Worldnet Inc Of Nevada 10-K 20 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 17, 2017	Jun. 30, 2016
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, 2016
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 Public Float			$ 0
Entity Common Stock, Shares Outstanding		18,500,000
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016

Balance Sheet

Balance Sheet - USD ($)	Dec. 31, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash	$ 1,096	$ 481
Total current assets	1,096	481
TOTAL ASSETS	1,096	481
CURRENT LIABILITIES
Accounts payable - related party	6,900	8,500
Notes payable - related party	129,200	120,700
Notes payable	84,500	76,300
Accrued interest - related party	31,620	21,964
Accrued interest	22,450	15,955
Total current liabilities	274,670	243,419
Total liabilities	274,670	243,419
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	(339,574)	(308,938)
Total stockholders' deficit	(273,574)	(242,938)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 1,096	$ 481

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Balance Sheets Parenthetical
Common stock, par value	$ 0.001	$ .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, 2016	Dec. 31, 2015
Statements Of Operations
Revenues
Expenses
General and administrative	14,485	16,540
Total expenses	14,485	16,540
Net Operating Loss	(14,485)	(16,540)
Other income (expense)
Interest expense - related party	(9,656)	(8,808)
Interest expense	(6,495)	(5,889)
Total other income (expense)	(16,151)	(14,697)
Loss before income taxes	(30,636)	(31,237)
Taxes	0	0
Net loss	$ (30,636)	$ (31,237)
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, 2014	$ 18,500	$ 47,500	$ (277,701)	$ (211,701)
Beginning 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
Net (loss)			(30,636)	(30,636)
Ending Balance, Amount at Dec. 31, 2016	$ 18,500	$ 47,500	$ (339,574)	$ (273,574)
Ending Balance, Shares at Dec. 31, 2016	18,500,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash Flows from Operating Activities
Net loss	$ (30,636)	$ (31,237)
Adjustments to reconcile net loss to cash provided (used) by operating activities:
Expenses paid by related party	6,900	8,500
Changes in operating assets and liabilities:
Increase in accrued interest - related party	9,656	8,808
Increase in accrued interest	6,495	5,889
Net cash provided (used) by operating activities	(7,585)	(8,040)
Cash Flows from Investing Activities
Net cash provided (used) by investing activities
Cash Flows from Financing Activities
Cash advances (Notes payable)	8,200	8,300
Net cash provided (used) by financing activities	8,200	8,300
Increase (decrease) in cash	615	260
Cash and cash equivalents at beginning of period	481	221
Cash and cash equivalents at end of period	1,096	481
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	$ 8,500	$ 10,600

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
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 Wyoming corporation, was incorporated in Nevada on 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. On November 7, 2016 the Company changed its domicile from Nevada to Wyoming. 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, 2016 2015 Net Loss $ (30,636 ) $ (31,237 ) 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, 2016 and 2015, 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, 2016
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 $ 339,574 and $ 308,938 as of December 31, 2016 and December 31, 2015, respectively, which may be offset against future taxable income through 2034. 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, 2016 2015 Deferred tax asset: Net operating loss carryforward $ 115,455 $ 105,038 Valuation allowance (115,455 ) (105,038 ) $ 0 $ 0 A reconciliation of amounts obtained by applying the Federal tax rate of 34% to pre-tax income to income tax benefit is as follows: For the Years Ended December 31, 2016 2015 Federal tax provision (at 34%) $ 10,417 $ 10,620 Change in valuation allowance (10,417 ) (10,620 ) $ 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, 2016 and 2015, 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, 2016, 2015, 2014 and 2013.

Going Concern

Going Concern	12 Months Ended
	Dec. 31, 2016
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 $273,574 and has incurred losses of $339,574 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, 2016
Notes to Financial Statements
NOTE 4 - Capitalization	There was no stock issued during 2015 and 2016.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
NOTE 5 - Notes Payable	Notes payable - unrelated parties as of December 31, 2016 are $84,500. This includes additional advances during 2016 of $8,200. The Notes bear interest at 8% and are due on demand. Accrued interest – unrelated parties was $22,450 and $15,955 at December 31, 2016 and 2015 respectively.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2016
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 a shareholder. Through November 30, 2008 an officer of the Company was an employee of a shareholder. The relationship with the shareholder ceased on that date. For the fiscal year ended December 31, 2016, a shareholder invoiced the Company for consulting, administrative, and professional services and out-of-pocket costs provided to or paid on behalf of the Company totaling $6,900 in 2016 and $8,500 in 2015. In 2016 the 2015 accounts payable were converted into Notes Payable – related party. Notes payable – related party at December 31, 2016 and 2015 were $129,200 and $120,700 respectively. Accrued interest at December 31, 2016 and 2015 was $31,620 and $21,964 respectively. The notes bear interest at 8% and are due on demand.

Recent Pronouncement

Recent Pronouncement	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
NOTE 7 - Recent Pronouncement	The Company has evaluated Recent Accounting Pronouncements and has determined that all such pronouncements either do not apply or their impact is insignificant to the financial statements.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
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, 2016
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, 2016
Summary Of Significant Accounting Policies Policies
Organization & Summary of Significant Accounting Policies	WorldNet, Inc. of Nevada (the Company), a Wyoming corporation, was incorporated in Nevada on 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. On November 7, 2016 the Company changed its domicile from Nevada to Wyoming.
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, 2016 2015 Net Loss $ (30,636 ) $ (31,237 ) 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, 2016 and 2015, 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.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Taxes Tables
Schedule of Deferred Tax Assets and Liabilities	For the Years Ended December 31, 2016 2015 Deferred tax asset: Net operating loss carryforward $ 115,455 $ 105,038 Valuation allowance (115,455 ) (105,038 ) $ 0 $ 0
Schedule of Components of Income Tax Expense	For the Years Ended December 31, 2016 2015 Federal tax provision (at 34%) $ 10,417 $ 10,620 Change in valuation allowance (10,417 ) (10,620 ) $ 0 $ 0

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended		370 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016
Summary Of Significant Accounting Policies Details
Net Loss	$ (30,636)	$ (31,237)	$ 339,574
Weighted Average Number of Shares Outstanding	18,500,000	18,500,000
Basic Loss per Common Share	$ 0	$ 0

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Details Narrative)	12 Months Ended
	Dec. 31, 2016
Summary Of Significant Accounting Policies Details Narrative
Date of incorporation	Mar. 12, 1986
State of incorporation	Naveda

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Deferred tax asset:
Net operating loss carryforward	$ 115,455	$ 105,038
Valuation allowance	(115,455)	(105,038)
Deferred tax asset	$ 0	$ 0

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Taxes Details 1
Federal tax provision (at 34%)	$ 10,417	$ 10,620
Change in valuation allowance	(10,417)	(10,620)
Income tax benefit	$ 0	$ 0

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Taxes Details Narrative
Net operating loss carry-forwards	$ 339,574	$ 308,938
Net operating loss carry-forwards expire year	2,034
Change in valuation allowance	$ 10,417	$ 10,620

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	12 Months Ended		370 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2014
Going Concern Details Narrative
Working capital	$ (273,574)	$ (242,938)	$ (273,574)	$ (211,701)
Net loss	$ (30,636)	$ (31,237)	$ 339,574

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Notes Payable Details Narrative
Notes payable – unrelated parties	$ 84,500
Interest rate	8.00%
Accrued interest – unrelated parties	$ 22,450	$ 15,955
Additional advances	$ 8,200

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2005
Related Party Transactions Details Narrative
Professional fees			$ 47,100
Consulting, administrative, and professional services	$ 6,900	$ 8,500
Notes payable - related party	129,200	120,700
Accrued interest	$ 31,620	$ 21,964
Interest rate	8.00%