2023 Q4 Form 10-Q Financial Statement
#000157587223001748 Filed on November 14, 2023
Income Statement
| Concept | 2023 Q4 | 2023 Q3 | 2022 Q3 |
|---|
Balance Sheet
| Concept | 2023 Q4 | 2023 Q3 | 2022 Q3 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $240.00 | $0.00 | |
| YoY Change | |||
| Cash & Equivalents | $237.00 | ||
| Short-Term Investments | |||
| Other Short-Term Assets | $292.4K | ||
| YoY Change | 83442.86% | ||
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | |||
| Other Receivables | |||
| Total Short-Term Assets | $240.00 | $292.4K | |
| YoY Change | -99.92% | 83442.86% | |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | |||
| YoY Change | |||
| Goodwill | $2.832M | $7.500M | |
| YoY Change | -62.24% | ||
| Intangibles | $8.968M | $24.00M | |
| YoY Change | -62.63% | ||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | |||
| YoY Change | |||
| Total Long-Term Assets | $11.80M | $31.50M | |
| YoY Change | -62.54% | ||
| TOTAL ASSETS | |||
| Total Short-Term Assets | $240.00 | $292.4K | |
| Total Long-Term Assets | $11.80M | $31.50M | |
| Total Assets | $11.80M | $31.79M | |
| YoY Change | -62.88% | 9083443.14% | |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $1.131M | $86.67K | |
| YoY Change | 1204.82% | 5678.0% | |
| 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 | $728.1K | |
| YoY Change | 121.57% | 2935.18% | |
| 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 | $728.1K | |
| Total Long-Term Liabilities | $0.00 | $0.00 | |
| Total Liabilities | $1.613M | $728.1K | |
| YoY Change | 121.57% | 2935.16% | |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$28.93M | -$2.780M | |
| YoY Change | 940.57% | ||
| Common Stock | $70.68K | $36.91K | |
| YoY Change | 91.48% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $10.19M | $31.06M | |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $11.80M | $31.79M | |
| YoY Change | -62.88% | 9083443.14% |
Cashflow Statement
| Concept | 2023 Q4 | 2023 Q3 | 2022 Q3 |
|---|
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2023-09-30 | ||
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GoLogiq, Inc. | ||
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<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; line-height: 12pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Note 1 – Nature of Business and Continuance of Operations</div></div></div><div style="border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; line-height: 12pt; background: none;"><div style="white-space: pre-wrap; color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; 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="border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="white-space: pre-wrap; color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; 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="border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="white-space: pre-wrap; color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; 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). Logiq Inc does not have effective control of Gologiq shares prior to spin off.</div><div style="white-space:pre-line; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="white-space:pre-line; color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; 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="white-space:pre-line; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">majority owned subsidiary of Logiq.</div><div style="white-space:pre-line; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="white-space: pre-wrap; color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">As of September 30, 2023, Logiq controlled, through one of its subsidiaries, approximately 6.37% of the Company’s outstanding shares of common stock and voting power of the Company’s outstanding securities.</div></div><div style="border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="white-space: pre-wrap; color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; 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="border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="white-space: pre-wrap; color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; 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="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;"><div style="font-style:italic;display:inline;">Recruiter.com Group</div></div></div></div> <div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;;text-indent: 0px;"> </div> <div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="white-space:pre-line; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Effective August 18, 2023, the Company (“Seller”) and Recruiter.com Group, Inc. (“Recruiter” or “Buyer”) entered into an Amendment to Stock Purchase Agreement (the “Recruiter Amendment”) with respect to a certain Stock Purchase Agreement, dated June 5, 2023 (the “Original Agreement”). The Company owns all of the issued and outstanding membership interest (the “Company Membership Interests”) of GoLogiq SPV LLC, a Nevada limited liability company (“GoLogiq SPV”). Pursuant to the Agreement, the Company is selling to the Buyer, and Buyer is purchasing from Company the Company Membership Interests, upon the terms and subject to the conditions of the Original Agreement. </div></div> <div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="white-space: pre-wrap; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="white-space:pre-line; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Recruiter Amendment amends and replaces Section 1.02 of the Original Agreement such that in exchange for the Company Membership Interests, the Buyer is agreeing to pay the Company total consideration of (1) such number of shares of Buyer Common Stock that represents 19.99% of the number of issued and outstanding shares of the Buyer Common Stock on the Business Day prior to the Closing Date (“Closing Consideration”) and (2) additional payments (each a “Milestone Payment”) (i) If on a date that is six (6) months after the Closing Date, the Revenue for such six-month period is at least and not less than $2,000,000, Buyer will issue to Seller such number of additional shares of Buyer Common Stock such that Buyer will own, following such issuance, 40.00% of the issued and outstanding shares of the Buyer Common Stock; (ii) if on a date that is nine (9) months after the Closing Date, the Revenue for such nine-month period is at least and not less than $4,000,000, Buyer will issue to Seller such number of additional shares of Buyer Common Stock such that Buyer will own, following such issuance, 64.00% of the issued and outstanding shares of the Buyer Common Stock. Such issuance may be made as early as six (6) months after the Closing Date if $4,000,000 in Revenue is reached between six (6) and nine (9) months after the Closing Date; and (iii) if on a date that is twelve (12) months after the Closing Date, Revenue for such twelve-month period is at least and not less than $6,000,000, Buyer will issue to Seller such number of additional shares of Buyer Common Stock such that Buyer will own, following such issuance, 84.00% of the issued and outstanding shares of the Buyer Common Stock. Such issuance may be made as early as six (6) months after the Closing Date if $6,000,000 in Revenue is reached between six (6) and twelve (12) months after the Closing Date. </div></div> <div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="white-space: pre-wrap; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In addition, Section 1.03 is amended and replaced in its entirety such that will be entitled to an earn-out payment (the “Earn-Out Payment”) payable pursuant to the terms of the Agreement. The Earn-Out Payment will be payable if on a date that is six months after the Closing Date (the “Earn-Out Determination Date”), Buyer’s market capitalization at the close of the trading day (the “Buyer Market Cap”) exceeds $105,000,000 (the “Assumed Market Cap”). The Earn-Out Payment shall be as follows: (i) if the Buyer Market Cap on the Earn-Out Determination Date exceeds the Assumed Market Cap but is less than or equals to $130,000,000, Seller shall receive such additional number of shares of Buyer Common Stock representing seventy percent (70%) of the increase in value over the Assumed Market Cap; (ii) if the Buyer Market Cap on the Earn-out Determination Date exceeds $130,000,000 but is less than or equals to $160,000,000, Seller shall receive such additional number of shares of Buyer Common Stock representing eighty percent (80%) of the increase in value over the Assumed Market Cap; and (iii) if the Buyer Market Cap on the Earn-out Determination Date exceeds $160,000,000, Seller shall receive such additional number of shares of Buyer Common Stock representing ninety percent (90%) of the increase in value over the Assumed Market Cap.</div></div> <div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="white-space: pre-wrap; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Agreement contains representations, warranties and covenants of the parties customary for a transaction of this nature. In addition, the Buyer and the Company agreed to indemnify the other party and its respective affiliates, officers, directors, employees and other representatives for certain losses, including, among other things, breaches of representations, warranties and covenants, subject to certain negotiated limitations, thresholds and survival periods set forth in the Agreement.</div></div> <div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;;text-indent: 0px;"> </div> <div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The foregoing description of the Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Agreement, a copy of which is filed as Exhibit 2.2 to this Report and is incorporated herein by reference.<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="background-color: rgba(255, 255, 255, 0); letter-spacing: 0px; top: 0px;;display:inline;">As of the date of this Report, the transactio</div><div style="letter-spacing: 0px; font-size: 10pt; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;">n<div style="display:inline;">s</div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;"> co</div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;">ntemp</div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;">lated </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;">under the </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;">Share </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;">Pu</div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;">rc</div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;">hase Agreement and the Recruiter Amendment have not yet</div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;"> closed.</div></div></div></div></div></div></div></div></div></div></div></div> <div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"></div><br/></div> <div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Symplefy</div></div></div></div> <div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div></div> <div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">On July 26, 2023, GoLogiq, Inc. (the “Company”) en<div style="letter-spacing: 0px; top: 0px;;display:inline;">tere</div>d into a Share Exchange Agreement (the “Share Exchange Agreement”), with Symplefy, Inc., a Delaware corporation (“Symplefy”) and the shareholders of Symplefy (the “Shareholders”). Pursuant to the Share Exchange Agreement, at the closing thereof (the “Closing”), the Company agreed to exchange the outstanding shares of common stock of Symplefy held by the Shareholders (the “Symplefy Shares”) for an aggregate fifteen million ($15,000,000) equivalent of newly issued shares of the Common Stock of the Company, (the “GoLogiq Stock”) (such amount of shares, the “Closing Shares”), and (ii) an aggregate of fifteen million ($15,000,000) equivalent of GoLogiq Stock payable pursuant to the terms of the Share Exchange Agreement (the “Earnout Shares” and together with the Closing Shares, the “Merger Consideration”), in each of cases (i) and (ii) priced on the fifteen (15) trading day volume weighted average price ("VWAP") immediately prior to the Closing, and be subject to the terms of distribution as set forth in the Share Exchange Agreement and the resale restrictions as defined therein.</div></div></div> <div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div></div> <div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Following the Closing, as consideration for the share exchange, Shareholders shall be eligible to receive their pro-rata share, as determined by their equity holdings in Symplefy as of Closing, of the Earnout Payment (as defined below) payable in GOLQ Stock, which will be subject to resale restrictions as defined in the Share Exchange Agreement. Upon the occurrence of Symplefy achieving three hundred sixty (360) paying customers, the earnout payment shall be a one-time issuance of $5,000,000 equivalent of GoLogiq stock (“Earnout Payment I”). Upon the occurrence of Symplefy achieving two thousand (2000) paying customers, the earnout payment shall be a one-time issuance of $5,000,000 equivalent of GoLogiq stock (“Earnout Payment II”). Upon the occurrence of Symplefy achieving four thousand nine hundred (4900) paying customers, the earnout payment shall be a one-time issuance of $5,000,000 equivalent of GoLogiq stock (“Earnout Payment III”).<div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;">As of the date of this</div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;"> Repo</div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;">rt, the transaction<div style="display:inline;">s</div> contemplated under the Share Ex</div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;">change Agreement have not yet close</div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;">d.</div></div></div></div></div></div></div></div><br/></div> <div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"></div></div></div></div></div></div></div><br/></div> <div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none;;text-indent: 0px;"><div style="background-color: initial; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="margin-top: 1em; margin-bottom: 1em"></div> <div style="text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; background: none;;text-indent: 0px;"><div style="font-style:italic;display:inline;"><div style="color: rgb(0, 0, 0);;text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">GammaRey</div></div></div></div> <div style="text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div> <div style="text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Effective March 7, 2023, the Company, GammaRey and the shareholders of GammaRey (“GammaRey Shareholders”) entered into a share exchange agreement (the “GammaRey Share Exchange Agreement”) and its amendment (the “First Amendment”) which provided for the issuance of an aggregate of 106,666,667 shares of Company common stock in exchange for 100% of the common stock of GammaRey. </div></div> <div style="text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div> <div style="text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">As the Company described in its Original Report, effective March 7, 2023 (the “Closing Date”), the Company, GammaRey and the GammaRey Shareholders effected the legal consummation of the transactions contemplated by the GammaRey Share Exchange Agreement. On the Closing Date, the Company acquired 100% of the common stock of GammaRey, and the GammaRey Shareholders became entitled to the immediate issuance of an aggregate of seventy-seven million five hundred thousand (77,500,000) shares of common stock of the Company (the “GammaRey Shareholder Shares:)”, subject to the satisfaction of post-closing conditions, including provision by all of the GammaRey Shareholders of sufficient personal information to the Company’s transfer agent necessary for the book entry of such shareholders’ shares in GOLQ. Several of the shareholders of GammaRey had not provided sufficient personal information to the Company’s transfer agent necessary for the book entry of all of such shareholders’ shares, with such shares having insufficient information totaling one million two hundred fifty two thousand five hundred (1,252,500) shares in aggregate of the GammaRey Shareholder Shares, which as of the date of this Report have not been issued. </div></div> <div style="text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div> <div style="text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The shares were exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof, which exempts transactions by an issuer not involving any public offering, and Regulation D and Regulation S under that section, and that these securities, when issued, may not be offered or sold in the United States absent such registration or an applicable exemption from such registration requirements, and will be subject to further contractual restrictions on transfer as described in the Share Exchange Agreement.</div></div> <div style="text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div> <div style="text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Under the First Amendment the GammaRey Shareholders were entitled to up to an additional twenty-nine million one hundred sixty-six thousand six hundred sixty-seven (29,166,667) shares of common stock of the Company being reserved for later issuance to the GammaRey Shareholders pursuant to the terms of the Share Exchange Agreement. Such conditions were not satisfied under the terms of the First Amendment and therefore, such shares have not, and will not, be issued. </div></div> <div style="text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div> <div style="text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">As GammaRey has been unable to obtain and deliver audited financial statements as contemplated by the parties, which financials statements are necessary for required public disclosures by the Company pursuant to the U.S. federal securities laws, the Company, GammaRey and the GammaRey Shareholders have entered into a Mutual Termination Of Share Exchange Agreement And Plan Of Reorganization And Mutual Release (the “GammaRey Termination Agreement”) whereby the parties mutually elected to abandon the proposed business combination and to terminate the Share Exchange Agreement and cancel the GammaRey Shareholder Shares totaling seventy-six million two hundred forty-seven thousand five hundred (76,247,500) shares that were issued pursuant to the GammaRey Share Exchange Agreement. As such, the Company, GammaRey and the GammaRey Shareholders executed a Termination Of Share Exchange Agreement And Plan Of Reorganization And Mutual Release (the “GammaRey Termination Agreement”), dated July 19, 2023. As of the date of this Report, the Company has obtained signatures from the GammaRey Shareholders representing seventy-seven million five hundred thousand (77,500,000) shares; however, there is a court order hold on AD Securities America LLC’s holdings of 1,440,000 shares. Except for the holdings of AD Securities America LLC, all share<div style="display:inline;">s</div> have been returned to Treasury and cancelled. </div></div> <div style="text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div> <div style="text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The foregoing description of the Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Agreement, a copy of which is filed as Exhibit 2.5 to this Report and is incorporated herein by reference. </div></div> <div style="text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"></div><br/></div> <div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Nest Egg</div></div></div></div> <div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div></div> <div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In addition, on January 30, 2023, the Company entered into a Share Exchange Agreement (the “Nest Egg Share Exchange Agreement”), with Nest Egg Investments LLC, a Delaware limited liability company (“Nest Egg”) and the members of Nest Egg (the “Members”). Pursuant to the Nest Egg Share Exchange Agreement, at the closing thereof (the “Closing”), the Company agreed to exchange the outstanding membership interests of Nest Egg held by the Members for shares of common stock of the Company having a value of $30 million immediately following such exchange.</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"></div></div></div> <div style="font-size: 10pt; margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div></div> <div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">On August 20, 2023, the Company elected to terminate the Nest Egg Share Exchange Agreement pursuant to the terms in the agreement. As of the date of this Report, the transactions contemplated under the Nest Egg Share Exchange Agreement have been terminated.</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"></div></div></div> <div style="margin-top: 1em; margin-bottom: 1em"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-indent: 0px;;display:inline;"></div></div> <div style="margin-top: 1em; margin-bottom: 1em"></div> <div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none;"><div style="display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;text-indent: 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><div style="margin-top: 1em; margin-bottom: 1em"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"></div></div><div style="border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="white-space: pre-wrap; color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;"><div style="font-style:italic;display:inline;">Going Concern</div></div></div></div><div style="border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="white-space: pre-wrap; color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; 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 nine months ended September 30, 2023, the Company has incurred operating losses of ($4,609,429) and ($2,714,599) from operating losses for the nine months ended September 30, 2022. As at September 30, 2023, the Company has a working capital deficit of $1,613,074 and an accumulated deficit of ($28,929,301). 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="border-bottom-style: none;border-left-style: none;border-right-style: none;border-top-style: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"> </div><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; 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 nine months ended September 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><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"></div><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"> </div></div> | ||
| CY2022Q3 | us-gaap |
Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
|
26350756 | |
| us-gaap |
Debt Instrument Description
DebtInstrumentDescription
|
1-for-1 basis | ||
| 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 | |
| CY2023Q3 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
76247500 | |
| CY2023Q3 | golq |
Common Stock Shares Outstanding In Respect Of Which Approval Is Obtained
CommonStockSharesOutstandingInRespectOfWhichApprovalIsObtained
|
77500000 | |
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-4609429 | ||
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-2714599 | ||
| golq |
Working Capital
WorkingCapital
|
1613074 | ||
| CY2023Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-28929301 | |
| us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates and Judgments</div></div></div></div><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="white-space: pre-wrap; color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; 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><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="white-space: pre-wrap; color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; 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> | ||
| 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 | |
| CY2023Q3 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
24000000 | |
| CY2023Q3 | us-gaap |
Goodwill Gross
GoodwillGross
|
7500000 | |
| CY2023Q3 | us-gaap |
Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
|
31500000 | |
| 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 | |
| CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
|
316444 | |
| CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
|
0.001 |
