GoLogiq, Inc.

2022 Q4 Form 10-Q Financial Statement

#000121390022072422 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.25K $0.00 $0.00
YoY Change
Cash & Equivalents $35.25K
Short-Term Investments
Other Short-Term Assets $0.00 $292.4K $350.00
YoY Change -100.0% 83442.86%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $35.25K $292.4K $350.00
YoY Change 9971.43% 83442.86%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $2.832M $7.500M
YoY Change
Intangibles $8.968M $24.00M
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $11.80M $31.50M $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $35.25K $292.4K $350.00
Total Long-Term Assets $11.80M $31.50M $0.00
Total Assets $11.84M $31.79M $350.00
YoY Change 3381401.14% 9083443.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.321M $86.67K $1.500K
YoY Change 6346.24% 5678.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.110M $728.1K $23.99K
YoY Change 4807.02% 2935.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.110M $728.1K $23.99K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.110M $728.1K $23.99K
YoY Change 4806.68% 2935.16%
SHAREHOLDERS EQUITY
Retained Earnings -$24.32M -$2.780M
YoY Change 37001.25%
Common Stock $40.44K $36.91K
YoY Change 605.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.726M $31.06M -$23.64K
YoY Change
Total Liabilities & Shareholders Equity $11.84M $31.79M $350.00
YoY Change 3381401.14% 9083443.14%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 1 – Nature of Business and Continuance of Operations</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">GoLogiq, Inc. (formerly known as Lovarra) (the “Company”) was incorporated on January 29, 2018 under the laws of the State of Nevada. As of December 31, 2021, the Company was a shell company focused on software application development, including an expense and income tracker and a physical wallet with a lock that can be opened via Bluetooth linked by a user application. On January 27, 2022, the Company completed the acquisition of the business segment of CreateApp from Logiq Inc. (a fully reporting public company) (“Logiq”). As a result, the Company’s results of operations for the three and nine-month periods ended September 30, 2022 include the operations of CreateApp.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 9, 2022, the Company changed its name from Lovarra Inc. to GoLogiq, with the Secretary of State of the State of California, and on June 9, 2022, the Company’s common stock began trading on the OTC Markets marketplace under the Company’s new name, GoLogiq, Inc., and the new ticker symbol “GOLQ.”</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 27, 2022, Logiq completed the spin off of its direct interests in the Company, in connection with which Logiq distributed an aggregate of 26,350,756 shares of the Company’s common stock then directly owned by Logiq to Logiq’s stockholders of record as of December 30, 2021 on a 1-for-1 basis (i.e. for every 1 share of Logiq held on December 30, 2021, the holder thereof received 1 share of the Company). As a result of the completion of the spin off, as of July 27, 2022, the Company is no longer a majority owned subsidiary of Logiq.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2022, Logiq controlled, through one of its subsidiaries, approximately 12.2% of the Company’s outstanding shares of common stock and voting power of the Company’s outstanding securities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">As a result of the CreateApp acquisition, the Company ceased to be a shell company (as defined in Rule 12b-2 of the Act), and the Company’s primary business is now that of the CreateApp business. As a result of the CreateApp business acquisition, the Company now offers solutions that help small-to-medium-sized businesses (“SMBs”) to provide access to and reduce transaction friction of e-commerce for their clients globally. The Company’s solutions are provided through its core platform, operated as CreateApp (https://www.createapp.com/), which allows SMBs to establish their point-of-presence on the web.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The Company’s CreateApp platform enables SMBs to create a mobile app for their business without the need of technical knowledge, high investment, or background in IT by utilizing CreateApp, which is a platform that is offered as a Platform as a Service (“PaaS”). The Company provides its PaaS to SMBs in a wide variety of industry sectors.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management believes the assumptions underlying the condensed financial statements are reasonable. However, the amounts recorded for the Company’s related party transactions with Logiq and its consolidated subsidiaries may not be considered arm’s length with an unrelated third party. Therefore, the condensed financial statements included herein may not necessarily reflect the results of operations, financial position and cash flows had the Company engaged in such transactions with an unrelated third party during all periods presented. Accordingly, the Company’s historical financial information is not necessarily indicative of what the Company’s results of operations, financial position and cash flows will be in the future, if and when the Company contracts at arm’s length with unrelated third parties for products and services the Company receives from and provides to Logiq.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Going Concern</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These financial statements have been prepared on the going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. 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 support operations, and the attainment of profitable operations.  During the nine months ended September 30, 2022, the Company had service revenues of CreateApp in the amount of $5,277,379 and had negative cash flows from operating activities.  As of September 30, 2022, the Company had an accumulated deficit of $(2,780,149). These factors raise substantial doubt upon the Company’s ability to continue as a going concern. These financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic. This contagious disease outbreak and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, leading to an economic downturn and increased inflation in the United States. The impact on the Company was significant for the nine months ended September 30, 2022 and also full year fiscal 2021, but management continues to monitor the situation as more of the population in the region where we operate is vaccinated and business has begun returning to some normality. In addition, many of our customers are working remotely, which may delay the timing of new business and implementations of our services. If COVID-19 and/or inflation continues to have a substantial impact on our partners, customers, vendors, resellers, or suppliers, our results of operations and overall financial performance could be harmed.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Use of Estimates and Judgments</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with U.S. 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 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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company applies judgment in the application of the going concern assumption which requires management to take into account all available information about the future, which is at least, but not limited to, 12 months from the end of the reporting period. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
874848 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
0.001
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
usd
CY2021Q4 golq Capital Reserves
CapitalReserves
usd
CY2021Q3 us-gaap Revenues
Revenues
usd
us-gaap Revenues
Revenues
usd
CY2021Q3 us-gaap Cost Of Revenue
CostOfRevenue
usd
us-gaap Cost Of Revenue
CostOfRevenue
usd
CY2021Q3 us-gaap Gross Profit
GrossProfit
usd
us-gaap Gross Profit
GrossProfit
usd
CY2021Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
usd
CY2022Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
usd
CY2021Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
usd
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
usd
CY2021Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
usd
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.000
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.019
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.083
golq Increase Decrease In Issuance Of Shares For Service Received
IncreaseDecreaseInIssuanceOfSharesForServiceReceived
usd
golq Arising From Transitional Arrangements And Carve Out Assumptions On Allocation
ArisingFromTransitionalArrangementsAndCarveOutAssumptionsOnAllocation
usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
usd
us-gaap Stock Issued1
StockIssued1
usd
CY2022Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
usd
CY2022Q2 us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
usd
CY2022Q2 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
usd
CY2022Q3 us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001746278

Files In Submission

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0001213900-22-072422-index-headers.html Edgar Link pending
0001213900-22-072422-index.html Edgar Link pending
0001213900-22-072422.txt Edgar Link pending
0001213900-22-072422-xbrl.zip Edgar Link pending
f10q0922ex31-1_gologiq.htm Edgar Link pending
f10q0922ex31-2_gologiq.htm Edgar Link pending
f10q0922ex32-1_gologiq.htm Edgar Link pending
f10q0922ex32-2_gologiq.htm Edgar Link pending
f10q0922_gologiqinc.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
golq-20220930.xsd Edgar Link pending
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R1.htm Edgar Link pending
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golq-20220930_cal.xml Edgar Link unprocessable
golq-20220930_def.xml Edgar Link unprocessable
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golq-20220930_pre.xml Edgar Link unprocessable
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