Smart World United Inc – ‘10SB12G/A’ on 5/2/01

On:  Wednesday, 5/2/01, at 11:30am ET   ·   Accession #:  1124402-1-500002   ·   File #:  0-31601

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Amendment to Registration of Securities of a Small-Business Issuer   —   Form 10-SB
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10SB12G/A   Amendment to Registration of Securities of a           8     27K 
                          Small-Business Issuer                                  

10SB12G/A
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May 2, 2001                                                                     

United States                                                                   
Securities and Exchange Commission                                              
Washington, D.C.                                                                
20549                                                                           

RE: SMART WORLD UNITED, INC.                                                    
Amendment to Form 10SB                                                  
File No. 0-31601                                                        

Attention: Ms. Goldie Walker                                                    

Dear Ms. Walker,                                                                

Further to our filing of September 25, 2000, attached are the financial 
statements for the above named company.  We will also be filing the 10Q filings 
under separate cover.                                                           

  If you have any questions feel free to contact the undersigned at 905-731-
0189.                                                                           

Yours very truly,                                                               

/s/ M. WINICK                                                                   

Marvin N. Winick                                                                

10SB12G/A
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SMART WORLD UNITED, INC.
 (A Development Stage Company)

Financial Statements  

August 31, 2000   

10SB12G/A
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F-1       

INDEPENDENT AUDITOR'S REPORT  

To the Board of Directors                                                       
Smart World United, Inc.                                                        

We have audited the accompanying balance sheet of Smart World United, Inc.      
(A Development Stage Company) as of August 31, 2000, and the related statement  
of operations, cash flows, and changes in stockholders' equity for the period   
May 26, 2000 (inception) to August 31, 2000 then ended.  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 generally accepted auditing           
standards.  Those standards require that we plan and perform the audit to       
obtain reasonable assurance about whether the financial statements are free     
of material misstatement.  An audit includes examining, on a test basis,        
evidence supporting the amounts and disclosures in the financial statements.    
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 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 Smart World United, Inc.    
at August 31, 2000, and the results of their operations and their cash flows    
for the period, May 26, 2000 (inception) to August 31, 2000 in conformity with  
generally accepted accounting principles.                                       

The accompanying financial statements have been prepared assuming that the      
Company will continue as a going concern.  As discussed in Note 4 to the        
financial statements, conditions exist which raise substantial doubt about      
the Company's ability to continue as a going concern unless it is able          
to generate sufficient cash flows to meet its obligations and sustain its       
operations.  Management's plans in regard to these matters are also described   
in Note 4.  The financial statements do not include any adjustments that        
might result from the outcome of this uncertainty.                              

Michael Johnson & Co., LLC                                                      
Denver, Colorado                                                                
November 13, 2000                                                               

F-2         

SMART WORLD UNITED, INC.                                                        
(A Development Stage Company)                                                   
BALANCE SHEET                                                                   
AUGUST 31, 2000                                                                 

                                                                [Download Table]

ASSETS                                                                        
                                                                              
Current Assets                                                                
Cash                                                                $     -   
                                                                     -------- 
Total Current Assets                                                      -   
                                                                     -------- 

Other Assets                                                                  
Incorporation costs                                                       545 
                                                                     -------- 

Total Other Assets                                                        545 
                                                                     -------- 

TOTAL ASSETS                                                        $     545 
                                                                     -------- 

LIABILITIES AND STOCKHOLDERS' EQUITY                                          

Current Liabilities                                                           
Advance from shareholder                                            $     545 
                                                                     -------- 

TOTAL CURRENT LIABILITIES                                                 545 
                                                                     -------- 
Stockholders' Equity                                                          
Preferred stock, authorized 5,000,000 shares par value $ .001:                
none outstanding                                                              
Common stock, authorized 50,000,000 shares, par value $ .001,                 
issued and outstanding - 9,900,000                                      9,900 
Deficit accumulated during the development stage                      ( 9,900)
                                                                     -------- 
Total Stockholders' Equity                                                 -  
                                                                     -------- 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                          $     545 
                                                                     -------- 


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

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SMART WORLD UNITED, INC.                                                        
(A Development Stage Company)                                                   
STATEMENT OF OPERATIONS                                                         
FOR THE PERIOD MAY 26, 2000(INCEPTION) TO AUGUST 31, 2000                       

                                                                [Download Table]
                                                                             
INCOME                                                             $      -  
                                                                      -------
OPERATING EXPENSES                                                           
Professional Fees                                                         -  
Amortization Expenses                                                     -  
Administrative Expenses                                                9,900 
                                                                      -------

Total Operating Expenses                                               9,900 
                                                                      -------

Net Loss from Operations                                            $ (9,900)
                                                                      =======

Weighted average number of shares outstanding                      9,900,000 
                                                                   ==========

Net Loss Per Share                                                 $  (0.001)
                                                                    ======== 

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

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SMART WORLD UNITED, INC.                                                        
(A Development Stage Company)                                                   
STATEMENT OF CASH FLOWS                                                         
FOR THE PERIOD MAY 26, 2000(INCEPTION) TO AUGUST 31, 2000                       

Indirect Method                                                                 

                                                                [Download Table]

                                                                             
CASH FLOW FROM OPERATING ACTIVITIES                                          
Net loss                                                           $  (9,900)
Adjustments to reconcile net loss to net cash used                           
operating activities:                                                        
Stock issued for services                                              9,900 
Changes in assets and liabilities                                            
Increase in Advance from Shareholder                                     545 
Increase in Other Assets                                                (545)
                                                                       ----- 

                                                                       9,900 
                                                                       ----- 

Net Cash Used in Operating Activities                                     -  
                                                                       ----- 

CASH FLOW FROM FINANCING ACTIVITIES                                          
Issuance of common stock                                                  -  
                                                                       ----- 

Net Cash Provided By Financing Activities                                 -  
                                                                       ----- 

Increase(decrease) in Cash                                                -  

Cash and Cash Equivalents - Beginning of period                           -  
                                                                       ----- 

Cash and Cash Equivalents - End of period                           $     -  
                                                                       ===== 

Supplemental Cash Flow Information                                           
Interest paid                                                       $     -  
                                                                       ===== 
Taxes paid                                                          $     -  
                                                                       ===== 


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

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SMART WORLD UNITED, INC.                                                        
(A Development Stage Company)                                                   
Statement of Changes in Stockholders' Equity                                    
FOR THE PERIOD MAY 26, 2000(INCEPTION) TO AUGUST 31, 2000                       

                                                                [Download Table]


                                                      Deficit              
                                                   Accumulated             
                                       Additional   During the             
                    Common Stock        Paid-In     Development            
                   Shares    Amount      Capital       Stage        Totals 
                                                                           
Balance - May 26,                                                          
 2000                -     $    -      $    -      $    -         $    -   

Stock issued for                                                           
 services        9,900,000    9,900          -           -           9,900 

Net loss for                                                               
period               -          -           -        (9,900)        (9,900)
                 --------   -------     -------     --------       ------- 

Balances - August                                                          
 31, 2000       9,900,000  $  9,900    $    -      $ (9,900)      $    -   
                =========   =======     =======     =======        ======= 


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

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F-6             

SMART WORLD UNITED, INC.                                                        
(A Development Stage Company)                                                   
Notes To Financial Statements                                                   
August 31, 2000                                                                 

Note 1 - Organization and Summary of Significant Accounting Policies:           

Nature of Business                                              

Smart World United, Inc.(the "Company") was incorporated on May 26, 2000      
under the laws of the State of Nevada.  The Company's primary business        
operations are to develop and engage in internet related businesses.  The     
Company is searching for a viable entity upon which to merge and/or acquire.  
The Company intends on going public in order to raise the funds required in   
order to fulfill its business objectives.                                     

The Company's fiscal year end is August 31.                     

Basis of Presentation - Development Stage Company               

The Company has not earned any revenue from limited principal operations.     
Accordingly, the Company's activities have been accounted for as those of     
a "Development Stage Enterprise" as set forth in Financial Accounting         
Standards Board Statement No. 7 ("SFAS 7").  Among the disclosures required   
by SFAS 7 are that the Company's financial statements be identified as        
those of a development stage company, and that the statements of operations,  
stockholders' equity (deficit) and cash flows disclose activity since the     
date of the Company's inception.                                              

Basis of Accounting                                             

The accompanying financial statements have been prepared on the accrual       
basis of accounting in accordance with generally accepted accounting          
principles.                                                                   

Estimates                                                       

The preparation of financial statements in conformity with generally          
accepted accounting principles requires management to make estimates and      
assumptions that affect certain reported amounts and disclosures.             
Accordingly, actual results could differ from those estimates.                

Cash and Cash Equivalents                                       

       For purposes of the statement of cash flows, the Company considered all
cash and other highly  liquid investments with initial maturities of three    
months or less to be cash equivalents.                                        

Net earning (loss) per share                                    

Basic and diluted net loss per share information is presented under the       
requirements of SFAS No. 128, Earnings per Share.  Basic net loss per share   
is computed by dividing net loss by the weighted average number of shares of  
common stock outstanding for the period, less shares subject to repurchase.   
Diluted net loss per share reflects the potential dilution of securities by   
adding other common stock equivalents, including stock options, shares        
subject to repurchase, warrants and convertible preferred stock, in the       
 weighted-average number of common shares outstanding for a period, if dilutive.
All potentially dilutive securities have been excluded from computation, as   
their effect is anti-dilutive.                                                

10SB12G/A
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F-7           

SMART WORLD UNITED, INC.                                                        
(A Development Stage Company)                                                   
Notes To Financial Statements                                                   
August 31, 2000                                                                 

Fair Value of Financial Instruments                             

The carrying amount of advances for shareholders is considered to be          
representative of its respective fair value because of the short-term         
nature of these financial instruments.                                        

Income Taxes                                                    

The Company accounts for income taxes under SFAS No. 109, which requires      
the asset and liability approach to accounting for income taxes.  Under this  
method, deferred tax assets and liabilities are measured based on differences 
between financial reporting and tax bases of assets and liabilities measured  
using enacted tax rates and laws that are expected to be in effect when       
differences are expected to reverse.                                          

Note 2 - Capital Stock Transactions                                             

The authorized capital common stock is 50,000,000 shares of common stock at   
$.001 par value.  The Company has issued 9,900,000 of common stock for        
services rendered as administrative expenses at a cost of $9,900.             

Note 3 - Advance from Shareholder                                               

An officer of the Company advanced cash to the Company for start-up           
incorporation costs of $545. This advance was unsecured, bears no interest,   
and is due on demand.                                                         

Note 4 - Going Concern:                                                         

The accompanying financial statements have been prepared in conformity with   
generally accepted accounting principles, which contemplates continuation     
of the Company as a going concern.  The Company operations are in the         
development stage and the Company has generated no income.                    

The future success of the Company is likely dependent on its ability to       
attain additional capital to develop its proposed products and ultimately,    
upon its ability to attain future profitable operations.  There can be no     
assurance that the Company will be successful in obtaining such financing,    
or that it will attain positive cash flow from operations.                    

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10SB12G/A’ Filing		Date		First		Last			Other Filings
Filed on:		5/2/01		1					10QSB
		11/13/00		3
		9/25/00		1
		8/31/00		2		8
		5/26/00		3		7
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