INTELLIGENT CLOUD RESOURCES INC.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Amendment 3 to FORM S-1
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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INTELLIGENT CLOUD RESOURCES INC. |
(Exact name of Registrant as specified in its charter) |
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Nevada |
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(State or other jurisdiction of incorporation or organization) |
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c/o Fatima Khan
Intelligent Cloud Resources Inc.
2602 Innisfil Road
Mississauga, Canada
ON L5M 4H9
Telephone: (647) 478-5633
(Address and telephone number of Registrant's principal executive offices)
c/o Fatima Khan
Intelligent Cloud Resources Inc.
2602 Innisfil Road
Mississauga, Canada
ON L5M 4H9
Telephone: (647) 478-5633
(Address of principal place of business or intended principal place of business)
c/o Fatima Khan
Intelligent Cloud Resources Inc.
2602 Innisfil Road
Mississauga, Canada
ON L5M 4H9
Telephone: (647) 478-5633
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies of communications to:
GREGG E. JACLIN, ESQ.
Szaferman, Lakind, Blumstein & Blader, P.C.
101 Grovers Mill Road, Suite 200
Lawrenceville, NJ 08648
TELEPHONE NO.: (609) 275-0400
FACSIMILE NO.: (609) 275-4511
Approximate date of commencement of proposed sale to the public: From time to time after the effective date of this registration statement.
If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, please check the following box: ⌧
If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ◻
If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ◻
If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ◻
If delivery of the prospectus is expected to be made pursuant to Rule 434, please check the following box: ◻
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See definitions of large accelerated filer, accelerated filer, and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one)
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Large accelerated filer | ◻ | Accelerated filer | ◻ |
Non-accelerated filer | ◻ | Smaller reporting company | ⌧ |
Calculation of Registration Fee
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Title of Class of Securities to be Registered | Amount to be Registered | Proposed Maximum Aggregate Price Per Share | Proposed Maximum Aggregate Offering Price | Amount of Registration Fee | |
Common Stock, $0.001 par value (1) | 1,500,000 | $ 0.01 | (2) | $ 15,000 | $ 1.75 |
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Total | 1,500,000 | $ 0.01 |
| $ 15,000 | $ 1.75 |
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(1) | Represents common shares currently outstanding to be sold by the selling security holders. |
(2) | The offering price has been estimated solely for the purpose of computing the amount of the registration fee in accordance with Rule 457(o). Our common stock is not traded on any national exchange and in accordance with Rule 457, the offering price was determined by the price shares were sold to the selling security holders in private placement transactions. The selling shareholders may sell shares of our common stock at a fixed price of $0.01 per share until our shares are quoted on the OTC Bulletin Board and thereafter at prevailing market prices or privately negotiated prices. The selling shareholders purchased their shares from the Company at a price of $0.01 and the fixed price of $0.01 has been determined as the selling price based upon the original purchase price paid by the selling security holders plus an increase based on the fact the shares will be liquid and registered. There can be no assurance that a market maker will agree to file the necessary documents with the Financial Industry Regulatory Authority (FINRA), which operates the OTC Electronic Bulletin Board, nor can there be any assurance that such an application for quotation will be approved. We have agreed to bear the expenses relating to the registration of the shares for the selling security holders. |
In the event of a stock split, stock dividend or similar transaction involving our common stock, the number of shares registered shall automatically be increased to cover the additional shares of common stock issuable pursuant to Rule 416 under the Securities Act of 1933, as amended.
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The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.
THE INFORMATION IN THIS PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.
PRELIMINARY PROSPECTUS SUBJECT TO COMPLETION DATED JUNE 25 , 2015
INTELLIGENT CLOUD RESOURCES INC.
1,500,000 Shares of Common Stock, par value $0.001
This prospectus relates to the resale of 1,500,000 shares of common stock, par value $0.001, of Intelligent Cloud Resources Inc., which are issued and outstanding and held by persons who are stockholders of Intelligent Cloud Resources Inc. The selling security holders named in this prospectus are offering all of the shares of common stock offered through this prospectus. The common stock to be sold by the selling shareholders as provided in the Selling Security Holders section is common stock that are shares that have already been issued and are currently outstanding. We will not receive any proceeds from the sale of the common stock covered by this prospectus.
Our common stock is presently not traded on any market or securities exchange. The 1,500,000 shares of our common stock can be sold by selling security holders at a fixed price of $0.01 per share until our shares are quoted on the OTC Bulletin Board and thereafter at prevailing market prices or privately negotiated prices. All selling shareholders purchased their shares from the Company at a price of $0.01 and the fixed price of $0.01 has been determined as the selling price based upon such original purchase price paid by the selling security holders plus an increase based on the fact the shares will be liquid and registered. After the effective date of the registration statement relating to this prospectus, we hope to have a market maker file an application with FINRA, for our common stock to be eligible for trading on the Over the Counter Bulletin Board. We do not yet have a market maker who has agreed to file such application.
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Because we are considered a "shell" company, shareholders' shares will have limited transferability under Rule 144(i), see Risk Factors beginning on page 6.
Investing in our securities involves significant risks. See Risk Factors beginning on page 6.
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
The information in this prospectus is not complete and may be changed. This prospectus is included in the registration statement that was filed by us with the Securities and Exchange Commission. The selling security holders may not sell these securities until the registration statement becomes effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
PLEASE NOTE THAT THE COMPANY IS CONSIDERED A SHELL COMPANY IN ACCORDANCE WITH THE SECURITIES ACT OF 1933, AS AMENDED. ACCORDINGLY, THE SECURITIES SOLD IN THIS OFFERING CAN ONLY BE RESOLD THROUGH REGISTRATION UNDER THE SECURITIES ACT OF 1933; SECTION 4(l), IF AVAILABLE, FOR NON-AFFILIATES; OR BY MEETING THE FOLLOWING CONDITIONS OF RULE 144(I):
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| THE ISSUER OF THE SECURITIES THAT WAS FORMERLY A SHELL COMPANY HAS CEASED TO BE A SHELL COMPANY; |
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| THE ISSUER OF THE SECURITIES IS SUBJECT TO THE REPORTING REQUIREMENTS OF SECTION 13 OR 15(D) OF THE EXCHANGE ACT; |
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| THE ISSUER OF THE SECURITIES HAS FILED ALL REPORTS AND MATERIAL REQUIRED TO BE FILED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS APPLICABLE, DURING THE PRECEDING 12 MONTHS (OR SUCH SHORTER PERIOD THAT THE ISSUER WAS REQUIRED TO FILE SUCH REQUIRED TO FILE SUCH REPORTS AND MATERIALS), OTHER THAN FORM 8-K REPOTRS; AND AT LEAST ONE YEAR HAS ELAPSED FROM THE TIME THAT THE ISSUER FILED CURRENT FORM 10 TYPE INFORMATION WITH THE SEC REFLECTING ITS STATUS AS AN ENTITY THAT IS NOT A SHELL COMPANY. |
Intelligent Cloud Resources Inc.
2602 Innisfil Road
Mississauga, Canada
ON L5M 4H9
Telephone: (647) 478-5633
The date of this prospectus is June 25 , 2015
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TABLE OF CONTENTS
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PART I - PROSPECTUS | |||||
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PROSPECTUS SUMMARY |
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CONTROLS AND PROCEDURES |
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INFORMATION ABOUT MARKET RISKS |
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FORWARD-LOOKING STATEMENTS |
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LEGAL PROCEEDINGS |
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MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATION |
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FINANCIAL STATEMENTS AND NOTES For the Period from March 27, 2014 (Inception) to December 31, 2014 |
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FINANCIAL STATEMENTS AND NOTES For the Three Months Ended March 31, 2015 |
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PART II - INFORMATION NOT REQUIRED IN THE PROSPECTUS | |||||
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OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION |
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INDEMNIFICATION OF DIRECTORS AND OFFICERS |
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RECENT SALES OF UNREGISTERED SECURITIES |
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EXHIBITS |
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UNDERTAKINGS |
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SIGNATURES |
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PROSPECTUS SUMMARY
This summary highlights selected information contained elsewhere in this prospectus. This summary does not contain all the information that you should consider before investing in the common stock. You should carefully read the entire prospectus, including Risk Factors , Management s Discussion and Analysis of Financial Condition and Results of Operations and the Financial Statements, before making an investment decision. In this Prospectus, the terms Intelligent Cloud, Company, we, us and our refer to Intelligent Cloud Resources Inc.
Corporate Background
Intelligent Cloud Resources Inc. (Intelligent Cloud) was incorporated on March 27, 2014 under the laws of the State of Nevada as a development stage company. The Company aims to offer cloud enabler and cloud broker services to small and medium sized organizations in Canada and plans to expand to such organizations in the United States in the future . The Company has a strong development team who can build all types of applications on cloud computing and can perform cloud enabler and cloud broker services. Intelligent Cloud Resources will help businesses to break away all of the barriers associated with installing software on to physical hardware by making the software from anywhere on the globe. For those enterprises that have security concerns for deploying their applications on a public cloud, the Company can also build a private cloud accessible to only those persons who work within the organization.
As of the date of this prospectus, neither our website nor any other application has been developed to the point that we can describe specifically its nature or its scope. We anticipate that we will receive revenue from the sale of our cloud services to companies. Specifically, Intelligent Cloud plans to offer the best quality cloud computing services to the SME (small and medium-sized enterprises) sector of Canada for a monthly service charge and eventually expand such services to this sector in the United States.
As of the date of this prospectus, the amounts of the prices for our products have not been determined. As our platform and services are developed, we will determine the prices based upon our costs and the prices of competing services.
We have limited operational history. We have not yet generated revenue and we continue to incur substantial operating loss and an accumulated deficit. These conditions raise substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern is dependent upon our ability to develop additional sources of capital, our cloud services, website and other applications, and ultimately, achieve profitable operations.
The Offering |
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Securities offered: | 1,500,000 shares of common stock |
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Offering price: | The selling security holders purchased their shares of common stock from the Company at the price of $0.01 per share and will be offering their shares of common stock at a price of $0.01 per share, which includes an increase, based on the fact the shares will be liquid and registered. This is a fixed price at which the selling security holders may sell their shares until our common stock is quoted on the OTC Bulletin Board, at which time the shares may be sold at prevailing market prices or privately negotiated prices. |
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Shares outstanding prior to offering: | 6,000,000 shares of common stock. |
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Shares outstanding after offering: | 6,000,000 shares of common stock. |
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| Our executive officers and directors currently own 75 % of our outstanding common stock. As a result, these individuals have substantial control over all matters submitted to our stockholders for approval. |
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Market for the common shares: | There is currently no trading market for our common stock. We intend to apply for quotation on the OTC Bulletin Board. We will require the assistance of a market-maker to apply for quotation. |
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| There is no assurance that a trading market will develop, or, if developed, that it will be sustained. Consequently, a purchaser of our common stock may find it difficult to resell the securities offered herein should the purchaser desire to do so when eligible for public resale. |
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Use of proceeds: | We will not receive any proceeds from the sale of shares by the selling security holders. |
RISK FACTORS
An investment in our common stock involves a high degree of risk. You should carefully consider the material risks described below and the other information in this prospectus before investing in our common stock. Below we have disclosed all material risks related to our company and our stock. If any of the following risks occur, our business, operating results and financial condition could be seriously harmed. Please note that throughout this prospectus, the words we, our or us refer to the Company and not to the selling stockholders.
WE HAVE A LIMITED OPERATING HISTORY THAT YOU CAN USE TO EVALUATE US, AND THE LIKELIHOOD OF OUR SUCCESS MUST BE CONSIDERED IN LIGHT OF THE PROBLEMS, EXPENSES, DIFFICULTIES, COMPLICATIONS AND DELAYS FREQUENTLY ENCOUNTERED BY A SMALL DEVELOPING COMPANY.
We were incorporated in Nevada in March 27, 2014. We have no significant assets, financial resources and no revenues to date. The likelihood of our success must be considered in light of the problems, expenses, difficulties, complications and delays frequently encountered by a small developing company starting a new business enterprise and the highly competitive environment in which we will operate. Since we have a limited operating history, we cannot assure you that our business will be profitable or that we will ever generate sufficient revenues to meet our expenses and support our anticipated activities.
OUR INDEPENDENT AUDITORS HAVE EXPRESSED SUBSTANTIAL DOUBT ABOUT OUR ABILITY TO CONTINUE AS A GOING CONCERN, WHICH MAY HINDER OUR ABILITY TO OBTAIN FUTURE FINANCING.
In their report dated June 17 , 2015, our independent auditors stated that our financial statements for the fiscal year ended December 31, 2014 were prepared assuming that we would continue as a going concern. Our ability to continue as a going concern is an issue raised as a result of recurring losses from operations. We continue to experience net operating losses. Our ability to continue as a going concern is subject to our ability to obtain necessary funding from outside sources, including obtaining additional funding from the sale of our securities, so that we may meet our obligations and repay our liabilities arising from normal business operations when they come due. Our continued net operating losses increase the difficulty in meeting such goals and there can be no assurances that such methods will prove successful. Further, funding may not be available to us on acceptable terms or at all. The costs to obtain such funding could be significant and the funding arrangements could require us to relinquish rights to technologies or other proprietary information the company develops or agree to terms that are unfavorable to us. To the extent that we raise additional funds by issuing equity securities, the Companys stockholders may experience significant dilution.
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OUR STATUS AS A SHELL COMPANY
The SEC adopted Rule 405 of the Securities Act and Exchange Act Rule 12b-2 which defines a shell company as a registrant that has no or nominal operations, and either (a) no or nominal assets; (b) assets consisting solely of cash and cash equivalents; or (c) assets consisting of any amount of cash and cash equivalents and nominal other assets. As we have limited assets and no revenues, we are considered to be a shell company. As a shell company, our shares of common stock cannot be resold under Rule 144 of the Securities Act of 1933. Our shares would only be able to be resold through a registration statement declared effective by the SEC or by meeting the following conditions of Rule 144(i):
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the issuer of the securities that was formerly a shell company has ceased to be a shell company;
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the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;
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the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.
Shell companies are prohibited from using a Form S-8 registration statement pursuant to employee compensation plans. Additionally, shell companies are required to provide more detailed disclosure on a Form 8-K upon completion of a transaction that causes it to cease being a shell company. If an acquisition is undertaken (of which we have no current intention of doing), we must file a current report on Form 8-K containing the information required pursuant to Regulation S-K within four business days following completion of the transaction together with financial information of the acquired entity. In order to assist the SEC in the identification of shell companies, we are also required to check a box on Form 10-Q and Form 10-K indicating that we are a shell company. To the extent that we are required to comply with additional disclosure because we are a shell company, we may be delayed in executing any mergers or acquiring other assets that would cause us to cease being a shell company.
WE MAY REQUIRE ADDITIONAL FUNDS TO ACHIEVE OUR CURRENT BUSINESS STRATEGY AND OUR INABILITY TO OBTAIN ADDITIONAL FINANCING WILL INHIBIT OUR ABILITY TO EXPAND OR EVEN MAINTAIN OUR BUSINESS OPERATIONS.
We may need to raise additional funds through public or private debt or sale of equity to achieve our current business strategy. The financing we need may not be available when needed. Even if this financing is available, it may be on terms that we deem unacceptable or are materially adverse to your interests with respect to dilution of book value, dividend preferences, liquidation preferences, or other terms. Our inability to obtain financing will inhibit our ability to implement our development strategy, and as a result, could require us to diminish or suspend our development strategy and possibly cease our preliminary operations.
If we are unable to obtain financing on reasonable terms, we could be forced to delay, scale back or eliminate certain product and service development programs. In addition, such inability to obtain financing on reasonable terms could have a negative effect on our business, operating results, or financial condition to such extent that we are forced to restructure, file for bankruptcy, sell assets or cease preliminary operations, any of which could put your investment dollars at significant risk.
FATIMA KHAN AND REHAN SAEED CONTROL MAY PREVENT YOU FROM CAUSING A CHANGE IN THE COURSE OF OUR COMPANY AND MAY AFFECT THE MARKET PRICE OF OUR COMMON STOCK.
Fatima Khan and Rehan Saeed beneficially own approximately 75% of our common stock. Accordingly, for as long as these individuals continue to collectively own more than 50% of our common stock, they will be able to elect our entire board of directors, control all matters that require a stockholder vote (such as mergers, acquisitions and other business combinations) and exercise a significant amount of influence over our management and operations. Therefore, regardless of the number of our common shares sold, your ability to cause a change in the course of our operations is eliminated. As such, the value attributable to the right to vote is limited. This concentration of ownership could result in a reduction in value to the common shares you own because of the ineffective voting power, and could have the effect of preventing us from undergoing a change of control in the future.
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TO DATE, WE HAVE NOT GENERATED ANY REVENUE. IF WE ARE UNABLE TO GENERATE SIGNIFICANT REVENUES FROM OUR OPERATIONS, WE MAY BE UNABLE TO EXPAND OUR SERVICES AND MAY BE FORCED TO CEASE OPERATIONS.
If we are unable to generate significant revenues from our operations, we could be forced to delay, scale back or eliminate certain services and product development programs.
If we fail to generate significant revenues in the future, then we will not able to expand our services. This failure to expand may hurt our ability to raise additional capital which could have a negative effect on our business, operating results, or financial condition to such extent that we are forced to restructure, file for bankruptcy, sell assets or cease operations, any of which could put your investment dollars at significant risk.
OUR ABSENCE OF A DEVELOPED CLOUD PLATFORM AND SOFTWARE CREATES SIGNIFICANT RISKS TO OUR ABILITY TO GENERATE REVENUE AND OPERATE SUCCESSFULLY.
We have not generated any revenue from the products and services which we intend to develop and, if developed, market. We expect to generate all of our future revenues from the development and marketing of the proposed cloud service to small and medium-sized enterprises in Canada initially and, eventually in the United States. We have no operating history in implementing our business model upon which an evaluation of the Company and our prospects can be based and it is difficult or impossible for the Company to predict future results of operations. Our prospects must be considered in light of the risks, expenses, and difficulties frequently encountered by companies in the early stages of a new business enterprise, particularly companies in highly competitive markets. Since the Company is among many that have entered the cloud platform market, it faces competition. It also faces many risks specific to its business, which include those related to successfully developing the cloud platform and proprietary technology, successfully commercializing the cloud platform and proprietary technology, the need to manage existing and expanding operations, the continuing need to raise additional capital, the dependence upon and need to hire key personnel, and the need to increase spending to adequately market our proposed search engine services. To address these risks, we must, among other things, respond to competitive developments, continue to attract, retain and motivate qualified persons, and continue to upgrade our technologies. We cannot provide any assurances that we will be successful in addressing such risks. The Company's failure to do so could have a material adverse effect on its business, prospects, financial condition and results of operations and result in investors losing their entire investment.
THE MARKET FOR OUR TECHNOLOGY DELIVERY MODEL AND CLOUD APPLICATION SERVICES IS IMMATURE AND VOLATILE, AND IF IT DOES NOT DEVELOP OR DEVELOPS MORE SLOWLY THAN WE EXPECT, OUR BUSINESS WILL BE HARMED.
The market for cloud services is new and unproven, and it is uncertain whether these services will achieve and sustain high levels of demand and market acceptance. Our success will depend to a substantial extent on the willingness of enterprises, particularly small and medium sized organizations, to move to cloud computing. Many enterprises have invested substantial personnel and financial resources to their established IT systems, and therefore may be reluctant or unwilling to migrate to cloud enabling services. Furthermore, some enterprises may be reluctant or unwilling to use on-demand application services because they have concerns regarding the risks associated with security capabilities, among other things, of the technology delivery model associated with these services. If enterprises do not perceive the benefits of cloud services, then the market for these services may not develop at all, or it may develop more slowly than we expect, either of which would significantly adversely affect our operating results. In addition, as a new company in this unproven market, we have limited insight into trends that may develop and affect our business. We may make errors in predicting and reacting to relevant business trends, which could harm our business.
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THE PRODUCTS AND SERVICES WE PLAN TO DEVELOP ARE BASED ON NEW AND UNPROVED TECHNOLOGIES AND ARE SUBJECT TO THE RISKS OF FAILURE INHERENT IN THE DEVELOPMENT OF NEW PRODUCTS AND SERVICES.
Because the products and services we plan to develop are and will be based on new technologies, they are subject to risks of failure that are particular to new technologies, including the possibility that:
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our new approaches will not result in any products or services that gain market acceptance;
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our mobile applications and the technology powering our custom development services may unfavorably interact with other types of commonly used applications and services, thus restricting the circumstances in which they may be used;
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our mobile products may source hardware to provide mobility solutions for enterprises and dependencies on third party suppliers for hardware can present a risk of solution failure;
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proprietary rights of third parties may preclude us from marketing a new product or service; or
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third parties may offer market superior or more cost-effective products or services.
As a result, our planned activities may not result in a broad enough base of commercially viable products or services, which would harm our sales, revenue and financial condition.
IF OUR SECURITY MEASURES ARE BREACHED AND UNAUTHORIZED ACCESS IS OBTAINED TO A CUSTOMERS DATA, OUR SERVICE MAY BE PERCEIVED AS NOT BEING SECURE AND CUSTOMERS MAY CURTAIL OR STOP USING OUR SERVICE.
Our service involves the storage and transmission of customers proprietary information, and security breaches could expose us to a risk of loss of this information, litigation and possible liability. If our security measures are breached as a result of third-party action, employee error, malfeasance or otherwise, and, as a result, someone obtains unauthorized access to one of our customers data, our reputation will be damaged, our business may suffer and we could incur significant liability. Because techniques used to obtain unauthorized access or to sabotage systems change frequently and generally are not recognized until launched against a target, we may be unable to anticipate these techniques or to implement adequate preventative measures. If an actual or perceived breach of our security occurs, the market perception of the effectiveness of our security measures could be harmed and we could lose sales and customers.
WE PLAN TO DERIVE A SIGNIFICANT PORTION OF OUR REVENUE FROM SMALL BUSINESSES, WHICH HAVE A GREATER RATE OF ATTRITION AND NON-RENEWAL THAN MEDIUM-SIZED AND LARGE ENTERPRISE CUSTOMERS.
Based on o ur understanding of small business customers, which we consider to be companies with fewer than 200 employees, and discussions we have had with such businesses, it appears that these businesses typically have shorter initial subscription periods and higher rate s of attrition and non-renewal as compared to medium-sized and large enterprise customers. Initially, our strategy is to target these smaller businesses for monthly subscription plans for our services. However, i f we cannot also attract medium-sized and large enterprise customers in the future, we may not be able generate and maintain as much revenue, if any, as we project.
OUR LIMITED OPERATING HISTORY MAY IMPEDE ACCEPTANCE OF OUR SERVICE BY MEDIUM-SIZED AND LARGE CUSTOMERS.
Our ability to increase revenue and create profitability depends, in large part, on widespread acceptance of our service by small and medium-sized businesses. Our efforts to sell to these customers may not continue to be successful. In particular, because we are a relatively new company with a limited operating history, these target customers may have concerns regarding our viability and may prefer to purchase their cloud platform applications from one of our larger, more established competitors. Even if we are able to sell our service to these types of customers, they may insist on additional assurances from us that we will be able to provide adequate levels of service, which could harm our business.
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CHANGES IN GOVERNMENT REGULATION OF THE WIRELESS COMMUNICATIONS INDUSTRY MAY ADVERSELY AFFECT OUR BUSINESS.
Currently, other than business and operations licenses applicable to most commercial ventures, we are not required to obtain any governmental approval for our business operations. However, there can be no assurance that current or new laws or regulations will not, in the future, impose additional fees and taxes on us and our business operations.
It is possible that a number of laws and regulations may be adopted in the United States and elsewhere that could restrict the wireless communications industry, including laws and regulations regarding lawful interception of personal data, use of smartphones while driving, privacy, taxation, content suitability, copyright and antitrust. Management anticipates that regulation of the industry will increase and that we will be required to devote legal and other resources to address this regulation. Changes in current laws or regulations or the imposition of new laws and regulations in the United States or elsewhere regarding the wireless communications industries may lessen the growth of wireless communications services and may adversely impact on the financial results of our business operations.
WE MAY BE SUBJECT TO LEGAL PROCEEDINGS INVOLVING OUR TECHNOLOGY THAT COULD RESULT IN SUBSTANTIAL COSTS AND WHICH COULD MATERIALLY HARM OUR BUSINESS OPERATIONS.
From time to time, we may be subject to legal proceedings and claims in the ordinary course of its business, including claims of alleged infringement of the trademarks and other intellectual property rights of third parties by us. These types of claims could result in increased costs of doing business through legal expenses, adverse judgments or settlements or require us to change its business practices in expensive ways. Additional litigation may be necessary in the future to enforce our technology rights, to protect its trade secrets or to determine the validity and scope of the proprietary rights of others. Any litigation, regardless of outcome or merit, could result in substantial costs and diversion of management and technical resources, any of which could materially harm our business.
WE MAY NOT BE ABLE TO ATTRACT AND RETAIN QUALIFIED PERSONNEL NECESSARY FOR THE DEVELOPMENT OF OUR TECHNOLOGY AND THE IMPLEMENTATION OF OUR PROPOSED PLAN OF OPERATIONS.
Our future success depends largely upon the continued service of our board members, executive officers and other key personnel. Our success also depends on our ability to continue to attract, retain and motivate qualified personnel. Key personnel represent a significant asset, and the competition for these personnel is intense in the smartphone industry.
We may have particular difficulty attracting and retaining key personnel in initial phases of our proposed plan of operations. We do not maintain key person life insurance on any of our personnel. The loss of one or more of our key employees or our inability to attract, retain and motivate qualified personnel could negatively impact our ability to complete any proposed phase of our plan of operations.
OUR MANAGEMENT LACKS ANY FORMAL TRAINING OR EXPERIENCE IN OPERATING A WHOLESALE OR RETAIL BUSINESS, AND AS A RESULT MANAGEMENT MAY MAKE MISTAKES, WHICH COULD HAVE A NEGATIVE IMPACT ON OUR BUSINESS OPERATIONS.
Our management is inexperienced in researching and developing technology. Management has no direct training or experience in these areas and, as a result, may not be fully aware of all of the specific requirements related to working within this industry. Managements decisions and choices may not take into account standard managerial approaches technology companies commonly use. Consequently, our operations, earnings, and ultimate financial success could suffer irreparable harm due to managements lack of experience in this industry. As a result, we may have to suspend or cease operations and our business operations may be negatively impacted.
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WE HAVE NOT ASSESSED THE EFFECTIVENESS OF OUR DISCLOSURE CONTROLS AND PROCEDURES OR OUR INTERNAL CONTROL OVER FINANCIAL REPORTING AND THERE ARE NO ASSURANCES EITHER OF THESE ARE EFFECTIVE. IF THERE IS A MATERIAL WEAKNESS IN EITHER, THERE ARE NO ASSURANCES THAT OUR FINANCIAL STATEMENTS WILL NOT CONTAIN ERRORS WHICH COULD REQUIRE US TO RESTATE OUR FINANCIAL STATEMENTS.
Following the effectiveness of the registration statement of which this prospectus is part, we will be required to maintain disclosure controls and procedures as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 and thereafter to report on a quarterly basis, in our quarterly and annual reports which we will file the SEC, our managements conclusion regarding the effectiveness of our disclosure controls and procedures. In addition, we will report on the effectiveness of internal control over financial reporting in our annual report as we are required under the applicable SEC rules (i.e., in the second annual report we file after becoming subject to the reporting required under section 13(a) or 15(d) of the Securities Exchange Act of 1934 ) . However, as we will in all likelihood be a smaller reporting company when we are first required to provide this report, we will be exempt from the auditor attestation requirements concerning our report at the time the first report is issued, and will remain exempt from those attestation requirements so long as we remain a smaller reporting company.
As we are not presently subject to these rules, our management has not conducted an assessment of the sufficiency of our disclosure controls and procedures for any period nor have we begun evaluating our internal control systems in order to allow our management to report on our internal control over financial reporting. Once our management undertakes these assessments and evaluations, there are no assurances our management will conclude that either our disclosure controls and procedures and/or our internal control over financial reporting are effective, and that there are not significant deficiencies and/or material weaknesses in either or both. A material weakness is a deficiency, or a combination of deficiencies, so that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, that is less severe than a material weakness, yet important enough to merit attention by those responsible for oversight of our financial reporting. In the event we identify significant deficiencies and/or material weaknesses in our disclosure controls and procedures and/or our internal control over financial reporting, there are no assurances that our financial statements will not contain one or more errors which will require us to restate those financial statements. If we cannot remediate these significant deficiencies and/or material weaknesses in a timely manner, or if we are required to restate our financial statements, investors and others may lose confidence in the reliability of our financial statements which would adversely impact our ability to grow our Company.
IF WE DO NOT OBTAIN ADDITIONAL FINANCING, OUR BUSINESS WILL FAIL.
We had $991 of cash on hand as of December 31, 2014. We have accumulated a deficit of $13,711 in business development and administrative expenses. Our current cash reserves are not sufficient to meet our obligations for the next twelve-month period. We anticipate that the minimum additional capital necessary to fund our planned operations for the 12-month period will be approximately $ 420 ,000 and will be needed for general administrative expenses, business development, marketing costs, support materials and costs associated with being a publicly traded reporting company. The reporting cost of being a publicly held company of $40,000 is calculated in the 12 month expense projection, and is a one-time cost for this year only. Long term operating costs beyond the 12 month period of our plan of operations is unknown, as we must execute the steps needed to determine consumer needs and wants, as well as demand. We have not generated any revenue from operations to date. In order to expand our business operations, we anticipate that we will have to raise additional funding. If we are not able to raise the capital necessary to fund our business expansion objectives, we may have to delay the implementation of our business plan.
We do not currently have any arrangements for financing. Obtaining additional funding will be subject to a number of factors, including general market conditions, investor acceptance of our business plan and initial results from our business operations. These factors may impact the timing, amount, terms or conditions of additional financing available to us.
We are not raising any money in this offering. The most likely source of future funds available to us is through the sale of additional shares of common stock or advances from our sole director.
There is no assurance that any additional financing will be available or if available, on terms that will be acceptable to us. Failure to raise additional financing will cause us to go out of business. If this happens, you could lose all or part of your investment.
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OUR DIRECTORS AND OFFICERS ARE LOCATED IN A NON-UNITED STATES JURISDICTION AND SO YOU MAY HAVE LIMITED EFFECTIVE RECOURSE AGAINST OUR MANAGEMENT FOR MISCONDUCT AND MAY NOT BE ABLE TO ENFORCE JUDGMENTS AND CIVIL LIABILITIES AGAINST OUR DIRECTORS, OFFICERS AND AGENTS.
Our key directors and officers reside in Canada and any attempt to enforce liabilities upon such individual under the United States securities and bankruptcy laws may be difficult. It may be difficult for courts in the United States to obtain jurisdiction over these persons and, as a result, it may be difficult or impossible for you to enforce judgments rendered against us or our officers or directors in the United States courts. Thus, investing in us may pose a greater risk because should any situation arise in the future in which you have a cause of action against these persons or us, you may face potential difficulties in bringing lawsuits, or if successful, in collecting judgments against these persons or us.
OUR FUTURE SUCCESS IS DEPENDENT, IN PART, ON THE PERFORMANCE AND CONTINUED SERVICE OF FATIMA KHAN, OUR PRESIDENT AND CEO.
The Company will be dependent on one of its key executive s, Chief Executive Officer, Fatima Khan, for the foreseeable future. The loss of the services from Fatima Khan could have a material adverse effect on the operations and prospects of the Company. She is expected to handle all marketing and sales efforts and manage the operations. At this time, the Company does not have an employment agreement with M s. Khan, though the Company may enter into such an agreement on terms and conditions usual and customary for its industry. The Company does not currently have key man life insurance on Ms. Khan.
OUR KEY PERSONNEL MAY NOT PROVIDE MORE THAN TEN HOURS OF TIME PER WEEK TO OUR BUSINESS, WHICH MAY CAUSE OUR BUSINESS TO FAIL.
Our future ability to execute our business plan depends upon the continued service of our Chief Financial Officer, Rehan Saeed. Mr. Saeed has another job the Chief Executive Officer and a director of Legacy Ventures International Inc. Therefore, Mr. Saeed will be required to spend less than full-time with this venture and may be limited in the amount of time he can devote to the Company. However, he plans on devoting a minimum of five to ten hours per week to the Company.
BECAUSE OUR CHIEF EXECUTIVE OFFICER IS INEXPERIENCED IN OPERATING A BUSINESS OFFERING CLOUD SERVICES, OUR BUSINESS PLAN MAY FAIL.
Our Chief Executive Officer, Fatima Khan does not have any specific training in running a cloud services business. With no direct technical training or experience in this area, management may not be fully aware of many of the specific requirements related to working within this industry. As a result, our management may lack certain skills that are advantageous in managing the Company. Consequently, our operations, earnings, and ultimate financial success could suffer irreparable harm due to managements lack of experience in this industry.
Risks Related To This Offering
WE MAY INCUR SIGNIFICANT COSTS TO BE A PUBLIC COMPANY TO ENSURE COMPLIANCE WITH U.S. CORPORATE GOVERNANCE AND ACCOUNTING REQUIREMENTS AND WE MAY NOT BE ABLE TO ABSORB SUCH COSTS.
We may incur significant costs associated with our public company reporting requirements, costs associated with newly applicable corporate governance requirements, including requirements under the Sarbanes-Oxley Act of 2002 and other rules implemented by the Securities and Exchange Commission. We anticipate these costs will amount to $40,000 in the next 12 months. We expect all of these applicable rules and regulations to significantly increase our legal and financial compliance costs and to make some activities more time consuming and costly. We also expect that these applicable rules and regulations may make it more difficult and more expensive for us to obtain director and officer liability insurance and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. As a result, it may be more difficult for us to attract and retain qualified individuals to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these newly applicable rules, and we cannot predict or estimate the amount of additional costs we may incur or the timing of such costs. In addition, we may not be able to absorb these costs of being a public company which will negatively affect our business operations.
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THE LACK OF PUBLIC COMPANY EXPERIENCE OF OUR MANAGEMENT TEAM COULD ADVERSELY IMPACT OUR ABILITY TO COMPLY WITH THE REPORTING REQUIREMENTS OF U.S. SECURITIES LAWS.
Our Chief Executive Officer (CEO) lacks public company experience, which could impair our ability to comply with legal and regulatory requirements such as those imposed by Sarbanes-Oxley Act of 2002. Our CEO has never been responsible for managing a publicly traded company. Such responsibilities include complying with federal securities laws and making required disclosures on a timely basis. Our management may not be able to implement programs and policies in an effective and timely manner that adequately respond to such increased legal, regulatory compliance and reporting requirements, including establishing and maintaining internal controls over financial reporting. Any such deficiencies, weaknesses or lack of compliance could have a materially adverse effect on our ability to comply with the reporting requirements of the Securities Exchange Act of 1934 which is necessary to maintain our public company status. If we were to fail to fulfill those obligations, our ability to continue as a U.S. public company would be in jeopardy in which event you could lose your entire investment in our company.
Risk Related To Our Capital Stock
WE MAY NEVER PAY ANY DIVIDENDS TO SHAREHOLDERS.
We have never declared or paid any cash dividends or distributions on our capital stock. We currently intend to retain our future earnings, if any, to support operations and to finance expansion and therefore we do not anticipate paying any cash dividends on our common stock in the foreseeable future.
The declaration, payment and amount of any future dividends will be made at the discretion of the board of directors, and will depend upon, among other things, the results of our operations, cash flows and financial condition, operating and capital requirements, and other factors as the board of directors considers relevant. There is no assurance that future dividends will be paid, and, if dividends are paid, there is no assurance with respect to the amount of any such dividend.
THE OFFERING PRICE OF THE COMMON STOCK WAS DETERMINED BASED ON THE PRICE OF OUR PRIVATE OFFERING, AND THEREFORE SHOULD NOT BE USED AS AN INDICATOR OF THE FUTURE MARKET PRICE OF THE SECURITIES. THEREFORE, THE OFFERING PRICE BEARS NO RELATIONSHIP TO OUR ACTUAL VALUE, AND MAY MAKE OUR SHARES DIFFICULT TO SELL.
Since our shares are not listed or quoted on any exchange or quotation system, the offering price of $0.01 per share for the shares of common stock was determined based on the price of our private offering. The facts considered in determining the offering price were our financial condition and prospects, our limited operating history and the general condition of the securities market. The offering price bears no relationship to the book value, assets or earnings of our company or any other recognized criteria of value. The offering price should not be regarded as an indicator of the future market price of the securities.
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IN THE EVENT THAT THE COMPANYS SHARES ARE TRADED, THEY WILL MOST LIKELY TRADE UNDER $5.00 PER SHARE AND THUS WILL BE A PENNY STOCK. TRADING IN PENNY STOCKS HAS MANY RESTRICTIONS AND THESE RESTRICTIONS COULD SEVERLY AFFECT THE PRICE AND LIQUIDITY OF THE COMPANYS SHARES.
In the event that our shares are traded, and our stock will most likely trade below $5.00 per share, and our stock will therefore be known as a penny stock, which is subject to various regulations involving disclosures to be given to you prior to the purchase of any penny stock. The U.S. Securities and Exchange Commission (the SEC) has adopted regulations which generally define a penny stock to be any equity security that has a market price of less than $5.00 per share, subject to certain exceptions. Our common stock will probably be considered to be a penny stock and will subject to the additional regulations and risks of such a security. A penny stock is subject to rules that impose additional sales practice requirements on broker/dealers who sell these securities to persons other than established customers and accredited investors. For transactions covered by these rules, the broker/dealer must make a special suitability determination for the purchase of these securities. In addition, he must receive the purchasers written consent to the transaction prior to the purchase. He must also provide certain written disclosures to the purchaser. Consequently, the penny stock rules may restrict the ability of broker/dealers to sell our securities, and may negatively affect the ability of holders of shares of our common stock to resell them. These disclosures require you to acknowledge that you understand the risks associated with buying penny stocks and that you can absorb the loss of your entire investment. Penny stocks are low priced securities that do not have a very high trading volume. Consequently, the price of the stock is often volatile and you may not be able to buy or sell the stock when you want to.
INVESTING IN THE COMPANY IS A HIGHLY SPECULATIVE INVESTMENT AND COULD RESULT IN THE LOSS OF YOUR ENTIRE INVESTMENT.
A purchase of the offered shares is significantly speculative and involves significant risks. The offered shares should not be purchased by any person who cannot afford the loss of his or her entire purchase price. The business objectives of the Company are also speculative, and we may be unable to satisfy those objectives. The shareholders of the Company may be unable to realize a substantial return on their purchase of the offered shares, or any return whatsoever, and may lose their entire investment in the Company. For this reason, each prospective purchaser of the offered shares should read this prospectus and all of its exhibits carefully and consult with their attorney, business advisor and/or investment advisor.
THERE IS NO ASSURANCE OF A PUBLIC MARKET OR THAT OUR COMMON STOCK WILL EVER TRADE ON A RECOGNIZED EXCHANGE. THEREFORE, YOU MAY BE UNABLE TO LIQUIDATE YOUR INVESTMENT IN OUR STOCK.
There is no established public trading market for our common stock. Our shares have not been listed or quoted on any exchange or quotation system. There can be no assurance that a market maker will agree to file the necessary documents with FINRA, which operates the OTCBB, nor can there be any assurance that such an application for quotation will be approved or that a regular trading market will develop or that if developed, will be sustained. In the absence of a trading market, an investor may be unable to liquidate their investment.
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WE ARE AN EMERGING GROWTH COMPANY, AND ANY DECISION ON OUR PART TO COMPLY ONLY WITH CERTAIN REDUCED DISCLOSURE REQUIREMENTS APPLICABLE TO EMERGING GROWTH COMPANIES COULD MAKE OUR COMMON STOCK LESS ATTRACTIVE TO INVESTORS.
We are an emerging growth company, as defined in the JOBS Act, and, for as long as we continue to be an emerging growth company, we may choose to take advantage of exemptions from various reporting requirements applicable to other public companies but not to emerging growth companies, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We could be an emerging growth company for up to five years, or until the earliest of (i) the last day of the first fiscal year in which our annual gross revenues exceed $1 billion, (ii) the date that we become a large accelerated filer as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our common stock that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter, or (iii) the date on which we have issued more than $1 billion in non-convertible debt during the preceding three year period.
In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to opt in to the extended transition period for complying with the revised accounting standards.
WE MAY BE EXEMPT FROM THE REPORTING OBLIGATIONS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT AND THEREFORE MAY NOT HAVE TO PROVIDE INVESTORS WITH PERIODIC REPORTS AS MAY BE REQUIRED PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT, FOLLOWING THE FORM 10K REQUIRED FOR THE FISCAL YEAR IN WHICH OUR REGISTRATION STATEMENT IS EFFECTIVE.
The requirement for an issuer that has filed a registration statement to file pursuant to Section 15(d) of the Securities Exchange Act is suspended for any fiscal year, except for the fiscal year in which such registration statement becomes effective, if, at the beginning of the fiscal year, the issuer has fewer than 300 shareholders. We currently have fewer than 300 shareholders and expect to maintain a fewer than 300 shareholder base. If we do continue to have fewer than 300 shareholders, we will be exempt from the filing requirements as required pursuant to Section 13 of the Securities Exchange Act and will not be required to file any periodic reports, including Form 10Q and 10K filings, with the SEC subsequent to the Form 10K required for the fiscal year in which our registration statement is effective. Further, disclosures in our Form 10K that we will be required to file for the fiscal year in which our registration statement is effective, is less extensive than the disclosures required of fully reporting companies. Specifically, we are not subject to disclose in our Form 10K risk factors, unresolved staff comments, or selected financial data, pursuant to Items 1A, 1B, 6, respectively.
UNTIL WE REGISTER A CLASS OF OUR SECURITIES UNDER SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 (EXCHANGE ACT), WE WILL ONLY BE SUBJECT TO THE PERIODIC REPORTING OBLIGATIONS IMPOSED BY SECTION 15(D) OF THE EXCHANGE ACT.
Until such time as we register a class of our securities under Section 12 of the Securities Exchange Act of 1934, we will only be subject to the periodic reporting obligations imposed by Section 15(d) of the Exchange Act. Accordingly, we will not be subject to the proxy rules, Section 16 short-swing profit provisions, beneficial ownership reporting, the bulk of the tender offer rules and the reporting requirements of Section 13 of the Exchange Act.
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FUTURE SALES BY OUR STOCKHOLDERS MAY NEGATIVELY AFFECT OUR STOCK PRICE AND OUR ABILITY TO RAISE FUNDS IN NEW STOCK OFFERINGS.
Sales of our common stock in the public market following this offering could lower the market price of our common stock. Sales may also make it more difficult for us to sell equity securities or equity-related securities in the future at a time and price that our management deems acceptable or at all. Of the 6,000,000 shares of common stock outstanding as of June 17 , 2015, 1,500,000 shares are, or will be, freely tradable without restriction upon the effective date of this registration statement, unless held by our affiliates. The remaining 4,500,000 shares of common stock, which will be held by existing stockholders, including the officers and directors, are restricted securities.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
The information contained in this report, including in the documents incorporated by reference into this report, includes some statement that are not purely historical and that are forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding our and their managements expectations, hopes, beliefs, intentions or strategies regarding the future, including our financial condition, results of operations. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words anticipates, believes, continue, could, estimates, expects, intends, may, might, plans, possible, potential, predicts, projects, seeks, should, would and similar expressions, or the negatives of such terms, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements contained in this report are based on current expectations and beliefs concerning future developments and the potential effects on the parties and the transaction. There can be no assurance that future developments actually affecting us will be those anticipated. These that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including the following forward-looking statements involve a number of risks, uncertainties (some of which are beyond the parties control) or other assumptions.
THE OFFERING
This prospectus relates to the resale by certain selling security holders of the Company of up to 1,500,000 shares of our common stock. Such shares were offered and sold by us at a purchase price of $0.01 per share to the selling security holders in private placements conducted from March 2014 to October 2014, pursuant to the exemptions from registration under the Securities Act provided by Regulation S of the Securities Act. As of October 8, 2014, the Company sold 1,500,000 shares in the private placement and raised $15,000 (CAN) in gross proceeds.
USE OF PROCEEDS
The selling stockholders are selling shares of common stock covered by this prospectus for their own account. We will not receive any of the proceeds from the resale of these shares. We have agreed to bear the expenses relating to the registration of the shares for the selling security holders.
DETERMINATION OF OFFERING PRICE
Since our shares are not quoted on any exchange or quotation system, the offering price of the shares of common stock was arbitrarily determined. The offering price was determined by the price shares were sold to our shareholders in a private placement memorandum pursuant to Regulation S of the Securities Act of 1933 which was completed in October 2014.
The offering price of the shares of our common stock does not necessarily bear any relationship to our book value, assets, past operating results, financial condition or any other established criteria of value. Although our common stock is not quoted on the Over The Counter Bulletin Board (OTCBB), we will attempt to locate a market maker to file an application to obtain a listing on the (OTCBB) concurrently with the filing of this prospectus. In order to be quoted on the Bulletin Board, a market maker must file an application on our behalf in order to make a market for our common stock. Although there are no requirements for listing on the OTCBB, there is no assurances that our common stock will be approved to trade on the OTCBB. However, there is no assurance that our common stock, even if it becomes quoted on the OTCBB, will trade at market prices in excess of the initial public offering price as prices for the common stock in any public market which may develop will be determined in the marketplace and may be influenced by many factors, including the depth and liquidity of the market for the common stock, investor perception of us and general economic and market conditions.
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DILUTION
The common stock to be sold by the selling shareholders is common stock that is currently issued. Accordingly, there will be no dilution to our existing shareholders.
SELLING SHAREHOLDERS
The shares being offered for resale by the selling stockholders consist of the 1,500,000 shares of our common stock held by 30 shareholders. The following table sets forth the name of the selling stockholders, the number of shares of common stock beneficially owned by each of the selling stockholders as of June 17 , 2015 and the number of shares of common stock being offered by the selling stockholders. The shares being offered hereby are being registered to permit public secondary trading, and the selling stockholders may offer all or part of the shares for resale from time to time. However, the selling stockholders are under no obligation to sell all or any portion of such shares nor are the selling stockholders obligated to sell any shares immediately upon effectiveness of this prospectus. All information with respect to share ownership has been furnished by the selling stockholders.
Beneficial ownership is determined in accordance with Securities and Exchange Commission rules. Under these rules, a person is deemed to be a beneficial owner of a security if that person has or shares voting power, which includes the power to vote or direct the voting of the security, or investment power, which includes the power to vote or direct the voting of the security. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Under the Securities and Exchange Commission rules, more than one person may be deemed to be a beneficial owner of the same securities, and a person may be deemed to be a beneficial owner of securities as to which he or she may not have any pecuniary beneficial interest. Except as noted below, each person has sole voting and investment power.
None of the selling security holders is a registered broker-dealer or an affiliate of a registered broker-dealer. Each of the selling security holders has acquired his, her or its shares pursuant to a private placement solely for investment and not with a view to or for resale or distribution of such securities. The shares were offered and sold to the selling security holders at a purchase price of $0.01 per share in a private placement made from March 2014 to October 2014, pursuant to the exemptions from the registration under the Securities Act provided by Regulation S of the Securities Act. None of the selling security holders are affiliates or controlled by our affiliates and none of the selling security holders are now or were at any time in the past an officer or director of ours or any of any of our predecessors or affiliates.
Name of selling stockholder | Shares of Stock owned prior to offering | Shares of Common stock to be sold | Shares of common stock owned after Offering | Percent of Common owned after offering (1) |
Mohammad Halabi | 50,000 | 50,000 | - | 0.0 % |
Omar Uddin | 50,000 | 50,000 | - | 0.0 % |
Aisha Azhar | 50,000 | 50,000 | - | 0.0 % |
Anam Panhwar | 50,000 | 50,000 | - | 0.0 % |
Kanwardeep Singh Gill | 50,000 | 50,000 | - | 0.0 % |
Rida Rizvi | 50,000 | 50,000 | - | 0.0 % |
Faisal Khan | 50,000 | 50,000 | - | 0.0 % |
Bushra Fareed2 | 50,000 | 50,000 | - | 0.0 % |
Khalid Shoib2 | 50,000 | 50,000 | - | 0.0 % |
Sabrina Siddiqui | 50,000 | 50,000 | - | 0.0 % |
Bushra Alam3 | 50,000 | 50,000 | - | 0.0 % |
Sidra Alam3 | 50,000 | 50,000 | - | 0.0 % |
Saeed Khan4 | 50,000 | 50,000 | - | 0.0 % |
Perwin Saeed4 | 50,000 | 50,000 | - | 0.0 % |
Anita Chooraman | 50,000 | 50,000 | - | 0.0 % |
Avneet Dhaliwal | 50,000 | 50,000 | - | 0.0 % |
Raheela Siddiqui5 | 50,000 | 50,000 | - | 0.0 % |
Fareed Siddiqui5 | 50,000 | 50,000 | - | 0.0 % |
Idris Aleem | 50,000 | 50,000 | - | 0.0 % |
Sara Zuberi | 50,000 | 50,000 | - | 0.0 % |
Kamran Saeed6 | 50,000 | 50,000 | - | 0.0 % |
Georgiana Dragomir6 | 50,000 | 50,000 | - | 0.0 % |
Sarah Hussein7 | 50,000 | 50,000 | - | 0.0 % |
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Alam Khan7 | 50,000 | 50,000 | - | 0.0 % |
Janice Coyell | 50,000 | 50,000 | - | 0.0 % |
Riham Darwish | 50,000 | 50,000 | - | 0.0 % |
Shuaib Hussein7 | 50,000 | 50,000 | - | 0.0 % |
Fareeha Ahmad | 50,000 | 50,000 | - | 0.0 % |
Farheen Mohsin8 | 50,000 | 50,000 | - | 0.0 % |
Mohsin Askari8 | 50,000 | 50,000 | - | 0.0 % |
1. | Based on 6,000,000 shares currently issued and outstanding. |
2. | Bushra Fareed and Khalid Shoib are married. Raheela Siddiqui and Fareed Siddiqui are the parents of Bushra Fareed. |
3. | Bushra Alam and Sidra Alam are sisters. |
4. | Saeed Khan and Perwin Saeed are married. They are the parents of the officers and directors, Fatima Khan and Rehan Saeed. |
5. | Raheela Siddiqui and Fareed Siddiqui are married. |
6. | Kamran Saeed and Georgiana Dragomir are married. Kamran Saeed is the brother of the officers and directors, Fatima Khan and Rehan Saeed. Kamran Saeed is also the son of shareholders Saeed Khan and Perwin Saeed. |
7. | Sarah Hussein and Alam Khan are married. Sarah Hussein and Shuaib Hussein are siblings. |
8. | Farheen Mohsin and Mohsin Askari are married. |
To our knowledge, except as noted below, with the exception of Kamran Saeed, Saeed Khan and Perwin Saeed, none of the selling shareholders or their beneficial owners:
·
has had a material relationship with us other than as a shareholder at any time within the past three years; or
·
has ever been one of our officers or directors or an officer or director of our predecessors or affiliates
·
are broker-dealers or affiliated with broker-dealers.
With the exception of the shares being registered by Ka m ra n Saeed, Saeed Khan and Perwin Saeed, there is no relationship between the selling shareholders and officers and officers and directors. None of the selling shareholders is a broker dealer or an affiliate of a broker-dealer.
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PLAN OF DISTRIBUTION
The selling security holders may sell some or all of their shares at a fixed price of $0.01 per share until our shares are quoted on the OTC Bulletin Board and thereafter at prevailing market prices or privately negotiated prices. Sales by selling security holder must be made at the fixed price of $0.01 or at a privately negotiated price until a market develops for the stock.
Once a market has been developed for our common stock, the shares may be sold or distributed from time to time by the selling stockholders, directly to one or more purchasers or through brokers or dealers who act solely as agents, at market prices prevailing at the time of sale, at prices related to such prevailing market prices, at negotiated prices or at fixed prices, which may be changed. The distribution of the shares may be effected in one or more of the following methods:
·
ordinary brokers transactions, which may include long or short sales,
·
transactions involving cross or block trades on any securities or market where our common stock is trading, market where our common stock is trading,
·
through direct sales to purchasers or sales effected through agents,
·
through transactions in options, swaps or other derivatives (whether exchange listed of otherwise), or exchange listed or otherwise), or
·
any combination of the foregoing.
In addition, the selling stockholders may enter into hedging transactions with broker-dealers who may engage in short sales, if short sales were permitted, of shares in the course of hedging the positions they assume with the selling stockholders. The selling stockholders may also enter into option or other transactions with broker-dealers that require the delivery by such broker-dealers of the shares, which shares may be resold thereafter pursuant to this prospectus.
Brokers, dealers, or agents participating in the distribution of the shares may receive compensation in the form of discounts, concessions or commissions from the selling stockholders and/or the purchasers of shares for whom such broker-dealers may act as agent or to whom they may sell as principal, or both (which compensation as to a particular broker-dealer may be in excess of customary commissions). Neither the selling stockholders nor we can presently estimate the amount of such compensation. We know of no existing arrangements between the selling stockholders and any other stockholder, broker, dealer or agent relating to the sale or distribution of the shares. We will not receive any proceeds from the sale of the shares of the selling security holders pursuant to this prospectus. We have agreed to bear the expenses of the registration of the shares, including legal and accounting fees, and such expenses are estimated to be approximately $40,000.
Notwithstanding anything set forth herein, no FINRA member will charge commissions that exceed 8% of the total proceeds of the offering.
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Penny Stock Regulations
You should note that our stock is a penny stock. The Securities and Exchange Commission has adopted Rule 15g-9 which generally defines penny stock to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions. Our securities are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and accredited investors. The term accredited investor refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the SEC which provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customers account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customers confirmation. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchasers written agreement to the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules. Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities. We believe that the penny stock rules discourage investor interest in and limit the marketability of our common stock.
Blue Sky Restrictions on Resale
If a selling security holder wants to sell shares of our common stock under this registration statement in the United States, the selling security holders will also need to comply with state securities laws, also known as Blue Sky laws, with regard to secondary sales. All states offer a variety of exemption from registration for secondary sales. Many states, for example, have an exemption for secondary trading of securities registered under Section 12(g) of the Securities Exchange Act of 1934 or for securities of issuers that publish continuous disclosure of financial and non-financial information in a recognized securities manual, such as Standard & Poors. The broker for a selling security holder will be able to advise a selling security holder which states our common stock is exempt from registration with that state for secondary sales.
Any person who purchases shares of our common stock from a selling security holder under this registration statement who then wants to sell such shares will also have to comply with Blue Sky laws regarding secondary sales.
When the registration statement becomes effective, and a selling security holder indicates in which state(s) he desires to sell his shares, we will be able to identify whether it will need to register or will rely on an exemption there from.
DESCRIPTION OF SECURITIES
The following description of our capital stock is a summary and is qualified in its entirety by the provisions of our Articles of Incorporation which has been filed as an exhibit to our registration statement of which this prospectus is a part.
Common Stock
We are authorized to issue 7,500,000 shares of common stock, par value $0.001, of which 6,000,000 shares are issued and outstanding as of June 17 , 2015. Each holder of shares of our common stock is entitled to one vote for each share held of record on all matters submitted to the vote of stockholders, including the election of directors. The holders of shares of common stock have no preemptive, conversion, subscription or cumulative voting rights. There is no provision in our Articles of Incorporation or By-laws that would delay, defer or prevent a change in control of our Company.
Preferred Stock
No preferred shares have been authorized or issued as of June 17 , 2015.
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Warrants and Options
Currently, there are no warrants, options or other convertible securities outstanding.
Options
There are no options to purchase our securities outstanding. We may in the future establish an incentive stock option plan for our directors, employees and consultants.
INTERESTS OF NAMED EXPERTS AND COUNSEL
No expert or counsel named in this prospectus as having prepared or certified any part of this prospectus or having given an opinion upon the validity of the securities being registered or upon other legal matters in connection with the registration or offering of the common stock was employed on a contingency basis, or had, or is to receive, in connection with the offering, a substantial interest, direct or indirect, in the registrant or any of its parents or subsidiaries. Nor was any such person connected with the registrant or any of its parents or subsidiaries as a promoter, managing or principal underwriter, voting trustee, director, officer, or employee. Szaferman, Lakind, Blumstein & Blader, P.C., our independent legal counsel, has provided an opinion on the validity of our common stock. Szaferman, Lakind, Blumstein & Blader, P.C. has been our legal counsel since inception.
The December 31, 2014 financial statements included in this prospectus and the registration statement have been audited by SRCO, a professional corporation, to the extent and for the periods set forth in their report appearing elsewhere herein and in the registration statement, and are included in reliance upon such report given upon the authority of said firm as experts in auditing and accounting.
DESCRIPTION OF BUSINESS
We are incorporated in the State of Nevada, on March 27, 2014. Our official business address is located in 2602 Innisfil Road, Mississauga, Canada ON L5M 4H9. Our telephone number is (647) 478-5633. We have established a fiscal year end of December 31.
We have never been a party to any bankruptcy, receivership or similar proceeding, nor have we undergone any material reclassification, merger, consolidation, purchase or sale of a significant amount of assets not in the ordinary course of business.
We have not had any significant revenues generated from our business operations since inception. We expect that the revenues generated from our business for the next 12 months will not be enough for our required working capital. Until we are able to generate any consistent and significant revenue we may be required to raise additional funds by way of equity or debt financing.
The Company intends to offer cloud-enabler and cloud broker services mainly to small and medium sized organizations in Canada at the outset and plans to expand such services to these organizations in the United States. The Company proposes that these services will be offered on-demand and by mobile application s through monthly or pay per use subscription s. The Company plans to hire a strong development team who can build all types of applications on cloud computing and can perform cloud enabler and cloud broker services. Intelligent Cloud Resources will help businesses to break away all of the barriers associated with installing software on to physical hardware by making the software available from anywhere on the globe. For those enterprises that have security concerns for deploying their applications on a public cloud, the Company also plans to build a private cloud accessible to only those persons who work within the organization.
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Intelligent Cloud will offer enormous advantages over traditional ways of managing information on the customer local desktop or in a LAN. An important advantage involves better access to the data and improved reliability and robustness. Data in the cloud can be easily mirrored and backed up in multiple geographical locations, giving customers far higher reliability even if one server location is affected due to natural or man-made disasters. There is also a great advantage of scalability because companies can instantly add new servers and disc spaces to their infrastructure if a website gets a lot of hits. Thus, Intelligent Cloud computing is a way of utilizing computing infrastructure - applications, data storage, and accounting - on the Internet, allowing access to the data and applications from multiple locations. The following are the key features of Intelligent Cloud computing:
Server Virtualization and Consolidation.
Network Virtualization and optimizing Storage.
Scalability.
High Availability.
Efficient Backup.
On Demand Provisioning.
Management and Automation.
Less CAPEX High ROI
The team of Intelligent Cloud Resources has experts who will guide its customers through the right process for the migration and will provide hand holding support to them during the entire process and will help them tap the full power of the cloud.
As of the date of this prospectus, our cloud enabler and cloud broker services have not been developed to the point that we can describe specifically its nature or its scope. We anticipate that we will receive revenue from the sale of our cloud services. Specifically, customers will be charged a customized fee to develop their cloud platform for a fee of between $500 and $2,000. Customers will also pay us a monthly hosting fee of between $20 and $50.
The team of experts of Intelligent Cloud Resources plans to hire will be competitive enough to manage the IT infrastructure of small, medium, multinationals and large companies and enterprises and would perform the services in the following major areas:
· Cloud Migration- Migrating to the cloud is a complex task and it requires careful planning and analysis of data storage and application requirements. Intelligent Cloud Resources would help to develop the right migration strategy and migrate the clients data and processes to the cloud with the least amount of service disruption. |
· Infrastructure Management- The Companys team of engineers would assist the clients developers in setting up the production environment, managing the release schedules and getting the infrastructure configured. |
· VoIP Solution on Cloud- For businesses providing enterprise-grade VoIP solutions it is imperative that they cut their infrastructure costs while working to improve their reliability. Cloud computing can pair up with VoIP to offer a quality and reliable voice solution at an affordable price. Intelligent Cloud Resources team will setup VoIP infrastructure on the cloud. |
· Cloud Management- Cloud management is a set of approaches and technologies that lets the client leverage the full power of the cloud. Intelligent Cloud Resources would provide the tools and support to maintain a 24/7 uptime with proper disaster planning and a solution that will satisfy the security compliance requirements. |
· Application Development- Application development on the cloud is quite different from application development involving a single server. Intelligent Cloud Resources would plan and design the whole application with the cloud in mind and will the clients scale application in a big way. |
· Cloud Enablement- The cloud enablement service of Intelligent Cloud Resources will be designed to help in developing the right cloud strategy that has a sound business footing. It will help to understand the flexibility, reliability and scalability, cloud computing can provide with various data points and technical support to choose the right approach in migrating to servers and applications to the cloud. |
As of the date of this prospectus, the amounts of the prices for our products have not been determined. As our technology is further developed and completed, we will determine the prices based upon our costs and the prices of competing products.
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At any phase, if we find that we do not have adequate funds to complete a phase, we may have to suspend its operations and attempt to raise more money so we can proceed with the business operations. If we cannot raise the capital to proceed we may have to suspend operations until we have sufficient capital. We expect to raise the required funds for the next 12 months with equity or debt financing.
To become profitable and competitive, we need to develop and advance the technology to a point where it can be sold commercially. To achieve this goal, management has prepared the following phases for its plan of operation for the next 12 months.
Phase 1 - Develop the Technology (12 months)
Intelligent Cloud Resources has planned to perform the services in two major areas (i) Cloud Broker Services (ii) Cloud Enabler Services. Intelligent Cloud Resources would help its clients in the following manner:
· Developing private clouds and to determine hardware procurements |
· Identifying the right cloud technology |
· Implementing IT |
· Migrating existing applications and services to the cloud environment |
· Documenting the procedure and training in-house staff |
Intelligent Cloud Resources would also help customers migrate their applications or servers which are running on traditional hardware to move to Amazon AWS or Rackspace and will provide consultation services and technical services for doing this migration. For cloud enablement, we have implemented open source cloud technologies for the private cloud, which can compete with the licensed and costly cloud technologies. Currently many licensed cloud technologies are creating a vendor lock-in for the enterprises, which would need customers to pay hefty amount for the licenses and support.
Expansion Plan
The Company will undergo an aggressive expansion after the successful execution of the initial Phase 1. The business will be expanded in four steps. In the first phase, the Company will focus on the Toronto area. In the second phase, the Company will move to the Ottawa, Ontario and Winnipeg areas, and then throughout Canada in the third phase. In the fourth phase, the Company will expand into the United States. The time spam for moving one phase to other depends on the market scenario and overall performance of the Company.
Cloud Broker Services
It can be a difficult task for a business to choose the right cloud provider. Intelligent Cloud Resources will play the role of a cloud broker and can explain the advantages and disadvantages in each cloud provider.
Cloud Enabler Services
Intelligent Cloud Resources will offer services of all four models of cloud deployment: Private Cloud, Public Cloud, Hybrid Cloud and Community Cloud. However, due to data security issues in Canada, we will focus on private clouds.
Private Cloud- Private Cloud Computing architecture is dedicated to the customer and is not shared with other organizations. This model of computing is expensive but considered more secure than public clouds. However, we will offer private clouds at the same rates as public cloud computing. Services such as those sold by Amazon and Salesforce.com have diminished to an extent the demand for in-house equipment and software licenses has increased. Private clouds are popular for companies that have security concerns such as government and financial services. They enable these companies to control all aspects of their cloud services and safeguard all data and applications flowing through the organization.
Public Cloud- The computing infrastructure is hosted at the vendors premises. The customer has no visibility over the location of the cloud computing infrastructure. The computing infrastructure is shared between organizations. We will also offer the services of Public Cloud for customers who request this service.
Hybrid Cloud- Organizations host some critical, secure applications in private clouds. Other applications are hosted in the public cloud. The combination is known as Hybrid Cloud. Also, another form of a hybrid cloud is called Cloud bursting. This term is used to define a system where the organization uses its own infrastructure for normal usage, but cloud is used for peak loads.
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Community Cloud- The cloud infrastructure is shared between the organizations of the same community. For example, all the government agencies in a city can share the same cloud but not the non-government agencies.
The Cloud Computing Market
Software as a Service
This is the most common form of cloud computing which we see in action. It is complete software offering on the cloud. Data is accessed by the customers on pay per use basis. The consumer does not manage or control the underlying cloud infrastructure, network, servers, operating systems, storage, or even individual application capabilities, with the possible exception of limited user-specific application configuration settings.
Platform as a Service
Platform as a service (PaaS) is the delivery of a computing platform and solution stack as a service. PaaS offerings facilitate deployment of applications without the cost and complexity of buying and managing the underlying hardware and software and provisioning hosting capabilities, providing all of the facilities required to support the complete life cycle of building and delivering web applications and services entirely available from the Internet. PaaS offerings may include facilities for application design, application development, testing, deployment and hosting as well as application services such as team collaboration, web service integration and marshalling, database integration, security, scalability, storage, persistence, state management, application versioning, application instrumentation and developer community facilitation. These services may be provisioned as an integrated solution over the web.
Infrastructure as a Service
Hardware related services are provided using the principles of Cloud Computing. These include disk storage and virtual servers. The consumer has control over operating systems, storage, deployed applications, and certain networking components (e.g., firewalls, load balancers).
Competition
There are many companies who compete directly with the products and services we plan to develop. These companies may already have an established market in our industry. Most of these companies have significantly greater financial and other resources than us and have been developing their products and services longer than we have been developing ours. Additionally, there are not significant barriers to entry in our industry and new companies may be created that will compete with us and other, more established companies who do not now directly compete with us, may choose to enter our markets and compete with us in the future.
Intelligent Clouds principal competitors are AFORE Solutions, Allstream, BlackIron Data, Bell Business Solutions, Cacloud, Canadian Cloud Computing Inc., Canadian Web Holding, Centrilogic, Cirruc Computing, Cloud A, Cloud Dynamics, Canada Post Vault Service, Cloud Post Vault Service, Cloud Path, Cloud Pockets, Netelligent and Radiant Communications. Some of these competitors are private corporations with no requirement for financial disclosure, Intelligent Cloud is unable to ascertain the size of their market and there is no way of quantifying and qualifying what position on a sales basis Intelligent Cloud is in relative to its competition.
Marketing
We will be using several marketing tools to market our products such as print and electronic media marketing. The most effective marketing channels are taken into consideration while preparing the local and print media marketing strategies. The company intends to work closely with marketing professionals to ensure that it is on the cutting edge of advertising technology. We will be focusing our efforts on internet-based marketing because we believe it to be more effective and cost-effective. However we will not ignore local and print media marketing. The marketing methods we plan to employ are below:
Website Development - The Intelligent Cloud Resources website will be developed in the first step of Internet marketing. The website will be updated regularly and will be full with information regarding the benefit of cloud computing adoption.
Listing in Online Directories and Magazines - We plan to list the name of Company in all local and international online directories of IT companies. Online directories and magazines play a critical role in Internet marketing.
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Search Engine Optimization (SEO) - The Company will look into hiring a part time SEO specialist to work on improving the visibility of the website on all major search engines such as: Google, Bing, Ask, Yahoo, etc.
Paid Advertisement (Google AdSense, Facebook, etc.) - Organic SEO takes longer time to show results. It could take from 3 months to as long as 1 year or 2 to be more fruitful. Therefore, along with traditional search engine techniques, the Company may consider paid advertisements to gain a quick customer base. Initially, this will mean paid advertisements with Google and Facebook to display company website ads on all major search results and Facebook pages. The paid advertising campaign will last as the traditional SEO start showing some results.
Social Media Marketing - Social Media has proven itself the most cost-effective and efficient medium to communicate with potential clients. Intelligent Cloud Resources hopes to make full use of all popular Social Media channels such as Facebook, Twitter, YouTube, and Google+, etc. Advertisements will also be placed on Social Media sites to entice more and more customers.
YouTube Commercials - Another important channel to market the website effectively to a selected range of target audience is through YouTube commercials. The company may place properties promo videos on YouTube. This will be a cost-effective and customer focused marketing strategy.
Professional Networking - Intelligent Cloud Resources would build a professional network of industry experts mainly through online efforts such as LinkedIn etc.
Blog - A dedicated blog to educate website visitors about the important information and latest happening in the area about cloud computing will be useful.
RSS and Newsletters - Really Simple Syndication (RSS) and Newsletters will be the main features of the website. This strategy will keep the customers glued to the website.
Intellectual Property and Proprietary Rights
Proprietary rights are important to our success and our competitive position. To protect our proprietary rights, we rely on copyright, service marks and trade secret laws, confidentiality procedures and contractual provisions.
We cannot assure you that any of our proprietary rights with respect to our products or services will be viable or of value in the future since the validity, enforceability and type of protection of proprietary rights in Internet-related industries are uncertain and still evolving.
Despite our efforts to protect our proprietary rights, unauthorized parties may attempt to copy aspects of our products or obtain and use information that we regard as proprietary. Policing unauthorized use of our products is difficult, and while we are unable to determine the extent to which piracy of our software products exists, software piracy can be expected to be a persistent problem. In addition, the laws of some foreign countries do not protect proprietary rights to as great an extent as do the laws of the United States, and effective copyright, trademark and trade secret protection may not be available in those jurisdictions. Our means of protecting our proprietary rights may not be adequate to protect us from the infringement or misappropriation of such rights by others.
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Cloud Computing Market in Canada
TechNavio, a leading technology research and advisory company, forecast the Cloud Computing market in Canada will grow at a CAGR of 17.8 percent over the period 2013-2018. Canada is currently ranked 9th out of 24 countries in the BSA Global Cloud Computing Scorecard, due largely to the lack of cyber security standards in Canada, as well as outdated copyright laws that are perceived to provide insufficient protection for online material. Existing security and privacy legislation for private firms is largely irrelevant to the cloud services industry. Despite these gaps in the regulatory framework, the Information and Communications Technology Council (ICTC) believes that cloud computing provides a high value proposition for Canada.
On the basis of the cloud industrys total direct employment, ICTC estimates that the Canadian cloud sub-sector contributes up to $4.6 billion annually to Canadian GDP. As job opportunities in the cloud economy continue to grow and salary for ICT professionals continues to appreciate in response to growing demand for their services, the annual contribution will become $8.2 billion by 2018. According to primary consultations with Canadian cloud companies, the cloud services industry is expected to grow 20% in five years. Following are the facts of cloud computing market of Canada as taken from the ICTC website :
· Half of the 360 Canadian enterprises (IT and non-IT) surveyed by ICTC have adopted identifiable cloud services. This figure is 71% for IT firms. |
· 70% of cloud-using enterprises use some form of paid cloud service. |
· 4/5 of paid users have recurring subscriptions to cloud services, and one-third (31%) have made a one-time purchase of cloud products/services. |
· Nearly two-thirds (61%) of companies have reduced their IT costs by switching over to cloud. This number is 68% for IT firms. |
· SaaS is the most commonly used public cloud service; more than half (53%) of cloud-using enterprises use SaaS, and an additional one-quarter are developing SaaS capabilities. |
· By 2018, ICT occupations central to cloud computing will grow by 47%. |
· By 2018, it is estimated that Canadas cloud economy will directly employ more than 57,000 workers. When we factor indirect employment, Canada will employ more than 71,000 workers in 2018 as a result of cloud computing. |
· The Canadian cloud economy contributes $4.6 billion annually to Canadian GDP, and by 2018, this contribution will grow to become $8.2 billion. |
According to the survey by Global Industry Analysts & Gartner's, cloud computing is one of the fastest growing markets, the market size is forecast to touch $222.5 billion by 2015. Cloud computing is going to change the way the world is today, the way pervasive devices store, communicate, connect and operate today, going to change the way tomorrow's products are going to be designed and developed. It is going to change the way business is conducted as on today. Many of existing technologies would be converging into cloud. Today the storage occupies biggest space in all of the connected and disconnected electronic devices. For every device which is connected to net, the storage is going to diminish and at some point there is not going any storage on these devices, they are going to be using cloud and devices would become much smaller, thinner and sleeker. More and more devices would get connected to cloud, changing the way we talk, we function & the way we work. An Independent research firm Forrester Research expects the global cloud computing market to reach $241 billion in 2020 compared to $68.5 in 2010. Forresters report provides market forecast on 12 different market segments for the next decade, forecasting shifts in the usage patterns of cloud infrastructure, business applications for the cloud and cloud platforms that are becoming increasingly widespread.
In recent years, there has been significant litigation in the United States involving patents and other intellectual property rights, particularly in the software and Internet-related industries. We could become subject to intellectual property infringement claims as the number of our competitors grows and our planned products and services overlap with competitive offerings. These claims, even if not meritorious, could be expensive to defend and could divert managements attention from operating our company. If we become liable to third parties for infringing their intellectual property rights, we could be required to pay a substantial award of damages and to develop non-infringing technology, obtain a license or cease selling the products that contain the infringing intellectual property. We may be unable to develop non-infringing technology or obtain a license on commercially reasonable terms, if at all.
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Government Regulation
Our activities are not currently subject to any particular regulations by governmental agencies other than those routinely imposed on corporate businesses. However, we cannot predict the impact of future regulations on either us or advertisers that may advertise with our Apps.
Employees
The Company does not employ any employees outside of its officers and directors, Rehan Saeed and Fatima Khan.
DESCRIPTION OF PROPERTY
Our executive offices are located at 2602 Innisfil Road, Mississauga, Canada ON L5M 4H9. We believe that this space is adequate to operate our current business and as business warrants we may expand into a larger space. The office space is provided by our CEO at no cost to the Company.
LEGAL PROCEEDINGS
There are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company. The Companys property is not the subject of any pending legal proceedings.
MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
No Public Market for Common Stock
There is presently no public market for our common stock. We anticipate having a market maker apply for trading of our common stock on the over the counter bulletin board upon the effectiveness of the registration statement of which this prospectus forms a part. However, we can provide no assurance that our shares will be traded on the bulletin board or, if traded, that a public market will materialize.
Holders of Our Common Stock
As of June 17 , 2015, we had 32 shareholders.
Rule 144 Shares
Currently, we are considered a shell company as defined in Rule 12b-2 of the Exchange Act, as amended and Rule 144 is not available for the resale of securities issued by any issuer that is or has been at any time previously a shell company unless the following conditions have been met:
· the issuer of the securities that was formerly a shell company has ceased to be a shell company; |
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· the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act; |
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· the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company. |
Stock Option Grants
As of June 17 , 2015 we have not granted any stock options.
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DIVIDEND POLICY
We have not declared or paid dividends on our Common Stock since our formation, and we do not anticipate paying dividends in the foreseeable future. Declaration or payment of dividends, if any, in the future, will be at the discretion of our Board of Directors and will depend on our then current financial condition, results of operations, capital requirements and other factors deemed relevant by the board of directors. There are no contractual restrictions on our ability to declare or pay dividends.
SHARE CAPITAL
Security Holders
As of June 17 , 2015, there were 6,000,000 common shares issued and outstanding, which were held by 32 stockholders of record.
Transfer Agent
We have not engaged a transfer agent to serve as transfer agent for shares of our common stock. Until we engage such a transfer agent, we will be responsible for all record-keeping and administrative functions in connection with the shares of our common stock.
Admission to Quotation on the OTC Bulletin Board
We intend to have a market maker file an application for our common stock to be quoted on the OTC Bulletin Board. However, we do not have a market maker that has agreed to file such application. If our securities are not quoted on the OTC Bulletin Board, a security holder may find it more difficult to dispose of, or to obtain accurate quotations as to the market value of our securities. The OTC Bulletin Board differs from national and regional stock exchanges in that it
(1) is not situated in a single location but operates through communication of bids, offers and confirmations between broker-dealers, and
(2) securities admitted to quotation are offered by one or more broker-dealers rather than the specialist common to stock exchanges.
To qualify for quotation on the OTC Bulletin Board, an equity security must have one registered broker-dealer, known as the market maker, willing to list bid or sale quotations and to sponsor the company listing. If it meets the qualifications for trading securities on the OTC Bulletin Board our securities will trade on the OTC Bulletin Board. We may not now or ever qualify for quotation on the OTC Bulletin Board. We currently have no market maker who is willing to list quotations for our securities.
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MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
PLAN OF OPERATIONS
The information contained in this Managements Discussion and Analysis of Financial Condition and Results of Operation contains forward looking statements. Actual results may materially differ from those projected in the forward looking statements as a result of certain risks and uncertainties set forth in this report. Although our management believes that the assumptions made and expectations reflected in the forward looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be materially different from the expectations expressed in this Registration Statement. The following discussion should be read in conjunction with the audited Consolidated Financial Statements and related Notes from inception (March 27, 2014) to the year ended December 31, 2014 and the unaudited condensed interim Financial Statements and related Notes for the three month period ended March 31, 2015 .
Plan of Operation
Intelligent Cloud has not had any significant revenues generated from its business operations since inception. Intelligent Cloud expects that the revenues generated from its business for the next 12 months will not be enough for its required working capital. Until Intelligent Cloud is able to generate any consistent and significant revenue it may be required to raise additional funds by way of equity or debt financing.
At any phase, if Intelligent Cloud finds that it does not have adequate funds to complete a phase, it may have to suspend its operations and attempt to raise more money so it can proceed with its business operations. If Intelligent Cloud cannot raise the capital to proceed it may have to suspend operations until it has sufficient capital. Intelligent Cloud expects to raise the required funds for the next 12 months with equity or debt financing.
During the next 12 months, management anticipates spending approximately $420,000 on the development, marketing and sales of the Technology in the next 12 months. Intelligent Cloud anticipates a product launch in 2015.
The estimated breakdown is as follows:
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Purpose | Amount |
| |
Payroll | $ | 180,000 |
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Research and Development | $ | 28,000 |
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Marketing | $ | 57,000 |
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Professional and Consulting Fees | $ | 50,000 |
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Office Lease Expenses | $ | 30,000 |
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Travel Expenses | $ | 20,000 |
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Management and Operational Costs | $ | 30,000 |
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Miscellaneous Costs | $ | 25,000 |
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Total | $ | 420,000 |
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RESULTS OF OPERATIONS FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2015.
Revenue
The Company has not conducted any active operations since inception. No revenue has been generated by the Company from March 27, 2014 (Inception) to March 31, 2015. 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.
Expenses
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.
Net Losses
For the three months ended March 31, 2015, the Company had a net loss of $3,197, comprising of professional fees of $3,105, and bank charges of $92.
RESULTS OF OPERATIONS FROM INCEPTION (MARCH 27, 2014) TO THE YEAR ENDED DECEMBER 31, 2014.
Revenue
For the period from March 27, 2014 (inception) to December 31, 2014 we had $0 in revenue. We did not generate any revenue during this period because we were setting up all our corporate documents and beginning our business.
Expenses
Expenses for the period from March 27, 2014 (inception) to December 31, 2014 totaled $13,711. The majority of the expenses incurred during the period consisted of corporate filings and start-up costs.
Net Loss
As a result of the factors described above, our net loss for the fiscal year ended December 31, 2014 was $13,711 or $13,694 after foreign currency translation adjustment.
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LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 2015, the Company had only one asset, cash, of $1,039. The Companys liabilities as of March 31, 2015 were $2,938, which comprised accounts payable and accrued liabilities. As at March 31, 2015, the Company had a working capital deficit of $1,266.
The following is a summary of the Company's cash flows provided by (used in) operating, investing, and financing activities for the three months ended to March 31, 2015:
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| For the three months ended March 31, 2015 $ |
Net Cash (Used in) Operating Activities |
| (1,720) |
Net Cash used in Investing Activities |
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Net Cash Provided by Financing Activities |
| 1,773 |
Net (Decrease) Increase in Cash and Cash Equivalents |
| 53 |
The Company has nominal assets and has generated no revenues since inception. The Company is also dependent upon the receipt of capital investment or other financing to fund its ongoing operations and to execute its business plan of seeking a combination with a private operating company. In addition, the Company is dependent upon certain related parties to provide continued funding and capital resources. If continued funding and capital resources are unavailable at reasonable terms, the Company may not be able to implement its plan of operations.
GOING CONCERN
Due to the uncertainty of our ability to meet our current operating and capital expenses, in their report on our audited financial statements for the period ended December 31, 2014, our independent registered accountants included an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. Our financial statements contain additional note disclosures describing the circumstances that lead to this disclosure by our independent auditors.
INCOME TAXES
Deferred tax assets and liabilities are recorded for differences between the financial statements and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is recorded for the amount of income tax payable or refundable for the period increased or decreased by the change in deferred tax assets and liabilities during the period. As of December 31, 2014, a deferred tax asset (which arises solely as a result of net operating losses), has been entirely offset by a valuation reserve due the uncertainty that this asset will be realized in the future.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
There have been no changes in or disagreements with accountants on accounting or financial disclosure matters.
32
DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS
Our executive officers and directors and their respective ages as of June 17 , 2015 are as follows:
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|
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Name | Age | Positions and Offices Held |
Fatima Khan | 2 5 | Director, President and Chief Executive Officer (Principal Executive Officer and Principal Accounting Officer |
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|
Rehan Saeed | 3 5 | Director and Chief Financial Officer (Principal Financial Officer) |
BUSINESS EXPERIENCE
Set forth below is the name of our director and officer, all positions and offices held with us , the period during which he has served as such, and the business experience during at least the last five years:
FATIMA KHAN was appointed as our President and Chief Executive Officer and a member of the Board of Directors on March 27, 2014. Ms. Khan is self-employed as the cofounder of Simply Sweet Confectioneries , which is a cake design business that Ms. Khan formed with a business partner in August of 2009 , right before she started her second year in University of Toronto .
Ms. Khan graduated with a Bachelor of Commerce (double major in Economics and Finance) from University of Toronto in 2012 . She was very involved in campus clubs from her very first year. She was on the executive team of The MSA and Orphan Run, a charity club. She held roles varying from Events Planner, Secretary, Vice President and President as the years passed.
At age 19 she started her custom cake designing business with a friend. As a young business owner, Khan was able to apply what she was learning at the prestigious institution of University of Toronto. The business bloomed faster than she had expected and this caused a huge, rushed learning curve.
Ms. Khans qualifications to serve on our board of directors include her extensive marketing and sales experience.
Ms . Khan will dedicate 40 hours per week to the Company.
REHAN SAEED was appointed as our Chief Financial Officer and a member of the Board of Directors as of March 27, 2014. Mr. Saeed started his career at CIBC- Edulinx, dealing with government sponsored student loans, where he worked as Interest Relief Analyst. Subsequently, he joined hands with the owner of UM Financial, a firm providing residential real estate mortgages and was their first employee. He performed the sales and marketing functions at UM and was instrumental in the rapid growth of the firm from an upstart to a $110 million asset-based company in just 2 years. He then left for Malaysia to pursue his MBA in Finance. Since 2006, Mr. Saeed has been regularly conducting seminars and certificate courses on Alternative Finance in Canada especially in the area of Residential Real Estate. His specialization is in product structuring, cultural sensitivity and compliance. From 2007 to 2014, Mr. Saeed was the Vice President of Product Development of AYA Financial, Inc , where he was responsible for product development . Mr. Saeed resigned from AYA Financial in September, 2014 to serve as the Chief Executive Officer of Legacy Ventures International Inc. Mr. Saeed also serves as the sole director of , and owns a majority interested in, Legacy Ventures International Inc.
He has his M asters in B usiness A dministration in Banking and Finance from the International University of Malaysia and Bachelor of Science in Information Technology from York University, Toronto, Canada.
Mr. Saeeds formal education in finance and subsequent work experience as a trainer and employee in financial institutions has given him unique exposure, both in Canada and abroad. Mr. Saeed has written many white papers, most notably an original research white paper on a n Interest Free Mortgage Investment Corporation (MIC) which was presented at the 4-day Banking & Finance Conference held in Toronto during 2007. Mr. Saeed is specialized in product structuring and compliance and has had vast experience working with individuals of diverse backgrounds.
Mr. Saeeds qualifications to serve on our board of directors include his extensive experience with business operations in the IT, legal and financial industries.
Mr. Saeed will dedicate 5-10 hours per week to the Company.
33
Term of Office
Our directors are appointed for a one-year term to hold office until the next annual general meeting of our shareholders or until removed from office in accordance with our bylaws. Our officers are appointed by our board of directors and hold office until removed by the board.
Committees of the Board
We do not have a separate audit committee at this time. Our entire board of directors acts as our audit committee. We intend to form an audit committee, a corporate governance and nominating committee and a compensation committee once our board membership increases. Our plan is to start searching and interviewing possible new independent board members in the next nine months and have a new independent board in place in the next 12 months.
Family Relationships
Mr. Khan and Mr. Saeed are siblings. The Selling Shareholders Kamran Saeed, Saeed Khan and Perwin Saeed are the brother, father and mother respectively of Fatima Khan and Rehan Saeed.
Involvement in Certain Legal Proceedings
Our directors, executive officers and control persons have not been involved in any of the following events during the past ten years:
|
|
1. | Any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time, |
2. | Any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses); |
3. | Being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his or her involvement in any type of business, securities or banking activities; or |
4. | Being found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated. |
EXECUTIVE COMPENSATION
Our executive officers have not received any compensation for services rendered to us, and are not accruing any compensation pursuant to any agreement with us. Currently, we do not have any employment agreements in place with our officers. Ms. Khan and Mr. Saeed are employed at will such that either the Company or Ms. Khan and Mr. Saeed may terminate the employment relationship at any time, with or without cause.
Directors are permitted to receive fixed fees and other compensation for their services as directors. The Board of Directors has the authority to fix the compensation of directors. No amounts have been paid to, or accrued to, directors in such capacity.
We do not expect to pay any compensation to Ms. Khan and Mr. Saeed until sufficient and sustainable revenues and profits are realized.
No retirement, pension, profit sharing, insurance programs, long-term incentive plans or other similar programs have been adopted by us for the benefit of our executive officers or employees , if any. We had no outstanding equity awards as of the date of this registration statement.
Directors are permitted to receive fixed fees and other compensation for their services as directors. The Board of Directors has the authority to fix the compensation of directors. No amounts have been paid to, or accrued to, directors in such capacity.
34
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table provides the names and addresses of each person known to us to own more than 5% of our outstanding common stock as of June 17 , 2015 and by the officers and directors, individually and as a group. Except as otherwise indicated, all shares are owned directly.
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| ||
Title of Class | Name and Address of Beneficial Owner | Amount and Nature of Beneficial Owner | Percent of Class(1) | |||
Common Stock | Fatima Khan | 3,000,000 | 50 % | |||
Common Stock | Rehan Saeed | 1,500,000 | 25 % | |||
Officers and Directors As a Group (2)(3) |
| 4,500,000 | 75 % |
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|
(1) | The percent of class is based on 6,000,000 shares of common stock issued and outstanding as of June 17 , 2015. |
(2) | The address for both Fatima Khan and Rehan Saeed is 2602 Innisfil Road, Mississauga, Canada ON L5M 4H9. |
(3) | There are no shareholders who have beneficial ownership in over 5% of the common stock currently issued and outstanding. |
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
On March 27, 2014, the Company issued founder s shares of common stock at par value of $0.001 to Fatima Khan (CEO and Director) and Rehan Saeed (CFO and Director) and in the amount of 3,000,000 shares and 1,500,000 shares, respectively. The total aggregate dollar amount of the issuance of the founders shares was $ 4 , 5 00 ($3,000 with respect to Ms. Khans shares and $1,500 with respect to Mr. Saeeds shares ). The Company received $1,125 with respect to these issuances. An aggregate amount of $3,375 remains due from Ms. Khan and Mr. Saeed. Such amount is unsecured, non-interest bearing and payable on demand. This amount due was short-term in nature and was considered to be in the ordinary course of business rather than in the form of personal loans. We confirm that these amounts have subsequently been settled and no such amount is owed as of the date of the filing of Amendment 2 to the S-1.
The Company paid the quarterly review fee , in the amount of $1,563, to an auditor on behalf of Legacy Ventures International Inc. Mr. Saeed is the Chief Executive Officer, sole director and majority shareholder of Legacy Ventures International Inc. This is due from Legacy Ventures International Inc. to the Company and is unsecured, non-interest bearing and payable on demand.
LEGAL MATTERS
Szaferman, Lakind, Blumstein & Blader, P.C. has opined on the validity of the shares of common stock being offered hereby.
EXPERTS
The annual financial statements included in this prospectus and in the registration statement have been audited by SRCO Professional Corporation , an independent registered public accounting firm, to the extent and for the period set forth in their report appearing elsewhere herein and in the registration statement, and are included in reliance upon such report given upon the authority of said firm as experts in auditing and accounting.
35
INDEMNIFICATION FOR SECURITIES ACT LIABILITIES
Our directors and officers are indemnified as provided by the Nevada Statutes and our Bylaws. We have agreed to indemnify each of our directors and certain officers against certain liabilities, including liabilities under the Securities Act of 1933. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to our directors, officers and controlling persons pursuant to the provisions described above, or otherwise, we have been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than our payment of expenses incurred or paid by our director, officer or controlling person in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, we will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
We have been advised that in the opinion of the Securities and Exchange Commission indemnification for liabilities arising under the Securities Act is against public policy as expressed in the Securities Act, and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities is asserted by one of our directors, officers, or controlling persons in connection with the securities being registered, we will, unless in the opinion of our legal counsel the matter has been settled by controlling precedent, submit the question of whether such indemnification is against public policy to a court of appropriate jurisdiction. We will then be governed by the courts decision.
WHERE YOU CAN FIND MORE INFORMATION
We have filed a registration statement on Form S-1 under the Securities Act with the SEC for the securities offered hereby. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits and schedules which are part of the registration statement. For additional information about us and our securities, we refer you to the registration statement and the accompanying exhibits and schedules. Statements contained in this prospectus regarding the contents of any contract or any other documents to which we refer are not necessarily complete. In each instance, reference is made to the copy of the contract or document filed as an exhibit to the registration statement, and each statement is qualified in all respects by that reference. Copies of the registration statement and the accompanying exhibits and schedules may be inspected without charge (and copies may be obtained at prescribed rates) at the public reference facility of the SEC at Room 1024, 100 F Street, N.E. Washington, D.C. 20549.
You can request copies of these documents upon payment of a duplicating fee by writing to the SEC. You may call the SEC at 1-800-SEC-0330 for further information on the operation of its public reference rooms. Our filings, including the registration statement, will also be available to you on the Internet web site maintained by the SEC at http://www.sec.gov.
INTELLIGENT CLOUD RESOURCES INC.
36
INTELLIGENT CLOUD RESOURCES INC.
(A Development Stage Company)
Index to Financial Statements
For the Period from March 27, 2014 (Inception) to December 31, 2014
|
|
Report of Independent Registered Public Accounting Firm | F-1 |
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|
Balance Sheet | F-2 |
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|
Statement of Operations and Comprehensive Loss | F-3 |
|
|
Statement of Stockholders Equity | F-4 |
|
|
Statement of Cash Flows | F-5 |
|
|
Notes to Financial Statements | F-6 |
37
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of
Intelligent Cloud Resources Inc.
We have audited the accompanying balance sheet of Intelligent Cloud Resources Inc. (the Company) as of December 31, 2014, and the related statements of operations and comprehensive loss, stockholders equity, and cash flows for the period from March 27, 2014 (Inception) to December 31, 2014. The Companys management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the companys internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2014, and the results of its operations and its cash flows for the period from March 27, 2014 (Inception) to December 31, 2014 in conformity with accounting principles generally accepted in the United States of America.
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Companys losses from operations raise substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Richmond Hill, Canada June 17 , 2015 | ![]() |
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F-1
INTELLIGENT CLOUD RESOURCES INC.
(A Development Stage Company)
(Expressed in United States Dollars)
BALANCE SHEET
As at December 31, 2014
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|
|
|
| $ | |
CURRENT ASSETS |
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|
|
Cash |
|
| 991 |
Due from shareholders |
|
| 3,375 |
Due from other related party |
|
| 1,563 |
Total current assets |
|
| 5,929 |
TOTAL ASSETS |
|
| 5,929 |
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|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
CURRENT LIABILITIES |
|
|
|
Accounts payable and accrued liabilities |
|
| 1,461 |
Total current liabilities |
|
| 1,461 |
TOTAL LIABILITIES |
|
| 1,461 |
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
Authorized: |
|
|
|
7,500,000 common stock, par value $0.001 |
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|
|
Issued and outstanding: |
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|
|
6,000,000 common stock at $0.001 as at December 31, 2014 |
|
| 6,000 |
Additional paid-in capital |
|
| 12,162 |
Deficit accumulated during the development stage |
|
| (13,711) |
Accumulated other comprehensive income |
|
| 17 |
Total stockholders' equity |
|
| 4,468 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
| 5,929 |
Going concern (Note 2)
See accompanying notes
F-2
INTELLIGENT CLOUD RESOURCES INC.
(A Development Stage Company)
(Expressed in United States Dollars)
STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
For the period from March 27, 2014 (Inception) to December 31, 2014
|
|
|
|
|
| $ | |
|
|
|
|
REVENUE |
|
| - |
|
|
|
|
EXPENSES |
|
|
|
Audit fees |
|
| 5,621 |
Legal fees |
|
| 5,150 |
Corporate event |
|
| 1,669 |
Incorporation expenses |
|
| 655 |
Bank charges |
|
| 164 |
Consulting fees |
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| 452 |
Total expenses |
|
| 13,711 |
Net loss for the period before income taxes |
|
| (13,711) |
Income taxes |
|
| - |
Net loss for the period |
|
| (13,711) |
Foreign currency translation adjustment |
|
| 17 |
COMPREHENSIVE LOSS |
|
| (13,694) |
|
|
|
|
Loss per share, basic and diluted |
|
| (0.0194) |
|
|
|
|
Weighted average number of common stock outstanding, basic and diluted |
|
| 705,823 |
See accompanying notes
F-3
INTELLIGENT CLOUD RESOURCES INC.
(A Development Stage Company)
(Expressed in United States Dollars)
STATEMENT OF STOCKHOLDERS EQUITY
For the period from March 27, 2014 (Inception) to December 31, 2014
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|
|
|
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| Accumulated |
|
| |
|
|
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| Additional |
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| other |
|
|
|
| Common stock |
| paid-in |
| Accumulated |
| comprehensive |
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| |
|
| Shares | Amount |
| capital |
| deficit |
| income |
| Total |
|
|
| $ |
| $ |
| $ |
| $ |
| $ |
Proceeds from issuance of founder shares |
| 4,500,000 | 4,500 |
| - |
| - |
| - |
| 4,500 |
Proceeds from issuance of shares |
| 1,500,000 | 1,500 |
| 12,162 |
| - |
| - |
| 13,662 |
Loss for the period |
| - | - |
| - |
| (13,711) |
| - |
| (13,711) |
Cumulative translation adjustment |
| - | - |
| - |
| - |
| 17 |
| 17 |
As at December 31, 2014 |
| 6,000,000 | 6,000 |
| 12,162 |
| (13,711) |
| 17 |
| 4,468 |
See accompanying notes
F-4
INTELLIGENT CLOUD RESOURCES INC.
(A Development Stage Company)
(Expressed in United States Dollars)
STATEMENT OF CASH FLOWS
For the period from March 27, 2014 (Inception) to December 31, 2014
|
|
|
| $ | |
|
|
|
OPERATING ACTIVITIES |
|
|
Net loss for the period |
| (13,711) |
|
|
|
Changes in working capital balances |
|
|
Accounts payable and accrued liabilities |
| 1,461 |
Cash used in operating activities |
| (12,250) |
|
|
|
INVESTING ACTIVITIES |
|
|
Due from shareholders |
| 1,125 |
Due from other related party |
| (1,563) |
Cash used in investing activities |
| (438) |
|
|
|
FINANCING ACTIVITIES |
|
|
Proceeds from issuance of common stock |
| 13,662 |
Cash provided by financing activities |
| 13,662 |
|
|
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Net increase in cash during the period |
| 974 |
|
|
|
Effect of foreign currency translation |
| 17 |
|
|
|
Cash, beginning of the period |
| - |
Cash, end of the period |
| 991 |
|
|
|
Supplemental disclosure of cash flow information |
|
|
Non-cash investing and financing |
|
|
Issuance of shares against due from shareholders |
| 4,500 |
See accompanying notes
F-5
INTELLIGENT CLOUD RESOURCES INC.
(A Development Stage Company)
Notes to the Financial Statements
For the period from March 27, 2014 (Inception) to December 31, 2014
(Expressed in United States Dollars)
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1. | NATURE OF OPERATIONS |
Intelligent Cloud Resources Inc. (the Company) was incorporated on March 27, 2014 in the state of Nevada. The Company is a development stage company and is engaged in providing IT solutions and Cloud based services.
The Companys registered office is located at 2602 Innisfil Road, Mississauga, Ontario L5M 4H9, Canada.
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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.
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3. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of Presentation
The Companys financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and are expressed in US dollars.
The Companys fiscal year-end is December 31. The Companys functional currency is Canadian (CDN) dollars. The Companys reporting currency is the U.S. dollar.
The Company is considered to be in the development stage as defined in Accounting Standards Codification (ASC) 915, Development Stage Entities. The Company has devoted substantially all of its efforts to business planning and development by means of raising capital for operations. The Company has not yet realized any revenue. Among the disclosures required by ASC 915 are that the Company's financial statements be identified as those of a development stage company, and that the statements of operations and comprehensive loss, stockholders' equity and cash flows disclose activity since the date of the Company's inception.
F-6
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3. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) |
Foreign Currency Transactions
The Companys functional currency is the Canadian dollar (CDN). The Company translates from the functional currency to U.S. dollars using the current rate method in accordance with FASB ASC 830. The Company uses the U.S. dollar as its reporting currency for consistency with registrants of the Securities and Exchange Commission and in accordance with FASB ASC 830.
Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date. Any exchange gains and losses would be included in other income (expenses) on the Statement of Operations.
Comprehensive Income (Loss)
ASC 220 Comprehensive Income established standards for reporting and display of comprehensive income, its components and accumulated balances. The Company is disclosing this information on its statement of operations and comprehensive loss. Comprehensive income comprised equity except for those transactions resulting from investments by owners and distribution to owners.
Use of Estimates
The preparation of the 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. Estimates may include those pertaining to accruals and going concern assumption assessment. Actual results could materially differ from those estimates.
Cash
Cash, includes deposits in banks which are unrestricted as to withdrawal or use.
Earnings (Loss) Per Share (EPS)
The Company computes basic and diluted earnings per share amounts pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic earnings per share is computed by dividing net income (loss) available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted earnings per share is computed by dividing net income (loss) available to common shareholders by the diluted weighted average number of shares of common stock during the period. The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted as of the first day of the year for any potentially diluted debt or equity.
There were no potentially dilutive shares outstanding as of December 31, 2014.
F-7
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3. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) |
Fair Value Measurements and Fair Value of Financial Instruments
Financial instruments that are measured subsequent to initial recognition at fair value are grouped into hierarchy based on the degree to which the fair value inputs are observable.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). Fair value measurements are estimated based on inputs categorized as follows:
A) Market approach - Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Prices may be indicated by pricing guides, sale transactions, market trades, or other sources;
B) Cost approach - Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost); and
C) Income approach - Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about the future amounts (includes present value techniques, and option-pricing models). Net present value is an income approach where a stream of expected cash flows is discounted at an appropriate market interest rate.
Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 - observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and
Level 3 - assets and liabilities whose significant value drivers are unobservable and corroborated by little or no market data.
The carrying amount of the Companys financial assets and liabilities, such as cash, due from shareholder, due from other related party, accounts payable and accrued liabilities, approximate their fair value because of the short maturity of those instruments.
The Company had no assets and/or liabilities measured at fair value on a recurring basis for the period ended December 31, 2014, using the market and income approaches.
F-8
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3. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) |
Income taxes
The Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (Section 740-10-25) with regards to uncertainty in income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its assets and/or liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25.
Recently Issued Accounting Pronouncements
In June 2014, the F inancial Accounting Standards Board (F ASB ) issued Accountin g Standards Update (ASU) 2014- 10, Development Stage Entities. The amendments in this update remove the financial reporting distinction between development stage entities and other reporting entities. In addition, t he 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. These amendments and the other remaining disclosure requirements of the ASC Topic 915 should be applied retrospectively. For public business entities, ASC Topic 915 is effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early application of ASC Topic 915 is permitted for any annual reporting period or interim period for which the entitys financial statements have not yet been issued or made for issuance. The Company will adopt the new requirements in its financial reporting effective from January 1, 2015.
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4. | STOCKHOLDERS EQUITY |
COMMON STOCK - AUTHORIZED
As at December 31, 2014, 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.
F-9
|
|
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.
|
|
6. | INCOME TAXES |
Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Net deferred tax assets consist of the following components as of December 31, 2014:
|
|
|
Deferred Tax Assets - Non-current: |
|
|
|
|
|
Tax effect of NOL Carryover | $ | 4,799 |
Less valuation allowance |
| (4,799) |
Deferred tax assets, net of valuation allowance | $ | - |
At December 31, 2014, the Company had net operating loss carryforwards of approximately $13,711 that may be offset against future taxable income from the year 2015 to 2035. No tax benefit has been reported in the December 31, 2014 financial statements since the potential tax benefit is offset by a valuation allowance of the same amount.
|
|
7. | SUBSEQUENT EVENTS |
The Companys management has evaluated subsequent events up to June 17 , 2015, the date the financial statements were issued, pursuant to the requirements of ASC Topic 855 and has determined that the following material subsequent event should be report ed :
The amount of $3,375 due from shareholders as at December 31, 2014, which represented the balance due in connection with the issuance of the founder shares as disclosed in Note 4, was settled through three cash payments made by the shareholders in the amounts of $483, $1,290 and $1,602 during the months of February, March and May, 2015, respectively.
F-10
INTELLIGENT CLOUD RESOURCES INC.
(A Development Stage Company)
Index to Financial Statements
For the Three Months Ended March 31, 2015
Unaudited Financial Statements
|
|
Condensed Balance Sheets at March 31, 2015 (unaudited) and December 31, 2014 | F-11 |
|
|
Condensed Statement of Operations and Comprehensive Loss for the three months ended March 31, 2015 (unaudited) | F-12 |
|
|
Condensed Statement of Cash Flows for the three months ended March 31, 2015 (unaudited) | F-13 |
|
|
Notes to Condensed Financial Statements | F-14 |
38
INTELLIGENT CLOUD RESOURCES INC.
(A Development Stage Company)
(Expressed in United States Dollars)
CONDENSED BALANCE SHEETS
|
|
|
| March 31, 2015 | December 31, 2014 |
| $ | $ |
CURRENT ASSETS |
|
|
Cash | 1,039 | 991 |
Due from shareholders [Note 5] | 1,602 | 3,375 |
Due from related party [Note 5] | 1,563 | 1,563 |
Total current assets | 4,204 | 5,929 |
TOTAL ASSETS | 4,204 | 5,929 |
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
CURRENT LIABILITIES |
|
|
Accrued liabilities | 2,938 | 1,461 |
Total current liabilities | 2,938 | 1,461 |
TOTAL LIABILITIES | 2,938 | 1,461 |
|
|
|
STOCKHOLDERS' EQUITY |
|
|
Authorized: |
|
|
7,500,000 common stock, par value $0.001 |
|
|
Issued and outstanding: |
|
|
6,000,000 common stock at $0.001 as at March 31, 2015 (December 31, 2014: 6,000,000) [Note 4] | 6,000 | 6,000 |
Additional paid-in capital | 12,162 | 12,162 |
Accumulated Deficit | (16,908) | (13,711) |
Accumulated other comprehensive income | 12 | 17 |
Total stockholders' equity | 1,266 | 4,468 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 4,204 | 5,929 |
|
|
|
Going concern (Note 2) |
|
|
Subsequent events (Note 6) |
|
|
|
|
|
See accompanying notes |
|
|
F-11
INTELLIGENT CLOUD RESOURCES INC.
(A Development Stage Company)
(Expressed in United States Dollars)
STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
|
|
|
|
| Three months |
| ended |
| March 31, 2015 |
| $ |
|
|
REVENUE | |
|
|
EXPENSES |
|
Professional fee | 3,105 |
Bank charges | 92 |
|
|
Total expenses | 3,197 |
Net loss for the period before income taxes | (3,197) |
Income taxes | |
Net loss for the period | (3,197) |
Foreign currency translation adjustment | (5) |
COMPREHENSIVE LOSS | (3,202) |
|
|
Loss per share, basic and diluted | (0.0021) |
|
|
Weighted average number of |
|
common stock outstanding, basic and diluted | 1,500,000 |
|
|
|
|
See accompanying notes |
|
F-12
INTELLIGENT CLOUD RESOURCES INC.
(A Development Stage Company)
(Expressed in United States Dollars)
STATEMENT OF CASH FLOWS
|
|
|
|
| Three months |
| ended |
| March 31, 2015 |
| $ |
|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
Net loss for the period | (3,197) |
|
|
Changes in operating assets and liabilities: |
|
Accrued liabilities | 1,477 |
Net cash used in operating activities | (1,720) |
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
Due from shareholders | 1,773 |
Net cash provided by financing activities | 1,773 |
|
|
Net decrease in cash during the period | 53 |
|
|
Effect of foreign currency translation | (5) |
|
|
Cash, beginning of the period | 991 |
Cash, end of the period | 1,039 |
|
|
|
|
See accompanying notes |
|
F-13
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 Companys principal place of business is located at 2602 Innisfil Road, Mississauga, Ontario L5M 4H9, Canada.
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.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The Companys 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 Companys fiscal year-end is December 31. The Companys functional currency is Canadian (CDN) dollars. The Companys reporting currency is the U.S. dollar.
The unaudited condensed interim financial statements do not include any comparative information as there were no significant transactions from March 27 to March 31, 2014.
Use of Estimates
The preparation of the 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.
F-14
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 entitys management to assess, for each annual and interim period, whether there is substantial doubt about the entitys 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.
F-15
4. STOCKHOLDERS EQUITY
COMMON STOCK AUTHORIZED
As at March 31, 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 March 31, 2015, there were 6,000,000 shares of common stock issued and outstanding (December 31, 2014 - 6,000,000).
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.
6. SUBSEQUENT EVENTS
The Companys management has evaluated subsequent events up to June 17 , 2015, the date the financial statements were issued, pursuant to the requirements of ASC Topic 855 and has determined that the following material subsequent event should be reported:
The amount of $1,602 due from shareholders as at March 31, 2015, which represented the balance due in connection with the issuance of the founder shares as disclosed in Note 4, was settled in full through a cash payment made by the shareholders in May, 2015.
F-16
INTELLIGENT CLOUD RESOURCES INC.
1,500,000 SHARES OF COMMON STOCK
PROSPECTUS
Until _____________, all dealers that effect transactions in these securities whether or not participating in this offering may be required to deliver a prospectus. This is in addition to the dealers obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.
PART II - INFORMATION NOT REQUIRED IN THE PROSPECTUS
OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
The following table sets forth the expenses in connection with the issuance and distribution of the securities being registered hereby. All such expenses will be borne by the Company; none shall be borne by any selling security holders.
|
|
|
Securities and Exchange Commission registration fee | $ | 1.75 |
Legal fees and miscellaneous expenses (*) |
| 25,000.00 |
Accounting fees and expenses (*) |
| 10,000.00 |
Total (*) | $ | 35,001.75 |
(*) Estimated.
INDEMNIFICATION OF DIRECTORS AND OFFICERS
The Nevada Statutes provides for the indemnification of officers, directors, employees, and agents. A corporation shall have power to indemnify any person who was or is a party to any proceeding (other than an action by, or in the right of, the corporation), by reason of the fact that he or she is or was a director, officer, employee, or agent of the corporation or is or was serving at the request of the corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise against liability incurred in connection with such proceeding, including any appeal thereof, if he or she acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of any proceeding by judgment, order, settlement, or conviction or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he or she reasonably believed to be in, or not opposed to, the best interests of the corporation or, with respect to any criminal action or proceeding, had reasonable cause to believe that his or her conduct was unlawful.
We have agreed to indemnify each of our directors and certain officers against certain liabilities, including liabilities under the Securities Act of 1933. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to our directors, officers and controlling persons pursuant to the provisions described above, or otherwise, we have been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than our payment of expenses incurred or paid by our director, officer or controlling person in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, we will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
39
RECENT SALES OF UNREGISTERED SECURITIES
On March 27, 2014, we issued a total of 1,500,000 shares to Rehan Saeed and 3,000,000 shares to Fatima Khan in founders shares. We issued the foregoing restricted shares of common stock pursuant to the exemption from registration contained in Section 4(2) of the Securities Act of 1933. No commissions were paid to anyone in connection with the sale of the shares and general solicitation was not made to anyone. These shares were issued in reliance on the exemption under Section 4(2) of the Securities Act of 1933, as amended (the Act). These shares of our common stock qualified for exemption under Section 4(2) of the Securities Act of 1933 since the issuance shares by us did not involve a public offering. The offering was not a public offering as defined in Section 4(2) due to the insubstantial number of persons involved in the deal, size of the offering, manner of the offering and number of shares offered. We did not undertake an offering in which we sold a high number of shares to a high number of investors. In addition, the shareholder had the necessary investment intent as required by Section 4(2) since they agreed to and received share certificates bearing a legend stating that such shares are restricted pursuant to Rule 144 of the 1933 Securities Act. This restriction ensures that these shares would not be immediately redistributed into the market and therefore not be part of a public offering. Based on an analysis of the above factors, we have met the requirements to qualify for exemption under Section 4(2) of the Securities Act of 1933 for this transaction.
From March 2014 until October 2014, we issued 1,500,000 shares of common stock to 30 investors in a private placement. The consideration paid for such shares was $0.01 per share, amounting in the aggregate to $15,000. The foregoing 1,500,000 shares of common stock were issued as restricted securities pursuant to Reg. S of the Securities Act of 1933 in that all of the sales took place outside the United States of America with non-US persons. The following sets forth the identity of the class of persons to whom we sold these shares and the amount of shares for each shareholder:
|
|
|
|
|
Name of selling stockholder |
| Shares |
| |
Mohammad Halabi |
|
| 50,000 |
|
Omar Uddin |
|
| 50,000 |
|
Aisha Azhar |
|
| 50,000 |
|
Anam Panhwar |
|
| 50,000 |
|
Kanwardeep Singh Gill |
|
| 50,000 |
|
Rida Rizvi |
|
| 50,000 |
|
Faisal Khan |
|
| 50,000 |
|
Bushra Fareed |
|
| 50,000 |
|
Khalid Shoib |
|
| 50,000 |
|
Sabrina Siddiqui |
|
| 50,000 |
|
Bushra Alam |
|
| 50,000 |
|
Sidra Alam |
|
| 50,000 |
|
Saeed Khan |
|
| 50,000 |
|
Perwin Saeed |
|
| 50,000 |
|
Anita Chooraman |
|
| 50,000 |
|
Avneet Dhaliwal |
|
| 50,000 |
|
Raheela Siddiqui |
|
| 50,000 |
|
Fareed Siddiqui |
|
| 50,000 |
|
Idris Aleem |
|
| 50,000 |
|
Sara Zuberi |
|
| 50,000 |
|
Kamran Saeed |
|
| 50,000 |
|
Georgiana Dragomir |
|
| 50,000 |
|
Sarah Hussein |
|
| 50,000 |
|
Alam Khan |
|
| 50,000 |
|
Janice Coyell |
|
| 50,000 |
|
Riham Darwish |
|
| 50,000 |
|
Shuaib Huessein |
|
| 50,000 |
|
Fareeha Ahmad |
|
| 50,000 |
|
Farheen Mohsin |
|
| 50,000 |
|
Mohsin Askari |
|
| 50,000 |
|
40
EXHIBITS
The following exhibits are filed as part of this registration statement:
|
|
|
Exhibit |
| Description |
3.1 |
| Articles of Incorporation of Registrant |
3.2 |
| By-Laws of Registrant |
5.1
|
| Opinion of Szaferman, Lakind, Blumstein & Blader, P.C. regarding the legality of the securities being registered |
23.1 |
| Consent of SRCO Professional Corporation |
23.2 |
| Consent of Szaferman, Lakind, Blumstein & Blader, P.C. (included in Exhibit 5.1) |
41
UNDERTAKINGS.
(A) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
i. To include any prospectus required by section 10(a )( 3) of the Securities Act of 1933;
ii. To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.
iii. To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(4) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
(5) Each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however , that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.
42
SIGNATURES
In accordance with the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-1 and authorized this registration statement to be signed on its behalf by the undersigned, in the City of Mississauga, Province of Ontario on June 18 , 2015.
|
|
|
|
| INTELLIGENT CLOUD RESOURCES INC. |
| |
|
|
|
|
| By: | /s/ Fatima Khan |
|
|
| Fatima Khan |
|
|
| President, Chief Executive Officer and Director (Principal Executive Officer, and Principal Accounting Officer ) |
|
|
|
|
|
| By: | /s/ Rehan Saeed |
|
|
| Rehan Saeed |
|
|
| Chief Financial Officer and Director (Principal Financial Officer) |
|
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
Signature | Title | Date | |
|
|
| |
/s/Fatima Khan | Chief Executive Officer, | June 25 , 2015 | |
Fatima Khan | President, Director (Principal Executive Officer, and Principal Accounting Officer) |
| |
|
|
| |
/s/Rehan Saeed | Chief Financial Officer, | June 25 , 2015 | |
Rehan Saeed | Director (Principal Financial Officer) |
|
43
June 24, 2015
Intelligent Cloud Resources Inc.
2602 Innisfil Road
Mississauga, Ontario, L5M 4H9, Canada
Ladies and Gentlemen:
You have requested our opinion as counsel for Intelligent Cloud Resources Inc., a Nevada corporation (the Company), in connection with the registration statement on Form S-1 (the Registration Statement), under the Securities Act of 1933 (the Act), filed by the Company with the Securities and Exchange Commission. The Registration Statement relates to an offering of 1,500,000 of the Companys common stock, par value $0.001 per share (the Shares) made pursuant to Regulation S of the Act (the Offering).
In order to render our opinion, we have examined the following documents identified and authenticated to our satisfaction:
(a)
the Registration Statement which includes the prospectus;
(b)
the certificate of an Officer of the Company dated on even date herewith (the Officers Certificate);
(c)
the Articles of Incorporation of the Company dated March 27, 2014;
(d)
a Board of Directors resolution approving the Offering pursuant to Regulation S of the Act and registration of the Shares on the Registration Statement; and
(e)
a certificate of good standing of the Company issued by the Secretary of State of the State of Nevada dated June 23, 2015.
In each instance we have relied upon the content of each of the documents set out above, and have relied upon the content of the Officers Certificate. In reliance on the factual matters contained thereon, and based upon our review of the foregoing, it is our opinion that the Shares have been duly authorized and are legally issued, fully paid and non-assessable.
We offer our opinion based upon the laws of the State of Nevada. This opinion opines upon Nevada law including statutory provisions, all applicable provisions of the Nevada Revised Statutes and reported judicial decisions interpreting those laws. We express no opinion with respect to the applicability thereto, or the effect thereon, of the laws of any other jurisdiction.
We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm in the Registration Statement. In so doing, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Act and the rules and regulations of the Securities and Exchange Commission promulgated thereunder.
Very truly yours,
SZAFERMAN, LAKIND, BLUMSTEIN &
BLADER, PC
By: /s/ Gregg E. Jaclin
Gregg E. Jaclin
For the Firm
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of
Intelligent Cloud Resources Inc.
We have audited the accompanying balance sheet of Intelligent Cloud Resources Inc. (the Company) as of December 31, 2014, and the related statements of operations and comprehensive loss, stockholders equity, and cash flows for the period from March 27, 2014 (Inception) to December 31, 2014. The Companys management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the companys internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2014, and the results of its operations and its cash flows for the period from March 27, 2014 (Inception) to December 31, 2014 in conformity with accounting principles generally accepted in the United States of America.
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Companys losses from operations raise substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Richmond Hill, Canada June 17, 2015 | SRCO Professional Corporation CHARTERED ACCOUNTANT Authorized to practise public accounting by the Chartered Professional Accountants of Ontario |
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