World Moto (FARE) 10-K 7 Sep 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Aug. 11, 2017	Jun. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	World Moto, Inc.
Entity Central Index Key	1,492,151
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Public Float			$ 1,661,501
Entity Common Stock, Shares Outstanding		1,490,145,045

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 3,432	$ 14,772
Prepaid expenses and other current assets	16,810	15,588
Total current assets	20,242	30,360
Property and equipment, net of accumulated depreciation	19,204	28,106
Deposits	6,520	10,077
TOTAL ASSETS	45,966	68,543
Current liabilities
Accounts payable and accrued expenses	514,076	524,792
Convertible notes payable, net of discount and deferred financing costs	535,231	271,810
Derivative liabilities	1,488,828	611,793
Short-term debt - related party	18,554	29,612
Unearned revenues	56,354	56,160
Total current liabilities	2,613,043	1,494,167
Long term convertible notes payable, net of discount and deferred financing costs	55,011	4,859
Long-term derivative liabilities		442,915
Total liabilities	2,668,054	1,941,941
Commitments and contingencies
Stockholders' deficit
Preferred stock, $0.0001 par value; 50,000,000 shares authorized including 5,000,000 shares authorized as Series A Convertible preferred shares; 5,000,000 shares of Series A Convertible preferred shares issued and outstanding	500	500
Common stock, $0.0001 par value, 4,000,000,000 shares authorized; 966,778,980 and 395,369,204 shares issued and outstanding, respectively	149,014	96,678
Additional paid-in capital	4,779,267	4,288,698
Accumulated deficit	(7,526,250)	(6,235,125)
Accumulated other comprehensive loss	(24,619)	(24,149)
Total stockholders' deficit	(2,622,088)	(1,873,398)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 45,966	$ 68,543

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	4,000,000,000	4,000,000,000
Common stock, shares issued	966,778,980	395,369,204
Common stock, shares outstanding	966,778,980	395,369,204
Series A Convertible Preferred Stock
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	5,000,000	5,000,000
Preferred stock, shares outstanding	5,000,000	5,000,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Statement of Operations [Abstract]
Revenues		$ 1,521
Cost of revenues		821
Gross profit		700
Operating expenses	213,097	1,106,288
Loss from operations	(213,097)	(1,105,588)
Other income (expense)
Interest expense	(925,796)	(2,005,266)
Other income	5,900
Change in fair value of derivative liabilities	(219,710)	(187,832)
Gain on settlement of debt	61,578	435,658
Foreign currency exchange gain (loss)		(6,317)
Total	(1,078,028)	(1,763,757)
Net loss	(1,291,125)	(2,869,345)
Other comprehensive loss
Foreign currency translations	(470)	(8,627)
Total comprehensive loss	$ (1,291,595)	$ (2,877,972)
Net loss per common share - basic and diluted	$ 0	$ 0
Weighted average number of common shares outstanding - basic and diluted	1,403,952,052	579,584,357

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Deficit - USD ($) shares in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance at Dec. 31, 2014	$ (1,589,000)		$ 40,000	$ 1,752,000	$ (3,366,000)	$ (16,000)
Balance, shares at Dec. 31, 2014			395,369
Shares issued for debt conversion	2,580,000		$ 57,000	2,523,000
Shares issued for debt conversion, shares			571,410
Preferred shares issued for services	13,500	$ 500		13,000
Preferred shares issued for services, shares		5,000
Foreign currency translation adjustment	(9,000)					(9,000)
Net loss	(2,869,345)
Balance at Dec. 31, 2015	(1,873,398)	$ 500	$ 97,000	4,289,000	(6,235,000)	(24,000)
Balance, shares at Dec. 31, 2015		5,000	966,779
Shares issued for debt conversion	543,000		$ 52,000	491,000
Shares issued for debt conversion, shares			523,366
Foreign currency translation adjustment	(500)					(500)
Net loss	(1,291,125)				(1,291,000)
Balance at Dec. 31, 2016	$ (2,622,088)	$ 500	$ 149,000	$ 4,779,000	$ (7,526,000)	$ (25,000)
Balance, shares at Dec. 31, 2016		5,000	1,490,145

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,291,125)	$ (2,869,345)
Adjustments to net cash used in operating activities
Depreciation and amortization	8,024	7,881
Derivative expense	380,027	467,362
Amortization of debt discount and deferred financing costs	432,045	1,415,039
Share based compensation		13,500
Gain on settlement of debt	(61,578)	(435,658)
Change in fair value of derivative liabilities	219,710	187,832
Write down of inventories		9,356
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,222)	5,153
Inventories		(6,370)
Other assets		907
Accounts payable and accrued expenses	(10,717)	425,202
Unearned revenues		(2,896)
Net cash used in operating activities	(324,837)	(782,037)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment		(11,772)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from convertible notes, net of costs	320,625	664,038
Proceeds of related party notes payable	5,351	28,715
Payments on related party notes payable	(12,678)	(44,810)
Net cash provided by financing activities	313,298	647,943
Foreign currency translation effect	199	(8,627)
Net decrease in cash and cash equivalents	(11,340)	(154,493)
Cash and cash equivalent at beginning of the year	14,772	169,265
Cash and cash equivalent at end of the year	3,432	14,772
SUPPLEMETAL NON-CASH DISCLOSURES
Interest paid
Income taxes paid
NONCASH INVESTING AND FINANCING ACTIVITIES
Common stock issued for debt conversion	542,906	2,580,937
Derivative liabilities created from issuance of convertible debt	350,431	1,263,838
Derivative liabilities derecognized from debt conversion and modifications	213,469	1,662,177
Deferred finance costs applied to convertible debt	40,438
Derivative liabilities from issuance of warrant		9,056
Debt issued for prepayment penalty		$ 64,674

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	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 considered as a shell company until the completion of its acquisition of the World Moto Assets, which was consummated on November 14, 2012, as discussed in Note 3. 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. ("WM Co. Thailand"). WM Thailand represents our operating entity for the purposes of research and development in the Southeast Asia region. The Company design, manufacture, market and sell Moto-Meter products and services, including the Moto-Meter and its related smartphone application, the Yes service and HailYes™ app, and Wheelies. The Company seek to address the need for fare metering and mobile commerce for motor scooters and motorcycle taxis. The use of these taxis is increasingly common in the developing world. The Company planned products, however, will have increased functionalities over a standard fare meter commonly used in an enclosed taxicab. Basis of Presentation These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. The Company's fiscal year-end is December 31. Principal of Consolidation The consolidated financial statements include the accounts of World Moto Technologies, Inc., World Moto Holdings, Inc., and World Moto Co. Ltd, all 100% owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. 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 The functional currency of our Thailand subsidiary is the Thai Baht. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income (loss) for the respective periods. For financial reporting purposes, the financial statements of the Thailand subsidiary are translated into the Company's reporting currency, United States Dollars ("USD"). Asset and liability accounts are translated using the closing exchange rate in effect at the balance sheet date, equity account and dividend are translated using historical exchange rates and income and expense accounts are translated using the average exchange rate prevailing during the reporting period. Adjustments resulting from the translation, if any, are included in accumulated other comprehensive loss in stockholder's equity (deficit). Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. Long-lived Assets Property and equipment Property and equipment are recorded at cost. Expenditures for major additions and improvements are capitalized and minor replacements, maintenance, and repairs are charged to expense as incurred. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations for the respective period. Depreciation is provided over the estimated useful lives of the related assets using the straight-line method of 3 years for financial statement purposes. Software The Company capitalizes software acquisition and development costs incurred during the software application development stage. The software application development stage is characterized by software design and configuration activities, coding, testing and installation. Training and maintenance costs are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Capitalized software acquisition and development costs, once placed in service, are amortized using the straight-line method over the estimated useful life of 3 to 10 years. Capitalized software acquisition and development costs subject to amortization are carried at cost less accumulated amortization. Patents Patents are initially measured based on their fair values. Patents are being amortized on the straight-line method over the estimated useful life of 10 to 20 years. Management evaluates the recoverability of the Company's property and equipment including patent development costs when events or circumstances indicate a potential impairment exists. The Company considers certain events and circumstances in determining whether the carrying value of identifiable property and equipment may not be recoverable including, but not limited to: significant changes in performance relative to expected operating results; significant changes in the use of the assets; significant negative industry or economic trends; and changes in the business strategy. In determining if impairment exists, the Company estimates the undiscounted cash flows to be generated from the use and ultimate disposition of these assets. If impairment is indicated based on a comparison of the assets' carrying values and the undiscounted cash flows, the impairment loss is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Income Taxes The Company uses the asset and liability method in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and income tax carrying amounts of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company reviews deferred tax assets for a valuation allowance based upon whether it is more likely than not that the deferred tax asset will be fully realized. A valuation allowance, if necessary, is provided against deferred tax assets, based upon management's assessment as to their realization. Fair Value Measurement The Company values its derivative instruments under FASB ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities. Level 3 - Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. The Company uses Level 3 to value its derivative instruments. The following table sets forth by level with the fair value hierarchy the Company's derivative liability measured at fair value on December 31, 2016 and 2015. Level 1 Level 2 Level 3 Total December 31, 2016 $ - $ - $ 1,488,828 $ 1,488,828 December 31, 2015 $ - $ - $ 1,054,708 $ 1,054,708 Revenue Recognition The Company recognizes revenue only when all the following criteria have been met: · Persuasive evidence of an arrangement exists; · Delivery has occurred or services have been rendered; · The fee for the arrangement is fixed or determinable; and · Collectability is reasonably assured. Revenues received for which performance obligations still exist are deferred and recognized as a current liability. Franchise Fee Revenue Revenues from licensees include a royalty based on a percent of sales, and may include initial fees. Continuing royalties are recognized in the period earned. Initial fees are recognized upon granting of a new franchise term, which is when the Company has performed substantially all initial services required by the franchise arrangement and once the franchisee commences operations. Additionally, the first twelve months of operations are royalty free for the franchisee. Stock-based Compensation The Company expenses the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of such instruments over the service period. Equity instruments issued to parties other than employees for acquiring goods or services are recorded at either the fair value of the consideration received or the fair value of the instruments issued in exchange for such services, whichever is more reliably measurable. Subsequent Events The Company evaluates subsequent events through the date when financial statements are issued for disclosure consideration. Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles when it becomes effective. In July 2015, the FASB deferred the effective date of the standard by an additional year; however, it provided companies the option to adopt one year earlier, commensurate with the original effective date. Accordingly, the standard will be effective for the Company in the fiscal year beginning October 1, 2018, with an option to adopt the standard for the fiscal year beginning October 1, 2017. The Company is currently evaluating this standard and has not yet selected a transition method or the effective date on which it plans to adopt the standard, nor has it determined the effect of the standard on its financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which issued new guidance related to leases that outlines a comprehensive lease accounting model and supersedes the current lease guidance. The new guidance requires lessees to recognize lease liabilities and corresponding right-of-use assets for all leases with lease terms of greater than 12 months. It also changes the definition of a lease and expands the disclosure requirements of lease arrangements. The new guidance must be adopted using the modified retrospective approach and will be effective for the Company in the fiscal year beginning October 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of this guidance, if any, on its financial statements and related disclosures. In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This guidance changes how companies account for certain aspects of share-based payments to employees. Among other things, under the new guidance, companies will no longer record excess tax benefits and certain tax deficiencies in additional paid-in-capital ("APIC"), but will instead record such items as income tax expense or benefit in the income statement, and APIC pools will be eliminated. Companies will apply this guidance prospectively. Another component of the new guidance allows companies to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards, whereby forfeitures can be estimated, as required today, or recognized when they occur. If elected, the change to recognize forfeitures when they occur needs to be adopted using a modified retrospective approach. All of the guidance will be effective for the Company in the fiscal year beginning October 1, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this guidance, if any, on its financial statements and related disclosures. 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	12 Months Ended
	Dec. 31, 2016
Going Concern [Abstract]
GOING CONCERN	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 $7,571,211 as of December 31, 2016, 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.

Unearned Revenues

Unearned Revenues	12 Months Ended
	Dec. 31, 2016
Unearned Revenues [Abstract]
UNEARNED REVENUES	NOTE 3 - UNEARNED REVENUES On December 2, 2013, WM Co. Thailand entered into a Purchase and Licensing Agreement (the "PL Agreement") with Mobile Advertising Ventures Ltd. ("MAV"). Pursuant to the terms of the PL Agreement, MAV will purchase 10 initial "Wheelies" from WM Co. Thailand at a purchase price of $35,000, and will have an option to purchase an additional 190 Wheelies at a purchase price of $3,500 per unit. WM Co. Thailand also grants a non-exclusive license to MAV for the use of its software in connection with the operation of the Wheelies in consideration for a fee based on net revenue per quarter from advertising sales relating to the use of the Wheelies. The Company received $35,000 from MAV before December 31, 2013 and recorded unearned revenues at December 31, 2016 and 2015. On March 10, 2014, the Company entered into a Fleet Franchise Agreement ("the Franchise Agreement") with Mobile Advertising Ventures, Ltd. MAV paid the Company $21,160 for the right to utilize the Yes software and all other trademarks of the Company, including but not limited to "Yes", "World Moto" and "Wheelies" (collectively, the "Marks") in the Federal Territory of Kuala Lumpur, Malaysia. Initial training has been completed for the Franchisee; however, the Franchisee has not begun operations. This revenue will be recorded as earned when MAV completes its first sale using the Yes software.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 4 - RELATED PARTY TRANSACTIONS At December 31, 2016 and 2015, the Company had short-term debt of $19,224 and $29,612, respectively, due to one of its majority shareholder. During the year ended December 31, 2016, the Company borrowed an additional $1,450 and repaid $11,838 of the related party debt. During the year ended December 31, 2015, the Company borrowed $28,715 and repaid $44,810 of related party debt. The loan is accruing interest at a rate of 0%. All proceeds were used for operating expenses.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2016
Property and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 5 – PROPERTY AND EQUIPMENT The following table summarizes property and equipment as of December 31, 2016 and 2015: Description Estimated Useful Lives 2016 2015 Machinery and equipment 3-5 years $ 46,090 $ 44,258 Less: accumulated depreciation (32,333 ) (16,152 ) Property and equipment, net $ 13,757 $ 28,106

Convertible Notes Payable

Convertible Notes Payable	12 Months Ended
	Dec. 31, 2016
Convertible Notes Payable [Abstract]
CONVERTIBLE NOTES PAYABLE	NOTE 6 – CONVERTIBLE NOTES PAYABLE The Company regularly issues notes payable which are convertible at a discount of the trading price of the Company's common stock. Due to these provisions, the embedded conversion option qualified for derivative accounting under ASC 815-15, Derivatives and Hedging . On December 11, 2014, the Company entered the second tranche Debentures (RM-DC Convertible Notes) with Redwood Management, LLC and Dominion Capital, LLC (the "Holder") in the aggregate principal amount of $608,696 for a purchase price of $500,000 (8% original issue discount). The Holder is guaranteed interest at the rate of 12% and the notes have a maturity date of December 11, 2015. The Company is obligated to make amortization payments beginning on the six-month anniversary of the issuance date of the Debentures and continuing monthly thereafter. The Debentures are convertible into shares of common stock of the Company at any time at the discretion of the Investors at a conversion price equal to the lesser of (i) $0.10 or (ii) 70% of the lowest traded price per share of the common stock during the twenty-five (25) trading days prior to the date of conversion. On July 10, 2015, the Company entered a convertible note with the Vires Group for an aggregate principal amount of $69,000 with $4,000 in deferred financing costs for broker fees. The note earns an interest rate equal to 8% per annum and is due on April 30, 2016. The note is convertible any time after 180 days from issuance at 62% of the average of the lowest 3 trading prices of the Company's common stock during the 30 trading days prior to the conversion date. On July 27, 2015, the Company entered a convertible note with LG Capital for an aggregate principal amount of $45,000 with $2,250 in deferred financing costs for broker fees. The note earns an interest rate equal to 8% per annum and matures on July 27, 2016. The note is convertible at 62% of the lowest trading price of the Company's common stock during the 15 trading days prior to the conversion date. On August 31, 2015, the Company entered a convertible note with JMJ for an aggregate principal amount of $44,000 with a $4,000 original issue discount . The note earns an interest rate equal to 12% per annum and matures on August 31, 2017. The note is convertible at 60% of the lowest trading price of the Company's common stock during the 20 trading days prior to the conversion date. he Company recorded debt discounts totaling $255,961, resulting from the bifurcation of the derivative liability and determined that the fair value of the conversion feature was $255,961 at the issuance date. The notes are convertible at 60% of the lowest trading price of the Company's common stock during the 20 trading days prior to the date of conversion. The Company entered various convertible notes with GW Holding Group for the year ended December 31, 2016 for an aggregate principal amount of $122,985. The notes bear interest at 10% per annum and mature at various dates from March through September of 2017. The notes are convertible at 52% of the lowest trading price of the Company's common stock during the 20 trading days prior to the conversion date. Pursuant to these notes, the Company recorded a debt discount of $169,086, resulting from the bifurcation of the derivative liability. The Company determined that the fair value of the conversion feature was 151,392 at the issuance date. Convertible notes payable as of September 30, 2016 and December 31, 2015, consisted of the following: Lender Interest Rate Issue Year Maturity Year Principal 2016 Principal 2015 Redwood and Dominion Capital 12 % 2014 2015 $ 148,164 $ 191,522 Vires Group 8 % 2015 2016 - 69,000 JMJ 12 % 2015 2017 33,000 82,280 LG Capital 8 % 2015 2017 - 45,000 Union Capital 8 % 2015 2016 316,447 416,923 GW Holdings 10 % 2015 2016 35,000 41,000 Union Capital 8 % 2016 2017 343,863 - GW Holdings 8 % 2016 2017 129,851 - Total principal 1,006,325 845,725 Less debt discount (400,579 ) (543,325 ) Deferred financing costs (15,504 ) (25,741 ) Net convertible debt 590,242 276,669 Current maturities 535,231 271,810 Long term convertible debt, net $ 55,011 $ 4,859 As summary of value changes to the notes for the years ended December 31, 2016 and 2015 is as follows: 2016 2015 Carrying value at beginning of the year $ 276,669 $ 245,256 Additional principal 365,460 837,863 Less: conversion of principal (199,114 ) (1,045,834 ) Less: discount related to fair value of the embedded conversion feature (254,068 ) (1,038,768 ) Less: discount related to original issue discount (13,137 ) (59,525 ) Less: deferred financing cost related to debt issuances (36,686 ) (77,362 ) Add: amortization of discount 394,822 1,334,551 Add: amortization of deferred financing cost 37,526 80,488 Carrying value at end of the year $ 590,242 $ 276,669 In connection with the sale of the Debentures, the Company incurred cash amount of $27,301 for legal fees for the year ended December 31, 2016 compared to $77,362 for legal fees for the year ended December 31, 2015. The fees have been recorded as deferred financing cost. The deferred financing costs are amortized by the Company through interest expense over the life of the notes. During the years ended December 31, 2016 and 2015, the Company recorded amortization of the deferred financing cost of $37,538 and $80,488, respectively.

Derivative Liability

Derivative Liability	12 Months Ended
	Dec. 31, 2016
Derivative Liability [Abstract]
DERIVATIVE LIABILITY	NOTE 7 – DERIVATIVE LIABILITY The Company has determined that the variable conversion prices under its convertible notes causes the embedded conversation feature to be a financial derivative. The Company may not have enough authorized common stock to settle its obligation if the note holder elects to convert the note into common shares when the trading price is lower than a certain threshold. The warrants described in Note 11 also qualify for derivative classification. The derivative instruments were valued at loan origination date, issuance date, date of debt conversion and at December 31, 2016. The fair values of the derivative liabilities related to the conversion options of these notes and warrants were estimated on the transaction dates (loan original date and date of debt conversion) using the Multinomial Lattice option pricing model, under the following assumptions: December 31, 2014 New Issuances December 31, 2015 New Issuances December 31, 2016 Shares of common stock issuable upon exercise of debt and warrants 23,193,987 779,115,518 998,958,397 523,366,065 1,490,145,048 Estimated market value of common stock on measurement date 0.17 $ 0.001 - 0.03 $ 0.001 - 0.05 $ 0.001 - 0.002 $ 0.001 - 0.05 Exercise price 0.01 - 0.01 $ 0.001 – 0.03 $ 0.001 – 0.1 $ 0.0003 – 0.001 $ 0.001 – 0.1 Risk free interest rate (1) 0.04- 0.25 % 0.09 - 1.54 % 0.14 - 1.54 % 0.09 - 1.54 % 0.14 % - 1.54 % Expected dividend yield (2) 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Expected volatility (3) 62 - 105 % 119 - 199 % 204.5 % 119 - 199 % 228.5 % Expected exercise term in years(4) 0.25 - 1.00 1.00 – 5.00 0.18 – 4.59 1.00 – 5.00 0.18 – 4.59 (1) The risk–free interest rate was determined by management using the one-month Treasury bill yield as of the issuance dates. (2) The expected dividend yield is based on the Company's current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments. (3) The volatility was determined by referring to the average historical volatility of a peer group of public companies because we do not have sufficient trade history to determine our historical volatility. (4) The exercise term is the remaining contractual term of the convertible instrument at the valuation date. The table below sets forth a summary of changes in the fair value of the Company's Level 3 financial liabilities: For the Years Ended December 31, 2016 2015 Balance at the beginning of the year $ 1,054,708 $ 1,256,159 Addition of new derivative liabilities (notes) 427,879 1,263,838 Addition of new derivative liabilities (warrants) - 9,056 Derecognize of derivative liability upon settlement of convertible notes (212,105 ) (1,427,518 ) Modification of derivative liabilities (1,364 ) (234,659 ) Change in fair value of derivative liability (notes) 216,944 194,689 Change in fair value of derivative liability (warrants) 2,767 (6,857 ) Balance at the end of the year $ 1,488,829 $ 1,054,708 Less short-term portion - (611,793 ) Long-term portion $ 1,488,829 $ 442,915

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Taxes [Abstract]
INCOME TAXES	NOTE 8 – INCOME TAXES No provision for federal income taxes has been recognized for the years ended December 31, 2016 and 2015, as the Company incurred a net operating loss for income tax purposes. The Company has tax losses that may be applied against future taxable income. The potential tax benefits arising from these losses carryforwards, which expire beginning the year 2028, are offset by a valuation allowance due to the uncertainty of profitable operations in the future. During the period from March 24, 2008 (inception) to December 31, 2016, the Company had tax net operating losses of $7,571,211. The statutory tax rates for fiscal years 2016 and 2015 are 35%. Tax effects of temporary differences that give rise to significant portions of the deferred tax assets at December 31, 2016 and 2015 are presented below: 2016 2015 Net operating losses carryforwards $ 2,649,924 $ 1,633,589 Less: valuation allowance (2,649,924 ) (1,633,589 ) Deferred tax assets, net $ - $ -

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 9 – COMMITMENTS AND CONTINGENCIES On April 16, 2013, the Company entered into a lease agreement with National Science and Technology Development Agency for 665 square feet of office space at 131 Thailand Science Park INC -1 # 214, Pathum Thani, Thailand. This office includes its executive offices and engineering facilities. On December 25, 2013, the Company entered into another lease agreement with National Science and Technology Development Agency for additional office space in the science park and the lease matures on November 30, 2016. Rent for the offices is approximately $22,000 per year. The lease expired in 2016 and as of December 31, 2016 was renewed on a month to month basis. Accordingly, there is no long-term commitment as of December 31, 2016. On December 25, 2013, the Company entered into an office maintenance service agreement with National Science and Technology Development Agency, the service agreement expires on the same date as the lease agreement. The annual service fee is approximately $21,000 per year. The service agreement expired in 2016 and as of December 31, 2016 was renewed on a month to month basis. Accordingly, there is no long-term commitment as of December 31, 2016. The Company has shared office space in New York City, located at 55 Broad Street, 28th Floor, New York, NY 10004. The annual rent for this location is currently being gifted to the Company. The expense for this lease has not been recognized in these financial statements.

Equity Transactions

Equity Transactions	12 Months Ended
	Dec. 31, 2016
Equity Transactions [Abstract]
EQUITY TRANSACTIONS	NOTE 10 – EQUITY TRANSACTIONS Preferred Stock The Company is authorized to issue 50,000,000 shares of preferred stock with a par value of $0.0001. As of December 31, 2015 and 2014, there were 5,000,000 and 0 preferred shares issued and outstanding, respectively. The Company's Board of Directors is authorized by the articles of incorporation to divide the authorized shares of preferred stock into one or more series, each of which must be so designated as to distinguish the shares of each series of preferred stock from the shares of all other series and classes. The Company's Board of Directors is also authorized, within any limitations prescribed by law and the articles of incorporation, to fix and determine the designations, rights, qualifications, preferences, limitations and terms of the shares of any series of preferred stock. On October 13, 2015, the Company filed a Certificate of Designation which set forth the rights, preferences and privileges for a new class of preferred stock of the Company, to be known as Series A Convertible Preferred Stock. The Company authorized to issue up to 5,000,000 shares of Series A Convertible Preferred Stock. Holders of Series A Convertible Preferred Stock shall be entitled to the number of votes equal to 51% of the total number of votes entitled to be cast on any matters requiring a stockholder vote. The shares of Series A Convertible Preferred Stock are convertible at a one to one ratio into shares of common stock. On October 13, 2015, the Company issued 4,000,000 shares of Series A Convertible Preferred Stock to Paul Giles, Chief Executive Officer, and 1,000,000 shares of Series A Convertible Preferred Stock to Chris Ziomkowski, Chief Technical Officer, as compensation for services rendered to the Company. The Company valued these shares based on the conversion feature and the fair value of these shares on the date of issuance was $13,500. Common Stock During the year ended December 31, 2015, the Company issued 571,409,776 shares of common stock at a fair value of $2,580,397 to settle convertible notes in the amount of $1,045,834, accrued interest of $54,847 and derivative liabilities of $1,427,518. The Company recorded a loss on the settlement of debt of $52,198.

Warrants

Warrants	12 Months Ended
	Dec. 31, 2016
Warrants [Abstract]
WARRANTS	NOTE 11 – WARRANTS On August 19, 2015, the Company issued warrants to purchase an aggregate of 12,344,002 shares of the Company's common stock to its placement agent for completed securities offerings. The warrants have a term of 5 years and exercise prices ranging from $0.003 to $0.10 per share. The warrants meet the criteria for classification as a derivative liability, with a grant date fair value of $9,056. During the year ended December 31, 2015, the Company recorded a gain on the change in fair value of the derivative liability of $6,857. A summary of the changes in the Company's common share purchase warrants for the year ended December 31, 2015 is presented below: Number of shares Weighted Average Exercise Price Weighted Average Expected Life Balance, December 31, 2015 12,344,002 $ 0.014 4.59 Issued Balance, December 31, 2016 12,344,002 $ 0.014 4.59

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12 – SUBSEQUENT EVENTS During January and April 2017, the Company entered into three convertible notes for an aggregate principal amount of $117,602. The notes are convertible at 60% of the lowest trading price of the Company's common stock during the 20 trading days prior to the conversion date. The notes earn an interest rate equal to 8% or 10% per annum and mature one year from date of issuance. Subsequent events have been evaluated through August 11, 2017, the date these financial statements were amiable to be issued.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Nature of Business	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 considered as a shell company until the completion of its acquisition of the World Moto Assets, which was consummated on November 14, 2012, as discussed in Note 3. 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. ("WM Co. Thailand"). WM Thailand represents our operating entity for the purposes of research and development in the Southeast Asia region. The Company design, manufacture, market and sell Moto-Meter products and services, including the Moto-Meter and its related smartphone application, the Yes service and HailYes™ app, and Wheelies. The Company seek to address the need for fare metering and mobile commerce for motor scooters and motorcycle taxis. The use of these taxis is increasingly common in the developing world. The Company planned products, however, will have increased functionalities over a standard fare meter commonly used in an enclosed taxicab.
Basis of Presentation	Basis of Presentation These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. The Company's fiscal year-end is December 31.
Principal of Consolidation	Principal of Consolidation The consolidated financial statements include the accounts of World Moto Technologies, Inc., World Moto Holdings, Inc., and World Moto Co. Ltd, all 100% owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation.
Use of Estimates	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	Foreign Currency Translation The functional currency of our Thailand subsidiary is the Thai Baht. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income (loss) for the respective periods. For financial reporting purposes, the financial statements of the Thailand subsidiary are translated into the Company's reporting currency, United States Dollars ("USD"). Asset and liability accounts are translated using the closing exchange rate in effect at the balance sheet date, equity account and dividend are translated using historical exchange rates and income and expense accounts are translated using the average exchange rate prevailing during the reporting period. Adjustments resulting from the translation, if any, are included in accumulated other comprehensive loss in stockholder's equity (deficit).
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.
Long-lived Assets	Long-lived Assets Property and equipment Property and equipment are recorded at cost. Expenditures for major additions and improvements are capitalized and minor replacements, maintenance, and repairs are charged to expense as incurred. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations for the respective period. Depreciation is provided over the estimated useful lives of the related assets using the straight-line method of 3 years for financial statement purposes. Software The Company capitalizes software acquisition and development costs incurred during the software application development stage. The software application development stage is characterized by software design and configuration activities, coding, testing and installation. Training and maintenance costs are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Capitalized software acquisition and development costs, once placed in service, are amortized using the straight-line method over the estimated useful life of 3 to 10 years. Capitalized software acquisition and development costs subject to amortization are carried at cost less accumulated amortization. Patents Patents are initially measured based on their fair values. Patents are being amortized on the straight-line method over the estimated useful life of 10 to 20 years. Management evaluates the recoverability of the Company's property and equipment including patent development costs when events or circumstances indicate a potential impairment exists. The Company considers certain events and circumstances in determining whether the carrying value of identifiable property and equipment may not be recoverable including, but not limited to: significant changes in performance relative to expected operating results; significant changes in the use of the assets; significant negative industry or economic trends; and changes in the business strategy. In determining if impairment exists, the Company estimates the undiscounted cash flows to be generated from the use and ultimate disposition of these assets. If impairment is indicated based on a comparison of the assets' carrying values and the undiscounted cash flows, the impairment loss is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets.
Income Taxes	Income Taxes The Company uses the asset and liability method in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and income tax carrying amounts of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company reviews deferred tax assets for a valuation allowance based upon whether it is more likely than not that the deferred tax asset will be fully realized. A valuation allowance, if necessary, is provided against deferred tax assets, based upon management's assessment as to their realization.
Fair Value Measurement	Fair Value Measurement The Company values its derivative instruments under FASB ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities. Level 3 - Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. The Company uses Level 3 to value its derivative instruments. The following table sets forth by level with the fair value hierarchy the Company's derivative liability measured at fair value on December 31, 2016 and 2015. Level 1 Level 2 Level 3 Total December 31, 2016 $ - $ - $ 1,488,828 $ 1,488,828 December 31, 2015 $ - $ - $ 1,054,708 $ 1,054,708 Revenue Recognition The Company recognizes revenue only when all the following criteria have been met: · Persuasive evidence of an arrangement exists; · Delivery has occurred or services have been rendered; · The fee for the arrangement is fixed or determinable; and · Collectability is reasonably assured. Revenues received for which performance obligations still exist are deferred and recognized as a current liability.
Revenue Recognition	Revenue Recognition The Company recognizes revenue only when all the following criteria have been met: · Persuasive evidence of an arrangement exists; · Delivery has occurred or services have been rendered; · The fee for the arrangement is fixed or determinable; and · Collectability is reasonably assured. Revenues received for which performance obligations still exist are deferred and recognized as a current liability.
Franchise Fee Revenue	Franchise Fee Revenue Revenues from licensees include a royalty based on a percent of sales, and may include initial fees. Continuing royalties are recognized in the period earned. Initial fees are recognized upon granting of a new franchise term, which is when the Company has performed substantially all initial services required by the franchise arrangement and once the franchisee commences operations. Additionally, the first twelve months of operations are royalty free for the franchisee.
Stock-based Compensation	Stock-based Compensation The Company expenses the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of such instruments over the service period. Equity instruments issued to parties other than employees for acquiring goods or services are recorded at either the fair value of the consideration received or the fair value of the instruments issued in exchange for such services, whichever is more reliably measurable.
Subsequent Events	Subsequent Events The Company evaluates subsequent events through the date when financial statements are issued for disclosure consideration.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles when it becomes effective. In July 2015, the FASB deferred the effective date of the standard by an additional year; however, it provided companies the option to adopt one year earlier, commensurate with the original effective date. Accordingly, the standard will be effective for the Company in the fiscal year beginning October 1, 2018, with an option to adopt the standard for the fiscal year beginning October 1, 2017. The Company is currently evaluating this standard and has not yet selected a transition method or the effective date on which it plans to adopt the standard, nor has it determined the effect of the standard on its financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which issued new guidance related to leases that outlines a comprehensive lease accounting model and supersedes the current lease guidance. The new guidance requires lessees to recognize lease liabilities and corresponding right-of-use assets for all leases with lease terms of greater than 12 months. It also changes the definition of a lease and expands the disclosure requirements of lease arrangements. The new guidance must be adopted using the modified retrospective approach and will be effective for the Company in the fiscal year beginning October 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of this guidance, if any, on its financial statements and related disclosures. In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This guidance changes how companies account for certain aspects of share-based payments to employees. Among other things, under the new guidance, companies will no longer record excess tax benefits and certain tax deficiencies in additional paid-in-capital ("APIC"), but will instead record such items as income tax expense or benefit in the income statement, and APIC pools will be eliminated. Companies will apply this guidance prospectively. Another component of the new guidance allows companies to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards, whereby forfeitures can be estimated, as required today, or recognized when they occur. If elected, the change to recognize forfeitures when they occur needs to be adopted using a modified retrospective approach. All of the guidance will be effective for the Company in the fiscal year beginning October 1, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this guidance, if any, on its financial statements and related disclosures. 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.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Schedule of fair value of derivative liability	Level 1 Level 2 Level 3 Total December 31, 2016 $ - $ - $ 1,488,828 $ 1,488,828 December 31, 2015 $ - $ - $ 1,054,708 $ 1,054,708

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2016
Property and Equipment [Abstract]
Summary of property and equipment	Description Estimated Useful Lives 2016 2015 Machinery and equipment 3-5 years $ 46,090 $ 44,258 Less: accumulated depreciation (32,333 ) (16,152 ) Property and equipment, net $ 13,757 $ 28,106

Convertible Notes Payable (Tabl

Convertible Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2016
Convertible Notes Payable [Abstract]
Schedule of convertible notes payable	Lender Interest Rate Issue Year Maturity Year Principal 2016 Principal 2015 Redwood and Dominion Capital 12 % 2014 2015 $ 148,164 $ 191,522 Vires Group 8 % 2015 2016 - 69,000 JMJ 12 % 2015 2017 33,000 82,280 LG Capital 8 % 2015 2017 - 45,000 Union Capital 8 % 2015 2016 316,447 416,923 GW Holdings 10 % 2015 2016 35,000 41,000 Union Capital 8 % 2016 2017 343,863 - GW Holdings 8 % 2016 2017 129,851 - Total principal 1,006,325 845,725 Less debt discount (400,579 ) (543,325 ) Deferred financing costs (15,504 ) (25,741 ) Net convertible debt 590,242 276,669 Current maturities 535,231 271,810 Long term convertible debt, net $ 55,011 $ 4,859
Summary of value changes to notes payable	2016 2015 Carrying value at beginning of the year $ 276,669 $ 245,256 Additional principal 365,460 837,863 Less: conversion of principal (199,114 ) (1,045,834 ) Less: discount related to fair value of the embedded conversion feature (254,068 ) (1,038,768 ) Less: discount related to original issue discount (13,137 ) (59,525 ) Less: deferred financing cost related to debt issuances (36,686 ) (77,362 ) Add: amortization of discount 394,822 1,334,551 Add: amortization of deferred financing cost 37,526 80,488 Carrying value at end of the year $ 590,242 $ 276,669

Derivative Liability (Tables)

Derivative Liability (Tables)	12 Months Ended
	Dec. 31, 2016
Derivative Liability [Abstract]
Summary of Multinomial Lattice option pricing model	December 31, 2014 New Issuances December 31, 2015 New Issuances December 31, 2016 Shares of common stock issuable upon exercise of debt and warrants 23,193,987 779,115,518 998,958,397 523,366,065 1,490,145,048 Estimated market value of common stock on measurement date 0.17 $ 0.001 - 0.03 $ 0.001 - 0.05 $ 0.001 - 0.002 $ 0.001 - 0.05 Exercise price 0.01 - 0.01 $ 0.001 – 0.03 $ 0.001 – 0.1 $ 0.0003 – 0.001 $ 0.001 – 0.1 Risk free interest rate (1) 0.04- 0.25 % 0.09 - 1.54 % 0.14 - 1.54 % 0.09 - 1.54 % 0.14 % - 1.54 % Expected dividend yield (2) 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Expected volatility (3) 62 - 105 % 119 - 199 % 204.5 % 119 - 199 % 228.5 % Expected exercise term in years(4) 0.25 - 1.00 1.00 – 5.00 0.18 – 4.59 1.00 – 5.00 0.18 – 4.59 (1) The risk–free interest rate was determined by management using the one-month Treasury bill yield as of the issuance dates. (2) The expected dividend yield is based on the Company's current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments. (3) The volatility was determined by referring to the average historical volatility of a peer group of public companies because we do not have sufficient trade history to determine our historical volatility. (4) The exercise term is the remaining contractual term of the convertible instrument at the valuation date.
Summary of changes in fair value of Company's Level 3 financial liabilities	For the Years Ended December 31, 2016 2015 Balance at the beginning of the year $ 1,054,708 $ 1,256,159 Addition of new derivative liabilities (notes) 427,879 1,263,838 Addition of new derivative liabilities (warrants) - 9,056 Derecognize of derivative liability upon settlement of convertible notes (212,105 ) (1,427,518 ) Modification of derivative liabilities (1,364 ) (234,659 ) Change in fair value of derivative liability (notes) 216,944 194,689 Change in fair value of derivative liability (warrants) 2,767 (6,857 ) Balance at the end of the year $ 1,488,829 $ 1,054,708 Less short-term portion - (611,793 ) Long-term portion $ 1,488,829 $ 442,915

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Taxes [Abstract]
Summary of significant portions of the deferred tax assets	2016 2015 Net operating losses carryforwards $ 2,649,924 $ 1,633,589 Less: valuation allowance (2,649,924 ) (1,633,589 ) Deferred tax assets, net $ - $ -

Warrants (Tables)

Warrants (Tables)	12 Months Ended
	Dec. 31, 2016
Warrants [Abstract]
Schedule of common share purchase warrants	Number of shares Weighted Average Exercise Price Weighted Average Expected Life Balance, December 31, 2015 12,344,002 $ 0.014 4.59 Issued Balance, December 31, 2016 12,344,002 $ 0.014 4.59

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Summary of Significant Accounting Policies [Line Items]
Derivative liability	$ 1,488,828	$ 611,793
Level 1 [Member]
Summary of Significant Accounting Policies [Line Items]
Derivative liability
Level 2 [Member]
Summary of Significant Accounting Policies [Line Items]
Derivative liability
Level 3 [Member]
Summary of Significant Accounting Policies [Line Items]
Derivative liability	$ 1,488,828	$ 1,054,708

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Details Textual)	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies (Textual)
Percentage of owned subsidiaries	100.00%
Property and equipment, estimated useful life	3 years
Patents [Member] | Minimum [Member]
Summary of Significant Accounting Policies (Textual)
Long-lived assets, estimated useful life	10 years
Patents [Member] | Maximum [Member]
Summary of Significant Accounting Policies (Textual)
Long-lived assets, estimated useful life	20 years
Software [Member] | Minimum [Member]
Summary of Significant Accounting Policies (Textual)
Long-lived assets, estimated useful life	3 years
Software [Member] | Maximum [Member]
Summary of Significant Accounting Policies (Textual)
Long-lived assets, estimated useful life	10 years

Going Concern (Details)

Going Concern (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Going Concern (Textual)
Accumulated deficit	$ (7,526,250)	$ (6,235,125)

Unearned Revenues (Details)

Unearned Revenues (Details) - USD ($)	Mar. 10, 2014	Dec. 02, 2013	Dec. 31, 2016	Dec. 31, 2015
Unearned Revenues (Textual)
Unearned revenues			$ 35,000	$ 35,000
Purchase And Licensing Agreement [Member]
Unearned Revenues (Textual)
Purchase price		$ 35,000
Unearned revenues, description		Pursuant to the terms of the PL Agreement, MAV will purchase 10 initial "Wheelies" from WM Co. Thailand at a purchase price of $35,000, and will have an option to purchase an additional 190 Wheelies at a purchase price of $3,500 per unit.
Franchise Agreement [Member]
Unearned Revenues (Textual)
Purchase price	$ 21,160

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Related Party Transactions (Textual)
Due to related party	$ 18,554	$ 29,612
Borrowed from related parties	5,351	28,715
Repayments of related party debt	12,678	$ 44,810
Accrued interest rate	$ 0

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Machinery and equipment	$ 46,090	$ 44,258
Less: accumulated depreciation	(32,333)	(16,152)
Property and equipment, net	$ 19,204	$ 28,106
Property and equipment, estimated useful life	3 years
Machinery and equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	3 years
Machinery and equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	5 years

Convertible Notes Payable (Deta

Convertible Notes Payable (Details) - USD ($)	Aug. 31, 2015	Jul. 27, 2015	Jul. 10, 2015	Dec. 11, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Total principal					$ 1,006,325	$ 845,725
Less debt discount					(400,579)	(543,325)
Deferred financing costs					(15,504)	(25,741)
Net convertible debt					590,242	276,669
Current maturities					535,231	271,810
Long term convertible debt, net					55,011	4,859
Convertible Notes Payable [Member]
Line of Credit Facility [Line Items]
Net convertible debt							$ 245,256
Redwood And Dominion Capital Lender [Member] | Convertible Notes Payable [Member]
Line of Credit Facility [Line Items]
Total principal					$ 148,164	191,522
Interest Rate				12.00%	12.00%
Issue Year					Dec. 31, 2014
Maturity Year				Dec. 11, 2015	Dec. 31, 2015
Vires Group Lender [Member] | Convertible Notes Payable [Member]
Line of Credit Facility [Line Items]
Total principal						69,000
Interest Rate			8.00%		8.00%
Issue Year					Dec. 31, 2015
Maturity Year			Apr. 30, 2016		Dec. 31, 2016
JMJ Lender [Member] | Convertible Notes Payable [Member]
Line of Credit Facility [Line Items]
Total principal					$ 33,000	82,280
Interest Rate	12.00%				12.00%
Issue Year					Dec. 31, 2015
Maturity Year	Aug. 31, 2017				Dec. 31, 2017
LG Capital Lender [Member] | Convertible Notes Payable [Member]
Line of Credit Facility [Line Items]
Total principal						45,000
Interest Rate		8.00%			8.00%
Issue Year					Dec. 31, 2015
Maturity Year		Jul. 27, 2016			Dec. 31, 2017
Union Capital Lender [Member] | Convertible Notes Payable [Member]
Line of Credit Facility [Line Items]
Total principal					$ 316,447	416,923
Interest Rate					8.00%
Issue Year					Dec. 31, 2015
Maturity Year					Dec. 31, 2016
GW Holdings Lender [Member] | Convertible Notes Payable [Member]
Line of Credit Facility [Line Items]
Total principal					$ 35,000	41,000
Interest Rate					10.00%
Issue Year					Dec. 31, 2015
Maturity Year					Dec. 31, 2016
Union Capital One Lender [Member] | Convertible Notes Payable [Member]
Line of Credit Facility [Line Items]
Total principal					$ 343,863
Interest Rate					8.00%
Issue Year					Dec. 31, 2016
Maturity Year					Dec. 31, 2017
GW Holdings One Lender [Member] | Convertible Notes Payable [Member]
Line of Credit Facility [Line Items]
Total principal					$ 129,851
Interest Rate					8.00%
Issue Year					Dec. 31, 2016
Maturity Year					Dec. 31, 2017

Convertible Notes Payable (De33

Convertible Notes Payable (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Short-term Debt [Line Items]
Carrying value at beginning of the year	$ 271,810
Carrying value at end of the year	535,231	$ 271,810
Convertible Notes Payable [Member]
Short-term Debt [Line Items]
Carrying value at beginning of the year	276,669	245,256
Additional principal	365,460	837,863
Less: conversion of principal	(199,114)	(1,045,834)
Less: discount related to fair value of the embedded conversion feature	(254,068)	(1,038,768)
Less: discount related to original issue discount	(13,137)	(59,525)
Less: deferred financing cost related to debt issuances	(36,686)	(77,362)
Add: amortization of discount	394,822	1,334,551
Add: amortization of deferred financing cost	37,526	80,488
Carrying value at end of the year	$ 590,242	$ 276,669

Convertible Notes Payable (De34

Convertible Notes Payable (Details Textual) - USD ($)	Aug. 31, 2015	Jul. 27, 2015	Jul. 10, 2015	Dec. 11, 2014	Dec. 31, 2016	Dec. 31, 2015
Convertible Notes Payable (Textual)
Debt discount					$ (400,579)	$ (543,325)
Legal fees					27,301	77,362
Amortization of deferred financing cost					37,538	80,488
RM-DC Convertible Notes [Member]
Convertible Notes Payable (Textual)
Original issue discount					(13,137)	(59,525)
Debt conversion feature value					$ (254,068)	$ (1,038,768)
RM-DC Convertible Notes [Member] | Redwood and Dominion Capital [Member]
Convertible Notes Payable (Textual)
Aggregate principal amount				$ 608,696
Purchase price of principal amount				$ 500,000
Original issue discount rate				8.00%
Debt Insrument, interest rate				12.00%	12.00%
Debt instrument, maturity date				Dec. 11, 2015	Dec. 31, 2015
Debt conversion price, description				The Debentures are convertible into shares of common stock of the Company at any time at the discretion of the Investors at a conversion price equal to the lesser of (i) $0.10 or (ii) 70% of the lowest traded price per share of the common stock during the twenty-five (25) trading days prior to the date of conversion.
RM-DC Convertible Notes [Member] | Vires Group Lender [Member]
Convertible Notes Payable (Textual)
Aggregate principal amount			$ 69,000
Debt Insrument, interest rate			8.00%		8.00%
Debt instrument, maturity date			Apr. 30, 2016		Dec. 31, 2016
Debt conversion price, description			The note is convertible any time after 180 days from issuance at 62% of the average of the lowest 3 trading prices of the Company's common stock during the 30 trading days prior to the conversion date.
Deferred financing costs for broker fees			$ 4,000
RM-DC Convertible Notes [Member] | LG Capital Lender [Member]
Convertible Notes Payable (Textual)
Aggregate principal amount		$ 45,000
Debt Insrument, interest rate		8.00%			8.00%
Debt instrument, maturity date		Jul. 27, 2016			Dec. 31, 2017
Debt conversion price, description		The note is convertible at 62% of the lowest trading price of the Company's common stock during the 15 trading days prior to the conversion date.
Deferred financing costs for broker fees		$ 2,250
RM-DC Convertible Notes [Member] | JMJ Lender [Member]
Convertible Notes Payable (Textual)
Aggregate principal amount	$ 44,000
Debt Insrument, interest rate	12.00%				12.00%
Debt instrument, maturity date	Aug. 31, 2017				Dec. 31, 2017
Debt conversion price, description	The note is convertible at 60% of the lowest trading price of the Company's common stock during the 20 trading days prior to the conversion date.
Original issue discount	$ 4,000
RM-DC Convertible Notes [Member] | Union Capital [Member]
Convertible Notes Payable (Textual)
Aggregate principal amount					$ 334,395
Debt conversion price, description					The notes are convertible at 60% of the lowest trading price of the Company's common stock during the 20 trading days prior to the date of conversion.
Debt discount					$ 255,961
Debt conversion feature value					255,961
RM-DC Convertible Notes [Member] | Gw Holding Group [Member]
Convertible Notes Payable (Textual)
Aggregate principal amount					$ 122,985
Original issue discount rate					10.00%
Debt instrument, maturity date					Sep. 30, 2017
Debt conversion price, description					The notes are convertible at 52% of the lowest trading price of the Company's common stock during the 20 trading days prior to the conversion date.
Debt discount					$ 169,086
Debt conversion feature value					$ 151,392

Derivative Liability (Details)

Derivative Liability (Details) - $ / shares		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Shares of common stock issuable upon exercise of debt and warrants		1,490,145,048	998,958,397	23,193,987
Estimated market value of common stock on measurement date				$ 0.17
Exercise price				$ 0.01
Expected dividend yield	[1]	0.00%	0.00%	0.00%
Expected volatility	[2]	228.50%	204.50%
Minimum [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Estimated market value of common stock on measurement date		$ 0.001	$ 0.001
Exercise price		$ 0.001	$ 0.001
Risk free interest rate	[3]	0.14%	0.14%	0.04%
Expected volatility	[2]			62.00%
Expected exercise term in years	[4]	2 months 5 days	2 months 5 days	2 months 30 days
Maximum [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Estimated market value of common stock on measurement date		$ 0.05	$ 0.05
Exercise price		$ 0.1	$ 0.1
Risk free interest rate	[3]	1.54%	1.54%	0.25%
Expected volatility	[2]			105.00%
Expected exercise term in years	[4]	4 years 7 months 2 days	4 years 7 months 2 days	1 year
New Issuances [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Shares of common stock issuable upon exercise of debt and warrants			523,366,065	779,115,518
Expected dividend yield			0.00%	0.00%	[1]
New Issuances [Member] | Minimum [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Estimated market value of common stock on measurement date			$ 0.001	$ 0.001
Exercise price			$ 0.0003	$ 0.001
Risk free interest rate	[3]		0.09%	0.09%
Expected volatility	[2]		119.00%	119.00%
Expected exercise term in years	[4]		1 year	1 year
New Issuances [Member] | Maximum [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Estimated market value of common stock on measurement date			$ 0.002	$ 0.03
Exercise price			$ 0.001	$ 0.03
Risk free interest rate	[3]		1.54%	1.54%
Expected volatility	[2]		199.00%	199.00%
Expected exercise term in years	[4]		5 years	5 years
[1]	The expected dividend yield is based on the Company's current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments.
[2]	The volatility was determined by referring to the average historical volatility of a peer group of public companies because we do not have sufficient trade history to determine our historical volatility
[3]	The risk-free interest rate was determined by management using the one-month Treasury bill yield as of the issuance dates.
[4]	The exercise term is the remaining contractual term of the convertible instrument at the valuation date.

Derivative Liability (Details 1

Derivative Liability (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Derivative Liability [Abstract]
Balance at the beginning of the year	$ 1,054,708	$ 1,256,159
Addition of new derivative liabilities (notes)	427,879	1,263,838
Addition of new derivative liabilities (warrants)		9,056
Derecognize of derivative liability upon settlement of convertible notes	(212,105)	(1,427,518)
Modification of derivative liabilities	(1,364)	(234,659)
Change in fair value of derivative liability (notes)	216,944	194,689
Change in fair value of derivative liability (warrants)	2,767	(6,857)
Balance at the end of the year	1,488,829	1,054,708
Less short-term portion	1,488,828	611,793
Long-term portion		$ 442,915

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Income Taxes [Abstract]
Net operating losses carryforwards	$ 2,649,924	$ 1,633,589
Less: valuation allowance	(2,649,924)	(1,633,589)
Deferred tax assets, net

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Taxes (Textual)
Income tax losses carryforward expiration, description	Which expire beginning the year 2028.
Net operating losses	$ 7,571,211
Statutory tax rates	35.00%	35.00%

Commitments and Contingencies (

Commitments and Contingencies (Details)	1 Months Ended	12 Months Ended
	Dec. 25, 2013USD ($)	Dec. 31, 2016USD ($)	Apr. 16, 2013ft²
Bangkok, Thailand [Member]
Commitments and Contingencies (Textual)
Annual rent		$ 700
Lease agreement, description		The agreement was entered into in 2013.
Lease agreement, term		3 years
Lease expiration, date		Dec. 31, 2016
National Science and Technology Development Agency [Member] | Lease Agreement [Member]
Commitments and Contingencies (Textual)
Annual rent	$ 22,000
Lease agreement, description	The lease expired in 2016 and as of December 31, 2016 was renewed on a month to month basis.
Lease expiration, date	Nov. 30, 2016
Area of land | ft²			665
National Science and Technology Development Agency [Member] | Service Agreement [Member]
Commitments and Contingencies (Textual)
Annual service fee	$ 21,000
Lease agreement, description	The service agreement expired in 2016 and as of December 31, 2016 was renewed on a month to month basis.

Equity Transactions (Details)

Equity Transactions (Details) - USD ($)	Oct. 13, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Equity Transactions (Textual)
Preferred stock, shares authorized		50,000,000	50,000,000
Preferred stock, par value		$ 0.0001	$ 0.0001
Loss on settlement of debt		$ 61,578	$ 435,658
Preferred Stock [Member]
Equity Transactions (Textual)
Preferred stock, shares issued			5,000,000	0
Preferred stock, shares outstanding			5,000,000	0
Common Stock [Member]
Equity Transactions (Textual)
Common stock, shares issued		523,366,065	571,409,776
Fair value of stock		$ 542,906	$ 2,580,397
Convertible notes, amount		199,114	1,045,834
Accrued interest		1,968	54,847
Derivative liabilities		2,767	1,427,518
Loss on settlement of debt		$ 23,691	$ 52,198
Series A Convertible Preferred Stock [Member]
Equity Transactions (Textual)
Preferred stock, shares authorized	5,000,000
Preferred stock, voting rights, description	Holders of Series A Convertible Preferred Stock shall be entitled to the number of votes equal to 51% of the total number of votes.
Fair value of stock	$ 13,500
Series A Convertible Preferred Stock [Member] | Paul Giles [Member]
Equity Transactions (Textual)
Preferred stock, shares issued	4,000,000
Series A Convertible Preferred Stock [Member] | Chris Ziomkowski [Member]
Equity Transactions (Textual)
Preferred stock, shares issued	1,000,000

Warrants (Details)

Warrants (Details) - Warrant [Member]	12 Months Ended
	Dec. 31, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, Balance, December 31, 2015 | shares	12,344,002
Number of shares, Issued | shares
Number of shares, Balance, December 31, 2016 | shares	12,344,002
Beginning balance, Weighted Average Exercise Price | $ / shares	$ 0.014
Weighted Average Exercise Price, Issued | $ / shares
Ending balance, Weighted Average Exercise Price | $ / shares	$ 0.014
Beginning Balance, Weighted Average Expected Life	4 years 7 months 2 days
Weighted Average Expected Life, Issued	0 years
Ending Balance, Weighted Average Expected Life	4 years 7 months 2 days

Warrants (Details Textual)

Warrants (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Aug. 19, 2015	Dec. 31, 2016	Dec. 31, 2015
Warrants (Textual)
Change in fair value of derivative liability (warrants)		$ 2,767	$ (6,857)
Warrants [Member]
Warrants (Textual)
Warrants to purchase aggregate common stock	12,344,002
Terms of warrant	5 years
Addition of new derivative liabilities (warrants)	$ 9,056
Change in fair value of derivative liability (warrants)			$ 6,857
Warrants [Member] | Maximum [Member]
Warrants (Textual)
Warrant exercise prices	$ 0.10
Warrants [Member] | Minimum [Member]
Warrants (Textual)
Warrant exercise prices	$ 0.003

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Events [Member] - Convertible Note [Member] - USD ($)	1 Months Ended
	Apr. 30, 2017	Jan. 31, 2017
Subsequent Events (Textual)
Aggregate principal amount	$ 117,602	$ 117,602
Debt conversion price, description	The notes are convertible at 60% of the lowest trading price of the Company's common stock during the 20 trading days prior to the conversion date.	The notes are convertible at 60% of the lowest trading price of the Company's common stock during the 20 trading days prior to the conversion date.
Convertible notes maturity, description	Mature one year from date of issuance.	Mature one year from date of issuance.
Interest rate, description	The notes earn an interest rate equal to 8% or 10% per annum	The notes earn an interest rate equal to 8% or 10% per annum