Commitments and Contingencies

6 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies [Text Block]

11. Commitment and Contingencies

On July 1, 2017, IBASE entered into an agreement for consulting services related to corporate financing, fundraising, corporate strategy, and the development of new markets and the contract terminates once all payments have been made. As at December 31, 2018, $211,919 was owed under the contract (June 30, 2018 - $108,000 was prepaid) and consulting fees of $480,000 (2018 - $180,000) were incurred for the six months then ended. The $211,919 is included in accounts payable and accrued liabilities as at December 31, 2018. Upon the closing of the acquisition of IBASE on December 28, 2018, the consulting firm became a related party as it is controlled by a director of the Company.

The Company has committed to the following payments for services in addition to the $211,919:

Year ended		$

June 30, 2019		480,000
June 30, 2020		720,000
June 30, 2021		160,000

		1,360,000

Qornerstone, Inc. has not filed any federal corporate income tax returns since inception. Accordingly, the Company may be subject to penalties, fines, or other sanctions for not filing these tax returns. The Company is in the process of rectifying the situation and does not believe the non-filing of the tax returns will have any material adverse effect on its financial position and results of operations.

Qornerstone Inc. 10-Q/A