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, 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.
(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 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 December 15, 2015, there were 19,519,935
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 October 31, 2015 and July 31, 2014 (Unaudited) | |
| 1 | |
Statements of Operations for the Three Months Ended October 31, 2015 and 2014 (Unaudited) | |
| 2 | |
Statements of Cash Flows for the Three Months Ended October 31, 2015 and 2014 (Unaudited) | |
| 3 | |
Notes to Unaudited Financial Statements | |
| 4-5 | |
| |
| | |
ITEM 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations | |
| 6-7 | |
| |
| | |
ITEM 3 - Quantitative and Qualitative Disclosures About Market Risk | |
| 8 | |
| |
| | |
ITEM 4 - Controls and Procedures | |
| 8 | |
| |
| | |
PART II. OTHER INFORMATION | |
| 9 | |
| |
| | |
ITEM 6 – Exhibits | |
| 9 | |
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, 2015. 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, 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 |
| |
October 31, | |
July 31, |
| |
2015 | |
2015 |
| |
(unaudited) | |
|
Assets | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Deposits | |
$ | 10,000 | | |
$ | 10,000 | |
Total current assets | |
| 10,000 | | |
| 10,000 | |
| |
| | | |
| | |
Website development costs, net | |
| 3,000 | | |
| — | |
Total assets | |
$ | 13,000 | | |
$ | 10,000 | |
| |
| | | |
| | |
Liabilities and Stockholders' Deficiency | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 115,825 | | |
$ | 112,637 | |
Convertible notes payable - related party | |
| 29,767 | | |
| 29,767 | |
Notes payable - related party | |
| 83,608 | | |
| 68,112 | |
Total current liabilities | |
| 229,200 | | |
| 210,516 | |
| |
| | | |
| | |
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 October 31, 2015;19,519,935
and 19,519,935 issued and outstanding at October 31, 2015 and July 31, 2015, respectively. | |
| 19,520 | | |
| 19,520 | |
Additional paid-in capital | |
| 8,256,341 | | |
| 8,256,341 | |
Retained deficit | |
| (8,492,061 | ) | |
| (8,476,377 | ) |
Stockholders' deficiency | |
| (216,200 | ) | |
| (200,516 | ) |
| |
| | | |
| | |
Total liabilities and stockholders' deficiency | |
$ | 13,000 | | |
$ | 10,000 | |
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 |
| |
October 31, |
| |
2015 | |
2014 |
Net sales | |
$ | — | | |
$ | — | |
Operating expenses: | |
| | | |
| | |
General and administrative | |
| | | |
| | |
Loss from operations | |
| (15,684 | ) | |
| (9,153 | ) |
| |
| | | |
| | |
Net loss before provision for (benefit from) income taxes | |
| (15,684 | ) | |
| (9,153 | ) |
Provision for (benefit from) income taxes | |
| — | | |
| — | |
Net loss | |
$ | (15,684 | ) | |
$ | (9,153 | ) |
Net loss per common share - basic and diluted | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
| |
| | | |
| | |
Weighted average number of common shares outstanding – basic and diluted | |
| 19,519,935 | | |
| 1,969,935 | |
See accompanying notes to unaudited financial statements
Cyber Apps World, Inc. |
(formerly Clean Enviro Tech Corp.) |
Statements of Cash Flows |
(unaudited) |
| |
For the Three Months Ended |
| |
October 31, |
| |
2015 | |
2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net loss | |
$ | (15,684 | ) | |
$ | (9,153 | ) |
Adjustments to reconcile net loss to net cash utilized by operating activities | |
| | | |
| | |
Depreciation | |
| — | | |
| 323 | |
Expenses paid on the Company's behalf by a third party Increase (decrease) in cash flows from changes in operating assets and liabilities | |
| 15,496 | | |
| 8,975 | |
Accounts payable and accrued expenses | |
| 3,188 | | |
| (145 | ) |
Net cash used in operating activities | |
| 3,000 | | |
| — | |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Capitalization of website development costs | |
| (3,000 | ) | |
| — | |
Net cash used in investing activities | |
| (3,000 | ) | |
| — | |
| |
| | | |
| | |
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 year | |
| — | | |
| — | |
Cash and cash equivalents at end of year | |
$ | — | | |
$ | — | |
| |
| | | |
| | |
SUPPLEMENTAL CASH FLOW DISCLOSURES | |
| | | |
| | |
Cash paid during the year for: | |
| | | |
| | |
Interest | |
$ | — | | |
$ | — | |
Income taxes | |
$ | — | | |
$ | — | |
See accompanying notes to unaudited financial statements
Cyber Apps World Inc.
(formerly Clean Enviro Tech Corp.)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
As of and for the Three Months Ended October
31, 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, 2015 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, 2016.
Going Concern - The Company’s
financial statements for the period ended October 31, 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 October 31, 2015, there was a working capital deficit of $219,200. 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, 2015. There were
no significant changes to these accounting policies during the three months ended October 31, 2015 and the Company does not expect
that the adoption of other recent accounting pronouncements will have a material impact on its financial statements.
Website Development Costs - The Company
capitalizes its costs to develop its website and when preliminary development efforts are successfully completed, management has
authorized and committed project funding, and it is probable that the project will be completed and the website will be used as
intended. Such costs are amortized on a straight-line basis over the estimated useful life of the related asset, which approximates
three years. Costs incurred prior to meeting these criteria, together with costs incurred for training and maintenance, are expensed
as incurred. Costs incurred for enhancements that are expected to result in additional material functionality are capitalized
and expensed over the estimated useful life of the upgrades. The Company is still developing its website and plans to launch the
website in February 2016 and will commence amortization once the website is placed in service.
The Company capitalized website costs of $3,000
and $-0- during the three months ended October 31, 2015 and 2014, respectively. Amortization expenses of $-0- and $-0- during
the three months ended October 31, 2015 and 2014, respectively.
Note 2. Deposit
On 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 for a period of five years,
subject to the patent coverage of the Licensed Technology. On November 15, 2015, the parties agreed to extend the due date from
November 15, 2015 to February 15, 2016.
As of July 31, 2015, the Company has made
a deposit of $10,000 with a remaining balance due on February 15, 2016, totaling $490,000. Through the date of this filing, the
balance remains outstanding.
Note 3. Website
During the three months ended October 31,
2015, the Company had $3,000 in website development costs related to the licensed technology. The Company is still developing
the website and has not placed in service. Amortization will commence once the website is placed in service over a three year
useful life.
Note 4. 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 with common share equivalents
would be 1,488,350 (post split).
Note 5. Convertible Notes Payable and Notes Payable
As of October 31, 2015, the
Company has a balance of convertible notes is $29,767 which is convertible into common stock at approx. $0.02 per share (post
split). The debt is due upon demand and bears 0% interest.
As of October 31, 2015, the
Company has several notes payable totaling $83,608 which is due upon demand and bears 0% interest.
Note 6. Subsequent Events
On November 15, 2015, the Company
and eCommerce Technologies Inc. agreed to extend the due date from November 15, 2015 to February 15, 2016 for the payment of $490,000.
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. We changed our business in 2008, entering into a license agreement with
Li-ion Motors on April 15, 2008, for the license of the development of their lithium battery technology. We sold our
Zingo Telecom, Inc. and M/S Zingo BPO Services Pvt. Ltd. subsidiaries that offered telecommunications services to business and
residential customers utilizing VoIP technology on May 15, 2008. To reflect our new business, we changed our name from Zingo,
Inc. to Superlattice Power, Inc. on April 25, 2008 and on April 2, 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.
A three-for-one forward
split in our common stock was effective October 19, 2009. The Certificate of Change filed with the Nevada Secretary of State on
September 18, 2009, for the forward split changed the number of shares of our outstanding common stock from 115,000,000 to 345,000,000,
and the number of shares of our authorized common stock in the same ratio, from 250,000,000 to 750,000,000. On April
2, 2011, the Board approved the filing with the Secretary of State of Nevada a Certificate of Change that affected a 1:300 reverse
split in our outstanding common stock and a reduction of our authorized common stock in the same 1:300 ratio, from 750,000,000
shares to 2,500,000 shares. This was effective April 26, 2011.
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.
In May 2014, the Company
entered into a letter of intent with Red Apple Pharm. They had sixty days to provide their financial records and completion of
due diligence. Gordon F. Lee was appointed as CEO on May 30, 2014. The Company didn’t receive financials. On June 20, 2014
Mr. Lee resigned.
On 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 nonexclusive
right and license to market, use or sell the Licensed Technology and improvements thereto worldwide for a period of five years,
subject to the patent coverage of the Licensed Technology. As of July 31, 2015, the Company has made a deposit of $10,000 with
a remaining balance due on February 15, 2016, totaling $490,000.
Results of Operations for the Three
months Ended October 31, 2015
We incurred a net loss
of $15,684 during the three months ended October 31, 2015, which included: general and administrative (G&A) costs of $15,684.
2015 Compared to 2014
Our net loss for the three
months ended October 31, 2015 increased to $15,684 from $9,135 for the same period ending October 31, 2014. The increase was primarily
due to an increase in professional fees.
Plan of Operations
Work is in progress on
the Instant Coupons app. INSTANT COUPONS 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 with 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.
Liquidity and Capital Resources
As of October 31, 2015,
we had cash on hand of $0 and liabilities of $229,200 as compared with $210,516 at July 31, 2015. Accounts payable and accrued
expenses increased at October 31, 2015, to $115,825 as compared with $112,637 at July 31, 2015 and notes payable were $83,608
at October 31, 2015, as compared to $68,112 at July 31, 2015.
At October 31, 2015,
we had a working capital deficiency of $219,200 and a stockholders' deficit of $216,200.
We used net cash in operating
activities of $3,000 in the three months ended October 31, 2015, as compared with $0 in the comparable period in 2014, and cash
flows used in investing activities for the capitalization of website development costs was $3,000 during 2015 and $0 in 2014.
Since our incorporation, we
have financed our operations through advances from our shareholders, and by payments made by a third party. We
expect to finance operations through the sale of equity or other investments for the foreseeable future, as we do not receive significant revenue from
our new business operations. 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.
Not applicable.
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
ITEM 6. Exhibits
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.
|
|
Cyber Apps World Inc. |
|
|
|
By: |
|
/s/ Liudmilla Voinarovska |
|
|
|
Chief Executive Officer and Principal Financial Officer |
|
|
|
|
|
Date: December 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 Clean Enviro Tech Corp.; |
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: December 15, 2015 | | |
/s/ Liudmilla Voinarovska |
| | | |
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 Clean Enviro Tech Corp.
(the “Company”) on Form 10-Q for the three months ended October 31, 2013 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. |
December 15, 2015 |
|
/s/ Liudmilla Voinarovska |
|
|
Liudmilla Voinarovska |
|
|
Chief Executive Officer and Principal Financial Officer |
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v3.3.1.900
Balance Sheets (Unaudited) - USD ($)
|
Oct. 31, 2015 |
Jul. 31, 2015 |
Current assets: |
|
|
Deposits |
$ 10,000
|
$ 10,000
|
Total current assets |
10,000
|
$ 10,000
|
Website development costs, net |
3,000
|
|
Total assets |
13,000
|
$ 10,000
|
Current liabilities: |
|
|
Accounts payable and accrued expenses |
115,825
|
112,637
|
Convertible notes payable - related party |
29,767
|
29,767
|
Notes payable - related party |
83,608
|
68,112
|
Total current liabilities |
$ 229,200
|
$ 210,516
|
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 October 31, 2015;19,519,935 and 1,969,935 issued and outstanding at October 31, 2015 and July 31, 2015, respectively. |
$ 19,520
|
$ 19,520
|
Additional paid-in capital |
8,256,341
|
8,256,341
|
Retained deficit |
(8,492,061)
|
(8,476,377)
|
Stockholders' deficiency |
(216,200)
|
(200,516)
|
Total liabilities and stockholders' deficiency |
$ 13,000
|
$ 10,000
|
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v3.3.1.900
Balance Sheets (Parenthetical) - $ / shares
|
Oct. 31, 2015 |
Jul. 31, 2015 |
Statement of Financial Position [Abstract] |
|
|
Preferred Stock, Par Value |
$ 0.001
|
$ 0.001
|
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 |
$ 0.001
|
$ 0.001
|
Common Stock, Shares Authorized |
50,000,000
|
50,000,000
|
Common Stock, Shares Issued |
19,519,935
|
19,519,935
|
Common Stock, Shares Outstanding |
19,519,935
|
19,519,935
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.3.1.900
Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Oct. 31, 2015 |
Oct. 31, 2014 |
Income Statement [Abstract] |
|
|
Net sales |
|
|
Operating expenses: |
|
|
General and administrative |
$ 15,684
|
$ 9,153
|
Loss from operations |
(15,684)
|
(9,153)
|
Net loss before provision for (benefit from) income taxes |
$ (15,684)
|
$ (9,153)
|
Provision for (benefit from) income taxes |
|
|
Net loss |
$ (15,684)
|
$ (9,153)
|
Net loss per common share - basic and diluted |
$ (0.00)
|
$ (0.00)
|
Weighted average number of common shares outstanding - basic and diluted |
19,519,935
|
1,969,935
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X |
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v3.3.1.900
Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Oct. 31, 2015 |
Oct. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (15,684)
|
$ (9,153)
|
Adjustments to reconcile net loss to net cash utilized by operating activities |
|
|
Depreciation |
|
323
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Expenses paid on the Company's behalf by a third party Increase (decrease) in cash flows from changes in operating assets and liabilities |
$ 15,496
|
8,975
|
Accounts payable and accrued expenses |
3,188
|
$ (145)
|
Net cash used in operating activities |
3,000
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Capitalization of website development costs |
3,000
|
|
Net cash used in investing activities |
$ (3,000)
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Net cash provided by financing activities |
|
|
CHANGE IN CASH AND CASH EQUIVALENTS |
|
|
Net decrease in cash and cash equivalents |
|
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Cash and cash equivalents at beginning of year |
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1. Summary of Significant Accounting Policies
|
3 Months Ended |
Oct. 31, 2015 |
Accounting Policies [Abstract] |
|
1. 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. 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, 2015 included in the Companys Form 10-K filed with the Securities and Exchange Commission. In particular,
the Companys 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, 2016.
Going Concern - The Companys
financial statements for the period ended October 31, 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 October 31, 2015, there was a working capital deficit of $219,200. Management recognized that the Companys
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 Companys significant accounting
policies are summarized in Note 2 of the Companys Annual Report on Form 10-K for the year ended July 31, 2015. There were
no significant changes to these accounting policies during the three months ended October 31, 2015 and the Company does not expect
that the adoption of other recent accounting pronouncements will have a material impact on its financial statements.
Website Development Costs - The Company
capitalizes its costs to develop its website and when preliminary development efforts are successfully completed, management has
authorized and committed project funding, and it is probable that the project will be completed and the website will be used as
intended. Such costs are amortized on a straight-line basis over the estimated useful life of the related asset, which approximates
three years. Costs incurred prior to meeting these criteria, together with costs incurred for training and maintenance, are expensed
as incurred. Costs incurred for enhancements that are expected to result in additional material functionality are capitalized
and expensed over the estimated useful life of the upgrades. The Company is still developing its website and plans to launch the
website in February 2016 and will commence amortization once the website is placed in service.
The Company capitalized website costs of $3,000
and $-0- during the three months ended October 31, 2015 and 2014, respectively. Amortization expenses of $-0- and $-0- during
the three months ended October 31, 2015 and 2014, respectively.
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2. Deposit
|
3 Months Ended |
Oct. 31, 2015 |
Banking and Thrift [Abstract] |
|
2. Deposit |
Note 2. Deposit
On 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 for a period of five years,
subject to the patent coverage of the Licensed Technology. On November 15, 2015, the parties agreed to extend the due date from
November 15, 2015 to February 15, 2016.
As of July 31, 2015, the Company has made
a deposit of $10,000 with a remaining balance due on February 15, 2016, totaling $490,000. Through the date of this filing, the
balance remains outstanding.
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3. Website
|
3 Months Ended |
Oct. 31, 2015 |
Research and Development [Abstract] |
|
3. Website |
Note 3. Website
During the three months ended October 31,
2015, the Company had $3,000 in website development costs related to the licensed technology. The Company is still developing
the website and has not placed in service. Amortization will commence once the website is placed in service over a three year
useful life.
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- DefinitionThe entire disclosure for research, development, and computer software activities, including contracts and arrangements to be performed for others and with federal government. Includes costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility and in-process research and development acquired in a business combination consummated during the period.
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v3.3.1.900
4. Net Loss Per Common Share
|
3 Months Ended |
Oct. 31, 2015 |
Earnings Per Share [Abstract] |
|
4. Net Loss Per Common Share |
Note 4. 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 with common share equivalents
would be 1,488,350 (post split).
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v3.3.1.900
5. Convertible Notes Payable and Notes Payable
|
3 Months Ended |
Oct. 31, 2015 |
Payables and Accruals [Abstract] |
|
5. Convertible Notes Payable and Notes Payable |
Note 5. Convertible Notes Payable and Notes Payable
As of October 31, 2015, the
Company has a balance of convertible notes is $29,767 which is convertible into common stock at approx. $0.02 per share (post
split). The debt is due upon demand and bears 0% interest.
As of October 31, 2015, the
Company has several notes payable totaling $83,608 which is due upon demand and bears 0% interest.
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v3.3.1.900
6. Subsequent Events
|
3 Months Ended |
Oct. 31, 2015 |
Subsequent Events [Abstract] |
|
6. Subsequent Events |
Note 6. Subsequent Events
On November 15, 2015, the Company
and eCommerce Technologies Inc. agreed to extend the due date from November 15, 2015 to February 15, 2016 for the payment of $490,000.
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v3.3.1.900
1. Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
Oct. 31, 2015 |
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. 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 Companys Form 10-K filed with the Securities and Exchange Commission. In particular,
the Companys 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, 2016.
|
Going Concern |
Going Concern - The Companys
financial statements for the period ended October 31, 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 October 31, 2015, there was a working capital deficit of $219,200. Management recognized that the Companys
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 Companys significant accounting
policies are summarized in Note 2 of the Companys Annual Report on Form 10-K for the year ended July 31, 2015. There were
no significant changes to these accounting policies during the three months ended October 31, 2015 and the Company does not expect
that the adoption of other recent accounting pronouncements will have a material impact on its financial statements.
|
Website Development Costs |
Website Development Costs - The Company
capitalizes its costs to develop its website and when preliminary development efforts are successfully completed, management has
authorized and committed project funding, and it is probable that the project will be completed and the website will be used as
intended. Such costs are amortized on a straight-line basis over the estimated useful life of the related asset, which approximates
three years. Costs incurred prior to meeting these criteria, together with costs incurred for training and maintenance, are expensed
as incurred. Costs incurred for enhancements that are expected to result in additional material functionality are capitalized
and expensed over the estimated useful life of the upgrades. The Company is still developing its website and plans to launch the
website in February 2016 and will commence amortization once the website is placed in service.
The Company capitalized website costs of $3,000
and $-0- during the three months ended October 31, 2015 and 2014, respectively. Amortization expenses of $-0- and $-0- during
the three months ended October 31, 2015 and 2014, respectively.
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