Intelligent Cloud Resources (ITLL) 10-Q 28 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 28, 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	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		97,555,993

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
CURRENT ASSETS
Cash		$ 27,643
Prepaid expenses [Note 5]	2,500	90,090
Total current assets	2,500	117,733
TOTAL ASSETS	2,500	117,733
CURRENT LIABILITIES
Cash Overdraft	481
Due to a related party [Note 5]	149,254	1,797
Cash advances for shares to be issued [Note 4]		14,978
Accrued and other liabilities	137,220	60,570
Total current liabilities	286,955	77,345
TOTAL LIABILITIES	286,955	77,345
STOCKHOLDERS' DEFICIENCY
Authorized: 100,000,000 common stock, par value $0.001 Issued and outstanding: 97,555,993 common stock at $0.001 as at September 30, 2017 (December 31, 2016: 92,279,327) [Note 4]	97,556	92,279
Additional paid-in capital	2,893,078	427,835
Accumulated Deficit	(3,275,127)	(479,795)
Accumulated other comprehensive income	38	69
Total stockholders' deficiency	(284,455)	40,388
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY	$ 2,500	$ 117,733

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 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	97,555,993	92,279,327
Common stock, shares outstanding	97,555,993	92,279,327

Statements of Operations and Co

Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
REVENUE				$ 900
OPERATING EXPENSES
Advertising and Promotion [Note 5]	84,750		231,085
Marketing expense	217		7,424
Legal fees	1,250	3,100	10,130	9,145
Management fees	66,500	4,500	105,500	13,559
Audit and accounting fees	4,133	4,042	11,110	11,650
Other professional fees	2,318,400	2,130	2,338,664	7,604
General Expenses		200		694
Write-off of prepayments	90,090		90,090
Total Operating Expenses	2,565,340	13,972	2,794,003	42,652
Loss from operations	(2,565,340)	(13,972)	(2,794,003)	(41,752)
Other Income (expense)
Interest and bank charges	605	4,090	1,329	9,900
Gain on change in fair value of derivative liabilities		(15,329)		(2,578)
Total other (expenses)	605	(11,239)	1,329	7,322
Income taxes
Net loss	(2,565,945)	(2,733)	(2,795,332)	(49,074)
Foreign currency translation adjustment	(1)	10	(31)	88
COMPREHENSIVE LOSS	$ (2,565,946)	$ (2,723)	$ (2,795,363)	$ (48,986)
Loss per share, basic and diluted	$ (0.03)	$ 0	$ (0.03)	$ 0
Weighted average number of common stock outstanding, basic and diluted	93,530,994	90,009,420	93,336,506	90,003,163

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$ (2,795,332)	$ (49,074)
Adjustments to reconcile net loss to net cash used in operating activities
Interest expense - accretion of convertible notes		2,431
(Gain) Loss on change in fair value of derivatives		(2,578)
Write-Off of prepayments	90,090
Stock based compensation	2,280,000
Interest accrued on notes converted into stock		7,131
Changes in operating assets and liabilities:
Prepaid expenses	(2,500)
Accounts payable and accrued liabilities	76,672	(56,819)
Due to a related party	147,457
Net cash used in operating activities	(203,613)	(98,909)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of stock / stock subscriptions	175,520	34,970
Due to a stockholder		17,303
Cash Overdraft	481
Net cash provided by financing activities	176,001	52,273
Effect of foreign currency translation	(31)	88
Net (decrease) increase in cash during the year/period	(27,643)	(46,548)
Cash, beginning of the period	27,643	74,639
Cash, end of the period		28,091
Non Cash Transactions
Stock issued for advance	15,000
Supplemental Disclosure:
Interest paid
Income taxes

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 30, 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 8-2857 Sherwood Heights Drive, Oakville Ontario L6J7J9, CANADA.

Going Concern

Going Concern	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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. Stock Based Compensation The Company accounts for share-based payments in accordance with the provision of ASC 718, which requires that all share-based payments issued to acquire goods or services, including grants of employee stock options, be recognized in the statement of operations based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to share-based awards is recognized over the requisite service period, which is generally the vesting period. The Company accounts for stock based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the guidelines in ASC 505-50. The Company issues compensatory shares for services including, but not limited to, executive, management, accounting, operations, corporate communication, financial and administrative consulting services 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	9 Months Ended
	Sep. 30, 2017
Stockholders' Equity [Abstract]
STOCKHOLDERS' EQUITY	4. STOCKHOLDERS’ EQUITY COMMON STOCK - AUTHORIZED As at September 30, 2017 COMMON STOCK - ISSUED AND OUTSTANDING During the nine month period ended September 30, 2017, the Company issued 1,276,666 shares of common stock, including 1,176,666 shares for $175,520 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. On September 30, 2017, the Company issued 4,000,000 shares of common stock to a third party in connection with providing consulting services. These shares were fair valued at $2,280,000, determined based on the market price on the date of completion of services, and expensed as part of other professional fees during the three months ended September 30, 2017. As of September 30, 2017, there were 97,555,993 shares of common stock issued and outstanding (December 31, 2016 - 92,279,327). As of September 30, 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	9 Months Ended
	Sep. 30, 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 and as of July 21, 2017, Christopher Pay was appointed CEO 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 $nil for purchase of inventory (December 31, 2016 - $90,090). There were also advertising and promotion expenses of $231,085 related to payments made to Mobile Lads and 2440499 Ontario Inc under agreements. As of September 30, 2017, the balance due to related party is $149,254 (December 31, 2016 - $1,797). Of the total balance due to related party, $ 1,797 is due to Mobile Lads (December 31, 2016 - $ 1,797) and $147,457 is due to 2440499 Ontario Inc (December 31, 2016 - $ 0). The amounts payable are due on demand and non-interest bearing.

Write-Off of Prepayments

Write-Off of Prepayments	9 Months Ended
	Sep. 30, 2017
Write-Off of Prepayments [Abstract]
WRITE-OFF OF PREPAYMENTS	6. WRITE-OFF OF PREPAYMENTS Prepayments amounting to $90,090 for payments of purchase of inventory to a related party have been written-off during the three months ended September 30, 2017. Deposit for the purchase of inventory was made in December 2016 and no inventory has been received to date and no pre-inspection deadline has been met.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	7. SUBSEQUENT EVENTS As previously announced, Intelligent Cloud Resources Inc. (the “Company”) entered into a definitive agreement on July 21, 2017 to license Fonia Mobile and Fonia Financial (collectively “Fonia”) in the State of Florida and the Caribbean, referenced previously as the “instant access mobile” products from inception to launch. As of October 20, 2017, the Company has acquired the exclusive license rights expanding the license nationwide across the United States. The Company’s exclusive focus is now the commercialization of Fonia.

Summary of Significant Accoun13

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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.
Stock Based Compensation	Stock Based Compensation The Company accounts for share-based payments in accordance with the provision of ASC 718, which requires that all share-based payments issued to acquire goods or services, including grants of employee stock options, be recognized in the statement of operations based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to share-based awards is recognized over the requisite service period, which is generally the vesting period. The Company accounts for stock based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the guidelines in ASC 505-50. The Company issues compensatory shares for services including, but not limited to, executive, management, accounting, operations, corporate communication, financial and administrative consulting services
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		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Stockholders' Equity (Textual)
Common stock, shares authorized	100,000,000		100,000,000		100,000,000
Common stock, par value	$ 0.001		$ 0.001		$ 0.001
Common stock, shares issued	97,555,993		97,555,993		92,279,327
Common stock, shares outstanding	97,555,993		97,555,993		92,279,327
Cash advances for common stock value issued					$ 14,978
Cash advances for shares to be issued					100,000
Fair valued of shares	$ 2,280,000		$ 2,280,000
Related party [Member]
Stockholders' Equity (Textual)
Common stock, shares issued	4,000,000		4,000,000
Common stock [Member]
Stockholders' Equity (Textual)
Common stock, shares issued	1,276,666		1,276,666
private placement [Member]
Stockholders' Equity (Textual)
Cash to investors, shares			1,176,666
Cash to investors			$ 175,520
Cash received in advances					$ 15,000

Related Party Transactions an15

Related Party Transactions and Balances (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Related Party Transactions and Balances (Textual)
Due to a related party	$ 149,254		$ 1,797
Due to a related party of company	147,457
Christopher Pay [Member]
Related Party Transactions and Balances (Textual)
Prepaid expenses			90,090
Advertising and promotion expenses	231,085
Due to a related party	$ 1,797		$ 1,797

Write-Off of Prepayments (Detai

Write-Off of Prepayments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Write-Off of prepayments (Textual)
Purchase of inventory to related have been written-off	$ 90,090		$ 90,090