2023 Q3 Form 10-Q Financial Statement
#000157587223001342 Filed on August 21, 2023
Income Statement
| Concept | 2023 Q3 | 2023 Q2 |
|---|
Balance Sheet
| Concept | 2023 Q3 | 2023 Q2 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $240.00 | $2.890K |
| YoY Change | ||
| Cash & Equivalents | $237.00 | $2.885K |
| Short-Term Investments | ||
| Other Short-Term Assets | ||
| YoY Change | ||
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $240.00 | $2.890K |
| YoY Change | -99.92% | -98.94% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | ||
| YoY Change | ||
| Goodwill | $2.832M | $2.832M |
| YoY Change | -62.24% | -62.24% |
| Intangibles | $8.968M | $8.968M |
| YoY Change | -62.63% | -62.63% |
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | ||
| YoY Change | ||
| Total Long-Term Assets | $11.80M | $11.80M |
| YoY Change | -62.54% | -62.54% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $240.00 | $2.890K |
| Total Long-Term Assets | $11.80M | $11.80M |
| Total Assets | $11.80M | $11.80M |
| YoY Change | -62.88% | -62.85% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $1.131M | $1.124M |
| YoY Change | 1204.82% | 2214.19% |
| Accrued Expenses | ||
| YoY Change | ||
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $1.613M | $1.608M |
| YoY Change | 121.57% | 140.03% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | ||
| YoY Change | ||
| Total Long-Term Liabilities | $0.00 | $0.00 |
| YoY Change | ||
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $1.613M | $1.608M |
| Total Long-Term Liabilities | $0.00 | $0.00 |
| Total Liabilities | $1.613M | $1.608M |
| YoY Change | 121.57% | 140.03% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$28.93M | -$28.63M |
| YoY Change | 940.57% | 1261.25% |
| Common Stock | $70.68K | $134.1K |
| YoY Change | 91.48% | 274.64% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $10.19M | $10.20M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $11.80M | $11.80M |
| YoY Change | -62.88% | -62.85% |
Cashflow Statement
| Concept | 2023 Q3 | 2023 Q2 |
|---|
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2023-06-30 | ||
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GoLogiq, Inc. | ||
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<div style="line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman", serif; text-indent: 0px;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; color: black; letter-spacing: 0px; top: 0px;;display:inline;">Note 1 – Nature of Business and Continuance of Operations</div></div></div> <div style="line-height: 12pt; margin-top: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px; margin-bottom: 0pt;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; white-space: pre-wrap; letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">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 year ended December 31, 2022 include the operations of CreateApp.</div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px; margin-bottom: 0pt;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; white-space: pre-wrap; letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">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.”</div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px; margin-bottom: 0pt;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; white-space: pre-wrap; letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">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). </div><div style="font-size: 10pt; font-family: "Times New Roman", serif; color: black; letter-spacing: 0px; top: 0px;;display:inline;">Logiq Inc does not have effective control of Gologiq shares prior to spin off.</div><div style="font-size: 10pt; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", serif; color: black; letter-spacing: 0px; top: 0px;;display:inline;"> As a result of the completion of the spin off, as of July 27, 2022, the Company is no longer a technical</div><div style="font-size: 10pt; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", serif; color: black; letter-spacing: 0px; top: 0px;;display:inline;">majority owned subsidiary of Logiq.</div> <div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;"></div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px; margin-bottom: 0pt;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; white-space: pre-wrap; letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">As of June 30, 2023, Logiq controlled, through one of its subsidiaries, approximately 3.36% of the Company’s outstanding shares of common stock and voting power of the Company’s outstanding securities.</div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px; margin-bottom: 0pt;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; white-space: pre-wrap; letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">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.</div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px; margin-bottom: 0pt;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; white-space: pre-wrap; letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">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.</div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px; margin-bottom: 0pt;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; white-space: pre-wrap; letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">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.</div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px; margin-bottom: 0pt;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; white-space: pre-wrap; letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman", serif; text-indent: 0px;"><div style="font-style:italic;display:inline;"><div style="color: black;;text-decoration:underline;display:inline;"><div style="font-size: 10pt; color: black; letter-spacing: 0px; top: 0px;;display:inline;">Going Concern</div></div></div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px; margin-bottom: 0pt;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; white-space: pre-wrap; letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">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 six months ended June 30, 2023, the Company has incurred operating losses of ($4,307,052) and ($2,037,440) from operating losses for the six months ended June 30, 2022. As at June 30, 2023, the Company has a working capital deficit of $1,604,807 and an accumulated deficit of ($28,626,924). 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.</div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;"></div> </div> <div style="margin-top: 0px; margin-bottom: 0px;;text-indent: 0px;"></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;"></div><br/></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">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 six months ended June 30, 2023 and fiscal 2022, 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.</div><div style="font-size: 10pt; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;"></div></div> | ||
| CY2022Q3 | us-gaap |
Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
|
26350756 | |
| us-gaap |
Debt Instrument Description
DebtInstrumentDescription
|
1-for-1 basis | ||
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-4307052 | ||
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-2037440 | ||
| golq |
Working Capital
WorkingCapital
|
1604807 | ||
| CY2023Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-28626924 | |
| us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="text-align: justify; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman", serif; text-indent: 0px;"><div style="font-style:italic;display:inline;"><div style="color: black;;text-decoration:underline;display:inline;"><div style="font-size: 10pt; color: black; letter-spacing: 0px; top: 0px;;display:inline;">Use of Estimates and Judgments</div></div></div><div style="font-size: 10pt; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;"></div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px; margin-bottom: 0pt;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; white-space: pre-wrap; letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;"></div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">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.</div><div style="font-size: 10pt; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;"></div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px; margin-bottom: 0pt;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; white-space: pre-wrap; letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;"></div></div> <div style="text-align: justify; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; font-family: "Times New Roman", serif; font-size: 10pt; text-indent: 0px;"><div style="font-size: 10pt; color: black; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">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.</div><div style="font-size: 10pt; font-family: "Times New Roman", serif; letter-spacing: 0px; top: 0px;;display:inline;"></div></div> | ||
| CY2023Q2 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
24000000 | |
| CY2023Q2 | us-gaap |
Goodwill Gross
GoodwillGross
|
7500000 | |
| CY2023Q2 | us-gaap |
Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
|
31500000 | |
| CY2022Q2 | us-gaap |
Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
|
P5Y | |
| CY2022Q1 | us-gaap |
Debt Conversion Description
DebtConversionDescription
|
Logiq held the GoLogiq Shares until July 27, 2022, on which date it distributed 100% of the GoLogiq Shares to Logiq’s stockholders of record as of December 30, 2021 on a 1-for-1 basis | |
| CY2022Q3 | us-gaap |
Debt Instrument Redemption Price Percentage
DebtInstrumentRedemptionPricePercentage
|
0.25 | |
| CY2022Q3 | golq |
Remaining Issuance Of Percentage
RemainingIssuanceOfPercentage
|
0.75 | |
| CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
|
7229073 | |
| CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
|
0.001 | |
| CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
|
9257400 | |
| CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
|
0.001 | |
| CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
|
106666667 | |
| CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
|
1 | |
| CY2023Q1 | golq |
Percentage Of Common Shares Acquired
PercentageOfCommonSharesAcquired
|
1 | |
| CY2023Q1 | us-gaap |
Common Stock Shares Subscribed But Unissued
CommonStockSharesSubscribedButUnissued
|
77500000 | |
| CY2023Q1 | golq |
Common Stock Shares Outstanding Not Yet Registered With The Share Transfer Agent Post Acquistion
CommonStockSharesOutstandingNotYetRegisteredWithTheShareTransferAgentPostAcquistion
|
1252500 | |
| CY2023Q1 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
29166667 |
