Cloudweb (CLOW) 10-Q 14 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 14, 2015
Document And Entity Information
Entity Registrant Name	Formigli Inc.
Entity Central Index Key	1,619,227
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		10,600,138
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,015

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 63,214	$ 4,135
Accounts receivable		3,694
Deferred offering costs	$ 10,000	10,000
Total current assets	73,214	17,829
TOTAL ASSETS	73,214	17,829
Current liabilities
Accounts payable	3,902	14,806
Accounts payable, related party	101,000	35,000
Customer deposits	12,089	3,897
Total current liabilities	116,991	53,703
Total liabilities	$ 116,991	$ 53,703
Stockholders equity (deficit)
Common stock, no par value: shares authorized 100,000,000; 10,600,138 and 10,000,000 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively
Additional Paid-in Capital	$ 89,514	$ 29,500
Accumulated deficit	(133,291)	(65,374)
Total stockholders equity (deficit)	(43,777)	(35,874)
TOTAL LIABILITIES & EQUITY (DEFICIT)	$ 73,214	$ 17,829

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares None in scaling factor is -9223372036854775296	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value
Common stock, authorized	100,000,000	100,000,000
Common stock, outstanding	10,600,138	10,000,000

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Net sales	$ 13,968		$ 30,277
Cost of goods sold	8,218		15,450
Gross profit	5,750		14,827
Selling, general and administrative expenses	42,625	$ 31,186	82,744	$ 31,186
Income (loss) from operations	(36,875)	(31,186)	(67,917)	(31,186)
Net (loss)	$ (36,875)	$ (31,186)	$ (67,917)	$ (31,186)
Net (loss) per common shares (basic and diluted)	$ 0	$ 0	$ 0	$ 0
Weighted average shares outstanding, basic and diluted	10,600,138	10,000,000	10,389,088	10,000,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows From Operating Activities
Net loss	$ (67,917)	$ (31,186)
Adjustments to reconcile net income to net cash provided from operating activities:
Stock issued for services provided		24,500
Changes in operating assets and liabilities:
Deferred offering costs		(10,000)
Accounts payable	$ (10,904)	5,514
Accounts payable, related party	66,000	$ 6,000
Accounts receivable	$ 3,694
Other receivable		$ (945)
Customer deposits	$ 8,192	5,330
Net cash provided used by operating activities	(935)	(787)
Cash Flows From Financing Activities
Proceeds from issuance of common stock	60,014	5,000
Net cash provided from financing activities	60,014	5,000
Increase (decrease) in cash and cash equivalents	59,079	$ 4,213
Cash and cash equivalents at inception date	4,135
Cash and cash equivalents at end of period	$ 63,214	$ 4,213

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies	1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Activity: Unaudited Interim Financial Statements The unaudited interim consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and footnotes required by GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the period ended December 31, 2014, included in the Company’s Annual Report on Form 10-K, filed with the SEC. The interim unaudited consolidated financial statements should be read in conjunction with those audited financial statements included in Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the six month period ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Financial Statement Presentation: Fiscal year end: Use of Estimates: Cash Equivalents: Revenue recognition and related allowances: Accounts Receivable and Allowance for Doubtful Accounts: Inventories: Provisions: Warranty: Advertising and Marketing Costs: Income taxes: Basic and Diluted Loss Per Share New Accounting Pronouncements:

Note 2 - Going Concern

Note 2 - Going Concern	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Note 2 - Going Concern	2. GOING CONCERN The Company has experienced net losses to date, and it has generated minimal revenue from operations. We will need additional working capital to service debt and for ongoing operations, which raises substantial doubt about its ability to continue as a going concern. Management of the Company has developed a strategy to meet operational shortfalls which may include equity funding, short term or long term financing or debt financing, to enable the Company to reach profitable operations.

Note 3 - Exclusive Global Distr

Note 3 - Exclusive Global Distribution Agreement	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Note 3 - Exclusive Global Distribution Agreement	3. EXCLUSIVE GLOBAL DISTRIBUTION AGREEMENT On June 1, 2014, the Company (hereinafter referred to as “Distributor”) entered into a global exclusive distribution agreement (“Agreement”) with Formigli, the producer of bicycle frame sets from Italy (“Products”), having business address at Emidio Spinucci 16/a, Firenz, Italia 50141 (hereinafter referred to as “Manufacturer”). The Company is not related to Formigli manufacturing and is in no way affiliated with Formigli beyond the terms of the Agreement. Distributor desires to secure from Manufacturer, and Manufacturer is willing to grant to Distributor, the exclusive right to market, sell and distribute Manufacturer’s Products globally with the exception of Italy and direct global website, direct all retail, wholesale sales and team sponsorship sales exported out of the country from Manufacturer’s (hereinafter referred to as the “Territory”). Distributor will be granted rights to www.formigli.com www.formigli.it Under the distribution agreement, Manufacturer appoints Distributor as its sole and exclusive distributor for the sale and distribution of the products in and throughout the Territory. The term of this agreement shall be for a period of five years commencing on June 1, 2014 and terminating on June 1, 2019 and shall thereafter continue in effect unless either party shall notify the other of its intention to terminate the agreement by giving at least 12 months written notice prior to any specified termination date.

Note 4 - Common Stock

Note 4 - Common Stock	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Note 4 - Common Stock	4. COMMON STOCK The Company’s authorized common stock consists of 100,000,000 shares with no par value. At inception, the Company issued 10,000,000 shares of common stock at $0.00295 per share for cash of $5,000 and services valued at $24,500, totaling $29,500. As at March 30, 2015, the Company had received proceeds totaling $60,014 from various parties subscribing for a total of 600,138 shares at $0.10 per share under our Form S-1 registration statement. At June 30, 2015 we have 10,600,138 shares issued and outstanding.

Note 5 - Offering Expenses

Note 5 - Offering Expenses	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Note 5 - Offering Expenses	5. OFFERING EXPENSES The Company has filed a Form S-1 Registration Statement to offer to the public up to 6,000,000 common shares at ten cents ($0.10) per share. The $10,000 in costs relating to such Registration Statement will be charged to additional paid in capital, if such offering is successful. If the offering is not successful, the costs will be charged to expense. Presently associated costs are reflected on the Balance sheets of the Company as Deferred offering costs.

Note 6 - Related Party Transact

Note 6 - Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Note 6 - Related Party Transactions	6. RELATED PARTY TRANSACTIONS The Company accrues $5,000 per month for management fees and $1,000 per month as rent expenses in respect of facilities provided by Ms. Chaffe. On January 1, 2015, the Company appointed Amy Chaffe, President, Chief Executive Officer and Chief Financial Officer. Concurrently the monthly management fee for Ms. Chaffe was increased to $10,000 per month. At June 30, 2015 $101,000 (December 31, 2014 - $35,000) is included on the balance sheet as accounts payable - related party, in respect of these accruals. On January 1, 2015, the Company appointed Renzo Formigli to the Board of Directors. On March 30, 2015 Renzo Formigli, subscribed for a total of 4,000 shares under the Company’s S-1 Registration Statement for total proceeds of $400.

Note 7 - Income Taxes

Note 7 - Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Note 7 - Income Taxes	7. INCOME TAXES Deferred income taxes are determined using the liability method for the temporary differences between the financial reporting basis and income tax basis of the Company’s assets and liabilities. Deferred income taxes are measured based on the tax rates expected to be in effect when the temporary differences are included in the Company’s tax return. Deferred tax assets and liabilities are recognized based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of assets and liabilities and their respective tax bases. Operating loss carry-forwards generated during the period from May 25, 2014 (date of inception) through June 30, 2015 of approximately $133,291, will begin to expire in 2034. The Company applies a statutory income tax rate of 34%. Accordingly, deferred tax assets related to net operating loss carry-forwards total approximately $45,300 at June 30, 2015. For the six month period ended June 30, 2015, the valuation allowance increased by approximately $23,100. The Company has no tax positions at June 30, 2015, or December 31, 2014, for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company had no accruals for interest and penalties since inception. The tax returns for the period from inception to December 31, 2014 are subject to examination by the Internal Revenue Service.

Note 8 - Subsequent Events

Note 8 - Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Note 8 - Subsequent Events	8. SUBSEQUENT EVENTS The Company has evaluated subsequent events from the balance sheet date through the date that the financial statements were issued and determined that there are no additional subsequent events to disclose.

Note 1 - Basis of Presentatio14

Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Business Activity	Business Activity:
Unaudited Interim Financial Statements	Unaudited Interim Financial Statements The unaudited interim consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and footnotes required by GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the period ended December 31, 2014, included in the Company’s Annual Report on Form 10-K, filed with the SEC. The interim unaudited consolidated financial statements should be read in conjunction with those audited financial statements included in Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the six month period ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015.
Financial Statement Presentation	Financial Statement Presentation:
Fiscal year end	Fiscal year end:
Use of Estimates	Use of Estimates:
Cash Equivalents	Cash Equivalents:
Revenue Recognition and related allowances	Revenue recognition and related allowances:
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts:
Inventories	Inventories:
Provisions	Provisions:
Warranty	Warranty:
Advertising and Marketing Costs	Advertising and Marketing Costs:
Income taxes	Income taxes:
Basic and Diluted Loss Per Share	Basic and Diluted Loss Per Share
New Accounting Pronouncements	New Accounting Pronouncements:

Note 1 - Basis of Presentatio15

Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative)	6 Months Ended
	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Accounting Policies [Abstract]
Cash Equivlent term, days	90
Allowance for doubtful accounts	$ 0	$ 0
Advertising and marketing costs	$ 0

Note 3 - Exclusive Global Dis16

Note 3 - Exclusive Global Distribution Agreement (Details Narrative)	Dec. 31, 2014
Notes to Financial Statements
Term of Agreement in years	5
Period of notice to terminate agreement in months	12

Note 4 - Common Stock (Details

Note 4 - Common Stock (Details Narrative) - USD ($)	Jun. 30, 2015	Mar. 30, 2015	Dec. 31, 2014	May. 26, 2014
Equity [Abstract]
Common stock, authorized	100,000,000		100,000,000
Common stock, outstanding	10,600,138		10,000,000
Shares issued		600,138		10,000,000
Price per share		$ 0.10		$ 0.00295
Cash proceeds		$ 60,014		$ 5,000
Value of services settled by issuance of shares				24,500
Total consideration for share issuance				$ 29,500

Note 5 - Offering Expenses (Det

Note 5 - Offering Expenses (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Notes to Financial Statements
Shares offered to public	6,000,000
Offering price per share	$ .1
Offering costs	$ 10,000	$ 10,000

Note 6 - Related Party Transa19

Note 6 - Related Party Transactions (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2015	Mar. 30, 2015	Dec. 31, 2014
Transactions with Amy Chaffe
Monthly management fee	$ 5,000
Monthly management fee, effective January 1, 2015	10,000
Monthly rent expense	1,000
Management fees accrued in period	$ 101,000		$ 35,000
Shares subscribed, Renzo Formigli		4,000
Proceeds paid for shares subscribed, Renzo Formigli		$ 400

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Narrative) - Jun. 30, 2015 - USD ($)	Total
Income Tax Disclosure [Abstract]
Cummulative loss carry-forward	$ 133,291
Year operating losses expire	Jan. 1, 2034
Income tax rate	34.00%
Net operating loss carry-forwards	$ 45,300
Increase to valuation allowance	$ 23,100