CONFORMED SUBMISSION TYPE: 10QSB
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20031231
FILED AS OF DATE: 20040318
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 6
ITEM 3. CONTROLS AND PROCEDURES 8
PART II OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS 9
ITEM 2. CHANGES IN SECURITIES 9
ITEM 5. OTHER INFORMATION 9
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 9
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 December 31, 2003
Commission File Number 0-23693
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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 December 31, 2003, the registrant had 85,273,714 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
DECEMBER 31, 2003
(UNAUDITED)
ASSETS
Current Assets:
Cash $ 195
Prepaid expenses and other current assets 200
-----------
Total Current Assets 395
-----------
Other Assets 544
-----------
TOTAL ASSETS $ 939
===========
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current Liabilities:
Accounts payable $ 414,959
Accrued expenses 49,573
Due to officers/directors 16,933
Due to stockholder 83,133
Obligations under settlement agreements 421,054
-----------
Total Current Liabilities 985,652
Deferred license fees 237,000
-----------
TOTAL LIABILITIES 1,222,652
-----------
Commitments and Contingencies
Stockholders' Deficiency:
Common stock: unlimited shares authorized,
no par value; 85,273,714 shares issued
and outstanding 13,041,853
Accumulated Deficit (14,263,566)
-----------
Total stockholders' deficiency (1,221,713)
-----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY $ 939
===========
SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
2
WORLD TRANSPORT AUTHORITY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Six Months Ended
December 31, December 31,
-------------------------------------------------------
2003 2002 2003 2002
-------------------------------------------------------
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 94,210 113,201 139,478 283,557
Depreciation and amortization 0 44,599 0 93,616
----------- ----------- ----------- -----------
Totals 94,210 157,800 139,478 377,173
Other income 0 0 0 5,250
Interest income(expense) (5,200) 8 (5,198) 8
----------- ----------- ----------- -----------
Net loss $ (99,410) $ (157,792) $ (144,676) $ (371,915)
=========== =========== =========== ===========
Basic net loss per share $ (-) $ (-) $ (-) $ (-)
=========== =========== =========== ============
Basic weighted average shares outstanding 85,221,816 75,058,595 83,608,840 73,987,318
=========== =========== =========== ============
SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
3
WORLD TRANSPORT AUTHORITY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six months ended
December 31,
-------------------------
2003 2002
----------- -----------
Operating activities:
Net loss $ (144,676) $ (371,915)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization - 93,616
Common stock issued for services, bonuses,
compensation and charitable contributions - 121,000
Interest expense (beneficial conversion) 5,200 -
Changes in operating assets and liabilities:
Accounts receivable (250)
Other assets - 8,212
Due from affiliates - (25,900)
Accounts payable 80,275 (45,364)
Accrued expenses 3,445 (2,269)
Obligations under settlement agreements 3,750 102,961
---------- ----------
Net cash used in operating activities (52,006) (119,906)
---------- ----------
Financing activities:
Advances from related party (1,299) 52,000
Proceeds from investor deposits 7,600 51,080
Due to officers/directors 1,733 -
Stock issued as loan repayment 42,554 -
Proceeds from sales of common stock 750 17,700
---------- ----------
Net cash provided by financing activities 51,338 120,780
---------- ----------
Net increase (decrease) in cash (668) 874
Cash at beginning of period 863 911
---------- ----------
Cash at end of period $ 195 $ 1,785
========== ==========
SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
4
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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 financial position of
World Transport Authority, Inc. and its subsidiaries (the "Company") as of
December 31, 2003 and their results of operations for three months and six
months ended December 31, 2003 and 2002, and their cash flows for the six
months ended December 31, 2003 and 2002.
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 accordance 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 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 six months ended December 31, 2003 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 $144,676 and net cash used in operating
activities of $52,006 for the six months ended December 31, 2003. In addition,
the Company has a working capital deficit of $985,257 as of December 31, 2003
and is heavily reliant on proceeds from loans and sale of stock from/to
officers and directors for its working capital needs. 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 the 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 was one contract for the sale of factories executed during the
three months ended December 31, 2003.
On December 18, 2003, AIC signed a Territory and Factory Sales Agreement
with Cameron International, LLC setting forth the sales terms of our 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 MLH's during the quarter
ended December 31, 2003.
4. Related party transactions:
The Company has an outstanding stockholder loan of $83,113 at December
31, 2003, which is unsecured, non-interest bearing and due on demand. In
addition, this former officer (resigned in December 2003) and stockholder is
owed an additional $28,090 which is included in accounts payable and accrued
expenses at December 31, 2003. During the six month ended December 31, 2003
the Company issued shares of stock to retire a debt of $43,554 to officers and
directors of the Company. 2,787,916 shares of common stock were issued to
retire $33,155 of the outstanding debt at $.012 per share. Additionally, the
Company issued 519,965 common shares of stock at a price of $.02 per share to
retire an additional $10,399 of this debt, for which, the Company recognized
an interest expense of $5,200 for the beneficial conversion feature.
The Company has outstanding loans with the directors of the Company of
$16,933 as of December 31, 2003.
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
6
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
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
$144,676 and used cash in operating activities of $52,006 for the six months
ended December 31, 2003. In addition, the Company has a working capital
deficit of $985,257 as of December 31, 2003 and is heavily reliant on proceeds
from loans and sale of stock from/to officers and directors for its working
capital needs. 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 Company's ability 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
officers and directors of the Company. 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
7
not include any adjustments related to the recoverability and classification
of assets or the amounts and classification of liabilities that might be
necessary if the Company is unable to continue its operations.
As of December 31, 2003, the Company had $195 cash on hand and in the
bank. The primary sources of cash and financing for the Company for the six
months then ended were $52,637 from stock purchased by or loans made from
directors of the Company. The primary uses of cash during the same period
were $52,006 for the Company's operations. The Company currently maintains a
positive cash balance through sales of common stock and loans from directors
of the Company.
Results of operations:
The Company did not generate revenue during the six months ended December
31, 2002, or during the six months ended December 31, 2003. There was one
territory and factory sales agreement signed during the period ending December
31, 2003, and the first anticipated payment to the Company on the contract is
expected sometime in 2004.
The Company sustained a net loss of $144,676 for the six months ended
December 31, 2003 compared to a net loss of $371,915 for the six months ended
December 31, 2002. The Company sustained a net loss of $99,410 for the three
months ended December 31, 2003 compared to net loss of $157,792 for the three
months ended December 31, 2002. A decrease of 37% in net loss was primarily
due to continued downsizing and streamlining the operations of the Company
until cash flow increases. Expenses that have been decreased as compared to
the same six month period last year include: depreciation, consulting,
interest, and payroll expenses.
The Board of Directors for the Company began a plan of revamping the
operations of the Company during the quarter ended December 31, 2003. After
the Board of Directors removed Mr. Lyle Wardrop as President of all WTAI
companies on December 19, 2003, management changes began by naming John F.
Tidy as Interim President of the Company. Additionally, the Company retained
the services of an experienced corporate management consultant to advise the
Company on daily operations and to institute a plan to move the Company to
profitable operations. Negotiations were initiated with critical suppliers to
stabilize a source of vehicle part kits and factory components.
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. Management is now actively revising the marketing plan,
developing new quality standards for factory construction, establishing
international vehicle registration compliance and reopening 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 December 31, 2003, 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
8
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.
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings.
During the period ended December 31, 2003, there were no changes to the
legal settlement issues as stated in the annual report for period ended June
30, 2003.
ITEM 2-4. Not applicable
ITEM 5. Other Information.
On December 19, 2003 the Board of Directors for the Company removed Mr.
Lyle Wardrop as President of all WTAI companies. His removal was in part
based on substantial infractions and violations of Board resolutions. On
December 29, 2003 Mr. Wardrop resigned from the Board of WTAI.
Mr. John F. Tidy was appointed and accepted the position as interim
President of WTAI on December 19, 2003. Mr. John Tidy is an experienced
operations executive and composite engineer, and is the primary individual
responsible for the current WordStar vehicle design and production. Mr. Tidy
has served as Vice President of Operations since 2000, and a Director of the
Company since 2002.
Nicholas M. Kennedy was named as interim director on December 29, 2003 to
meet the Canadian legal requirement, until a full time director is chosen. Mr.
Nicholas Kennedy is a Canadian citizen and nephew of Mr. William Kennedy. Mr.
Nicholas Kennedy is co-founder of River of Life Humanitarian Organization
("ROL") in Zagreb, Croatia. He served as consultant for receiving and
distributing Humanitarian Aid Shipments for refugees and displaced people for
ROL in Zagreb from 1992 to 1996. He held the position of Logistics' Officer
for ROL in Sarajevo, Bosnia/Herzegovina from 1994 to 1996, and is currently
director of GIM in Osaka, Japan. He is fluent in English, Croatian, Bosnian,
and Serbian languages. He is additionally semi-fluent in German and Japanese,
and understands other Slavic languages including Russian. The Company believes
he will be an asset in communication with the Zastava Plant, which supplies
the engine platform for the WordStar vehicle.
ITEM 6. Exhibits and Reports on Form 8-K.
a. No reports on Form 8-K were filed during the fiscal quarter ended
December 31, 2003.
9
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: March 18, 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:
(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
10
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: March 18, 2004 /s/George I. Bates
-----------------------
George I. Bates
Treasurer/Interim Principal Accounting Officer
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
11
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
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: March 18, 2004 /s/William C. Kennedy
-----------------------
William C. Kennedy
Chief Executive Officer
12
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: March 18, 2004
/s/George I. Bates
------------------------------------
Name: George I. Bates
Title: Treasurer/Interim Principal Accounting Officer
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: March 18, 2004
/s/William C. Kennedy
------------------------------------
Name: William C. Kennedy
Title: Chief Executive Officer
13