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To Zeev or anyone else,could you please give me the link to the roadmap.TIA
Zeev,roadmap still intact? 2500 NAZ?? 25% in 3 months,mighty heady>
Zeev,roadmap still intact? 2500 NAZ?? 25% in 3 months,mighty heady>
lack of volume,mm can play games
This is a longterm play,look for .50-1.00 EOY,IMO.Need a couple more releases like today and revenue reflected on 10k's.Doug Norman did a hell of a job of screwing investors and the company itself,almost burnt her to the ground.Will take time to get investor confidence back,it appears that new mangement is on the right track.1st time the company has received substantial revenue ever in there history without resorting to selling a boatload of shares(pump&dump)as Norman did in the past.Should start to see a steady climb up(.20-.30) this summer. Some very cheap stock IMO
NEWS PEOPLE!!!!!!!!!!!!!!!!!!!!
Down Payment Received by World Transport Authority For $3.4 Million Sales Order
E-mail or Print this story
21 June 2004, 8:19pm ET
SAN DIEGO, June 21, 2004 (PRIMEZONE) -- World Transport Authority Inc. (OTCBB:WTAI) (Frankfurt: 920943) today announced acceptance of a $631,900 USD deposit on a $3.4 million sales contract announced in January.
The company's sales division, Autotech International Corporation, today accepted the initial down payment on six factories from Cameron International. Additional items on the order will include an initial order for 300 vehicle kits and 28 complete vehicles. The completed vehicles are for pre-sale demonstrations and for Cameron International's first customer.
Mentioned Last Change
WTAI 0.05 0.005dollars or (9.09%)
AIC develops commercial factory sales for the manufacture of Worldstar vehicles on a world-wide basis. Worldstar vehicles are designed for rural and undeveloped areas allowing basic transportation of goods and people. The Worldstar vehicle is manufactured in-country in an AIC designed factory by the local factory owner utilizing local labor and materials.
This press release contains forward-looking statements within the definition of Section 27A of the Securities Act of 1933, as amended and such section 21E of the Securities Act of 1934, amended. These forward-looking statements should not be used to make an investment decision.
More information may be obtained by calling World Transport Authority Inc. at (619) 593-2440 or by faxing (619) 593-2444.
HTML: http://newsroom.eworldwire.com/wr/062104/10398.htm
PDF: http://newsroom.eworldwire.com/pdf/062104/10398.pdf
ONLINE NEWSROOM: http://newsroom.eworldwire.com/1332.htm
LOGO: http://newsroom.eworldwire.com/1332.htm
CONTACT: World Transport Authority Inc.
Roger Brown
(619) 593-2440
(619) 593-2444, Fax
E-mail this story Print this story
World Transport Auth (BB) News
Down Payment Received by World Transport Authority For $3.4 Million Sales Order
21 June 2004, 8:19pm ET, PrimeZone
WORLD TRANSPORT AUTHORITY INC FILES FORM 8-K (WTAI)
11 June 2004, 06:12am ET, EDGAR Online
WORLD TRANSPORT AUTHORITY INC FILES FORM 3 (WTAI)
25 May 2004, 09:54am ET, EDGAR Online
More WTAI News
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IMO the S&P most always tracks the NAZ or vice versa.But Zeev would know better than me.
hhmmm... .To:dvdw who wrote (15479)
From: da_cheif Wednesday, May 12, 2004 9:12 PM
Respond to of 15482
im allways like dat on da radio daddio....zeev was lissnin to every wird.....wonder when he will finally decide to buy dat pos vlnc....lmazoff
you are eerie,you sound just like wolanchuk,hope you both are right. listen to the radio program today,scroll down to 5:40.TFNN.COM or http://tfnn.com/archived_05.php
Don Walenchuck looking for NAS 2300 in the next 2 months,right along with Zeev's roadmap.
MM games??
what do you see happening on the 24th and beyond
The Beginning of the End
by MarketWise University
Not “The beginning of the End” for bulls, most likely for bears. Looking at the E-mini S&P 500 Contract, the key level profiled was 1074 and this ES contract traded 1078 and then found support before falling back as the market closed. For Tuesday, a trader can now focus on the 1070 - 1072 level for the rest of the week and most likely this area will offer a solid buying opportunity for both a swing and day trader. There is solid Fibonacci, pivot, chart support, etc. at this area and traders should put a solid degree of emphasis on this area. We also talked about support in the QQQ’s at 34.40, and the daily low was 34.42. This simply means that our technical approach to market conditions works regardless of overseas news, inflationary or interest rate fears, etc.
Speaking of interest rate fears, if the market fell on Monday because of concern over the FOMC June Meeting, then what about the June Fed Funds on Friday pricing in an 88% chance of a rate hike? The market already knew about the potential hike in June; therefore, it! was more of a technical move and this is the market’s probe under the old 2004 lows and bear trap. For the ES, that level was 1084.75, and for the Dow it was 10,007. Dow under 10,000? Bulls should hope it hits every headline and newspaper on Tuesday, since it may help the ES quickly trade 1070 and give us a solid opportunity at going long. Will there be a catalyst to derail such bullishness? With the economic calendar light for Tuesday, all eyes will most likely be focused on overseas markets to see the reaction to the equity weakness in the states. It should be noted that the bond market really didn’t respond on Monday and the 4.7% level in the 10-year note dates back to 2002 and a level that was once support.
It should be noted that ‘selling into support’ is generally a dangerous strategy and there are most likely a hundred reasons on WHY the market fell. Market action represent mass psychology, which is extremely emotional and this continual flaw by the masses has most traders selling and buying at exactly the wrong time. 1070 in the ES seems like the worst time to start shorting, or even adding to a position. We could be singing a completely different tune in just a matter of days, and that change of sentiment is critical for any trader to have. The 157 level in the HUI would be analogous to the ES at ! 1070. What ‘rally’ are we looking for? For this week the level will be 1106. 36-points is fine for any trader, and at 1106 we will definitely not be as bullish as currently.
For securities that are well below old 2004 lows, a rally in the overall markets could bring these securities back to the old lows before falling again. Just something to think about when assessing risk/reward on securities not covered in this letter. Playing the devil’s advocate, the weakness in the S&P Banking Index (BIX) is worrisome and the recent fall in the Pharmaceutical Index (DRG) may also be telling that traders outside! the bond market are concerned about a hike in interest rates. What about the potential of other sectors getting hit while the S&P 500 remains relatively strong? Well, looking at the Dow, there is solid support below at 9935 and this should line up roughly with the ES in the 1070 area. The interesting note lays in the QQQ’s, where support below 34.40 is at 33.80 and then 32.88. This 32.88 level is NOT close to the ES at 1070, so going forward a trader should watch the QQQ’s as the leader in price action. One idea is to bid for the QQQ’s at the 34.35 level with a 0.25 cent stop and let’s not put in an objective just yet. Trade Wise. &n bsp;
Bear,what are the lows you are looking for in the indices in the next 6 months,could the lows of Oct 2002 be breached ?? TIA
Are you saying this will correct to 1479 from 1364,before the big dump??TIA
"Go Tribe Go"
Zeez,is it still critical to take out 2088 by the end of this week to maintain the current roadmap.TIA
Last update: May 2, 2004 at 10:31 AM
While investors worry, earnings shine
Mike Blahnik
Published May 2, 2004
First-quarter earnings reports have piled in during the past three weeks, and they've been overwhelmingly good.
More than 75 percent of the S&P 500 index companies that have reported results have beaten analysts' estimates, the highest figure in six quarters. And tech company earnings have been particularly good, growing an average of 77 percent from a year ago.
Yet last week the Standard & Poor's 500 index fell 2.9 percent and the Nasdaq tumbled 6.3 percent, its largest drop in two years.
"Wall Street is basically giving the 75 percent rate of companies beating expectations a 'golf clap,' and saying 'that's great and everything, but what about the next two or three quarters?' " said Brian Belski, fundamental market strategist at Piper Jaffray & Co. in Minneapolis.
"Right now, I think institutional investors are so focused on trying to preserve what they made last year ... they've sold off very good and growing issues and they're being too reactive and not looking forward."
Contrary to the growing gloominess on Wall Street, driven by concerns about a slowdown in earnings growth and a pickup in interest rates, Belski finds comfort in first-quarter earnings.
"The overall theme is very positive," he said. "It's the sixth consecutive quarter that we've seen a very high majority of companies either meet or beat consensus earnings estimates."
Belski, who was updating his research on Friday after appearing on CNBC midweek, said many market professionals are missing the bigger picture.
"We still have double-digit growth; we still have low interest rates; we still have relatively low PEs [price-earnings ratios]," he said. "What we've seen in the market the past couple of weeks -- in one of the better earnings environments I've seen in several years -- people are being way too reactive and worrying about relative rates of change instead of absolute growth, and I think that's where they're making the big error."
Belski currently underweights financial stocks, which tend to be hurt by rises in interest rates, and he's particularly bearish on banks -- a stance he took even before Piper's spin-off from U.S. Bancorp.
He has overweighted materials, industrial and health care stocks.
"There's pricing power in chemicals and paper, a recovery in earnings in industrial and machinery stocks, and pure organic earnings growth in health care, which was a completely abandoned sector last year," Belski said.
He also points to the fact that investors have put $56 billion into mutual funds already this year, with only one week of net outflows.
"A lot of managers are sitting on increased cash levels over the last four to six weeks because they're worried on a short-term basis on where to allocate those funds," Belski said. "We think once we see solidification in the market, that money is going to come pouring back in."
And although he is neutral on tech stocks, Belski wouldn't be surprised if that sector bounces back quickly.
"If you look at the pure, absolute growth numbers, tech is the fastest-growing sector and could be one of those situations where you get a recovery rally because there's been too much, too fast on the pullback."
With nearly 400 S&P 500 companies having reported, Belski is convinced there's real momentum in earnings growth, and he's raising his projected full-year earnings growth estimate to a range of 13 to 15 percent.
"We were admittedly conservative heading into this year," he said. "Now that we've seen the first-quarter earnings, we're raising our numbers."
Mike Blahnik is at mblahnik@startribune.com.
Supposedly something in a couple weeks,but I have been hearing that since January so who knows....anyone else hear anything????
Zeev are you talking about the 1st week in May,awesome call on the turn!!
Looks like we hit a couple of serious forks in the road map,Europe ,Asia down big US to follow.Zeev time for another look at the road map,shes starting to falter big time!!
Your calls on the market are simple uncanny,hope your this accurate the next 6 months.TIA
Zeev, Thankyou very much
Anyone follow Granville? Has us going down into June,mildy rally this summer and a big drop November..I'll put my money on Zeevs roadmap.
Can someone explain the 2 red lines on the roadmap and what they represent.One has us going to 2250 at the end of August the other 2400.Which one is to be followed.TIA
2011 before the next pop?
Check out SPM.V
I believe he mentioned 2011 as support
So is your indicator telling you the sell off will commence in the next few days..We got the market pop after the modest decline,what are looking at for the NAS 1940?
Zeev,in your roadmap for this week do you still see NAS low on 4-6.TIA
The low in Dec 2003 was 9785
From Stock Traders Alamamc,if Dec. low is cracked from previous year(9785)in the 1st quarter the market will go down another 10%.
1842,9750,1060 before the spring run...any comments on these targets.
CONFORMED SUBMISSION TYPE: 10QSB
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20031231
FILED AS OF DATE: 20040318
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: WORLD TRANSPORT AUTHORITY, INC.
CENTRAL INDEX KEY: 0001028130
STANDARD INDUSTRIAL CLASSIFICATION:
MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
IRS NUMBER: 931202663
FISCAL YEAR END: 630
FILING VALUES:
FORM TYPE: 10QSB
SEC ACT:
SEC FILE NUMBER: 000-23693
FILM NUMBER: 99627765
BUSINESS ADDRESS:
STREET 1: 140 West Park Avenue
CITY: El Cajon
STATE: CA
ZIP: 92020
BUSINESS PHONE: 6195932440
MAIL ADDRESS:
STREET 1: 140 West Park Avenue
CITY: El Cajon
STATE: CA
ZIP: 92020
INDEX PAGE NO.
PART I FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 2
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 5
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS 6
ITEM 3. CONTROLS AND PROCEDURES 8
PART II OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS 9
ITEM 2. CHANGES IN SECURITIES 9
ITEM 5. OTHER INFORMATION 9
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 9
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
Quarterly Report under Section 13 or 15 (d) of
Securities Exchange Act of 1934
For Quarter ended December 31, 2003
Commission File Number 0-23693
--------------------------------------------------------------------------------
WORLD TRANSPORT AUTHORITY, INC.
(Exact name of registrant as specified in its charter)
Alberta, BC 93-1202663
(State of Incorporation) (I.R.S. Employer Identification No.)
140 West Park Avenue, Suite 219
El Cajon, California 92020
-----------------------------------------------------------------------------
(Address of Principal Executive Offices)
(619) 593-2440 Fax: (619) 593-2444
-----------------------------------------------------
(Registrant's telephone and fax number, including area code)
----------------------------------------------------------------------------
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.
Yes [X] No [ ]
Indicate the number of shares outstanding of each of the issuer's classes of common stock at the latest practicable date.
As of December 31, 2003, the registrant had 85,273,714 shares of common stock, no stated par value, issued and outstanding.
1
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PART I FINANCIAL INFORMATION
ITEM 1. Financial Statements
WORLD TRANSPORT AUTHORITY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
DECEMBER 31, 2003
(UNAUDITED)
ASSETS
Current Assets:
Cash $ 195
Prepaid expenses and other current assets 200
-----------
Total Current Assets 395
-----------
Other Assets 544
-----------
TOTAL ASSETS $ 939
===========
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current Liabilities:
Accounts payable $ 414,959
Accrued expenses 49,573
Due to officers/directors 16,933
Due to stockholder 83,133
Obligations under settlement agreements 421,054
-----------
Total Current Liabilities 985,652
Deferred license fees 237,000
-----------
TOTAL LIABILITIES 1,222,652
-----------
Commitments and Contingencies
Stockholders' Deficiency:
Common stock: unlimited shares authorized,
no par value; 85,273,714 shares issued
and outstanding 13,041,853
Accumulated Deficit (14,263,566)
-----------
Total stockholders' deficiency (1,221,713)
-----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY $ 939
===========
SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
2
--------------------------------------------------------------------------------
WORLD TRANSPORT AUTHORITY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Six Months Ended
December 31, December 31,
-------------------------------------------------------
2003 2002 2003 2002
-------------------------------------------------------
Revenue:
Net sales $ 0 $ 0 $ 0 $ 0
Royalties 0 0 0 0
----------- ----------- ----------- -----------
Totals 0 0 0 0
Cost of revenue 0 0 0 0
----------- ----------- ----------- -----------
Gross profit 0 0 0 0
----------- ----------- ----------- -----------
Operating expenses:
Selling and general 94,210 113,201 139,478 283,557
Depreciation and amortization 0 44,599 0 93,616
----------- ----------- ----------- -----------
Totals 94,210 157,800 139,478 377,173
Other income 0 0 0 5,250
Interest income(expense) (5,200) 8 (5,198) 8
----------- ----------- ----------- -----------
Net loss $ (99,410) $ (157,792) $ (144,676) $ (371,915)
=========== =========== =========== ===========
Basic net loss per share $ (-) $ (-) $ (-) $ (-)
=========== =========== =========== ============
Basic weighted average shares outstanding 85,221,816 75,058,595 83,608,840 73,987,318
=========== =========== =========== ============
SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
3
--------------------------------------------------------------------------------
WORLD TRANSPORT AUTHORITY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six months ended
December 31,
-------------------------
2003 2002
----------- -----------
Operating activities:
Net loss $ (144,676) $ (371,915)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization - 93,616
Common stock issued for services, bonuses,
compensation and charitable contributions - 121,000
Interest expense (beneficial conversion) 5,200 -
Changes in operating assets and liabilities:
Accounts receivable (250)
Other assets - 8,212
Due from affiliates - (25,900)
Accounts payable 80,275 (45,364)
Accrued expenses 3,445 (2,269)
Obligations under settlement agreements 3,750 102,961
---------- ----------
Net cash used in operating activities (52,006) (119,906)
---------- ----------
Financing activities:
Advances from related party (1,299) 52,000
Proceeds from investor deposits 7,600 51,080
Due to officers/directors 1,733 -
Stock issued as loan repayment 42,554 -
Proceeds from sales of common stock 750 17,700
---------- ----------
Net cash provided by financing activities 51,338 120,780
---------- ----------
Net increase (decrease) in cash (668) 874
Cash at beginning of period 863 911
---------- ----------
Cash at end of period $ 195 $ 1,785
========== ==========
SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
4
--------------------------------------------------------------------------------
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of World Transport Authority, Inc. and its subsidiaries (the "Company") as of December 31, 2003 and their results of operations for three months and six months ended December 31, 2003 and 2002, and their cash flows for the six months ended December 31, 2003 and 2002.
Pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"), certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from these financial statements, unless significant changes have taken place since the end of the most recent fiscal year. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements of the Company as of June 30, 2003, and for the years ended June 30, 2003 and 2002 included in the Company's Annual Report on Form 10-KSB for the year ended June 30, 2003, that was previously filed with the SEC.
Results for the three and six months ended December 31, 2003 are not necessarily indicative of the results to be obtained for the full year.
The Company is making significant progress on the planned corporate restructure. As part of this plan, WTAI established a new wholly owned subsidiary named AUTOTECH INTERNATIONAL CORPORATION ("AIC"). AIC is a Nevada corporation with William Kennedy named as sole Director and Officer. Mr. Kennedy is on the WTAI board of directors and is currently the Chief Executive Officer of WTAI. AIC will act as the marketing entity for WTAI and develop commercial factory sales for the manufacture of WordStar vehicles on a worldwide basis.
2. Basis of Presentation
As shown in the accompanying condensed consolidated financial statements, the Company had a net loss of $144,676 and net cash used in operating activities of $52,006 for the six months ended December 31, 2003. In addition, the Company has a working capital deficit of $985,257 as of December 31, 2003 and is heavily reliant on proceeds from loans and sale of stock from/to officers and directors for its working capital needs. Management cannot determine whether the Company will become profitable, and whether operating activities will begin to generate cash. If operating activities continue to use substantial amounts of cash, the Company will need additional financing. These matters raise substantial doubt about the ability of the Company to continue as a going concern.
Historically, the Company has funded its operations through sales of common stock to private investors and borrowings from a stockholder and directors. Management plans to obtain the funds needed to enable the Company to continue as a going concern through the private sales of common stock and sales of master licenses and manufacturing and distribution licenses.
5
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However, management cannot provide any assurance that the Company will be successful in consummating any private sales of common stock or generating sufficient license fee payments.
The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets and satisfaction of liabilities in the ordinary course of business. If the Company is unable to raise additional capital or generate sales of licenses, it may be required to liquidate assets or take actions, which may not be favorable to the Company, in order to continue operations. The accompanying condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue its operations as a going concern.
3. MASTER LICENSE AND MANUFACTURING AND DISTRIBUTION LICENSES
There was one contract for the sale of factories executed during the three months ended December 31, 2003.
On December 18, 2003, AIC signed a Territory and Factory Sales Agreement with Cameron International, LLC setting forth the sales terms of our WordStar auto producing factories scheduled for delivery to Benin, Africa and the Ivory Coast during 2004 and 2005. The agreement also requires Cameron International, LLC to exclusively purchase vehicle parts kits used to produce the WordStar vehicles for the WordStar factories from the Company or its assignees. The first payment of funds for this order is expected sometime in 2004, which would result in expected revenues to be recognized during the fiscal year ending 2005.
No other activity has taken place for other MLH's during the quarter ended December 31, 2003.
4. Related party transactions:
The Company has an outstanding stockholder loan of $83,113 at December 31, 2003, which is unsecured, non-interest bearing and due on demand. In addition, this former officer (resigned in December 2003) and stockholder is owed an additional $28,090 which is included in accounts payable and accrued expenses at December 31, 2003. During the six month ended December 31, 2003 the Company issued shares of stock to retire a debt of $43,554 to officers and directors of the Company. 2,787,916 shares of common stock were issued to retire $33,155 of the outstanding debt at $.012 per share. Additionally, the Company issued 519,965 common shares of stock at a price of $.02 per share to retire an additional $10,399 of this debt, for which, the Company recognized an interest expense of $5,200 for the beneficial conversion feature.
The Company has outstanding loans with the directors of the Company of $16,933 as of December 31, 2003.
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
6
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CRITICAL ACCOUNTING POLICIES
Our financial statements and related public financial information are based on the application of accounting principles generally accepted in the United States ("GAAP"). GAAP requires the use of estimates; assumptions, judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, and expense amounts reported. These estimates can also affect supplemental information contained in the external disclosures of the Company including information regarding contingencies, risk and financial condition. Management believes our use of estimates and underlying accounting assumptions adhere to GAAP and are consistently and conservatively applied. Valuations based on estimates are reviewed for reasonableness and conservatism on a consistent basis throughout the Company. Primary areas where our financial information is subject to the use of estimates, assumptions and the application of judgment include our evaluation of impairments of intangible assets, and the recoverability of deferred tax assets, which must be assessed as to whether these assets are likely to be recovered by us through future operations. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. We continue to monitor significant estimates made during the preparation of our financial statements.
Financial condition and liquidity:
As shown in the financial statements, the Company incurred a net loss of $144,676 and used cash in operating activities of $52,006 for the six months ended December 31, 2003. In addition, the Company has a working capital deficit of $985,257 as of December 31, 2003 and is heavily reliant on proceeds from loans and sale of stock from/to officers and directors for its working capital needs. Management cannot determine when the Company will become profitable, if ever, and when operating activities will begin to generate cash, if ever. If operating activities continue to use substantial amounts of cash, the Company will need additional financing. These matters raise substantial doubt about the Company's ability to continue as a going concern.
Historically, the Company has funded its operations through sales of common stock to private investors and borrowings from a stockholder and officers and directors of the Company. Management plans to obtain the funds needed to enable the Company to continue as a going concern through the private sales of common stock and sales of master licenses and manufacturing and distribution licenses. However, management cannot provide any assurance that the Company will be successful in consummating any private sales of common stock or generating sufficient license fee payments for master and manufacturing and distribution licenses.
The consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets and satisfaction of liabilities in the ordinary course of business. If the Company is unable to raise additional capital or generate sales of licenses it may be required to liquidate assets or take actions, which may not be favorable to the Company, in order to continue operations. The accompanying consolidated financial statements do
7
--------------------------------------------------------------------------------
not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary if the Company is unable to continue its operations.
As of December 31, 2003, the Company had $195 cash on hand and in the bank. The primary sources of cash and financing for the Company for the six months then ended were $52,637 from stock purchased by or loans made from directors of the Company. The primary uses of cash during the same period were $52,006 for the Company's operations. The Company currently maintains a positive cash balance through sales of common stock and loans from directors of the Company.
Results of operations:
The Company did not generate revenue during the six months ended December 31, 2002, or during the six months ended December 31, 2003. There was one territory and factory sales agreement signed during the period ending December 31, 2003, and the first anticipated payment to the Company on the contract is expected sometime in 2004.
The Company sustained a net loss of $144,676 for the six months ended December 31, 2003 compared to a net loss of $371,915 for the six months ended December 31, 2002. The Company sustained a net loss of $99,410 for the three months ended December 31, 2003 compared to net loss of $157,792 for the three months ended December 31, 2002. A decrease of 37% in net loss was primarily due to continued downsizing and streamlining the operations of the Company until cash flow increases. Expenses that have been decreased as compared to the same six month period last year include: depreciation, consulting, interest, and payroll expenses.
The Board of Directors for the Company began a plan of revamping the operations of the Company during the quarter ended December 31, 2003. After the Board of Directors removed Mr. Lyle Wardrop as President of all WTAI companies on December 19, 2003, management changes began by naming John F. Tidy as Interim President of the Company. Additionally, the Company retained the services of an experienced corporate management consultant to advise the Company on daily operations and to institute a plan to move the Company to profitable operations. Negotiations were initiated with critical suppliers to stabilize a source of vehicle part kits and factory components.
Management has also activated other actions including re-establishing communications with existing master license holders, initiating new intellectual property protections, and initiating proper financial and corporate controls. Management is now actively revising the marketing plan, developing new quality standards for factory construction, establishing international vehicle registration compliance and reopening production facilities for factories and vehicle part kits.
ITEM 3. CONTROLS AND PROCEDURES
As of the financial statement date of this quarterly report for the period ended December 31, 2003, the Company carried out an evaluation of the design and effectiveness of the Company's disclosure controls and procedures, pursuant to Rule 13 a-14 of the Securities Exchange Act of 1934. This
8
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evaluation took place under the supervision and with the participation of the Company's management, including the Chief Executive Officer and President of the Company. Based on these evaluations the principal executive officers concluded that the Company's disclosure controls and procedures are effective in timely alerting them to material information relating to the Company, including the consolidated subsidiaries, required to be included in the Company's periodic SEC filings. There were no significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation.
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings.
During the period ended December 31, 2003, there were no changes to the legal settlement issues as stated in the annual report for period ended June 30, 2003.
ITEM 2-4. Not applicable
ITEM 5. Other Information.
On December 19, 2003 the Board of Directors for the Company removed Mr. Lyle Wardrop as President of all WTAI companies. His removal was in part based on substantial infractions and violations of Board resolutions. On December 29, 2003 Mr. Wardrop resigned from the Board of WTAI.
Mr. John F. Tidy was appointed and accepted the position as interim President of WTAI on December 19, 2003. Mr. John Tidy is an experienced operations executive and composite engineer, and is the primary individual responsible for the current WordStar vehicle design and production. Mr. Tidy has served as Vice President of Operations since 2000, and a Director of the Company since 2002.
Nicholas M. Kennedy was named as interim director on December 29, 2003 to meet the Canadian legal requirement, until a full time director is chosen. Mr. Nicholas Kennedy is a Canadian citizen and nephew of Mr. William Kennedy. Mr. Nicholas Kennedy is co-founder of River of Life Humanitarian Organization ("ROL") in Zagreb, Croatia. He served as consultant for receiving and distributing Humanitarian Aid Shipments for refugees and displaced people for ROL in Zagreb from 1992 to 1996. He held the position of Logistics' Officer for ROL in Sarajevo, Bosnia/Herzegovina from 1994 to 1996, and is currently director of GIM in Osaka, Japan. He is fluent in English, Croatian, Bosnian, and Serbian languages. He is additionally semi-fluent in German and Japanese, and understands other Slavic languages including Russian. The Company believes he will be an asset in communication with the Zastava Plant, which supplies the engine platform for the WordStar vehicle.
ITEM 6. Exhibits and Reports on Form 8-K.
a. No reports on Form 8-K were filed during the fiscal quarter ended December 31, 2003.
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SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
WORLD TRANSPORT AUTHORITY, INC.
Date: March 18, 2004 /s/ William C. Kennedy
----------------------------------------
William C. Kennedy
Chief Executive Officer, Director
CERTIFICATION
I, George I. Bates, the Treasurer/Interim Principal Accounting Officer of World Transport Authority, Inc. certify that:
1. I have reviewed this quarter-end report on Form 10-QSB of World Transport Authority, Inc.
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;
4. The small business issuer's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the small business issuer and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
(c) Evaluated the effectiveness of the small business issuer's disclosure controls and procedures and presented in this report our
10
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conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the small business issuer's internal control over financial reporting that occurred during the small business issuer's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the small business issuer's internal control over financial reporting; and
5. The small business issuer's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of the small business issuer's board of directors (or persons performing the equivalent functions):
(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer's ability to record, process, summarize and report financial information; and
(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting.
Dated: March 18, 2004 /s/George I. Bates
-----------------------
George I. Bates
Treasurer/Interim Principal Accounting Officer
CERTIFICATION
I, William C. Kennedy, the Chief Executive Officer of World Transport Authority, Inc. certify that:
1. I have reviewed this quarter-end report on Form 10-QSB of World Transport Authority, Inc.
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;
4. The small business issuer's other certifying officer and I are responsible for establishing and maintaining disclosure controls and
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procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the small business issuer and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
(c) Evaluated the effectiveness of the small business issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the small business issuer's internal control over financial reporting that occurred during the small business issuer's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the small business issuer's internal control over financial reporting; and
5. The small business issuer's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of the small business issuer's board of directors (or persons performing the equivalent functions):
(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer's ability to record, process, summarize and report financial information; and
(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting.
Dated: March 18, 2004 /s/William C. Kennedy
-----------------------
William C. Kennedy
Chief Executive Officer
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CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, George I. Bates, the Interim Principal Accounting Officer of World Transport Authority, Inc. (the "Company"), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:
(1) the Quarterly Report on Form 10-QSB of the Company for the quarter ended December 31, 2003 (the "Report") fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated: March 18, 2004
/s/George I. Bates
------------------------------------
Name: George I. Bates
Title: Treasurer/Interim Principal Accounting Officer
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, William C. Kennedy, the Chief Executive Officer of World Transport Authority, Inc. (the "Company"), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:
(1) the Quarterly Report on Form 10-KSB of the Company for the year ended December 31, 2003 (the "Report") fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated: March 18, 2004
/s/William C. Kennedy
------------------------------------
Name: William C. Kennedy
Title: Chief Executive Officer
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--------------------------------------------------------------------------------
End of Filing
© 2004 / EDGAR Online, Inc.
AJ any projections on the dow or SnP(1-3 weeks).TIA
Yes If you read the shareholders letter in January he also tried to steal the African contract.That was last straw for anyone how had any faith left in him. This act finally showed to the disbelievers what kind of crook he really is.Allthough new mangement may seem to be moving painfully slow,they have to fix what Doug __cked up the last 6 years.So hold on and hopefully our wait will soon be rewarded.
Still hearing "e" off by end of week.African contract.....test of patience....Doug has really left this company in a mess
so much for a bounce sick sick market
oops,my gaff road map couldn't be anymore clear,should make use of that edit feature.Was reading the thread and listening to Woody Dorsey at the same time, got the wires crossed a bit.
The "E" will be gone this week.Hopefully we have news on the African contract before end of month.