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"
means Cloudweb, Inc., unless otherwise indicated.
General Overview
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 are currently exploring different options of further developing and marketing
our web hosting and data storage services Hostwizer.com, W8hosting.com, and
JeyCloud.com. This includes plans to make hosting available for free while being
supported by advertiser content. The Company will also look into white labeling
its services to allow other brands to use our platforms for their own needs.
We do not have any subsidiaries.
We have never declared bankruptcy, been in receivership, or involved in any kind
of legal proceeding.
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Table Of Contents
Results of Operations
The following summary of our operations should be read in conjunction with our
unaudited condensed financial statements for the three months ended March 31,
2022 and 2021.
Three months ended March 31, 2022 compared to three months ended March 31, 2021
Three months ended
March 31,
2022 2021 Changes %
Operating expenses
Professional fees $ 19,300 $ 17,050 $ 2,250 13 %
Total operating expenses 19,300 17,050 2,250 13 %
Other expenses
9,728 9,730 (2 ) -
Net Loss $ 29,028 $ 26,780 $ 2,248 8 %
We had no revenue for the three months ended March 31, 2022 and 2021.
Our net loss for the three months ended March 31, 2022 was $29,028 compared with
net loss of $26,780 for the three months ended March 31, 2020 due to the
increase in professional fees.
Liquidity and Capital
Working Capital
As of As of
March 31, December 31,
2022 2021 Changes %
Current Assets $ - $ - $ - -
Current Liabilities $ 421,648 $ 392,620 $ 29,028 7 %
Working Capital Deficit $ (421,648 ) $ (392,620 ) $ (29,028 ) 7 %
As at March 31, 2022 and December 31, 2021, our company had no cash and assets.
As at March 31, 2022, our company had total liabilities of $448,974, of which
included convertible notes payable of $155,398, accrued interest of $153,724,
promissory notes payable of $69,486, accounts payable and accrued liabilities of
$57,506 and due to related party of $52,860. As at December 31, 2021, our
company had total liabilities of $459,946, of which included convertible notes
payable of $154,798, accrued interest of $144,593, promissory note payable of
$69,486, accounts payable and accrued liabilities of $56,109 and due to related
party of $34,960.
As at March 31, 2022, our company had a working capital deficiency of $421,648
compared with a working capital deficit of $392,620 as at December 31, 2021. The
increase in working capital deficit was primarily due to an increase in due to
related party and accrued interest.
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Table Of Contents
Cash Flows
Three months ended
March 31,
2022 2021 Changes %
Cash flows used in operating activities $ (17,900 ) $ (16,300 ) $ (1,600 ) 10 %
Cash flows provided by financing activities 17,900 16,300 1,600 10 %
Net changes in cash
$ - $ - $ - -
Cash Flow from Operating Activities
We have not generated positive cash flow from operating activities. During the
three months ended March 31, 2022, net cash used in operating activities was
$17,900 compared to $16,300 used during the three months ended March 31, 2021.
Cash flows used in operating activities during the three months ended March 31,
2022, comprised of a net loss of $29,028, which was reduced by non-cash expenses
of $600 for amortization of debt discount and a net change in working capital of
$10,528. Cash flows used in operating activities during the three months ended
March 31, 2021, comprised of a net loss of $26,780, which was reduced by
non-cash expenses of $597 for amortization of debt discount and a net change in
working capital of $9,883.
Cash Flow from Investing Activities
During the three months ended March 31, 2022 and 2021, our company did not have
any investing activities.
Cash Flow from Financing Activities
During the three months ended March 31, 2022, net cash provided by financing
activities was $17,900 compared to $16,300 during the three months ended March
31, 2021. During the three months ended March 31, 2022 and 2021, the Company
received $17,900 and $16,300 for advancement from the Company's Director for
paying operating expenses, respectively.
Going Concern
As of March 31, 2022, we had an accumulated deficit of $233,236,561. We believe
that its existing capital resources may not be adequate to enable it to execute
its business plan. These conditions raise substantial doubt as to our Company's
ability to continue as a going concern. Our Company is currently exploring
different options of further developing and marketing our web hosting and data
storage services. The accompanying condensed financial statements do not include
any adjustments that might be necessary should we be unable to continue as a
going concern. If we fail to generate positive cash flow or obtain additional
financing, when required, we may have to modify, delay, or abandon some or all
of our business plans.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements that have or are reasonably likely to
have a current or future effect on our financial condition, changes in financial
condition, revenues or expenses, results of operations, liquidity, capital
expenditures or capital resources that are material to stockholders.
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