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GERALD YAKIMISHYN
PRESIDENT
EWORLD TRAVEL CORP.
34700 Pacific Coast Highway, #303
Capistrano Beach, CA 92624
(Name and Address of Person Authorized to Receive Notices
and Communications on Behalf of the Person Filing Statement)
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WITH A COPY TO:
KARL E. RODRIGUEZ, ESQ
24843 Del Prado, #318
Dana Point, CA 92629
(949) 248-9561
fax (949) 248-1688
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FORM 10-KSB*
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
[X] SPECIAL FINANCIAL REPORT PURSUANT TO
EXCHANGE ACT RULE 15D-2
Commission File Number: 000-28429
EWORLD TRAVEL CORP.
Nevada 68-0423301
(Jurisdiction of Incorporation) (I.R.S. Employer Identification No.)
34700 Pacific Coast Highway, Suite 303, Capistrano Beach CA 92624
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (949) 248-1765
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: 2,682,000
* This Annual Report on Form 10-KSB is being filed
pursuant to Rule 15d-2 under the Securities Exchange Act of 1934 and contains
only certified financial statements for the fiscal year ended December 31, 1999,
as required by the Rule
Yes[x] No[] (Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days.)
[] (Indicate by check mark whether if disclosure of delinquent filers (
229.405) is not and will not to the best of Registrant's knowledge be contained
herein, in definitive proxy or information statements incorporated herein by
reference or any amendment hereto.)
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INTRODUCTION
This Report contains only financial statements for the
fiscal year ended December 31, 1999
On December 9, 1999, eWorld Travel Corp. ("We") filed a Form 10-SB
Registration Statement under the Securities Exchange Act of 1934. On May 3,
2000, we filed a copy of the Certified Financial Statements attached hereto in
our Quarterly Report on Form 10-QSB. There has been no change in our Audited
Financial Statements for the year ended December 31, 1999.
Pursuant to Exchange Act Rule 15d-2, we now again file the following
financial statements:
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FINANCIAL STATEMENTS
F-99 Audited Financial Statements for the years ended December 30, 1999,
1998; and from inception December 10, 1998
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
Form 10-KSB Report for the year ended December 31, 1999, has been signed below
by the following person on behalf of the Registrant and in the capacity and on
the date indicated.
Dated: August 3, 2000
EWORLD TRAVEL CORP.
by
/s/Gerald Yakimishyn /s/Kirt W. James
Gerald Yakimishyn Kirt W. James
President/Director Secretary/Director
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EXHIBIT F-99
AUDITED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 30, 1999, 1998
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3
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CONTENTS
Independent Auditors' Report 5
Balance Sheets 6
Statements of Operations 7
Statements of Stockholders' Equity 8
Statements of Cash Flows 9
Notes to the Financial Statements 10
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INDEPENDENT AUDITOR S REPORT
To the Board of Directors and Stockholders of
eWorld Travel Corporation
We have audited the accompanying balance sheets of eWorld Travel Corporation (a
Development Stage Company) as of December 31, 1999 and 1998 and the related
statements of operations, stockholders equity and cash flows for the year ended
December 31, 1999 and from inception on December 10, 1998 through December 31,
1998 and 1999. These financial statements are the responsibility of the Company
s management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of eWorld Travel Corporation (a
Development Stage Company) as of December 31, 1999 and 1998 and the results of
its operations and cash flows for the year ended December 31, 1999 and from
inception on December 10, 1998 through December 31, 1998 and 1999 in conformity
with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note 2, the Company s
recurring operating losses and lack of working capital raise substantial doubt
about its ability to continue as a going concern. Management s plans in regard
to those matters are also described in Note 2. The financial statements do not
include any adjustments that might result from the outcome of this uncertainty.
/s/Crouch, Bierwolf & Chisholm
Crouch, Bierwolf & Chisholm
Salt Lake City, Utah
January 28, 2000
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EWorld Travel Corporation
(a development Stage Company)
Balance Sheets
December 31, December 31,
1999 1998
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ASSETS
Current assets
Cash $ 1,825 $ 0
Total Current Assets 1,825 0
=========== =======
Total Assets $ 1,825 $ 0
=========== =======
LIABILITIES AND STOCKHOLDERS EQUITY
Current Liabilities
Accounts payable-related party (Note4) 385 0
Total Current Liabilities 385 0
=========== =======
Stockholders Equity
Common Stock, authorized
100,000,000 shares of $.001 par value,
issued and outstanding 2,682,000 and
2,000,000 shares 2,682 2,000
Additional Paid in Capital 36,118 18,000
Less: Subscription receivable (1,000) (20,000)
Deficit Accumulated During the
Development Stage (36,360) 0
----------- -------
Total Stockholders Equity 1,440 0
----------- -------
Total Liabilities and
Stockholders Equity $ 1,825 $ 0
=========== =======
The accompanying notes are an integral part of these financial statements
6
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EWorld Travel Corporation
(a development Stage Company)
Statements of Operations
From
inception on
From December 10
For the December 10, 1998
Year Ended 1998 Through through
December 31, December 31, December 31,
1999 1998 1999
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Revenues: $ 0 $ 0 $ 0
------------- ------- -----------
Expenses:
General and administrative 36,360 0 36,360
Total Expenses 36,360 0 36,360
-------------- ------- -----------
Net Loss $ (36,360) $ 0 $ (36,360)
Net Loss Per Share $ (.014) $ 0 $ (.014)
Weighted average
shares outstanding 2,618,860 2,000,000 2,564,860
============= ========= ===========
The accompanying notes are an integral part of these financial statements
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EWorld Travel Corporation
(a development Stage Company)
Statements of Stockholders' Equity
Deficit
Accumulated
Additional During the
Common Stock paid-in Development
Shares Amount capital Stage
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Common stock, issued at inception for
cash at $.01 per share 2,000,000 $ 2,000 $ 18,000 $ 0
Net loss for the period ended
December 31, 1998 0 0 0 0
Balance, December 31, 1998 2,000,000 2,000 18,000 0
--------- ----- ------ --------
Common stock issued for cash
at $.025 per share 672,000 672 16,128 0
Common stock issued for cash
at $.20 per share 10,000 10 1,990 0
Net loss for the year ended
December 31, 1999 0 0 0 (36,360)
--------- ------ ------- ---------
Balance, December 31, 1999 2,682,000 $2,682 $36,118 $(36,360)
========= ====== ======= =========
The accompanying notes are an integral part of these financial statements
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EWorld Travel Corporation
(a development Stage Company)
Statements of Cash Flows
From December From inception on
For the 10, 1998 December 10 1998
Year ended Through through
December 31, December 31, December 31,
1999 1998 1999
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Cash Flows form Operating
Activities
Net loss.. . . . . . . . . . . . . $(36,360) $ 0 $(36,360)
---------------------------------------------
Adjustments to reconcile
net loss to net cash
provided by operations:
Increase in payables . . . . . . . . 385 0 385
Net Cash (Used) Provided by
Operating Activities . . . . . . . (35,975) 0 (35,975)
--------------------------------------------
Cash Flows from Investment
Activities:. . . . . . . . . . . . . . . 0 0 0
Net Cash (Used) Provided by
Investing Activities. . . . . . . . . . 0 0 0
--------------------------------------------
Cash Flows from Financing
Activities:
Issued common stock for cash . . . . 37,800 0 37,800
Net Cash (Used) Provided by
Financing Activities . . . . . . . 37,800 0 37,800
--------------------------------------------
Net increase (decrease) in cash . . . 1,825 0 1,825
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Cash, beginning of period . . . . . . 0 0 0
--------------------------------------------
Cash, end of period. . . . . . . . $1,825 $ 0 $1,825
============================================
The accompanying notes are an integral part of these financial statements
9
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EWorld Travel Corporation
(a development Stage Company)
Notes to the Financial Statements
December 31, 1999 and 1998
NOTE 1 - Summary of Significant Accounting Policies
a. Organization
eWorld Travel Corporation (the Company) was incorporated on December 10,
1998 under the laws of the state of Nevada. The Company was organized to
provide internet-based travel services. The Company has not yet secured
operations and is in the development stage according to Financial Accounting
Standards Board Statement No. 7.
b. Accounting Method
The Company recognizes income and expense on the accrual basis of
accounting.
c. Earnings (Loss) Per Share
The computation of earnings per share of common stock is based on the
weighted average number of shares outstanding at the date of the financial
statements.
d. Cash and Cash Equivalents
The Company considers all highly liquid investments with maturities of
three months or less to be cash equivalents.
e. Provision for Income Taxes
No provision for income taxes has been recorded due to net operating loss
carryforwards totaling approximately $36,360 that will be offset against future
taxable income. These NOL carryforwards begin to expire in the year 2015. No
tax benefit has been reported in the financial statements because the Company
believes there is a 50% or greater chance the carryforward will expire unused.
Deferred tax assets and the valuation account is as follows at December 31,
1999 and 1998.
December 31, December 31,
1999 1998
---- ----
Deferred tax asset:
NOL carrryforward $ 5,454 $ 0
Valuation allowance (5,454) $ 0
----------------------------------------------------------
Total $ 0 $ 0
NOTE 2 - Going Concern
The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. The Company has had recurring
operating losses and is dependent upon financing to continue operations. The
financial statements do not include any adjustments that might result from the
outcome of this uncertainty. It is management s plan to find an operating
company to merge with, thus creating necessary operating revenue.
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EWorld Travel Corporation
(a development Stage Company)
Notes to the Financial Statements
December 31, 1999 and 1998
NOTE 3 - Development Stage Company
The Company is a development stage company as defined in Financial
Accounting Standards Board Statement No. 7. It is concentrating substantially
all of its efforts in raising capital and defining its business operation in
order to generate significant revenues.
NOTE 4 - Related Party Transactions
During 1999, an officer paid expenses on behalf of the Company in the
amount of $385.
NOTE 5 - Equity
During 1999, the Company issued 672,000 shares of common stock for cash of
$16,800 and 10,000 shares of common stock for cash of $1,000 and a
subscription receivable of $1,000.
During 1998, the Company issued 2,000,000 shares of common stock for a
subscription receivable of $20,000. The Company received the $20,000 in January
1999.
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