Worldnet Inc Of Nevada 10-K 23 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 01, 2016	Jun. 30, 2015
Document And Entity Information
Entity Registrant Name	WORLDNET INC OF NEVADA
Entity Central Index Key	1,118,233
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		18,500,000
Entity Public Float			$ 0
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash	$ 481	$ 221
Total current assets	481	221
TOTAL ASSETS	481	221
CURRENT LIABILITIES
Accounts payable - related party	8,500	10,600
Notes payable - related party	120,700	110,100
Notes payable	76,300	68,000
Accrued interest - related party	21,964	13,156
Accrued Interest	15,955	10,066
Total current liabilities	243,419	211,922
Total liabilities	243,419	211,922
STOCKHOLDERS' DEFICIT
Common stock, $.001 par value; 25,000,000 shares authorized; 18,500,000 shares issued and outstanding	18,500	18,500
Additional paid-in capital	47,500	47,500
Accumulated deficit	(308,938)	(277,701)
Total stockholders' deficit	(242,938)	(211,701)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 481	$ 221

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Balance Sheets Parenthetical
Common stock, par value	$ .001	$ 0.001
Common stock, authorized shares	25,000,000	25,000,000
Common stock, shares issued	18,500,000	18,500,000
Common stock, shares outstanding	18,500,000	18,500,000

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Statements Of Operations
Revenues
Expenses
General and administrative	$ 16,540	$ 19,055
Total expenses	16,540	19,055
Net Operating Loss	(16,540)	(19,055)
Other income (expense)
Interest expense - related party	(8,808)	(7,412)
Interest expense	(5,889)	(5,336)
Total other income (expense)	(14,697)	(12,748)
Loss before income taxes	$ (31,237)	$ (31,803)
Taxes
Net loss	$ (31,237)	$ (31,803)
Net loss per share	$ 0	$ 0
Weighted average shares outstanding	18,500,000	18,500,000

Statements of Stockholders' Def

Statements of Stockholders' Deficit - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance, Amount at Dec. 31, 2013	$ 18,500	$ 47,500	$ (245,898)	$ (179,898)
Beginning Balance, Shares at Dec. 31, 2013	18,500,000
Net (loss)			(31,803)	(31,803)
Ending Balance, Amount at Dec. 31, 2014	$ 18,500	$ 47,500	(277,701)	(211,701)
Ending Balance, Shares at Dec. 31, 2014	18,500,000
Net (loss)			(31,237)	(31,237)
Ending Balance, Amount at Dec. 31, 2015	$ 18,500	$ 47,500	$ (308,938)	$ (242,938)
Ending Balance, Shares at Dec. 31, 2015	18,500,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash Flows from Operating Activities
Net loss	$ (31,237)	$ (31,803)
Adjustments to reconcile net loss to cash provided (used) by operating activities:
Expenses paid by related party	8,500	10,600
Changes in operating assets and liabilities:
Increase in accrued interest - related party	8,808	7,412
Increase in accrued interest	5,889	5,336
Net cash provided (used) by operating activities	$ (8,040)	$ (8,455)
Cash Flows from Investing Activities
Net cash provided (used) by investing activities
Cash Flows from Financing Activities
Cash advances (Notes payable)	$ 8,300	$ 5,000
Net cash provided (used) by financing activities	8,300	5,000
Increase (decrease) in cash	260	(3,455)
Cash and cash equivalents at beginning of period	221	3,676
Cash and cash equivalents at end of period	$ 481	$ 221
Supplemental Cash Flow Information:
Cash paid for interest
Cash paid for income taxes
Non-Cash Investing and Financing Activities
Converted related party accounts payable into loans	$ 10,600	$ 17,450

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Note 1. Summary of Significant Accounting Policies	a. Organization & Summary of Significant Accounting Policies Worldnet, Inc. of Nevada (the Company), a Nevada corporation, was incorporated March 12, 1986 to lease, sell, and market airships and the Burkett Mill, a waste milling device, which rights were acquired from VIP Worldnet, Inc. initially the only shareholder. The technology to further develop the airship and the mill by the parent company proved to be prohibitive, and shortly after the acquisition of the marketing rights further activity with regard to these products was minimized. Worldnet, Inc. of Nevada has been looking for a new operating company since that time along with raising capital and keeping its SEC filings current and other limited operations. b. Recognition of Revenue The Company has adopted FASB ASC 605 which provides guidance on the recognition, presentation and disclosure of revenue in financial statements filed with the SEC. FASB ASC 605 outlines the basic criteria that must be met to recognize revenue and provides guidance for disclosure related to revenue recognition policies. In general, the Company recognizes revenue related to monthly services provided when (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the fee is fixed or determinable and (iv) collectability is reasonably assured. c. Loss Per Share The computation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of the financial statements. For the Years Ended December 31, 2015 2014 Net Loss $ (31,237 ) $ (31,803 ) Weighted Average Number of Shares Outstanding 18,500,000 18,500,000 Basic Loss per Common Share $ (0.00 ) $ (0.00 ) For the years ended December 31, 2015 and 2014, the Company had no potentially dilutive common stock equivalents issued. d. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents. e. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. f. Reclassification Certain amounts in prior-year financial statements have been reclassified for comparative purposes to conform to the presentation in the current year financial statements.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Note 2. Income Taxes	The Financial Accounting Standards Board (FASB) has issued FASB ASC 740-10 (Prior authoritative literature: Financial Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - An Interpretation of FASB Statement No. 109 (FIN 48). FASB ASC 740-10 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements in accordance with prior literature FASB Statement No. 109, Accounting for Income Taxes. This standard requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. As a result of the implementation of this standard, the Company performed a review of its material tax positions in accordance with recognition and measurement standards established by FASB ASC 740-10. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company currently has no issues creating timing differences that would mandate deferred tax expense. Net operating losses would create possible tax assets in future years. Due to the uncertainty of the utilization of net operating loss carry forwards, an evaluation allowance has been made to the extent of any tax benefit that net operating losses may generate. A provision for income taxes has not been made due to net operating loss carry-forwards of $308,938 and $277,701 as of December 31, 2015 and December 31, 2014, respectively, which may be offset against future taxable income through 2033. No tax benefit has been reported in the financial statements. Deferred tax assets and the valuation account are as follows: For the Years Ended December 31, 2015 2014 Deferred tax asset: Net operating loss carryforward $ 105,038 $ 94,418 Valuation allowance (105,038 ) (94,418 ) $ 0 $ 0 The components of income tax expense are as follows: For the Years Ended December 31, 2015 2014 Current Federal tax $ 0 $ 0 Current State tax 0 0 Change in NOL benefit 10,620 10,813 Change in valuation allowance (10,620 ) (10,813 ) $ 0 $ 0 The Company did not have any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months. The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes. As of December 31, 2015 and 2014, the Company had no accrued interest or penalties related to uncertain tax positions. The tax years that remain subject to examination by major taxing jurisdictions are those for the years ended December 31, 2014, 2013 and 2012.

Going Concern

Going Concern	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Note 3. Going Concern	The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has limited assets, has a negative working capital of $242,938 and has incurred losses of $308,938 since inception. Its activities have been limited for the past several years and it is dependent upon financing to continue operations. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is management's plan to acquire or merge with other operating companies.

Capitalization

Capitalization	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Note 4. Capitalization	The Company did not issue any common stock, options, warrants or any other stock based awards during 2014 and 2015.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Note 5. Notes Payable	Notes payable - unrelated parties as of December 31, 2015 are $76,300. This includes additional advances during 2015 of $8,300. The Notes bear interest at 8% and are due on demand. Accrued interest - unrelated parties was $15,955 and $10,066 at December 31, 2015 and 2014, respectively.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Note 6. Related Party Transactions	During the years ended December 31, 2005, the Company incurred $47,100 of professional fees payable to professionals affiliated with First Equity Holdings Corp. Through November 30, 2008 an officer of the Company was an employee of First Equity Holdings. The relationship with First Equity Holdings ceased on that date. For the fiscal year ended December 31, 2015, a related party, First Equity Holdings Corp., invoiced the Company for consulting, administrative, and professional services and out-of-pocket costs provided to or paid on behalf of the Company totaling $8,500 in 2015 and $10,600 in 2014. In 2015 the 2014 accounts payable were converted into Notes Payable – related party. Notes payable – related party at December 31, 2015 and 2014 were $120,700 and $110,100, respectively. Accrued interest at December 31, 2015 and 2014 was $21,964 and $13,156, respectively. The notes bear interest at 8% and are due on demand.

Recent pronouncement

Recent pronouncement	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Note 7. Recent pronouncement	On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders' equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015.

Fair value measurements

Fair value measurements	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Note 8. Fair value measurements	If required by authoritative literature, the Company would account for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. When applicable, we categorize each of our fair value measurements in one of these three levels based on the lowest level input hat significant to the fair value measurement in its entirety. The cash, accounts payable, notes payable and accrued interest have fair values that approximate their carrying values due to the short term nature of these instruments.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Note 9. Subsequent Events	The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and has determined that there are no such events that would have a material impact on the financial statements.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Summary Of Significant Accounting Policies Policies
Organization & Summary of Significant Accounting Policies	Worldnet, Inc. of Nevada (the Company), a Nevada corporation, was incorporated March 12, 1986 to lease, sell, and market airships and the Burkett Mill, a waste milling device, which rights were acquired from VIP Worldnet, Inc. initially the only shareholder. The technology to further develop the airship and the mill by the parent company proved to be prohibitive, and shortly after the acquisition of the marketing rights further activity with regard to these products was minimized. Worldnet, Inc. of Nevada has been looking for a new operating company since that time along with raising capital and keeping its SEC filings current and other limited operations.
Recognition of Revenue	The Company has adopted FASB ASC 605 which provides guidance on the recognition, presentation and disclosure of revenue in financial statements filed with the SEC. FASB ASC 605 outlines the basic criteria that must be met to recognize revenue and provides guidance for disclosure related to revenue recognition policies. In general, the Company recognizes revenue related to monthly services provided when (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the fee is fixed or determinable and (iv) collectability is reasonably assured.
Loss Per Share	The computation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of the financial statements. For the Years Ended December 31, 2015 2014 Net Loss $ (31,237 ) $ (31,803 ) Weighted Average Number of Shares Outstanding 18,500,000 18,500,000 Basic Loss per Common Share $ (0.00 ) $ (0.00 ) For the years ended December 31, 2015 and 2014, the Company had no potentially dilutive common stock equivalents issued.
Cash and Cash Equivalents	The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents.
Use of estimates	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassification	Certain amounts in prior-year financial statements have been reclassified for comparative purposes to conform to the presentation in the current year financial statements.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Summary Of Significant Accounting Policies Tables
Loss Per Share	The computation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of the financial statements. For the Years Ended December 31, 2015 2014 Net Loss $ (31,237 ) $ (31,803 ) Weighted Average Number of Shares Outstanding 18,500,000 18,500,000 Basic Loss per Common Share $ (0.00 ) $ (0.00 )

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Taxes Tables
Deferred tax assets and the valuation account	Deferred tax assets and the valuation account are as follows: For the Years Ended December 31, 2015 2014 Deferred tax asset: Net operating loss carryforward $ 105,038 $ 94,418 Valuation allowance (105,038 ) (94,418 ) $ 0 $ 0
Components of income tax expense	The components of income tax expense are as follows: For the Years Ended December 31, 2015 2014 Current Federal tax $ 0 $ 0 Current State tax 0 0 Change in NOL benefit 10,620 10,813 Change in valuation allowance (10,620 ) (10,813 ) $ 0 $ 0

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Summary Of Significant Accounting Policies Details
Net Loss	$ (31,237)	$ (31,803)
Weighted Average Number of Shares Outstanding	18,500,000	18,500,000
Basic Loss per Common Share	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Deferred tax asset:
Net operating loss carryforward	$ 105,038	$ 94,418
Valuation allowance	(105,038)	(94,418)
Deferred tax assets net	$ 0	$ 0

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Taxes Details 1
Current Federal tax	$ 0	$ 0
Current State tax	0	0
Change in NOL benefit	10,620	10,813
Change in valuation allowance	$ (10,620)	$ (10,813)
Income tax expense benefit

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Taxes Details Narrative
Net operating loss carry-forwards	$ 308,938	$ 277,701
Net operating loss carry-forwards expiration	2,033

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Going Concern Details Narrative
Working capital deficit	$ (242,938)	$ (211,701)	$ (179,898)
Accumulated deficit	$ (308,938)	$ (277,701)

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Notes Payable Details Narrative
Notes payable unrelated parties	$ 76,300	$ 68,000
Interest rate of notes	8.00%
Accrued interest	$ 15,955	10,066
Cash advances (Notes payable)	$ 8,300	$ 5,000

Related party transactions (Det

Related party transactions (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Related Party Transactions Details Narrative
Expenses paid by related party	$ 8,500	$ 10,600
Notes payable - related party	120,700	110,100
Accrued interest - related party	$ 21,964	$ 13,156