Cloudweb, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Cloudweb, Inc. has filed its 2023 annual report (10-K) detailing its business operations and financial standing.</b>

AI Summary

Cloudweb, Inc. (CLOW) filed a Annual Report (10-K) with the SEC on March 22, 2024. Cloudweb, Inc. filed its annual report for the fiscal year ending December 31, 2023. The company's principal executive offices are located at 800 W El Camino Real, Suite 180, Mountain View, CA 94040. Cloudweb, Inc. was formerly known as Data Backup Solutions, Inc., CLOUDWEB, INC., and Formigli Inc. The company's IRS number is 470978297 and it is incorporated in Florida (FL). The SIC code for Cloudweb, Inc. is 7370, indicating Services-Computer Programming, Data Processing, etc.

Why It Matters

For investors and stakeholders tracking Cloudweb, Inc., this filing contains several important signals. This filing provides a comprehensive overview of Cloudweb, Inc.'s business, financial condition, and results of operations for the fiscal year ended December 31, 2023, which is crucial for investors to assess the company's performance and future prospects. Understanding the company's history of name changes and its incorporation details offers context into its evolution and corporate structure.

Risk Assessment

Risk Level: low — Cloudweb, Inc. shows low risk based on this filing. The filing is a standard 10-K, providing historical information without immediate new financial data or significant disclosures that would alter the risk profile.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion, and risk factors to form an investment thesis.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting Period)
• 2024-03-22 — Filing Date (Submission Date)
• 7370 — SIC Code (Industry Classification)
• 470978297 — IRS Number (Tax Identification)

Key Players & Entities

• Cloudweb, Inc. (company) — Company Name
• Data Backup Solutions, Inc. (company) — Former Company Name
• Formigli Inc. (company) — Former Company Name
• 800 W El Camino Real, Suite 180, Mountain View, CA 94040 (company) — Business Address
• 470978297 (company) — IRS Number
• FL (company) — State of Incorporation
• 7370 (company) — Standard Industrial Classification
• 2023-12-31 (date) — Fiscal Year End

FAQ

Industry Context

Cloudweb, Inc. operates within the Services-Computer Programming, Data Processing, etc. industry, as indicated by its SIC code 7370.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Thoroughly review the 'Business' section of the 10-K to understand Cloudweb, Inc.'s operations and services.
2. Analyze the 'Financial Statements and Supplementary Data' for detailed revenue, net income, and balance sheet information.
3. Examine the 'Risk Factors' section for potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-22: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing; no prior filing data is available for comparison within this context.

Key Financial Figures

• $0.0475 — ne 30, 2022, was $ 2,518,829 based on a $0.0475 average bid and asked price of such com
• $72,000 — h it purchased from James Holland for US$72,000 (GBP 47,000) on November 25, 2015. At
• $50,083 — y-owned subsidiary, WHS, which included $50,083 USD for the fiscal year ended December
• $21,818 — fiscal year ended December 31, 2016 and $21,818 USD for the first three (3) months ende
• $77,418 — , 2023 and 2022. Net loss decreased to $77,418 for the year ended December 31, 2023 fr
• $102,996 — r the year ended December 31, 2023 from $102,996 for the year ended December 31, 2022 du
• $570,534 — any had a working capital deficiency of $570,534 compared with a working capital deficie
• $493,116 — ed with a working capital deficiency of $493,116 as at December 31, 2022. The increase i
• $43,049 — t cash used in operating activities was $43,049 compared to $61,800 used during the yea
• $61,800 — ting activities was $43,049 compared to $61,800 used during the year ended December 31,
• $34,369 — net changes in operating liabilities of $34,369. Cash flows used in operating activiti
• $1,184 — ced by amortization of debt discount of $1,184 and net changes in operating liabilitie
• $40,012 — net changes in operating liabilities of $40,012. Cash Flow from Investing Activities
• $233,387,947 — 2023, we had an accumulated deficit of $233,387,947. We believe that its existing capital r

Filing Documents

• clow_10k.htm (10-K) — 515KB
• clow_ex311.htm (EX-31.1) — 10KB
• clow_ex321.htm (EX-32.1) — 5KB
• 0001640334-24-000460.txt (&nbsp;) — 2290KB
• clow-20231231.xsd (EX-101.SCH) — 24KB
• clow-20231231_lab.xml (EX-101.LAB) — 138KB
• clow-20231231_cal.xml (EX-101.CAL) — 22KB
• clow-20231231_pre.xml (EX-101.PRE) — 111KB
• clow-20231231_def.xml (EX-101.DEF) — 51KB
• clow_10k_htm.xml (XML) — 266KB

BUSINESS

BUSINESS 4 ITEM 1A.

RISK FACTORS

RISK FACTORS 6 ITEM 1B. UNRESOLVED STAFF COMMENTS 6 ITEM 2.

PROPERTIES

PROPERTIES 6 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 6 ITEM 4. MINE SAFETY DISCLOSURES 6 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 7 ITEM 6.

SELECTED FINANCIAL DATA

SELECTED FINANCIAL DATA 8 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 8 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 10 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA F-1 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 11 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 11 ITEM 9B. OTHER INFORMATION 12 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 13 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 15 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 16 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 16 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 16 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 17 ITEM 16. FORM 10-K SUMMARY 17

SIGNATURES

SIGNATURES 18 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This annual report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled "Risk Factors" that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. Our consolidated financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. In this annual report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to "common shares" refer to the common shares in our capital stock. As used in this annual report and unless otherwise indicated, the terms "we", "us", "our" and "the Company" mean Cloudweb, Inc., unless otherwise indicated. 3 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS Our Company Cloudweb, Inc. is a Florida corporation incorporated on May 25, 2014 as Formigli, Inc. In December 2015, the Company changed its name to Data Backup, Inc., and on November 4, 2016, the Company changed its name to Data Backup Solutions Inc. On October 1, 2017, the Company changed its name to Cloudweb, Inc. Our headquarters are located at 800 W El Camino Real Suite 180 Mountain View, Florida, CA 94040. We do not have a corporate website. Corporate History Our Company was incorporated on May 25, 2014 under the name "Formigli, Inc." Our Company was originally formed with the intent to engage in the worldwide distribution of custom handmade Italian road bikes, made by Renzo Formigli. On December 3, 2015, Amy Chaffe, our former President, Chief Executive Officer, Chief Financial Officer and founder, decided to conduct a corporate restructuring. Our Company filed Articles of Amendment to our Articles of Incorporation with the Florida Department of State whereby we amended our Articles of Incorporation by (i) changing our name to "Cloudweb, Inc.", (ii) increasing our authorized number of shares of common stock from 100 million to 500 million, and (iii) increasing our total issued and outstanding shares of common stock by conducting a forward split of such shares at the rate of 100 shares for every one (1) share currently issued and outstanding and made submission to FINRA with respect to the corporate action and requested a change of ticker symbol to "CLOU". Our Company's common stock is quoted on the Pink Sheets of the OTC Markets, under the symbol "CLOW", and first traded on the OTC Markets in November 2015. On January 28, 2016, our Company concluded a Share Exchange Agreement entered into with Zhi De Liao ("Mr. Liao"), whereby our Company issued 2,500,000 shares of common stock to Mr. Liao in exchange for 100% of the issued and outstanding equity interests of Data Cloud Inc. a Nevada corporation ("Data Cloud"). Data Cloud owned 100%

RISK FACTORS

ITEM 1A. RISK FACTORS As a "smaller reporting company", we are not required to provide the information required by this Item.

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS As a "smaller reporting company", we are not required to provide the information required by this Item.

PROPERTIES

ITEM 2. PROPERTIES Our principal executive office is located at 800W El Camino Real Suite 180 Mountain View, CA. We believe that our facilities are generally adequate for our current needs, and that suitable additional office space will be available as needed in the foreseeable future.

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS From time to time, we may become involved in litigation relating to claims arising out of our operations in the normal course of business. We are not involved in any pending legal proceeding or litigation and, to the best of our knowledge, no governmental authority is contemplating any proceeding to which we are a party and which would reasonably be likely to have a material adverse effect on our Company. To date, our Company has never been involved in litigation, as either a party or a witness, nor has our Company been involved in any legal proceedings commenced by any regulatory agency against our Company.

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES Not Applicable. 6 Table of Contents PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information There is a limited public market for our common shares. Our common shares are listed for quotation on the Pink sheets of the OTC Markets under the trading symbol "CLOW". Trading in stocks quoted on the Pink Sheets is often thin and is characterized by wide fluctuations in trading prices due to many factors that may be unrelated to a company's operations or business prospects. Pink Sheet securities are not listed or traded on the floor of an organized national or regional stock exchange. Instead, OTC Pink Sheet securities transactions are conducted through a telephone and computer network connecting dealers in stocks. Pink Sheet issuers are traditionally smaller companies that do not meet the financial and other listing requirements of a regional or national stock exchange. Holders As of February 27, 2024, we had 34 shareholders of record of our common stock with 27,819,385 shares of common stock outstanding. Dividends We have not paid any cash dividends to our shareholders. The declaration of any future cash dividends is at the discretion of our board of directors and depends upon our earnings, if any, our capital requirements and financial position, our general economic conditions, and other pertinent conditions. It is our present intention not to pay any cash dividends in the foreseeable future, but rather to reinvest earnings, if any, in our business operations. Equity Compensation Plan Information We do not have any equity compensation plans. Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities None Purchase of Equity Securities by the Issuer and Affiliated Purchasers We did not purchase any of our shares of common stock or other securities during our fourth quarter of our fiscal year ended December 31, 2023. 7 Table of Contents

SELECTED FINANCIAL DATA

ITEM 6. SELECTED FINANCIAL DATA As a "smaller reporting company", we are not required to provide the information required by this Item.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our consolidated financial statements, including the notes thereto, appearing elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to those discussed below and elsewhere in this Annual Report. Our audited consolidated financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles. Results of Operations The following summary of our operations should be read in conjunction with our audited financial statements for the years ended December 31, 2023 and 2022, which are included herein. Year Ended December 31, 2023 2022 Changes % Operating expenses $ 41,150 $ 65,349 $ (24,199 ) (37 %) Other expenses 36,268 37,647 (1,379 ) (4 %) Net Loss $ 77,418 $ 102,996 $ (25,578 ) (25 %) We recognized no revenues for the years ended December 31, 2023 and 2022. Net loss decreased to $77,418 for the year ended December 31, 2023 from $102,996 for the year ended December 31, 2022 due to the decrease in professional fees and web development cost. Liquidity and Capital Resources Working Capital As of As of December 31, December 31, 2023 2022 Changes % Current Assets $ - $ - $ - - Current Liabilities $ 570,534 $ 493,116 $ 77,418 16 % Working Capital Deficiency $ (570,534 ) $ (493,116 ) $ (77,418 ) 16 % 8 Table of Contents Cash Flows Year Ended December 31, 2023 2022 Changes % Cash flows used in operating activities $ (43,049 ) $ (61,800 ) $ 18,751 (30 %) Cash flows provi

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Not Applicable. 10 Table of Contents

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA CLOUDWEB, INC. AUDITED FINANCIAL STATEMENTS DECEMBER 31, 2023 AND 2022 Page Report of Independent Registered Public Accounting Firm F-2 Balance Sheets F-3 F-4 F-5 F-6 Notes to the Financial Statements F-7 F-1 Table of Contents Report of Independent Registered Public Accounting Firm To the shareholders and the board of directors of Cloudweb, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Cloudweb, Inc. (the "Company") as of December 31, 2023 and 2022, the related statements of operations, stockholders' equity (deficit), and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States. Substantial Doubt about the Company's Ability to Continue as a Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Boar

View Full Filing

View this 10-K filing on SEC EDGAR