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
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
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
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.
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.
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.