Nature of Operations and Going Concern

9 Months Ended

Mar. 31, 2019

Nature of Operations and Going Concern [Text Block]

1.	Nature of Operations and Going Concern

Qornerstone Inc. (the "Company") was incorporated in the State of Nevada on January 30, 2007 under the name Ultra Care, Inc. On February 17, 2009, the Company merged with its wholly owned subsidiary, TechMedia Advertising, Inc., in order to effect a name change from Ultra Care, Inc. to TechMedia Advertising, Inc. On March 15, 2019, the Company changed its name to Qornerstone Inc. The Company is in the business of being a solution provider of cloud-enabled real estate and facility management, financial management, security and enterprise turn-key systems/solutions for government-to-government, business-to-business and business-to-consumer.

On December 28, 2018, the Company completed its reverse merger with IBASE Technology Private Limited (“IBASE”) in accordance with the terms of a Share Exchange Agreement dated as of December 16, 2016, as extended on March 31, 2017, and amended on March 31, 2018. See Note 3 for additional information regarding the merger.

These condensed consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will continue to realize its assets and discharge its obligations and commitments in the normal course of operations. Realization values may be substantially different from carrying values as shown and these consolidated financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. As of March 31, 2019, the Company has a working capital deficit of $659,179, has incurred cumulative losses of $3,073,675, and expects to incur further losses in the development of its business. Management has taken several actions to ensure that the Company will continue as a going concern. The Company has obtained additional financing through the issuance of equity and advances from related parties. In addition, the Company has implemented cost savings measures to improve operational efficiency. Management believes that these actions will enable the Company to continue as a going concern for the next twelve months from the date issuance of these condensed consolidated financial statements.

Qornerstone Inc. 10-Q