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 April 30, 2015
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.
(formerly Clean Enviro Tech Corp.)
(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 $0.001 per share
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. [X] Yes [ ] 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, or a smaller reporting company. (Check One):
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).
[ ] Yes [X] No
On June 12, 2015, there were 19,517,764 shares
of common stock outstanding.
Table of Contents
| |
Page No. |
PART I. FINANCIAL INFORMATION | |
| | |
ITEM 1 - Unaudited Financial Statements | |
| 3 | |
Balance Sheets as of April 30, 2015 and July 31, 2014 (Unaudited) | |
| 4 | |
Statements of Operations for the Three and Nine Months Ended April 30, 2015 and 2014 (Unaudited) | |
| 5 | |
Statements of Cash Flows for the Nine Months Ended April 30, 2015 and 2014 (Unaudited) | |
| 6 | |
| |
| | |
Notes to Unaudited Financial Statements | |
| 8-14 | |
ITEM 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations | |
| 14-16 | |
ITEM 3 - Quantitative and Qualitative Disclosures About Market Risk | |
| 17 | |
ITEM 4 - Controls and Procedures | |
| 17 | |
PART II. OTHER INFORMATION | |
| 17 | |
ITEM 6 – Exhibits | |
| 17-20 | |
PART I. FINANCIAL INFORMATION
ITEM 1. Unaudited Financial Statements
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, 2014. 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 and
nine months ended April 30, 2015 and 2014 are not necessarily indicative of the results for the entire fiscal year or for any
other period.
Cyber Apps World, Inc.
(formerly Clean Enviro Tech Corp.)
Balance Sheets
| |
April 30, | |
|
| |
2015 | |
July 31, |
| |
(unaudited) | |
2014 |
Assets | |
| |
|
Current assets: | |
| | | |
| | |
Prepaid expenses | |
$ | 750 | | |
$ | — | |
Total current assets | |
| 750 | | |
| — | |
Property and equipment, net | |
| 2,257 | | |
| 3,225 | |
Total assets | |
$ | 3,007 | | |
$ | 3,225 | |
Liabilities and Stockholders' Deficiency | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 111,491 | | |
$ | 276,676 | |
Advances | |
| — | | |
| 214,682 | |
Convertible notes payable - related party | |
| 29,767 | | |
| — | |
Notes payable - related party | |
| 32,030 | | |
| — | |
Due to related parties | |
| 17,483 | | |
| 173,600 | |
Total current liabilities | |
| 190,771 | | |
| 664,958 | |
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 April 30, 2015;
19,517,764 and 1,967,764 issued and outstanding at April 30 , 2015 and July 31, 2014, respectively. | |
| 19,518 | | |
| 1,968 | |
Additional paid-in capital | |
| 8,256,343 | | |
| 7,376,548 | |
Retained deficit | |
| (8,463,625 | ) | |
| (8,040,249 | ) |
Stockholders' deficiency | |
| (187,764 | ) | |
| (661,733 | ) |
Total liabilities and stockholders' deficiency | |
$ | 3,007 | | |
$ | 3,225 | |
See accompanying notes to unaudited financial
statements
Cyber Apps World, Inc.
(formerly Clean Enviro Tech Corp.)
Statements of Operations
(unaudited)
| |
For the Three Months Ended | |
For the Nine Months Ended |
| |
April 30, | |
April 30, |
| |
2015 | |
2014 | |
2015 | |
2014 |
Net sales | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
General and administrative | |
| 19,389 | | |
| 15,679 | | |
| 52,531 | | |
| 55,520 | |
Research and development | |
| — | | |
| — | | |
| — | | |
| 6,460 | |
Loss from operations | |
| (19,389 | ) | |
| (15,679 | ) | |
| (52,531 | ) | |
| (61,980 | ) |
Other (expenses)/income | |
| | | |
| | | |
| | | |
| | |
Amortization of beneficial conversion feature | |
| — | | |
| — | | |
| (370,845 | ) | |
| — | |
Net loss before provision for (benefit from) income taxes | |
| (19,389 | ) | |
| (15,679 | ) | |
| (423,376 | ) | |
| (61,980 | ) |
Provision for (benefit from) income taxes | |
| — | | |
| — | | |
| — | | |
| — | |
Net loss | |
$ | (19,389 | ) | |
$ | (15,679 | ) | |
$ | (423,376 | ) | |
$ | (61,980 | ) |
Net loss per common share - basic and diluted | |
$ | (0.00 | ) | |
$ | (0.01 | ) | |
$ | (0.05 | ) | |
$ | (0.03 | ) |
Weighted average number of common shares outstanding - | |
| | | |
| | | |
| | | |
| | |
basic and diluted | |
| 19,517,764 | | |
| 1,967,764 | | |
| 8,332,050 | | |
| 1,967,764 | |
See accompanying notes to unaudited financial statements
Cyber Apps World, Inc.
(formerly Clean Enviro Tech Corp.)
Statements of Cash Flows
(unaudited)
| |
For the Nine Months Ended |
| |
April 30, |
| |
2015 | |
2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net loss | |
$ | (423,376 | ) | |
$ | (61,980 | ) |
Adjustments to reconcile net loss to net cash utilized by operating activities | |
| | | |
| | |
Depreciation | |
| 967 | | |
| 967 | |
Amortization of beneficial conversion feature | |
| 370,845 | | |
| — | |
Expenses paid on the Company's behalf by a third party | |
| 49,513 | | |
| 58,305 | |
Increase (decrease) in cash flows from changes in operating assets and liabilities | |
| | | |
| | |
Prepaid expenses and other current assets | |
| (750 | ) | |
| — | |
Accounts payable and accrued expenses | |
| 2,801 | | |
| 2,708 | |
Net cash used in operating activities | |
| — | | |
| — | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Net cash used in investing activities | |
| — | | |
| — | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Net cash provided by financing activities | |
| — | | |
| — | |
CHANGE IN CASH AND CASH EQUIVALENTS | |
| | | |
| | |
Net decrease in cash and cash equivalents | |
| — | | |
| — | |
Cash and cash equivalents at beginning of period | |
| — | | |
| — | |
Cash and cash equivalents at end of period | |
$ | — | | |
$ | — | |
SUPPLEMENTAL CASH FLOW DISCLOSURES | |
| | | |
| | |
Cash paid during the period for: | |
| | | |
| | |
Interest | |
$ | — | | |
$ | — | |
Income taxes | |
$ | — | | |
$ | — | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES | |
| | | |
| | |
Convertible notes issued for debt and liabilities | |
$ | 556,267 | | |
$ | — | |
Common shares issued for convertible debt | |
$ | 468,000 | | |
$ | — | |
Common shares issued for convertible debt – related party | |
$ | 58,500 | | |
| | |
Beneficial conversion feature discount | |
$ | 370,845 | | |
$ | — | |
See accompanying notes to unaudited financial statements
CYBER APPS WORLD INC.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
As of and for the Three and Nine Months
Ended April 30, 2015
(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. formerly known as Clean Enviro
Tech Corp. (the “Company” or “CYAP”). 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 CYAP for the year ended July
31, 2014 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, 2015.
Going Concern - The Company’s financial statements
for the period ended April 30, 2015, 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 and as of
April 30, 2015, there was a working capital deficit of $190,021. 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. The Company has recently drafted a new business plan. It is uncertain
if the Company will be successful in this endeavor. The Company therefore anticipates needing to continue to finance operations
through the sale of equity or other investments for the foreseeable future, until the Company begins to receive revenue from 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 2 of the Company’s Annual Report on Form 10-K for the year ended July 31, 2014. There were no significant
changes to these accounting policies during the nine months ended April 30, 2015 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. Common Stock
On January 26, 2015, the Company
increased the authorized common stock from 10,000,000 shares to 250,000,000 shares. The increase was approved by shareholder vote
at a special called meeting held January 16, 2015.
On January 22, 2015, the Company issued 17,550,000
(post split) shares of common stock for the conversion of $526,500 in convertible notes payable (see Note 5).
On April 30, 2015 a one for five reverse split was effective for both the issued
and outstanding and the authorized shares. The financial statements and disclosures have been retroactively restated
to account for the reverse split.
Note 3. 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, except for $29,767 of debt that is convertible
into common stock at approx. $0.02 per share (post split). If all of the debt is converted it would be 1,488,350 (post split).
Note 4. Notes Payable
On December 15, 2010, the Company issued a non-interest bearing,
due on demand, promissory note to Mehboob Charania, (former chief executive and principal financial officer) for which it has
received advances of $173,600 and repaid $0. The transaction amounts are reported as current due to the fact that they are due
upon demand.
On November 1, 2014, the note was assigned to Frontline Asset Management,
a related party (“Frontline”) and was converted in January 2015.
In March 2015, the Company executed two promissory notes with Frontline
Asset Management totaling $32,029. The promissory note for $8,475 bears no interest and is due in March 2018. The promissory note
for $23,445 bears no interest and is due upon demand.
Note 5. Convertible Notes Payable and Due to Related
Party
At July 31, 2014, the Company owed Frontline $214,682
from debt assumed in 2012, recorded on the balance sheet as Advances. Various advances from the same party for operating expenses
since that time have been booked as accounts payable. During the nine months ended April 30, 2015 and 2014, the Company received
advances totaling $49,513 and $18,893, respectively; and made payments of $0 and $0, respectively. The assigned debt and any subsequent
debt we incur is interest free. No term has been set for repayment and no payment is expected until the Company has begun to become
a profitable venture.
On January 20, 2015, the Company consolidated Frontline’s
liabilities consisting of accounts payable of $167,985, Due to Related Parties of $173,600 and Advances of $214,682 by executing
a convertible promissory note for a total amount of $556,267. The loan bears no interest and is due upon demand. The debt is convertible
at $0.02 per share (post split). This resulted in a debt discount from the beneficial conversion feature of $370,845 for the intrinsic
value of the beneficial conversion feature. This discount was fully amortized during the period, due to the fact that the convertible
note is due on demand.
On January 22, 2015 Frontline assigned $526,500 of
the convertible note to non-related parties totaling $468,000 and $58,500 to a related party after which the conversion option
for the full $526,500 was exercised, resulting in the issuance of 17,550,000 shares of common stock (post split)(see Note 2).
As of April 30, 2015, after the consolidation of
these liabilities of $468,000 assignment to third parties and $58,500 to a related party shareholder and subsequent conversion,
the balance of convertible notes related party is $29,767 and due to related party is $17,483.
Note 6. Subsequent Events
Effective May 28, 2015, the Company entered
into a license agreement (the “Agreement”) with eCommerce Technologies Inc. (“Licensor”), providing for
the license by the Company of certain patented ecommerce technology (the “Licensed Technology”), under a non-exclusive
right and license to market, use or sell the Licensed Technology and improvements thereto worldwide, subject to the patent coverage
of the Licensed Technology.
The Company plans to market products and services
relating to the Licensed Technology using the Company’s INSTANT COUPONS APP platform.
The Company has agreed to pay the Licensor a royalty/marketing fee in the amount of 1.0% for all "service(s)” transacted
thru this platform and 0.05% of all products sold below $500, 0.025% for all products sold for between $501 to $2,500 and 0.01%
for all products sold for over $2.501 on each and every Licensed Product sold or marketed by the Company. No fees are due as of
April 30, 2015.
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.
Introduction
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)
CYAP has a few physical assets from the lithium
battery and solar power system work currently in storage. The Company now has changed our focus and intends to develop and acquire
a worldwide e-commerce internet platform in which revenues will be based on the purchase and sale of products and services by
way of mobile/computer applications online (24/7). We has determined not to continue work on the residential
Solar Concentrating, Electric Power Generation Systems or the lithium batteries at this time..
Cyber Apps World anticipates making available to subscribers, a
growing list of applications and programs, the first App to be released with an anticipated launch of mid-November 2015 is “INSTANT
COUPONS APP”.
INSTANT COUPONS APP is a subscriber-based application allowing
users around the world to save money on products and services from member merchants and suppliers instantly with mobile coupons,
using their desktops and/or mobile devices, including smartphones. No coupon printing is required from mobile devices.
CYAP will generate revenues using technology to process and complete
transactions around the world with reduced overhead and a minimal cost for handling. Products are shipped directly from the Merchant
Partner to the customer further reducing the transaction cost for Cyber Apps World.
INSTANT COUPONS APP is an all in one ecommerce
platform that will allow consumers and businesses around the world to purchase and sell unlimited products and services. Consumers
in every city worldwide will be able to instantly access coupons and discounts for local, national and international goods and
services. Consumers complete their order online or show the coupon on their mobile device to the cashier at checkout to receive
the savings; no need to print coupons. This will enable Merchant partners to pass on savings to consumers and reduce their costs
by eliminating distributors, wholesalers and retailers and ship direct to the consumer.
Cyber Apps World has entered (May 28,
2015) into a Worldwide Marketing License Agreement to market products and services using the INSTANT
COUPONS APP platform.
The INSTANT COUPONS APP platform
will allow merchants wishing to offer coupons or discounts on products and services to easily upload their complete merchandise
description on the INSTANT COUPONS APP website merchant portal. The listing is promptly reviewed for approved by INSTANT COUPONS
APP then made available to consumers on a real time basis. This provides Merchant partners the flexibility to work with ever changing
market conditions and respond in real-time.
Instant Coupons Apps will enable Merchants with overstock inventory
to offer a greater savings for a limited time or until the available inventory has been depleted. Merchants can cancel a listing
instantly.
The INSTANT COUPONS APP works
in conjunction with the user’s smartphone GPS and will notify users with alerts for coupons while they are in the neighborhood.
Subscriber’s smartphones navigation will sense when a user is near a participating Merchant stores or restaurants
and send an alert with coupons available for instant savings. This enhanced feature provides savings even when the consumer was
unaware of available discounts. This is an automatic feature.
INSTANT COUPONS APP consumers and merchants are protected as all funds are held in an
escrow account insuring they receive their purchase prior to funds being released to the merchant. INSTANT COUPONS APP will ensure
compliance and customer satisfaction.
INSTANT COUPONS Apps Merchant partners will not pay fees to subscribers.
Revenues will be generated in two ways:
1. | | Businesses can purchase advertising within INSTANT COUPONS App, these Banner Ads and
Active Links to the Advertiser’s website/portal and other opportunities will be available to Merchant Partners. This will
appeal to offerings were a coupon may not be appropriate. |
2. | | Commissions for products and services sold via the INSTANT COUPONS App will be paid
to Cyber Apps World upon completion of online purchases. |
Results of Operations for the Three
months Ended April 30, 2015
We incurred a net loss of $19,389 during the
three months ended April 30, 2015, which included: general and administrative (G&A) costs of $19,389 and research and development
(“R&D”) expenses of $0 and interest expense related to beneficial conversion feature of $0.
2015 Compared to 2014
Our net loss for the three months ended April
30, 2015 increased to $19,389 from $15,679 for the same period ending April 30, 2014. The increase was primarily due to an increase
in interest expense related to beneficial conversion feature.
The Company signed a non-exclusive License
Agreement with eCommerce Technologies Inc. on May 28, 2015 to market worldwide their patent pending technology. Cyber Apps World
anticipates making available to subscribers, an ever-growing list of applications and programs, the first App to be released will
be “INSTANT COUPONS APP”. Cyber Apps World will generate revenues using technology to process and complete transactions
around the world with reduced overhead and a minimal cost for handling. Products are shipped directly from the Merchant Partner
to the customer further reducing the transaction cost for Cyber Apps World.
CYAP will no longer continue work on the development
of the Stand Alone Residential Solar Concentrating Electric Power Generation System, or the rechargeable lithium ion battery systems.
Liquidity and Capital Resources
As of April 30, 2015, we had cash on hand
of $0 and liabilities of $190,771 as compared with liabilities of $664,958 at July 31, 2014, and our property plant and equipment
decreased to $2,257 at April 30, 2015, as compared with $3,225 at July 31, 2014. Accounts payable and accrued expenses decreased
at April 30, 2015, to $111,491 as compared with $276,676 at July 31, 2014, and advances were $0 at April 30 2015, as compared
to $214,682 at July 31, 2014 and notes payable were $32,030 at April 30, 2015, as compared to $0 at July 31, 2014 and convertible
notes payable was $29,767 at April 30, 2015, as compared to $0 at July 31, 2014 and due to related parties was $17,483 at April
30, 2015, as compared to $173,600 at July 31, 2014. The significant fluctuations were due to the reclassification of debt and the conversion
of debt into shares of common stock during this period.
At April 30, 2015, we had a working capital deficiency
of $190,021 and a stockholders' deficit of $187,764.
We used net cash in operating activities of
$0 in the nine months ended April 30, 2015, as compared with $0 in the comparable period in 2014, and cash flows used in investing
activities for the purchase of property, plant and equipment was $0 during 2015 and $0 in 2014.
Since our incorporation, we have
financed our operations almost exclusively through advances from our controlling shareholders. The Company has drafted
a new business plan. It is uncertain if the Company will be successful in this endeavor. The Company therefore anticipates needing
to continue to finance operations through the sale of equity or other investments for the foreseeable future, until the Company
begins to receive revenue from business operations. There is no guarantee that the Company will be successful in arranging financing
on acceptable terms. There is no guarantee that we will be successful in arranging financing on acceptable
terms.
Our ability to raise additional capital is
affected by trends and uncertainties beyond our control. We do not currently have any arrangements for financing
and we 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 us.
Our auditors are of the opinion that our continuation
as a going concern is in doubt. Our continuation as a going concern is dependent upon continued financial support
from our shareholders and other related parties.
Critical Accounting Issues
The Company's discussion and analysis of its financial condition and results of operations
are based upon the Company's financial statements, which have been prepared in accordance with accounting principles generally
accepted in the United States of America. The preparation of the financial statements requires the Company to make estimates
and judgments that affect the reported amount of assets, liabilities, and expenses, and related disclosures of contingent
assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to
intangible assets, income taxes and contingencies and litigation. The Company bases its estimates on historical experience
and on various assumptions that are believed to be reasonable under the circumstances, the results of which
form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from
other sources. Actual results may differ from these estimates under different assumptions or conditions.
ITEM 3. Quantitative and Qualitative Disclosures About Market
Risk.
Interest Rate Risk - Interest rate risk refers
to fluctuations in the value of a security resulting from changes in the general level of interest rates. Investments that are
classified as cash and cash equivalents have original maturities of three months or less. Our interest income is sensitive to
changes in the general level of U.S. interest rates. We do not have significant short-term investments, and due to the short-term
nature of our investments, we believe that there is not a material risk exposure.
Other business are already involved in similar endeavors and there is no guarantee that
Cyber Apps will be able to realize a profit within this market.
ITEM 4. Controls and Procedures.
As
of the end of the fiscal quarter covered by this Form 10-Q, the Company carried out an evaluation, under the supervision and with
the participation of the Company’s management, including the Company’s Chief Executive Officer and Principal Financial
and Accounting Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures
as defined in Rule 13a-14 of the Securities Exchange Act of 1934. Based upon that evaluation, the Chief Executive Officer and
Principal Financial and Accounting Officer concluded that the Company’s disclosure controls and procedures are not effective
in timely alerting her to material information relating to the Company (including its consolidated subsidiaries) required to be
included in this Quarterly Report on Form 10-Q. There have been no changes in the Company’s internal controls or in other
factors which could significantly affect internal controls subsequent to the date the Company carried out its evaluation.
PART II. OTHER INFORMATION
Stock
On January 26, 2015 the Company increased the authorized common stock from Ten Million
shares to Two Hundred Fifty Million shares. The increase was approved by shareholder vote at a special meeting held January
16, 2015.
ITEM 6. Exhibits
31 |
|
Certification of Chief Executive Officer and Principal Financial
Officer Pursuant to Section 302 of the Sarbanes-
Oxley Act of 2002, filed herewith. |
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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. |
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101.INS |
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XBRL Instance Document |
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101.SCH |
|
XBRL Taxonomy Extension Schema Document |
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101.CAL |
|
XBRL Taxonomy Calculation Linkbase Document |
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101.DEF |
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XBRL Taxonomy Extension Definition Linkbase Document |
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101.LAB |
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XBRL Taxonomy Label Linkbase Document |
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101.PRE |
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XBRL Taxonomy Presentation Linkbase Document |
The XBRL related information in Exhibits 101 to this Quarterly Report on Form 10-Q 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.
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.
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CYBER APPS WORLD INC. |
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By: |
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/s/ Liudmilla Voinarovska |
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Chief Executive Officer and Principal Financial Officer |
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Date: June 15, 2015 |
EXHIBIT 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, Liudmilla Voinarovska, 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 period covered by this report; |
3. | | Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report; |
4. | | I am responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f))for the registrant and have: |
a. | | designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision to ensure that material information relating to the registrant, including
its 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. | | 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 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: June 15, 2015 |
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/s/ Liudmilla Voinarovska |
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Liudmilla Voinarovska, 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 nine months ended April 30, 2015 as filed with the Securities and Exchange
Commission on the date hereof (the “Report”), I, Liudmilla Voinarovska, Chief Executive Officer and
Principal Financial 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. |
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/s/ Liudmilla Voinarovska |
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Liudmilla Voinarovska |
June 15, 2015 |
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Chief Executive Officer and Principal Financial Officer |
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