Cloudweb, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Cloudweb, Inc. has filed its Q1 2024 10-Q report, detailing its financial status and operations.</b>

AI Summary

Cloudweb, Inc. (CLOW) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Cloudweb, Inc. filed a 10-Q report for the period ending March 31, 2024. The company's fiscal year ends on December 31. Cloudweb, Inc. was formerly known as Data Backup Solutions, Inc., CLOUDWEB, INC., and Formigli Inc. The company is incorporated in Florida. Cloudweb, Inc. is in the Services-Computer Programming, Data Processing, etc. industry (SIC 7370).

Why It Matters

For investors and stakeholders tracking Cloudweb, Inc., this filing contains several important signals. This filing provides investors with the latest quarterly financial performance and operational updates for Cloudweb, Inc. Understanding the 10-Q is crucial for assessing the company's current financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: low — Cloudweb, Inc. shows low risk based on this filing. The filing is a standard 10-Q, indicating routine reporting rather than an immediate crisis or significant positive development.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Cloudweb, Inc.'s performance and outlook.

Financial Highlights

revenue

27819385

total Assets

500000000

net Income

162595

eps

6074

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-05-06 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• Cloudweb, Inc. (company) — Filer name
• Data Backup Solutions, Inc. (company) — Former company name
• Formigli Inc. (company) — Former company name
• FL (location) — State of incorporation
• 7370 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Cloudweb, Inc. operates within the computer programming and data processing services sector.

Regulatory Implications

As a publicly traded company, Cloudweb, Inc. is subject to the reporting requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for Q1 2024.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into performance drivers and risks.
3. Compare Q1 2024 results to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing the most recent quarterly financial data.

Key Financial Figures

• $16,2595 — mber 31, 2023, due to related party was $16,2595 and $ 139,809 , respectively. NOTE 5 –
• $5,000 — he convertible notes elected to convert $5,000 principal portion of their notes for 5,
• $0.005 — - 1,000,000 shares) of common stock at $0.005 per share. An aggregate $ 20,000 princi
• $25,942 — e three months ended March 31, 2024 was $25,942 compared with net loss of $21,443 for t
• $21,443 — 4 was $25,942 compared with net loss of $21,443 for the three months ended March 31, 20
• $596,476 — our company had current liabilities of $596,476 as compared to $570,534 as of December
• $570,534 — liabilities of $596,476 as compared to $570,534 as of December 31, 2023. The increase i
• $16,450 — t cash used in operating activities was $16,450 compared to $16,939 used during the thr
• $16,939 — ting activities was $16,450 compared to $16,939 used during the three months ended Marc
• $9,492 — d by a net change in working capital of $9,492. Cash flows used in operating activit
• $4,504 — d by a net change in working capital of $4,504. Cash Flow from Investing Activities
• $233,413,889 — 2024, we had an accumulated deficit of $233,413,889. We believe that its existing capital r

Filing Documents

• clow_10q.htm (10-Q) — 387KB
• clow_ex311.htm (EX-31.1) — 10KB
• clow_ex321.htm (EX-32.1) — 6KB
• 0001640334-24-000720.txt (&nbsp;) — 1918KB
• clow-20240331.xsd (EX-101.SCH) — 23KB
• clow-20240331_lab.xml (EX-101.LAB) — 121KB
• clow-20240331_cal.xml (EX-101.CAL) — 20KB
• clow-20240331_pre.xml (EX-101.PRE) — 97KB
• clow-20240331_def.xml (EX-101.DEF) — 49KB
• clow_10q_htm.xml (XML) — 224KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Item 2.

Management's Discussion and Analysis of Financial Condition or Plan of Operation

Management's Discussion and Analysis of Financial Condition or Plan of Operation 11 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 14 Item 4.

Controls and Procedures

Controls and Procedures 14

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 15 Item 1A.

Risk Factors

Risk Factors 15 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 15 Item 3. Defaults Upon Senior Securities 15 Item 4. Mine Safety Disclosures 15 Item 5. Other Information 15 Item 6. Exhibits 15

SIGNATURES

SIGNATURES 16 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CLOUDWEB, INC. BALANCE SHEETS (in U.S. Dollars, except for number of shares or otherwise stated) March 31, 2024 December 31, 2023 ASSETS Total Current Assets $ - $ - TOTAL ASSETS $ - $ - LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued liabilities $ 58,206 $ 57,757 Accrued interest 226,369 217,326 Promissory notes payable 2,160 2,160 Convertible notes payable, net of note discount 153,482 153,482 Due to related party 156,259 139,809 Total Current Liabilities 596,476 570,534 Promissory notes payable 67,326 67,326 Total Liabilities 663,802 637,860 Stockholders' Deficit Common stock, no par value; 500,000,000 shares authorized, 27,819,385 shares issued and outstanding 237,937,821 237,937,821 Additional paid-in capital ( 5,091,518 ) ( 5,091,518 ) Accumulated deficit ( 233,413,889 ) ( 233,387,947 ) Accumulated deficit from discontinued operations ( 96,216 ) ( 96,216 ) Total Stockholders' Deficit ( 663,802 ) ( 637,860 ) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ - $ - The accompanying notes are an integral part of these unaudited condensed financial statements. 3 Table of Contents CLOUDWEB, INC. FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (in U.S. Dollars, except for number of shares or otherwise stated) Three Months Ended March 31, 2024 2023 OPERATING EXPENSES Professional fees $ 16,900 $ 12,500 Total Operating Expenses 16,900 12,500 OTHER EXPENSES Interest expense ( 9,042 ) ( 8,943 ) Total Operating Expenses ( 9,042 ) ( 8,943 ) NET LOSS $ ( 25,942 ) $ ( 21,443 ) NET LOSS PER SHARE: BASIC AND DILUTED $ ( 0.00 ) $ ( 0.00 ) WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED 27,819,385 27,819,385 The accompanying notes are an integral part of these unaudited condensed financial statements. 4 Table of

Management's Discussion and Analysis of Financial Condition or Plan of Operation

Item 2. Management's Discussion and Analysis of Financial Condition or Plan of Operation

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This quarterly report contains forward-looking statements relating to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "intends", "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 which may cause our or our industry's actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance 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 or performance. You should not place undue reliance on these statements, which speak only as of the date that they were made. These cautionary statements should be considered with any written or oral forward-looking statements that we may issue in the future. 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, later events or circumstances or to reflect the occurrence of unanticipated events. In this report unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to "common shares" refer to the common shares of our capital stock. The management's discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). As used in this quarterly report, the terms "we", "us", "our", and "our company

View Full Filing

View this 10-Q filing on SEC EDGAR