Cloudweb, Inc. Files Q2 2024 10-Q

TL;DR

Cloudweb Inc. filed its Q2 10-Q. Financials not detailed here.

AI Summary

Cloudweb, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as Data Backup Solutions, Inc., reported financial results for the second quarter of 2024. Specific financial figures for this period were not detailed in the provided excerpt.

Why It Matters

This filing provides an update on Cloudweb, Inc.'s financial performance and operational status for the second quarter of 2024, which is crucial for investors and stakeholders to assess the company's trajectory.

Risk Assessment

Risk Level: low — The provided text is a standard SEC filing header and does not contain specific financial performance details or forward-looking statements that would indicate a high risk.

Key Numbers

• $500,000,000 — Maximum offering amount (Indicates potential capital raising activity)
• $27,819,385 — Proceeds from sales (Represents funds raised from sales)

Key Players & Entities

• Cloudweb, Inc. (company) — Filer
• Data Backup Solutions, Inc. (company) — Former company name
• Formigli Inc. (company) — Former company name
• 20240630 (date) — Reporting period end date
• 20240805 (date) — Filing date

FAQ

Key Financial Figures

• $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
• $19,093 — he three months ended June 30, 2024 was $19,093 compared with net loss of $20,593 for t
• $20,593 — 4 was $19,093 compared with net loss of $20,593 for the three months ended June 30, 202
• $45,035 — the six months ended June 30, 2024 was $45,035 compared with net loss of $42,036 for t
• $42,036 — 4 was $45,035 compared with net loss of $42,036 for the six months ended June 30, 2023
• $615,569 — our company had current liabilities of $615,569 as compared to $570,534 as of December
• $570,534 — liabilities of $615,569 as compared to $570,534 as of December 31, 2023. The increase i
• $21,950 — t cash used in operating activities was $21,950 compared to $23,109 used during the six
• $23,109 — ting activities was $21,950 compared to $23,109 used during the six months ended June 3
• $23,085 — d by a net change in working capital of $23,085. Cash flows used in operating activit
• $18,927 — d by a net change in working capital of $18,927. Cash Flow from Investing Activities

Filing Documents

• clow_10q.htm (10-Q) — 445KB
• clow_ex311.htm (EX-31.1) — 10KB
• clow_ex321.htm (EX-32.1) — 4KB
• 0001640334-24-001184.txt ( ) — 1988KB
• clow-20240630.xsd (EX-101.SCH) — 22KB
• clow-20240630_lab.xml (EX-101.LAB) — 118KB
• clow-20240630_cal.xml (EX-101.CAL) — 20KB
• clow-20240630_pre.xml (EX-101.PRE) — 93KB
• clow-20240630_def.xml (EX-101.DEF) — 43KB
• clow_10q_htm.xml (XML) — 250KB

- 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 12 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 15 Item 4.

Controls and Procedures

Controls and Procedures 15

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 16 Item 1A.

Risk Factors

Risk Factors 16 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 16 Item 3. Defaults Upon Senior Securities 16 Item 4. Mine Safety Disclosures 16 Item 5. Other Information 16 Item 6. Exhibits 17

SIGNATURES

SIGNATURES 18 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) June 30, 2024 December 31, 2023 (Unaudited) (Audited) ASSETS Total Current Assets $ - $ - TOTAL ASSETS $ - $ - LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued liabilities $ 62,757 $ 57,757 Accrued interest 235,411 217,326 Promissory notes payable 2,160 2,160 Convertible notes payable, net of note discount 153,482 153,482 Due to related party 161,759 139,809 Total Current Liabilities 615,569 570,534 Promissory notes payable 67,326 67,326 Total Liabilities 682,895 637,860 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 ( 233,432,982 ) ( 233,387,947 ) Accumulated deficit from discontinued operations ( 96,216 ) ( 96,216 ) Total Stockholders' Deficit ( 682,895 ) ( 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 SIX MONTHS ENDED JUNE 30, 2024 AND 2023 (in U.S. Dollars, except for number of shares or otherwise stated) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 OPERATING EXPENSES Professional fees $ 10,050 $ 11,550 $ 26,950 $ 24,050 Total Operating Expenses 10,050 11,550 26,950 24,050 OTHER EXPENSES Interest expense ( 9,043 ) ( 9,043 ) ( 18,085 ) ( 17,986 ) Total Operating Expenses ( 9,043 ) ( 9,043 ) ( 18,085 ) ( 17,986 ) NET LOSS $ ( 19,093 ) $ ( 20,593 ) $ ( 45,035 ) $ ( 42,036 ) NET LOSS PER SHARE: BASIC AND DILUTED $ ( 0.00 ) $ ( 0.00 ) $ ( 0.00 )

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

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View this 10-Q filing on SEC EDGAR