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Innovation1 Biotech (IVBT) 10-K6 Dec 162016 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Aug. 31, 2016	Nov. 29, 2016	Feb. 29, 2016
Document And Entity Information
Entity Registrant Name	My Cloudz, Inc.
Entity Central Index Key	1,629,205
Document Type	10-K
Document Period End Date	Aug. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--08-31
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 Public Float			$ 0
Entity Common Stock, Shares Outstanding		52,637,500
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Aug. 31, 2016	Aug. 31, 2015
CURRENT ASSETS
Cash	$ 5,108	$ 587
TOTAL ASSETS	5,108	587
CURRENT LIABILITIES
Accounts payable	22,000
Due to related party (Note 4)	27,187	13,677
TOTAL LIABILITIES	49,187	13,677
STOCKHOLDERS' DEFICIT
Common Stock Authorized 200,000,000 shares of common stock, $0.001 par value Issued and outstanding 52,637,500 shares of common stock (August 31, 2015 - 32,500,000)	52,638	32,500
Additional Paid-in capital	(43,619)	(27,500)
Accumulated deficit	(53,098)	(18,090)
TOTAL STOCKHOLDERS' DEFICIT	(44,079)	(13,090)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 5,108	$ 587

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Aug. 31, 2016	Aug. 31, 2015
Stockholders' equity:
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	52,637,500	32,500,000
Common stock, shares outstanding	52,637,500	32,500,000

STATEMENT OF OPERATIONS

STATEMENT OF OPERATIONS - USD ($)	12 Months Ended
STATEMENT OF OPERATIONS - USD ($)	Aug. 31, 2016	Aug. 31, 2015
Statement Of Operations
REVENUE
EXPENSES
Office and general	15,370	2,766
Professional fees	19,638	11,757
TOTAL EXPENSES	(35,008)	(14,523)
NET LOSS	$ (35,008)	$ (14,523)
BASIC NET LOSS PER COMMON SHARE	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF BASIC COMMON SHARES OUTSTANDING	41,823,938	1,010,274,000

STATEMENT OF STOCKHOLDERS' DEFI

STATEMENT OF STOCKHOLDERS' DEFICIT - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance, Shares at Jul. 31, 2014
Beginning Balance, Amount at Jul. 31, 2014
Net loss			(3,567)	(3,567)
Ending Balance, Shares at Aug. 31, 2014
Ending Balance, Amount at Aug. 31, 2014			(3,567)	(3,567)
Common shares issued for cash, Shares	1,250,000,000
Common shares issued for cash, Amount	$ 1,250,000	(1,245,000)		5,000
Net loss			(14,523)	(14,523)
Ending Balance, Shares at Aug. 31, 2015	1,250,000,000
Ending Balance, Amount at Aug. 31, 2015	$ 1,250,000	(1,245,000)	(18,090)	(13,090)
Common shares issued for cash, Shares	20,137,500
Common shares issued for cash, Amount	$ 20,138	(16,109)		4,029
Shares cancelled, Shares	(1,217,500,000)
Shares cancelled, Amount	$ (1,217,500)	1,217,490		(10)
Net loss			(35,008)	(35,008)
Ending Balance, Shares at Aug. 31, 2016	52,637,500
Ending Balance, Amount at Aug. 31, 2016	$ 52,638	$ (43,619)	$ (53,098)	$ (44,079)

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($)	Aug. 31, 2016	Aug. 31, 2015
OPERATING ACTIVITIES
Net loss for the period	$ (35,008)	$ (14,523)
Changes in operating assets and liabilities
Accounts payable	22,000	(1,250)
NET CASH USED IN OPERATING ACTIVITIES	(13,008)	(15,773)
NET CASH USED IN INVESTING ACTIVITIES
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from sale of common stock	4,029	5,000
Payment of purchase of common stock	(10)
Proceeds from related parties	13,510	8,717
NET CASH PROVIDED BY FINANCING ACTIVITIES	17,528	13,717
NET DECREASE IN CASH	4,521	(2,056)
CASH, BEGINNING OF PERIOD	587	2,643
CASH, END OF PERIOD	5,108	587
SUPPLEMENTAL CASH FLOW INFORMATION AND NONCASH INVESTING AND FINANCING ACTIVITIES:
Cash paid during the period for Interest
Cash paid during the period for Income taxes

NATURE OF OPERATIONS AND BASIS

NATURE OF OPERATIONS AND BASIS OF PRESENTATION	12 Months Ended
NATURE OF OPERATIONS AND BASIS OF PRESENTATION	Aug. 31, 2016
Notes to Financial Statements
NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION	My Cloudz, Inc. was incorporated in the State of Nevada as a for-profit Company on July 31, 2014 and established a fiscal year end of August 31. The Company intends to market and sell its planned online data storage through its intended website. Going concern To date the Company has generated no revenues from its business operations and has incurred operating losses since inception of $53,098. As at August 31, 2016 the Company has a working capital deficit of $44,079. The Company will require additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Companys ability to continue as a going concern. The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. As of August 31, 2016 the Company has funded initial expensed through advances from the president. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Aug. 31, 2016
Notes to Financial Statements
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Basis of presentation The financial statements present the balance sheet, statements of operations, stockholders equity (deficit) and cash flows of the Company. These financial statements are presented in the United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. Comprehensive Loss Reporting Comprehensive Income establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As of August 31, 2016, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements. Use of Estimates and Assumptions Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Accordingly, actual results could differ from those estimates. Cash Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The Company did not have cash equivalents as of August 31, 2016. As of August 31, 2016 the Company had $5,108 held in an escrow account with Highland Escrow Trust and Real Estate Services Co. Ltd. Financial Instruments All significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practical the fair value of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed. Loss per Common Share The basic loss per share is calculated by dividing the Companys net loss available to common shareholders by the weighted average number of common shares during the period. The diluted loss per share is calculated by dividing the Companys net loss available to common shareholders by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted loss per share is the same as basic loss per share due to the lack of dilutive items in the Company. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

CAPITAL STOCK

CAPITAL STOCK	12 Months Ended
CAPITAL STOCK	Aug. 31, 2016
Notes to Financial Statements
NOTE 3 - CAPITAL STOCK	The Companys capitalization is 200,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. On November 10, 2014, the Company issued 1,250,000,000 common shares at $0.000004 per share to the sole director and president of the Company for cash proceeds of $5,000. On March 11, 2016, the Company closed of its financing and the Company issued 20,137,500 common shares to 30 shareholders at $0.0002 per share for net cash proceeds of $4,029. On March 15, 2016, the founding shareholder of the Company returned 1,217,500,000 restricted shares of common stock to treasury and the shares were subsequently cancelled by the Company. The shares were returned to treasury for $0.000000008 per share for a total consideration of $10 to the shareholder. On March 15, 2016, the directors of the Company approved a special resolution to undertake a forward split of the common stock of the Company on a basis of 250 new common shares for 1 old common share. The issued and outstanding common stock increased from 210,550 to 52,637,500 as of March 15, 2016. All references in these financial statements to number of common shares, price per share and weighted average number of shares outstanding prior to the 250:1 forward split have been adjusted to reflect the stock split on a retroactive basis unless otherwise noted. As of August 31, 2016, the Company has not granted any stock options and has not recorded any stock-based compensation.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Aug. 31, 2016
Notes to Financial Statements
NOTE 4 - RELATED PARTY TRANSACTIONS	As of August 31, 2016 the Companys outstanding related party advances balance is $27,187 (August 31, 2015 - $13,677). The amounts are due to the Companys President and, are non-interest bearing, unsecured, expected to be repaid and considered a current liability.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Aug. 31, 2016
Notes to Financial Statements
NOTE 5 - INCOME TAXES	A reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Companys income tax expense as reported is as follows: August 31, 2016 August 31, 2015 Net loss before income taxes per financial statements $ (35,008 ) $ (14,523 ) Income tax rate 34 % 34 % Income tax recovery (11,903 ) (4,938 ) Non-deductible -- -- Valuation allowance change 11,903 4,938 Provision for income taxes $ $ The significant component of deferred income tax assets at August 31, 2016 and August 31, 2015, is as follows: August 31, 2016 August 31, 2015 Net operating loss carry-forward $ 18,054 $ 6,151 Valuation allowance (18,054 ) (6,151 ) Net deferred income tax asset $ $ The amount taken into income as deferred income tax assets must reflect that portion of the income tax loss carry forwards that is more likely-than-not to be realized from future operations. The Company has chosen to provide a full valuation allowance against all available income tax loss carry forwards. The Company has recognized a valuation allowance for the deferred income tax asset since the Company cannot be assured that it is more likely than not that such benefit will be utilized in future years. The valuation allowance is reviewed annually. When circumstances change and which cause a change in management's judgment about the realizability of deferred income tax assets, the impact of the change on the valuation allowance is generally reflected in current income. As of August 31, 2016 and August 31, 2015 the Company has no unrecognized income tax benefits. The Companys policy for classifying interest and penalties associated with unrecognized income tax benefits is to include such items as tax expense. No interest or penalties have been recorded during the year ended August 31, 2016 and August 31, 2015 and no interest or penalties have been accrued as of August 31, 2016 and August 31, 2015. As of August 31, 2016 and August 31, 2015, the Company did not have any amounts recorded pertaining to uncertain tax positions. The tax years from 2014 and forward remain open to examination by federal and state authorities due to net operating loss and credit carryforwards. The Company is currently not under examination by the Internal Revenue Service or any other taxing authorities.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Aug. 31, 2016
Notes to Financial Statements
NOTE 6 - SUBSEQUENT EVENTS	Subsequent to the period, during September 2016, the President of the Company advanced a total of $18,000 to the Company. The amounts are due to the Companys President and are non-interest bearing, unsecured, expected to be repaid and considered a current liability.

SUMMARY OF SIGNIFICANT ACCOUN13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Aug. 31, 2016
Summary Of Significant Accounting Policies Policies
Basis of presentation	The financial statements present the balance sheet, statements of operations, stockholders equity (deficit) and cash flows of the Company. These financial statements are presented in the United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States.
Comprehensive Loss	Reporting Comprehensive Income establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As of August 31, 2016, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements.
Use of Estimates and Assumptions	Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Accordingly, actual results could differ from those estimates.
Cash	Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The Company did not have cash equivalents as of August 31, 2016. As of August 31, 2016 the Company had $5,108 held in an escrow account with Highland Escrow Trust and Real Estate Services Co. Ltd.
Financial Instruments	All significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practical the fair value of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed.
Loss per Common Share	The basic loss per share is calculated by dividing the Companys net loss available to common shareholders by the weighted average number of common shares during the period. The diluted loss per share is calculated by dividing the Companys net loss available to common shareholders by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted loss per share is the same as basic loss per share due to the lack of dilutive items in the Company.
Income Taxes	The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment.
Recent Accounting Pronouncements	The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Aug. 31, 2016
Income Taxes Tables
Summary of provision for income taxes	A reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Companys income tax expense as reported is as follows: August 31, 2016 August 31, 2015 Net loss before income taxes per financial statements $ (35,008 ) $ (14,523 ) Income tax rate 34 % 34 % Income tax recovery (11,903 ) (4,938 ) Non-deductible -- -- Valuation allowance change 11,903 4,938 Provision for income taxes $ $
Component of deferred income tax assets	The significant component of deferred income tax assets at August 31, 2016 and August 31, 2015, is as follows: August 31, 2016 August 31, 2015 Net operating loss carry-forward $ 18,054 $ 6,151 Valuation allowance (18,054 ) (6,151 ) Net deferred income tax asset $ $

NATURE OF OPERATIONS AND BASI15

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) - USD ($)	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014	Jul. 31, 2014
Nature Of Operations And Basis Of Presentation Details Narrative
Accumulated deficit	$ (53,098)	$ (18,090)
Working capital deficit	$ (44,079)	$ (13,090)	$ (3,567)

SUMMARY OF SIGNIFICANT ACCOUN16

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Summary Of Significant Accounting Policies Details Narrative
Cash	$ 5,108	$ 587	$ 2,643

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Aug. 31, 2016	Aug. 31, 2015
Related Party Transactions Details Narrative
Due to related party (Note 4)	$ 27,187	$ 13,677

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	1 Months Ended	12 Months Ended
INCOME TAXES (Details) - USD ($)	Aug. 31, 2014	Aug. 31, 2016	Aug. 31, 2015
Income Taxes Details
Net loss	$ (3,567)	$ (35,008)	$ (14,523)
Income tax rate		34.00%	34.00%
Income tax recovery		$ (11,903)	$ (4,938)
Non-deductible
Valuation allowance change		$ 11,903	$ 4,938
Provision for income taxes

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($)	Aug. 31, 2016	Aug. 31, 2015
Income Taxes Details 1
Net operating loss carry-forward	$ 18,054	$ 6,151
Valuation allowance	(18,054)	(6,151)
Net deferred income tax asset

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