Worldwide Strategies (WWSG) 10-Q 2023 Q1 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended October 31, 2022
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: 000-52362

WORLDWIDE STRATEGIES INC.

(Exact Name of Registrant as Specified in its Charter)

Nevada	41-0946897
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1961 NW 150 AVENUE, SUITE 205 PEMBROKE PINES, FL	33028
(Address of principal executive offices)	(Zip code)

1 844 500 9974

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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.  Yes ☒  No ☐

Indicate by check mark whether the registrant has submitted electronically 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 ☒  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or, an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company”, in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐  No ☒

Securities registered pursuant to Section 12(b) of the Act:    None

Securities registered pursuant to Section 12(g) of the Act:

Title of each class	Trading Symbol (s)	Name of each exchange on which registered
Common Stock, $0.001 par value	WWSG	OTC

As of December 12, 2022, there were 26,580,678 shares of the registrant’s common stock, $0.001 par value, outstanding. 

TABLE OF CONTENTS

		Page No.
	Part I. Financial Information
Item 1.	Financial Statements of Worldwide Strategies, Inc.
	Balance Sheets - October 31, 2022 (Unaudited) and July 31, 2022	1
	Statements of Operations - Three Months Ended October 31, 2022 and 2021 (Unaudited)	2
	Statement of Comprehensive Loss - Three Months Ended October 31, 2022 and 2021 (Unaudited)	3
	Statement of Changes in Stockholders’ Deficit - Three Months Ended October 31, 2022 and 2021 (Unaudited)	4
	Statements of Cash Flows - Three Months Ended October 31, 2022 and 2021 (Unaudited)	5
	Notes to Financial Statements - Three Months Ended October 31, 2022 and 2021 (Unaudited)	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	13
Item 4.	Controls and Procedures	13
	Part II. Other Information
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	14
Item 5.	Other Information	14
Item 6.	Exhibits	14
SIGNATURES		15

i

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Worldwide Strategies, Inc.

Balance Sheets

October 31, 2022 and July 31, 2022

	October 31, 2022 (unaudited)			July 31, 2022 (audited)
Assets
Current Assets:
Other current assets	$	653		$	–
Total current assets		653			–
Property and equipment, net of accumulated depreciation of $7,902		676,323			–
Total assets	$	676,976		$	–
Current Liabilities:
Accounts payable	$	45,614		$	43,703
Accrued liabilities		434,999			423,100
Notes Payable		577,725			–
Convertible notes payable, in default		452,406			452,406
Convertible notes payable, related party - in default		40,000			40,000
Total current liabilities		1,550,744			959,209
Long term notes payable - related party		57,502			45,065
Total Liabilities		1,608,246			1,004,274
Stockholders' deficit:
Preferred Stock; $.001 par value; 25,000,000 shares authorized
Series A, 3,830,581 shares issued and outstanding		5,000			5,000
Series B, 190,000 shares issued and outstanding		270			270
Common stock, $.001 par value, 975,000,000 shares authorized; 26,580,678 and 19,830,679 shares issued and outstanding as of October 31, 2022 and July 31, 2022, respectively		26,581			19,831
Accumulated other comprehensive loss		(1,500	)		–
Additional paid-in capital		14,855,023			14,497,273
Accumulated deficit		(15,816,644	)		(15,526,648	)
Total Stockholders' Deficit		(931,270	)		(1,004,274	)
Total Liabilities and Stockholders' Deficit	$	676,976		$	–

1

Worldwide Strategies, Inc.

Statement of Operations

For the three months ended October 31, 2022 and 2021

(Unaudited)

	Three Months Ended October 31,
	2022			2021
General and administrative expenses	$	269,324		$	13,885
Depreciation		7,902			–
Total operating expenses		277,226			13,885
Loss from operations		(277,226	)		(13,885	)
Other expense:
Interest expense		(12,770	)		(12,221	)
Loss before income taxes	$	(289,996	)	$	(26,106	)
Income tax provision		–			–
Net loss	$	(289,996	)	$	(26,106	)
Basic and diluted loss per share	$	(0.01	)	$	(0.00	)
Basic and diluted weighted average common shares outstanding		20,970,789			19,830,679

2

Worldwide Strategies, Inc.

Statements of Comprehensive Loss

For the three months ended October 31, 2022 and 2021

(Unaudited)

	Three Months Ended October 31,
	2022			2021
Net loss	$	(289,996	)	$	(26,106	)
Unrealized foreign currency loss		(1,500	)		–
Comprehensive loss	$	(291,496	)	$	(26,106	)

3

Worldwide Strategies, Inc.

Statement of Changes in Stockholders’ Deficit

For the three months ended October 31, 2022 and 2021

(Unaudited)

	Preferred Stock								Common Stock
	Series A				Series B
	Shares		Par Value		Shares		Par Value		Shares		Par Value		Additional Paid-In Capital		Accumulated Deficit			Accumulated Other Comprehensive Loss	Total
Balance July 31, 2021		1,491,743	$	1,492		270,000	$	270		19,830,679	$	19,831	$	14,497,273	$	(15,447,828	)	–	$	(925,454	)
Net Loss		–		–		–		–		–		–		–		(26,106	)	–		(26,106	)
Balance October 31, 2021		1,491,743	$	1,492		270,000	$	270		19,830,679	$	19,831	$	14,497,273	$	(15,473,934	)	–	$	(951,560	)

	Preferred Stock								Common Stock
	Series A				Series B
	Shares		Par Value		Shares		Par Value		Shares		Par Value		Additional Paid-In Capital		Accumulated Deficit			Accumulated Other Comprehensive Loss			Total
Balance at July 31, 2022		5,000,000	$	5,000		270,000	$	270		19,830,679	$	19,831	$	14,497,273	$	(15,526,648	)	$	–		$	(1,004,274	)
Other comprehensive loss		–		–		–		–		–		–		–		–			(1,500	)		(1,500	)
Shares issued for services		–		–		–		–		4,750,000		4,750		251,750		–			–			256,500
Shares issued for software purchase		–		–		–		–		1,999,999		2,000		106,000		–			–			108,000
Net Loss		–		–		–		–		–		–		–		(289,996	)		–			(289,996	)
Balance October 31, 2022		5,000,000	$	5,000		270,000	$	270		26,580,678	$	26,581	$	14,855,023	$	(15,816,644	)	$	(1,500	)	$	(931,270	)

4

Worldwide Strategies, Inc.

Statement of Cash Flows

For the three months ended October 31, 2022 and 2021

	Three Months Ended October 31,
	2022			2021
Cash flows from operating activities:
Net loss	$	(289,996	)	$	(26,106	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock Based Compensation		256,500			–
Depreciation		7,902			–
Other current assets		(653	)		–
Accounts payable and accrued liabilities		13,810			12,625
Net cash used in operating activities	$	(12,437	)	$	(13,481	)
Cash flows from financing activities:
Related party loans		12,437			13,481
Net cash provided by financing activities	$	12,437		$	13,481
Net increase in cash	$	–		$	–
Cash, beginning of period	$	–		$	–
Cash, end of period	$	–		$	–
Supplemental disclosure of cash flow information:
Cash paid for taxes	$	–		$	–
Cash paid for interest	$	–		$	–

5

Worldwide Strategies, Inc.

NOTES TO FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED OCTOBER 31, 2022 and 2021

(Unaudited)

Note 1 – Organization and Basis of Presentation

Organization and Basis of Presentation

Worldwide Strategies Incorporated (“WWSG” or the “Company”) was incorporated under the laws of the State of Nevada on April 6, 1998 and ceased operations in 2015. The Company fully impaired all assets since the shutdown of its operations in 2015. On May 7, 2019, the eight judicial District Court of Nevada appointed Small Cap Compliance, LLC (“Custodian”) as custodian for Worldwide Strategies Incorporated., proper notice having been given to the officers and directors of Worldwide Strategies Incorporated with no opposition. On July 10, 2019, the Company filed a Certificate of Reinstatement with the state of Nevada.

The accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”) and have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

Note 2 – Summary of significant accounting policies

Cash and Cash Equivalents

The Company doesn’t maintain any bank accounts and does not have any cash in hand. For day-to-day business activities, the Company depends upon the directors’ personal accounts. For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

Property and Equipment

Property and equipment are carried at cost, net of accumulated depreciation. Depreciation is provided by the straight-line method over an estimated useful life. The estimated lives for computer software is three years. Maintenance and repairs which are not considered to extend the useful lives of the assets are charged to operations as incurred. Expenditures for additions and improvements are capitalized. Expenditures for renewals and betterments, which materially extend the useful lives of assets or increase their productivity, are capitalized. Upon sale or retirement, the cost of assets and related accumulated depreciation and amortization are removed from the accounts and any resulting gains or losses are included in operating expense.

Share-Based Compensation

The Company measures the cost of services received in exchange for an equity award, which may include grants of stock options and restricted shares, based on the fair value of the award at the date of grant. The Company recognizes share-based compensation expense over the requisite service The grant date fair value of restricted share awards (“RSAs”) are determined using the fair market value of the Company’s common stock on the date of grant.

6

Loss per Common Share

Net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. As a result, diluted loss per common share is the same as basic loss per common share for the three months ended October 31, 2022 and 2021. Excluded from the weighted average common shares outstanding amount is convertible preferred stock equivalent to 204 million shares and convertible debt equivalent to 47.3 million common shares as the effect of these on the computation of net loss per share would have been anti-dilutive.

Income Taxes

The Company accounts for income taxes pursuant to FASB ASC Topic 740, Income Taxes. Under FASB ASC Topic 740, deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences.

The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws.

Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the reliability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate.

Fair Value of Financial Instruments

On August 1, 2012, the Company adopted ASC 820, Fair Value Measurements and Disclosures. ASC 820 defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows:

· Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

· Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

· Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement.

The following tables represent our assets and liabilities by level measured at fair value on a recurring basis at October 31, 2022 and July 31, 2022:

Schedule of assets and liabilities measured at fair value	Fair Value Measurements at October 31, 2022
	Level 1		Level 2		Level 3
Description
Convertible Debt	$	–	$	492,406	$	–
Total Liabilities		–		492,406		–
Totals	$	–	$	492,406	$	–

	Fair Value Measurements at July 31, 2022
	Level 1		Level 2		Level 3
Description
Convertible Debt	$	–	$	492,406	$	–
Total Liabilities		–		492,406		–
Totals	$	–	$	492,406	$	–

7

Reclassifications

Certain reclassifications have been made to the prior year presentation to conform to the current year presentation.

Recent Accounting Pronouncements

The Company reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. 

Note 3 – Going Concern

For the three months ended October 31, 2022 and 2021 we incurred net losses of approximately $290,000 and $26,000 respectively. As of October 31, 2022, we had no cash on hand and current liabilities of $1.6 million. As of July 31, 2022, we had no cash on hand and current liabilities of $1.0 million. These losses combined with our current liabilities cast significant doubt on the company’s ability to operate under the going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with loans from directors and/or private placement of common stock. The failure to achieve the necessary levels of profitability or obtaining additional funding would be detrimental to the Company.

Note 4 – Property and Equipment

On February 17, 2022, as amended on October 18, 2022 the Company entered into an asset purchase agreement with Fitwell Limited, for the purchase of a copy of its native mobile fitness application. The purchase price for the software application was $0.5 million to be payable upon the earlier of October 18, 2023 or the Company completing a capital raise, under Regulation A which generates no less than $2 million in proceeds to the Company and shares of the Company in the amount of $0.5 million. On October 18, 2022 and in connection with the purchase of the Fitwell assets, the Company issued a promissory note for $0.5 million and issued approximately 2 million shares of common stock which was valued at $108,000 based on the stock price at the date of issuance as consideration. Additionally, the Company incurred expenses of approximately $76,000 in relation to the purchase of this software which was included as part of the consideration.

Property and equipment represent purchased software which had a cost of approximately $684,000 and accumulated depreciation of approximately $8,000 as of October 31, 2022.

Note 5 – Related Party Transactions

The Company’s CFO has provided office space at no cost to the Company. Our CEO and CFO incurred expenses on behalf of the Company amounting to approximately $12,000 during the three months ending October 31, 2022. As of October 31, 2022 total amounts due to our CEO and CFO are approximately $58,000. These amounts are due on December 31, 2022 and bear interest at eight percent per annum.

As of October 31, 2022 and July 31, 2022, the Company had a convertible promissory note in the principal outstanding balance of $40,000, payable to a shareholder. Such note bears interest at nine percent per annum with a maturity date of July 31, 2015. The principal and accrued interest is convertible, at the option of the holder, into common shares at $.01 per share.

Note 6 – Notes Payable

Convertible Notes Payable

The Company has convertible promissory notes that in the aggregate result in a principal outstanding balance of $160,750 as of October 31, 2022 and July 31, 2022, respectively. Interest on these notes range from nine to ten percent per annum and such notes had maturity dates of July 31, 2015. The principal and accrued interest is convertible, at the option of the holder, into common shares at $.01 per share.

The Company has convertible promissory notes that in the aggregate result in a principal outstanding balance of $157,945 as of October 31, 2022 and July 31, 2022, respectively. Interest on these notes range from eight to ten percent per annum and such notes had maturity dates of July 31, 2015. The principal and accrued interest is convertible, at the option of the holder, into common shares at $.04 per share.

8

The Company has convertible promissory notes that in the aggregate result in a principal outstanding balance of $50,000 as of October 31, 2022 and July 31, 2022, respectively. Interest on these notes are 8% per annum and such notes had maturity date of March 31, 2015. The principal and accrued interest is convertible, at the option of the holder, into non-restricted common stock in an amount equal to the total sum due, based on a mutually agreed discount (not to exceed 50%) to the then market price.

The Company has convertible promissory notes that in the aggregate result in a principal outstanding balance of $44,711 as of October 31, 2022 and July 31, 2022, respectively. Interest on these notes are 10% per annum and such notes had maturity dates ranging from July 31, 2015 to December 31, 2015. The principal and accrued interest is convertible, at the option of the holder, into common shares at $.07 per share.

The Company has convertible promissory notes that in the aggregate result in a principal outstanding balance of $39,000 as of October 31, 2022 and July 31, 2022, respectively. Interest on these notes are 10% per annum and such notes had maturity dates ranging from July 31, 2015 to December 31, 2015. The principal and accrued interest is convertible, at the option of the holder, into common shares at $.10 per share.

Accrued interest on such notes total approximately $435,000 and $423,000 as of October 31, 2022 and July 31, 2022, respectively and are included within accrued liabilities on the accompanying balance sheet. Based on the maturity dates of the promissory notes, all promissory notes are in default.

Notes Payable

In October 2022 we entered into a promissory note in the amount of $0.5 million in connection with the purchase of software from Fitwell Limited. The promissory note bears interest at one-tenth of one percent per annum and is due and payable upon the earlier of October 18, 2023 or the Company completing a capital raise, under Regulation A which generates no less than $2 million in proceeds to the Company and shares of the Company in the amount of $0.5 million. In addition, and in connection with the purchase of the software, the Company entered into a non-interest-bearing note with no stated repayment date in the amount of approximately $78,000.

Note 7 – Shareholders’ Equity

Preferred stock

The Company has two classes of preferred stock and is authorized to issue 25,000,000 shares of $.001 par value preferred stock. The Company's Board of Directors may divide and issue the preferred shares in series. Each Series, when issued, shall be designated to distinguish them from the shares of all other series. The relative rights and preferences of these series include preference of dividends, redemption terms and conditions, amount payable upon shares of voluntary or involuntary liquidation, terms and condition of conversion as well as voting powers.

Series A Preferred Stock

The Company is authorized to issue 5,000,000 shares of Convertible Series A Preferred Stock at a par value of $0.001. Each share of Series A Preferred Stock is convertible into 6.25 shares of common stock at the election of the holder. Each Series A share is entitled to 6.25 votes in any vote of the common stock holders. Series A shares are redeemable by the Company at $.50 per share with 15 days written notice. Series A shares are entitled to a 5% dividend preference and a participation interest in the remaining 95% dividend. On October 22, 2022, approximately 1.2 million shares of Series A Preferred Stock were cancelled pursuant to the termination of a license agreement for intellectual property.

Series B Preferred Stock

The Company is authorized to issue 5,000,000 shares of Convertible Series B Preferred Stock at a par value of $0.001. Each share of Series B Preferred Stock is convertible into 1,000 shares of common stock at the election of the holder. On October 22, 2022, approximately 90,000 shares of Series B Preferred Stock were cancelled pursuant to the termination of a license agreement for intellectual property.

Common stock

As of October 31, 2022 and July 31, 2022, the Company was authorized to issue 975,000,000 shares of common stock respectively. During October 2022, the Company issued approximately 2 million shares in connection with the purchase of software from Fitwell Limited. These shares were valued based on the stock price on the date of grant for an aggregate consideration of approximately $108,000. In addition, we issued 4.8 million restricted shares for services rendered to certain individuals and recognized stock compensation of approximately $257,000 which represented the total grant value on the date of grant.

Total shares outstanding at October 31, 2022 and July 31, 2022 were 26,580,678 and 19,830,679, respectively.

9

Note 8 – Income Taxes

The Company accounts for income taxes under FASB ASC Topic 740, which requires use of the liability method. FASB ASC Topic 740 provides that deferred tax assets and liabilities are recorded based on the differences the tax basis of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as temporary differences. As of October 31, 2022, the Company incurred a net operating loss and, accordingly, no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets.

Based on the available objective evidence, including the Company's history of losses, management believes it is more likely than not, the net deferred tax assets will not be fully realizable. Accordingly, the Company provided for a full valuation allowance against its net deferred tax assets at October 31, 2022 and July 31, 2022. The Company had no uncertain tax positions as of October 31, 2022 and July 31, 2022.

Note 9 - Supplemental Disclosure of Noncash Activities

As noted in Note 4, the Company purchased software from Fitwell Limited in the amount of approximately $684,000 through the issuance of common shares of approximately $108,000 and promissory notes in the amount of approximately $576,000.

10

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Statement Regarding Forward-Looking Statements

This report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward looking statements. Forward-looking statements are not statements of historical facts, but rather reflect our current expectations concerning future events and results. The words “may,” “will,” “anticipate,” “should,” “would,” “believe,” “contemplate,” “could,” “project,” “predict,” “expect,” “estimate,” “continue,” and “intend,” as well as other similar words and expressions of the future, are intended to identify forward-looking statements.

Factors that may cause actual results to differ from those results expressed or implied, include, but are not limited to, those listed under “Risk Factors” in our Registration Statement on Form 10-K for the year ended July 31, 2022 filed by the Company with the Securities and Exchange Commission (the “SEC”) on October 31, 2022.

These forward-looking statements generally relate to our plans, objectives and expectations for future events and include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts.  These statements are based upon our opinions and estimates as of the date they are made.  Although we believe that the expectations reflected in these forward-looking statements are reasonable, such forward-looking statements are subject to known and unknown risks and uncertainties that may be beyond our control, which could cause actual results, performance and achievements to differ materially from results, performance and achievements projected, expected, expressed or implied by the forward-looking statements.  While we cannot assess the future impact that any of these differences could have on our business, financial condition, results of operations and cash flows or the market price of shares of our common stock, the differences could be significant. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this report and you are urged to consider all such risks and uncertainties. In light of the uncertainty inherent in such forward-looking statements, you should not consider their inclusion to be a representation that such forward-looking matters will be achieved. 

General Overview

We plan to develop and operate a diversified health and wellness platform. As part of that strategy, on October 18, 2022, we successfully completed the purchased a ready to deploy mobile fitness and wellness platform with mobile apps native to the iOS and Android operating systems. The platform is a video-based fitness curriculum which provides beginner, intermediate and advanced cardiovascular and strength training programs in short, easy to follow format instructional videos. Content is available on a freemium model, with a small library of content offered for free, and unlimited access offered on a subscription basis. The platform also includes a comprehensive food library with meal and calorie tracking, a pedometer to track steps taken each day, artificial intelligence based coaching functionality, community-based features to provide peer based encouragement, and leaderboards to measure your progress against other users. The platform integrates with wearable fitness devices, such as the Apple Watch and aggregates and tracks collected health and fitness data. The app facilitates communication through push notifications as well as content and information features integrated seamlessly within the UX (user experience).

In addition to the feature rich experience, the platform provides for robust data capture and tracking which allows us to provide a highly customized user experience which is intended to maximize users fitness and wellness outcomes. We plan to leverage the source code and build on top of the existing platform a B2B wellness platform and market the platform to enterprise clients, data-mine the dataset for marketing opportunities, identify trends for new product launches and develop a DTC offering based on free content and micro-transactions.

11

Results of operations

Three months ended October 31, 2022 compared to the three months ended October 31, 2021

Net Loss

For the three months ended October 31, 2022 and 2021 we incurred net losses of approximately $290,000 and $26,000 respectively.

Expenses

For the three months ended October 31, 2022, we incurred expenses of approximately $290,000 which was primarily comprised of stock compensation expense of approximately $257,000, professional fees of approximately $10,000, depreciation of approximately $8,000, and interest expense of approximately $13,000.

For the three months ended October 31, 2021 we incurred expenses of approximately $26,000 which was primarily related to professional fees of approximately $14,000 and interest expense of approximately $12,000.

Financial condition

Liquidity and Capital Resources

Currently, we rely on our management to provide us with the capital needed to run our business on a day-to-day basis.

For the three months ended October 31, 2022 and 2021 we incurred net losses of approximately $290,000 and $26,000 respectively. As of October 31, 2022 we had no cash on hand and current liabilities of $1.6 million. As of July 21, 2022, we had no cash on hand and current liabilities of $1 million.

We will seek additional funds through equity or debt financing, collaborative or other arrangements with corporate partners, licensees or others, and from other sources, which may have the effect of diluting the holdings of existing shareholders. The Company has no current arrangements with respect to, or sources of, such additional financing and we do not anticipate that existing shareholders will provide any portion of our future financing requirements.

No assurance can be given that additional financing will be available when needed or that such financing will be available on terms acceptable to the Company. If adequate funds are not available, we may be required to delay or terminate expenditures for certain of its programs that it would otherwise seek to develop and commercialize. This would have a material adverse effect on the Company.

12

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not required.

Item 4. Controls and Procedures

The Company’s principal executive officer and principal financial officer, with the assistance of other members of the Company’s management, have evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report. Based upon such evaluation, the Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures are not effective as of the end of the period covered by this quarterly report.

The Company’s principal executive officer and principal financial officer have also concluded that there was no change in the Company’s internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) that occurred during the quarter ended October 31, 2022 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Purchases of Equity Securities

We did not, nor did any affiliated purchaser, make any repurchases of our securities during the three months ended October 31, 2022.

Item 5. Other Information.

None.

Item 6. Exhibits.

Exhibit No.	Description
2.1	Notice of Entry of Order Appointing, Eight Judicial District Court, Clark County, Nevada, Case No.: A-19-791451-P dated May 7, 2019 (Filed as an exhibit to Form 10-12G on June 21, 2021). **
2.2	Notice of Entry of Order Discharging, Eight Judicial District Court, Clark County, Nevada, Case No.: A-19-791451-P dated October 16, 2019 (Filed as an exhibit to Form 10-12G on June 21, 2021). **
3.1	Amended and Restated Articles of Incorporation (Filed as an exhibit to Form SB-2, File No. 333-129398, on November 2, 2005). **
3.2	Amended Bylaws (Filed as an exhibit to Form SB-2, File No. 333-129398, on November 2, 2005). **
3.3	Certificate of Change Pursuant to NRS 78.209 effective July 31, 2007 (Filed as an exhibit to the Form 8-K dated July 31, 2007, filed August 6, 2007). **
3.4	Certificate of Designation Pursuant to NRS 78.1955 effective December 8, 2008 (Filed as an exhibit to Form 8-K dated December 8, 2008, filed December 10, 2008). **
3.5	Amendment to Certificate of Designation Pursuant to NRS 78.1955 effective December 15, 2008 (Filed as an exhibit to the Form 8-K dated December 15, 2008, filed December 17, 2008). **
3.6	Certificate of Reinstatement dated July 10, 2019 (Filed as an exhibit to Form 10-12G on June 21, 2021). **
3.7	Certificate of Designation dated July 10, 2019 (Filed as an exhibit to Form 10-12G on June 21, 2021). **
3.8	Certificate of Amendment by Custodian filed July 10, 2019 (Filed as an exhibit to Form 10-12G on June 21, 2021). **
3.9	Certificate of Amendment Filed July 10, 2019 (Filed as an exhibit to Form 10-12G on June 21, 2021). **
3.11	Certificate of Amendment to the Articles of Incorporation Filed May 26, 2021 (Filed as an exhibit to Form 10-12G on June 21, 2021). **
10	Intellectual Property License Agreement Between Worldwide Strategies Incorporated and Dr. Sandra Kaufmann (Filed as an exhibit to Form 10-12G on June 21, 2021) **
10.1	2005 Stock Plan (Filed as an exhibit to the initial filing of the registration statement on Form SB-2, File No. 333-129398, on November 2, 2005) **
24.1	Power of Attorney
31.1	Certification of principal executive officer of the Company, pursuant to Securities Exchange Act Rule 13a-14(a) *
31.2	Certification of principal financial officer of the Company, pursuant to Securities Exchange Act Rule 13a-14(a) *
32.1	Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of The Sarbanes-Oxley Act of 2002, signed by the principal executive officer of the Company and the principal financial officer of the Company *
101.INS	XBRL Instance Document **
101.SCH	XBRL Taxonomy Extension Schema Document **
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document **
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document **
101.LAB	XBRL Extension Labels Linkbase Document **
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document **

*Filed herewith

**Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Act of 1934 and otherwise are not subject to liability.

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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.

	WORLDWIDE STRATEGIES, INC.
Date:  December 20, 2022	By:	/s/ ADAM LAUFER
		Name:	Adam Laufer
		Title:	Chief Executive Officer (Principal Executive Officer)

Date:  December 20, 2022	By:	/s/ PAVAN CHARAN
		Name:	Pavan Charan
		Title:	Chief Financial Officer and Principal Accounting Officer (Principal Financial Officer)

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