SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10QSB/A
AMENDMENT #1
Quarterly Report under Section 13 or 15(d) of
the Securities Exchange Act of 1934
For Quarter Ended Commission File Number
- ----------------- ----------------------
November 30, 2001 000-33031
WORLD ENVIROTECH, INC.
----------------------------------
(Exact name of registrant as specified in its charter)
Colorado 84-1263981
- -------------------------------- -------------------
(State of incorporation) (I.R.S. Employer
Identification No.)
#830 - 789 West Pender Street, Vancouver, B.C. Canada V6C 1H2
---------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (604) 632-9638
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to the filing
requirements for at least the past 90 days.
Yes X No
----- ------
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
5,400,700 common shares as of November 30, 2001
WORLD ENVIROTECH, INC.
Financial Statements
For the Nine Month Period Ended November 30, 2001
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
Michael Johnson & Co. LLC
9175 E. Kenyon Ave., #100
Denver, CO 80237
(303) 796-0099
FAX (303) 796-0137
REPORT ON REVIEW BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT
To the Board of Directors
World Envirotech, Inc.
Denver, Colorado
We have reviewed the accompanying balance sheet of World Envirotech, Inc. as of
November 30, 2001 and the related statements of operations for the three month
and nine month periods ended November 30, 2001 and 2000, and the cash flows for
the nine months ended November 30, 2001 and 2000 included in the accompanying
Securities and Exchange Commission Form 10-QSB for the period ended November 30,
2001. These financial statements are the responsibility of the Company's
management.
We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with auditing standards generally accepted in the United States, the
objective of which is the expression of an opinion regarding the financial
statements as a whole. Accordingly, we do not express such an opinion.
Based on our reviews, we are not aware of any material modifications that should
be made to the accompanying financial statements for them to be in conformity
with accounting principles generally accepted in the United States.
We have previously audited, in accordance with generally accepted auditing
standards, the balance sheet as of February 28, 2001, and the related statements
of operations, stockholders' equity and cash flows for the year then ended (not
presented herein). In our report dated April 20, 2001, we expressed an
unqualified opinion on those financial statements. In our opinion, the
information set forth in the accompanying balance sheet as of November 30, 2001
is fairly stated in all material respects in relation to the balance sheet from
which it has been derived.
/s/ Michael Johnson & Co., LLC.
Michael Johnson & Co., LLC.
Denver, Colorado
January 17, 2001
F-1
WORLD ENVIROTECH, INC.
BALANCE SHEETS
(Unaudited)
November 30, February 28,
2001 2001
--------------- -------------
ASSETS:
Current Assets:
Cash $ 2,093 $ 2,244
--------------- -------------
TOTAL ASSETS $ 2,093 $ 2,244
=============== =============
LIABILITIES AND STOCKHOLDERS' DEFICIT:
Current Liabilities:
Advances from shareholders $ 3,800 $ 3,800
--------------- -------------
TOTAL CURRENT LIABILITIES 3,800 3,800
--------------- -------------
Stockholders' Deficit:
Common stock, $.0001 par value, 50,000,000
shares authorized, 5,400,700 issued and outstanding 540 540
Additional paid-in capital 113,767 113,767
Retained deficit (116,014) (115,863)
--------------- -------------
Total Stockholders' Deficit (1,707) (1,556)
--------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 2,093 $ 2,244
=============== =============
See accountant's review report.
F-2
WORLD ENVIROTECH, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months Ended For the Nine Months Ended
November 30, November 30,
2001 2000 2001 2000
-------- -------- -------- --------
INCOME $ - $ - $ - $ -
OPERATING EXPENSES:
General and administrative - - 151 -
--------------- --------------- --------------- ---------------
- - 151 -
--------------- --------------- --------------- ---------------
Net Loss from Operations - - (151) -
--------------- --------------- --------------- ---------------
Other Income and Expenses:
Interest income - - - -
Interest expense - - - -
--------------- --------------- --------------- ---------------
- - - -
--------------- --------------- --------------- ---------------
Net Loss $ - $ - $ (151) $ -
=============== =============== =============== ===============
Weighted average number of
shares outstanding 5,400,700 5,400,700 5,400,700 5,400,700
Loss per common share $ - $ - $ (0.001) $ -
=============== =============== =============== ===============
See accountant's review report.
F-3
WORLD ENVIROTECH, INC.
STATEMENT CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
Common Stock Retained
Shares Amount Deficit Totals
---------- ---------- ------------ ----------
Balance - February 28, 1993 - $ - $ - $-
Issuance of stock for cash 46,800 46,800 46,800
Issuance of stock for services 5,400,700* 10,007 - 10,007
Net loss for year - - (119,927) (119,927)
---------------- ------------- ---------------- ---------------
Balance - February 28, 1994 5,400,700* 56,807 (119,927) (63,120)
---------------- ------------- ---------------- ---------------
Issuance of stock for cash 57,500 57,500 - 57,500
Net income for year - - 5,620 5,620
---------------- ------------- ---------------- ---------------
Balance - February 28, 1995 5,400,700* 114,307 (114,307) -
---------------- ------------- ---------------- ---------------
Net loss for year - - - -
---------------- ------------- ---------------- ---------------
Balance - February 28, 1996 5,400,700* 114,307 (114,307) -
---------------- ------------- ---------------- ---------------
Net loss for year - - - -
---------------- ------------- ---------------- ---------------
Balance - February 28, 1997 5,400,700* 114,307 (114,307) -
---------------- ------------- ---------------- ---------------
Net loss for year - - - -
---------------- ------------- ---------------- ---------------
Balance - February 28, 1998 5,400,700* 114,307 (114,307) -
---------------- ------------- ---------------- ---------------
Net loss for year - - - -
---------------- ------------- ---------------- ---------------
Balance - February 28, 1999 5,400,700* 114,307 (114,307) -
---------------- ------------- ---------------- ---------------
Net loss for year - - - -
---------------- ------------- ---------------- ---------------
Balance - February 28, 2000 5,400,700* 114,307 (114,307) -
---------------- ------------- ---------------- ---------------
Net loss for year - - (1,556) (1,556)
---------------- ------------- ---------------- ---------------
Balance - February 28, 2001 5,400,700* 114,307 (115,863) (1,556)
---------------- ------------- ---------------- ---------------
Net loss for period - - (151) (151)
---------------- ------------- ---------------- ---------------
Balance - November 30, 2001 5,400,700* $114,307 $ (116,014) $ (1,707)
================ ============= ================ ===============
* Adjusted for one for two reverse split.
See accountant's review report.
F-4
WORLD ENVIROTECH, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
Indirect Method
For the Nine Months Ended
November 30,
2001 2000
-------- --------
Cash Flows From Operating Activities:
Net (Loss) $ (151) $ -
Adjustments to reconcile net loss to net cash
used in operating activities:
Stock issued for services - -
Loss of assets - -
Changes in assets and liabilities:
Increase in Accounts Payables - -
Increase in Accounts Receivable - -
------------- --------------
- -
------------- --------------
Net Cash Used in Operating Activities (151) -
------------- --------------
Cash Flow From Financing Activities:
Issuance of common stock - -
Advances from stockholders - -
------------- --------------
Net Cash Provided By Financing Activities - -
------------- --------------
Increase (Decrease) in Cash (151) -
Cash and Cash Equivalents - Beginning of period 2,244 -
------------- --------------
Cash and Cash Equivalents - End of period $ 2,093 $ -
============= ==============
Supplemental Cash Flow Information:
Interest paid $ - $ -
============= ==============
Taxes paid $ - $ -
============= ==============
See accountant's review report.
F-5
WORLD ENVIROTECH, INC.
NOTES TO FINANCIAL STATEMENTS
1. Presentation of Interim Information
In the opinion of the management of World Envirotech, Inc., the
accompanying unaudited financial statements include all normal adjustments
considered necessary to present fairly the financial position as of
November 30, 2001, and the results of operations for the three months and
nine months ended November 30, 2001 and 2000, and cash flows for the nine
months ended November 30, 2001 and 2000. Interim results are not
necessarily indicative of results for a full year.
The financial statements and notes are presented as permitted by Form
10-QSB, and do not contain certain information included in the Company's
audited financial statements and notes for the fiscal year ended February
28, 2001.
F-6
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
RESULTS OF OPERATIONS FOR THE NINE MONTH PERIOD ENDED NOVEMBER 30, 2001
The Company had no income in the nine month period ended November 30, 2001 or
2000 and incurred no expenses for 2001 and 2000. The loss for the nine month
period for 2001 was ($151) and in 2000 it was $0. The loss per share was less
than ($.01) in the period in 2001 and none in 2000.
RESULTS OF OPERATIONS FOR THE QUARTER ENDED NOVEMBER 30, 2001 COMPARED TO
QUARTER ENDED NOVEMBER 30, 2000
The Company had no revenues in the quarter in 2001 or 2000. The Company incurred
no expenses in the quarter in 2001 $0 in 2000. The loss for the quarter was ($0)
in 2001 and 2000. The Company had a no loss per share in 2001 and in 2000.
LIQUIDITY AND CAPITAL RESOURCES
The Company does not have capital sufficient to meet the Company's cash needs,
including the costs of compliance with the continuing reporting requirements of
the Securities and Exchange Act of 1934. The Company will have to seek loans or
equity placements to cover such cash needs. In the event the Company is able to
complete a business combination during this period, lack of its existing capital
may be a sufficient impediment to prevent it from accomplishing the goal of
completing a business combination. There is no assurance, however, that without
funds it will ultimately allow registrant to complete a business combination.
Once a business combination is completed, the Company's needs for additional
financing are likely to increase substantially.
Irrespective of whether the Company's cash assets prove to be inadequate to meet
the Company's operational needs, the Company might seek to compensate providers
of services by issuances of stock in lieu of cash.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULT UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None
Appointment of New Directors and Resignation of Directors
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
Reports on Form 8-K were made for the period for which
this report is filed.
8-K filed December 26, 2001
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: January 23, 2002
WORLD ENVIROTECH, INC.
/s/ Ernest Cheung
-----------------------------
Ernest Cheung, President