Item 1.
Financial Statements
TransWorld
Benefits International, Inc. and Subsidiary
(A
Development Stage Company)
Condensed
Consolidated Balance Sheets
As of
September 30, 2005 and 2004
(Unaudited)
|
September
30,
|
||||||||
|
2005
|
2004
|
|||||||
|
Total
assets
|
$ | $ | ||||||
|
Liabilities
and stockholders’ deficiency
|
||||||||
|
Current
liabilities:
|
||||||||
|
Accounts
payable and accrued expenses
|
$ | 260,894 | $ | 226,528 | ||||
|
Accrued
consulting and related
|
279,058 | 229,708 | ||||||
|
Accounts
payable to related parties
|
1,317,717 | 966,666 | ||||||
|
Advances
from related parties
|
109,500 | 159,500 | ||||||
|
Notes
payable to related party
|
154,067 | 154,067 | ||||||
|
Accrued
interest on notes payable to related party
|
96,711 | 79,764 | ||||||
|
Advances
payable
|
27,000 | 72,000 | ||||||
|
Accrued
interest on convertible debenture
|
36,828 | 21,328 | ||||||
|
Accrued
liability related to warrants and stock purchase rights
|
-_
|
1,000 | ||||||
| 2,281,775 | 1,910,561 | |||||||
|
Convertible
debenture, net of unamortized debt discount
|
184,418 | 138,183 | ||||||
|
Total
liabilities
|
2,466,193 | 2,048,744 | ||||||
|
Stockholders’
deficiency:
|
||||||||
|
Preferred
stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and
outstanding
|
- | - | ||||||
|
Common
stock, $0.001 par value; 100,000,000 shares authorized; 35,069,898 shares
issued and outstanding
at
September 30, 2005 and 2004
|
35,070 | 35,070 | ||||||
|
Additional
paid-in capital
|
1,720,908 | 1,720,908 | ||||||
|
Accumulated
deficit
|
(4,222,171 | ) | (3,804,722 | ) | ||||
|
Total
stockholders’ deficiency
|
(2,466,193 | ) | (2,048,744 | ) | ||||
|
Total
liabilities and stockholders’ deficiency
|
$0_
|
$ | ||||||
The
accompanying notes are an integral part of these unaudited consolidated
financial statements
TransWorld
Benefits International, Inc. and Subsidiary
(A
Development Stage Company)
Condensed
Consolidated Statements of Operations
For the
Three Months Ended September 30, 2005 and 2004 and Cumulative
Amounts
from Inception September 16, 1996 through September 30, 2005
(Unaudited)
|
Cumulative
|
||||||||||||
|
Three
Months Ended Sept 30,
|
Amounts
From
|
|||||||||||
|
Inception
|
||||||||||||
|
Revenues
|
$ | $ | $ | |||||||||
|
General
and administrative expenses
|
69,638 | 56,229 | 4,535,375 | |||||||||
|
Loss
before other income (expense)
|
(69,638 | ) | (56,229 | ) | (4,535,375 | ) | ||||||
|
Other
income (expense):
|
||||||||||||
|
Other
income
|
- | - | 8,902 | |||||||||
|
Gain
on settlement of debt
|
- | - | 189,024 | |||||||||
|
Gain
on decrease in fair value of warrants and stock purchase rights
liabilities
|
7,000 | 475,510 | ||||||||||
|
Interest
expense, net
|
(15,471 | ) | (28,599 | ) | (360,232 | ) | ||||||
|
Net
income (loss)
|
(85,109 | ) | (77,828 | ) | (4,222,171 | ) | ||||||
|
Beginning
of period accumulated deficit
|
(4,137,062 | ) | (3,726,894 | ) | - | |||||||
|
End
of period accumulated deficit
|
$ | (4,222,171 | ) | $ | (3,804,722 | ) | $ | (4,222,171 | ) | |||
|
Loss
per share: Basic
and diluted
|
$ | (0.002 | ) | $ | (0.002 | ) | ||||||
|
Weighted
average number of
shares outstanding: Basic
and diluted
|
35,069,898 | 35,069,898 | ||||||||||
The
accompanying notes are an integral part of these unaudited consolidated
financial statements
TransWorld
Benefits International, Inc. and Subsidiary
(Development
Stage Company)
Condensed
Consolidated Statements of Cash Flows
For the
Three Months Ended September 30, 2005 and 2004 and Cumulative
Amounts
from Inception September 16, 1996 through September 30, 2005
(Unaudited)
|
Three
Months Ended September 30,
|
Cumulative
Amounts
from
|
|||||||||||
|
|
|
Inception
|
||||||||||
|
Cash
flows from Operating Activities:
|
||||||||||||
|
Net
(loss)
|
$ | (85,109 | ) | $ | (77,828 | ) | $ | (4,222,171 | ) | |||
|
Adjustments
to reconcile net (loss) to net cash (used in) operating
activities:
|
||||||||||||
|
Amortization
of deferred financing costs
|
7,153 | 20,841 | 184,417 | |||||||||
|
Stocks
and warrants issued for services and debt
|
- | - | 1,763,309 | |||||||||
|
(Gain)
on settlement of debt
|
- | - | (202,024 | ) | ||||||||
|
Subscription
receivable exchanged for services
|
- | - | 20,000 | |||||||||
|
(Gain)
on decrease in value of warrants and stock purchase rights
liabilities
|
- | |||||||||||