World Moto (FARE) 10-Q 14 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 14, 2013
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Trading Symbol	'fare	'
Entity Registrant Name	'World Moto, Inc.	'
Entity Central Index Key	'0001492151	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	378,033,149
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Well Known Seasoned Issuer	'No	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
Current assets:	'	'
Cash and cash equivalents	$413,376	$75,774
Prepaid expenses	21,623	2,052
Total current assets	434,999	77,826
Property and equipment, net of accumulated depreciation of $592	8,892	0
Intangible assets, net of accumulated amortization of $34,717 and $5,099, respectively	201,596	231,214
Refundable deposit	1,721	0
TOTAL ASSETS	647,208	309,040
Current liabilities:	'	'
Accounts payable and accrued expenses	17,303	2,156
Total current liabilities	17,303	2,156
Stockholders' equity:	'	'
Preferred stock, $0.0001 par value; 50,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized; 378,033,149 and 374,329,445 shares issued and outstanding, respectively	37,802	37,433
Additional paid-in capital	1,568,745	569,114
Accumulated other comprehensive income	842	0
Deficit accumulated during the development stage	-977,484	-299,663
Total stockholders' equity	629,905	306,884
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$647,208	$309,040

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Accumulated depreciation	$592	$0
Accumulated amortization, intangible assets	$34,717	$5,099
Preferred stock shares par value	$0.00	$0.00
Preferred stock shares authorized	50,000,000	50,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common stock shares par value	$0.00	$0.00
Common stock shares authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	378,033,149	374,329,445
Common Stock, Shares, Outstanding	378,033,149	374,329,445

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended		9 Months Ended		66 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Revenues	$0	$0	$0	$0	$10,188
Operating expenses:	'	'	'	'	'
General and administrative	278,107	31,777	678,570	42,934	988,421
Total operating expenses	278,107	31,777	678,570	42,934	978,233
Loss from continuing operations	-278,107	-31,777	-678,570	-42,934	-978,233
Other income:	'	'	'	'	'
Interest income	160	0	749	0	749
Net loss	-277,947	-31,777	-677,821	-42,934	-977,484
Other comprehensive loss:	'	'	'	'	'
Foreign currency translation gain/(loss)	-1,793	0	842	0	842
Total comprehensive loss	($279,740)	($31,777)	($676,979)	($42,934)	($976,642)
Net loss per common share - basic and diluted	$0	($0.01)	$0	($0.01)	'
Weighted average number of common shares outstanding - basic and diluted	378,033,149	4,808,000	377,884,460	4,808,000	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended		66 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'	'
Net loss	($677,821)	($42,934)	($977,484)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'	'
Depreciation and amortization	30,210	1,290	39,293
Impairment of long-lived assets	0	0	919
Shares issued for services	0	0	25,000
Changes in operating assets and liabilities:	'	'	'
Prepaid expenses and other current assets	-19,571	-1,650	-21,623
Accounts payable and accrued expenses	15,147	6,337	17,303
Net cash used in operating activities	-652,035	-36,957	-916,592
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'	'
Purchases of property and equipment	-9,484	0	-14,386
Refundable deposit	-1,721	0	-1,721
Net cash used in investing activities	-11,205	0	-16,107
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'	'
Proceeds from shares issued for cash	1,000,000	0	1,286,800
Advances from related parties	0	36,913	58,433
Net cash provided by financing activities	1,000,000	36,913	1,345,233
EFFECT OF CURRENCY TRANSLATIONS	842	0	842
Net increase (decrease) in cash	337,602	-44	413,376
Cash and cash equivalent at beginning of period	75,774	44	0
Cash and cash equivalent at end of period	413,376	0	413,376
Cash paid for:	'	'	'
Income tax	0	0	0
Interest	0	0	0
NONCASH INVESTING AND FINANCING ACTIVITIES:	'	'	'
Forgiveness of related party debt	0	6,250	6,250
Shares issued for asset acquisition	0	0	236,314
Shares issued for accounts payable	0	0	52,183
Cancellation of common stock	$0	$0	$72,358

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block]	'
	NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Nature of Business
	World Moto, Inc. (the “Company”) was incorporated in the State of Nevada on March 24, 2008 under the name Net Profits Ten Inc. The original purpose of the Company was to market and distribute user-friendly interactive yearbook software for the military. The Company was reclassified as a shell company until the completion of its acquisition of the World Moto Assets, which was consummated on November 14, 2012. Effective November 12, 2012, the Company amended its Articles of Incorporation to change its name from “Net Profits Ten Inc.” to “World Moto, Inc.”.
	On January 30, 2013, World Moto, Inc. established two wholly owned subsidiaries that were incorporated in the State of Nevada. World Moto Technologies, Inc. and World Moto Holdings, Inc. were both established, but have no activity to report to date. On February 4, 2013, World Moto Technologies Ltd., a wholly owned subsidiary of the Company, was organized under the laws of the Kingdom of Thailand and the name of this company was later changed to World Moto Co., Ltd. World Moto Co., Ltd. is owned in its entirety by World Moto, Inc. and is an operating entity of the Company in Thailand formed for the purpose of research and development in the Southeast Asia region.
	Basis of Presentation
	The unaudited consolidated financial statements as of September 30, 2013 and for the nine months ended September 30, 2013 and 2012 have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information in accordance with Securities and Exchange Commission (“SEC”) Regulation S-X rule 8 - 03 and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s last Annual Report filed with the SEC on Form 10-K for the year ended December 31, 2012. In the opinion of management, the unaudited consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include normal recurring adjustments, necessary to present fairly the financial position as of September 30, 2013 and the results of operations and cash flows for the periods then ended. The financial data and other information disclosed in these notes to the interim consolidated financial statements related to the period are unaudited. The results for the three-month period ended September 30, 2013, are not necessarily indicative of the results to be expected for any subsequent quarters or for the entire year ending December 31, 2013. Notes to the unaudited interim consolidated financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Form 10-K have been omitted.
	Principles of Consolidation
	The consolidated financial statements herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and those of its wholly owned subsidiaries. The financial statements of World Moto Co., Ltd. were prepared in accordance with Thai GAAP, the International Accounting Standards Committee (AISC) and the Thai Revenue Code. All significant intercompany accounts and transactions have been eliminated.
	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 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.
	Foreign Currency Translation
	World Moto Co., Ltd.’s functional currency is Thailand Baht. The Company’s reporting currency is the United States dollar. Monetary assets and liabilities of World Moto Co., Ltd. are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the determination of income. The Company has not, to the date of these financials statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.
	Subsequent Events
	The Company evaluates subsequent events through the date when financial statements are issued for disclosure consideration.
	Recent Accounting Pronouncements
	The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

GOING_CONCERN

GOING CONCERN	9 Months Ended
	Sep. 30, 2013
GOING CONCERN [Text Block]	'
	NOTE 2 – GOING CONCERN
	The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company has an accumulated deficit of $977,484 as of September 30, 2013, has limited liquidity, and has not established a reliable source of revenues sufficient to cover operating costs over an extended period of time. These factors raise substantial doubt about the Company’s ability to continue as a going concern.
	Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

EQUITY_TRANSACTIONS

EQUITY TRANSACTIONS	9 Months Ended
	Sep. 30, 2013
EQUITY TRANSACTIONS [Text Block]	'
	NOTE 3 – EQUITY TRANSACTIONS
	On January 8, 2013, the Company consummated a private placement offering with an accredited investor for the sale of 3,703,704 shares of common stock at a purchase price of $0.27 per share, for aggregate consideration of $1,000,000. The Company intends to use the proceeds for general corporate purposes, including working capital needs.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2013
COMMITMENTS AND CONTINGENCIES [Text Block]	'
	NOTE 4 – COMMITMENTS AND CONTINGENCIES
	On May 13, 2013, George Sharp filed a lawsuit against multiple defendants, including the Company, in the Superior Court in the State of California in San Diego County. Mr. Sharp’s complaint alleges that the defendants engaged in fraudulent and deceptive actions by initiating the delivery of at least 1,204 spam e-mails to his e-mail account during the period from November 17, 2011 through May 13, 2013. The complaint seeks $1,204,000 in liquidated damages from all the defendants on a joint and several basis. On July 1, 2013, we filed a motion to quash service of the summons and complaint, asserting the court does not have personal jurisdiction over the Company. The matter came before the court in a hearing on October 11, 2013. The Court granted the Company’s motion, finding it did not have jurisdiction and dismissing the Company from the action.

Recovered_Sheet1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2013
Nature of Business [Policy Text Block]	'
	Nature of Business
	World Moto, Inc. (the “Company”) was incorporated in the State of Nevada on March 24, 2008 under the name Net Profits Ten Inc. The original purpose of the Company was to market and distribute user-friendly interactive yearbook software for the military. The Company was reclassified as a shell company until the completion of its acquisition of the World Moto Assets, which was consummated on November 14, 2012. Effective November 12, 2012, the Company amended its Articles of Incorporation to change its name from “Net Profits Ten Inc.” to “World Moto, Inc.”.
	On January 30, 2013, World Moto, Inc. established two wholly owned subsidiaries that were incorporated in the State of Nevada. World Moto Technologies, Inc. and World Moto Holdings, Inc. were both established, but have no activity to report to date. On February 4, 2013, World Moto Technologies Ltd., a wholly owned subsidiary of the Company, was organized under the laws of the Kingdom of Thailand and the name of this company was later changed to World Moto Co., Ltd. World Moto Co., Ltd. is owned in its entirety by World Moto, Inc. and is an operating entity of the Company in Thailand formed for the purpose of research and development in the Southeast Asia region.
Principles of Consolidation [Policy Text Block]	'
	Principles of Consolidation
	The consolidated financial statements herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and those of its wholly owned subsidiaries. The financial statements of World Moto Co., Ltd. were prepared in accordance with Thai GAAP, the International Accounting Standards Committee (AISC) and the Thai Revenue Code. All significant intercompany accounts and transactions have been eliminated.
Use of Estimates [Policy Text Block]	'
	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 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.
Foreign Currency Translation [Policy Text Block]	'
	Foreign Currency Translation
	World Moto Co., Ltd.’s functional currency is Thailand Baht. The Company’s reporting currency is the United States dollar. Monetary assets and liabilities of World Moto Co., Ltd. are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the determination of income. The Company has not, to the date of these financials statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.
Subsequent Events [Policy Text Block]	'
	Subsequent Events
	The Company evaluates subsequent events through the date when financial statements are issued for disclosure consideration.
Recent Accounting Pronouncements [Policy Text Block]	'
	Recent Accounting Pronouncements
	The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

GOING_CONCERN_Narrative_Detail

GOING CONCERN (Narrative) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Accumulated deficit	$977,484	$299,663

EQUITY_TRANSACTIONS_Narrative_

EQUITY TRANSACTIONS (Narrative) (Details) (USD $)	1 Months Ended
	Jan. 31, 2013
Stock Issued During Period, Shares, Issued for Cash	3,703,704
Equity Issuance, Per Share Amount	$0.27
Proceeds from Issuance of Private Placement	$1,000,000

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) (USD $)	1 Months Ended
	31-May-13
Loss Contingency, Damages Sought, Value	$1,204,000