Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 12, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | INTELLIGENT CLOUD RESOURCES INC. | |
Entity Central Index Key | 1,634,912 | |
Trading Symbol | ITLL | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 93,522,660 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash | $ 73,908 | $ 27,643 |
Prepaid expenses [Note 5] | 98,457 | 90,090 |
Total current assets | 172,365 | 117,733 |
TOTAL ASSETS | 172,365 | 117,733 |
CURRENT LIABILITIES | ||
Due to a related party [Note 5] | 2,764 | 1,797 |
Cash advances for shares to be issued [Note 4] | 14,978 | |
Accrued and other liabilities | 48,229 | 60,570 |
Total current liabilities | 50,993 | 77,345 |
TOTAL LIABILITIES | 50,993 | 77,345 |
STOCKHOLDERS' DEFICIENCY | ||
Authorized: 100,000,000 common stock, par value $0.001 Issued and outstanding: 93,522,660 common stock at $0.001 as at March 31, 2017 (December 31, 2016: 92,279,327) [Note 4] | 93,522 | 92,279 |
Additional paid-in capital | 613,092 | 427,835 |
Accumulated Deficit | (585,176) | (479,795) |
Accumulated other comprehensive income | (66) | 69 |
Total stockholders' deficiency | 121,372 | 40,388 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY | $ 172,365 | $ 117,733 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 93,522,660 | 92,279,327 |
Common stock, shares outstanding | 93,522,660 | 92,279,327 |
Statement of Operations and Com
Statement of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
REVENUE | $ 900 | |
OPERATING EXPENSES | ||
Advertising and Promotion [Note 5] | 55,935 | |
Marketing expense | 6,433 | |
Legal fees | 5,520 | 6,045 |
Management fees | 19,500 | 4,559 |
Audit and accounting fees | 4,974 | 4,346 |
Other professional fees | 12,630 | 2,708 |
General Expenses | 494 | |
Total Operating Expenses | 104,992 | 18,152 |
Loss from operations | (104,992) | (17,252) |
Other Income (expense) | ||
Interest and bank charges | 389 | 2,889 |
Gain (loss) change in fair value of derivative liabilities | 858 | |
Loss of conversion of debt | ||
Total other (expenses) | 389 | 3,747 |
Income taxes | ||
Net loss for the year/period | (105,381) | (20,999) |
Foreign currency translation adjustment | (135) | 79 |
COMPREHENSIVE LOSS | $ (105,516) | $ (20,920) |
Loss per share, basic and diluted | $ (0.0011) | $ (0.0002) |
Weighted average number of common stock outstanding, basic and diluted | 92,949,475 | 90,000,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (105,381) | $ (20,999) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Amotization of debt discount | 428 | |
(Gain) Loss on change in fair value of derivatives | 858 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (8,367) | |
Accounts payable and accrued liabilities | (12,319) | (51,647) |
Due to a related party | 967 | |
Net cash used in operating activities | (125,100) | (71,360) |
INVESTING ACTIVITIES | ||
Due from stockholders | ||
Cash used in investing activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of stock / stock subscriptions | 171,500 | |
Due to a stockholder | 1,970 | |
Net cash provided by financing activities | 171,500 | 1,970 |
Net (decrease) increase in cash during the year/period | 46,400 | (69,390) |
Effect of foreign currency translation | (135) | 79 |
Cash, beginning of the period | 27,643 | 74,639 |
Cash, end of the period | 73,908 | 5,328 |
Non Cash Transactions | ||
Stock issued for advance | $ 15,000 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2017 | |
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, Cloud based and telecommunication services. The Company’s principal place of business is located at 6418 Ambrosia Dr. Suite 5301 San Diego, California. |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2017 | |
Going Concern [Abstract] | |
GOING CONCERN | 2. GOING CONCERN These unaudited interim financial statements have been prepared assuming the Company will continue on a going concern basis. The Company has incurred losses since inception and has not yet established a history of revenue producing activities which raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern depends upon its ability to develop profitable operations and to continue to raise adequate financing. In order for the Company to meet its liabilities as they become due and to continue its operations, the Company is solely dependent upon its ability to generate such financing. There can be no assurance that the Company will be able to continue to raise funds, in which case the Company may be unable to meet its obligations. Should the Company be unable to realize its assets and discharge its liabilities in the normal course of business, the net realizable value of its assets may be materially less than the amounts recorded in these interim financial statements. These interim financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s unaudited 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 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 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, 2017 or for any other interim period. The unaudited 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 year ended December 31, 2016. 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. Use of Estimates The preparation of the 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 interim financial statements and the reported amounts of revenues and expenses during the reporting periods. Areas involving significant estimates and assumptions include accruals, going concern assessment and valuation allowance for deferred tax asset. 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. Reclassification of comparative figures Certain of the prior period figures have been reclassified to align with Management’s current view of the Company’s operations |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity [Abstract] | |
STOCKHOLDERS' EQUITY | 4. STOCKHOLDERS’ EQUITY COMMON STOCK - AUTHORIZED As at March 31, 2017, the Company is authorized to issue 100,000,000 shares of common stock, with par value of $0.001. COMMON STOCK - ISSUED AND OUTSTANDING During the three month period ended March 31, 2017, the Company issued 1,243,333 shares of common stock, including 1,143,333 shares for $171,500 in cash to investors in a private placement and 100,000 shares against $15,000 cash advances received during the fiscal year ended December 31, 2016. As of March 31, 2017, there were 93,522,660 shares of common stock issued and outstanding (December 31, 2016 - 92,279,327). As of March 31, 2017, the Company has no cash advances for common shares to be issued (December 31, 2016 - $14,978) |
Related Party Transactions and
Related Party Transactions and Balances | 3 Months Ended |
Mar. 31, 2017 | |
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 to shareholders and other related party are unsecured, non-interest bearing and are payable on demand. As of February 2017, Christopher Pay has been appointed Director of the Company. Christopher Pay is also the CEO of Mobile Lads and 2440499 Ontario Inc is a wholly owned subsidiary of Mobile Lads.. Prepaid expenses include $90,090 for purchase of inventory (December 31, 2016 - $90,090). There were also advertising and promotion expenses of $55,935 related to payments made to Mobile Lads and 2440499 Ontario Inc under agreements. As of March 31, 2017, the balance due to related party is $2,764 (December 31, 2016 - $1,797). There is no rent paid and rent is offered for free by the CEO of the Company. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 6. SUBSEQUENT EVENTS As of May 14, 2017, expenses paid on behalf of the Company by the CEO of the Company amount to $ 4,527 |
Summary of Significant Accoun12
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s unaudited 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 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 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, 2017 or for any other interim period. The unaudited 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 year ended December 31, 2016. 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. |
Use of Estimates | Use of Estimates The preparation of the 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 interim financial statements and the reported amounts of revenues and expenses during the reporting periods. Areas involving significant estimates and assumptions include accruals, going concern assessment and valuation allowance for deferred tax asset. 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. |
Reclassification of comparative figures | Reclassification of comparative figures Certain of the prior period figures have been reclassified to align with Management’s current view of the Company’s operations |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Stockholders' Equity (Textual) | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 93,522,660 | 92,279,327 |
Common stock, shares outstanding | 93,522,660 | 92,279,327 |
Cash advances for common stock value issued | $ 14,978 | |
Cash advances for shares to Be issued | 100,000 | |
Common stock [Member] | ||
Stockholders' Equity (Textual) | ||
Common stock, shares issued | 1,243,333 | |
private placement [Member] | ||
Stockholders' Equity (Textual) | ||
Cash to investors, shares | 1,143,333 | |
Cash to investors | $ 171,500 |
Related Party Transactions an14
Related Party Transactions and Balances (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Related Party Transactions and Balances (Textual) | ||
Due to a related party | $ 2,764 | $ 1,797 |
Christopher Pay [Member] | ||
Related Party Transactions and Balances (Textual) | ||
Prepaid expenses | 90,090 | $ 90,090 |
Advertising and promotion expenses | $ 55,935 |
Subsequent Events (Details)
Subsequent Events (Details) | May 14, 2017USD ($) |
Subsequent Event [Member] | CEO [Member] | |
Subsequent Events (Textual) | |
Expenses paid | $ 4,527 |