CONFORMED SUBMISSION TYPE: 10QSB
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20040331
FILED AS OF DATE: 20040523
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: WORLD TRANSPORT AUTHORITY, INC.
CENTRAL INDEX KEY: 0001028130
STANDARD INDUSTRIAL CLASSIFICATION:
MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
IRS NUMBER: 931202663
FISCAL YEAR END: 630
FILING VALUES:
FORM TYPE: 10QSB
SEC ACT:
SEC FILE NUMBER: 000-23693
FILM NUMBER: 99627765
BUSINESS ADDRESS:
STREET 1: 140 West Park Avenue
CITY: El Cajon
STATE: CA
ZIP: 92020
BUSINESS PHONE: 6195932440
MAIL ADDRESS:
STREET 1: 140 West Park Avenue
CITY: El Cajon
STATE: CA
ZIP: 92020
INDEX PAGE NO.
PART I FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 2
NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS 5
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS 10
ITEM 3. CONTROLS AND PROCEDURES 13
PART II OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS 13
ITEM 2. CHANGES IN SECURITIES 13
ITEM 5. OTHER INFORMATION 14
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 14
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
Quarterly Report under Section 13 or 15 (d) of
Securities Exchange Act of 1934
For Quarter ended March 31, 2004
Commission File Number 0-23693
-----------------------------------------------------------------------
WORLD TRANSPORT AUTHORITY, INC.
(Exact name of registrant as specified in its charter)
Alberta, BC 93-1202663
(State of Incorporation) (I.R.S. Employer Identification No.)
140 West Park Avenue, Suite 219
El Cajon, California 92020
-----------------------------------------------------------------------
(Address of Principal Executive Offices)
(619) 593-2440 Fax: (619) 593-2444
-----------------------------------------------------------------------
(Registrant's telephone and fax 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.
Yes [X] No [ ]
Indicate the number of shares outstanding of each of the issuer's classes
of common stock at the latest practicable date.
As of March 31 ,2004 the registrant had 85,805,773 shares of common
stock, no stated par value, issued and outstanding.
1
PART I FINANCIAL INFORMATION
ITEM 1. Financial Statements
WORLD TRANSPORT AUTHORITY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
MARCH 31, 2004
(UNAUDITED)
ASSETS
Current Assets:
Cash $ 3,282
Prepaid expenses and other current assets 200
-----------
Total Current Assets 3,482
-----------
Other Assets 544
-----------
TOTAL ASSETS $ 4,026
===========
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current Liabilities:
Accounts payable $ 492,390
Accrued expenses 45,505
Due to officers/directors 18,371
Due to stockholder 83,133
Obligations under settlement agreements 424,804
-----------
Total Current Liabilities 1,064,203
Deferred license fees 237,000
-----------
TOTAL LIABILITIES 1,301,203
-----------
Commitments and Contingencies
Stockholders' Deficiency:
Common stock: unlimited shares authorized,
no par value; 85,805,773 shares issued
and outstanding 13,081,778
Accumulated Deficit (14,378,955)
-----------
Total stockholders' deficiency $ (1,297,177)
-----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY $ 4,026
===========
SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
2
WORLD TRANSPORT AUTHORITY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Nine Months Ended
March 31, March 31,
-----------------------------------------------
2004 2003 2004 2003
Revenue:
Net sales $ 0 $ 0 $ 0 $ 0
Royalties 0 0 0 0
---------- ---------- --------- ---------
Totals 0 0 0 0
Cost of revenue 0 0 0 0
---------- ---------- --------- ---------
Gross profit 0 0 0 0
---------- ---------- --------- ---------
Operating expenses:
Selling and general 108,957 93,758 248,435 377,315
Depreciation and amortization 0 43,072 0 136 688
---------- ---------- --------- ---------
Totals 108,957 136,830 248,435 514,003
Other income 0 0 0 5,258
Interest income (expense) (6,433) 0 (11,631) 8
---------- ---------- --------- ---------
Net loss $ (115,390) $ (136,830) $(260,066) $(508,737)
========== ========== ========= =========
Basic and diluted net loss per share $ (-) $ (-) $ (-) $ (-)
========== ========== ========= =========
Basic and diluted weighted average
shares outstanding 85,476,108 75,955,619 84,224,801 74,633,840
========== ========== ========== ==========
SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
3
WORLD TRANSPORT AUTHORITY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine months ended
March 31,
---------------------
2004 2003
---------------------
Operating activities:
Net loss $(260,066) $(508,737)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization - 138,058
Common stock and options issued for services,
compensation and charitable contributions 18,450 131,000
Changes in operating assets and liabilities:
Accounts receivable - (250)
Related party receivable - (200)
Other assets - 8,978
Due from affiliates - (37,500)
Accounts payable 157,706 (19,024)
Accrued expenses (622) 19,615
Obligations under settlement agreements 7,500 103,260
--------- --------
Net cash used in operating activities ( 77,032) (164,800)
--------- --------
Investing activities:
Sale of property and equipment - 12,862
--------- --------
Financing activities:
Advances from related party (1,299) 54,570
Proceeds from investor deposits 59,501 28,900
Due to officers/directors 3,169 -
Proceeds from sale of common stock 18,080 68,780
--------- --------
Net cash provided by financing activities 79,451 152,250
--------- --------
Net increase in cash 2,419 312
Cash at beginning of period 863 895
--------- --------
Cash at end of period $ 3,282 $ 1,207
========== ========
SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
4
WORLD TRANSPORT AUTHORITY, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2004
1. Interim Reporting
In the opinion of management, the accompanying condensed consolidated
financial statements contain all adjustments (consisting of only normal
recurring accruals) necessary to present fairly the consolidated financial
position of World Transport Authority, Inc. and its subsidiaries (the
"Company") as of March 31, 2004, their results of operations for three months
and nine months ended March 31, 2004 and 2003, and their cash flows for the
nine months ended March 31, 2004 and 2003.
Pursuant to the rules and regulations of the Securities and Exchange
Commission (the SEC), certain information and disclosures normally included in
financial statements prepared in conformity with accounting principles
generally accepted in the United States of America have been condensed or
omitted from these financial statements, unless significant changes have taken
place since the end of the most recent fiscal year. Accordingly, these
unaudited condensed consolidated financial statements should be read in
conjunction with the audited consolidated financial statements of the Company
as of June 30, 2003, and for the years ended June 30, 2003 and 2002 included
in the Company's Annual Report on Form 10-KSB for the year ended June 30,
2003, that was previously filed with the SEC.
Results for the three and nine months ended March 31, 2004 are not
necessarily indicative of the results to be obtained for the full year.
The Company is making significant progress on the planned corporate
restructure. As part of this plan, WTAI established a new wholly owned
subsidiary named AUTOTECH INTERNATIONAL CORPORATION ("AIC"). AIC is a Nevada
corporation with William Kennedy named as sole Director and Officer. Mr.
Kennedy is on the WTAI board of directors and is currently the Chief Executive
Officer of WTAI. AIC will act as the marketing entity for WTAI and develop
commercial factory sales for the manufacture of WordStar vehicles on a
worldwide basis.
2. Basis of Presentation
As shown in the accompanying condensed consolidated financial statements,
the Company had a net loss of $260,066 and net cash used in operating
activities of $77,032 for the nine months ended March 31, 2004. Management
cannot determine whether the Company will become profitable, and whether
operating activities will begin to generate cash. If operating activities
continue to use substantial amounts of cash, the Company will need additional
financing. These matters raise substantial doubt about the ability of the
Company to continue as a going concern.
Historically, the Company has funded its operations through sales of
common stock to private investors and borrowings from a stockholder and
directors. Management plans to obtain the funds needed to enable the Company
to continue as a going concern through private sales of common stock and sales
of master licenses and manufacturing and distribution licenses.
5
However, management cannot provide any assurance that the Company will be
successful in consummating any private sales of common stock or generating
sufficient license fee payments.
The accompanying condensed consolidated financial statements have been
prepared assuming the Company will continue as a going concern, which
contemplates continuity of operations, realization of assets and satisfaction
of liabilities in the ordinary course of business. If the Company is unable
to raise additional capital or generate sales of licenses, it may be required
to liquidate assets or take actions, which may not be favorable to the
Company, in order to continue operations. The accompanying condensed
consolidated financial statements do not include any adjustments related to
the recoverability and classification of assets or the amounts and
classification of liabilities that might be necessary should the Company be
unable to continue its operations as a going concern.
3. MASTER LICENSE AND MANUFACTURING AND DISTRIBUTION LICENSES
There were no contracts for the sale of factories executed during the
three months ended March 31, 2004. There was one contract for the sale of
factories executed during the nine months ended March 31, 2004.
On December 18, 2003, AIC signed a Territory and Factory Sales Agreement
with Cameron International, LLC, setting forth the sales terms of the WordStar
auto producing factories scheduled for delivery to Benin, Africa and the Ivory
Coast during 2004 and 2005. The agreement also requires Cameron
International, LLC to exclusively purchase vehicle parts kits used to produce
the WordStar vehicles for the WordStar factories from the Company or its
assignees. The first payment of funds for this order is expected sometime in
2004, which would result in expected revenues to be recognized during the
fiscal year ending 2005.
No other activity has taken place for other Master License Holder's (MLH)
during the quarter ended March 31, 2004.
4. Related party transactions:
The Company has an outstanding stockholder loan of $83,133 at March 31,
2004, which is unsecured, non-interest bearing and due on demand. In addition,
a former officer (resigned in December 2003) and stockholder is owed an
additional $28,091, which is included in accounts payable and accrued expenses
at March 31, 2004.
The Company has outstanding loans with the directors of the Company of
$18,371 as of March 31, 2004. Subsequent to the end of the quarter, the
Company entered into short term loans for a total of $8,900. These loans are
to be repaid by May 12, 2004 (past due) and carry interest on the unpaid,
outstanding balance of twelve percent per annum.
During the three months ended March 31, 2004 the Company issued 103,617
shares of restricted common stock to retire an outstanding loan to the Company
of $4,000 plus accrued interest of $145.
6
5. Common Stock Transactions:
Sale of stock:
During the three months ended March 31, 2004, the Company issued 428,442
shares of common stock for proceeds of $17,330. The stock was issued at
approximately $0.04 per share which was less than the market value. The
Company has recognized a stock discount expense of $8,377 during the three
months ended December 31, 2003 for the difference between the market price and
selling price. During the quarter ended December 31, 2003, the Company
granted an option to an officer-shareholder to acquire 399,750 additional
shares at an exercise price of $0.04 per share. The Company recognized an
expense of $8,000 for the intrinsic value computed as the difference between
the exercise price and the fair market value of the underlying trading stock
at the date of grant or $0.06 per share. These options expire on March 4,
2005 and are fully vested.
Conversion of Debt:
The Company issued 103,617 common shares of stock at a price of $.04 per
share to retire $4,145 of principal plus related interest. The Company
recognized an interest expense of $2,073 for the beneficial conversion feature
computed as the difference between the actual conversion price and the fair
market value of underlying trading stock.
6. Subsequent Event:
During May 2004, the Board of Directors approved the issuance of
3,250,000 shares of common stock to certain officers and directors valued at
the market price of $0.03 per share. The Company will recognize an expense
for these issuances in May 2004 using the trading market price. In addition,
the Board also granted 4,150,000 options to these officers and directors at an
exercise price of $0.03 per share which equaled or exceeded the market price
at the date of grant and all of which, will be accounted for pursuant to APB
25. These options have a five year life and are fully vested at the date of
grant.
During May 2004, the Board of Directors approved the issuance of
1,000,000 shares of common stock to certain consultants valued at the market
price of $0.03 per share. The Company will recognize an expense for these
issuances in May 2004 using the trading market price.
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
CRITICAL ACCOUNTING POLICIES
Our financial statements and related public financial information are
based on the application of accounting principles generally accepted in the
United States ("GAAP"). GAAP requires the use of estimates; assumptions,
judgments and subjective interpretations of accounting principles that have an
impact on the assets, liabilities, and expense amounts reported. These
estimates can also affect supplemental information contained in the external
disclosures of the Company including information regarding contingencies, risk
and financial condition. Management believes our use of estimates and
7
underlying accounting assumptions adhere to GAAP and are consistently and
conservatively applied. Valuations based on estimates are reviewed for
reasonableness and conservatism on a consistent basis throughout the Company.
Primary areas where our financial information is subject to the use of
estimates, assumptions and the application of judgment include our evaluation
of impairments of intangible assets, and the recoverability of deferred tax
assets, which must be assessed as to whether these assets are likely to be
recovered by us through future operations. We base our estimates on historical
experience and on various other assumptions that we believe to be reasonable
under the circumstances. Actual results may differ materially from these
estimates under different assumptions or conditions. We continue to monitor
significant estimates made during the preparation of our financial statements.
Financial condition and liquidity:
As shown in the financial statements, the Company incurred a net loss of
$260,066 and used cash in operating activities of $77,032 for the nine months
ended March 31, 2004. Management cannot determine when the Company will
become profitable, if ever, and when operating activities will begin to
generate cash, if ever. If operating activities continue to use substantial
amounts of cash, the Company will need additional financing. These matters
raise substantial doubt about the ability of the Company to continue as a
going concern.
Historically, the Company has funded its operations through sales of
common stock to private investors and borrowings from a stockholder.
Management plans to obtain the funds needed to enable the Company to continue
as a going concern through the private sales of common stock and sales of
master licenses and manufacturing and distribution licenses. However,
management cannot provide any assurance that the Company will be successful in
consummating any private sales of common stock or generating sufficient
license fee payments for master and manufacturing and distribution licenses.
The consolidated financial statements have been prepared assuming the
Company will continue as a going concern, which contemplates continuity of
operations, realization of assets and satisfaction of liabilities in the
ordinary course of business. If the Company is unable to raise additional
capital or generate sales of licenses, it may be required to liquidate assets
or take actions, which may not be favorable to the Company, in order to
continue operations. The accompanying consolidated financial statements do not
include any adjustments related to the recoverability and classification of
assets or the amounts and classification of liabilities that might be
necessary should the Company be unable to continue its operations as a going
concern.
As of March 31, 2004, the Company had $3,282 cash on hand and in the
bank. The primary sources of cash and financing for the Company for the nine
months then ended were $18,080 from sale of common stock, proceeds from
investor deposits of $59,501 and $3,169 from loans from officers/directors of
the Company. The primary uses of cash during that period were $77,032 to
finance the Company's operations. The Company currently maintains a positive
cash balance through sales of common stock.
8
Results of operations:
The Company did not generate revenue during the nine and three months
ended March 31, 2004, or during the nine and three months ended March 31,
2003. There was one territory and factory sales agreement signed during the
nine month period ending March 31, 2004, and the first anticipated payment to
the Company on the contract is expected sometime in 2004.
The Company sustained a net loss of $260,066 for the nine months ended
March 31, 2004 compared to a net loss of $508,737 for the nine months ended
March 31, 2003. A decrease of 53% in net loss was primarily due to the
continued effort on the part of management to streamline the operations of the
Company until cash flow improves. Expenses that have been reduced as compared
to the same nine-month period last year, include: depreciation, consulting,
settlement, public relations, interest and payroll expenses.
The Company sustained a net loss of $115,390 for the three months ended
March 31, 2004 compared to a net loss of $136,830 for the three months ended
March 31, 2003.
The Board of Directors for the Company began a plan of revamping the
operations of the Company during the nine month period ending March 31, 2004.
The Company continues to focus on revitalizing operations, after initiating
management changes and retaining the services of an experienced corporate
management consultant to advise the Company on daily operations. Work is
progressing on instituting a plan to move the Company to profitable
operations. Negotiations initiated with critical suppliers will stabilize a
source of vehicle part kits and factory components for the Company.
Management has also activated other actions including re-establishing
communications with existing master license holders, initiating new
intellectual property protections, and initiating proper financial and
corporate controls. The Company continues to progress with revisions to the
marketing plan, development of new quality standards for factory construction,
and the establishment of international vehicle registration compliance
requirements. Additionally, management continues with the plans and efforts to
reopen production facilities for factories and vehicle part kits.
ITEM 3. CONTROLS AND PROCEDURES
As of the financial statement date of this quarterly report for the
period ended March 31, 2004, the Company carried out an evaluation of the
design and effectiveness of the Company's disclosure controls and procedures,
pursuant to Rule 13 a-14 of the Securities Exchange Act of 1934. This
evaluation took place under the supervision and with the participation of the
Company's management, including the Chief Executive Officer and President of
the Company. Based on these evaluations the principal executive officers
concluded that the Company's disclosure controls and procedures are effective
in timely alerting them to material information relating to the Company,
including the consolidated subsidiaries, required to be included in the
Company's periodic SEC filings. There were no significant changes in internal
controls or other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation.
9
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings.
During the period ended March 31, 2004, there were no changes to the
legal settlement issues as stated in the annual report for year ended June 30,
2003.
ITEM 2-4. Not applicable
ITEM 5. Other Information.
ITEM 6. Exhibits and Reports on Form 8-K.
a. One report on Form 8-K was filed during the fiscal quarter ended
March 31, 2004 announcing the contract in Cameroon.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
WORLD TRANSPORT AUTHORITY, INC.
Date: May 23, 2004 /s/ William C. Kennedy
----------------------------------------
William C. Kennedy
Chief Executive Officer, Director
CERTIFICATION
I, George I. Bates, the Treasurer/Interim Principal Accounting Officer of
World Transport Authority, Inc. certify that:
1. I have reviewed this quarter-end report on Form 10-QSB of World
Transport Authority, Inc.
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 small business issuer as of, and for, the periods presented in
this report;
4. The small business issuer'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))
for the small business issuer and have:
10
(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
small business issuer, 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
my 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 small business issuer'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 small business issuer's
internal control over financial reporting that occurred during the
small business issuer's most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect,
the small business issuer's internal control over financial
reporting; and
5. The small business issuer's other certifying officer and I have
disclosed, based on our most recent evaluation of internal control over
financial reporting, to the small business issuer's auditors and the
audit committee of the small business issuer'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 small business issuer'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 small business
issuer's internal control over financial reporting.
Dated: May 23, 2004 /s/George I. Bates
-----------------------
George I. Bates
Treasurer/Interim Principal Accounting Officer
11
CERTIFICATION
I, William C. Kennedy, the Chief Executive Officer of World Transport
Authority, Inc. certify that:
1. I have reviewed this quarter-end report on Form 10-QSB of World
Transport Authority, Inc.
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 small business issuer as of, and for, the periods presented in
this report;
4. The small business issuer'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))
for the small business issuer 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
small business issuer, 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
my 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 small business issuer'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 small business issuer's
internal control over financial reporting that occurred during the
small business issuer's most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect,
the small business issuer's internal control over financial
reporting; and
12
5. The small business issuer's other certifying officer and I have
disclosed, based on our most recent evaluation of internal control over
financial reporting, to the small business issuer's auditors and the
audit committee of the small business issuer'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 small business issuer'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 small business
issuer's internal control over financial reporting.
Dated: May 23, 2004 /s/William C. Kennedy
-----------------------
William C. Kennedy
Chief Executive Officer
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, George I. Bates, the Interim Principal Accounting Officer of World
Transport Authority, Inc. (the "Company"), certify, pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my
knowledge:
(1) the Quarterly Report on Form 10-QSB of the Company for the quarter
ended December 31, 2003 (the "Report") fully complies with the
requirements of Section 13 (a) or 15 (d) of the Securities Exchange
Act of 1934 (15 U.S.C. 78m or 78o(d)); and
(2) the information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations
of the Company.
Dated: May 23, 2004
/s/George I. Bates
-------------------------------------
Name: George I. Bates
Title: Treasurer/Interim Principal Accounting Officer
13
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, William C. Kennedy, the Chief Executive Officer of World Transport
Authority, Inc. (the "Company"), certify, pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my
knowledge:
(1) the Quarterly Report on Form 10-KSB of the Company for the year
ended December 31, 2003 (the "Report") fully complies with the
requirements of Section 13 (a) or 15 (d) of the Securities Exchange
Act of 1934 (15 U.S.C. 78m or 78o(d)); and
(2) the information contained in the Report fairly presents, in all
material respects, the financial condition and results of
operations of the Company.
Dated: May 23, 2004
/s/William C. Kennedy
-------------------------------------
Name: William C. Kennedy
Title: Chief Executive Officer
14