMENTS
As of and for the Three Ended October 31, 2018
(unaudited)
Note 1. Summary of Significant Accounting Policies
Condensed Interim Financial Statements – The accompanying unaudited condensed financial statements include the accounts of Cyber Apps World Inc. (the “Company”). These financial statements are condensed and, therefore, do not include all disclosures normally required by accounting principles generally accepted in the United States of America. Therefore, these statements should be read in conjunction with the most recent annual financial statements of Cyber Apps World for the year ended July 31, 2018 included in the Company’s Form 10-K filed with the Securities and Exchange Commission. In particular, the Company’s significant accounting principles were presented as Note 2 to the Financial Statements in that report. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying condensed financial statements and consist of only normal recurring adjustments. The results of operations presented in the accompanying condensed financial statements are not necessarily indicative of the results that may be expected for the full year ending July 31, 2019.
Going Concern
The Company’s financial statements for the period ended October 31, 2018, have been prepared on a going concern basis which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The Company did not have any revenue in and as of October 31, 2018. Management recognized that the Company’s continued existence is dependent upon its ability to obtain needed working capital through additional equity and/or debt financing and revenue to cover expenses as the Company continues to incur losses.
Since its incorporation, the Company financed its operations almost exclusively through advances from its controlling shareholders. Management’s plans are to finance operations through the sale of equity or other investments for the foreseeable future, as the Company does not receive significant revenue from its business operations. There is no guarantee that the Company will be successful in arranging financing on acceptable terms.
The Company's ability to raise additional capital is affected by trends and uncertainties beyond its control. The Company does not currently have any arrangements for financing and it may not be able to find such financing if required. Obtaining additional financing would be subject to a number of factors, including investor sentiment. Market factors may make the timing, amount, terms or conditions of additional financing unavailable to it. These uncertainties raise substantial doubt about the ability of the Company to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of these uncertainties.
The Company’s significant accounting policies are summarized in Note 1 of the Company’s Annual Report on Form 10-K for the year ended July 31, 2018. There were no significant changes to these accounting policies during the three months ended October 31, 2018 and the Company does not expect that the adoption of other recent accounting pronouncements will have a material impact on its financial statements
Note 2. Net Loss Per Common Share
Basic loss per common share is computed based on the weighted average number of shares outstanding during the year. Diluted earnings per common share is computed by dividing net earnings (loss) by the weighted average number of common shares and potential common shares during the specified periods. The Company has no outstanding options or warrants that could affect the calculated number of shares. Common stock equivalents related to convertible debt are detailed in Note 3.
4
Note 3. Convertible Notes Payable and Notes Payable
As of July 31, 2018, the Company has a balance of convertible notes is $77,593 which is convertible into common stock at approx. $0.02 per share. If all of the debt is converted it would result in the issuance of 3,879,650 common shares. The debt is due upon demand and bears 0% interest.
As of October 31, 2018, the Company has several notes payable totaling $1,448, which are due upon demand and bear 0% interest.
Note 4. Subsequent Events
On November 6, 2018 Kateryna Malenko was appointed as Secretary and a member of the board of Directors. Twenty-five million two hundred thousand shares of common stock were issued to Kat Consulting Corp. according to a private placement subscription agreement. The shares of common stock issued at par $.001. Financial Impact of shares issued is $25,200 which is 25,200,000 shares @ $.001
5
ITEM 2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations.
Forward Looking Statements
This quarterly report contains forward-looking statements that involve risks and uncertainties. We use words such as anticipate, believe, plan, expect, future, intend and similar expressions to identify such forward-looking statements. You should not place too much reliance on these forward-looking statements. Our actual results are likely to differ materially from those anticipated in these forward-looking statements for many reasons, including the risks faced by us described in this section.
Background
We were incorporated on July 15, 2002 under the laws of the State of Nevada. On April 5, 2011, we merged with our wholly owned subsidiary, Sky Power Solutions Corp., and in the merger the name of the Company was changed to Sky Power Solutions Corp. December 24, 2012 Sky Power Solutions merged with our wholly owned subsidiary, Clean Enviro Tech Corp., and in the merger changed the name of the Company to Clean Enviro Tech Corp. On April 9, 2015 the Company merged with our wholly owned subsidiary Cyber Apps World Inc. and in the merger changed the name of the Company to Cyber Apps World Inc. (CYAP)
Cyber Apps World redirected the Company focus and intended to develop and acquire a worldwide e-commerce internet platform in which revenues would be based on the purchase and sale of products and services by way of mobile/computer applications online.
Results of Operations for the Three months Ended October 31, 2018 and 2017
As of October 31, 2018 and 2017, we had cash on hand of $0 and $0 respectively. As there is no cash in hand, liquidity is managed through Notes payable which are due on demand and bear 0% interest. During the period ended October 31, 2018 and 2017 we incurred a net loss of $16,636 and a gain of $576 respectively. On October 31, 2018 and 2017, we had a working capital deficiency of $93,848 and $99,528 respectively and a stockholders' deficit of $225,063 and $208,427 respectively.
Plan of Operations
After termination of the Agreement, management is still looking into other opportunities and direction for the Company.
We do not have sufficient revenues to sustain our operations.
We have no revenues from operations. All funding is from a third party. We expect that we will continue to incur operating losses Failure to achieve or maintain profitability may materially and adversely affect the future value of our common stock.
If we do not obtain additional financing, our business will fail.
The Company currently has no operating funds, all funding is from a third party. If funding from shareholders, third parties or financing is not obtained we will not be able to launch the apps, and nor will we be able to complete our business plan. We do not currently have any arrangements for financing and we may not be able to find such financing if required. Market factors may make the timing, amount, terms or conditions of additional financing unavailable to us.
6
We have been the subject of a going concern opinion from our independent auditors, which means that we may not be able to continue operations unless we obtain additional funding.
Our independent auditors have added an explanatory paragraph to their audit opinions, issued in connection with our financial statements, which states that our ability to continue as a going concern is uncertain.
Item 4. Controls and Procedures.
As supervised by our board of directors and our principal executive and principal financial officer, management has established a system of disclosure, controls and procedures and has evaluated the effectiveness of that system. The system and its evaluation are reported on in the below Management's Annual Report on Internal Control over Financial Reporting. Our principal executive and financial officer has concluded that our disclosure, controls and procedures (as defined in Securities Exchange Act of 1934 (“Exchange Act”) Rule 13a-15(e)) as of July 31, 2016, were not effective, based on the evaluation of these controls and procedures required by paragraph (b) of Rule 13a-15.
Management's Annual Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) of the Exchange Act. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles.
Management assessed the effectiveness of internal control over financial reporting as of July 31, 2015. We carried out this assessment using the criteria of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework.
This annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by our registered public accounting firm, pursuant to rules of the Securities and Exchange Commission that permit us to provide only management's report in this annual report. Management concluded in this assessment that as of July 31, 2018, our internal control over financial reporting is not effective.
There have been no significant changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth quarter of our 2015 fiscal year that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
7
PART II—OTHER INFORMATION
Item 1. Legal Proceedings.
None
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Private placement restricted shares of 25,200,000 issued at $.001 per share with proceeds of $25,200 used towards working capital of the company.
Item 3. Defaults Upon Senior Securities.
None
Item 4. Mine Safety
Not Applicable
8
PART II
Item 6. Exhibits.
Exhibit No. | Description | |
Copies of the following documents are included as exhibits to this report pursuant to Item 601 of Regulation S-K.
SEC Ref. No. | Title of Document | |||
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 |
The XBRL related information in Exhibits 101 to this Annual Report on Form 10-K shall not be deemed “filed” or a part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, and is not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of those sections.
9
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Cyber Apps World, Inc. | |||
By: | /s/ Liudmilla Voinarovska | ||
Chief Executive Officer and Principal Financial Officer | |||
Date: December 26, 2018 |
In accordance with the Securities Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Liudmilla Voinarovska | ||
Liudmilla Voinarovska | |||
(President, Chief Executive Officer and Director) | |||
Date: December 26, 2018 |
10
T 31
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES OXLEY ACT OF 2002
CERTIFICATION
I,Liudmila Voinarvoska, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Cyber Apps World 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 years 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 years 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 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 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. 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: December 26, 2018 | /s/ Liudmila Voinarvoska |
Liudmila Voinarvoska, Chief Executive Officer | |
and Principal Financial Officer |
EXHIBIT 32
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Cyber Apps World Inc. (the "Company") on Form 10-Q for the period ended October 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Liudmila Voinarvoska, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge: (1) 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 result of operations of the Company.
/s/ Liudmila Voinarvoska |
Liudmila Voinarvoska , Chief Executive Officer |
and Principal Financial Officer |
December 26, 2018
Document and Entity Information |
3 Months Ended |
---|---|
Oct. 31, 2018
shares
| |
Document And Entity Information | |
Entity Registrant Name | Cyber Apps World |
Entity Central Index Key | 0001230524 |
Document Type | 10-Q |
Document Period End Date | Oct. 30, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --07-31 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 24,319,935 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2019 |
Balance Sheets (Unaudited) - USD ($) |
Oct. 31, 2018 |
Jul. 31, 2018 |
---|---|---|
Current assets: | ||
Deposits | $ 6,702 | $ 469 |
Total current assets | 6,702 | 469 |
Property and equipment, net | ||
Total assets | 6,702 | 469 |
Current liabilities: | ||
Accounts payable and accrued expenses | 100,550 | 101,536 |
Convertible notes payable | 29,767 | 29,767 |
Notes payable | 1,448 | 77,593 |
Loan Payable | 100,000 | |
Total current liabilities | 231,765 | 208,896 |
Commitments and contingencies | ||
Stockholders' deficiency: | ||
Preferred stock, $.001 par value, 10,000,000 shares authorized, 0 issued and outstanding | ||
Common stock, $.001 par value, 50,000,000 shares authorized at October 31, 2018 and July 31st 2018, respectively. | 24,320 | 24,320 |
Additional paid-in capital | 8,347,541 | 8,347,541 |
Accumultated deficit | (8,596,924) | (8,580,288) |
Stockholders' deficiency | (225,063) | (208,427) |
Total liabilities and stockholders' deficiency | $ 6,702 | $ 469 |
Balance Sheets (Parenthetical) - $ / shares |
Oct. 31, 2018 |
Jul. 31, 2018 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par Value | $ .001 | $ .001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $ .001 | $ .001 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares Issued | 24,319,935 | 24,319,935 |
Common Stock, Shares Outstanding | 24,319,935 | 24,319,935 |
Statements of Operations (Unaudited) - USD ($) |
3 Months Ended | |
---|---|---|
Oct. 31, 2018 |
Oct. 31, 2017 |
|
Income Statement [Abstract] | ||
Net sales | ||
Operating expenses: | ||
General and administrative | 16,636 | (576) |
Research and development | ||
Total operating expenses | 16,636 | (576) |
Income / (Loss) from operations | (16,636) | 576 |
Other (expenses)/income | ||
Net Income / (Loss) before provision for income taxes | (16,636) | 576 |
Provision for (benefit from) income taxes | ||
Net Income / (Loss) | $ (16,636) | $ 576 |
Net loss per common share - basic and diluted | ||
Weighted average number of common shares outstanding - basic and diluted | 24,319,935 | 24,319,935 |
Statements of Cash Flows (Unaudited) - USD ($) |
3 Months Ended | |
---|---|---|
Oct. 31, 2018 |
Oct. 31, 2017 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income / (loss) | $ (16,636) | $ 576 |
Adjustments to reconcile net loss to net cash utilized by operating activities | ||
Change in accounts receivable | ||
Change in accounts payable and accrued expenses | (7,219) | (25,895) |
Change in other receivable | ||
Net cash used in operating activities | (23,855) | (25,319) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Net cash used in investing activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Loan Payable | 100,000 | |
Note Payable | (76,145) | 25,319 |
Net cash provided by financing activities | 23,855 | 25,319 |
CHANGE IN CASH AND CASH EQUIVALENTS | ||
Net decrease in cash and cash equivalents | ||
Cash and cash equivalents at end of year | ||
Cash paid during the year for: | ||
Interest | ||
Income taxes |
Summary of Significant Accounting Policies |
3 Months Ended |
---|---|
Oct. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies
Condensed Interim Financial Statements – The accompanying unaudited condensed financial statements include the accounts of Cyber Apps World Inc. (the “Company”). These financial statements are condensed and, therefore, do not include all disclosures normally required by accounting principles generally accepted in the United States of America. Therefore, these statements should be read in conjunction with the most recent annual financial statements of Cyber Apps World for the year ended July 31, 2018 included in the Company’s Form 10-K filed with the Securities and Exchange Commission. In particular, the Company’s significant accounting principles were presented as Note 2 to the Financial Statements in that report. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying condensed financial statements and consist of only normal recurring adjustments. The results of operations presented in the accompanying condensed financial statements are not necessarily indicative of the results that may be expected for the full year ending July 31, 2019.
Going Concern
The Company’s financial statements for the period ended October 31, 2018, have been prepared on a going concern basis which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The Company did not have any revenue in and as of October 31, 2018. Management recognized that the Company’s continued existence is dependent upon its ability to obtain needed working capital through additional equity and/or debt financing and revenue to cover expenses as the Company continues to incur losses.
Since its incorporation, the Company financed its operations almost exclusively through advances from its controlling shareholders. Management’s plans are to finance operations through the sale of equity or other investments for the foreseeable future, as the Company does not receive significant revenue from its business operations. There is no guarantee that the Company will be successful in arranging financing on acceptable terms.
The Company's ability to raise additional capital is affected by trends and uncertainties beyond its control. The Company does not currently have any arrangements for financing and it may not be able to find such financing if required. Obtaining additional financing would be subject to a number of factors, including investor sentiment. Market factors may make the timing, amount, terms or conditions of additional financing unavailable to it. These uncertainties raise substantial doubt about the ability of the Company to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of these uncertainties.
The Company’s significant accounting policies are summarized in Note 1 of the Company’s Annual Report on Form 10-K for the year ended July 31, 2018. There were no significant changes to these accounting policies during the three months ended October 31, 2018 and the Company does not expect that the adoption of other recent accounting pronouncements will have a material impact on its financial statements
|
Net Loss Per Common Share |
3 Months Ended |
---|---|
Oct. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | Note 2. Net Loss Per Common Share
Basic loss per common share is computed based on the weighted average number of shares outstanding during the year. Diluted earnings per common share is computed by dividing net earnings (loss) by the weighted average number of common shares and potential common shares during the specified periods. The Company has no outstanding options or warrants that could affect the calculated number of shares. Common stock equivalents related to convertible debt are detailed in Note 3.
|
Convertible Notes Payable and Notes Payable |
3 Months Ended |
---|---|
Oct. 31, 2018 | |
Payables and Accruals [Abstract] | |
Convertible Notes Payable and Notes Payable | Note 3. Convertible Notes Payable and Notes Payable
As of July 31, 2018, the Company has a balance of convertible notes is $77,593 which is convertible into common stock at approx. $0.02 per share. If all of the debt is converted it would result in the issuance of 3,879,650 common shares. The debt is due upon demand and bears 0% interest.
As of October 31, 2018, the Company has several notes payable totaling $1,448, which are due upon demand and bear 0% interest. |
Subsequent Events |
3 Months Ended |
---|---|
Oct. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 4. Subsequent Events
On November 6, 2018 Kateryna Malenko was appointed as Secretary and a member of the board of Directors. Twenty-five million two hundred thousand shares of common stock were issued to Kat Consulting Corp. according to a private placement subscription agreement. The shares of common stock issued at par $.001. Financial Impact of shares issued is $25,200 which is 25,200,000 shares @ $.001 |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
---|---|
Oct. 31, 2018 | |
Accounting Policies [Abstract] | |
Condensed Interim Financial Statements | Condensed Interim Financial Statements – The accompanying unaudited condensed financial statements include the accounts of Cyber Apps World Inc. (the “Company”). These financial statements are condensed and, therefore, do not include all disclosures normally required by accounting principles generally accepted in the United States of America. Therefore, these statements should be read in conjunction with the most recent annual financial statements of Cyber Apps World for the year ended July 31, 2018 included in the Company’s Form 10-K filed with the Securities and Exchange Commission. In particular, the Company’s significant accounting principles were presented as Note 2 to the Financial Statements in that report. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying condensed financial statements and consist of only normal recurring adjustments. The results of operations presented in the accompanying condensed financial statements are not necessarily indicative of the results that may be expected for the full year ending July 31, 2019. |
Going Concern | Going Concern
The Company’s financial statements for the period ended October 31, 2018, have been prepared on a going concern basis which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The Company did not have any revenue in and as of October 31, 2018. Management recognized that the Company’s continued existence is dependent upon its ability to obtain needed working capital through additional equity and/or debt financing and revenue to cover expenses as the Company continues to incur losses.
Since its incorporation, the Company financed its operations almost exclusively through advances from its controlling shareholders. Management’s plans are to finance operations through the sale of equity or other investments for the foreseeable future, as the Company does not receive significant revenue from its business operations. There is no guarantee that the Company will be successful in arranging financing on acceptable terms.
The Company's ability to raise additional capital is affected by trends and uncertainties beyond its control. The Company does not currently have any arrangements for financing and it may not be able to find such financing if required. Obtaining additional financing would be subject to a number of factors, including investor sentiment. Market factors may make the timing, amount, terms or conditions of additional financing unavailable to it. These uncertainties raise substantial doubt about the ability of the Company to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of these uncertainties.
The Company’s significant accounting policies are summarized in Note 1 of the Company’s Annual Report on Form 10-K for the year ended July 31, 2018. There were no significant changes to these accounting policies during the three months ended October 31, 2018 and the Company does not expect that the adoption of other recent accounting pronouncements will have a material impact on its financial statements |
Convertible Notes Payable and Notes Payable (Details Narrative) |
Jul. 31, 2018
USD ($)
|
---|---|
Payables and Accruals [Abstract] | |
Convertible notes payable | $ 77,593 |
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