Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Sep. 30, 2014 | Feb. 12, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Quorum Corp. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -24 | |
Entity Common Stock, Shares Outstanding | 60,836,664 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 1557565 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Quorum_Corp_Consolidated_Balan
Quorum Corp. - Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Current Assets | ||
Cash | $2,685 | $2,705 |
Total Assets | 2,685 | 2,705 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 39,925 | 32,734 |
Related party payables (Note 3) | 152,038 | 104,038 |
Loans payable (Note 4) | 38,839 | 21,214 |
Total Liabilities | 230,802 | 157,986 |
Preferred stock, 100,000,000 shares authorized, $0.00001 par value; no shares issued and outstanding | 0 | 0 |
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 | -277,122 | -204,286 |
Total Stockholders’ Deficit | -228,117 | -155,281 |
Total Liabilities and Stockholders’ Deficit | $2,685 | $2,705 |
Quorum_Corp_Consolidated_Balan1
Quorum Corp. - Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Preferred stock par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock par value (in Dollars 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 |
Quorum_Corp_Consolidated_State
Quorum Corp. - Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Expenses | ||||
Bank charges | $23 | ($3) | $23 | $21 |
Foreign exchange (gain) loss | -213 | -171 | -266 | -90 |
Interest expense | 628 | 343 | 1,025 | 530 |
Professional fees | 6,032 | 4,125 | 18,282 | 10,561 |
Consulting fees | 24,000 | 5,000 | 48,000 | 12,500 |
Transfer agent and filing fees | 1,570 | 1,930 | 5,772 | 16,406 |
Total Expenses | 32,040 | 11,224 | 72,836 | 39,928 |
Net Loss | ($32,040) | ($11,224) | ($72,836) | ($39,928) |
Net Loss Per Share – Basic and Diluted (in Dollars per share) | $0 | $0 | $0 | $0 |
Weighted Average Shares Outstanding (in Shares) | 60,836,664 | 60,836,664 | 60,836,664 | 60,836,664 |
Quorum_Corp_Consolidated_State1
Quorum Corp. - Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities | ||
Net loss | ($72,836) | ($39,928) |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 7,191 | 6,971 |
Related party payables | 48,000 | 12,500 |
Accrued interest payable | 17,625 | 530 |
Net Cash Used In Operating Activities | -20 | -19,927 |
Cash Flows from Financing Activities | ||
Proceeds from loans payable | 19,845 | |
Net Cash Provided by Financing Activities | 19,845 | |
Decrease in Cash | -20 | -82 |
Cash - Beginning of Period | 2,705 | 8,689 |
Cash - End of Period | 2,685 | 8,607 |
Supplementary Information: | ||
Interest paid | 0 | 0 |
Income taxes paid | $0 | $0 |
1_Nature_of_Business_and_Conti
1. Nature of Business and Continuance of Operations | 6 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Nature of Business and Continuance of Operations |
Quorum Corp. (the “Company”) was incorporated in the State of Nevada on November 23, 2011. 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 December 31, 2014, the Company has incurred accumulated losses totalling $277,122. 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. |
2_Summary_of_Significant_Accou
2. Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 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 December 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. |
3_Related_Party_Transactions
3. Related Party Transactions | 6 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 3. Related Party Transactions |
a) As of December 31, 2014, the Company owes a former director of the Company $47,491 (June 30, 2014 - $47,491) 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 December 31, 2014, the Company owes a director of the Company $8,547 (June 30, 2014 - $8,547) for administrative expenditures paid on behalf of the Company and $96,000 (June 30, 2014 - $48,000) for consulting services. 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 six months ended December 31, 2014, the Company paid consulting fees of $nil (2013 – $12,500) to the director. |
4_Loans_Payable
4. Loans Payable | 6 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 4. Loans Payable |
On August 1, 2013, the Company entered into a loan agreement in which the note holder agreed to provide a loan to the Company in the principal amount of up to $75,000. The loan is unsecured, bears interest at 8% per annum and is due on demand. As at December 31, 2014, the note holder has provided $36,445 (June 30, 2014 - $19,845) to the Company pursuant to the loan agreement. As at December 31, 2014, the Company recorded $2,394 (June 30, 2014 - $1,369) of interest payable. |
5_Stockholders_Equity
5. Stockholders' Equity | 6 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 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. |
6_Subsequent_Events
6. Subsequent Events | 6 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 6. Subsequent Events |
On January 27, 2015, the Company received additional proceeds of $28,000 pursuant to the loan agreement described in Note 4. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 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. |
Consolidation, Policy [Policy Text Block] | The consolidated financial statements include the accounts of Quorum Corp. and its 100% owned subsidiary, Chiswick Holdings Limited, a company incorporated in Kenya. |
Use of Estimates, Policy [Policy Text Block] | 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. |
Cash and Cash Equivalents, Policy [Policy Text Block] | The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 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. |
Earnings Per Share, Policy [Policy Text Block] | 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 December 31, 2014, the Company has no potentially dilutive securities outstanding and accordingly, basic loss and diluted loss per share are the same. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | 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 Tax, Policy [Policy Text Block] | 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | 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. |
1_Nature_of_Business_and_Conti1
1. Nature of Business and Continuance of Operations (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Disclosure Text Block [Abstract] | ||
Retained Earnings (Accumulated Deficit) | ($277,122) | ($204,286) |
3_Related_Party_Transactions_D
3. Related Party Transactions (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Nov. 30, 2013 | |
3. Related Party Transactions (Details) [Line Items] | ||||||
$24,000 | $5,000 | $48,000 | $12,500 | |||
RelatedPartyConsultingFees | 12,500 | 12,500 | 2,500 | |||
YasmeenSavji | ||||||
3. Related Party Transactions (Details) [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 47,491 | |||||
Due to Related Parties | 47,491 | |||||
BenRidding | ||||||
3. Related Party Transactions (Details) [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 8,547 | |||||
General and Administrative Expense | 8,547 | |||||
$48,000 |
4_Loans_Payable_Details
4. Loans Payable (Details) (USD $) | 6 Months Ended | 18 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Aug. 01, 2013 | |
Debt Disclosure [Abstract] | ||||
Debt Instrument, Face Amount | $75,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||
Notes Payable, Noncurrent | 36,445 | 36,445 | ||
Notes Payable | 19,845 | |||
Interest Expense, Borrowings | $2,394 | $1,369 |
5_Stockholders_Equity_Details
5. Stockholders' Equity (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Stockholders' Equity Note [Abstract] | ||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
6_Subsequent_Events_Details
6. Subsequent Events (Details) (USD $) | Jan. 27, 2015 |
Subsequent Events [Abstract] | |
Convertible Notes Payable | $28,000 |