Quarterly Report (10-q)

Date : 03/15/2019 @ 5:00PM
Source : Edgar (US Regulatory)
Stock : Cyber Apps World Inc. (CYAP)
Quote : 0.29  -0.08 (-21.62%) @ 7:24PM

Quarterly Report (10-q)

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 January 31, 2019

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 January 31, 2019, there were 49,519,935 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 January 31, 2019 and July 31, 2018 (Unaudited)   1
Statements of Operations for the Three Months and Six months Ended January 31, 2019 and 2018 (Unaudited)   2
Statements of Cash Flows for the Six Months Ended January 31, 2019 and 2018 (Unaudited)   3
Notes to Unaudited Financial Statements   4
     
ITEM 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations   5
     
ITEM 3 - Quantitative and Qualitative Disclosures About Market Risk   6
     
ITEM 4 - Controls and Procedures   6
   
PART II. OTHER INFORMATION   7
     
ITEM 6 – Exhibits   7

 

 

 

 

 

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, 2016. 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 January 31, 2019 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)

     

 

`   January 31, 2019   July 31, 2018
         
Assets                
Current assets:                
Deposits     12,397       469  
Total current assets     12,397       469  
Property & Equipment, net                
Total assets     12,397       469  
                 
 Liabilities and Stockholders' Deficiency                
                 
Current liabilities:                
                 
Accounts payable and accrued expenses     125,054       101,536  
Convertible Note Payable     —         29,767  
Notes Payable     —         77,593  
Loan Payable     100,000       —    
Total Current Liabilities     225,054       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;                
49,519,935 and 24,319,935 issued and outstanding at January 31, 2018 and July 31 2018 , respectively.     49,520       24,320  
Additional paid-in capital     8,372,742       8,347,542  
Accumulated deficit     (8,609,719 )     (8,580,289 )
Stockholders' deficiency     (212,657 )     (208,427 )
Total liabilities and stockholders' equity     12,397       469  

 

`

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

1

 

         

 

Cyber Apps World, Inc.  

Statements of Operations  

(unaudited)  

 

    For the Three Months Ended January 31,   For the Six Months Ended January 31,
    2019   2018   2019   2018
Net Sales   $ —       $ —         —         —    
                                 
Operating expenses:                                
General and administrative     12,794       870       29,430       294  
Research & Development     —         —         —         —    
                                 
Total operating expenses     12,794       870       29,430       294  
                                 
Income / (Loss) from operations     (12,794 )     (870 )     (29,430 )     (294 )
                                 
Other (expenses)/ income     —         —         —         —    
                                 
 Net Income / (Loss) before provision for income taxes   $ (12,794 )   $ (870 )     (29,430 )     (294 )
                                 
Provision for (benefit from) income taxes     —         —         —         —    
Net Income / (Loss)   $ (12,794 )   $ (870 )     (29,430 )     (294 )
                                 
Net Income per common share- basic and diluted   $ —       $ —         —         —    
Weighted average number of common shares outstanding- basic and diluted     47,858,397       24,319,935       36,024,853       24,319,935  

 

The accompanying notes are an integral part of these consolidated financial statements    

2

 

                           

 

Cyber Apps World, Inc.

Statements of Cash Flows

(unaudited)

       

 

    Six Months Ended January 31,
    2019   2018
CASH FLOWS FROM OPERATING ACTIVITIES:                
Net Income / (loss)     (29,430 )     (294 )
Adjustments to reconcile net loss to net cash utilized in operating activities                
Shares issued for cash     25,200       —    
Change in Deposit     (11,928 )     (469 )
Change in accounts payable and accrued expenses     23,518       (24,913 )
Change in other receivable     —         —    
Net cash used in operating activities     (7,360 )     (25,676 )
                 
CASH FLOWS FROM INVESTING ACTIVITIES:                
Net cash used in investing activities     —         —    
                 
CASH FLOWS FROM FINANCING ACTIVITIES:                
Loan Payable     100,000       —    
Note Payable     (77,593 )     25,676  
Repayment of convertible note     (29,767 )        
Net cash provided by financing activities     (7,360 )     25,676  
                 
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 consolidated financial statements

3

 

                 

NOTES TO UNAUDITED FINANCIAL STATEMENTS

As of and for the Six Months Ended January 31, 2019

(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 January 31, 2019, 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 January 31, 2019. 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 new 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 Six months ended January 31, 2019 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

 

Loss per share is computed based on the weighted average number of shares outstanding during the year. Diluted loss per common share is computed by dividing net loss by the weighted average number of common shares and potential common shares during the specified periods. The Company has no outstanding options, warrants or other convertible instruments that could affect the calculated number of shares. We incurred a net loss of $2,034 during the year ended July 31, 2018, and a loss of $29,430 for period ended January 31, 2019.

 

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 January 31, 2019 the convertible note has been repaid.

 

As of January 31, 2019, the Company has one Promissory Note payable in the amount of $100,000, which is due and payable within 30 days of demand and bear’s 10% interest per annum.

 

Note 4. Subsequent Events

 

The Company filed a 1:45 reverse split with FINRA which will reduce issued common stock to 1,098,2221 and authorized common stock to 1,111,111 effective February 19, 2019.

4

 

 

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)

 

         On August 17, 2007, our Board of Directors approved the change in our fiscal year from the calendar year to a fiscal year ending on July 31.

 

On July 27, 2012, Mehboob Charania resigned as President and as a member of the board of directors; and Liudmila Voinarovska was appointed as President and became the CEO and sole director.

 

On December 19, 2012, our Board of Directors authorized the merger with our wholly-owned subsidiary, Clean Enviro Tech Corp. and also approved the filing with the Secretary of State of Nevada a Certificate of Change that effected a 1:50 reverse split in our outstanding common stock and a reduction of our authorized common stock in the same 1:50 ratio, from 500,000,000 shares to 10,000,000 shares. In the merger the name of our company was changed from Sky Power Solutions Corp. to Clean Enviro Tech Corp. The change of the Company’s name to Clean Enviro Tech Corp. and the 1:50 reverse split with the concurrent reduction of our authorized common stock in the same ratio were approved by FINRA and effective for trading purposes on January 19, 2013.

5

 

 

On May 30, 2014 Gordon F. Lee was appointed as CEO. The Company had a letter of intent with Red Apple Pharm and was conducting due diligence. Red Apple Pharm never provide their financials. Then on June 20, 2014 Mr. Lee resigned.

 

On April 9, 2016, our Board of Directors authorized the merger with our wholly owned subsidiary Cyber Apps World. In the merger the name of the Company was changed to Cyber Apps World Inc.

 

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 Six months Ended January 31, 2019 and 2018

As of January 31, 2019 and 2018, we had cash on hand of $0 and $0 respectively. During the period ended January 31, 2019 and 2018 we incurred a net loss of $29,430 and $294 respectively. On January 31, 2019 and 2018, we had a working capital deficiency of $112,657 and $101,067 respectively and a stockholders' deficit of $212,657 and $208,427 respectively.

 

We had 49,519,935 shares of common stock issued and outstanding as of January 31, 2019.  Our common stock is quoted on the OTCQB of the OTC Markets Group.

 

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. As of January 31, 2019 and 2018 respectively, we had cash on hand of $0 and $0. For the period ended January 31, 2019 and 2018 respectively, we have reported a net loss of $29,430 and $294; a working capital deficiency of $112,657 and $101,067; and a stockholders' deficit of $212,657 and $208,427 respectively.

 

We expect that we will continue to incur operating losses until our apps have proven themselves in the marketplace. If the apps are not successful, and if sales are not actualized in the near future it will adversely affect the company.  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.

 

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.

6

 

  

PART II

 

 

  

Item 6. Exhibits.

  

 

Exhibit 

No.
  Description
31   Certification  of  Chief Executive Officer and Principal  Financial Officer Pursuant to Section 302 of the Sarbanes- Oxley Act of 2002, filed herewith.
     
32   Certification of Chief Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith.

 

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.

 

7

 

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.

 

    CLEAN ENVIRO TECH CORP.  
       
By:   /s/ Liudmilla Voinarovska  
    Chief Executive Officer and Principal Financial Officer  
       
    Date: March 15, 2019  

 

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: March 15, 2019  

 

8

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