Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Sep. 01, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | INTELLIGENT CLOUD RESOURCES INC. | |
Entity Central Index Key | 1,634,912 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 6,000,000 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash | $ 876 | $ 991 |
Prepaid expenses | $ 310 | |
Due from shareholders [Note 5] | $ 3,375 | |
Due from related party [Note 5] | $ 1,563 | 1,563 |
Total current assets | 2,749 | 5,929 |
TOTAL ASSETS | 2,749 | 5,929 |
CURRENT LIABILITIES | ||
Accrued liabilities | 8,291 | $ 1,461 |
Due to shareholders [Note 5] | 3,151 | |
Total current liabilities | 11,442 | $ 1,461 |
TOTAL LIABILITIES | 11,442 | 1,461 |
STOCKHOLDERS' (DEFICIENCY) EQUITY | ||
Authorized:7,500,000 common stock, par value $0.001 Issued and outstanding:6,000,000 common stock at $0.001 as at June 30, 2015 (December 31, 2014: 6,000,000) [Note 4] | 6,000 | 6,000 |
Additional paid-in capital | 12,162 | 12,162 |
Accumulated Deficit | (26,864) | (13,711) |
Accumulated other comprehensive income | 9 | 17 |
Total stockholders' (deficiency) equity | (8,693) | 4,468 |
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIENCY) EQUITY | $ 2,749 | $ 5,929 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 7,500,000 | 7,500,000 |
Common stock, shares issued | 6,000,000 | 6,000,000 |
Common stock, shares outstanding | 6,000,000 | 6,000,000 |
Statement of Operations and Com
Statement of Operations and Comprehensive Loss - Jun. 30, 2015 - USD ($) | Total | Total |
Income Statement [Abstract] | ||
REVENUE | ||
EXPENSES | ||
Professional fee | $ 9,896 | $ 13,001 |
Bank charges | 60 | 152 |
Total expenses | 9,956 | 13,153 |
Net loss for the period before income taxes | $ (9,956) | $ (13,153) |
Income taxes | ||
Net loss for the period | $ (9,956) | $ (13,153) |
Foreign currency translation adjustment | (3) | (8) |
COMPREHENSIVE LOSS | $ (9,959) | $ (13,161) |
Loss per share, basic and diluted | $ (0.002) | $ (0.002) |
Weighted average number of common stock outstanding, basic and diluted | 6,000,000 | 6,000,000 |
Statement of Cash Flows
Statement of Cash Flows - Jun. 30, 2015 - USD ($) | Total |
CASH FLOWS FROM OPERATING ACTIVITIES | |
Net loss for the period | $ (13,153) |
Changes in operating assets and liabilities: | |
Prepaid expenses | (310) |
Accrued liabilities | 6,830 |
Net cash used in operating activities | (6,633) |
CASH FLOWS FROM FINANCING ACTIVITIES | |
Due from shareholders | 3,375 |
Due to shareholders | 3,151 |
Net cash provided by financing activities | 6,526 |
Net decrease in cash during the period | (107) |
Effect of foreign currency translation | (8) |
Cash, beginning of the period | 991 |
Cash, end of the period | $ 876 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Jun. 30, 2015 | |
Nature of Operations [Abstract] | |
NATURE OF OPERATIONS | 1. NATURE OF OPERATIONS Intelligent Cloud Resources Inc. (the “Company”) was incorporated on March 27, 2014 in the state of Nevada. The Company is engaged in providing IT solutions and Cloud based services. The Company’s principal place of business is located at 2602 Innisfil Road, Mississauga, Ontario L5M 4H9, Canada. |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2015 | |
Going Concern [Abstract] | |
GOING CONCERN | 2. GOING CONCERN The Company's financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustment relating to recoverability and classification of recorded amounts of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. The Company has a minimum cash balance available for payment of ongoing operating expenses, has experienced losses from operations, and it does not have a source of revenue. Its continued existence is dependent upon its ability to continue to execute its operating plan and to obtain additional debt or equity financing. There can be no assurance the necessary debt or equity financing will be available, or will be available on terms acceptable to the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and the rules and regulations of the SEC and are expressed in US dollars. Accordingly, the unaudited condensed interim financial statements do not include all information and footnotes required by US GAAP for complete annual financial statements. In the opinion of management, the accompanying unaudited condensed interim financial statements reflect all adjustments, consisting of only normal recurring adjustments, considered necessary for a fair presentation. Interim operating results are not necessarily indicative of results that may be expected for the year ending December 31, 2015 or for any other interim period. The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements of the Company and the notes thereto as of and for the period ended December 31, 2014. The Company’s fiscal year-end is December 31. The Company’s functional currency is Canadian (“CDN”) dollars. The Company’s reporting currency is the U.S. dollar. The condensed interim financial statements do not include any comparative information as there were no significant transactions from March 27 to June 30, 2014. Use of Estimates The preparation of the condensed interim financial statements in conformity with US GAAP 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 of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Areas involving significant estimates and assumptions include accruals and going concern assessment. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. Actual results could materially differ from those estimates. Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies that are adopted by the Company as of the specified effective date. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern, which will require an entity’s management to assess, for each annual and interim period, whether there is substantial doubt about the entity’s ability to continue as a going concern within one year of the financial statement issuance date. The definition of substantial doubt within the new standard incorporates a likelihood threshold of “probable” similar to the use of that term under current GAAP for loss contingencies. Certain disclosures will be required if conditions give rise to substantial doubt. The guidance will be effective for the Company beginning with fiscal year 2017. Early adoption is permitted. The Company is currently evaluating the impact that this amended guidance will have on its financial statements and related disclosures. On April 7, 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts and the accounting for debt issue costs under IFRS. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in this Update apply to all companies. They become effective for public business entities in the annual period ending after December 15, 2015, and interim periods within those fiscal years, with early application permitted. The Company is currently evaluating the impact of this accounting standard. Recently Adopted Accounting Standards In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-10, “Development Stage Entities”. The amendments in this update remove the definition of a development stage entity from the Master Glossary of the ASC thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The Company adopted the new requirements in its financial reporting effective from January 1, 2015. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity [Abstract] | |
STOCKHOLDERS' EQUITY | 4. STOCKHOLDERS’ EQUITY COMMON STOCK - AUTHORIZED As at June 30, 2015, the Company is authorized to issue 7,500,000 shares of common stock, with par value of $0.001. COMMON STOCK - ISSUED AND OUTSTANDING During the period ended December 31, 2014, the Company issued: - 3,000,000 and 1,500,000 shares of common stock at par value of $0.001 to its founders, Fatima Khan and Rehan Saeed, respectively; and - 1,500,000 shares of common stock for $13,662 cash to 30 investors in a private placement. At June 30, 2015, there were 6,000,000 shares of common stock issued and outstanding (December 31, 2014 - 6,000,000). |
Related Party Transactions and
Related Party Transactions and Balances | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions and Balances [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | 5. RELATED PARTY TRANSACTIONS AND BALANCES Transactions are considered to be related party transactions if management has the ability to exercise significant control through its ownership of shares and presence on the board of directors. Transactions with related parties are in the normal course of operations and are recorded at the exchange amount, which is the amount of consideration established and agreed upon by the related parties. The amounts due from shareholders and other related party are unsecured, non-interest bearing and are payable on demand. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 6. SUBSEQUENT EVENTS The Company’s management has evaluated subsequent events up to September 1, 2015, the date the unaudited condensed interim financial statements were issued, pursuant to the requirements of ASC Topic 855 and has determined that there are no material subsequent events to report. |
Summary of Significant Accoun12
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and the rules and regulations of the SEC and are expressed in US dollars. Accordingly, the unaudited condensed interim financial statements do not include all information and footnotes required by US GAAP for complete annual financial statements. In the opinion of management, the accompanying unaudited condensed interim financial statements reflect all adjustments, consisting of only normal recurring adjustments, considered necessary for a fair presentation. Interim operating results are not necessarily indicative of results that may be expected for the year ending December 31, 2015 or for any other interim period. The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements of the Company and the notes thereto as of and for the period ended December 31, 2014. The Company’s fiscal year-end is December 31. The Company’s functional currency is Canadian (“CDN”) dollars. The Company’s reporting currency is the U.S. dollar. The condensed interim financial statements do not include any comparative information as there were no significant transactions from March 27 to June 30, 2014. |
Use of Estimates | Use of Estimates The preparation of the condensed interim financial statements in conformity with US GAAP 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 of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Areas involving significant estimates and assumptions include accruals and going concern assessment. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. Actual results could materially differ from those estimates. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies that are adopted by the Company as of the specified effective date. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern, which will require an entity’s management to assess, for each annual and interim period, whether there is substantial doubt about the entity’s ability to continue as a going concern within one year of the financial statement issuance date. The definition of substantial doubt within the new standard incorporates a likelihood threshold of “probable” similar to the use of that term under current GAAP for loss contingencies. Certain disclosures will be required if conditions give rise to substantial doubt. The guidance will be effective for the Company beginning with fiscal year 2017. Early adoption is permitted. The Company is currently evaluating the impact that this amended guidance will have on its financial statements and related disclosures. On April 7, 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts and the accounting for debt issue costs under IFRS. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in this Update apply to all companies. They become effective for public business entities in the annual period ending after December 15, 2015, and interim periods within those fiscal years, with early application permitted. The Company is currently evaluating the impact of this accounting standard. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-10, “Development Stage Entities”. The amendments in this update remove the definition of a development stage entity from the Master Glossary of the ASC thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The Company adopted the new requirements in its financial reporting effective from January 1, 2015. |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | Jun. 30, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)Investors$ / sharesshares |
Stockholders' Equity (Textual) | ||
Common stock, shares authorized | 7,500,000 | 7,500,000 |
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 |
Common stock, shares issued | 6,000,000 | 6,000,000 |
Common stock, shares outstanding | 6,000,000 | 6,000,000 |
Common stock, shares issued value | $ | $ 6,000 | $ 6,000 |
Private Placement [Member] | ||
Stockholders' Equity (Textual) | ||
Common stock, shares issued | 1,500,000 | |
Common stock, shares issued value | $ | $ 13,662 | |
Number of investors | Investors | 30 | |
Fatima Khan [Member] | ||
Stockholders' Equity (Textual) | ||
Common stock, par value | $ / shares | $ 0.001 | |
Common stock, shares issued | 3,000,000 | |
Rehan Saeed [Member] | ||
Stockholders' Equity (Textual) | ||
Common stock, par value | $ / shares | $ 0.001 | |
Common stock, shares issued | 1,500,000 |