Organization and Business | Cloud Security Corporation, formerly Accend Media (the Company), was incorporated in the State of Nevada on December 20, 2010. On May 22, 2012, the Company merged with Cloud Star Corporation (Cloud Star), a privately held Nevada corporation incorporated on October 17, 2011 headquartered in California (the Merger). Cloud Stars then Chief Executive Officer assigned his rights and interests in technology named The VirtualKey Desktop Solution (the MyComputerKey) and additional cloud security technology products to the Company in connection with the Merger. Following the Merger, the Company conducted the business of Cloud Star and changed its name from Accend Media to Cloud Star Corporation. On May 28, 2013, the Company changed its corporate name to Cloud Security Corporation. The Companys principal business has been the software development of the MyComputerKey; however, due to cash flow constraints, we were unable to proceed with development in fiscal 2015. The Company is currently evaluating the software infrastructure and interface for MyComputerKey, Phase 1 (version 3) of MyComputerKey and additional cloud computing security applications. Stock Purchase Agreement On December 8, 2014, the Company entered into a stock purchase agreement (the SPA) with Goldenrise Development, Inc., a California corporation (Goldenrise) whereby the Company sold 12,000,000 shares of its common stock for $180,000 to Goldenrise representing approximately 92% of the outstanding shares. The Companys directors and officers immediately preceding the close of this transaction resigned at closing. Goldenrise designated the current directors and officers of the Company. The transaction effectuated a change in control of the Company. In connection with the SPA, the Company also entered into a Consulting Agreement with its then Chief Executive Officer, Safa Movassaghi, whereby, at closing of the SPA, Mr. Movassaghi was to remain with the Company as a consultant for a period of six (6) months to continue the development of the Companys mobile software cloud security business. The Consulting Agreement with Mr. Movassaghi expired on June 8, 2015. We will continue to evaluate and develop our proprietary cloud security technology, MyComputerKey, and related cloud computing security software product lines. We intend to use Goldenrises international contacts to assist with the development of its existing business while also seeking out acquisition targets to increase shareholder value. Specific acquisition targets are not yet known at this time. |