**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

**[X]**

**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the fiscal year ended December 31, 2010

OR

**[  ]**

**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND**

**EXCHANGE ACT OF 1934**

For transition period ___ to ____ 

Commission file number: 000-31023

**WorldNet, Inc. of Nevada**

(Exact name of registrant as specified in its charter)

| Nevada                                                                                    

(State or other jurisdiction of incorporation or organization)

88-0247824                                        

(I.R.S. Employer Identification No.)

 #281, 369 East 900 South, Salt Lake City, Utah 

(Address of principal executive offices)

84111          

(Zip Code)

Registrant’s telephone number, including area code:  (801) 323-2395

Securities registered under Section 12(b) of the Act:  None

Securities registered under Section 12(g) of the Act:  Common Stock

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes [   ]   No [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act.     Yes [   ]   No [X]

Indicate by check mark whether the registrant (1) 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 by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes  [  ]   No [  ]

Indicate by check mark if disclosure of delinquent filers pursuant to item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.   [X]

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.:

Large accelerated filer [  ]

Non-accelerated filer [  ]

Accelerated filed [  ]

Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [X]   No [   ]

The registrant did not have an active trading market for its common stock as of the last business day of its most recently completed second fiscal quarter; therefore, an aggregate market value of shares of voting and non-voting common equity held by non-affiliates cannot be determined.

The number of shares outstanding of the registrant’s common stock as of March 1, 2011 was 18,500,000.

Documents incorporated by reference:  None

**TABLE OF CONTENTS**

PART I

Item 1.  Business

3

Item 1A.  Risk Factors

8

Item 2.  Properties

9

Item 3.  Legal Proceedings

9

Item 4.  [Reserved]

9

PART II

Item 5.  Market for Registrant’s Common Equity, Related Stockholder Matters 

             and Issuer Purchases of Equity Securities

9

Item 6.  Selected Financial Data

9

Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations           9

Item 8.  Financial Statements and Supplementary Data

11

Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure        25

Item 9A.  Controls and Procedures 

25

Item 9B.  Other Information

25

PART III

Item 10.  Directors, Executive Officers and Corporate Governance

26

Item 11.  Executive Compensation

27

Item 12.  Security Ownership of Certain Beneficial Owners and Management

               and Related Stockholder Matters

27

Item 13.  Certain Relationships and Related Transactions, and Director Independence

28

Item 14.  Principal Accounting Fees and Services

28

PART IV

Item 15.  Exhibits, Financial Statement Schedules

29

Signatures

30

2

*In this annual report references to “WorldNet,” “we,” “us,” “our” and “the Company” refer to WorldNet, Inc. of Nevada.*

**FORWARD LOOKING STATEMENTS**

The Securities and Exchange Commission (“SEC”) encourages companies to disclose forward-looking information so that investors can better understand future prospects and make informed investment decisions.  This report contains these types of statements.  Words such as “may,” “expect,” “believe,” “anticipate,” “estimate,” “project,” or “continue” or comparable terminology used in connection with any discussion of future operating results or financial performance identify forward-looking statements.  You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report.  All forward-looking statements reflect our present expectation of future events and are subject to a number of important factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. 

**PART I**

**ITEM 1.  BUSINESS**

***Historical Development***

The corporation was incorporated in the state of Nevada on March 12, 1986, as the wholly-owned subsidiary of VIP Worldnet, Inc., and shortly after our incorporation we entered into an agreement to lease, sell and market the Hystar airship and the Burket Mill, a waste milling device.  However, the venture was found to be cost prohibitive and we ceased those activities in 1986 and have not engaged in any further commercial operations. 

***Our Business Plan***

Our business plan is to seek, investigate, and, if warranted, acquire an interest in a business opportunity.  Our acquisition of a business opportunity may be made by merger, exchange of stock, or otherwise.  We have very limited sources of capital, and we probably will only be able to take advantage of one business opportunity.  As of the date of this filing we have not identified any business opportunity that we plan to pursue, nor have we reached any preliminary or definitive agreements or understandings with any person concerning an acquisition or merger. 

The current economy creates more challenges for the success of our business plan.  With the general lack of investor confidence and the uncertainty related to the future global economy, management believes that equity investments and transactions may be less attractive then they have been in the past.  However, 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 expensive legal and accounting fees and the length of time associated with the registration process of “going public.”  But if the global economy fails to recover, then it is very possible that there would be little or no economic value for another company to enter into a transaction with WorldNet.  

Our search for a business opportunity will not be limited to any particular geographical area or industry and includes both U.S. and international companies.  Our management has unrestricted discretion in seeking and participating in a business opportunity, subject to the availability of such opportunities, economic conditions and other factors.  Our management believes that companies who desire a public market to enhance liquidity for current stockholders, or plan to acquire additional assets through issuance of securities rather than for cash, will be potential merger or acquisition candidates.  

The selection of a business opportunity in which to participate is complex and extremely risky and will be made by management in the exercise of their business judgment.  Our activities are subject to several significant risks which arise primarily as a result of the fact that we have no operating business and may acquire or participate in a business opportunity based on the decision of management which will, in all probability, act without consent, vote, or 

3

approval of our stockholders.  We cannot assure you that we will be able to identify and merge with or acquire any business opportunity which will ultimately prove to be beneficial to WorldNet and our stockholders.  Should a merger or acquisition prove unsuccessful, it is possible management may decide not to pursue further acquisition activities and management may abandon our search and we may become dormant or be dissolved.

It is possible that the range of business opportunities that might be available for consideration by us could be limited by the fact that our common stock is not listed to trade on any market.  We cannot assure you that a market will develop or that a stockholder will be able to liquidate his/her/its investments without considerable delay, if at all.  If a market develops, our shares will likely be subject to the rules of the Penny Stock Suitability Reform Act of 1990.  The liquidity of penny stock is affected by specific disclosure procedures required by those rules to be followed by all broker-dealers, including but not limited to, determining the suitability of the stock for a particular customer, and obtaining a written agreement from the customer to purchase the stock.  This rule may affect the ability of broker-dealers to sell our securities and may affect the ability of purchasers to sell our securities in any market.

*Investigation and Selection of Business Opportunities*

We anticipate that business opportunities will come to our attention from various sources, including our officers and directors, our stockholders, professional advisors, such as attorneys and accountants, securities broker-dealers, investment banking firms, venture capitalists, members of the financial community and others who may present unsolicited proposals.  Management expects that prior personal and business relationships may lead to contacts with these various sources. 

We expect that our due diligence will encompass, among other things, meetings with the target business’s incumbent management and inspection of its facilities, as necessary, as well as a review of financial and other information which is made available to our management.  This due diligence review may be conducted either by our management or by unaffiliated third parties we may engage.  Our limited funds and the lack of full-time management will likely make it impracticable to conduct a complete and exhaustive investigation and analysis of a target business before we consummate a business combination.  We anticipate that we will rely upon funds provided by advances and/or loans from management and significant stockholders to conduct investigation and analysis of any potential target companies or businesses.  We may also rely upon the issuance of our common stock in lieu of cash payments for services or expenses related to any analysis.  Management decisions, therefore, will likely be made without detailed feasibility studies, independent analysis, market surveys and the like which, if we had more funds available to us, would be desirable.  We will be particularly dependent in making decisions upon information provided by the promoters, owners, sponsors or other persons associated with the target business seeking our participation.

Our management will analyze the business opportunities; however, none of our management are professional business analysts.  (See Part III, Item 10, below.)  Our management has had limited experience with mergers and acquisitions of business opportunities and has not been involved with an initial public offering.  Due to management’s limited experience with mergers and acquisitions, they may rely on principal stockholders or associates, or promoters or their affiliates to assist in the investigation and selection of business opportunities.  

Certain conflicts of interest exist or may develop between us and our officers and directors.  Our management has other business interests to which they currently devote attention, which include their primary employment.  Also, Mr. Mayer holds management positions with another development stage reporting company which is also seeking business opportunities.  (See Part III, Item 10, below.)  Our management may be expected to continue to devote their attention to these other business interests although management time should be devoted to our business.  As a result, conflicts of interest may arise that can be resolved only through their exercise of judgment in a manner which is consistent with their fiduciary duties to us. 

A decision to participate in a specific business opportunity may be made upon our management’s analysis of:

•

the quality of the business opportunity’s management and personnel,

•

the anticipated acceptability of its new products or marketing concept, 

4

•

the merit of its technological changes, 

•

the perceived benefit that it will derive from becoming a publicly held entity, and 

•

numerous other factors which are difficult, if not impossible, to analyze through the application of any objective criteria.  

No one factor described above will be controlling in the selection of a business opportunity.  Management will attempt to analyze all factors appropriate to each opportunity and make a determination based upon reasonable investigative measures and available data.  Potential business opportunities may occur in many different industries and at various stages of development.  Thus, the task of comparative investigation and analysis of such business opportunities will be extremely difficult and complex.  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.

In many instances, we anticipate that the historical operations of a specific business opportunity may not necessarily be indicative of the potential for the future because of the possible need to substantially shift marketing approaches, significantly expand operations, change product emphasis, change or substantially augment management, or make other changes.  We will be dependent upon the owners of a business opportunity to identify any such problems which may exist and to implement, or be primarily responsible for, the implementation of required changes.

*Form of Acquisition*

We cannot predict the manner in which we may participate in a business opportunity.  Specific business opportunities will be reviewed as well as our needs and desires and those of the promoters of the opportunity.  The legal structure or method deemed by management to be suitable will be selected based upon our review and our relative negotiating strength.  Such methods may include, but are not limited to, leases, purchase and sale agreements, licenses, joint ventures and other contractual arrangements.  We may act directly or indirectly through an interest in a partnership, corporation or other forms of organization.  We may be required to merge, consolidate or reorganize with other corporations or forms of business organizations. In addition, our present management and stockholders most likely will not have control of a majority of our voting shares following a merger or reorganization transaction.  As part of such a transaction, our existing directors may resign and new directors may be appointed without any vote by our stockholders.

We likely will acquire our participation in a business opportunity through the issuance of common stock or other securities.  Although the terms of any such transaction cannot be predicted, it should be noted that in certain circumstances the criteria for determining whether or not an acquisition is a so-called "tax free" reorganization under Section 368(a) (1) of the Internal Revenue Code of 1986, as amended (the "Code") depends upon whether the owners of the acquired business own 80% or more of the voting stock of the surviving entity.  If a transaction were structured to take advantage of these provisions rather than other "tax free" provisions provided under the Code, all prior stockholders would in that circumstance retain 20% or less of the total issued and outstanding shares of the surviving entity.  Under other circumstances, depending upon the relative negotiating strength of the parties, prior stockholders may retain substantially less than 20% of the total issued and outstanding shares of the surviving entity.  This could result in substantial additional dilution to the equity of those persons who were our stockholders prior to such reorganization.

In the case of an acquisition, the transaction may be accomplished upon the sole determination of management without any vote or approval by stockholders.  In the case of a statutory merger or consolidation directly involving the Company, it will likely be necessary to call a stockholders' meeting and obtain the approval of the holders of a majority of the outstanding securities.  The necessity to obtain such stockholder approval may result in delay and additional expense in the consummation of any proposed transaction and will also give rise to certain appraisal rights to dissenting stockholders.  Most likely, management will seek to structure any such transaction so as not to require stockholder approval.

5

The time and costs required to select and evaluate a target business and to structure and complete a business combination cannot presently be ascertained with any degree of certainty.  Any costs incurred with respect to the indemnification and evaluation of a prospective business combination that is not ultimately completed will result in a loss to the Company.  Also, substantial fees are often paid in connection with the completion of all types of acquisitions, reorganizations or mergers, ranging from a small amount to as much as $300,000 or more.  These fees are usually divided among promoters or founders, after deduction of legal, accounting and other related expenses, and it is not unusual for a portion of these fees to be paid to members of management or to principal stockholders as consideration for their agreement to retire a portion of the shares of common stock owned by them.  Management or our parent company may actively negotiate or otherwise consent to the purchase of all or any portion of their common stock as a condition to, or in connection with, a proposed reorganization, merger or acquisition.  It is not anticipated that any such opportunity will be afforded to other stockholders or that such other stockholders will be afforded the opportunity to approve or consent to any particular stock buy-out transaction.  In the event that any such fees are paid, they may become a factor in negotiations regarding any potential acquisition or merger by us, and accordingly, may also present a conflict of interest for such individuals.  We have no present arrangements or understandings respecting any of these types of fees or opportunities and we have not adopted any procedures or policies for the review, approval or ratification of related party transactions.  

It is anticipated that the investigation of specific business opportunities and the negotiation, drafting and execution of relevant agreements, disclosure documents and other instruments will require substantial management time and attention and substantial cost for accountants, attorneys and others.  If a decision is made not to participate in a specific business opportunity, the costs incurred in the related investigation might not be recoverable.  Furthermore, even if an agreement is reached for the participation in a specific business opportunity, the failure to consummate that transaction may result in the loss to the Company of the related costs incurred.

In the event we merge or acquire a business opportunity, the successor company will be subject to our reporting obligations.  This is commonly referred to as a “back door registration.”  A back door registration occurs when a non-reporting company becomes the successor of a reporting company by merger, consolidation, exchange of securities, acquisition of assets or otherwise.  This type of event requires the successor company to file a current report with the SEC which provides the same kind of information about the company to be acquired that would appear in a registration statement, including audited and pro forma financial statements.  This regulation may eliminate many of the perceived advantages of these types of transactions.   Accordingly, we may incur additional expense to conduct due diligence and present the required information for the business opportunity in any report.  

Also, the SEC may elect to conduct a full review of the successor company and may issue substantive comments on the sufficiency of disclosure related to the company to be acquired.

In addition, regulations also deny the use of Form S-8 for the registration of securities of a shell company, and limit the use of Form S-8 to a reorganized shell company until the expiration of 60 days from when any such entity is no longer considered to be a shell company.  This prohibition could further restrict opportunities for the Company to acquire companies that may already have stock option plans in place that cover numerous employees.  In such an instance, there may be no exemption from registration for the issuance of securities in any business combination to these employees, thereby necessitating the filing of a registration statement with the SEC to complete any such reorganization, and incurring the time and expense costs that are normally avoided by “back door” registrations.

*Competition*

We expect to encounter substantial competition in our effort to locate attractive business opportunities.  Business development companies, venture capital partnerships and corporations, venture capital affiliates of large industrial and financial companies, small investment companies, and wealthy individuals will be our primary competition. Many of these entities will have significantly greater experience, resources and managerial capabilities than we do and will be in a better position than we are to obtain access to attractive business opportunities.  We also will experience competition from other reporting development stage companies, many of which may have more funds available for such transactions.

6

*Effect of Existing or Probable Governmental Regulations on Business*

The SEC is currently formulating rules and regulations required by the Dodd- Frank Wall Street Reform and Consumer Protection Act that became effective July 21, 2010.  This Act has changed legal requirements for the purchase and sale of securities and has authorized the SEC to propose new regulations to satisfy the requirements of this Act.  As of the date of this filing, the SEC is moving forward with new rule proposals and as a reporting company we will be subject to any new regulations promulgated under the Securities Act or Exchange Act.  

We are subject to the Sarbanes-Oxley Act of 2002.  This Act creates a strong and independent accounting oversight board to oversee the conduct of auditors, of public companies and to strengthen auditor independence.  It also requires steps to enhance the direct responsibility of senior members of management for financial reporting and for the quality of financial disclosures made by public companies; establishes clear statutory rules to limit, and to expose to public view, possible conflicts of interest affecting securities analysts; creates guidelines for audit committee members’ appointment, and compensation and oversight of the work of public companies’ auditors; prohibits certain insider trading during pension fund blackout periods; and establishes a federal crime of securities fraud, among other provisions.

We are subject to the Exchange Act of 1934 and are required to file annual reports on Form 10-K and quarterly reports on Form 10-Q with the SEC on a regular basis, and will be required to timely disclose certain material events (e.g., changes in corporate control; acquisitions or dispositions of a significant amount of assets other than in the ordinary course of business; and bankruptcy) in a Current Report on Form 8-K.  We are also subject to Section 14(a) of the Exchange Act which requires the Company to comply with the rules and regulations of the SEC regarding proxy solicitations, as outlined in Regulation 14A.  Matters submitted to our stockholders at a special or annual meeting of stockholders or pursuant to a written consent will require us to provide our stockholders with the information outlined in Schedules 14A or 14C of Regulation 14A; preliminary copies of this information must be submitted to the SEC at least 10 days prior to the date that definitive copies of this information are forwarded to our stockholders.

If we are acquired by a “non-reporting issuer” under the Exchange Act, we will be subject to the “back-door registration” requirements of the SEC that will require us to file a Current Report on Form 8-K that will include all information about such “non-reporting issuer” as would have been required to be filed by that entity had it filed a Form 10 Registration Statement with the SEC.  

Our securities are subject to open market trading restrictions because we are a shell company.  Under subparagraph (i) of Rule 144, no sales of “restricted securities” issued by the Company while we are a shell company cannot be publicly sold for at least one year from the date when we file the Form 10 information about any acquisition, reorganization or merger that results in the Company no longer being considered a shell company.   We will also be prohibited from utilizing Form S-8 for the registration of our securities until we have not been a shell company for at least 60 days.  

*Research and Development and Environmental Compliance*

During the year ended December 31, 2010, we have not spent any funds on research and development.  Nor have we recognized any costs related to compliance with environmental laws.

*Employees*

We currently have no employees.  Our management expects to confer with consultants, attorneys and accountants as necessary.  We do not anticipate a need to engage any full-time employees so long as we are seeking and evaluating business opportunities.  We will determine the need for employees based upon a specific business opportunity, if any.

7

**ITEM 1A.  RISK FACTORS**

*We have minimal assets and no source of revenue.*

We have minimal assets and have had no revenues since inception.  We will not receive revenues until we select an industry in which to commence business or complete an acquisition, reorganization or merger.  We can provide no assurance that any selected or acquired business will produce any material revenues for the Company or our stockholders, or that any such business will operate on a profitable basis. 

We will, in all likelihood, sustain operating expenses without corresponding revenues, at least until the consummation of a merger or other business combination with a private company.  This may result in our incurring a net operating loss that will increase unless we consummate a business combination with a profitable business.  We cannot assure you that we can identify a suitable business opportunity and consummate a business combination, or that any such business will be profitable at the time of its acquisition by the Company or ever.

*There can be no assurance that we will successfully consummate a business combination.*

We can give no assurances that we will successfully identify and evaluate suitable business opportunities or that we will conclude a business combination.  Management has not identified any particular industry or specific business within an industry for evaluation.  We cannot guarantee that we will be able to negotiate a business combination on favorable terms.  At the date of this filing, we have no arrangement, agreement or understanding with respect to engaging in a merger with, joint venture with, or acquisition of, a private or public entity.  No assurances can be given that we will successfully identify and evaluate suitable business opportunities or that we will conclude a business combination.  

*There is currently no trading market for our common stock, and liquidity of shares of our common stock is limited.*

Our shares of common stock are not registered under the securities laws of any state or other jurisdiction.  Our common stock is not listed on any exchange and, accordingly, there is no public trading market for the common stock.  Further, no public trading market is expected to develop in the foreseeable future unless and until we complete a business combination with an operating business or the Company files and obtains effectiveness of a registration statement under the Securities Act of 1933, as amended (the “Securities Act”).  Therefore, outstanding shares of common stock cannot be offered, sold, pledged or otherwise transferred unless subsequently registered pursuant to, or exempt from registration under, the Securities Act and any other applicable federal or state securities laws or regulations.  Stockholders may rely on the exemption from registration provided by Rule 144 of the Securities Act (“Rule 144”), subject to certain restrictions; namely, common stock may not be sold in open market transactions until one year after:

(i)   the completion of a business combination with a private company in a reverse merger or reverse takeover transaction after which the Company would cease to be a “shell company” (as defined in Rule 12b-2 under the Exchange Act) and 

(ii)   the disclosure of certain information on a Current Report on Form 8-K within four business days thereafter, and only if the Company has been current in all of its periodic SEC filings for the 12 months preceding the contemplated sale of stock.  

Compliance with the criteria for securing exemptions under federal securities laws and the securities laws of the various states is extremely complex, especially in respect of those exemptions affording flexibility and the elimination of trading restrictions in respect of securities received in exempt transactions and subsequently disposed of without registration under the Securities Act or state securities laws. 

8

**ITEM 2.  PROPERTIES**

We do not currently own or lease any property.  Until we pursue a viable business opportunity and recognize income we will not seek office space. 

**ITEM 3.  LEGAL PROCEEDINGS**

We are not a party to any legal proceedings as of the date of this filing. 

**ITEM 4.  [Reserved]**

**PART II**

**ITEM 5.  MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**

***Market Information***

Our common stock is not listed to trade on any public trading market. 

***Holders and Dividends***

We had 85 stockholders of record as of March 1, 2011.  We have not declared dividends on our common stock and do not anticipate paying dividends on our common stock in the foreseeable future. 

***Recent Sales of Unregistered Securities***

None.

***Issuer Purchase of Securities***

None.

**ITEM 6.  SELECTED FINANCIAL DATA**

Not applicable to smaller reporting companies.

**ITEM 7.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

***Executive Overview***

We are a development stage company that has not recorded revenues for the past two fiscal years.  At December 31, 2010, we had $576 cash and had total liabilities of $86,475.  We are dependent upon financing to continue basic operations.  Management intends to rely upon advances or loans from management or significant stockholders to meet our cash requirements, but we have not entered into written agreements guaranteeing funds and, therefore, no one is obligated to provide funds to us in the future.  These factors raise doubt as to our ability to continue as a going concern.  Our plan is to combine with an operating company to generate revenue.  

9

Our management has not had any preliminary contact or discussions with any representative of any other entity regarding a business combination with us.  Any target business that is selected may be a financially unstable company or an entity in its early stages of development or growth, including entities without established records of sales or earnings.  In that event, we will be subject to numerous risks inherent in the business and operations of financially unstable and early stage or potential emerging growth companies.  In addition, we may effect a business combination with an entity in an industry characterized by a high level of risk, and, although our management will endeavor to evaluate the risks inherent in a particular target business, there can be no assurance that we will properly ascertain or assess all significant risks.

We anticipate that the selection of a business opportunity will be complex and extremely risky.  Because of general economic conditions, rapid technological advances being made in some industries and shortages of available capital, our management believes that there are numerous firms seeking the perceived benefits of becoming a publicly traded corporation.  Such perceived benefits of becoming a publicly traded corporation include, among other things, facilitating or improving the terms on which additional equity financing may be obtained, providing liquidity for the principals of and investors in a business, creating a means for providing incentive stock options or similar benefits to key employees, and offering greater flexibility in structuring acquisitions, joint ventures and the like through the issuance of securities.  Potentially available business combinations may occur in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex.

Management anticipates that the struggling global economy will restrict the number of business opportunities available to us and will restrict the cash available for such transactions.  There can be no assurance in the current economy that we will be able to acquire an interest in an operating company. 

If we obtain a business opportunity, then it may be necessary to raise additional capital.  We likely will sell our common stock to raise this additional capital.  We anticipate that we would issue such stock pursuant to exemptions to the registration requirements provided by federal and state securities laws.  The purchasers and manner of issuance will be determined according to our financial needs and the available exemptions to the registration requirements of the Securities Act of 1933.  We do not currently intend to make a public offering of our stock.  We also note that if we issue more shares of our common stock, then our stockholders may experience dilution in the value per share of their common stock. 

***Liquidity and Capital Resources***

We have not recorded revenues from operations since inception.  We have not established an ongoing source of revenue sufficient to cover our operating costs.  We intend to obtain capital from management, significant stockholders or third parties to cover minimal operations; however, there is no assurance that additional funding will be available.  Our ability to continue as a going concern during the long term is dependent upon our ability to find a suitable business opportunity and acquire or enter into a merger with such company.  The type of business opportunity with which we acquire or merge will affect our profitability for the long term.  

During the next 12 months we anticipate incurring additional costs related to the filing of Exchange Act reports.  We believe we will be able to meet these costs through funds provided by management, significant stockholders or third parties.  We may also rely on the issuance of our common stock in lieu of cash to convert debt or pay for expenses.   

***Results of Operations***

At December 31, 2010, we had $576 cash and we had total liabilities of $86,475 compared to $601 cash and total liabilities of $77,700 at December 31, 2009.  The total liabilities represent accounts payable to third parties for services.  We did not record revenues in either year.  General and administrative expense increased from $4,823 for 2009 to $6,300 for 2010 and reflects increased reporting costs.  Accordingly, our net loss increased from 2009 to 2010.

10

***Off-Balance Sheet Arrangements***

We have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources and would be considered material to investors.

**ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

**WORLDNET, INC. OF NEVADA**

(A Development Stage Company)

Financial Statements

December 31, 2010 and 2009

INDEX

Reports of Independent Registered Public Accounting Firms 

12

Balance Sheets 

14

Statements of Operations 

15

Statements of Stockholders’ Deficit

16

Statements of Cash Flows

17

Notes to the Financial Statements 

18

11

**Morrill & Associates, LLC**

Certified Public Accountants

563 West 500 South, Suite 425

Bountiful, Utah 84010

801-292-8756 Phone; 801-292-3558 Fax

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Stockholders

WorldNet, Inc. of Nevada (A Development Stage Company)

Salt Lake City, Utah 

We have audited the accompanying balance sheet of WorldNet, Inc. of Nevada (a development stage company) as of December 31, 2010 and the related statements of operations, stockholders’ deficit and cash flows for the year then ended and from inception on March 12, 1986  through December 31, 2010. 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 audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.  Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides 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 WorldNet, Inc. of Nevada (a development stage company) as of December 31, 2010 and the results of its operations and cash flows for the year ended December 31, 2010 and from inception on March 12, 1986 through December 31, 2010 in conformity with generally accepted accounting principles in the United States of America.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  The Company has suffered recurring losses and has no operations which raise substantial doubt about its ability to continue as a going concern.  Management’s plans in regard to these matters are described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

*/s/ Morrill & Associates*

Morrill & Associates

Bountiful, Utah 84010

February 28, 2011

12

LOGO

**CHISHOLM, BIERWOLF, NILSON & MORRILL, LLC**

Certified Public Accountants

Phone (801) 292-8756  • Fax (801) 292-8809  • www.cbnmcpa.com

Todd D. Chisholm

Nephi J. Bierwolf

Troy F. Nilson

Douglas W. Morrill

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders

WorldNet, Inc. of Nevada (A Development Stage Company)

Salt Lake City, Utah 

We have audited the accompanying balance sheets of WorldNet, Inc. of Nevada (a development stage company) as of December 31, 2009 and 2008 and the related statements of operations, stockholders’ deficit and cash flows for the years then ended and from inception on March 12, 1986 through December 31, 2009. 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 the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.   The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.  Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, 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 WorldNet, Inc. of Nevada (a development stage company) as of December 31, 2009 and 2008 and the results of its operations and cash flows for the years ended December 31, 2009 and 2008 and from inception on March 12, 1986 through December 31, 2009 in conformity with generally accepted accounting principles in the United States of America.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  The Company has suffered recurring losses and has no operations which raise substantial doubt about its ability to continue as a going concern.  Management’s plans in regard to these matters are described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

*/s/ Chisholm, Bierwolf, Nilson & Morrill*

Chisholm, Bierwolf, Nilson & Morrill

Bountiful, Utah 84010

March 15, 2010

PCAOB Registered, Members of AICPA, CPCAF and UACPA

533 West 2600 South, Suite 25  • Bountiful, Utah 84010

12 South Main, Suite 208, Layton, Utah 84041

13

**WorldNet, Inc. of Nevada**

** **(A Development Stage Company) 

Condensed Balance Sheets

 

 

 

 

 

 

 

 

 

 

DEC 31, 2010

 

DEC 31,

 2009

 

 

 

 

 

 

 

 

**ASSETS**

 

 

 

 

 

 

     CURRENT ASSETS

 

 

 

 

 

 

        Cash

$

576

$

     601 

 

 

        Prepaid expenses

 

2,500

 

0 

 

 

          Total current assets

 

3,076

 

601 

 

 

 

 

 

 

 

 

 

          TOTAL ASSETS

$

3,076

$

601 

 

 

 

 

 

 

 

 

 

**LIABILITIES AND STOCKHOLDERS' DEFICIT**

 

 

 

 

 

 

     CURRENT LIABILITIES

 

 

 

 

 

 

        Accounts payable 

$

86,475

$

77,700 

 

  

          Total current liabilities

 

86,475

 

77,700 

 

 

          Total liabilities

 

86,475

 

77,700 

 

 

     STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

          Common stock, $.001 par value; 25,000,000 shares

            authorized;18,500,000 shares issued and outstanding

 

18,500

 

18,500 

 

 

          Additional paid-in capital

 

47,500

 

47,500 

 

 

          Deficit accumulated during the development stage

 

(149,399)

 

(143,099)

 

 

          Total stockholders' deficit

 

(83,399)

 

(77,099)

 

 

 

 

 

 

 

 

 

          TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

$

3,076

$

601 

 

The accompanying notes are an integral part of these financial statements.

14

**WorldNet, Inc. of Nevada**

(A Development Stage Company) 

Condensed Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

FOR THE 

YEAR ENDED DEC 31, 2010

 

FOR THE YEAR ENDED DEC 31, 2009

 

FROM INCEPTION ON MAR 12, 1986 TO DEC 31, 2010

 

 

 

 

 

 

 

 

Revenues

$

0

$

0

$

0

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

     General and administrative

 

6,300

 

4,823

 

149,399

 

     Total expenses

 

6,300

 

4,823

 

149,399

 

 

 

 

 

 

 

 

 

Net Operating Loss

 

(6,300)

 

(4,823)

 

(149,399)

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

(6,300)

 

(4,823)

 

(149,399)

 

 

 

 

 

 

 

 

 

Taxes

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

Net loss

$

(6,300)

$

(4,823)

$

(149,399)

 

 

 

 

 

 

 

 

 

Net loss per share

$

(0.00) 

$

(0.00) 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

18,500,000

 

18,500,000 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements.

15

**WorldNet, Inc. of Nevada**

 (A Development Stage Company)

Statements of Stockholders' Deficit

From Inception on March 12, 1986 through December 31, 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficit

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Additional

 

During the

 

 

 

 

Common Stock

 

Paid-in

 

Development

 

 

 

 

Shares

 

Amount

 

Capital

 

Stage

Issuance of shares for marketing rights

 

   17,000,000 

$ 

    17,000 

$ 

              - 

$ 

- 

Net (loss) for the year ended December 31, 1986

                   - 

 

                - 

 

                - 

 

(17,000)

Net (loss) for the year ended December 31, 1987

                   - 

 

                - 

 

                - 

 

- 

Net (loss) for the year ended December 31, 1988

                   - 

 

                - 

 

                - 

 

- 

Net (loss) for the year ended December 31, 1989

                   - 

 

                - 

 

                - 

 

- 

Net (loss) for the year ended December 31, 1990

                   - 

 

                - 

 

                - 

 

- 

Issuance of shares for mining claims

 

        110,000 

 

           110 

 

         (110)

 

- 

Issuance of shares for services

 

 

        390,000 

 

           390 

 

      38,610 

 

- 

Net (loss) for the year ended December 31, 1991

                   - 

 

                - 

 

                - 

 

(39,000)

Net (loss) for the year ended December 31, 1992

                   - 

 

                - 

 

                - 

 

- 

Net (loss) for the year ended December 31, 1993

                   - 

 

                - 

 

                - 

 

- 

Balance - December 31, 1993

 

 

   17,500,000 

 

      17,500 

 

      38,500 

 

(56,000)

Net (loss) for the year ended December 31, 1994

                   - 

 

                - 

 

                - 

 

- 

Balance - December 31, 1994

 

 

   17,500,000 

 

      17,500 

 

      38,500 

 

(56,000)

Net (loss) for the year ended December 31, 1995

                   - 

 

                - 

 

                - 

 

- 

Balance - December 31, 1995

 

 

   17,500,000 

 

      17,500 

 

      38,500 

 

(56,000)

Net (loss) for the year ended December 31, 1996

                   - 

 

                - 

 

                - 

 

- 

Balance - December 31, 1996

 

 

   17,500,000 

 

      17,500 

 

      38,500 

 

(56,000)

Net (loss) for the year ended December 31, 1997

                   - 

 

                - 

 

                - 

 

- 

Balance - December 31, 1997

 

 

   17,500,000 

 

      17,500 

 

      38,500 

 

(56,000)

Net (loss) for the year ended December 31, 1998

                   - 

 

                - 

 

                - 

 

- 

Balance - December 31, 1998

 

 

   17,500,000 

 

      17,500 

 

      38,500 

 

(56,000)

Net (loss) for the year ended December 31, 1999

                   - 

 

                - 

 

                - 

 

(32,000)

Balance - December 31, 1999

 

 

   17,500,000 

 

      17,500 

 

      38,500 

 

(88,000)

Net (loss) for the year ended December 31, 2000

                   - 

 

                - 

 

                - 

 

- 

Balance - December 31, 2000

 

 

   17,500,000 

 

      17,500 

 

      38,500 

 

(88,000)

Net (loss) for the year ended December 31, 2001

                   - 

 

                - 

 

                - 

 

- 

Balance - December 31, 2001

 

 

   17,500,000 

 

      17,500 

 

      38,500 

 

(88,000)

Net (loss) for the year ended December 31, 2002

                   - 

 

                - 

 

                - 

 

(5,000)

Balance - December 31, 2002

 

 

   17,500,000 

 

      17,500 

 

      38,500 

 

(93,000)

Shares issued for services at $.01 per share

 

     1,000,000 

 

        1,000 

 

        9,000 

 

- 

Net (loss) for the year ended December 31, 2003

                   - 

 

                - 

 

                - 

 

(10,000)

Balance - December 31, 2003

 

 

   18,500,000 

 

      18,500 

 

      47,500 

 

(103,000)

Net (loss) for the year ended December 31, 2004

                   - 

 

                - 

 

                - 

 

(5,000)

Balance - December 31, 2004

 

 

   18,500,000 

 

      18,500 

 

      47,500 

 

(108,000)

Net (loss) for the year ended December 31, 2005

                   - 

 

                - 

 

                - 

 

(5,100)

Balance - December 31, 2005

 

 

   18,500,000 

 

      18,500 

 

      47,500 

 

(113,100)

Net (loss) for the year ended December 31, 2006

                   - 

 

                - 

 

                - 

 

(9,813)

Balance - December 31, 2006

 

 

   18,500,000 

 

      18,500 

 

      47,500 

 

(122,913)

Net (loss) for the year ended December 31, 2007

                   - 

 

                - 

 

                - 

 

(10,285)

Balance - December 31, 2007

 

 

   18,500,000 

 

      18,500 

 

      47,500 

 

(133,198)

Net (loss) for the year ended December 31, 2008

                   - 

 

                - 

 

                - 

 

(5,078)

Balance - December 31, 2008

 

 

   18,500,000 

 

    18,500 

 

   47,500 

 

(138,276)

Net (loss) for the year ended December 31, 2009

 

-

 

-

 

-

 

(4,823)

Balance - December 31, 2009

 

   18,500,000 

$

    18,500 

$

   47,500 

$

(143,099)

Net (loss) for the year ended December 31, 2010

 

-

 

-

 

-

 

(6,300)

Balance - December 31, 2010

 

   18,500,000 

$

    18,500 

$

   47,500 

$

(149,399)

The accompany notes are an integral part of these financial statements

16

**WorldNet, Inc. of Nevada**

** **(A Development Stage Company) 

Condensed Statements of Cash Flows

 

 

 

 

 

 

 

 

 

 

 

FOR THE YEAR ENDED DEC 31, 2010

 

FOR THE YEAR ENDED DEC 31, 2009

 

INCEPTION ON MAR12, 1986 to DEC 31, 2010

 

 

 

 

 

 

 

 

**Cash Flows from Operating Activities**

 

 

 

 

 

 

 

     Net loss

$

(6,300)

$

(4,823)

$

(149,399)

 

     Adjustments to reconcile net loss to cash provided (used) 

     by operating activities:

 

 

 

 

 

 

 

            Shares issued for services

 

0

 

0

 

49,000

 

            Depreciation and amortization

 

0

 

0

 

17,000

 

     Changes in assets and liabilities:

 

 

 

 

 

 

 

            Increase in prepaid expenses

 

(2,500)

 

0

 

(2,500)

 

            Increase in accounts payable and accrued expenses

 

8,775

 

5,000

 

86,475

 

     Net cash provided (used) by operating activities

 

(25)

 

177

 

576

 

 

 

 

 

 

 

 

 

**Cash Flows from Investing Activities**

 

 

 

 

 

 

 

     Net cash provided (used) by investing activities

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

**Cash Flows from Financing Activities**

 

 

 

 

 

 

 

     Net cash provided (used) by financing activities

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash

 

(25)

 

177

 

576

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

601

 

424

 

0

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

$

576

$

601

$

576

 

 

 

 

 

 

 

 

 

**Supplemental Cash Flow Information:**

 

 

 

 

 

 

 

     Cash paid for interest

$

0 

$

0

$

0

 

     Cash paid for income taxes

$

0 

$

0

$

0

 

**Non-Cash Investing and Financing Activities**

 

 

 

 

 

 

 

     Stock issued for marketing rights

$

0 

$

0

$

17,000 

 

     Stock issued for services

$

0 

$

0

$

49,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements

17

**WorldNet, Inc. of Nevada**

(A Development Stage Company)

Notes to the Financial Statements

December 31, 2010 and 2009

NOTE 1 - Summary of Significant Accounting Policies

a.

Organization & Summary of Significant Accounting Policies

WorldNet, Inc. of Nevada (the Company), a Nevada corporation, was incorporated March 12, 1986 to lease, sell, and market airships and the Burkett Mill, a waste milling device, which rights were acquired from VIP Worldnet, Inc. initially the only shareholder.  The technology to further develop the airship and the mill by the parent company proved to be prohibitive, and shortly after the acquisition of the marketing rights further activity ceased with regard to these products was minimized.  WorldNet, Inc. of Nevada has been looking for a new operating company since that time, along with raising capital and keepings its SEC filings current and other limited operations.

b.

Recognition of Revenue

The Company has adopted FASB ASC 605 which provides guidance on the recognition, presentation and disclosure of revenue in financial statements filed with the SEC.  FASB ASC 605 outlines the basic criteria that must be met to recognize revenue and provides guidance for disclosure related to revenue recognition policies.  In general, the Company recognizes revenue related to monthly services provided when (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the fee is fixed or determinable and (iv) collectability is reasonably assured.

c.

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

 

For the Years Ended

December 31,

 

2010

 

2009

Net Loss

$         ( 6,300)

 

$         (4,823)

Weighted Average Number of

    Shares Outstanding

       

18,500,000

 

      

18,500,000

Basic Loss per Common Share

$            (0.00)

 

$           (0.00)

d.

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less to be

 cash equivalents. 

18

**WorldNet, Inc. of Nevada**

(A Development Stage Company)

Notes to the Financial Statements

December 31, 2010 and 2009

NOTE 1 - Summary of Significant Accounting Policies (continued)

e. 

 Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

f.

Subsequent events

The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and has determined that there are no such events that would have a material impact on the financial statements.

NOTE 2 - Income Taxes

The Financial Accounting Standards Board (FASB) has issued FASB ASC 740-10 (Prior authoritative literature: Financial Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - An Interpretation of FASB Statement No. 109 (FIN 48). FASB ASC 740-10 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements in accordance with prior literature FASB Statement No. 109, Accounting for Income Taxes.  This standard requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements.  As a result of the implementation of this standard, the Company performed a review of its material tax positions in accordance with recognition and measurement standards established by FASB ASC 740-10.  

Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences.  Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

19

**WorldNet, Inc. of Nevada**

 (A Development Stage Company)

Notes to the Financial Statements

December 31, 2010 and 2009

NOTE 2 – Income Taxes (continued)

Deferred tax assets and the valuation account are as follows:

 

For the Years Ended

December 31,

 

2010

 

2009

Deferred tax asset:

 

 

 

Net operating loss carryforward                  

$

50,796 

 

$

48,654 

Valuation allowance

(50,796)

 

(48,654)

 

$

0 

 

$

0 

The components of income tax expense are as follows:

 

For the Years Ended

December 31,

 

2010

 

2009

Current Federal tax

$

0 

 

$

0 

Current State tax

0 

 

0 

Change in NOL benefit

2,142 

 

1,640 

Change in valuation allowance

(2,142)

 

(1,640)

 

$

0 

 

$

0 

The Company has adopted FASB ASC 740-10 to account for income taxes. The Company currently has no issues creating timing differences that would mandate deferred tax expense. Net operating losses would create possible tax assets in future years. Due to the uncertainty of the utilization of net operating loss carry forwards, an evaluation allowance has been made to the extent of any tax benefit that net operating losses may generate.  A provision for income taxes has not been made due to net operating loss carry-forwards of $ 149,399 and $ 143,099 as of December 31, 2010 and December 31, 2009, respectively, which may be offset against future taxable income through 2030. No tax benefit has been reported in the financial statements.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

 

For the Years Ended

December 31,

 

2010

2009

Beginning Balance

$

0

$

0

Additions based on tax positions related to current year

0

0

Additions for tax positions of prior years

0

0

Reductions for tax positions of prior years

0

0

Reductions in benefit due to income tax expense

0

0

Ending Balance

$

0

$

0

20

**WorldNet, Inc. of Nevada**

 (A Development Stage Company)

Notes to the Financial Statements

December 31, 2010 and 2009

NOTE 2 – Income Taxes (continued)

The Company did not have any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months.

The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes.  As of December 31, 2010 and 2009, the Company had no accrued interest or penalties related to uncertain tax positions.

The tax years that remain subject to examination by major taxing jurisdictions are those for the years ended December 31, 2009, 2008 and 2007.

 

NOTE 3 - Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  The Company has no assets and has had recurring operating losses for the past several years 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.

NOTE 4 -   Capitalization

In 1986, the Company issued 17,000,000 shares of common stock for the marketing rights to an airship and a waste milling device.  The value of this issuance was $17,000.

During 1991, the Company issued 110,000 shares of stock for unpatented mining claims.  The project was soon thereafter abandoned and claims were never given a value.

During 1991, the Company issued 390,000 shares of stock for services valued at $39,000.

During 2003, the Company issued 1,000,000 shares of stock for services valued at $10,000 (or $.01 per share)

There was no stock issued during 2009 and 2010.

21

**WorldNet, Inc. of Nevada**

(A Development Stage Company)

Notes to the Financial Statements

December 31, 2010 and 2009

NOTE 5 - Related Party Transactions

During the years ended December 31, 2005, the Company incurred $47,100 of professional fees payable to professionals affiliated with First Equity Holdings Corp.

Through November 30, 2008 an officer of the Company was an employee of First Equity Holdings.  The relationship with First Equity Holdings Corp. ceased on that date.  

On November 5, 2010 an employee of First Equity Holdings Corp. was appointed as an officer of the Company, thus reestablishing a related party relationship.

NOTE 6 - Development Stage Company

The Company is a development stage company as defined in FASB ASC 915.  It is concentrating substantially all of its efforts in raising capital and searching for a business operation with which to merge, or assets to acquire, in order to generate significant operations.

NOTE 7 – Fair Value of Financial Instruments

On January 1, 2008, the Company adopted FASB ASC 820-10-50, “*Fair Value Measurements.*”  This guidance defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures.  The three levels are defined as follows:

-

Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

-

Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

-

Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement.

The carrying amounts reported in the balance sheets for the cash and cash equivalents, receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest.  

 

22

**WorldNet, Inc. of Nevada**

 (A Development Stage Company)

Notes to the Financial Statements

December 31, 2010 and 2009

NOTE 8 - Recent Pronouncements

In April 2009 an update was made to the FASB ASC 820, “*Fair Value Measurements and Disclosures”,*that provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased.  This update is effective for interim and annual periods ending after June 15, 2009 with early adoption permitted for periods ending after March 15, 2009.  The adoption of this guidance is not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

In April 2009, an update was made to FASB ASC 825, “*Financial Instruments”*, which requires a publicly traded company to include disclosures about the fair value of its financial instruments whenever it issues summarized financial information for interim reporting periods.  This update is effective for interim reporting periods ending after June 15, 2009, with early adoption permitted for periods ending after March 15, 2009.  The adoption of this guidance is not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

In June 2009, the FASB issued FASB ASC 105, “*The FASB Generally Accepted Accounting Principles”*, which establishes the FASB Accounting Standards Codification (the Codification) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with generally accepted accounting principles (GAAP), aside from those issued by the Securities and exchange Commission.  The Codification became effective for interim and annual periods ending after September 15, 2009.  Existing GAAP was not intended to be changed as a result of the Codification, and accordingly the change did not impact the Company’s financial statements.  

On May 28, 2009 the FASB announced the issuance of FASB ASC 855, “*Subsequent Events”*, formerly referenced as SFAS No. 165, *Subsequent Events.*  FASB ASC 855 should not result in significant changes in the subsequent events that an entity reports.  Rather, FASB ASC 855 introduces the concept of financial statements being available to be issued.  Financial statements are considered available to be issued when they are complete in a form and format that complies with generally accepted accounting principles (GAAP) and all approvals necessary for issuance have been obtained.

In August 2009, the FASB issued Accounting Standards Update (ASU) No. 2009-05, “*Measuring Liabilities at Fair Value”*(ASU 2009-05).  The amendments in this ASU apply to all entities that measure liabilities at fair value and provides clarification that in circumstances in which a quoted price in an active market for the identical liability is not available, an entity is required to measure fair value using one or more techniques laid out in this ASU.  The guidance provided in this ASU is effective for the first reporting period beginning after issuance.  The Company does not expect the adoption of this ASU to have a material impact on its financial statements.

23

**WorldNet, Inc. of Nevada**

 (A Development Stage Company)

Notes to the Financial Statements

December 31, 2010 and 2009

NOTE 8 - Recent Pronouncements (Continued)

In October 2009, the FASB issued ASU No. 2009-13” *Revenue recognition-Multiple deliverable revenue arrangements”.*  The ASU provides amendments to the criteria in Revenue recognition - Multiple deliverable revenue arrangements for separating consideration in multiple revenue arrangements.  The amendments in this ASU establish a selling price hierarchy for determining the selling price of a deliverable.  Further, the term *fair value* in the revenue guidance will be replaced with *selling price* to clarify that the allocation of revenue is based on entity-specific assumptions rather than assumptions of a market place participant.  The amendments in this ASU will be effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010.  Early adoption is permitted.  The Company does not expect the adoption of this ASU to have a material impact on its financial statements.

In January 2010, the FASB issued ASU No. 2010-06 regarding fair value measurements and disclosures and improvement in the disclosure about fair value measurements. This ASU requires additional disclosures regarding significant transfers in and out of Levels 1 and 2 of fair value measurements, including a description of the reasons for the transfers.  Further, this ASU requires additional disclosures for the activity in Level 3 fair value measurements, requiring presentation of information about purchases, sales, issuances, and settlements in the reconciliation for fair value measurements. This ASU is effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. The adoption of ASU 2010-06 did not have a material impact on the Company’s consolidated financial statements.

 

In February 2010, the FASB issued Accounting Standards Update No. 2010-09 (“ASU 2010-09”) as amendments to certain recognition and disclosure requirements. The amendments remove the requirement for an SEC filer to disclose a date in both issued and revised financial statements. Revised financial statements include financial statements revised as a result of either correction of an error or retrospective application of U.S. GAAP. Those amendments remove potential conflicts with the SEC’s literature. All of the amendments in ASU 2010-09 were effective upon issuance for interim and annual periods. The adoption of ASU 2010-09 did not have a material impact on the Company’s consolidated financial statements.

 

In March 2010, the FASB issued Accounting Standards Update (“ASU”) No. 2010-11, which is included in the Codification under ASC 815, “Derivatives and Hedging” (“ASC 815”).  This update clarifies the type of embedded credit derivative that is exempt from embedded derivative bifurcation requirements.  Only an embedded credit derivative that is related to the subordination of one financial instrument to another qualifies for the exemption.  This guidance is effective for interim and annual reporting periods beginning January 1, 2010.  The adoption of ASU 2010-11 did not have a material impact on the Company’s consolidated financial statements.

None of the above new pronouncements have current application to the Company, but may be applicable to the Company's future financial reporting.

24

**ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING**

**AND FINANCIAL DISCLOSURE**

As reported in our Current Report on Form 8-K, on February 2, 2011 we dismissed our former auditing firm Chisholm, Bierwolf, Nilson & Morrill, LLC and engaged Morrill & Associates, LLC as our independent public registered accounting firm.

**ITEM 9A.  CONTROLS AND PROCEDURES**

***Disclosure Controls and Procedures***

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our filings under the Exchange Act is recorded, processed, summarized and reported within the periods specified in the rules and forms of the SEC.  This information is accumulated to allow timely decisions regarding required disclosure.  Our President, who serves as our principal executive officer and principal financial officer, is responsible to evaluate the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report.  During the period we did not have additional personnel to allow segregation of duties to ensure the completeness or accuracy of our information.  Accordingly, our President has concluded that the lack of an adequate control environment constituted a deficiency in our disclosure controls and procedures. 

***Management’s Annual Report on Internal Control over Financial Reporting***

Management is responsible to establish and maintain adequate internal control over financial reporting.   Our principal executive officer is responsible to design or supervise a process that provides reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.  The policies and procedures include:

•

maintenance of records in reasonable detail to accurately and fairly reflect the transactions and dispositions of assets,

•

provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and directors, and

•

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on our financial statements.

For the year ended December 31, 2010, management has relied on the Committee of Sponsoring Organizations of the Treadway Commission (COSO), “Internal Control - Integrated Framework,” to evaluate the effectiveness of our internal control over financial reporting.  Based upon that framework, management determined that in the preparation of the financial statements we did not have additional personnel to allow segregation of duties to ensure the completeness or accuracy of our information.  Accordingly, our President has concluded that the lack of an adequate control environment constituted a deficiency in our disclosure controls and procedures.

Our management determined that there were no changes made in our internal controls over financial reporting during the fourth quarter of 2010 that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting. 

**ITEM 9B.  OTHER INFORMATION**

None.

25

**PART III**

**ITEM 10.  DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**

***Directors and Executive Officers***

Our directors and executive officers and their respective ages, positions and biographical information are set forth below.  Our bylaws require two directors who serve for terms of one year or until they are replaced by a qualified director.  Our executive officers are chosen by our board of directors and serve at its discretion.  There are no existing family relationships between or among any of our executive officers or directors.

Name

Age

Position Held

Director Term

Donald R. Mayer

71

Director and President

February 2000 until our next annual meeting.

April L. Erickson

36

Director and Secretary/Treasurer

November 2010 until our next annual meeting. 

*Donald R. Mayer --*   Mr. Mayer is the President and Chairman of Universal Business Insurance, an insurance company that he co-founded.  He has worked in the insurance industry for over twenty-five years, specializing in the business and motel/hotel industry.  He graduated from the University of Utah, located in Salt Lake City, Utah, with a bachelor’s degree in accounting.   He currently serves as a director of Globalwise Investments, Inc., a company that has a class of securities registered with the SEC pursuant to Section 12.   He has not been involved in any legal proceedings during the past ten years that are material to an evaluation of his ability or integrity.

*April L. Erickson* --  On November 5, 2010, Mrs. Erickson was appointed to serve as Secretary/Treasurer of WorldNet.  Since 1997 she has been employed as a management assistant with First Equity Holdings Corp. where she specializes in small company management and development.  She formerly worked in sales and service in the personal insurance products market for several insurance companies.  She has not been involved in any legal proceedings during the past ten years that are material to an evaluation of her ability or integrity.

***Compliance with Section 16(a) of the Exchange Act***

Section 16(a) of the Securities Exchange Act of 1934 requires our directors, executive officers and persons who own more than ten percent of a registered class of our equity securities, to file with the SEC initial reports of ownership and reports of changes in ownership of common stock and our other equity securities.  Officers, directors and greater than ten-percent beneficial owners are required by SEC regulations to furnish us with copies of all Section 16(a) reports they file.  We believe no reports were required to be filed for the year ended December 31, 2010. 

***Code of Ethics***

Since we have only two persons serving as directors and executive officers and because we have minimal operations, we have not adopted a code of ethics for our principal executive and financial officers.  Our board of directors will revisit this issue in the future to determine if, and when, adoption of a code of ethics is appropriate.  In the meantime, our management intends to promote honest and ethical conduct, full and fair disclosure in our reports to the SEC, and comply with applicable governmental laws and regulations.

26

***Committees***

We are a smaller reporting company with minimal operations and only two directors and executive officers.  As a result, we do not have a standing nominating committee for directors, nor do we have an audit committee with an audit committee financial expert serving on that committee.  Our entire board of directors acts as our nominating and audit committee. 

**ITEM 11.  EXECUTIVE COMPENSATION**

***Executive Officer Compensation***

Our principal executive officer, Mr. Mayer, did not receive compensation from the Company during the year ended December 31, 2010.  None of our named executive officers received any cash or non-cash compensation from us during the past two fiscal years and none had outstanding equity awards at year end.  We have not entered into employment contracts with our executive officers and their compensation, if any, will be determined at the discretion of our board of directors. 

We do not offer retirement benefit plans to our executive officers, nor have we entered into any contract, agreement, plan or arrangement, whether written or unwritten, that provides for payments to a named executive officer at, or in connection with, the resignation, retirement or other termination of a named executive officer, or a change in control of the company, or a change in the named executive officer’s responsibilities following a change in control.

***Compensation of Directors***

We do not have any standard arrangement for compensation of our directors for any services provided as director, including services for committee participation or for special assignments. 

**ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

***Securities Under Equity Compensation Plans***

None. 

***Beneficial Ownership***

The following tables set forth the beneficial ownership of our outstanding common stock of our management and of each person or group known by us to own beneficially more than 5% of our voting stock.  Beneficial ownership is determined in accordance with the rules of the SEC and generally includes voting or investment power with respect to securities.  Except as indicated by footnote, the persons named in the table below have sole voting power and investment power with respect to all shares of common stock shown as beneficially owned by them. The percentage of beneficial ownership is based on 18,500,000 shares of common stock outstanding as of March 1, 2011.

27

CERTAIN BENEFICIAL OWNERS

Name and address 

of beneficial owner 

Amount and nature

of beneficial ownership

Percent

of class

VIP WorldNet, Inc.

800 E. Charleston Blvd.

Las Vegas, NV 89104

15,009,450 (1)

81.1

First Equity Holdings Corp. 

2157 S. Lincoln Street

Salt Lake City, UT 84106

1,000,000

5.4

(1)  VIP WorldNet holds 15,000,000 shares and its affiliates own 9,450 shares of our common stock.

MANAGEMENT

Name of beneficial owner

Amount and nature

of beneficial ownership

Percent

of class

Donald R. Mayer

324,000

1.8

Directors and officers as a group

324,000

1.8

**ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**

***Transactions with Related Parties***

During the past two fiscal years we have not engaged in, or propose to engage in, any transactions involving our executive officers, directors, 5% or more stockholders or immediate family members of such persons.

***Parent Company***

VIP Worldnet, Inc. is our parent company and beneficially owns 15,009,450 shares of our common stock.  Such shares represent 81.1% of our issued and outstanding shares. 

***Director Independence***

None of our directors are independent directors as defined by NASDAQ Stock Market Rule 5605(a)(2).  This rule defines persons as “independent” who are neither officers nor employees of the company and have no relationships that, in the opinion of the board, would interfere with the exercise of independent judgment in carrying out their responsibilities as directors.  

**ITEM 14.  PRINCIPAL ACCOUNTING FEES AND SERVICES**

***Auditor Fees***

The following table presents the aggregate fees billed for each of the last two fiscal years by our former accounting firm, Chisholm, Bierwolf, Nilson & Morrill LLC, Certified Public Accountants, and our new accounting firm, Morrill & Associates, LLC, in connection with the audit of our financial statements and other professional services rendered by those accounting firms.  

28

 

2009

 

2010

Audit fees

$  3,800 

 

$ 4,975

Audit-related fees

          0 

 

         0 

Tax fees

          0 

 

         0 

All other fees

$         0 

 

$        0 

Audit fees represent the professional services rendered for the audit of our annual financial statements and the accounting firm review of our financial statements included in quarterly reports, along with services normally provided by the accounting firm in connection with statutory and regulatory filings or engagements.  Audit-related fees represent professional services rendered for assurance and related services by the accounting firm that are reasonably related to the performance of the audit or review of our financial statements that are not reported under audit fees.  

Tax fees represent professional services rendered by the accounting firm for tax compliance, tax advice, and tax planning.  All other fees represent fees billed for products and services provided by the accounting firm, other than the services reported for the other categories. 

***Pre-approval Policies***

We do not have an audit committee currently serving and as a result our board of directors performs the duties of an audit committee.  Our board of directors will evaluate and approve in advance the scope and cost of the engagement of an auditor.  We do not rely on pre-approval policies and procedures.

**PART IV**

**ITEM 15.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES**

***(a)(1)***

***Financial Statements***

The audited financial statements of WorldNet, Inc of Nevada are included in this report under Item 8 on pages 11 through 24.

*** (a)(2) Financial Statement Schedules***

All financial statement schedules are included in the footnotes to the financial statements or are inapplicable or not required.

***(a)(3)***

***Exhibits***

The following exhibits have been filed as part of this report.

No.

Description

3.1

Articles of Incorporation, dated March 12, 1986 (incorporated by reference to exhibit 3.1 to Form10-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)

31.1

Principal Executive Officer Certification

31.2

Principal Financial Officer Certification

32.1

Section 1350 Certification

29

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized

**WORLDNET, INC. OF NEVADA**

By:       */s/ Donald R. Mayer*

       

Donald R. Mayer, President

Date:   March 15, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:       */s/ Donald R. Mayer*

Donald R. Mayer

Principal Executive Officer

Principal Financial and Accounting Officer

Director and President

Date:  March 15, 2011

By:       */s/ April L. Erickson*

April L. Erickson

Director and Secretary/Treasurer

Date:   March 15, 2011

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