Race World International, Inc.

CIK:0001415736|SEC Filings

UNAUDITED INTERIM STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended		54 Months Ended
UNAUDITED INTERIM STATEMENTS OF OPERATIONS (USD $)	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011
REVENUE
Revenues	$ 0	$ 0	$ 0	$ 0	$ 14,073
Total Revenues	0	0	0	0	14,073
EXPENSES
Office and general	11,396	26,435	13,367	50,146	244,744
Professional Fees	(11,310)	12,977	(5,673)	28,592	166,418
Total Expenses	86	39,412	7,694	78,738	411,162
Loss from operations	(86)	(39,412)	(7,694)	(78,738)	(397,089)
Loss on Sale of Assets	0	0	0	0	(8,376)
NET LOSS	$ (86)	$ (39,412)	$ (7,694)	$ (78,738)	$ (405,465)
BASIC AND DILUTED LOSS PER COMMON SHARE	$ 0	$ 0	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	46,200,000	46,200,000	46,200,000	46,200,000

UNAUDITED INTERIM STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended		54 Months Ended
UNAUDITED INTERIM STATEMENTS OF CASH FLOWS (USD $)	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011
OPERATING ACTIVITIES
Net loss	$ (7,694)	$ (78,738)	$ (405,465)
Adjustment to reconcile net loss to net cash used in operating activities:
Loss on sale of race vehicle	0	0	8,376
Depreciation	0	1,625	6,624
(Increase) decrease in Refundable Taxes	(2,107)	1,087	(2,503)
Increase (decrease) in accrued expenses	0	32,288	136,336
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(9,801)	(43,738)	(256,632)
INVESTING ACTIVITIES
Promissory Note receivable (Note 3)	0	0	(95,000)
NET CASH PROVIDED BY INVESTING ACTIVITIES	0	0	(95,000)
FINANCING ACTIVITIES
Proceeds from sale of common stock	0	0	261,831
Advances from shareholders	17,830	366,069	97,830
NET CASH PROVIDED BY FINANCING ACTIVITIES	17,830	366,069	359,661
NET INCREASE ( DECREASE) IN CASH	8,029	322,331	8,029
CASH, BEGINNING OF PERIOD	0	1,874	0
CASH, END OF PERIOD	8,029	324,205	8,029
Supplemental cash flow information and noncash financing activities:
Interest paid	0	0	21
Non-cash events:
Proceeds from property & equipment	0	0	0
Offset against advances from shareholders	0	0	80,000
Promissory note receivable	0	0	95,000
Purchase of property and equipment	$ 0	$ 0	$ (95,000)

UNAUDITED BALANCE SHEETS (USD $)	Jun. 30, 2011	Dec. 31, 2010
CURRENT ASSETS
Cash at Bank	$ 8,029	$ 0
Refundable Taxes	2,503	396
TOTAL CURRENT ASSETS	10,532	396
CURRENT LIABILITIES
Accounts payable and accrued liabilities	27,384	27,384
Loans from Related Party	126,782	108,952
TOTAL CURRENT LIABILITIES	154,166	136,336
STOCKHOLDERS' EQUITY ( DEFICIT )
Capital stock Authorized 20,000,000 shares of preferred stock, $0.001 par value	0	0
Capital stock Authorized, 50,000,000 shares of common stock, $0.001 par value, Issued and outstanding 46,200,000 common shares	46,200	46,200
Additional Paid in Capital	215,631	215,631
Deficit accumulated during the development stage	(405,465)	(397,771)
TOTAL STOCKHOLDERS' EQUITY/(DEFICIT)	(143,634)	(135,940)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT)	$ 10,532	$ 396