Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2014 | 15-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Entity Registrant Name | 'QUORUM CORP | ' |
Entity Central Index Key | '0001557565 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 60,836,664 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Current Assets | ' | ' |
Cash | $8,604 | $8,689 |
Total Assets | 8,604 | 8,689 |
Current Liabilities | ' | ' |
Accounts payable and accrued liabilities | 28,251 | 7,323 |
Related party payables (Note 3) | 39,692 | 24,192 |
Loans Payable (Note 4) | 20,818 | ' |
Total Liabilities | 88,761 | 31,515 |
Stockholders' Deficit | ' | ' |
Preferred stock, 100,000,000 shares authorized, $0.00001 par value; no shares issued and outstanding | ' | ' |
Common stock, 100,000,000 shares authorized, $0.00001 par value; 60,836,664 shares issued and outstanding | 608 | 608 |
Additional paid-in capital | 48,397 | 48,397 |
Deficit accumulated during the development stage | -129,162 | -71,831 |
Total Stockholders' Deficit | -80,157 | -22,826 |
Total Liabilities and Stockholders' Deficit | $8,604 | $8,689 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Consolidated Balance Sheets [Abstract] | ' | ' |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, par value per share | $0.00 | $0.00 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 60,836,664 | 60,836,664 |
Common stock, shares outstanding | 60,836,664 | 60,836,664 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | 28 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Expenses | ' | ' | ' | ' | ' |
Bank charges | ($2) | $69 | $19 | $232 | $498 |
Foreign exchange (gain) loss | -201 | 61 | -291 | 774 | -11 |
General and administrative | ' | ' | ' | ' | 2,200 |
Interest expense | 443 | ' | 973 | ' | 973 |
Professional fees | 14,249 | 6,458 | 24,810 | 30,912 | 63,879 |
Consulting fees | ' | 7,500 | 12,500 | 10,000 | 30,000 |
Transfer agent and filing fees | 2,914 | 7,353 | 19,320 | 9,842 | 31,623 |
Total Expenses | 17,403 | 21,441 | 57,331 | 51,760 | 129,162 |
Net loss | ($17,403) | ($21,441) | ($57,331) | ($51,760) | ($129,162) |
Net Loss Per Share - Basic and Diluted | $0 | $0 | $0 | $0 | ' |
Weighted Average Shares Outstanding | 60,836,664 | 60,836,664 | 60,836,664 | 60,836,664 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | 28 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Cash Flows from Operating Activities | ' | ' | ' |
Net loss | ($57,331) | ($51,760) | ($129,162) |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts payable and accrued liabilities | 20,928 | 7,636 | 28,251 |
Related party payables | 15,500 | 16,467 | 39,692 |
Accrued interest payable | 973 | ' | 973 |
Net Cash Used In Operating Activities | -19,930 | -27,657 | -60,246 |
Cash Flows from Financing Activities | ' | ' | ' |
Loans payable | 19,845 | ' | 19,845 |
Proceeds from issue of common stock | ' | ' | 49,005 |
Net Cash Provided by Financing Activities | 19,845 | ' | 68,850 |
(Decrease) Increase in Cash | -85 | -27,657 | 8,604 |
Cash - Beginning of Period | 8,689 | 45,123 | ' |
Cash - End of Period | 8,604 | 17,466 | 8,604 |
Supplementary Information: | ' | ' | ' |
Interest paid | ' | ' | ' |
Income taxes paid | ' | ' | ' |
Nature_of_Business_and_Continu
Nature of Business and Continuance of Operations | 9 Months Ended | |
Mar. 31, 2014 | ||
Nature of Business and Continuance of Operations [Abstract] | ' | |
Nature of Business and Continuance of Operations | ' | |
1 | Nature of Business and Continuance of Operations | |
Quorum Corp. (the "Company") was incorporated in the State of Nevada on November 23, 2011. The Company is in the development stage as defined under Accounting Codification Standard ("ASC") 915, "Development Stage Entities", and its efforts were primarily devoted to the establishment and start up of its business. The core operations of the Company derives from the power of social networking and online marketing in order to create links between buyers and sellers of specialty services. The principal service of the Company's operating website quintup.com, is a link between buyers and sellers. Sellers on the website offer "micro-jobs," or services, sometimes referred to as "gigs" to sellers who search for services throughout the website. Quorum's website is a medium to which buyers and sellers can come together, where sellers can sell their specialty services, and buyers can purchase these services. The current target markets for the Company are the eastern African markets of Kenya, Uganda and Tanzania. The Company has not generated any revenue to date and consequently its operations are subject to all risks inherent in the establishment of a new business enterprise. | ||
These consolidated financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. For the period from inception on November 23, 2011 through March 31, 2014, the Company has incurred accumulated losses totalling $129,162. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. These factors raise substantial doubt regarding the Company's ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||
Mar. 31, 2014 | |||
Summary of Significant Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Policies | ' | ||
2 | Summary of Significant Accounting Policies | ||
a) | Basis of Presentation | ||
These consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States and are expressed in US dollars. The Company's fiscal year end is June 30. | |||
b) | Principal of Consolidation | ||
The consolidated financial statements include the accounts of Quorum Corp. and its 100% owned subsidiary, Chiswick Holdings Limited, a company incorporated in Kenya. All significant intercompany balances and transactions have been eliminated upon consolidation. | |||
c) | Use of Estimates | ||
The preparation of consolidated financial statements in conformity with United States generally accepted accounting principles 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |||
d) | Cash and Cash Equivalents | ||
The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. | |||
e) | Financial Instruments | ||
The Company's financial instruments consist principally of cash, accounts payable and accrued liabilities, related party payables and loans payable. The fair value of the Company's cash equivalents is determined based on "Level 1" inputs, which consist of quoted prices in active markets for identical assets. The carrying value of accounts payable and accrued liabilities, related party payables and loans payable approximates their fair value because of the short maturity of these instruments. Unless otherwise noted, it is management's opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. | |||
f) | Earnings (Loss) Per Share | ||
Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period Diluted EPS excludes all dilutive potential shares if their effect is anti dilutive. At March 31, 2014, the Company has no potentially dilutive securities outstanding and accordingly, basic loss and diluted loss per share are the same. | |||
g) | Foreign Currency Translation | ||
The Company's planned operations will be in the eastern African markets of Kenya, Uganda and Tanzania, which results in exposure to market risks from changes in foreign currency exchange rates. The financial risk is the risk to the Company's operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. The Company's functional currency for all operations worldwide is the U.S. dollar. Nonmonetary assets and liabilities are translated into their U.S. dollar equivalents at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the year. Revenues and expenses are translated at average rates for the year. Gains and losses from translation of foreign currency financial statements into U.S. dollars are included in current results of operations. | |||
h) | Income Taxes | ||
The Company accounts for income taxes using the asset and liability method which provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. | |||
i) | Recent Accounting Pronouncements | ||
Jumpstart Our Business Startups Act ("JOBS Act") Transition Accounting: pursuant to Section 107(b) of the JOBS Act, we have elected to use the extended transition period for complying with new or revised accounting standards for an "emerging growth company". This election will permit us to delay the adoption of new or revised accounting standards that will have difference effective dates for public and private companies until such time as those standards apply to private companies. Consequently, our financial statements may not be comparable to companies that comply with public company effective dates. | |||
The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | ||
Mar. 31, 2014 | |||
Related Party Transactions [Abstract] | ' | ||
Related Party Transactions | ' | ||
3 | Related Party Transactions | ||
a) | As of March 31, 2014, the Company owes a former director of the Company $38,692 (June 30, 2013 - $24,192) for administrative expenditures paid on behalf of the Company. The amount owed is unsecured, non-interest bearing, and has no specified repayment terms. | ||
b) | As of March 31, 2014, the Company owes a director of the Company $1,000 (June 30, 2013 - $nil) for administrative expenditures paid on behalf of the Company. The amount owed is unsecured, non-interest bearing, and has no specified repayment terms. | ||
c) | On December 1, 2012, the Company entered into a consulting agreement with a former director of the Company. Pursuant to the agreement, the former director provided consulting services for the Company from December 1, 2012 to November 30, 2013 for consideration of $2,500 per month. During the nine months ended March 31, 2014, the Company paid consulting fees of $12,500 (2012 - $10,000) to the director. | ||
Loans_Payable
Loans Payable | 9 Months Ended | ||
Mar. 31, 2014 | |||
Loans Payable [Abstract] | ' | ||
Loans Payable | ' | ||
4 | Loans Payable | ||
During the nine months ended March 31, 2014, the Company received four loans for a total amount of $19,845 (June 30, 2013 - $nil) from a non-related third party. The loans bear an 8 % interest rate and are due on demand. As at March 31, 2014, the Company recorded $973 (June 30, 2013 - $nil) of interest payable. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |
Mar. 31, 2014 | ||
Stockholders' Equity [Abstract] | ' | |
Stockholders' Equity | ' | |
5 | Stockholders' Equity | |
The Company's authorized capital consists of 100,000,000 shares of common stock with a par value of $0.00001 per share and 100,000,000 shares of preferred stock with a par value of $0.00001 per share. |
Subsequent_Events
Subsequent Events | 9 Months Ended | |
Mar. 31, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
6 | Subsequent Events | |
Management has reviewed and evaluated subsequent events through the date of which the current financial statements were issued. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policy) | 9 Months Ended | ||
Mar. 31, 2014 | |||
Summary of Significant Accounting Policies [Abstract] | ' | ||
Basis of Presentation | ' | ||
a) | Basis of Presentation | ||
These consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States and are expressed in US dollars. The Company's fiscal year end is June 30. | |||
Principal of Consolidation | ' | ||
b) | Principal of Consolidation | ||
The consolidated financial statements include the accounts of Quorum Corp. and its 100% owned subsidiary, Chiswick Holdings Limited, a company incorporated in Kenya. All significant intercompany balances and transactions have been eliminated upon consolidation. | |||
Use of Estimates | ' | ||
c) | Use of Estimates | ||
The preparation of consolidated financial statements in conformity with United States generally accepted accounting principles 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |||
Cash and Cash Equivalents | ' | ||
d) | Cash and Cash Equivalents | ||
The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. | |||
Financial Instruments | ' | ||
e) | Financial Instruments | ||
The Company's financial instruments consist principally of cash, accounts payable and accrued liabilities, related party payables and loans payable. The fair value of the Company's cash equivalents is determined based on "Level 1" inputs, which consist of quoted prices in active markets for identical assets. The carrying value of accounts payable and accrued liabilities, related party payables and loans payable approximates their fair value because of the short maturity of these instruments. Unless otherwise noted, it is management's opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. | |||
Earnings (Loss) Per Share | ' | ||
f) | Earnings (Loss) Per Share | ||
Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period Diluted EPS excludes all dilutive potential shares if their effect is anti dilutive. At March 31, 2014, the Company has no potentially dilutive securities outstanding and accordingly, basic loss and diluted loss per share are the same. | |||
Foreign Currency Translation | ' | ||
g) | Foreign Currency Translation | ||
The Company's planned operations will be in the eastern African markets of Kenya, Uganda and Tanzania, which results in exposure to market risks from changes in foreign currency exchange rates. The financial risk is the risk to the Company's operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. The Company's functional currency for all operations worldwide is the U.S. dollar. Nonmonetary assets and liabilities are translated into their U.S. dollar equivalents at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the year. Revenues and expenses are translated at average rates for the year. Gains and losses from translation of foreign currency financial statements into U.S. dollars are included in current results of operations. | |||
Income Taxes | ' | ||
h) | Income Taxes | ||
The Company accounts for income taxes using the asset and liability method which provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. | |||
Recent Accounting Pronouncements | ' | ||
i) | Recent Accounting Pronouncements | ||
Jumpstart Our Business Startups Act ("JOBS Act") Transition Accounting: pursuant to Section 107(b) of the JOBS Act, we have elected to use the extended transition period for complying with new or revised accounting standards for an "emerging growth company". This election will permit us to delay the adoption of new or revised accounting standards that will have difference effective dates for public and private companies until such time as those standards apply to private companies. Consequently, our financial statements may not be comparable to companies that comply with public company effective dates. | |||
The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Nature_of_Business_and_Continu1
Nature of Business and Continuance of Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | 28 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Nature of Business and Continuance of Operations [Abstract] | ' | ' | ' | ' | ' |
Accumulated losses | $17,403 | $21,441 | $57,331 | $51,760 | $129,162 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) | 9 Months Ended |
Mar. 31, 2014 | |
Noncontrolling Interest [Line Items] | ' |
Number of potentially dilutive securities outstanding | 0 |
Chiswick Holdings Limited [Member] | ' |
Noncontrolling Interest [Line Items] | ' |
Ownership percentage | 100.00% |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | 28 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Related party payables | $39,692 | ' | $39,692 | ' | $39,692 | $24,192 |
Consulting fees | ' | 7,500 | 12,500 | 10,000 | 30,000 | ' |
Former Director [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Related party payables | 38,692 | ' | 38,692 | ' | 38,692 | 24,192 |
Monthly consideration for consulting services | 2,500 | ' | 2,500 | ' | 2,500 | ' |
Consulting fees | ' | ' | 12,500 | 10,000 | ' | ' |
Director [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Related party payables | $1,000 | ' | $1,000 | ' | $1,000 | ' |
Loans_Payable_Details
Loans Payable (Details) (USD $) | 9 Months Ended | 28 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | |
Loans Payable [Abstract] | ' | ' | ' | ' |
Loans payable | $19,845 | ' | $19,845 | ' |
Interest rate | 8.00% | ' | 8.00% | ' |
Accrued interest payable | $973 | ' | $973 | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Stockholders' Equity [Abstract] | ' | ' |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value per share | $0.00 | $0.00 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, par value per share | $0.00 | $0.00 |