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

                           FORM 10-KSB

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

      For the fiscal year ended December 31, 2005

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


      Commission file number: 000-31023

                     WorldNet, Inc. of Nevada
        --------------------------------------------------
      (Exact name of registrant 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
--------------------------------------------------       -----------
(Address of principal executive offices)                 (Zip code)

Issuer's telephone number, including area code:   (801) 323-2395

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

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

Check whether the issuer is not required to file reports pursuant to Section
13 or 15(d) of the Exchange Act. [ ]

Check whether the issuer (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 [ ]

Check if disclosure of delinquent filers in response to item 405 of Regulation
S-B 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-KSB or any amendment to
this Form 10-KSB. [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 [ ]

State issuer's revenue for its most recent fiscal year: None

Since the registrant does not have an active trading market, a market value of
the voting stock held by non-affiliates cannot be determined.

As of February 23, 2006 the registrant had 18,500,000 shares of common stock
outstanding.

Documents incorporated by reference:  None

Transitional Small Business Disclosure Format (check one): Yes [ ]   No [X]


<PAGE>

                        TABLE OF CONTENTS

                              PART I

Item 1.  Description of Business............................................3
Item 2.  Description of Property............................................5
Item 3.  Legal Proceedings..................................................5
Item 4.  Submission of Matters to a Vote of Security Holders................5

                             PART II

Item 5.  Market for Common Equity, Related Stockholder Matters and Issuer
         Purchase of Securities.............................................5
Item 6.  Management's Discussion and Analysis or Plan of Operations.........6
Item 7.  Financial Statements...............................................6
Item 8.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure..............................................16
Item 8A. Controls and Procedures...........................................16
Item 8B. Other Information.................................................16

                             PART III

Item 9.  Directors, Executive Officers, Promoters and Control Persons,
         Compliance with Section 16(a) of the Exchange Act.................16
Item 10. Executive Compensation............................................17
Item 11. Security Ownership of Certain Beneficial Owners and Management
         and Related Stockholder Matters...................................17
Item 12. Certain Relationships and Related Transactions....................18
Item 13. Exhibits..........................................................18
Item 14. Principal Accountant Fees and Services............................18
Signatures.................................................................19


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

        SPECIAL NOTE REGARDING 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," "will," "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.


                                2

<PAGE>


                              PART I

ITEM 1. DESCRIPTION OF BUSINESS

Business Development

We were incorporated in the state of Nevada on March 10, 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 did not engage in any further commercial operations.

Our Plan

We are a development stage company and have had recurring operating losses for
the past two fiscal years.  Our independent auditors have expressed doubt that
we can continue as a going concern unless we obtain financing to continue
operations.

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.

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 expensive 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.

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 its business
judgement.  Our activities are subject to several significant risks which
arise primarily as a result of the fact that we have no specific 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
approval of our stockholders.  We can not assure you that we will be able to
identify and acquire any business opportunity which will ultimately prove to
be beneficial to us 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 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 this Act 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.


                                3


<PAGE>


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.

Our management will analyze the business opportunities; however, none of our
management are professional business analysts.  (See Part III, Item 9, below.)
Our management has had limited experience with mergers and acquisitions of
business opportunities and has not been involved with an initial public
offering.

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 and they
are management of other development stage reporting companies seeking merger
candidates.  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 judgement 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,
..     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.


                                4

<PAGE>


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 issuance of
additional shares also may be done simultaneously with a sale or transfer of
shares representing a controlling interest by current principal stockholders.

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.  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.

Competition

We expect to encounter substantial competition in our effort to locate
attractive 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 public development stage companies, many of which may have more funds
available for these type of transactions.

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.

ITEM 2. DESCRIPTION OF PROPERTY

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 proceedings or threatened proceedings as of the date
of this filing.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

We have not submitted a matter to a vote of our shareholders during the fourth
quarter of the 2005 year.

                             PART II

ITEM 5:  MARKET PRICE FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

Our common stock is not listed on a public market.  We have 85 stockholders of
record holding 18,500,000 common shares.  We have not declared dividends on
our common stock and do not anticipate paying dividends on our common stock in
the foreseeable future.

                                5

<PAGE>


Recent Sales of Unregistered Securities

None.

Issuer Purchase of Securities

None.

ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

We are a development stage company and have recorded losses for the past two
fiscal years.  At December 31, 2005, we had no cash and total current
liabilities of $47,100.  We cannot satisfy our cash requirements for our
operations, which are primarily related to legal, accounting and professional
services required to prepare and file our reports with the SEC.  We are unable
to pay cash for these services and have relied a related party to pay for
these costs on our behalf.  This party has not entered into written agreements
guaranteeing advances and, therefore, it is not obligated to provide funds in
the future.  However, management anticipates that this party will continue
providing advances during the next twelve months.  Historically, we have paid
for these advances by converting the debt into common stock.

Our plan for the next twelve months is to search for a business opportunity
and, if feasible, acquire an interest in a business opportunity.  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
expect to issue such stock pursuant to exemptions 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.  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 shareholders may
experience dilution in the value per share of their common stock.

ITEM 7. FINANCIAL STATEMENTS









                     Worldnet, Inc. of Nevada

                  (A Development Stage Company)

                       Financial Statements

                    December 31, 2005 and 2004







                                6

<PAGE>


                             CONTENTS


Independent Auditor's Report ..........................................8

Balance Sheets ........................................................9

Statements of Operations..............................................10

Statements of Stockholders' Equity ...................................11

Statements of Cash Flows .............................................12

Notes to the Financial Statements .................................13-15



                                7

<PAGE>



Chisholm                                        533 West 2600 South, Suite 25
Bierwolf &                                              Bountiful, Utah 84010
Nilson, LLC                                             Phone: (801) 292-8756
Certified Public Accountants                            Fax: (801) 292-8809



     REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders
of Worldnet, Inc. of Nevada:

We have audited the accompanying balance sheets of Worldnet, Inc. of Nevada (a
development stage company) as of December 31, 2005 and 2004 and the related
statements of operations, stockholders' equity and cash flows for the years
ended December 31, 2005 and 2004 and from inception March 12, 1986 through
December 31, 2005.  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 P.C.A.O.B.
(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 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, 2005 and 2004 and the results of
its operations and cash flows for the years ended December 31, 2005 and 2004
and from inception March 12, 1986 through December 31, 2005 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 from operations which raises substantial doubt about its ability to
continue as a going concern.  Management's plans in regard to these matters
are described in Note 2.  The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.

/s/ Chisholm, Bierwolf & Nilson

Chisholm, Bierwolf & Nilson
Bountiful, Utah
March 2,  2006

                                8


<PAGE>

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


                              ASSETS

                                                          December 31
                                                 ----------------------------
                                                      2005           2004
                                                 -------------- -------------
CURRENT ASSETS

Cash (Note 1)                                    $           -  $          -
                                                 -------------- -------------

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


                 LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Accounts Payable - Related party                 $      47,100  $     42,000
                                                 -------------- -------------

  Total Liabilities                                     47,100        42,000
                                                 -------------- -------------

STOCKHOLDERS' EQUITY

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      (113,100)     (108,000)
                                                 -------------- -------------

  Total Stockholders' Equity (deficit)                 (47,100)      (42,000)
                                                 -------------- -------------

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


The accompanying notes are an integral part of these financial statements

                                9

<PAGE>


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



                                                                 From
                                                                 Inception on
                                         For the Years Ended     March 12
                                             December 31         1986 to
                                     ------------- ------------- Dec. 31,
                                          2005           2004    2005
                                     ------------- ------------- -------------

REVENUES                             $          -  $          -  $          -
                                     ------------- ------------- -------------
EXPENSES

  General & Administrative                  5,100         5,000       113,100
                                     ------------- ------------- -------------

    TOTAL EXPENSES                          5,100         5,000       113,100
                                     ------------- ------------- -------------

NET INCOME (LOSS)                    $     (5,100) $     (5,000) $   (113,100)
                                     ============= ============= =============

NET LOSS PER SHARE                   $      (0.00) $      (0.00) $      (0.01)
                                     ============= ============= =============

WEIGHTED AVERAGE SHARES OUTSTANDING    18,500,000    18,500,000    17,430,974
                                     ============= ============= =============




The accompanying note are an integral part of these financial statements

                                10




<PAGE>



                     Worldnet, Inc. of Nevada
                  (A Development Stage Company)
                Statements of Stockholders' Equity
    From Inception on March 12, 1986 through December 31, 2005

                                                                 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)
                           ============= =========== =========== =============



The accompanying notes are an integral part of these financial statements


                                11
<PAGE>


                     Worldnet, Inc. of Nevada
                  (A Development Stage Company)
                     Statements of Cash Flows
                                                                 From
                                                                 Inception on
                                         For the Years Ended     March 12
                                             December 31         1986 Through
                                     ------------- ------------- December 31,
                                          2005           2004    2005
                                     ------------- ------------- -------------
Cash Flows from Operating Activities

  Net Loss                           $     (5,100) $     (5,000) $   (113,100)
  Less Non-cash Items:
   Shares issued for services                   -             -        49,000
   Depreciation & Amortization                  -             -        17,000
   Increase in Accounts Payable             5,100         5,000        47,100
                                     ------------- ------------- -------------
  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          $          -  $          -  $     49,000

  Cash Paid For:
    Interest                         $          -  $          -  $          -
    Income Taxes                     $          -  $          -  $          -


The accompanying notes are an integral part of these financial statements

                                12

<PAGE>



                     Worldnet, Inc. of Nevada
                  (A Development Stage Company)
                Notes to the Financial Statements
                    December 31, 2005 and 2004

NOTE 1 - Summary of Significant Accounting Policies

     a.  Organization & Consolidation Policy

         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.  Worldnet, Inc. of Nevada has been inactive since that date.

     b.  Accounting Method

         The Company recognizes income and expense on the accrual basis of
accounting.

     c.  Earnings (Loss) Per Share

         The computation of earnings per share of common stock is based on the
weighted average number of shares outstanding at the date of the financial
statements

                                        Income (loss)   Shares      Per Share
                                         (Numerator)  (Denominator)   Amount
                                        ------------- ------------- ----------
For the year ended December 31, 2005:

  Basic EPS
  Income (loss) to common stockholders  $     (5,100)   18,500,000  $       -
                                        ============= ============= ==========
For the year ended December 31, 2004:

  Basic EPS
  Income (loss) to common stockholders  $     (5,100)   18,500,000  $       -
                                        ============= ============= ==========
From inception on March 12, 1986 to
December 31, 2005:

  Basic EPS
  Income (loss) to common stockholders  $   (108,000)   17,430,974  $   (0.01)
                                        ============= ============= ==========


     d.  Cash and Cash Equivalents

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



                                13

<PAGE>

                     Worldnet, Inc. of Nevada
                  (A Development Stage Company)
                Notes to the Financial Statements
                    December 31, 2005 and 2004

NOTE 1 - Summary of Significant Accounting Policies (continued)

     e.  Provision for Income Taxes

         No provision for income taxes have been recorded due to net operating
loss carryforwards totaling $113,100 that will be offset against future
taxable income.  These NOL carryforwards began to expire in the year 2001.  No
tax benefit has been reported in the financial statements because the Company
believes there is a 50% or greater chance the carryforward will expire unused.

         Deferred tax asset and the valuation account is as follows at
December 31, 2005 and 2004:
                                                         December 31,
                                                      2005          2004
                                                 -------------- -------------
     Deferred tax asset:
          NOL carryforward                       $      32,674  $     30,940

          Valuation allowance                          (32,674)      (30,940)
                                                 -------------- -------------
                                                 $           -  $          -
                                                 ============== =============

     f.  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.

NOTE 2 - 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 3 - 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.


                                14

<PAGE>

                     Worldnet, Inc. of Nevada
                  (A Development Stage Company)
                Notes to the Financial Statements
                    December 31, 2005 and 2004

NOTE 3 - Capitalization (continued)

         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)

NOTE 4 - Related Party Transactions

         During the year ended December 31, 1999, the Company incurred $32,000
of professional fees payable to professionals affiliated with First Equity
Holdings Corp. (formerly Mutual Ventures Corp.)  An officer of the Company is
an employee of First Equity Holdings Corp.

         During the year ended December 31, 2002, the Company incurred $5,000
of professional fees payable to professionals affiliated with First Equity
Holdings Corp.

         During the year ended December 31, 2004, the Company incurred $5,000
of professional fees payable to professionals affiliated with First Equity
Holdings Corp

         During the year ended December 31, 2005, the Company incurred $5,100
of fees payable to First Equity Holdings Corp.  An officer of the Company is
an employee of First Equity Holdings Corp.

NOTE 5 - Development Stage Company

         The Company is a development stage company as defined in Financial
Accounting Standards Board Statement No. 7.  It is concentrating substantially
all of its efforts in raising capital and searching for a business operation
with which to merge, or assets to acquire, in order to generate significant
operations.


                                15



<PAGE>

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
        FINANCIAL DISCLOSURE

In our current report dated February 9, 2004, we reported that our independent
auditors, Chisholm & Associates, Certified Public Accountants, resigned as our
independent auditors and we engaged Chisholm, Bierwolf & Nilson, LLC,
Certified Public Accountants, as our independent auditors .

ITEM 8A.  CONTROLS AND PROCEDURES

Our President, who acts in the capacities of our principal executive officer
and principal financial officer, evaluated the effectiveness of our disclosure
controls and procedures as of the end of the period covered by this report.
Based on that evaluation, he concluded that our disclosure controls and
procedures were effective.

He also determined that there were no changes made in our internal controls
over financial reporting during the fourth quarter of 2005 that have
materially affected, or are reasonably likely to materially affect our
internal control over financial reporting.

ITEM 8B. OTHER INFORMATION

None.

                             PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS,
        COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT

Our executive officers and directors 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 Since
-------              ------   ----------------               -----------------

Donald R. Mayer       66      President, Director            February 3, 2000

Ariika M. Bryner      25     Secretary/Treasurer, Director   March 13, 2000


Donald R. Mayer -  Mr. Mayer is the President and a director of Universal
Business Insurance.  He has worked in the insurance industry for over twenty
years, specializing in the motel/hotel industry.  He graduated from the
University of Utah, located in Salt Lake City, Utah, with a B.A in accounting
in 1971.  Mr. Mayer is a director of Globalwise Investments, Inc. and Nova
Star Innovations, Inc., development stage reporting companies.

Ariika M. Bryner - From January 1999 through the present Mrs. Bryner has
worked as a customer relations specialist for First Equity Holdings Corp.
From July of 1997 to January 1999 she was employed by Utah Internet as a
secretary.   She attended Salt Lake Community College located in Salt Lake
City, Utah.  Mrs. Bryner is a director of Earth Products and Technologies,
Inc., a development stage reporting company.

Audit Committee Financial Expert

Because we have minimal operations we do not have an audit committee serving
at this time, nor do we have an audit committee financial expert serving on an
audit committee.

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 five percent of a registered
class of our equity securities, to file with the Securities and Exchange

                                16


<PAGE>


Commission 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 this past year.

Code of Ethics

Due to the fact that 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 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 compliance with applicable governmental laws and regulations.

ITEM 10. EXECUTIVE COMPENSATION

None of our named executive officers received any cash compensation, bonuses,
stock appreciation rights, long term compensation, stock awards or long-term
incentive rights from us during the past three fiscal years.  No executive
officer acting in a capacity similar to a chief executive officer received
compensation during the 2005 fiscal year. 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.

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 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
          AND RELATED STOCKHOLDER MATTERS

Securities Under Equity Compensation Plans

We do not have any securities authorized for issuance under any equity
compensation plans.

Beneficial Ownership

The following table sets forth the beneficial ownership of our outstanding
common stock by our management and each person or group known by us to own
beneficially more than 5% of our outstanding common 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 February 23, 2006.

                    CERTAIN BENEFICIAL OWNERS

Name and Address of               Number of Shares of
Beneficial Owners                 Common Stock             Percentage of Class
------------------------          -------------------      -------------------
VIP WorldNet, Inc.                 15,060,650 (1)               81.4%
154 East Ford Avenue
Salt Lake City, UT 84115

First Equity Holdings Corp.         1,000,000                    5.4%
2157 S. Lincoln Street
Salt Lake City, UT 84106


                                17

<PAGE>


     (1)  VIP WorldNet, Inc. holds 15,000,000 shares and its directors and
          officers beneficially own the following shares of our common stock:
          Joanne Clinger, President, 60,450 and Wayne Reichman, Secretary, 200
          shares.


                            MANAGEMENT

Name and Address of               Number of Shares of
Beneficial Owners                 Common Stock             Percentage of Class
-----------------------          ----------------------    -------------------
Donald R. Mayer                      324,000                         1.8%
6360 South 3000 East #205
Salt Lake City, Utah 84121



ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

We have not engaged in any transactions in excess of $60,000 during the past
two years involving our executive officers, directors, 5% stockholders or
immediate family members of such persons.

Parent Company

VIP Worldnet, Inc. is our parent company and beneficially owns 15,060,650
shares of our common stock.  These shares represent 81.4 % of our outstanding
shares.

ITEM 13. EXHIBITS


No.     Description
----    -----------
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)
31.1    Principal Executive Officer Certification
31.2    Principal Financial Officer Certification
32.1    Section 1350 Certification

ITEM 14:  PRINCIPAL ACCOUNTANT FEES AND SERVICES

Accountant Fees

The following table presents the aggregate fees billed for each of the last
two fiscal years by our principal accountant, Chisholm, Bierwolf & Nilson LLC,
Certified Public Accountants, in connection with the audit of our financial
statements and other professional services rendered by that firm.

                                           2005              2004
                                        --------         ---------
     Audit fees                         $   850          $   1,380
     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 review of our financial statements
included in quarterly reports, along with services normally provided by the
accountant in connection with statutory and regulatory filings or engagements.
Audit-related fees represent professional services rendered for assurance and
related services by the principal accountant 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 principal accountant
for tax compliance, tax advise, and tax planning.  All other fees represent
fees billed for products and services provided by the principal accountant,
other


                                18


<PAGE>


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.



                            SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.


Date: March 24, 2006                    WorldNet, Inc. of Nevada


                                        /s/ Donald R. Mayer
                                    By: __________________________________
                                        Donald R. Mayer
                                        President

In accordance with the Exchange Act, this report has been signed below by the
following person on behalf of the registrant and in the capacities and on the
dates indicated.



                                        /s/ Donald R. Mayer
Date: March 24, 2006                By: _____________________________________
                                        Donald R. Mayer
                                        Principal Executive Officer
                                        Principal Financial and Accounting
                                        Officer




                                        /s/ Ariika M. Bryner
Date: March 24, 2006                By: _____________________________________
                                        Ariika M. Bryner
                                        Secretary/Treasurer and Director

                                19