UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C. 20549

                           FORM 10-QSB

[X]   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934

          For the quarterly period ended: June 30, 2002


[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

                  Commission File No.  000-31023

                     WorldNet, Inc. of Nevada
(Exact name of small business issuer as specified in its charter)

         Nevada                                              88-0247824
(State of incorporation)                                 (I.R.S. Employer
                                                        Identification No.)

                   #440, 476 East South Temple
                    Salt Lake City, Utah 84111
                          (801) 323-2395
  (Address and telephone number of principal executive offices)



Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act 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  [  ]

As of August 5, 2002, the issuer had a total of 17,500,000 shares of common
stock issued and outstanding.

<PAGE> 1

                  PART I: FINANCIAL INFORMATION

ITEM 1:  FINANCIAL STATEMENTS

     The financial information set forth below with respect to our statements
of operations for the three and six  month periods ended June 30, 2002 and
2001 is unaudited.  This financial information, in the opinion of management,
includes all adjustments consisting of normal recurring entries necessary for
the fair presentations of such data.  The results of operations for the six
months ended June 30, 2002, are not necessarily indicative of results to be
expected for any subsequent period.


<PAGE> 2





                     Worldnet, Inc. of Nevada
                       Financial Statements
                          June 30, 2002


<PAGE> 3





                     Worldnet, Inc. of Nevada
                  (A Development Stage Company)
                          Balance Sheets


                              ASSETS
                                                       June 30    December 31
                                                         2002        2001
                                                    ------------ -------------
                                                    (Unaudited)

CURRENT ASSETS                                      $         -  $          -
                                                    ------------ -------------

  TOTAL ASSETS                                      $         -  $          -
                                                    ============ =============



               LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Accounts Payable - Related party                    $    32,000  $     32,000
                                                    ------------ -------------

   Total Liabilities                                     32,000        32,000
                                                    ------------ -------------

STOCKHOLDERS' EQUITY

Common Stock, $.001 par value; 25,000,000
  shares authorized; 17,500,000 shares
  issued and outstanding                                 17,500        17,500

Additional Paid-in Capital                               38,500        38,500

Deficit Accumulated During the Development Stage        (88,000)      (88,000)
                                                    ------------ -------------

    Total Stockholders' Equity (deficit)                (32,000)      (32,000)
                                                    ------------ -------------

  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY        $         -  $          -
                                                    ============ =============



<PAGE> 4
<TABLE>
<CAPTION>


                     Worldnet, Inc. of Nevada
                  (A Development Stage Company)
                     Statement of Operations
                           (Unaudited)



                                                                                            From
                                                                                            inception on
                                For the        For the        For the        For the        March 12,
                                three months   three months   six months     six months     1986
                                ended June 30, ended June 30, ended June 30, ended June 30, to June 30,
                                2002           2001           2002           2001           2002
                                -------------- -------------- -------------- -------------- -------------

                             <c>            <c>            <c>            <c>            <c>
REVENUES                        $           -  $           -  $           -  $           -  $          -
                                -------------- -------------- -------------- -------------- -------------

EXPENSES
  General & Administrative                  -              -              -              -        88,000
                                -------------- -------------- -------------- -------------- -------------

    TOTAL EXPENSES                          -              -              -              -        88,000
                                -------------- -------------- -------------- -------------- -------------

NET INCOME (LOSS)               $           -  $           -  $           -  $           -  $    (88,000)
                                ============== ============== ============== ============== =============

NET LOSS PER SHARE              $           -  $           -  $           -  $           -  $      (0.01)
                                ============== ============== ============== ============== =============
WEIGHTED AVERAGE SHARES
  OUTSTANDING                      17,500,000     17,500,000     17,500,000     17,500,000    17,352,761
                                ============== ============== ============== ============== =============

</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>


                             Worldnet, Inc. of Nevada
                          (A Development Stage Company)
                             Statement of Cash Flows
                                   (Unaudited)

                                                                                      From
                                                                                      Inception on
                                                          For the six months ended    March 12, 1986
                                                                  June 30,            Through
                                                             2002        2001         June 30, 2002
                                                        -------------- -------------- --------------

                                                     <c>            <c>            <c>
Cash Flows from Operating Activities

  Net Loss                                              $           -  $           -  $     (88,000)
  Less  Non-cash Items:
  Shares issued for services                                        -              -         39,000
  Depreciation & Amortization                                       -              -         17,000
  Increase in Accounts Payable                                      -              -         32,000
                                                        -------------- -------------- --------------

  Net Cash Provided (Used) by Operating Activities                  -              -              -
                                                        -------------- -------------- --------------

Cash Flows from Investing Activities                                -              -              -
                                                        -------------- -------------- --------------

  Net Cash Provided (Used) by Investing Activities                  -              -              -
                                                        -------------- -------------- --------------

Cash Flows from Financing Activities                                -              -              -
                                                        -------------- -------------- --------------

  Net Cash Provided (Used) by Financing Activities                  -              -              -
                                                        -------------- -------------- --------------

Increase (Decrease) in Cash                                         -              -              -
                                                        -------------- -------------- --------------

Cash and Cash Equivalents at Beginning of Period                    -              -              -
                                                        -------------- -------------- --------------

Cash and Cash Equivalents at End of Period              $           -  $           -  $           -
                                                        ============== ============== ==============

Supplemental Cash Flow Information:

  Stock issued for marketing rights                     $           -  $           -  $      17,000
  Stock issued for services                             $           -  $           -  $      39,000
 Cash Paid For:
    Interest                                            $           -  $           -  $           -
    Income Taxes                                        $           -  $           -  $           -

</TABLE>
<PAGE> 6


                     Worldnet, Inc. of Nevada
                  (A Development Stage Company)
                Notes to the Financial Statements
                          June 30, 2002


GENERAL

Worldnet, Inc. of Nevada (the Company) has elected to omit substantially all
footnotes to the financial statements for the six months ended June 30, 2002
since there have been no material changes (other than indicated in other
footnotes) to the information previously reported by the Company in their
Annual Report filed on the Form 10-KSB for the twelve months ended December
31, 2001.

UNAUDITED INFORMATION

The information furnished herein was taken from the books and records of the
Company without audit.  However, such information reflects all adjustments
which are, in the opinion of management, necessary to properly reflect the
results of the interim period presented.  The information presented is not
necessarily indicative of the results from operations expected for the full
fiscal year.



<PAGE> 7


     In this report references to "WorldNet," "we," "us," and "our" refer to
WorldNet, Inc. of Nevada.

                    FORWARD LOOKING STATEMENTS

     This Form 10-QSB contains certain forward-looking statements and for this
purpose any statements contained in this Form 10-QSB that are not statements
of historical fact may be deemed to be forward-looking statements.  Without
limiting the foregoing, words such as "may," "will," "expect," "believe,"
"anticipate," "estimate" or "continue" or comparable terminology are intended
to identify forward-looking statements.  These statements by their nature
involve substantial risks and uncertainties, and actual results may differ
materially depending on a variety of factors, many of which are not within
WorldNet's control.  These factors include but are not limited to economic
conditions generally and in the industries in which WorldNet may choose to
participate, competition within WorldNet's chosen industry, and failure by
WorldNet to successfully develop business relationships.


ITEM 2:  PLAN OF OPERATIONS

     Since inception, we have had no revenues and have recorded losses.  We
have financed our operations primarily through the sale of our common stock or
by loans from shareholders.  As of June 30, 2002, we had no cash on hand and
total current liabilities of $32,000.  The total current liabilities are
related to an account payable for legal and accounting fees paid on our behalf
by a shareholder during fiscal year 1999.

     We have no material commitments for the next twelve months.  We believe
that our current cash needs for at least the next twelve months can be met by
loans from our directors, officers and shareholders.  However, these
understandings are not formal agreements and therefore these persons are not
obligated to provide funds.  We may repay any loans, costs of services and
advancements with cash, if available, or we may convert them into common
stock.

     Our management intends to actively pursue business opportunities during
the next twelve months. Based on current economic and regulatory conditions,
management believes that it is possible, if not probable, for a company like
ours, without many assets or liabilities, to negotiate a merger or acquisition
with a viable private company.  The opportunity arises principally because of
the high legal and accounting fees and the length of time associated with the
registration process of "going public."  However, should any of these
conditions change, it is very possible that there would be little or no
economic value for anyone taking over control of WorldNet.

     We have not made a formal study of the economic potential of any business
opportunity and, as of the date of this filing, we have not identified any
assets or business opportunities for acquisition.   Potential investors must
recognize that because of our limited capital available for investigation and
management's limited experience in business analysis we may not discover or
adequately evaluate adverse facts about the business opportunity to be
acquired.  All risks inherent in new and inexperienced enterprises are
inherent in our business.  Also, we intend to concentrate our acquisition
efforts on properties or businesses that we believe to be undervalued or that
we believe may realize a substantial benefit from being publicly owned.
Investors should expect that any acquisition candidate may have little or no
operating history, or a history of losses or low profitability.

     It is emphasized that our management may effect transactions having a
potentially adverse impact upon our shareholders pursuant to the authority and
discretion of our management to complete acquisitions without submitting any
proposal to the stockholders for their consideration.

     Should a merger or acquisition prove unsuccessful, it is possible that we
may decide not to pursue further acquisition activities and management may
abandon its activities and our shares would become worthless.



<PAGE> 8


                    PART II: OTHER INFORMATION


ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K

(a) Part II Exhibits

3.1  Articles of Incorporation, dated March 12, 1986 (incorporated by
     reference to exhibit 3.1 to Form 10-SB, filed July 14, 2000)

3.2  Bylaws of WorldNet (incorporated by reference to exhibit 3.2 to Form
     10-SB, filed July 14, 2000)


(b)  Reports on Form 8-K.

     None.



                            SIGNATURES

     In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, who is duly
authorized.


                                  WorldNet, Inc. of Nevada



         08/08/02                       /s/ Donald R. Mayer
Date: ___________________________  By: ________________________________
                                       Donald R. Mayer
                                       President, Principal Financial and
                                       Accounting Officer and Director



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