Cloudweb, Inc. reported a net loss of $72,960 for the fiscal year ending December 31, 2024, a decrease from the net loss of $77,418 recorded in the previous year. The company did not generate any revenue during both fiscal years. Operating expenses decreased by 14% to $35,350, down from $41,150 in 2023, primarily due to a reduction in professional fees. Other expenses increased slightly by 4% to $37,610, compared to $36,268 in the prior year. The company’s accumulated deficit now stands at $233,460,907, reflecting ongoing financial challenges.
In terms of liquidity, Cloudweb reported a working capital deficiency of $643,494 as of December 31, 2024, compared to a deficiency of $570,534 at the end of 2023. This increase is attributed to higher liabilities, particularly due to related party transactions and accrued interest on convertible and promissory notes. The company has not generated positive cash flow from operating activities, with cash used in operations amounting to $33,250 in 2024, an improvement from $43,049 in 2023.
Cloudweb is currently exploring options to develop and market its web hosting and data storage services, including Hostwizer.com, W8hosting.com, and JeyCloud.com. The company is considering offering free hosting supported by advertising and is looking into white labeling its services for other brands. However, as of now, Cloudweb has no employees, and its officers and directors contribute their time at no cost.
The company’s stock is traded on the Pink Sheets under the symbol "CLOW," with 27,819,385 shares outstanding as of February 17, 2025. Cloudweb has not paid any cash dividends and intends to reinvest any earnings back into the business. The company is actively seeking new business opportunities, including potential mergers or acquisitions, to enhance its operational capabilities and financial position.
Looking ahead, Cloudweb acknowledges substantial doubt regarding its ability to continue as a going concern due to its accumulated losses and working capital deficiencies. The company is reliant on obtaining additional financing to execute its business plans. Management has indicated that if it fails to generate positive cash flow or secure further funding, it may need to modify, delay, or abandon its business strategies.
About Cloudweb, Inc.
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