Worldwide NFT, Inc.

What they do

The company has no significant operations and no revenue. It was incorporated in Nevada on July 12, 2010 as Goff Corp and never raised enough capital to launch its original web-based employment services business for the UK and Ireland. It now describes itself as a blank-check and shell company that intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Revenue drivers

• No operating revenue — The company reports no revenue-generating business; it has no products, segments or customers and has not generated revenues.

Recent performance

For the year ended June 30, 2023, the company reported a net loss of $97,605, compared with a net loss of $20,068,332 for the year ended June 30, 2022. Operating cash flow was negative $50,000 for fiscal 2022. At December 31, 2023, total liabilities were $391,412 and shareholder equity was negative $391,412, with cash and equivalents of $0.00. The company reports no revenue in the periods presented.

Strategy

Management's stated objective is to achieve long-term growth through a combination with a business rather than immediate earnings. The company is in the process of identifying potential acquisition targets and says no definitive agreements had been executed as of the date of the latest 10-Q. It does not restrict candidate targets by specific business, industry or geographic location. There have been no common or preferred stock transactions since 2013, except the August 29, 2021 issuance of 300,000 shares of blank-check preferred stock to custodian George Sharp.

Risks

• No operations or revenue — The company has no operations and has not generated revenues, leaving investors no basis to evaluate its ability to complete a business combination.
• Going concern doubt — The independent auditors' report on the June 30, 2023 financial statements contained an explanatory paragraph expressing substantial doubt about the company's ability to continue as a going concern.
• No identified target or agreement — The company has no current arrangements or understandings with any prospective target business and may be unable to complete a business combination in a reasonable timeframe, on reasonable terms, or at all.
• Stockholder dilution and control — The 300,000 preferred shares issued to George Sharp carry 30,000 common votes per share and convert to common at a ratio of 1 preferred share for 90 common shares, concentrating voting power and creating dilution.

Outlook

Management states that the principal business objective for the next 12 months and beyond is to achieve long-term growth through a combination with a business rather than immediate short-term earnings. The company says it is identifying potential acquisition targets and that no definitive agreements had been executed as of the latest 10-Q. Completion of any transaction depends on locating sources of capital and a suitable target.