eWorld Companies, Inc.
(a development stage company) Balance Sheets
(Unaudited)
ASSETS | December 31, 2021 | December 31, 2020 | ||
Current Assets: | ||||
Cash and cash equivalents | $ | 1,656 | $ | 1,705 |
Inventory | 2,800 | 2,800 | ||
Total Current Assets | 4,456 | 4,505 | ||
Intangible Assets | 2,069,011 | 2,069,011 | ||
Total Assets | $ | 2,073,467 | $ | 2,073,516 |
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||
Current Liabilities: | ||||
Accrued expenses | $ | 2,607,135 | $ | 2,483,237 |
Shares to be issued | 1,230,156 | 1,230,156 | ||
Loans payable | 1,443,784 | 1,443,784 | ||
Derivative Liability | 5,710,108 | - | ||
Convertible note payable | 98,800 | - | ||
Total Current Liabilities | 11,089,983 | 5,157,177 | ||
Long term loan payable | 127,400 | 127,400 | ||
Stockholders' Deficit: | ||||
Preferred stock, $0.001 par value; 100,000,000 shares authorized; | ||||
36,528,797 shares issued and outstanding | 36,529 | 36,529 | ||
Common stock; $0.001 par value; 12,000,000,000 shares authorized; | ||||
11,021,317,962 shares issued and outstanding | 11,021,318 | 11,021,318 | ||
Additional paid in capital | 231,779,557 | 231,779,557 | ||
Accumulated deficit | (251,981,320) | (246,048,465) | ||
Total Stockholders' Deficit | (9,143,916) | (3,211,061) | ||
Total Liabilities and Stockholders' Deficit | $ | 2,073,467 | $ | 2,073,516 |
eWorld Companies, Inc.
(a development stage company)
Statements Of Operations
For The Years Ended December 31, 2021 and 2020
(Unaudited)
2021 | 2020 | |||
Net Revenue | $ | - | $ | - |
Cost of Revenue | - | - | ||
Gross Profit | - | - | ||
Operating Expenses | ||||
General and administrative expenses | 98,787 | 107,255 | ||
Consulting expenses | 122,000 | 132,300 | ||
Total operating expenses | 220,787 | 239,555 | ||
Loss From Operations | (220,787) | (239,555) | ||
Other Expense | ||||
Interest expense | 1,960 | - | ||
Loss on issuance of derivative | 5,710,108 | - | ||
Total other expenses | 5,712,068 | - | ||
Net loss | $ | (5,932,855) | $ | (239,555) |
Basic & diluted net loss per share | $ | (0.00) | $ | (0.00) |
Weighted average number of shares outstanding- basic & diluted | 11,021,317,962 | 11,021,317,191 | ||
eWorld Companies, Inc.
(a development stage company)
Statements Of Cash Flows
For The Years Ended Dexember 31, 2021 and 2020
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES | 2021 | 2020 | ||
Net loss | $ | (5,932,855) | $ | (239,555) |
Adjustments to reconcile net loss to net cash | ||||
used in operating activities: | ||||
Loss on issuance of derivative | 5,710,108 | - | ||
Increase in accrued expenses | 123,898 | 112,684 | ||
Net cash used in operating activities | (98,849) | (126,871) | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Cash from acquisition of entity | - | 973 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from convertible note payable | 98,800 | - | ||
Proceeds from SBA loan | - | 127,400 | ||
Net cash flow from financing activities | 98,800 | 127,400 | ||
Net decrease in cash and cash equivalents | ||||
(49) | 1,502 | |||
Cash and cash equivalents, beginning of the period | 1,705 | 203 | ||
Cash and cash equivalents, end of period | $ | 1,656 | $ | 1,705 |
SUPPLEMENTAL DISCLOSURES: | ||||
Cash paid during the period for: | ||||
Interest | $ | - | $ | - |
Taxes | ||||
$ | - | $ | - | |
NON CASH INVESTING AND FINANCING ACTIVITIES | ||||
Shares to be issued for acquisition of entity | $ | - | $ | 806,087 |
eWorld Companies, Inc.
Statement Of Changes in Stockholders' Equity
For The Year Ended December 31, 2021
(Unaudited)
Additional | Total | |||||||||||||
Common Stock | Preferred Stock | Paid-in | Accumulated | Stockholders' | ||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||
Balance as of December 31, 2020 | 11,021,317,962 | 11,021,318 | 36,528,797 | 36,529 | 231,779,557 | (246,048,465) | (3,337,529) | |||||||
Net loss for the year ended December 31, 2021 | - | - | - | - | - | (5,932,855) | (5,932,855) | |||||||
Balance as of December 31, 2021 | 11,021,317,962 | $ | 11,021,318 | 36,528,797 | $ | 36,529 | $ | 231,779,557 | $ | (251,981,320) | $ | (9,270,384) | ||
e-World Companies, Inc.
Notes to Financial Statements for the periods ended December 31, 2021.
Note 1. Organization, History and Business
e-World Companies, Inc. (the "Company") was incorporated in the State of Nevada on November 4, 1998 under the name of PacificTradingPost.com. Effective November 2001, the Company name was changed to IDC Technologies, Inc. Effective August 2003, the Company changed its name to Jill Kelly Production Holdings, Inc. Finally, in March 2007, the Company changed its name to that of its then subsidiary, eWorld Companies, Inc. (which had been incorporated in the State of Nevada ON May 9, 2006. The Company is a development stage company, as defined by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 915, Development Stage Entities.
On February 9, 2020, the Company entered into an agreement for the Sale and Purchase of Ownership Interests with Angelini Trading Company and its owners (the "Agreement"). The Agreement was amended on September 7, 2020. Pursuant to the Agreement, the owners of Angeleni Trading Company (Christina Angelini, Miroslaw K. Gorny, and Ronald Touchard, are to receive 4,000,000,000 restricted shares of Company common stock (all of which are being transferred to them by Henning Danilo Morales in his capacity as Trust of the Carbuccia Family Trust) and 69,000,000 restricted shares, or 69% of the authorized shares of Company Series C Preferred Stock (with 8,705,464 shares being transferred by Henning Danilo Morales in his individual capacity or as Trustee of the Carbuccia Family Trust and 60,294,536 shares being newly-issued by the Company). All of the shares, both Common and Series C Preferred, being transferred to the owners of Angelini by Mr. Morales are currently being held in escrow and such shares, together with the newly issued Series C Preferred from the Company, are expected to be issued in their respective names in the near future.
On April 9, 2018, Henning Danilo Morales resigned as the Company's sole director, President, Chief Executive office, Secretary and Treasurer and Pablo Gallardo was elected to those positions. On September 12, 2018, Mirolsaw K. Gorny was elected President of the Company.
In management's opinion, all adjustments necessary for a fair statement of the results for the presented periods have been made. All adjustments made were of a normal recurring nature.
GOING CONCERN
The accompanying financial statements have been prepared on a going concern basis, which implies the Company will continue to meet its obligations and continue its operations for the next fiscal year. Currently, the Company has no operating history since 2015 until the acquisition of Angelini Trading Company in late 2020 and has incurred net operating losses, and as of December 31, 2021 has an accumulated deficit of $251,981,320. Realization value may be substantially different from carrying values as shown and these financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The continuation of e-World Companies, Inc. as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. These factors raise substantial doubt regarding the
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eWorld Companies Inc. published this content on 16 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 February 2022 17:05:01 UTC.