UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

For the quarterly period ended September 30, 2023

 

or

 

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

For the transition period from _________ to _________

 

 

Commission File Number 333-199193

 

Cloudweb, Inc.

(Exact name of registrant as specified in its charter)

 

Florida

 

47-0978297

(State or other jurisdiction of

incorporation or organization)

 

(IRS Employer

Identification No.)

 

 

 

800 W El Camino Real Suite 180

Mountain View, CA

 

94040

(Address of principal executive offices)

 

(Zip Code)

 

650-963-7749

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

None

None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes   ☐ NO

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes   ☐ NO

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated Filer

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) YES   ☒ NO

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS

 

Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. ☐ YES   ☐ NO

 

APPLICABLE ONLY TO CORPORATE ISSUERS

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

27,819,385 common shares issued and outstanding as of October 5, 2023.

 

 

 

TABLE OF CONTENTS

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

Financial Statements

 

3

 

Item 2.

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

 

12

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

15

 

Item 4.

Controls and Procedures

 

15

 

 

 

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

16

 

Item 1A.

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

 

18

 

 

 
2

Table of Contents

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

CLOUDWEB, INC.

BALANCE SHEETS

(in U.S. Dollars, except for number of shares or otherwise stated)

 

 

 

September 30, 2023

 

 

December 31, 2022

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Current Assets

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$54,706

 

 

$59,656

 

Accrued interest

 

 

208,185

 

 

 

181,058

 

Promissory notes payable

 

 

2,160

 

 

 

2,160

 

Convertible notes payable, net of note discount

 

 

153,482

 

 

 

153,482

 

Due to related party

 

 

134,309

 

 

 

96,760

 

Total Current Liabilities

 

 

552,842

 

 

 

493,116

 

 

 

 

 

 

 

 

 

 

Promissory notes payable

 

 

67,326

 

 

 

67,326

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

 

620,168

 

 

 

560,442

 

 

 

 

 

 

 

 

 

 

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

 

 

(233,370,255)

 

 

(233,310,529)

Accumulated deficit from discontinued operations

 

 

(96,216)

 

 

(96,216)

Total Stockholders’ Deficit

 

 

(620,168)

 

 

(560,442)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

 

$-

 

 

$-

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 
3

Table of Contents

 

CLOUDWEB, INC.

STATEMENTS OF OPERATIONS

FOR THE NINE MONTHS AND THREE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(in U.S. Dollars, except for number of shares or otherwise stated)

 

 

 

Three Months Ended

 

 

 Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

Professional fees

 

$8,550

 

 

$9,150

 

 

$32,600

 

 

$37,950

 

Total Operating Expenses

 

 

8,550

 

 

 

9,150

 

 

 

32,600

 

 

 

37,950

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(9,140)

 

 

(9,142)

 

 

(27,126)

 

 

(28,505)

Total Operating Expenses

 

 

(9,140)

 

 

(9,142)

 

 

(27,126)

 

 

(28,505)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS

 

$(17,690)

 

$(18,292)

 

$(59,726)

 

$(66,455)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS PER SHARE: BASIC AND DILUTED

 

$(0.00)

 

$(0.00)

 

$(0.00)

 

$(0.00)

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED

 

 

27,819,385

 

 

 

29,632,572

 

 

 

27,819,385

 

 

 

25,291,811

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 
4

Table of Contents

 

CLOUDWEB, INC.

STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(in U.S. Dollars, except for number of shares or otherwise stated)

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From

 

 

 

 

 

Common Stock (no par value)

 

 

Additional

 

 

 

 

 

Discontinued

 

 

Total

 

 

 

Number of Shares

 

 

Amount

 

 

Paid-In

Capital

 

 

Accumulated

Deficit

 

 

Operations Deficit

 

 

Stockholders'

Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - December 31, 2022

 

 

27,819,385

 

 

$237,937,821

 

 

$(5,091,518)

 

$(233,310,529)

 

$(96,216)

 

$(560,442)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(21,443)

 

 

-

 

 

 

(21,443)

Balance - March 31, 2023

 

 

27,819,385

 

 

$237,937,821

 

 

$(5,091,518)

 

$(233,331,972)

 

$(96,216)

 

$(581,885)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(20,593)

 

 

-

 

 

 

(20,593)

Balance - June 30, 2023

 

 

27,819,385

 

 

$237,937,821

 

 

$(5,091,518)

 

$(233,352,565)

 

$(96,216)

 

$(602,478)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(17,690)

 

 

-

 

 

 

(17,690)

Balance - September 30, 2023

 

 

27,819,385

 

 

$237,937,821

 

 

$(5,091,518)

 

$(233,370,255)

 

$(96,216)

 

$(620,168)

 

Nine Months Ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From

 

 

 

 

 

 

Common Stock (no par value)

 

 

Additional

 

 

 

 

 

 

 

Discontinued

 

 

Total 

 

 

 

Number of Shares

 

 

Amount

 

 

Paid-In

Capital

 

 

Stock

Payable

 

 

Accumulated

Deficit

 

 

Operations Deficit

 

 

Stockholders'

Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - December 31, 2021

 

 

319,385

 

 

$128,437,821

 

 

$155,982

 

 

$104,250,000

 

 

$(233,207,533)

 

$(96,216)

 

$(459,946)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Issuance for director compensation

 

 

25,000,000

 

 

 

104,250,000

 

 

 

-

 

 

 

(104,250,000)

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(29,028)

 

 

-

 

 

 

(29,028)

Balance - March 31, 2022

 

 

25,319,385

 

 

$232,687,821

 

 

$155,982

 

 

$-

 

 

$(233,236,561)

 

$(96,216)

 

$(488,974)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Issuance for repayment of convertible note

 

 

2,500,000

 

 

 

5,250,000

 

 

 

(5,247,500)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,500

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(19,135)

 

 

-

 

 

 

(19,135)

Balance - June 30, 2022

 

 

27,819,385

 

 

$237,937,821

 

 

$(5,091,518)

 

$-

 

 

$(233,255,696)

 

$(96,216)

 

$(505,609)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(18,292)

 

 

-

 

 

 

(18,292)

Balance - September 30, 2022

 

 

27,819,385

 

 

$237,937,821

 

 

$(5,091,518)

 

$-

 

 

$(233,273,988)

 

$(96,216)

 

$(523,901)

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 
5

Table of Contents

 

CLOUDWEB, INC.

STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(in U.S. Dollars, except for number of shares or otherwise stated)

 

 

 

 Nine Months Ended

 

 

 

 September 30,

 

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net loss

 

$(59,726)

 

$(66,455)

Adjustments to reconcile net loss to net cash from operating activities:

 

 

 

 

 

 

 

 

Amortization of debt discount

 

 

-

 

 

 

1,184

 

Changes in operating liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

 

(4,950)

 

 

497

 

Accrued interest

 

 

27,127

 

 

 

27,324

 

Net cash used in operating activities

 

 

(37,549)

 

 

(37,450)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Advancement from related party

 

 

37,549

 

 

 

37,450

 

Net cash provided by financing activities

 

 

37,549

 

 

 

37,450

 

 

 

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

 

-

 

 

 

-

 

Cash and cash equivalents - beginning of period

 

 

-

 

 

 

-

 

Cash and cash equivalents - end of period

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

Supplemental Cash Flow Disclosures

 

 

 

 

 

 

 

 

Cash paid for interest

 

$-

 

 

$-

 

Cash paid for income taxes

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

Non-Cash Investing and Financing Activity:

 

 

 

 

 

 

 

 

Share Issuance for director compensation

 

$-

 

 

$104,250,000

 

Share Issuance for repayment of convertible notes

 

$-

 

 

$2,500

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 
6

Table of Contents

 

CLOUDWEB, INC.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

AS OF AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(in U.S. Dollars, except for number of shares or otherwise stated)

 

NOTE 1 – ORGANIZATION AND BUSINESS OPERATIONS

 

Cloudweb, Inc. (the “Company”, or “we”) 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.

 

We are currently exploring different options of further developing and marketing our web hosting and data storage services. 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.

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles used in the United States of America (“US GAAP”) and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent Annual Financial Statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K as filed with the SEC on March 31, 2023.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Fair Value of Financial Instruments

 

ASC 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

 

These tiers include:

 

Level 1: defined as observable inputs such as quoted prices in active markets;

Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

 

The carrying value of cash, prepayments and the Company’s loan from shareholder approximates its fair value due to their short-term maturity.

 

Web Development Cost

 

In accordance with FASB ASC350-50 “Web Development Costs”, all costs incurred during the website planning stage are incurred. During the website application and infrastructure development stage, software tool costs and internet domain costs are capitalized, and website hosting costs are expensed. Cost incurred in the graphics development, content development and operating stage are generally expensed unless the costs are software related and should then be capitalized.

 

 
7

Table of Contents

 

Share-based Expenses

 

ASC 718 “Compensation – Stock Compensation” prescribes accounting and reporting standards for all share-based payment transactions in which employee services and non-employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees and non-employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).

 

Basic and Diluted Income (Loss) Per Share

 

The Company computes income (loss) per share in accordance with FASB ASC 260, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.

 

For the nine months ended September 30, 2023 and 2022, respectively, the following convertible notes were excluded from the computation of diluted net loss per shares as the result of the computation was anti-dilutive:

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

 

(Shares)

 

 

(Shares)

 

Convertible notes payable

 

 

55,327,097

 

 

 

55,326,667

 

 

Recent accounting pronouncements

 

In August 2020, the FASB issued ASU 2020-06, ASC Subtopic 470-20 “Debt—Debt with “Conversion and Other Options” and ASC subtopic 815-40 “Hedging—Contracts in Entity’s Own Equity”. The standard reduced the number of accounting models for convertible debt instruments and convertible preferred stock. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting; and, (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 removes from U.S. GAAP the separation models for (1) convertible debt with a CCF and (2) convertible instruments with a beneficial conversion feature (“BCF”). With the adoption of ASU 2020-06, entities will not separately present in equity an embedded conversion feature these debts. The amendments in this update are effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company has chosen to early adopt this standard on January 1, 2021 financial statements and did not record BCF on the issuance of convertible notes with conversion rate below the Company’s market stock price on the date of note issuance. 

 

NOTE 3 – GOING CONCERN

 

The Company believes that its existing capital resources may not be adequate to enable it to execute its business plan. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern. The Company estimates that it will require additional cash resources from loan from related party and unaffiliated parties based on its current operating plan and condition. The accompanying 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 and expansion plans.

 

 
8

Table of Contents

 

NOTE 4 – RELATED PARTY TRANSACTIONS

 

During the nine months ended September 30, 2023 and 2022, the Director of the Company advanced $37,549 and $37,450 for paying operating expenses on behalf of the Company, respectively. The loan is non-interest bearing and due on demand.

 

As of September 30, 2023 and December 31, 2022, due to related party was $134,309 and $96,760, respectively.

 

NOTE 5 – PROMISSORY NOTES

 

 

 

 

September 30,

 

 

December 31,

 

 

 

 

 

Expiry Date

 

2023

 

 

2022

 

 

Interest Rate

 

Promissory  Note - November 2017

 

Due on demand

 

$2,160

 

 

$2,160

 

 

60% per annum

 

Promissory  Note - March 2018

 

3/31/2028

 

 

15,296

 

 

 

15,296

 

 

30% per annum

 

Promissory  Note - June 2018

 

6/29/2028

 

 

12,249

 

 

 

12,249

 

 

30% per annum

 

Promissory  Note - September 2018

 

9/29/2028

 

 

5,408

 

 

 

5,408

 

 

30% per annum

 

Promissory  Note - December 2018

 

12/30/2028

 

 

6,137

 

 

 

6,137

 

 

30% per annum

 

Promissory  Note - March 2019

 

3/30/2029

 

 

7,150

 

 

 

7,150

 

 

30% per annum

 

Promissory  Note - June 2019

 

6/30/2029

 

 

10,105

 

 

 

10,105

 

 

30% per annum

 

Promissory  Note - September 2019

 

9/30/2029

 

 

4,081

 

 

 

4,081

 

 

30% per annum

 

Promissory  Note - December 2019

 

12/31/2029

 

 

6,900

 

 

 

6,900

 

 

30% per annum

 

 

 

 

 

 

69,486

 

 

 

69,486

 

 

 

 

Less current portion of promissory note payable

 

 

 

 

(2,160 )

 

 

(2,160 )

 

 

 

Long-term promissory notes payable

 

 

 

$67,326

 

 

$67,326

 

 

 

 

 

As of September  30, 2023 and December 31, 2022, the accrued interest on the promissory notes was $105,764 and $89,464, respectively.

 

NOTE 6 – CONVERTIBLE NOTES

 

 

 

 

September 30,

 

 

December 31,

 

 

 

Expiry Date

 

2023

 

 

2022

 

Convertible Notes - July 2017

 

6/30/2022

 

$116,000

 

 

$116,000

 

Convertible Notes - January 2020

 

Due on demand

 

 

8,033

 

 

 

8,033

 

Convertible Notes - March 2020

 

Due on demand

 

 

4,768

 

 

 

4,768

 

Convertible Notes - June 2020

 

Due on demand

 

 

13,800

 

 

 

13,800

 

Convertible Notes - September 2020

 

Due on demand

 

 

7,307

 

 

 

7,307

 

Convertible Notes - December 2020

 

Due on demand

 

 

3,574

 

 

 

6,074

 

Less debt discount

 

 

 

 

-

 

 

 

(1,184 )

 

 

 

 

 

153,482

 

 

 

154,798

 

Less current portion of convertible note payable

 

 

 

 

(153,482 )

 

 

(154,798 )

Long-term convertible notes payable

 

 

 

$-

 

 

$-

 

 

 
9

Table of Contents

 

Convertible Notes – July 2017

 

On July 1, 2017, the Company replaced the promissory notes held by the four non-affiliated assignees with convertible notes at principal amount of $34,000, for total note principal amount of $136,000. The convertible notes bear interest at 4% per annum, has an original expiry date of June 30, 2019 and subsequently extended to June 30, 2022 and are convertible at $0.005 per share for the Company common stock. On January 2, 2018, the four non-affiliated holders of the convertible notes elected to convert $5,000 principal portion of their notes for 5,000 shares (pre 200:1 reverse stock split - 1,000,000 shares) of common stock at $0.005 per share. An aggregate $20,000 principal amount of the four convertible notes were converted for 4,000,000 common shares. The note is currently at default.

 

Convertible Note – January 2020

 

On January 2, 2020, the Company replaced a promissory note of $17,033 originally issued to an unaffiliated party on December 31, 2017 with a convertible note of $17,033. The convertible note is due on demand, bear interest at 10% per annum and is convertible at $0.003 per share. The discount on convertible note from beneficial conversion feature of $17,033 was fully amortized during the year ended December 31, 2020. On March 4, 2020, this convertible note was sold to another unaffiliated party.

 

Convertible Note – March 2020

 

On March 4, 2020, the convertible note originally issued on January 2, 2020 comprising of principal amount of $17,033 and accrued interest of $21,073 was sold to another unaffiliated party. On March 23, 2020, the principal amount of the convertible note of $9,000 was converted into 15,000 shares (pre 200:1 reverse stock split - 3,000,000 shares) of common stock. (see Note 7)

 

On March 31, 2020, the Company issued to an unaffiliated party a convertible note at $4,768 for paying operating expenses on behalf of the Company. The convertible note is due on demand, bears interest at 30% per annum and is convertible at $0.001 per share. The discount on convertible note from beneficial conversion feature of $4,768 was fully amortized during the year ended December 31, 2020.

 

Convertible Note – June 2020

 

On June 30, 2020, the Company issued to an unaffiliated party a convertible note at $13,800 for paying operating expenses on behalf of the Company. The convertible note is due on demand, bears interest at 30% per annum and is convertible at $0.001 per share. The discount on convertible note from beneficial conversion feature of $13,800 was fully amortized during the year ended December 31, 2020.

 

Convertible Note – September 2020

 

On September 30, 2020, the Company issued to an unaffiliated party a convertible note at $7,307 for paying operating expenses on behalf of the Company. The convertible note is due on demand, bears interest at 30% per annum and is convertible at $0.001 per share. The discount on convertible note from beneficial conversion feature of $7,307 was fully amortized during the year ended December 31, 2020.

 

Convertible Note – December 2020

 

On December 31, 2020, the Company issued to an unaffiliated party a convertible note at $6,074 for paying operating expenses on behalf of the Company. The convertible note is due on demand, bears interest at 30% per annum and is convertible at $0.001 per share. The discount on convertible note from beneficial conversion feature of $6,074 was fully amortized during the year ended December 31, 2020. During the year ended December 31, 2022, the Company issued 2,500,000 for partial repayment of the convertible note of $2,500 at $2.10 stock price. As of September 30, 2023, the convertible note was $3,574.

 

As of September 30, 2023 and December 31, 2022, the convertible notes payable was $153,482, net of note discount and accrued interest payable was $102,421 and $95,164, respectively.

 

 
10

Table of Contents

 

 

NOTE 7 - EQUITY

 

Authorized Stock

 

The Company’s authorized common stock consists of 500,000,000 shares with no par value.

 

Common Shares

 

During nine months ended September 30, 2022, the Company issued 25,000,000 shares of restricted common stock valued at $104,250,000 to the Director of the Company for year 2021 salary.

 

During nine months ended September 30, 2022, the Company issued 2,500,000 for partial repayment of the convertible note of $2,500 at $2.10 stock price.

 

As of September 30, 2023 and December 31, 2022, the issued and outstanding shares of common stock was 27,819,385.

 

NOTE 8 – SUBSEQUENT EVENTS

 

In accordance with ASC 855, “Subsequent Events,” the Company has analyzed its operations subsequent to September 30, 2023 to the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements.

 

 
11

Table of Contents

 

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

 

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

 

 
12

Table of Contents

 

 

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.

 

Results of Operations

 

The following summary of our operations should be read in conjunction with our unaudited condensed financial statements for the nine ended September 30, 2023 and 2022.

 

Three months ended September 30, 2023 compared to three months ended September 30, 2022

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

September 30,

 

 

 

 

 

 

 

 

 

2023

 

 

2022

 

 

Changes

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$-

 

 

$-

 

 

$-

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional fees

 

$8,550

 

 

$9,150

 

 

$(600)

 

(7%)

 

Total operating expenses

 

 

8,550

 

 

 

9,150

 

 

 

(600)

 

(7%)

 

Other expenses

 

 

9,140

 

 

 

9,142

 

 

 

(2)

 

 

-

 

Net Loss

 

$17,690

 

 

$18,292

 

 

$(602)

 

(3%)

 

 

 Our net loss for the three months ended September 30, 2023 was $17,690 compared with net loss of $18,292 for the three months ended September 30, 2022 due to the increase in professional fees.

 

Nine months ended September 30, 2023 compared to nine months ended September 30, 2022

 

 

 

Nine Months Ended

 

 

 

 

 

 

September 30,

 

 

 

 

 

 

2023

 

 

2022

 

 

Changes%

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

Professional fees

 

$32,600

 

 

$37,950

 

 

$(5,350)(14%)

Total operating expenses

 

 

32,600

 

 

 

37,950

 

 

 

(5,350)(14%)

Other expenses

 

 

27,126

 

 

 

28,505

 

 

 

(1,379)(5%)

Net Loss

 

$59,726

 

 

$66,455

 

 

$(6,729)(10%)

 

Our net loss for the nine months ended September 30, 2023 was $59,726 compared with net loss of $66,455 for the nine months ended September 30, 2022 due to the decrease in professional fees and amortization of note discount.

 

 
13

Table of Contents

 

Liquidity and Capital

 

Working Capital

 

 

 

 As of

 

 

 As of

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

 

 

 

 

 

 

2023

 

 

2022

 

 

Changes

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

$-

 

 

$-

 

 

$-

 

 

 

-

 

Current Liabilities

 

$552,842

 

 

$493,116

 

 

$59,726

 

 

 

12%

Working Capital Deficiency

 

$(552,842)

 

$(493,116)

 

$(59,726)

 

 

12%

 

As at September 30, 2023 and December 31, 2022, our company had no cash and assets.

 

As at September 30, 2023 our company had current liabilities of $552,842 as compared to $493,116 as of December 31, 2022. The increase in current liabilities was due to an increase in accrued interest and due to related party.

 

As at September 30, 2023, our company had a working capital deficiency of $552,842 compared with a working capital deficit of $493,116 as at December 31, 2022. The increase in working capital deficit was primarily due to an increase in due to related party and accrued interest.

 

Cash Flows

 

 

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

September 30,

 

 

 

 

 

 

 

 

 

2023

 

 

2022

 

 

Changes

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows used in operating activities

 

$(37,549)

 

$(37,450)

 

$(99)

 

 

-

 

Cash flows provided by financing activities

 

 

37,549

 

 

 

37,450

 

 

 

99

 

 

 

-

 

Net changes in cash

 

$-

 

 

$-

 

 

$-

 

 

 

-

 

 

Cash Flow from Operating Activities

 

We have not generated positive cash flow from operating activities. During the nine months ended September 30, 2023, net cash used in operating activities was $37,549 compared to $37,450 used during the nine months ended September 30, 2022.

 

Cash flows used in operating activities during the nine months ended September 30, 2023, comprised of a net loss of $59,726, reduced by a net change in working capital of $22,177.

 

Cash flows used in operating activities during the nine months ended September 30, 2022, comprised of a net loss of $66,455 which was reduced by non-cash expenses of $1,184 for amortization of debt discount and a net change in working capital of $27,821.

 

Cash Flow from Investing Activities

 

During the nine months ended September 30, 2023 and 2022, our company did not have any investing activities.

 

 
14

Table of Contents

 

Cash Flow from Financing Activities

 

During the nine months ended September 30, 2023 and 2022, net cash provided by financing activities was $37,549 and $37,450 for advancement from the Company’s Director for paying operating expenses, respectively.

 

Going Concern

 

As of September 30, 2023, we had an accumulated deficit of $233,370,255. 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.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

As a “smaller reporting company”, we are not required to provide the information required by this Item.

 

Item 4. Controls and Procedures

 

Disclosure Controls and Procedures

 

Our management, with the participation of our Chief Executive Officer (our principal executive officer, principal financial officer and principal accounting officer), has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a- 15(e) and 15d- 15(e) under the Securities Exchange Act of 1934, as amended (Exchange Act)), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our Chief Executive Officer has concluded that as of such date, our disclosure controls and procedures were not effective such that the information relating to us required to be disclosed in our Securities and Exchange Commission (“SEC”) reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

 

Changes in Internal Control Over Financial Reporting

 

During the period covered by this report there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 
15

Table of Contents

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

 

We know of no material, existing or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our company.

 

Item 1A. Risk Factors

 

As a “smaller reporting company”, we are not required to provide the information required by this Item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

Not Applicable.

 

Item 5. Other Information

 

None.

 

 
16

Table of Contents

 

Item 6. Exhibits

 

The following exhibits are included as part of this report:

 

Exhibit Number

 

Description

31

 

Rule 13a-14(a)/15d-14(a) Certification

31.1

 

Section 302 Certification under the Sarbanes-Oxley Act of 2002 of the Principal Executive Officer

32

 

Section 1350 Certification

32.1*

 

Section 906 Certification under the Sarbanes-Oxley Act of 2002 of the Principal Executive Officer

101

 

Interactive Data Files

101.INS**

 

XBRL Instance Document

101.SCH**

 

XBRL Taxonomy Extension Schema Document

101.CAL**

 

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF**

 

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB**

 

XBRL Taxonomy Extension Label Linkbase Document

101.PRE**

 

XBRL Taxonomy Extension Presentation Linkbase Document

_____________

*

Filed herewith. In addition, in accordance with SEC Release 33-8238, Exhibits 32.1 and 32.2 are being furnished and not filed.

 

 

**

XBRL Information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

 
17

Table of Contents

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

CLOUDWEB, INC.

 

 

 

(Registrant)

 

 

 

 

 

Dated: October 23, 2023

 

/s/ Zhi De Liao

 

 

 

Zhi De Liao

 

 

 

President, Chief Executive Officer,

 

 

 

Chief Financial Officer and Director

 

 

 

(Principal Executive Officer, Principal

 

 

 

Financial Officer and Principal Accounting Officer)

 

 

 
18

 

nullnullv3.23.3
Cover - shares
9 Months Ended
Sep. 30, 2023
Oct. 05, 2023
Cover [Abstract]    
Entity Registrant Name Cloudweb, Inc.  
Entity Central Index Key 0001619227  
Document Type 10-Q  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Small Business true  
Entity Shell Company false  
Entity Emerging Growth Company false  
Entity Current Reporting Status Yes  
Document Period End Date Sep. 30, 2023  
Entity Filer Category Non-accelerated Filer  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2023  
Entity Common Stock Shares Outstanding   27,819,385
Document Quarterly Report true  
Document Transition Report false  
Entity File Number 333-199193  
Entity Incorporation State Country Code FL  
Entity Tax Identification Number 47-0978297  
Entity Address Postal Zip Code 94040  
City Area Code 650  
Local Phone Number 963-7749  
Entity Address Address Line 1 800 W El Camino Real Suite 180  
Entity Address City Or Town Mountain View  
Entity Address State Or Province CA  
Entity Interactive Data Current Yes  
v3.23.3
BALANCE SHEETS - USD ($)
Sep. 30, 2023
Dec. 31, 2022
ASSETS    
Total Current Assets $ 0 $ 0
TOTAL ASSETS 0 0
Current Liabilities    
Accounts payable and accrued liabilities 54,706 59,656
Accrued interest 208,185 181,058
Promissory notes payable 1 2,160 2,160
Convertible notes payable, net of note discount 153,482 153,482
Due to related party 134,309 96,760
Total Current Liabilities 552,842 493,116
Promissory notes payable 67,326 67,326
Total Liabilities 620,168 560,442
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 (233,370,255) (233,310,529)
Accumulated deficit from discontinued operations (96,216) (96,216)
Total Stockholders' Deficit (620,168) (560,442)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 0 $ 0
v3.23.3
BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2023
Dec. 31, 2022
Stockholders' Deficit    
Common stock, shares par value $ 0 $ 0
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares issued 27,819,385 27,819,385
Common stock, shares outstanding 27,819,385 27,819,385
v3.23.3
STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
OPERATING EXPENSES        
Professional fees $ 8,550 $ 9,150 $ 32,600 $ 37,950
Total Operating Expenses 8,550 9,150 32,600 37,950
OTHER EXPENSES        
Interest expense (9,140) (9,142) (27,126) (28,505)
Total Operating Expenses n (9,140) (9,142) (27,126) (28,505)
NET LOSS $ (17,690) $ (18,292) $ (59,726) $ (66,455)
NET LOSS PER SHARE: BASIC AND DILUTED $ (0.00) $ (0.00) $ (0.00) $ (0.00)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED 27,819,385 29,632,572 27,819,385 25,291,811
v3.23.3
STATEMENTS OF STOCKHOLDERS DEFICIT (Unaudited) - USD ($)
Total
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Accumulated Deficit from Discontinued Operations Deficit
Stock Payable
Balance, shares at Dec. 31, 2021   319,385        
Balance, amount at Dec. 31, 2021 $ (459,946) $ 128,437,821 $ 155,982 $ (233,207,533) $ (96,216) $ 104,250,000
Share Issuance for director compensation, shares   25,000,000        
Share Issuance for director compensation, amount 0 $ 104,250,000 0 0 0 (104,250,000)
Net loss (29,028) $ 0 0 (29,028) 0 0
Balance, shares at Mar. 31, 2022   25,319,385        
Balance, amount at Mar. 31, 2022 (488,974) $ 232,687,821 155,982 (233,236,561) (96,216) 0
Balance, shares at Dec. 31, 2021   319,385        
Balance, amount at Dec. 31, 2021 (459,946) $ 128,437,821 155,982 (233,207,533) (96,216) 104,250,000
Net loss (66,455)          
Balance, shares at Sep. 30, 2022   27,819,385        
Balance, amount at Sep. 30, 2022 (523,901) $ 237,937,821 (5,091,518) (233,273,988) (96,216) 0
Balance, shares at Mar. 31, 2022   25,319,385        
Balance, amount at Mar. 31, 2022 (488,974) $ 232,687,821 155,982 (233,236,561) (96,216) 0
Net loss (19,135) $ 0 0 (19,135) 0 0
Share Issuance for repayment of convertible note, shares   2,500,000        
Share Issuance for repayment of convertible note, amount 2,500 $ 5,250,000 (5,247,500) 0 0 0
Balance, shares at Jun. 30, 2022   27,819,385        
Balance, amount at Jun. 30, 2022 (505,609) $ 237,937,821 (5,091,518) (233,255,696) (96,216) 0
Net loss (18,292) $ 0 0 (18,292) 0 0
Balance, shares at Sep. 30, 2022   27,819,385        
Balance, amount at Sep. 30, 2022 (523,901) $ 237,937,821 (5,091,518) (233,273,988) (96,216) $ 0
Balance, shares at Dec. 31, 2022   27,819,385        
Balance, amount at Dec. 31, 2022 (560,442) $ 237,937,821 (5,091,518) (233,310,529) (96,216)  
Net loss (21,443) $ 0 0 (21,443) 0  
Balance, shares at Mar. 31, 2023   27,819,385        
Balance, amount at Mar. 31, 2023 (581,885) $ 237,937,821 (5,091,518) (233,331,972) (96,216)  
Balance, shares at Dec. 31, 2022   27,819,385        
Balance, amount at Dec. 31, 2022 (560,442) $ 237,937,821 (5,091,518) (233,310,529) (96,216)  
Net loss (59,726)          
Balance, shares at Sep. 30, 2023   27,819,385        
Balance, amount at Sep. 30, 2023 (620,168) $ 237,937,821 (5,091,518) (233,370,255) (96,216)  
Balance, shares at Mar. 31, 2023   27,819,385        
Balance, amount at Mar. 31, 2023 (581,885) $ 237,937,821 (5,091,518) (233,331,972) (96,216)  
Net loss (20,593) $ 0 0 (20,593) 0  
Balance, shares at Jun. 30, 2023   27,819,385        
Balance, amount at Jun. 30, 2023 (602,478) $ 237,937,821 (5,091,518) (233,352,565) (96,216)  
Net loss (17,690) $ 0 0 (17,690) 0  
Balance, shares at Sep. 30, 2023   27,819,385        
Balance, amount at Sep. 30, 2023 $ (620,168) $ 237,937,821 $ (5,091,518) $ (233,370,255) $ (96,216)  
v3.23.3
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (59,726) $ (66,455)
Adjustments to reconcile net loss to net cash from operating activities:    
Amortization of debt discount 0 1,184
Changes in operating liabilities:    
Accounts payable and accrued liabilities (4,950) 497
Accrued interest 27,127 27,324
Net cash used in operating activities (37,549) (37,450)
CASH FLOWS FROM FINANCING ACTIVITIES    
Advancement from related party 37,549 37,450
Net cash provided by financing activities 37,549 37,450
Net change in cash and cash equivalents 0 0
Cash and cash equivalents - beginning of period 0 0
Cash and cash equivalents - end of period $ 0  
Non-Cash Investing and Financing Activity:    
Share Issuance for director compensation   104,250,000
Share Issuance for repayment of convertible notes   $ 2,500
v3.23.3
ORGANIZATION AND BUSINESS OPERATIONS
9 Months Ended
Sep. 30, 2023
ORGANIZATION AND BUSINESS OPERATIONS  
ORGANIZATION AND BUSINESS OPERATIONS

NOTE 1 – ORGANIZATION AND BUSINESS OPERATIONS

 

Cloudweb, Inc. (the “Company”, or “we”) 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.

 

We are currently exploring different options of further developing and marketing our web hosting and data storage services. 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.

v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Sep. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles used in the United States of America (“US GAAP”) and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent Annual Financial Statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K as filed with the SEC on March 31, 2023.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Fair Value of Financial Instruments

 

ASC 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

 

These tiers include:

 

Level 1: defined as observable inputs such as quoted prices in active markets;

Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

 

The carrying value of cash, prepayments and the Company’s loan from shareholder approximates its fair value due to their short-term maturity.

 

Web Development Cost

 

In accordance with FASB ASC350-50 “Web Development Costs”, all costs incurred during the website planning stage are incurred. During the website application and infrastructure development stage, software tool costs and internet domain costs are capitalized, and website hosting costs are expensed. Cost incurred in the graphics development, content development and operating stage are generally expensed unless the costs are software related and should then be capitalized.

Share-based Expenses

 

ASC 718 “Compensation – Stock Compensation” prescribes accounting and reporting standards for all share-based payment transactions in which employee services and non-employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees and non-employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).

 

Basic and Diluted Income (Loss) Per Share

 

The Company computes income (loss) per share in accordance with FASB ASC 260, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.

 

For the nine months ended September 30, 2023 and 2022, respectively, the following convertible notes were excluded from the computation of diluted net loss per shares as the result of the computation was anti-dilutive:

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

 

(Shares)

 

 

(Shares)

 

Convertible notes payable

 

 

55,327,097

 

 

 

55,326,667

 

 

Recent accounting pronouncements

 

In August 2020, the FASB issued ASU 2020-06, ASC Subtopic 470-20 “Debt—Debt with “Conversion and Other Options” and ASC subtopic 815-40 “Hedging—Contracts in Entity’s Own Equity”. The standard reduced the number of accounting models for convertible debt instruments and convertible preferred stock. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting; and, (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 removes from U.S. GAAP the separation models for (1) convertible debt with a CCF and (2) convertible instruments with a beneficial conversion feature (“BCF”). With the adoption of ASU 2020-06, entities will not separately present in equity an embedded conversion feature these debts. The amendments in this update are effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company has chosen to early adopt this standard on January 1, 2021 financial statements and did not record BCF on the issuance of convertible notes with conversion rate below the Company’s market stock price on the date of note issuance. 

v3.23.3
GOING CONCERN
9 Months Ended
Sep. 30, 2023
GOING CONCERN  
GOING CONCERN

NOTE 3 – GOING CONCERN

 

The Company believes that its existing capital resources may not be adequate to enable it to execute its business plan. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern. The Company estimates that it will require additional cash resources from loan from related party and unaffiliated parties based on its current operating plan and condition. The accompanying 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 and expansion plans.

v3.23.3
RELATED PARTY TRANSACTIONS
9 Months Ended
Sep. 30, 2023
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

NOTE 4 – RELATED PARTY TRANSACTIONS

 

During the nine months ended September 30, 2023 and 2022, the Director of the Company advanced $37,549 and $37,450 for paying operating expenses on behalf of the Company, respectively. The loan is non-interest bearing and due on demand.

 

As of September 30, 2023 and December 31, 2022, due to related party was $134,309 and $96,760, respectively.

v3.23.3
PROMISSORY NOTES
9 Months Ended
Sep. 30, 2023
PROMISSORY NOTES  
PROMISSORY NOTES

NOTE 5 – PROMISSORY NOTES

 

 

 

 

September 30,

 

 

December 31,

 

 

 

 

 

Expiry Date

 

2023

 

 

2022

 

 

Interest Rate

 

Promissory  Note - November 2017

 

Due on demand

 

$2,160

 

 

$2,160

 

 

60% per annum

 

Promissory  Note - March 2018

 

3/31/2028

 

 

15,296

 

 

 

15,296

 

 

30% per annum

 

Promissory  Note - June 2018

 

6/29/2028

 

 

12,249

 

 

 

12,249

 

 

30% per annum

 

Promissory  Note - September 2018

 

9/29/2028

 

 

5,408

 

 

 

5,408

 

 

30% per annum

 

Promissory  Note - December 2018

 

12/30/2028

 

 

6,137

 

 

 

6,137

 

 

30% per annum

 

Promissory  Note - March 2019

 

3/30/2029

 

 

7,150

 

 

 

7,150

 

 

30% per annum

 

Promissory  Note - June 2019

 

6/30/2029

 

 

10,105

 

 

 

10,105

 

 

30% per annum

 

Promissory  Note - September 2019

 

9/30/2029

 

 

4,081

 

 

 

4,081

 

 

30% per annum

 

Promissory  Note - December 2019

 

12/31/2029

 

 

6,900

 

 

 

6,900

 

 

30% per annum

 

 

 

 

 

 

69,486

 

 

 

69,486

 

 

 

 

Less current portion of promissory note payable

 

 

 

 

(2,160 )

 

 

(2,160 )

 

 

 

Long-term promissory notes payable

 

 

 

$67,326

 

 

$67,326

 

 

 

 

 

As of September  30, 2023 and December 31, 2022, the accrued interest on the promissory notes was $105,764 and $89,464, respectively.

v3.23.3
CONVERTIBLE NOTES
9 Months Ended
Sep. 30, 2023
CONVERTIBLE NOTES  
CONVERTIBLE NOTES

NOTE 6 – CONVERTIBLE NOTES

 

 

 

 

September 30,

 

 

December 31,

 

 

 

Expiry Date

 

2023

 

 

2022

 

Convertible Notes - July 2017

 

6/30/2022

 

$116,000

 

 

$116,000

 

Convertible Notes - January 2020

 

Due on demand

 

 

8,033

 

 

 

8,033

 

Convertible Notes - March 2020

 

Due on demand

 

 

4,768

 

 

 

4,768

 

Convertible Notes - June 2020

 

Due on demand

 

 

13,800

 

 

 

13,800

 

Convertible Notes - September 2020

 

Due on demand

 

 

7,307

 

 

 

7,307

 

Convertible Notes - December 2020

 

Due on demand

 

 

3,574

 

 

 

6,074

 

Less debt discount

 

 

 

 

-

 

 

 

(1,184 )

 

 

 

 

 

153,482

 

 

 

154,798

 

Less current portion of convertible note payable

 

 

 

 

(153,482 )

 

 

(154,798 )

Long-term convertible notes payable

 

 

 

$-

 

 

$-

 

Convertible Notes – July 2017

 

On July 1, 2017, the Company replaced the promissory notes held by the four non-affiliated assignees with convertible notes at principal amount of $34,000, for total note principal amount of $136,000. The convertible notes bear interest at 4% per annum, has an original expiry date of June 30, 2019 and subsequently extended to June 30, 2022 and are convertible at $0.005 per share for the Company common stock. On January 2, 2018, the four non-affiliated holders of the convertible notes elected to convert $5,000 principal portion of their notes for 5,000 shares (pre 200:1 reverse stock split - 1,000,000 shares) of common stock at $0.005 per share. An aggregate $20,000 principal amount of the four convertible notes were converted for 4,000,000 common shares. The note is currently at default.

 

Convertible Note – January 2020

 

On January 2, 2020, the Company replaced a promissory note of $17,033 originally issued to an unaffiliated party on December 31, 2017 with a convertible note of $17,033. The convertible note is due on demand, bear interest at 10% per annum and is convertible at $0.003 per share. The discount on convertible note from beneficial conversion feature of $17,033 was fully amortized during the year ended December 31, 2020. On March 4, 2020, this convertible note was sold to another unaffiliated party.

 

Convertible Note – March 2020

 

On March 4, 2020, the convertible note originally issued on January 2, 2020 comprising of principal amount of $17,033 and accrued interest of $21,073 was sold to another unaffiliated party. On March 23, 2020, the principal amount of the convertible note of $9,000 was converted into 15,000 shares (pre 200:1 reverse stock split - 3,000,000 shares) of common stock. (see Note 7)

 

On March 31, 2020, the Company issued to an unaffiliated party a convertible note at $4,768 for paying operating expenses on behalf of the Company. The convertible note is due on demand, bears interest at 30% per annum and is convertible at $0.001 per share. The discount on convertible note from beneficial conversion feature of $4,768 was fully amortized during the year ended December 31, 2020.

 

Convertible Note – June 2020

 

On June 30, 2020, the Company issued to an unaffiliated party a convertible note at $13,800 for paying operating expenses on behalf of the Company. The convertible note is due on demand, bears interest at 30% per annum and is convertible at $0.001 per share. The discount on convertible note from beneficial conversion feature of $13,800 was fully amortized during the year ended December 31, 2020.

 

Convertible Note – September 2020

 

On September 30, 2020, the Company issued to an unaffiliated party a convertible note at $7,307 for paying operating expenses on behalf of the Company. The convertible note is due on demand, bears interest at 30% per annum and is convertible at $0.001 per share. The discount on convertible note from beneficial conversion feature of $7,307 was fully amortized during the year ended December 31, 2020.

 

Convertible Note – December 2020

 

On December 31, 2020, the Company issued to an unaffiliated party a convertible note at $6,074 for paying operating expenses on behalf of the Company. The convertible note is due on demand, bears interest at 30% per annum and is convertible at $0.001 per share. The discount on convertible note from beneficial conversion feature of $6,074 was fully amortized during the year ended December 31, 2020. During the year ended December 31, 2022, the Company issued 2,500,000 for partial repayment of the convertible note of $2,500 at $2.10 stock price. As of September 30, 2023, the convertible note was $3,574.

 

As of September 30, 2023 and December 31, 2022, the convertible notes payable was $153,482, net of note discount and accrued interest payable was $102,421 and $95,164, respectively.

v3.23.3
EQUITY
9 Months Ended
Sep. 30, 2023
EQUITY  
EQUITY

NOTE 7 - EQUITY

 

Authorized Stock

 

The Company’s authorized common stock consists of 500,000,000 shares with no par value.

 

Common Shares

 

During nine months ended September 30, 2022, the Company issued 25,000,000 shares of restricted common stock valued at $104,250,000 to the Director of the Company for year 2021 salary.

 

During nine months ended September 30, 2022, the Company issued 2,500,000 for partial repayment of the convertible note of $2,500 at $2.10 stock price.

 

As of September 30, 2023 and December 31, 2022, the issued and outstanding shares of common stock was 27,819,385.

v3.23.3
SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2023
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE 8 – SUBSEQUENT EVENTS

 

In accordance with ASC 855, “Subsequent Events,” the Company has analyzed its operations subsequent to September 30, 2023 to the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements.

v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Sep. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Basis of Presentation

The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles used in the United States of America (“US GAAP”) and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent Annual Financial Statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K as filed with the SEC on March 31, 2023.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Fair Value of Financial Instruments

ASC 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

 

These tiers include:

 

Level 1: defined as observable inputs such as quoted prices in active markets;

Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

 

The carrying value of cash, prepayments and the Company’s loan from shareholder approximates its fair value due to their short-term maturity.

Web Development Cost

In accordance with FASB ASC350-50 “Web Development Costs”, all costs incurred during the website planning stage are incurred. During the website application and infrastructure development stage, software tool costs and internet domain costs are capitalized, and website hosting costs are expensed. Cost incurred in the graphics development, content development and operating stage are generally expensed unless the costs are software related and should then be capitalized.

Share-based Expenses

ASC 718 “Compensation – Stock Compensation” prescribes accounting and reporting standards for all share-based payment transactions in which employee services and non-employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees and non-employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).

Basic and Diluted Income (Loss) Per Share

The Company computes income (loss) per share in accordance with FASB ASC 260, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.

 

For the nine months ended September 30, 2023 and 2022, respectively, the following convertible notes were excluded from the computation of diluted net loss per shares as the result of the computation was anti-dilutive:

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

 

(Shares)

 

 

(Shares)

 

Convertible notes payable

 

 

55,327,097

 

 

 

55,326,667

 

Recent accounting pronouncements

In August 2020, the FASB issued ASU 2020-06, ASC Subtopic 470-20 “Debt—Debt with “Conversion and Other Options” and ASC subtopic 815-40 “Hedging—Contracts in Entity’s Own Equity”. The standard reduced the number of accounting models for convertible debt instruments and convertible preferred stock. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting; and, (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 removes from U.S. GAAP the separation models for (1) convertible debt with a CCF and (2) convertible instruments with a beneficial conversion feature (“BCF”). With the adoption of ASU 2020-06, entities will not separately present in equity an embedded conversion feature these debts. The amendments in this update are effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company has chosen to early adopt this standard on January 1, 2021 financial statements and did not record BCF on the issuance of convertible notes with conversion rate below the Company’s market stock price on the date of note issuance. 

v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Sep. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Schedule of anti-dilutive securities excluded from computation of earnings per share

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

 

(Shares)

 

 

(Shares)

 

Convertible notes payable

 

 

55,327,097

 

 

 

55,326,667

 

v3.23.3
PROMISSORY NOTES (Tables)
9 Months Ended
Sep. 30, 2023
PROMISSORY NOTES  
Schedule of promissory notes

 

 

 

September 30,

 

 

December 31,

 

 

 

 

 

Expiry Date

 

2023

 

 

2022

 

 

Interest Rate

 

Promissory  Note - November 2017

 

Due on demand

 

$2,160

 

 

$2,160

 

 

60% per annum

 

Promissory  Note - March 2018

 

3/31/2028

 

 

15,296

 

 

 

15,296

 

 

30% per annum

 

Promissory  Note - June 2018

 

6/29/2028

 

 

12,249

 

 

 

12,249

 

 

30% per annum

 

Promissory  Note - September 2018

 

9/29/2028

 

 

5,408

 

 

 

5,408

 

 

30% per annum

 

Promissory  Note - December 2018

 

12/30/2028

 

 

6,137

 

 

 

6,137

 

 

30% per annum

 

Promissory  Note - March 2019

 

3/30/2029

 

 

7,150

 

 

 

7,150

 

 

30% per annum

 

Promissory  Note - June 2019

 

6/30/2029

 

 

10,105

 

 

 

10,105

 

 

30% per annum

 

Promissory  Note - September 2019

 

9/30/2029

 

 

4,081

 

 

 

4,081

 

 

30% per annum

 

Promissory  Note - December 2019

 

12/31/2029

 

 

6,900

 

 

 

6,900

 

 

30% per annum

 

 

 

 

 

 

69,486

 

 

 

69,486

 

 

 

 

Less current portion of promissory note payable

 

 

 

 

(2,160 )

 

 

(2,160 )

 

 

 

Long-term promissory notes payable

 

 

 

$67,326

 

 

$67,326

 

 

 

 
v3.23.3
CONVERTIBLE NOTES (Tables)
9 Months Ended
Sep. 30, 2023
CONVERTIBLE NOTES  
Schedule Of Convertible Notes

 

 

 

September 30,

 

 

December 31,

 

 

 

Expiry Date

 

2023

 

 

2022

 

Convertible Notes - July 2017

 

6/30/2022

 

$116,000

 

 

$116,000

 

Convertible Notes - January 2020

 

Due on demand

 

 

8,033

 

 

 

8,033

 

Convertible Notes - March 2020

 

Due on demand

 

 

4,768

 

 

 

4,768

 

Convertible Notes - June 2020

 

Due on demand

 

 

13,800

 

 

 

13,800

 

Convertible Notes - September 2020

 

Due on demand

 

 

7,307

 

 

 

7,307

 

Convertible Notes - December 2020

 

Due on demand

 

 

3,574

 

 

 

6,074

 

Less debt discount

 

 

 

 

-

 

 

 

(1,184 )

 

 

 

 

 

153,482

 

 

 

154,798

 

Less current portion of convertible note payable

 

 

 

 

(153,482 )

 

 

(154,798 )

Long-term convertible notes payable

 

 

 

$-

 

 

$-

 

v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES    
Convertible notes payable 55,327,097 55,326,667
v3.23.3
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Due to related party $ 134,309   $ 96,760
Director [Member]      
Related party transaction operating expenses $ 37,549 $ 37,450  
v3.23.3
PROMISSORY NOTES (Details) - USD ($)
9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Total promissory notes payable $ 69,486 $ 69,486
Less Current Portion Of Promissory Note Payable (2,160) (2,160)
Long-term Promissory Notes Payable 67,326 67,326
November 2017 [Member]    
Promissory Note $ 2,160 $ 2,160
Interest Rate 60.00% 60.00%
Expiry Date Due on demand  
March 2018 [Member]    
Promissory Note $ 15,296 $ 15,296
Interest Rate 30.00% 30.00%
Expiry Date Mar. 31, 2028 Mar. 31, 2028
June 2018 [Member]    
Promissory Note $ 12,249 $ 12,249
Interest Rate 30.00% 30.00%
Expiry Date Jun. 29, 2028 Jun. 29, 2028
September 2018 [Member]    
Promissory Note $ 5,408 $ 5,408
Interest Rate 30.00% 30.00%
Expiry Date Sep. 29, 2028 Sep. 29, 2028
December 2018 [Member]    
Promissory Note $ 6,137 $ 6,137
Interest Rate 30.00% 30.00%
Expiry Date Dec. 30, 2028 Dec. 30, 2028
March 2019 [Member]    
Promissory Note $ 7,150 $ 7,150
Interest Rate 30.00% 30.00%
Expiry Date Mar. 30, 2029 Mar. 30, 2029
June 2019 [Member]    
Promissory Note $ 10,105 $ 10,105
Interest Rate 30.00% 30.00%
Expiry Date Jun. 30, 2029 Jun. 30, 2029
September 2019 [Member]    
Promissory Note $ 4,081 $ 4,081
Interest Rate 30.00% 30.00%
Expiry Date Sep. 30, 2029 Sep. 30, 2029
December 2019 [Member]    
Promissory Note $ 6,900 $ 6,900
Interest Rate 30.00% 30.00%
Expiry Date Dec. 31, 2029 Dec. 31, 2029
v3.23.3
PROMISSORY NOTES (Details Narrative) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
PROMISSORY NOTES    
Accrued interest on promissory notes $ 105,764 $ 89,464
v3.23.3
CONVERTIBLE NOTES (Details) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Less Debt Discount $ 0 $ (1,184)
Total Current Portion Of Convertible Note Payable 153,482 154,798
Less Current Portion Of Convertible Note Payable (153,482) (154,798)
Long-term Convertible Notes Payable 0 0
July 2017 [Member]    
Convertible Note Payable 116,000 116,000
January 2020 [Member]    
Convertible Note Payable 8,033 8,033
March 2020 [Member]    
Convertible Note Payable 4,768 4,768
June 2020 [Member]    
Convertible Note Payable 13,800 13,800
September 2020 [Member]    
Convertible Note Payable 7,307 7,307
December 2020 [Member]    
Convertible Note Payable $ 3,574 $ 6,074
v3.23.3
CONVERTIBLE NOTES (Details Narrative) - USD ($)
1 Months Ended 9 Months Ended 12 Months Ended
Jan. 02, 2018
Jul. 01, 2017
Mar. 23, 2020
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Dec. 31, 2020
Jun. 30, 2020
Mar. 31, 2020
Mar. 04, 2020
Jan. 02, 2020
Convertible note payable       $ 153,482   $ 153,482          
Convertible note principal amount       2,160   2,160          
Amortization of debt discount       0 $ 1,184            
Common Stock [Member]                      
Convertible note payable   $ 136,000   153,482   153,482          
Convertible note principal amount   $ 34,000                  
Convertible notes bear interest rate   4.00%                  
Accrued Interest       102,421   $ 95,164          
Conversion Price Per Share   $ 0.005                  
Expiry Date   Jun. 30, 2022                  
March 2020 [Member]                      
Convertible note payable                 $ 4,768 $ 17,033  
Convertible note principal amount     $ 9,000                
Accrued Interest                   $ 21,073  
Conversion Of Convertible Notes Into Common Stock     3,000,000                
Debt Conversion Description     the principal amount of the convertible note of $9,000 was converted into 15,000 shares (pre 200:1 reverse stock split - 3,000,000 shares) of common stock                
March 2020 [Member] | Unaffiliated Parties [Member]                      
Convertible notes bear interest rate                 30.00%    
Conversion Price Per Share                 $ 0.001    
Amortization of debt discount             $ 4,768        
January 2020 [Member] | Unaffiliated Parties [Member]                      
Convertible note payable                     $ 17,033
Convertible notes bear interest rate                     10.00%
Conversion Price Per Share                     $ 0.003
Amortization of debt discount             17,033        
Promissory Note                     $ 17,033
June 2020 [Member] | Unaffiliated Party [Member]                      
Convertible note payable               $ 13,800      
Convertible notes bear interest rate               30.00%      
Conversion Price Per Share               $ 0.001      
Amortization of debt discount             13,800        
December 2020 [Member] | Unaffiliated Party [Member]                      
Convertible note payable       $ 3,574     $ 6,074        
Convertible notes bear interest rate             30.00%        
Conversion Price Per Share             $ 0.001        
Amortization of debt discount             $ 6,074        
Share issued by Company           2,500,000          
Convertible notes partially paid           $ 2,500          
Stock price           $ 2.10          
September 30 2020 [Member] | Unaffiliated Party [Member]                      
Convertible note payable         $ 7,307            
Convertible notes bear interest rate         30.00%            
Conversion Price Per Share         $ 0.001            
Amortization of debt discount             $ 7,307        
January 2, 2018 [Member] | Four Non-affiliated Holders [Member]                      
Conversion Of Convertible Notes Into Common Stock       4,000,000              
Debt Conversion, Amount       $ 20,000              
Debt Conversion Description the four non-affiliated holders of the convertible notes elected to convert $5,000 principal portion of their notes for 5,000 shares (pre 200:1 reverse stock split - 1,000,000 shares) of common stock at $0.005 per share                    
v3.23.3
EQUITY (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Jun. 30, 2022
Sep. 30, 2022
Sep. 30, 2023
Dec. 31, 2022
Common Stock, Shares Authorized     500,000,000 500,000,000
Share Issuance for repayment of convertible note value $ 2,500      
Common Stock Share Outstanding     27,819,385 27,819,385
Common Stock Share Issued     27,819,385 27,819,385
Common Shares [Member]        
Common Stock Restricted Value   $ 104,250,000    
Restricted common stock, shares issued   25,000,000    
Share Issuance for repayment of convertible note   2,500,000    
Share Issuance for repayment of convertible note value   $ 2,500    
Stock price   $ 2.10    

Cloudweb (PK) (USOTC:CLOW)
Historical Stock Chart
From Oct 2024 to Oct 2024 Click Here for more Cloudweb (PK) Charts.
Cloudweb (PK) (USOTC:CLOW)
Historical Stock Chart
From Oct 2023 to Oct 2024 Click Here for more Cloudweb (PK) Charts.