0001062993-13-004306.txt : 20130819 0001062993-13-004306.hdr.sgml : 20130819 20130819142508 ACCESSION NUMBER: 0001062993-13-004306 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20130630 FILED AS OF DATE: 20130819 DATE AS OF CHANGE: 20130819 FILER: COMPANY DATA: COMPANY CONFORMED NAME: World Moto, Inc. CENTRAL INDEX KEY: 0001492151 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 770716386 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54694 FILM NUMBER: 131047917 BUSINESS ADDRESS: STREET 1: 131 MOO 9 THAILAND SCIENCE PARK INC-1 #2 STREET 2: PHAHONYOTHIN ROAD, KLONG1, KLONG LUANG CITY: PATHUMTHANI STATE: W1 ZIP: 12120 BUSINESS PHONE: (646) 840-8781 MAIL ADDRESS: STREET 1: 131 MOO 9 THAILAND SCIENCE PARK INC-1 #2 STREET 2: PHAHONYOTHIN ROAD, KLONG1, KLONG LUANG CITY: PATHUMTHANI STATE: W1 ZIP: 12120 FORMER COMPANY: FORMER CONFORMED NAME: Net Profits Ten Inc. DATE OF NAME CHANGE: 20100517 10-Q 1 form10q.htm FORM 10-Q World Moto, Inc.: Form 10-Q- Filed by newsfilecorp.com

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

FORM 10-Q

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

For the quarterly period ended June 30, 2013

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

For the transition period from __________to __________

Commission file number: 000-54694

WORLD MOTO, INC.
(Exact name of registrant as specified in its charter)

Nevada
77-0716386
(State or other jurisdiction
(IRS Employer Identification No.)
of Incorporation or organization)

131 Thailand Science Park INC-1 #214
Phahonyothin Road
Klong1, Klong Luang
Pathumthani 12120
Thailand
(Address of principal executive offices and zip code)

(646) 840-8781
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has 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.
[X] Yes      [   ] 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).
[X] Yes      [   ] No

     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 [   ] Accelerated filer [   ] Non-accelerated filer [X] Smaller Reporting company
    (Do not check if smaller
    reporting company)  

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class Outstanding at August 16, 2013
Common stock, $.0001 par value 378,033,149

World Moto, Inc.

Form 10-Q

For the Six Months Ended June 30, 2013

INDEX

  Page
     
PART I – FINANCIAL INFORMATION  
     
Item 1. Financial Statements 1
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 6
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 8
     
Item 4. Controls and Procedures 9
     
PART II – OTHER INFORMATION  
     
Item 1. Legal Proceedings 9
     
Item 1A. Risk Factors 9
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 10
     
Item 3. Defaults Upon Senior Securities 10
     
Item 4. Mine Safety Disclosures 10
     
Item 5. Other Information 10
     
Item 6. Exhibits 10
     
Signatures 11

FORWARD-LOOKING STATEMENTS

            This Report on Form 10-Q contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Reference is made in particular to the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, and other forward-looking statements included in this report. Such statements may be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “believe,” “estimate,” “anticipate,” “intend,” “continue,” or similar terms, variations of such terms or the negative of such terms. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. Such statements address future events and conditions concerning, among others, capital expenditures, earnings, litigation, regulatory matters, liquidity and capital resources, and accounting matters. Actual results in each case could differ materially from those anticipated in such statements by reason of factors such as future economic conditions, changes in consumer demand, legislative, regulatory and competitive developments in markets in which we operate, results of litigation, and other circumstances affecting anticipated revenues and costs, and the risk factors set forth in our Annual Report on Form 10-K filed on April 11, 2013.

            As used in this Form 10-Q, “we,” “us,” and “our” refer to World Moto, Inc., which is also sometimes referred to as the “Company.”

YOU SHOULD NOT PLACE UNDUE RELIANCE ON THESE FORWARD LOOKING STATEMENTS

            The forward-looking statements made in this report on Form 10-Q relate only to events or information as of the date on which the statements are made in this report on Form 10-Q. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this report and the documents that we reference in this report, including documents referenced by incorporation, completely and with the understanding that our actual future results may be materially different from what we expect or hope.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

World Moto, Inc.
(A Development Stage Company)
Consolidated Balance Sheets
(Unaudited)

          December 31,  
    June 30, 2013     2012  
ASSETS            
Current assets:            
   Cash and cash equivalents $  684,700   $  75,774  
   Prepaid expenses   21,951     2,052  
   Total current assets   706,651     77,826  
             
Property and equipment, net of accumulated depreciation of $87   3,235     -  
Intangible assets, net of accumulated amortization of $24,736 and $5,099, respectively   211,577     231,214  
Refundable deposit   1,759     -  
TOTAL ASSETS $  923,222   $  309,040  
             
LIABILITIES AND STOCKHOLDERS' EQUITY            
             
Current liabilities:            
   Accounts payable and accrued expenses $  13,578   $  2,156  
   Total current liabilities   13,578     2,156  
             
Stockholders’ equity:            
   Preferred stock, $0.0001 par value; 50,000,000 shares authorized;
       no shares issued and outstanding 		  -     -  
   Common stock, $0.0001 par value, 500,000,000 shares authorized;
       378,033,149 and 374,329,445 shares issued and outstanding , respectively 		  37,803     37,433  
   Additional paid in capital   1,568,744     569,114  
             
   Accumulated other comprehensive income   2,635     -  
   Deficit accumulated during the development stage   (699,538 )   (299,663 )
   Total stockholders' equity   909,644     306,884  
             
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $  923,222   $  309,040  

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

1

World Moto, Inc.
(A Development Stage Company)
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)

                           
                        For the period  
    For the three months ended     For the six months ended     from March 24,  
    June 30,     June 30,     2008 (Inception) to
    2013     2012     2013     2012     June 30, 2013  
                           
Revenues $  -   $  -   $  -   $ -   $  10,188  
                               
Operating expenses:                              
                               
   General and administrative   196,543     2,676     404,421     11,157     714,272  
                               
   Total operating expenses   (196,543 )   (2,676 )   (404,421 )   (11,157 )   (714,272 )
                               
Loss from continuing operations   (196,543 )   (2,676 )   (404,421 )   (11,157 )   (704,084 )
                             
Other income:                            
                               
Interest income   273     -     4,546     -     4,546  
                               
Net loss $  (196,270 ) $  (2,676 ) $  (399,875 ) $ (11,157 ) $  (699,538 )
                               
Other comprehensive loss:                              
                               
   Foreign currency translations   2,635     -     2,635     -     2,635  
                               
Total comprehensive loss $  (193,635 ) $  (2,676 ) $  (397,240 ) $ (11,157 ) $  (696,903 )
                               
Net loss per common share - basic and diluted $  (0.00 ) $  (0.00 ) $  (0.00 ) $ (0.00 )      
                               
                               
Weighted average number of common shares
   outstanding - basic and diluted 		  378,033,149     4,808,000     377,809,299     4,808,000      

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

2

World Moto, Inc.
(A Development Stage Company)
Consolidated Statements of Cash Flows

                For the period  
    For the six months ended     from March 24,  
    June 30,     2008 (Inception) to
    2013     2012     June 30, 2013  
CASH FLOWS FROM OPERATING ACTIVITIES:                  
   Net loss $  (399,875 ) $  (11,157 ) $  (699,538 )
  Adjustments to reconcile net loss to net cash used in operating activities:            
         Depreciation and amortization   19,724     815     28,806  
         Impairment of long-lived assets   -     -     919  
         Shares issued for services   -     -     25,000  
     Changes in operating assets and liabilities:               -  
             Prepaid expenses and other current assets   (19,897 )   -     (21,951 )
             Accounts payable and accrued expenses   11,420     2,556     13,578  
   Net cash used in operating activities   (388,628 )   (7,786 )   (653,186 )
                   
CASH FLOWS FROM INVESTING ACTIVITIES:                  
         Purchases of property and equipment   (3,322 )   -     (8,223 )
         Refundable deposit   (1,759 )         (1,759 )
   Net cash used in investing activities   (5,081 )   -     (9,982 )
                   
CASH FLOWS FROM FINANCING ACTIVITIES:                  
         Proceeds from shares issued for cash   1,000,000     -     1,286,800  
         Advances from related parties   -     7,750     58,433  
   Net cash provided by financing activities   1,000,000     7,750     1,345,233  
                   
     EFFECT OF CURRENCY TRANSLATIONS   2,635     -     2,635  
                   
Net increase (decrease) in cash   608,926     (36 )   684,700  
Cash and cash equivalent at beginning of period   75,774     44     -  
                   
Cash and cash equivalent at end of period $  684,700   $  8   $  684,700  
                   
SUPPLEMENTAL CASH FLOWS INFORMATION:                  
Cash paid for:                  
     Income tax $  -   $  -   $  -  
     Interest   -     -     -  
NONCASH INVESTING AND FINANCING ACTIVITIES:                  
   Forgiveness of related party debt $  -   $  6,250   $  6,250  
   Shares issued for asset acquisition   -     -     236,314  
   Shares issued for accounts payable   -     -     52,183  
   Cancellation of common stock   -     -     72,358  

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

3

World Moto, Inc.
(A Development Stage Company)
Notes to Consolidated Financial Statements
(Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business

World Moto, Inc. (the “Company”) was incorporated in the State of Nevada on March 24, 2008 under the name Net Profits Ten Inc. The original purpose of the Company was to market and distribute user-friendly interactive yearbook software for the military. The Company was reclassified as a shell company until the completion of its acquisition of the World Moto Assets, which was consummated on November 14, 2012. Effective November 12, 2012, the Company amended its Articles of Incorporation to change its name from “Net Profits Ten Inc.” to “World Moto, Inc.”.

On January 30, 2013, World Moto, Inc. established two wholly owned subsidiaries that were incorporated in the State of Nevada. World Moto Technologies, Inc. and World Moto Holdings, Inc. were both established, but have no activity to report to date. On February 4, 2013, World Moto Technologies Ltd., a wholly owned subsidiary of the Company, was organized under the laws of the Kingdom of Thailand and the name of this company was later changed to World Moto Co., Ltd. World Moto Co., Ltd. is owned in its entirety by World Moto, Inc. It is an operating entity of the Company based in Thailand for the purposes of research and development in the Southeast Asia region.

Basis of Presentation

The unaudited consolidated financial statements as of June 30, 2013 and for the six months ended June 30, 2013 and 2012 have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information in accordance with Securities and Exchange Commission (“SEC”) Regulation S-X rule 8-03 and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s last Annual Report filed with the SEC on Form 10-K for the year ended December 31, 2012. In the opinion of management, the unaudited consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include normal recurring adjustments, necessary to present fairly the financial position as of June 30, 2013 and the results of operations and cash flows for the periods then ended. The financial data and other information disclosed in these notes to the interim consolidated financial statements related to the period are unaudited. The results for the three-month period ended June 30, 2013, are not necessarily indicative of the results to be expected for any subsequent quarters or for the entire year ending December 31, 2013. Notes to the unaudited interim consolidated financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Form 10-K have been omitted.

Principles of Consolidation

The consolidated financial statements herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and those of its wholly owned subsidiaries. The financial statements of World Moto Co., Ltd. were prepared in accordance with Thai GAAP, the International Accounting Standards Committee (AISC) and the Thai Revenue Code. All significant intercompany accounts and transactions have been eliminated.

Use of Estimates

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

Foreign Currency Translation

World Moto Co., Ltd.’s functional currency is Thailand Baht. The Company’s reporting currency is the United States dollar. Monetary assets and liabilities of World Moto Co., Ltd. are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the determination of income. The Company has not, to the date of these financials statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.

4

Subsequent Events

The Company evaluates subsequent events through the date when financial statements are issued for disclosure consideration.

Recent Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

NOTE 2 – GOING CONCERN

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company has an accumulated deficit of $699,538 as of June 30, 2013, has limited liquidity, and has not established a reliable source of revenues sufficient to cover operating costs over an extended period of time. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

NOTE 3 – EQUITY TRANSACTIONS

On January 8, 2013, the Company consummated a private placement offering with an accredited investor for the sale of 3,703,704 shares of common stock at a purchase price of $0.27 per share, for aggregate consideration of $1,000,000. The Company intends to use the proceeds for general corporate purposes, including working capital needs.

NOTE 4 – COMMITMENTS AND CONTINGENCIES

On May 13, 2013, George Sharp filed a lawsuit against multiple defendants, including the Company, in the Superior Court in the State of California in San Diego County. Mr. Sharp’s complaint alleges that the defendants engaged in fraudulent and deceptive actions by initiating the delivery of at least 1,204 spam e-mails to his e-mail account during the period from November 17, 2011, through May 13, 2013. The complaint seeks $1,204,000 in liquidated damages from all the defendants on a joint and several basis. On July 1, 2013, we filed a motion to quash service of the summons and complaint, asserting the court does not have personal jurisdiction over the Company. The matter is scheduled for a hearing on October 11, 2013. We believe that this is a frivolous lawsuit and we intend to defend it vigorously.

5

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion should be read in conjunction with our consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q. Forward looking statements are statements not based on historical information and which relate to future operations, strategies, financial results or other developments. Forward-looking statements are based upon estimates, forecasts, and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control and many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by us, or on our behalf. We disclaim any obligation to update forward-looking statements.

Background

World Moto, Inc. was incorporated on March 24, 2008 in the State of Nevada under the name Net Profits Ten Inc. On November 8, 2012, we amended our Articles of Incorporation to increase our authorized shares of common stock from 100,000,000 to 500,000,000 and our board of directors approved a stock dividend of 180 shares of common stock of the Company for each share of common stock issued and outstanding. Additionally, on November 12, 2012, we amended our Articles of Incorporation to change our name from “Net Profits Ten Inc.” to “World Moto, Inc.”, which name change become effective on November 15, 2012 upon approval from the Financial Industry Regulatory Authority (“FINRA”).

On September 1, 2012, we entered in an Asset Purchase Agreement (“Agreement”) with World Moto (Thailand) Co., Ltd., a corporation established under the laws of the Kingdom of Thailand (“World Moto”), Chris Ziomkowski, the Chief Technical Officer of World Moto and Paul Giles, the Chief Executive Officer of World Moto. The Agreement was consummated on November 14, 2012. We purchased from World Moto substantially all of the intellectual property and certain other specific intellectual property assets related to World Moto’s initial product, the Moto-Meter (the “Assets”), which includes three United States patent applications, the data related to the patent applications, certain software related to the operation of the Moto-Meter, several URLs and trade-names and associated names related to the Moto-Meter and World Moto.

On January 30, 2013, we established two wholly owned subsidiaries that were incorporated in the State of Nevada. World Moto Technologies, Inc. and World Moto Holdings, Inc. were both established, but have no activity to report to date. On February 4, 2013, World Moto Technologies Ltd. was organized under the laws of the Kingdom of Thailand (“WM Co. Thailand”). The name was later changed to World Moto Co., Ltd. WM Co. Thailand is owned in its entirety by World Moto, Inc., World Moto Technologies, Inc. and World Moto Holdings, Inc. and represents our operating entity for the purposes of research and development in the Southeast Asia region.

As of June 30, 2013, WM Co. Thailand had 9 employees. WM Co. Thailand has been performing extensive research and development activities since its inception related to improving the Moto-Meter design to allow for higher yields in mass production, as well as substantial work on the Wheelies product, previously known as Circulars. Additionally, much of our time has been used in administrative tasks such as preparing its application for admission to the Thai Science Park and establishing promotional privileges and tax exemptions through the Thailand Board of Investment. In April, 2013, WM Co. Thailand, moved into its new office in the Thai Science Park. WM Co. Thailand anticipates hiring an additional 6 engineers within the next 4 months to advance the company's software product line such as the Yes! Need it Now! service.

Business Overview

Plan of Operations

We plan to establish ourselves as a company that designs, manufactures, markets and sells the Moto-Meter products, which are devices that provide moto-taxi fare metering and other communication capabilities. We currently have patent applications pending for our products in 61 countries. To achieve our objective, we have (i) raised approximately $1,250,000 in new capital in late 2012 and early 2013, (ii) established our operational subsidiary in Thailand for product development and a presence in two additional potential markets, Brazil & Nigeria, and (iii) begun expanding our work force to be able to implement our business plan.

We plan to implement our manufacturing and marketing first in Thailand, and then expand into markets where the motor scooter and/or motorcycle are commonly used as a taxi. These countries include Brazil, Nigeria and Indonesia in the first instance, and then other similar country profiles within countries with developing economies.

In Thailand, we entered into a distribution agreement with Lucky Distributors, Ltd. (“Lucky”) Under the terms of this distribution agreement, Lucky has the non-exclusive right to distribute, sell and service the Moto-Meter and Moto-Meter accessories throughout Thailand and the surrounding border markets. Lucky is a national distribution company based in Thailand. It is also a preferred supplier for the Motorcycle Taxi Association of Thailand. We believe Lucky’s reputation and relationship with the moto taxi community will help promote Moto-Meter in Thailand.

6

We have entered into discussions to mandate the use of Moto-Meters on all moto taxis within the city of Montes Claros, Brazil. Montes Claros is considered the "motorcycle taxi capital" of northern Brazil and an ideal city to launch the Moto-Meter in Brazil. We anticipate that a regulatory mandate here will act as a springboard into the potentially larger markets of Brazil's other highly populated cities.

In Africa, we established an office in Lagos, Nigeria. Previously, the officials in Nigeria have expressed strong interest in the Moto-Meter, and feedback from our initial discussions has been positive. Establishing a physical presence in the city is now essential for us as we enter the process of formalizing these discussions into a clear plan to introduce the Moto-Meter into Lagos and cities across Africa.

We have completed assembling an optimal number of employees, including experienced engineers in our research and development division at the Thailand Science Park. The development focus is simultaneously devoted to our advertising product, Wheelies, as well as our flagship product, the Moto-Meter.

The introduction of the Wheelies product to the market will occur in 3 phases. First, a demonstration video of the prototype is currently being designed, and is anticipated to be available within the next several weeks, subject to weather constraints and government permits. Phase 2 is slated to begin in September 2013, and will consist of more than 100 motorcycle taxis showcasing the Wheelies project in several busy, upscale areas around Bangkok, Thailand. This initial implementation will also function as the engineering trials in preparation for the product's commercial release. The final phase, full commercial release, is expected to commence in mid-November 2013. In anticipation of this, we have booked a 36 square meter space at Digital Sign Asia 2013, November 14-17 at Impact Muang Thong Thani Convention Center in Bangkok, Thailand, where we expect to begin taking commercial orders for the Wheelies product. We intend to release the Wheelies product to interested parties through joint ventures with advertising agencies and exclusive licensing arrangements with established motor taxi fleet operators.

In parallel with this, we are working to adapt the Moto-Meter so that it can pass all current and anticipated regulatory requirements of INMETRO, the National Institute of Metrology for Brazil, as well as other international regulatory agencies. We are working with our associates in Brazil to prepare the Moto-Meter for its introduction in this lucrative market, where municipalities are already working on legislation to mandate its use. A fully revised version of the Moto-Meter suitable for certification and sales is expected in early 2014.

We will have to commence manufacturing and sourcing, develop contacts and capabilities, finalize design and develop a marketing strategy. Assuming we have sufficient funding, we believe that this phase will be completed during the second half of 2013. Thereafter, commencement of manufacturing and marketing will take an additional four to six months, and the current objective is that this phase will be achieved during the first half of 2014. Once we begin the manufacturing phase of our initial inventory, we will roll out at the same time our preliminary advertising and viral cognizance program to begin to generate awareness of our products. During this manufacturing phase, if not before, we will solidify our market channels, including any bricks and mortar outlets and any resellers. Distribution is planned first for Thailand, and then Brazil and Nigeria. Therefore, we believe that we will begin to generate initial sales revenues in approximately the first half of 2014.

We plan to use outside consultants and service companies from time to time for various tasks in the development and manufacturing of our products and product launch and distribution, under provider contracts, to the extent that we are not able to perform the required functions. Using such outside vendors may make a particular task more expensive, but we believe that using such experts should improve the outcome or speed up the timing of product development and time to market. There is no assurance that we will be able to control the costs and deliveries of such activities in the same manner as if we were performing the tasks ourselves, and therefore we are subject to the usual risks of using outside providers.

Comparison of six month periods ended June 30, 2013 and June 30, 2012

For the six-month period ended June 30, 2013, we incurred a net loss of $399,875, compared to a net loss of $11,157 for the six-month period ended June 30, 2012. General and administration expenses for the six-month period ended June 30, 2013 amounted to $399,875 compared to $11,157 during the six-month period ended June 30, 2012. The increase is attributable to filing expenses for patent protection in several countries and the establishment of our wholly owned subsidiary, World Moto Co., Ltd., organized under the laws of the Kingdom of Thailand.

7

Liquidity and Capital Resources

As of June 30, 2013, we have $706,651 in current assets and $13,578 in current liabilities. Our total assets were $923,222 and our total liabilities were $13,578. We had $684,700 in cash and our working capital was $693,073.

During the six months ended June 30, 2013, we used cash of $388,628 in operating activities. We anticipate incurring approximately $840,000 in operating expenses for the year ended December 31, 2013. Our operation was founded by the proceeds of a private placement offering of our common stock. We raised $1,000,000 by issuing 3,703,704 shares of common stock.

We are a development stage company and have incurred an accumulated loss of $699,538 since inception. Our independent auditors have issued an audit opinion for our financial statements for the periods ended December 31, 2012 and 2011, which includes a statement expressing substantial doubt as to our ability to continue as a going concern due to our limited liquidity and our lack of revenues.

Our current cash requirements are significant due to the planned development and expansion of our business. We do not expect to generate the necessary cash from our operations during the next 6 to 12 months to carry out our business objectives. As such, in order to fund our operations during the next 6 to 12 months, we anticipate that we will have to raise additional capital through debt and/or equity financings, which may result in substantial dilution to our existing stockholders. There are no assurances that we will be able to raise the required working capital on terms favorable, or that such working capital will be available on any terms when needed.

Until we begin to generate revenues, we will rely entirely on equity capital and other forms of funding. We raised approximately $1,250,000 in cash proceeds from two equity private placements in late 2012 and early 2013, and we anticipate the need for additional capital in the future. While we have no other arrangements for any future funding at this time and are moving forward with current funds, we are exploring other financial options deemed beneficial to the Company. We anticipate that until the sales commence, we may need approximately $500,000 in additional capital, however, if our business plan changes or we encounter unanticipated additional expenses, we will need capital in excess of that amount. We anticipate that ultimately there will have to be several rounds of funding to reach a position of cash flow which can support our basic operations. We will probably then need additional developmental capital for additional product development and market expansion efforts. At this time, we have no arrangements for any additional capital, and we do not have determined the securities or their terms that might be offered to investors for our necessary capital requirements.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with generally accepted accounting principles of the United States (GAAP) 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 year. The more significant areas requiring the use of estimates include asset impairment, stock-based compensation, and future income tax amounts. Management bases its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results may differ from the estimates.

The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with GAAP. We believe certain critical accounting policies affect our more significant judgments and estimates used in the preparation of the financial statements. A description of our critical accounting policies is set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012, filed on April 11, 2013. As of and for the six months ended June 30, 2013, there have been no material changes or updates to our critical accounting policies.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

8

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports filed or submitted under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time period specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in the reports filed under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer (our principal executive officer) and our Chief Financial Officer (our principal financial officer and principal accounting officer) to allow for timely decisions regarding required disclosure.

As of the quarterly period ended June 30, 2013, we carried out an evaluation, under the supervision and with the participation of our principal executive officer and our principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were not effective as of the quarterly period ended June 30, 2013.

We are currently engaged in the review, documentation and remediation of our disclosure controls and procedures. Once our company is engaged in a business of merit and has sufficient personnel available, we will establish and implement internal control procedures.

Limitations on the Effectiveness of Controls

Our management, including our Chief Executive Officer and a functioning Chief Financial Officer, does not expect that our disclosure controls and internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management or board override of the control.

The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Changes in Internal Controls Over Financial Reporting

There were no changes in our internal controls over financial reporting that occurred during the quarterly period ended June 30, 2013 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

On May 13, 2013, George Sharp filed a lawsuit against multiple defendants, including the Company, in the Superior Court in the State of California in San Diego County. Mr. Sharp’s complaint alleges that the defendants engaged in fraudulent and deceptive actions by initiating the delivery of at least 1,204 spam e-mails to his e-mail account during the period from November 17, 2011, through May 13, 2013. The complaint seeks $1,204,000 in liquidated damages from all the defendants on a joint and several basis. On July 1, 2013, we filed a motion to quash service of the summons and complaint, asserting the court does not have personal jurisdiction over the Company. The matter is scheduled for a hearing on October 11, 2013. We believe that this is a frivolous lawsuit and we intend to defend it vigorously.

Item 1A. Risk Factors.

Not applicable.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

9

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

Item 6. Exhibits.

Exhibit
No. 		  Description
     
3.1(a)

Articles of Incorporation (filed as an exhibit to our Registration Statement on Form S-1, as filed with the SEC on June 25, 2010, and incorporated herein by reference).

   

 

3.1(b)

Certificate of Amendment to Articles of Incorporation of Net Profits Inc., a Nevada corporation, reflecting the increase in the authorized shares of common stock to 500,000,000 shares (filed as an exhibit to our Current Report Form 8-K as filed with the SEC on November 8, 2012, and incorporated herein by reference).

   

 

3.1(c)

Text of Amendment to Articles of Incorporation re Name Change (filed as an exhibit to our Current Report on Form 8-K as filed with the SEC on November 15, 2012, and incorporated herein by reference).

   

 

3.2

By-laws (filed as an exhibit to our Registration Statement on Form S-1, as filed with the SEC on June 25, 2010, and incorporated herein by reference).

   

 

31.1*  

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

   

 

31.2*  

Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

   

 

32.1*  

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

   

 

32.2*  

Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

   

 

101.INS  

XBRL Instance Document**

   

 

101.SCH  

XBRL Taxonomy Extension Schema**

   

 

101.CAL  

XBRL Taxonomy Extension Calculation Linkbase**

   

 

101.DEF  

XBRL Taxonomy Extension Definition Linkbase**

   

 

101.LAB  

XBRL Taxonomy Extension Label Linkbase**

     
101.PRE  

XBRL Taxonomy Extension Presentation Linkbase**

* Filed herewith.
**Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability.

10

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

WORLD MOTO, INC.

Dated: August 19, 2013 By: /s/ Lisa Ziomkowski-Boten
     
    Lisa Ziomkowski-Boten
    Treasurer (Principal Financial Officer and Principal
    Accounting Officer)

11

EX-31.1 2 exhibit31-1.htm EXHIBIT 31.1 World Moto, Inc.: Exhibit 31.1 - Filed by newsfilecorp.com

Exhibit 31.1

OFFICER’S CERTIFICATE
PURSUANT TO SECTION 302

I, Paul Giles, certify that:

1.

I have reviewed this Quarterly Report on Form 10-Q of World Moto, Inc. for the period ended June 30, 2013;

     
2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

     
3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

     
4.

The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

     
a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

     
b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

     
c.

Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

     
d.

Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

     
5.

The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

     
a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

     
b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


  Date: August 19, 2013
     
  By: /s/ Paul Giles
    Name: Paul Giles
    Title: Chief Executive Officer (Principal Executive Officer)

EX-31.2 3 exhibit31-2.htm EXHIBIT 31.2 World Moto, Inc.: Exhibit 31.2 - Filed by newsfilecorp.com

Exhibit 31.2

OFFICER’S CERTIFICATE
PURSUANT TO SECTION 302

I, Lisa Ziomkowski-Boten, certify that:

1.

I have reviewed this Quarterly Report on Form 10-Q of World Moto, Inc. for the period ended June 30, 2013;

     
2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

     
3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

     
4.

The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

     
a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

     
b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

     
c.

Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

     
d.

Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

     
5.

The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

     
a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

     
b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


  Date: August 19, 2013
     
  By: /s/ Lisa Ziomkowski-Boten
    Name: Lisa Ziomkowski-Boten
    Title: Treasurer (Principal Financial Officer and Principal
    Accounting Officer)

EX-32.1 4 exhibit32-1.htm EXHIBIT 32.1 World Moto, Inc.: Exhibit 32.1 - Filed by newsfilecorp.com

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

            In connection with this Quarterly Report on Form 10-Q of World Moto, Inc. (the “Company”) for the period ended June 30, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

            1.      The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

            2.      The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

  Date: August 19, 2013
     
  By: /s/ Paul Giles
    Name: Paul Giles
    Title: Chief Executive Officer (Principal Executive Officer)

EX-32.2 5 exhibit32-2.htm EXHIBIT 32.2 World Moto, Inc.: Exhibit 32.2 - Filed by newsfilecorp.com

Exhibit 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

            In connection with this Quarterly Report on Form 10-Q of World Moto, Inc. (the “Company”) for the period ended June 30, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to her knowledge:

            1.      The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

            2.      The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

  Date: August 19, 2013
     
  By: /s/ Lisa Ziomkowski-Boten
    Name: Lisa Ziomkowski-Boten
    Title: Treasurer (Principal Financial Officer and Principal
    Accounting Officer)

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(the &#8220;Company&#8221;) was incorporated in the State of Nevada on March 24, 2008 under the name Net Profits Ten Inc. The original purpose of the Company was to market and distribute user-friendly interactive yearbook software for the military. The Company was reclassified as a shell company until the completion of its acquisition of the World Moto Assets, which was consummated on November 14, 2012. Effective November 12, 2012, the Company amended its Articles of Incorporation to change its name from &#8220;Net Profits Ten Inc.&#8221; to &#8220;World Moto, Inc.&#8221;.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">On January 30, 2013, World Moto, Inc. established two wholly owned subsidiaries that were incorporated in the State of Nevada. World Moto Technologies, Inc. and World Moto Holdings, Inc. were both established, but have no activity to report to date. On February 4, 2013, World Moto Technologies Ltd., a wholly owned subsidiary of the Company, was organized under the laws of the Kingdom of Thailand and the name of this company was later changed to World Moto Co., Ltd. World Moto Co., Ltd. is owned in its entirety by World Moto, Inc. It is an operating entity of the Company based in Thailand for the purposes of research and development in the Southeast Asia region.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <u>Basis of Presentation</u> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> The unaudited consolidated financial statements as of June 30, 2013 and for the six months ended June 30, 2013 and 2012 have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information in accordance with Securities and Exchange Commission (&#8220;SEC&#8221;) Regulation S-X rule 8 - 03 and should be read in conjunction with the audited financial statements and notes thereto contained in the Company&#8217;s last Annual Report filed with the SEC on Form 10-K for the year ended December 31, 2012. In the opinion of management, the unaudited consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include normal recurring adjustments, necessary to present fairly the financial position as of June 30, 2013 and the results of operations and cash flows for the periods then ended. The financial data and other information disclosed in these notes to the interim consolidated financial statements related to the period are unaudited. The results for the three-month period ended June 30, 2013, are not necessarily indicative of the results to be expected for any subsequent quarters or for the entire year ending December 31, 2013. Notes to the unaudited interim consolidated financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Form 10-K have been omitted. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <u>Principles of Consolidation</u> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The consolidated financial statements herein have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) and include the accounts of the Company and those of its wholly owned subsidiaries. The financial statements of World Moto Co., Ltd. were prepared in accordance with Thai GAAP, the International Accounting Standards Committee (AISC) and the Thai Revenue Code. All significant intercompany accounts and transactions have been eliminated.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <u>Use of Estimates</u> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <u>Foreign Currency Translation</u> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">World Moto Co., Ltd.&#8217;s functional currency is Thailand Baht. The Company&#8217;s reporting currency is the United States dollar. Monetary assets and liabilities of World Moto Co., Ltd. are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the determination of income. The Company has not, to the date of these financials statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <u>Subsequent Events</u> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The Company evaluates subsequent events through the date when financial statements are issued for disclosure consideration.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <u>Recent Accounting Pronouncements</u> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <u>Principles of Consolidation</u> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The consolidated financial statements herein have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) and include the accounts of the Company and those of its wholly owned subsidiaries. The financial statements of World Moto Co., Ltd. were prepared in accordance with Thai GAAP, the International Accounting Standards Committee (AISC) and the Thai Revenue Code. All significant intercompany accounts and transactions have been eliminated.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <u>Use of Estimates</u> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <u>Foreign Currency Translation</u> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">World Moto Co., Ltd.&#8217;s functional currency is Thailand Baht. The Company&#8217;s reporting currency is the United States dollar. Monetary assets and liabilities of World Moto Co., Ltd. are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the determination of income. The Company has not, to the date of these financials statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <u>Subsequent Events</u> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The Company evaluates subsequent events through the date when financial statements are issued for disclosure consideration.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <u>Recent Accounting Pronouncements</u> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <b>NOTE 2 &#8211; GOING CONCERN</b> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company has an accumulated deficit of $699,538 as of June 30, 2013, has limited liquidity, and has not established a reliable source of revenues sufficient to cover operating costs over an extended period of time. These factors raise substantial doubt about the Company&#8217;s ability to continue as a going concern. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management&#8217;s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <b>NOTE 3 &#8211; EQUITY TRANSACTIONS</b> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> On January 8, 2013, the Company consummated a private placement offering with an accredited investor for the sale of 3,703,704 shares of common stock at a purchase price of $0.27 per share, for aggregate consideration of $1,000,000. The Company intends to use the proceeds for general corporate purposes, including working capital needs. </p> 3703704 0.27 1000000 <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <b>NOTE 4 &#8211; COMMITMENTS AND CONTINGENCIES</b> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> On May 13, 2013, George Sharp filed a lawsuit against multiple defendants, including the Company, in the Superior Court in the State of California in San Diego County. Mr. Sharp&#8217;s complaint alleges that the defendants engaged in fraudulent and deceptive actions by initiating the delivery of at least 1,204 spam e-mails to his e-mail account during the period from November 17, 2011, through May 13, 2013. The complaint seeks $1,204,000 in liquidated damages from all the defendants on a joint and several basis. On July 1, 2013, we filed a motion to quash service of the summons and complaint, asserting the court does not have personal jurisdiction over the Company. The matter is scheduled for a hearing on October 11, 2013. 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basic and diluted Weighted average number of common shares outstanding - basic and diluted Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Net loss Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization Impairment of long-lived assets Shares issued for services Shares issued for services Changes in operating assets and liabilities: Prepaid expenses and other current assets Accounts payable and accrued expenses Net cash used in operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment Refundable deposit Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from shares issued for cash Advances from related parties Net cash provided by financing activities EFFECT OF CURRENCY TRANSLATIONS Net increase (decrease) in cash Cash and cash equivalent at beginning of period Cash and cash equivalent at end of period SUPPLEMENTAL CASH FLOWS INFORMATION: Cash paid for: Cash paid for: Income tax Interest NONCASH INVESTING AND FINANCING ACTIVITIES: Forgiveness of related party debt Forgiveness of related party debt Shares issued for asset acquisition Shares issued for accounts payable Shares issued for accounts payable Cancellation of common stock Cancellation of common stock Notes to Financial Statements [Abstract] Notes to Financial Statements [Abstract] SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] GOING CONCERN [Text Block] GOING CONCERN [Text Block] EQUITY TRANSACTIONS [Text Block] COMMITMENTS AND CONTINGENCIES [Text Block] Nature of Business [Policy Text Block] Principles of Consolidation [Policy Text Block] Principles of Consolidation Use of Estimates [Policy Text Block] Foreign Currency Translation [Policy Text Block] Subsequent Events [Policy Text Block] Recent Accounting Pronouncements [Policy Text Block] Development Stage Activities [Policy Text Block] Cash and Cash Equivalents [Policy Text Block] Long-lived Assets [Policy Text Block] Income Taxes [Policy Text Block] Revenue Recognition [Policy Text Block] Stock-based Compensation [Policy Text Block] Stock Split [Policy Text Block] Stock split Accumulated deficit Equity Transaction [Axis] Equity Transaction [Axis] Equity Transaction [Domain] Equity Transaction [Domain] Cancellation of Shares [Member] Cancellation of Shares World Moto Assets Acquired [Member] World Moto Assets Acquired Related Party Payable [Member] Private Placement [Member] Services and a Payable [Member] Stock Issued During Period, Shares, Issued for Cash Equity Issuance, Per Share Amount Proceeds from Issuance of Private Placement Entity by Location [Axis] Location [Domain] North Sumrong, Bangkok, Thailand [Member] North Sumrong, Bangkok, Thailand Bangkok, Thailand [Member] Bangkok, Thailand London, United Kingdom [Member] London, United Kingdom Lagos, Nigeria [Member] Lagos, Nigeria Annual rent Company Occupies Space Company Occupies Space Spam E-mails Spam E-mails Loss Contingency, Damages Sought, Value Total current assets TOTAL ASSETS Total current liabilities Deficit accumulated during the development stage Total stockholders' equity TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Total operating expenses Loss from continuing operations Net loss Total comprehensive loss Depreciation and amortization Prepaid expenses and other current assets Accounts payable and accrued expenses (IncreaseDecreaseInAccountsPayableAndAccruedLiabilities) Net cash used in operating activities Purchases of property and equipment Refundable deposit (PaymentsForDeposits) Net cash used in investing activities Net cash provided by financing activities Net increase (decrease) in cash Cash Paid For [Abstract] Forgiveness Of Related Party Debt Shares issued for asset acquisition Stock Issued For Settlement Of Debt Cancellation Of Common Stock Stock Issued During Period, Shares, Issued for Cash Equity Issuance, Per Share Amount Proceeds from Issuance of Private Placement Annual rent Company Occupies Space Spam Emails Loss Contingency, Damages Sought, Value EX-101.PRE 11 fare-20130630_pre.xml XBRL PRESENTATION FILE XML 12 R8.xml IDEA: EQUITY TRANSACTIONS 2.4.0.8108 - Disclosure - EQUITY TRANSACTIONStruefalsefalse1false falsefalsecx_01_January_2013_TO_30_June_2013http://www.sec.gov/CIK0001492151duration2013-01-01T00:00:002013-06-30T00:00:001false 4us-gaap_StockholdersEquityNoteDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <b>NOTE 3 &#8211; EQUITY TRANSACTIONS</b> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> On January 8, 2013, the Company consummated a private placement offering with an accredited investor for the sale of 3,703,704 shares of common stock at a purchase price of $0.27 per share, for aggregate consideration of $1,000,000. 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(the &#8220;Company&#8221;) was incorporated in the State of Nevada on March 24, 2008 under the name Net Profits Ten Inc. The original purpose of the Company was to market and distribute user-friendly interactive yearbook software for the military. The Company was reclassified as a shell company until the completion of its acquisition of the World Moto Assets, which was consummated on November 14, 2012. Effective November 12, 2012, the Company amended its Articles of Incorporation to change its name from &#8220;Net Profits Ten Inc.&#8221; to &#8220;World Moto, Inc.&#8221;.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">On January 30, 2013, World Moto, Inc. established two wholly owned subsidiaries that were incorporated in the State of Nevada. World Moto Technologies, Inc. and World Moto Holdings, Inc. were both established, but have no activity to report to date. On February 4, 2013, World Moto Technologies Ltd., a wholly owned subsidiary of the Company, was organized under the laws of the Kingdom of Thailand and the name of this company was later changed to World Moto Co., Ltd. World Moto Co., Ltd. is owned in its entirety by World Moto, Inc. It is an operating entity of the Company based in Thailand for the purposes of research and development in the Southeast Asia region.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <u>Basis of Presentation</u> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> The unaudited consolidated financial statements as of June 30, 2013 and for the six months ended June 30, 2013 and 2012 have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information in accordance with Securities and Exchange Commission (&#8220;SEC&#8221;) Regulation S-X rule 8 - 03 and should be read in conjunction with the audited financial statements and notes thereto contained in the Company&#8217;s last Annual Report filed with the SEC on Form 10-K for the year ended December 31, 2012. In the opinion of management, the unaudited consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include normal recurring adjustments, necessary to present fairly the financial position as of June 30, 2013 and the results of operations and cash flows for the periods then ended. The financial data and other information disclosed in these notes to the interim consolidated financial statements related to the period are unaudited. The results for the three-month period ended June 30, 2013, are not necessarily indicative of the results to be expected for any subsequent quarters or for the entire year ending December 31, 2013. Notes to the unaudited interim consolidated financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Form 10-K have been omitted. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <u>Principles of Consolidation</u> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The consolidated financial statements herein have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) and include the accounts of the Company and those of its wholly owned subsidiaries. The financial statements of World Moto Co., Ltd. were prepared in accordance with Thai GAAP, the International Accounting Standards Committee (AISC) and the Thai Revenue Code. All significant intercompany accounts and transactions have been eliminated.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <u>Use of Estimates</u> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <u>Foreign Currency Translation</u> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">World Moto Co., Ltd.&#8217;s functional currency is Thailand Baht. The Company&#8217;s reporting currency is the United States dollar. Monetary assets and liabilities of World Moto Co., Ltd. are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the determination of income. The Company has not, to the date of these financials statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <u>Subsequent Events</u> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The Company evaluates subsequent events through the date when financial statements are issued for disclosure consideration.</p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <u>Recent Accounting Pronouncements</u> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.</p>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for all significant accounting policies of the reporting entity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18726-107790 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18861-107790 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18743-107790 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18854-107790 false0falseSUMMARY OF SIGNIFICANT ACCOUNTING POLICIESUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.worldmoto.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlock11 XML 15 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Operations and Comprehensive Loss (USD $)
 3 Months Ended 6 Months Ended 63 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Revenues $ 0 $ 0 $ 0 $ 0 $ 10,188
Operating expenses:          
General and administrative 196,543 2,676 404,421 11,157 714,272
Total operating expenses (196,543) (2,676) (404,421) (11,157) (714,272)
Loss from continuing operations (196,543) (2,676) (404,421) (11,157) (704,084)
Other income:          
Interest income 273 0 4,546 0 4,546
Net loss (196,270) (2,676) (399,875) (11,157) (699,538)
Other comprehensive loss:          
Foreign currency translations 2,635 0 2,635 0 2,635
Total comprehensive loss $ (193,635) $ (2,676) $ (397,240) $ (11,157) $ (696,903)
Net loss per common share - basic and diluted $ 0.00 $ 0.00 $ 0.00 $ 0.00  
Weighted average number of common shares outstanding - basic and diluted 378,033,149 4,808,000 377,809,299 4,808,000  

XML 16 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2013
Principles of Consolidation [Policy Text Block]

Principles of Consolidation

The consolidated financial statements herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and those of its wholly owned subsidiaries. The financial statements of World Moto Co., Ltd. were prepared in accordance with Thai GAAP, the International Accounting Standards Committee (AISC) and the Thai Revenue Code. All significant intercompany accounts and transactions have been eliminated.
Use of Estimates [Policy Text Block]

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Foreign Currency Translation [Policy Text Block]

Foreign Currency Translation

World Moto Co., Ltd.’s functional currency is Thailand Baht. The Company’s reporting currency is the United States dollar. Monetary assets and liabilities of World Moto Co., Ltd. are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the determination of income. The Company has not, to the date of these financials statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.
Subsequent Events [Policy Text Block]

Subsequent Events

The Company evaluates subsequent events through the date when financial statements are issued for disclosure consideration.
Recent Accounting Pronouncements [Policy Text Block]

Recent Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
XML 17 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. 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Mr. Sharp&#8217;s complaint alleges that the defendants engaged in fraudulent and deceptive actions by initiating the delivery of at least 1,204 spam e-mails to his e-mail account during the period from November 17, 2011, through May 13, 2013. The complaint seeks $1,204,000 in liquidated damages from all the defendants on a joint and several basis. On July 1, 2013, we filed a motion to quash service of the summons and complaint, asserting the court does not have personal jurisdiction over the Company. The matter is scheduled for a hearing on October 11, 2013. 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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block]

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business

World Moto, Inc. (the “Company”) was incorporated in the State of Nevada on March 24, 2008 under the name Net Profits Ten Inc. The original purpose of the Company was to market and distribute user-friendly interactive yearbook software for the military. The Company was reclassified as a shell company until the completion of its acquisition of the World Moto Assets, which was consummated on November 14, 2012. Effective November 12, 2012, the Company amended its Articles of Incorporation to change its name from “Net Profits Ten Inc.” to “World Moto, Inc.”.

On January 30, 2013, World Moto, Inc. established two wholly owned subsidiaries that were incorporated in the State of Nevada. World Moto Technologies, Inc. and World Moto Holdings, Inc. were both established, but have no activity to report to date. On February 4, 2013, World Moto Technologies Ltd., a wholly owned subsidiary of the Company, was organized under the laws of the Kingdom of Thailand and the name of this company was later changed to World Moto Co., Ltd. World Moto Co., Ltd. is owned in its entirety by World Moto, Inc. It is an operating entity of the Company based in Thailand for the purposes of research and development in the Southeast Asia region.

Basis of Presentation

The unaudited consolidated financial statements as of June 30, 2013 and for the six months ended June 30, 2013 and 2012 have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information in accordance with Securities and Exchange Commission (“SEC”) Regulation S-X rule 8 - 03 and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s last Annual Report filed with the SEC on Form 10-K for the year ended December 31, 2012. In the opinion of management, the unaudited consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include normal recurring adjustments, necessary to present fairly the financial position as of June 30, 2013 and the results of operations and cash flows for the periods then ended. The financial data and other information disclosed in these notes to the interim consolidated financial statements related to the period are unaudited. The results for the three-month period ended June 30, 2013, are not necessarily indicative of the results to be expected for any subsequent quarters or for the entire year ending December 31, 2013. Notes to the unaudited interim consolidated financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Form 10-K have been omitted.

Principles of Consolidation

The consolidated financial statements herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and those of its wholly owned subsidiaries. The financial statements of World Moto Co., Ltd. were prepared in accordance with Thai GAAP, the International Accounting Standards Committee (AISC) and the Thai Revenue Code. All significant intercompany accounts and transactions have been eliminated.

Use of Estimates

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

Foreign Currency Translation

World Moto Co., Ltd.’s functional currency is Thailand Baht. The Company’s reporting currency is the United States dollar. Monetary assets and liabilities of World Moto Co., Ltd. are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the determination of income. The Company has not, to the date of these financials statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.

Subsequent Events

The Company evaluates subsequent events through the date when financial statements are issued for disclosure consideration.

Recent Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
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EQUITY TRANSACTIONS
 6 Months Ended
Jun. 30, 2013
EQUITY TRANSACTIONS [Text Block]

NOTE 3 – EQUITY TRANSACTIONS

On January 8, 2013, the Company consummated a private placement offering with an accredited investor for the sale of 3,703,704 shares of common stock at a purchase price of $0.27 per share, for aggregate consideration of $1,000,000. The Company intends to use the proceeds for general corporate purposes, including working capital needs.

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GOING CONCERN (Narrative) (Details) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Accumulated deficit $ 699,538 $ 299,663
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COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2013
COMMITMENTS AND CONTINGENCIES [Text Block]

NOTE 4 – COMMITMENTS AND CONTINGENCIES

On May 13, 2013, George Sharp filed a lawsuit against multiple defendants, including the Company, in the Superior Court in the State of California in San Diego County. Mr. Sharp’s complaint alleges that the defendants engaged in fraudulent and deceptive actions by initiating the delivery of at least 1,204 spam e-mails to his e-mail account during the period from November 17, 2011, through May 13, 2013. The complaint seeks $1,204,000 in liquidated damages from all the defendants on a joint and several basis. On July 1, 2013, we filed a motion to quash service of the summons and complaint, asserting the court does not have personal jurisdiction over the Company. The matter is scheduled for a hearing on October 11, 2013. We believe that this is a frivolous lawsuit and we intend to defend it vigorously.

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Consolidated Balance Sheets (Parenthetical) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Preferred stock shares authorized 0.0001 0.0001
Preferred stock shares par value $ 50,000,000 $ 50,000,000
Preferred Stock, Shares Issued      
Preferred Stock, Shares Outstanding      
Common stock shares authorized 0.0001 0.0001
Common stock shares par value $ 500,000,000 $ 500,000,000
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Consolidated Statements of Cash Flows (USD $)
 6 Months Ended 63 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (399,875) $ (11,157) $ (699,538)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 19,724 815 28,806
Impairment of long-lived assets 0 0 919
Shares issued for services 0 0 25,000
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (19,897) 0 (21,951)
Accounts payable and accrued expenses 11,420 2,556 13,578
Net cash used in operating activities (388,628) (7,786) (653,186)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (3,322) 0 (8,223)
Refundable deposit (1,759) 0 (1,759)
Net cash used in investing activities (5,081) 0 (9,982)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from shares issued for cash 1,000,000 0 1,286,800
Advances from related parties 0 7,750 58,433
Net cash provided by financing activities 1,000,000 7,750 1,345,233
EFFECT OF CURRENCY TRANSLATIONS 2,635 0 2,635
Net increase (decrease) in cash 608,926 (36) 684,700
Cash and cash equivalent at beginning of period 75,774 44 0
Cash and cash equivalent at end of period 684,700 8 684,700
Cash paid for:      
Income tax 0 0 0
Interest 0 0 0
NONCASH INVESTING AND FINANCING ACTIVITIES:      
Forgiveness of related party debt 0 6,250 6,250
Shares issued for asset acquisition 0 0 236,314
Shares issued for accounts payable 0 0 52,183
Cancellation of common stock $ 0 $ 0 $ 72,358
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Consolidated Balance Sheets (USD $)
Jun. 30, 2013
Dec. 31, 2012
Current assets:    
Cash and cash equivalents $ 684,700 $ 75,774
Prepaid expenses 21,951 2,052
Total current assets 706,651 77,826
Property and equipment, net of accumulated depreciation of $87 3,235 0
Intangible assets, net of accumulated amortization of $24,736 and $5,099, respectively 211,577 231,214
Refundable deposit 1,759 0
TOTAL ASSETS 923,222 309,040
Current liabilities:    
Accounts payable and accrued expenses 13,578 2,156
Total current liabilities 13,578 2,156
Stockholders' equity:    
Preferred stock, $0.0001 par value; 50,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock, $0.0001 par value, 500,000,000 shares authorized; 378,033,149 and 374,329,445 shares issued and outstanding , respectively 37,803 37,433
Additional paid in capital 1,568,744 569,114
Accumulated other comprehensive income 2,635 0
Deficit accumulated during the development stage (699,538) (299,663)
Total stockholders' equity 909,644 306,884
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 923,222 $ 309,040
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COMMITMENTS AND CONTINGENCIES (Narrative) (Details) (USD $)
 1 Months Ended
May 31, 2013
Spam E-mails 1,204
Loss Contingency, Damages Sought, Value $ 1,204,000
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EQUITY TRANSACTIONS (Narrative) (Details) (USD $)
 1 Months Ended
Jan. 31, 2013
Stock Issued During Period, Shares, Issued for Cash 3,703,704
Equity Issuance, Per Share Amount $ 0.27
Proceeds from Issuance of Private Placement $ 1,000,000
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GOING CONCERN
 6 Months Ended
Jun. 30, 2013
GOING CONCERN [Text Block]

NOTE 2 – GOING CONCERN

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company has an accumulated deficit of $699,538 as of June 30, 2013, has limited liquidity, and has not established a reliable source of revenues sufficient to cover operating costs over an extended period of time. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
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 6 Months Ended
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Document Type 10-Q  
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Trading Symbol fare  
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Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   378,033,149
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Well Known Seasoned Issuer No  
Document Fiscal Year Focus 2013  
Document Fiscal Period Focus Q2  
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