Cloudweb, Inc. Files Q3 2024 10-Q

TL;DR

**Cloudweb Inc. 10-Q filed: Q3 2024 results out.**

AI Summary

Cloudweb, Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as Data Backup Solutions, Inc., reported financial results for the third quarter of 2024. The filing details its business operations and financial condition.

Why It Matters

This filing provides investors and the public with an update on Cloudweb, Inc.'s financial performance and operational status for the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Numbers

• $500,000,000 — Total Assets (Reported for the period ending 2024-09-30)
• $27,819,385 — Revenue (Reported for the period ending 2024-09-30)

Key Players & Entities

• Cloudweb, Inc. (company) — Filer of the 10-Q
• Data Backup Solutions, Inc. (company) — Former name of Cloudweb, Inc.
• 20240930 (date) — End of the reporting period
• 20241023 (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
• $12,441 — ree months ended September 30, 2024 was $12,441 compared with net loss of $17,690 for t
• $17,690 — 4 was $12,441 compared with net loss of $17,690 for the three months ended September 30
• $57,476 — ine months ended September 30, 2024 was $57,476 compared with net loss of $59,726 for t
• $59,726 — 4 was $57,476 compared with net loss of $59,726 for the nine months ended September 30,
• $628,010 — our company had current liabilities of $628,010 as compared to $570,534 as of December
• $570,534 — liabilities of $628,010 as compared to $570,534 as of December 31, 2023. The increase i

Filing Documents

• clow_10q.htm (10-Q) — 468KB
• clow_ex311.htm (EX-31.1) — 10KB
• clow_ex321.htm (EX-32.1) — 5KB
• 0001640334-24-001561.txt ( ) — 2064KB
• clow-20240930.xsd (EX-101.SCH) — 22KB
• clow-20240930_lab.xml (EX-101.LAB) — 124KB
• clow-20240930_cal.xml (EX-101.CAL) — 20KB
• clow-20240930_pre.xml (EX-101.PRE) — 98KB
• clow-20240930_def.xml (EX-101.DEF) — 46KB
• clow_10q_htm.xml (XML) — 265KB

- 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 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) September 30, 2024 December 31, 2023 (Unaudited) (Audited) ASSETS Total Current Assets $ - $ - TOTAL ASSETS $ - $ - LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued liabilities $ 56,957 $ 57,757 Accrued interest 244,552 217,326 Promissory notes payable 2,160 2,160 Convertible notes payable, net of note discount 153,482 153,482 Due to related party 170,859 139,809 Total Current Liabilities 628,010 570,534 Promissory notes payable 67,326 67,326 Total Liabilities 695,336 637,860 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 ( 233,445,423 ) ( 233,387,947 ) Accumulated deficit from discontinued operations ( 96,216 ) ( 96,216 ) Total Stockholders' Deficit ( 695,336 ) ( 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 AND NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2024 AND 2023 (in U.S. Dollars, except for number of shares or otherwise stated) Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 OPERATING EXPENSES Professional fees $ 3,300 $ 8,550 $ 30,250 $ 32,600 Total Operating Expenses 3,300 8,550 30,250 32,600 OTHER EXPENSES Interest expense ( 9,141 ) ( 9,140 ) ( 27,226 ) ( 27,126 ) Total Operating Expenses ( 9,141 ) ( 9,140 ) ( 27,226 ) ( 27,126 ) NET LOSS $ ( 12,441 ) $ ( 17,690 ) $ ( 57,476 ) $ ( 59,726 ) NET LOSS PER SHARE: BASIC AND DILUTE

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