History of the Company and Nature of the Business | 3 Months Ended |
Jun. 30, 2014 |
History Of The Company And Nature Of The Business [Abstract] | ' |
History of the Company and Nature of the Business | ' |
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1. History of the Company and Nature of the Business |
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OUR HISTORY |
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“We”, “us” and “our” refer to FutureWorld Corp., a Delaware corporation. |
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The history of our incorporation and our ownership, in chronological order, is as follows: |
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● | FUTUREWORLD CORP (the “Company”) was formed on June 22, 2002, as a Delaware corporation. |
● | On May 13, 2009, Mr. Talari converted the principal amount and accrued interest of one convertible note, and the accrued interest and a portion of the principal amount of a second note into 50,000,000 shares of our common stock respectively. After these conversions, Mr. Talari legally and beneficially owned eighty-four percent of our common stock. |
● | June 10, 2009, FutureWorld Corp. acquires SeaTech Energy Inc., a Nevada corporation, for 150M shares in Common Stock or $1,500,000. |
● | On June 11, 2014, the Company changed its name to FutureWorld Corp. |
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Nature of Business |
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The address of our executive offices is: 3637 4th Street North, Saint Petersburg, FL 33704 and our telephone number at that address is 239-324-0000 or 727-474-1816. The address of our web site is www.futureworldcorp.com. The information at our web site is for general information and marketing purposes and is not part of this annual report for purposes of liability for disclosures under the federal securities laws. |
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FutureWorld Corp., a Delaware corporation, is a U.S. diversified Industrial Hemp/ Medical Cannabis Company, which together with its subsidiaries, focuses on the identification, acquisition, development, and commercialization of Hemp/Cannabis products, services and technologies globally under the banner of Cannabis 2.0. |
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FutureWorld Corp. is seeking to acquire minority or full interest in currently operating companies and disruptive technologies in the Industrial Hemp/Medical and Recreational Cannabis Industry globally; such as vaporizers, lab testing, tracking systems, security, CBD oil, testing kits, financial solutions, dispensaries and other needed components. Our goal is to provide our acquired companies, current and future shareholders a clear strategy for the growth of their companies and their investment in those companies. |
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We currently provide multiple products that supply the burgeoning cannabis industry. The “picks and shovel” business model capitalizes of selling enterprises associated with the Industrial Hemp and Medical Cannabis industries products that are essential in their success. Our products solve long standing problems in cultivation, processing, and retail sales for industrial hemp and medical cannabis. The following divisions will continue to delve even further into purchasing existing products or developing brand new products as the wholesale and retail space continues to evolve. In addition, one primary focus is to manufacture, market, and sell products containing hemp derived CBD oil. We are invested in the following portfolio companies as subsidiaries; |
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CB Scientific, Inc.: |
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CB Scientific was organized in the state of Florida on 5/8/2014 with 40,000,000 shares of Common stock issued and outstanding in which all are held by FutureWorld Corp. CBD Oil- CBD is one of at least 60 cannabinoids found in hemp, and is non-psychoactive. |
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The Cannabidiol “CBD” is a compound in cannabis that has significant medical effects, but does not make people feel “high” and can actually counter the psychoactive effects of THC. The reduced psychotropic of CBD-rich cannabis makes it an appealing treatment option for patients seeking anti-inflammatory, anti-pain, anti-anxiety, anti-psychotic, and/or anti-spasm effects without disconcerting lethargy. Scientific and clinical studies underscore CBD’s potential as a treatment for a wide range of conditions, including rheumatoid arthritis, diabetes, alcoholism, MS, chronic pain, schizophrenia, PTSD, antibiotic-resistant infections, epilepsy, and other neurological disorders. CBD has demonstrated neuro-protective and neurogenic effects, and its anti-cancer properties are currently being investigated at several academic research centers in the United States and elsewhere. |
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The present usage for CBD oil in the United States is estimated to be approximately 1,000-2,000 Kilograms a year and growing and with a yearly value of around $200,000,000. Currently, the apparent current competitors are; CannaVest, Inc. and Medical Marijuana, Inc., which own portions of each other’s companies, are the primary supplier of CBD oil in the United States. They supply the product in bulk to affiliate distributors and sell it retail in plastic tubes that are refined up to three levels. Real Scientific Hemp Oil™ is their trademark name. |
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CB Scientific is in the process of sourcing its own CBD oil from Europe. We are also developing plans to fund an overseas hemp cultivation project to provide a consistent and reliable supply to the United States and beyond. Currently, industrial hemp cultivation is legal in China, Australia, Austria, Canada, Chile, Denmark, Finland, France, Germany, Great Britain, Hungary, India, Italy, Japan, New Zealand, Poland, Russia, Spain Switzerland, and Turkey. |
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CB Scientific will process the CBD oils that will be sold through our online presence for retailing industrial hemp oil-based Cannabidiol (CBD) nutritional supplements, wellness and personal care products and vapable CBD oils. DispenseTEK will market items such as CBD oil, CBD infused edibles & multiple hemp related items and cross market our vaporizers from URVape.com. DispenseTEK will be featuring scientific grade hemp oil which is highly sought after around the world. We will sell already recognizable brands including our own brands and drive internet sales through ads, videos, social media and Search Engine Optimization. |
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The global Nutraceutical market is projected to be in excess of $200 billion by 2015 and the current US Nutraceutical and Dietary supplement market is valued at around $42 billion. URCBDOil.com will be at the forefront of this massive marketplace with significant opportunities. Cannabinoids (non-psychoactive CBD) have been found to have antioxidant properties, unrelated to NMDA receptor antagonism. This new found property makes cannabinoids useful in the treatment and prophylaxis of a wide variety of oxidation associated diseases, such as ischemic, age-related, inflammatory and auto-immune diseases. |
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Cannabinoids are found to have particular application as neuroprotectants, for example in limiting neurological damage following ischemic events, such as stroke and trauma, or in the treatment of neurodegenerative diseases, such as Alzheimer's, Parkinson's and HIV dementia. URCBDOil.com should be live by July 1, 2014. URCBDOil.com will assist FutureWorld to generate positive cash flow for both URVape and our CBD oil and CBD infused products.. |
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MedTest, Inc.: |
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MedTest Inc. was organized in the state of Nevada on 4/28/2014 with 40,000,000 shares of Common stock issued and outstanding in which all are held by FutureWorld Corp. MedTest, Inc. a Nevada owned company based in Denver Colorado that FutureWorld recently purchased for cash, stock and a revenue sharing component. MedTest Inc. has a working relationship with Herbal Synergy LLC in Colorado and is developing new technologies specifically for cannabis analytics. Charles Steinberg’s credentials will prove to be an asset to MedTest Inc. Mr. Steinburg of Herbal Synergy has been one of the main men behind gas chromatography testing in Colorado. He has been a judge at five previous High Times Cannabis Cups. Mr. Steinberg will be a judge at the next three High Times Cannabis Cups (San Francisco, CA: June 28th – 29th, Clio, MI July 26th – 27th, Seattle WA Sept 6th – 7th). Herbal Synergy LLC has pioneered residual solvent testing for medical cannabis and has always strived to help patients know exactly what they are buying. MedTest Inc. believes every product sold to patients as “Medical Quality” should be inspected for health benefits, safety, consistency, purity, potency and packaged properly for distribution. |
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URVape, Inc.: |
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URVape was organized in the state of Florida on 6/2/2014 with 40,000,000 shares of Common stock issued and outstanding in which all are held by FutureWorld Corp. URVape™ is our brand name vaporizer pen which is sold with a charger and refill bottles. We market the product at URVape.com. It is our own trademarked vaporizer being marketed and sold online and in retail shops. The product is cutting edge design and requires puffing on the pen to facilitate battery use. The URVape vaporizing pen is sleek and lightweight. URVape will initially have oil vaporizers available and dry herb versions available in the coming months. |
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URVape 1.0 - For use with oil extracts |
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Powered by battery, vaporizers extract the active ingredients from cannabis by heating it to a temperature lower than required for combustion. When air is drawn through the heated cannabis it emits a vapor that is inhaled. URVape is; |
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URVape - Extremely easy to use. No Buttons. Just draw through the mouthpiece and the unit automatically heats up to release oil vapor. |
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LED lights on the bottom light up when you inhale, Auto shut off after 8 seconds, Discreet, Stylish and Sleek, Stylus on end of pen, Long Battery Life - Lasts for 4-5 days depending on number of puffs, FutureWorld has identified three key long-term items sweeping the globe that solidify URVape’s entry into the market: |
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The decriminalization and legalization of cannabis for medicinal and recreational use - The adoption of electronic vaporizing by the world’s 1.2 Billion smokers - eCig or vaporizer market is the fastest market within the tobacco (free) industry and estimated to be a multi-billion dollar industry within few years. |
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HempTech Corp: |
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HempTech Corp. was organized in the state of Delaware on 3/19/2014 with 40,000,000 shares of Common stock issued and outstanding in which all are held by FutureWorld Corp. HempTech Corp has several products available specifically geared to helping cultivators of industrial hemp and medical cannabis maximum yields while helping to control costs. CaNNaLyTiX™ , SPIDer™, SmartSense™ ,Smart.NRG™ , and CaNNaTRAK™. |
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CaNNaLyTiX™ “A picture is word a thousand words” and being able to visualize all the various aspects of a cultivation enterprise solves challenges before they become problems. CaNNaLyTiX™ is a dashboard controller system that allows the various computer systems to be integrated throughout a cultivator’s infrastructures. Using state-of –the-art API connecting software packages, CaNNaLyTiX™ can allow all computer systems to be monitored with the ease of a smartphone app and the robust hardware of integrated servers or cloud-based application. |
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CaNNaTRAK™- the next generation of barcode & RFID tracking systems for keeping pace with the extensive demands of seed to sale tracking of Hemp/Cannabis for state compliance. We are currently developing “game changer” modifications that will make it the ultimate software system in the industry. CannaTRAK’s Asset Tracking Management Software automates the major aspects of the Asset Life Cycle. The Product suite is made up of modules, which are able to operate independently of one another, are able to be configured to work together, or to be integrated with non-native applications. CaNNaTRAK™’s software easily tracks assets using bar coding, radio frequency (RFID), imaging, and wireless technologies. CaNNaTRAK™ software is designed under the client/server architecture, is multi-user and menu-driven following industry-standard MS Windows protocols and graphical user interfaces. CaNNaTRAK™ applications are compatible with MS Windows XP, Vista, Windows 7 & 8.1 operating systems and with SQL Server 2008 through 2013. |
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CaNNaTRAK’s mobile information applications are compatible with Windows Mobile devices and are tightly integrated with; bar coding, RFID, GPS, imaging, biometrics and wireless technologies. Due to the State law, legal governance, compliance and tax reasons, we believe CaNNaTRAK™ will be an invaluable tool for legal compliance and profitability from growers to dispensers of the legal medicinal marijuana. Over the past decade, 22 states have approved the use of medicinal marijuana. Medicinal marijuana has become an alternative to traditional treatments for patients with clinical diseases such as cancer and HIV/AIDS. The medicinal marijuana market is estimated to be valued in the billions of dollars initially and may provide hundreds of millions of dollars tax revenue for the state’s tax coffers. |
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We believe compliance and governance will be a big concern for the state offices overseeing the cannabis lifecycle and CaNNaTRAK™ will be an invaluable tool to comply and monitor for the medicinal marijuana industry. Our competition presently consists of the MITS system being used in the state of Colorado, the BioTrackTHC system being used in the state of Washington, and MJ Freeway. Our primary plan is to be ready for the state of Florida when medical marijuana passes on Nov. 4th, 2014. Certainly we will look to enter every burgeoning market including Florida. Florida is set to be the 2nd largest Cannabis market in the United States behind California |
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SPIDer (Secure Perimeter Intrusion Detection Network) is a system to meet the needs of theft and malicious attacks. While the economy is seeing improvement, theft, site destruction, and malicious activity are still happening at an alarming rate and within the legal Cannabis/Hemp industry surging forward we can expect no change particularly because of its specific draw. The SPIDer systems consist of 3 levels of detection to identify intruders and threats in areas that are restricted. |
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The first level utilizes an electronically charged coaxial cable woven into your chain link fencing. Excessive fence movement will set off an alarm through your network notification system that someone is attempting to enter your facility. This is a very cost effective means to secure your site to meet security requirements for your company. The second level consists of a visual intrusion monitoring system. It is a wireless, battery operated, and connected through the cellular network. It provides 24/7 monitoring and notification through the internet and email system. Once an intruder is identified an alarm is sent to the security team with a picture that allows you to identify if this is an authorized or unauthorized person. If it is an unauthorized person you can take the appropriate action. |
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The network system can quickly be deployed and moved to provide security coverage as needed. The third level is a multi-level detection and verification system that uses both level one and level two to rapidly identify a potential intruder and provide you information for a rapid decision. The combination of the two systems provides the additional barriers for quick action. Sometimes seconds are critical in preventing serious damage or theft at your site. The command center software provides intrusion notification to your network center and to individuals via email. For level two and three you receive a picture that enables you to make a more informed and quicker decision concerning your action. |
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The SPIDer solution addresses the potential threat facing the entire Cannabis/Hemp industry. With this system you are able to arm your security team with information that enables them to be proactive in addressing these costly activities. Compliance with state rules and regulations for the Cannabis/ Hemp industry is going to be essential. Though there are many security companies on the market, few are adapting themselves to the Cannabis industry. |
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SmartSense- offers wireless security and smart sensor mesh network for precision agriculture, irrigation systems, and greenhouses for the hemp industry. Our Smart Agriculture models allow monitoring multiple environmental parameters involving a wide range of applications with smart sensors such as Leaf Wetness, Atmospheric Pressure, Solar Radiation, Air Temperature / Humidity, Soil Temperature / Moisture, Ultraviolet Radiation and etc. The smart sensor information will be collected and sent via the cloud to the central office for analysis and procedural modifications. FutureWorld is not aware of another competitor in the United States. FutureWorld, through, HempTech plans on marketing the product to large and medium sized grow facilities as they will have the greatest need. |
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Smart.NRG- offers tools to analyze every aspect of a cultivator’s energy usage. Being fully integrated with CaNNaLyTiX™, one can visualize energy consumption in real-time and track historical usage. The software’s predictive functionality also helps optimize energy use challenges proactively. We believe a cultivator’s huge electric bills can be scaled back when the entire grow is looked at as a complete and fully integrated operation. |
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SmartGROW- HempTech is developing their own proprietary organic soils and nutrients that will be specifically marketed and made to bolster the Hemp/Cannabis community for industrial hemp farms, to Cannabis grows of various sizes, and to home-based potted plant grows for personal use. As such, every cultivator of marijuana needs the right kind of fertilizer and pesticides/herbicides to proper grow and achieve quality products. But what is great about getting into soil is that hemp/cannabis is only one part of a huge agricultural market. The company will sell its products to the entire farming community which is a great revenue source, but the additional focus to the cannabis market will set us apart. The competition in the market for this focused marketing is extensive yet we feel there is substantial room in the space for growth.. |
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We will manufacture a complete line of innovative sustainable and organic fertilizers, pesticides, fungicides, and soil amendments. The products we will use are currently used all over the world, in all sorts of growing environments like organic and conventional farms, golf courses, nurseries, lawns, gardens, and greenhouses, but we will be adding specific mixtures targeted to just the Cannabis/Hemp community. We have access to a modern laboratory and manufacturing facility and will be able to develop special formulations for whatever unique growing situation someone may have. In that way, the consumer can save money and pay only for the nutrients their plant needs. We intend on opening up a new company for this purpose and joint venturing with an agricultural industry expert. Negotiations for the new company are currently underway. FutureWorld will own the intellectual rites in conjunction with the JV. |
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CaNNaBoX™- Much like a bank ATM, the CaNNaBoX™ machine operates with the swipe of a card, which will verify identity, age and prescription information of a medical marijuana patient before releasing measured packages of marijuana. The upside is you won't have to be waited on by an assistant if you don't require consultation and the location is busy. The machine is capable of holding several hundred items in multiple forms of marijuana. CaNNaBoX™ is a secure robotic device specifically designed for dispensing cannabis products in secure prepackaged amounts, in complete accordance with state law requirements, in licensed dispensaries, and only to legal buyers . |
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FutureWorld has teamed up with American Green to brand the Zazzz Dispensary machine with the CaNNaBoX™ logo and distribute the product across the United States and beyond. Presently, we are aware of the Zazzz machine presented by American Green, which is first to the market, MedBox Inc.’s machine, and a vending machine product by Endexx Corp. The model for FutureWorld is to bring 1500 units to market within a couple years in accordance with our JV goals alongside American Green and its Zazzz machine. |
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There will be a revenue sharing agreement with American Green and FutureWorld for every placed CaNNaBoX™ machine via monthly leasing and transaction costs. We are currently putting together the details of the JV with American Green and beginning the marketing and design phase of our product. Revenues are purely a function of quantity at this point. A monthly leasing fee of approximately $150 dollars a month and a transaction cost somewhere between $1.50 and $2.00 per. Competing brands are to look for a large upfront expenditures from dispensaries for the machines which we believe will make their sales model harder to actual achieve sales nationwide. |
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CaNNaBoX™ will be marketed exclusively through our new dispensary division, DispenseTek. DispenseTek was created to market and sell dispensary related products and services including but not limited to CaNNaBoX™. It is important to understand, CaNNaBoX™ robotic dispensaries are secure delivery and control systems for use in licensed cannabis dispensaries and not “vending machines”. Their specific design benefits public safety, governance, dispensaries, and consumers. |
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CannaPKG, Inc. - FutureWorld is currently in the process of finalizing its purchase of CannaPKG, Inc. CannaPKG is marketed on CannaPKG.com. Many of the products in the industry from edibles, to oil cartridges, vaporizers to plant buds all need special packaging of which FutureWorld intends to play an integral part. Smell proof bags, and jars along with an assortment of a great many other industry products will be available. Our biggest competitor would be considered to be Cannaline.com. The site will utilize Search Engine Optimization and social media. In addition, we will employ sales agents to visit retailers who may look to supply their stores with our products. |
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CaNNaBit™- CaNNaBit™ offers Bitcoin and Fiat currency exchange services; payment processing; on-line real-time currency trading; cash management, namely, facilitating transfers of electronic cash equivalents; digital currency exchange transaction services for transferrable electronic cash equivalent for dispensaries nationwide. Banking has been a big issue for the Cannabis dispensaries due to the current federal ban and classification of Cannabis. Hence most banking groups would not risk fines and closure by the federal government providing banking services for the growers and dispensaries in the Cannabis industry. |