myFreightWorld Technologies, Inc.
FINANCIAL INFORMATION
(UNAUDITED)
Disclosure Statement
For the Nine Months Ended
September 30, 2010
Pink Sheets
Report for nine months ended September 30, 2010
Item 1
Exact Name of the issuer and the address of its principal executive offices.
My Freight World Technologies, Inc 7171 W 95th Street, Suite 310 Overland Park, KS 66212 Telephone: 913-905-5297 Facsimile: 866-879-4943 Formerly
• Anything Brands Online, Inc Until 3-2010 • Seguiri Basin Mining, Inc. Until 1-2008
• Caribbean Exploration Adventures, Inc. Until 3-2007 • Transworld Oil & Gas Ltd. Until 1-2007
• Alaska Oil & Gas Ltd. Until 11-2004
• Cable Advertising Systems, Inc. Until 7-2004
Item 2
Shares outstanding
The Company has an authorized capitalization of 700,000,000 shares of common stock with a par value of $.001 per share. At September 30, 2010, there were 246,877,300 shares issued and outstanding. The Company has not informed the transfer agent of recent subscriptions; therefore, the total outstanding common shares on the transfer agent’s books is 202,491,586. The Company has two classes of preferred stock, Class A and Class B. Both classes have a par value of $.001 per share. At September 30, 2010, there 9,580,947 and 20,604,576 of Class A and Class B shares outstanding, respectively.
Item 3
Interim consolidated financial statements
Consolidated Balance Sheet, Consolidated P&L, Consolidated Statement of Cash Flows, Consolidated Statement of Changes in Shareholders Equity & Notes to the Consolidated Financial Statements are available in a separate report (see Financial Information-for 9/30/2010).
Item 4
Managements Discussion and Analysis or Plan of Operation
MyFreightWorld Technologies is a business services outsourcing company that sells technology, services, and wholesale truck, rail, and airfreight capacity to 3PLs. Technology services including our proprietary Transportation Management System (TMS) are offered via the web or are accessible through web service applications and are provided primarily through
Item 4
Managements Discussion and Analysis or Plan of Operation (cont’d)
private label arrangements. Features and services are offered on an unbundled basis for those who can benefit from any part of the total solution we offer. TMS functionality includes
competitive rates with carriers in all modes; instantaneous quotes from multiple carriers;
automated shipment execution; real-time status; unlimited number of users; ability to customize access, views, and mark-ups; and reporting, searching, and data mining.
In connection with the reverse merger that occurred during the first quarter of 2010, My Freight World Technologies named a new Board of Directors to take an active role in managing all business activities. Named to the Board of Directors were:
Chairman of the Board: Wayne Auer / Founder and CEO of Cactus Software and Co-Founder of myFreightWorld Technologies. Mr. Auer oversees all facets of the company including all
technology-related aspects of the company.
Director: J. Michael Head / Founder and CEO of myFreightWorld Technologies. Mr. Head leads all aspects of the company with a special focus on Mergers & Acquisitions and
Investor/Stockholder relations.
Director: Patrick J. O'Malley / Founder and President of Shamrock Holdings. Mr. O'Malley provides insight and oversight for the Executive Staff of MFWT.
Director: Timothy C. Norton / President of Anything Brands Online. Mr. Norton was responsible for oversight on all existing Anything Brands Programs & Dividends for ABOL/AGO; however, on July 5, 2010, Mr. Norton resigned as a director of the Company.
We plan to add three outside director positions over the coming months and years, as
appropriate, as we grow. We intend to solicit directors that will have experience at the executive level of a public logistics company. We have four of the largest public logistics companies in the country as customers today. We have begun talking to candidates already."
Strategy
My Freight World Technologies, Inc will continue to be the leader in providing services to
Logistics Managers by developing technology, mergers, acquisitions and strategic alliances that will allow the realization of its vision to create shareholder value and wealth through
monetization of its projects and potential discoveries through partnerships with significant players with ready capital and production expertise.
Item 5
Legal Proceedings
To the best of our knowledge there are no existing or threatening legal proceedings against the company.
Item 6
Defaults upon senior securities
Item 7
Other information
Completion of Acquisition or Disposition of Assets, Including but not Limited to Mergers.
On March 25, 2008, the Company stated in its first disclosure statement with pinksheets that in addition to its current operations it was seeking logistics service and systems providers in the freight transportation industry for its Anything Trucker division.
During January 2009, the Company, entered into a Letter of Intent (LOI) to acquire the Client Management Department division (CMD) of myFreightWorld.com, LLC domiciled in Kansas and on March 31, 2009, the Company completed the acquisition. The Company was not a shell company prior to the transaction. At the time of the closing, the CEO of the Company, Michael Head, owned approximately 12% of myFreightWorld.com, LLC.
The CMD of myFreightWorld.com provides in-depth support with its powerful Suite of Services allowing Logistics Managers to focus on the critical areas of account management and logistics strategy without getting bogged down in the operational minutia of transaction execution and documentation. It provides support to the Transportation Management System (TMS) of myFreightWorld.com and the client. As part of that support, the department provides:
1. Daily quality checks to ensure freight is picked up,
2. Serve as primary point of contact for the client,
3. Monitor shipment movements,
4. Communicate any issues to the client and provide information upon request. Prior to the closing, myFreightWorld.com, LLC transferred its CMD division to a Nevada corporation named MyFreightWorld Carrier Management Inc. (MFCM). Additionally, a group of accredited investors agreed to invest $2M in exchange for Class A and Class B Preferred shares of the Company. The Company received all of MFCM’s outstanding capital stock in consideration for agreeing to issue to myFreightWorld.com, LLC and the group of accredited investors 3,900,000 shares of Class A Preferred and 20,112,909 shares of Class B Preferred, and a note for $2 million to myFreightWorld.com, LLC. Subsequent amendment revised the shares to be issued to a total of 24,012,909 Class A and Class B Preferred shares. The note accrues interest at 8%. Through third quarter of 2010, the Company paid myFreightWorld.com $120,000 of accrued interest and $1.122 million in principal payments. At June 30, 2010, the Company owed $758,000 on the note payable.
The Company also received an option, expiring June 1, 2011, to purchase 51% of the Intellectual Property that drives CMD for $3 million from myFreightWorld, LLC.
Item 7
Other information (cont’d)
On September 1, 2010, the Company purchased All Modes Transport Limited, a Kansas corporation, in exchange for 25 million common shares of the Company and an estimated $300,000 to be paid in periodic installments over the next thirteen months.
Changes in Control of Issuer.
Michael Head was the Chief Executive Officer prior to the acquisition of MFCM as described above. At March 31, 2009, Mr. Head, owned approximately 12% of myFreightWorld.com that sold its CMD to the Company.
Item 8 Exhibits
N/A
Item 9
Certifications
I J Michael Head certify that:
1) I have reviewed this annual disclosure statement of My Freight World Technologies, Inc. 2) Based on my knowledge, this disclosure statement 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 disclosure statement; and
3) Based on my knowledge, the financial statements, and other financial information included or incorporated by reference in this disclosure statement, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this disclosure statement.
November 15, 2010
“/s/” J Michael Head J Michael Head CEO and President