$LGIQ
Logiq Inc

2023 Q1 Form 10-Q Financial Statement

#000157587223000817 Filed on May 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $3.538M $8.105M
YoY Change -56.36% 0.31%
Cost Of Revenue $3.252M $5.901M
YoY Change -44.88% 0.8%
Gross Profit $285.3K $2.205M
YoY Change -87.06% -0.97%
Gross Profit Margin 8.06% 27.2%
Selling, General & Admin $12.27M $3.900M
YoY Change 214.71% -13.59%
% of Gross Profit 4302.62% 176.91%
Research & Development $0.00 $1.257M
YoY Change -100.0% 13.95%
% of Gross Profit 0.0% 57.02%
Depreciation & Amortization $11.64K $1.031M
YoY Change -98.87% 49.55%
% of Gross Profit 4.08% 46.76%
Operating Expenses $12.69M $6.188M
YoY Change 105.13% -1.87%
Operating Profit -$12.41M -$3.984M
YoY Change 211.49% -2.36%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$39.77K $3.140K
YoY Change -1366.46% -265.26%
Pretax Income -$12.45M -$3.981M
YoY Change 212.74% -2.48%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$12.45M -$3.981M
YoY Change 212.74% -2.48%
Net Earnings / Revenue -351.9% -49.11%
Basic Earnings Per Share -$0.19 -$0.15
Diluted Earnings Per Share -$0.19 -$151.0K
COMMON SHARES
Basic Shares Outstanding 66.72M 26.37M
Diluted Shares Outstanding 66.72M 26.37M

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $751.1K $3.749M
YoY Change -79.97% 31.77%
Cash & Equivalents $751.1K $3.749M
Short-Term Investments
Other Short-Term Assets $284.8K $802.5K
YoY Change -64.51% -26.62%
Inventory
Prepaid Expenses $90.26K
Receivables $266.2K $2.857M
Other Receivables $597.4K $0.00
Total Short-Term Assets $1.899M $7.409M
YoY Change -74.36% -44.88%
LONG-TERM ASSETS
Property, Plant & Equipment $73.79K $140.3K
YoY Change -47.39% -28.14%
Goodwill $5.578M
YoY Change
Intangibles $6.711M
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $12.36M $19.50M
YoY Change -36.59% -17.46%
TOTAL ASSETS
Total Short-Term Assets $1.899M $7.409M
Total Long-Term Assets $12.36M $19.50M
Total Assets $14.26M $26.91M
YoY Change -46.99% -27.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.893M $2.160M
YoY Change 33.92% 30.11%
Accrued Expenses $1.998M $1.907M
YoY Change 4.8% 596.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.891M $4.087M
YoY Change 19.67% -46.1%
LONG-TERM LIABILITIES
Long-Term Debt $10.00K $10.00K
YoY Change 0.0% -98.07%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $10.00K $10.00K
YoY Change 0.0% -98.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.891M $4.087M
Total Long-Term Liabilities $10.00K $10.00K
Total Liabilities $4.901M $4.097M
YoY Change 19.62% -49.43%
SHAREHOLDERS EQUITY
Retained Earnings -$143.9M
YoY Change
Common Stock $37.00M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.362M $22.81M
YoY Change
Total Liabilities & Shareholders Equity $14.26M $26.91M
YoY Change -46.99% -27.4%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$12.45M -$3.981M
YoY Change 212.74% -2.48%
Depreciation, Depletion And Amortization $11.64K $1.031M
YoY Change -98.87% 49.55%
Cash From Operating Activities -$13.02M -$1.856M
YoY Change 601.59% -7.21%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$597.4K $7.209M
YoY Change -108.29% -1719.36%
Cash From Investing Activities -$597.4K $7.209M
YoY Change -108.29% -1719.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $14.16M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 13.90M -3.169M
YoY Change -538.56% -273.9%
NET CHANGE
Cash From Operating Activities -13.02M -1.856M
Cash From Investing Activities -597.4K 7.209M
Cash From Financing Activities 13.90M -3.169M
Net Change In Cash 278.9K 2.185M
YoY Change -87.24% -450.66%
FREE CASH FLOW
Cash From Operating Activities -$13.02M -$1.856M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2021Q4 lgiq App Logiq Spinoff Description
AppLogiqSpinoffDescription
GoLogiq is a fully reporting U.S. public company. In connection with the Separation, the Company announced that it intended to distribute, on a pro rata basis, 100%
CY2022Q1 lgiq App Logiq Spinoff Description
AppLogiqSpinoffDescription
The Company held the GoLogiq Shares until it distributed 100% of the GoLogiq Shares to the Company’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 will receive 1 share of Lovarra)
CY2023Q1 lgiq Data Logiq Spinoff Description
DataLogiqSpinoffDescription
At Closing Abri will deliver to the Company $114 million worth of shares Abri common stock, par value $0.0001, at $10.00 per share (the “Merger Consideration Shares”). Also at Closing, the Company will issue a dividend to its shareholders on a pro-rata basis equal to 25% of the aggregate Merger Consideration Shares (the “Dividend Shares”), payable to the Company shareholders of record as of a record date to be set shortly before Closing.
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none; line-height: 12pt;;text-indent: 0px;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">USE OF ESTIMATES</div></div> <div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none; line-height: 12pt;;text-indent: 0px;"><div style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;"> </div></div> <div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none; line-height: 12pt;;text-indent: 0px;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">The preparation of the Company’s financial statements in conformity with generally accepted accounting principles of the United States of America 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. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Actual results could differ from those estimates.</div></div>
CY2023Q1 lgiq Operating Segments
OperatingSegments
0.10
CY2023Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P5Y
CY2023Q1 us-gaap Amortization Of Acquisition Costs
AmortizationOfAcquisitionCosts
407728
CY2022Q1 us-gaap Amortization Of Acquisition Costs
AmortizationOfAcquisitionCosts
1017203
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">ACCOUNTS RECEIVABLE AND CONCENTRATION OF RISK</div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none; line-height: 12pt;"><div style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;"> </div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px; line-height: 12pt;;display:inline;">Accounts receivable consists of trade receivables from customers. The Company records accounts receivable at its net realizable value, recognizing an allowance for doubtful accounts based on our best estimate of probable credit losses on our existing accounts receivable. Balances are written off against the allowance after all means of collection have been exhausted and the possibility of recovery is considered remote.</div></div>
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
24853721
CY2023Q1 lgiq Additions On Intangible Assets
AdditionsOnIntangibleAssets
0
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
24853721
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
17734610
CY2023Q1 lgiq Charge For Period For Intangible Assets
ChargeForPeriodForIntangibleAssets
407728
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
18142338
CY2023Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
6711383
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
7119111
CY2023Q1 lgiq Amortization Of Intangible Assets Net
AmortizationOfIntangibleAssetsNet
407728
CY2022Q1 lgiq Amortization Of Intangible Assets Net
AmortizationOfIntangibleAssetsNet
1017203
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1228067
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1636078
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1624478
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFive
1510945
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingAfterYearFive
711815
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
6711383
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
253362
CY2023Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
0
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
253362
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
167932
CY2023Q1 us-gaap Common Stock Value
CommonStockValue
37000000
CY2023Q1 lgiq Charge For Period
ChargeForPeriod
11641
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
179573
CY2023Q1 lgiq Net Property And Equipment
NetPropertyAndEquipment
73789
CY2022Q4 lgiq Net Property And Equipments
NetPropertyAndEquipments
85430
CY2023Q1 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
11641
CY2022Q1 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
13727
CY2023Q1 us-gaap Goodwill Gross
GoodwillGross
5577926
CY2022Q4 us-gaap Goodwill Gross
GoodwillGross
5577926
CY2023Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
0
CY2022Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
0
CY2023Q1 us-gaap Goodwill
Goodwill
5577926
CY2022Q4 us-gaap Goodwill
Goodwill
5577926
CY2023Q1 us-gaap Accounts Receivable Gross
AccountsReceivableGross
868926
CY2022Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
2252383
CY2023Q1 lgiq Allowance For Doubtful Debts
AllowanceForDoubtfulDebts
-602751
CY2022 lgiq Allowance For Doubtful Debts
AllowanceForDoubtfulDebts
-602751
CY2023Q1 lgiq Recoveries For Accounts Receivable
RecoveriesForAccountsReceivable
266175
CY2022 lgiq Recoveries For Accounts Receivable
RecoveriesForAccountsReceivable
1649632
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
602751
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
155592
CY2023Q1 lgiq Accounts Receivable Provision For Bad Debts
AccountsReceivableProvisionForBadDebts
0
CY2022 lgiq Accounts Receivable Provision For Bad Debts
AccountsReceivableProvisionForBadDebts
447159
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
CY2022 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
602751
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
602751
CY2023Q1 us-gaap Trade Receivables Held For Sale Amount
TradeReceivablesHeldForSaleAmount
266175
CY2023Q1 us-gaap Retail Land Sales Receivables Stated Interest Rate
RetailLandSalesReceivablesStatedInterestRate
1
CY2023Q1 lgiq Deposit And Other Receivable
DepositAndOtherReceivable
180000
CY2022Q4 lgiq Deposit And Other Receivable
DepositAndOtherReceivable
180000
CY2023Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
90260
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
41591
CY2023Q1 lgiq Prepayments Deposits And Other Receivables
PrepaymentsDepositsAndOtherReceivables
270260
CY2022Q4 lgiq Prepayments Deposits And Other Receivables
PrepaymentsDepositsAndOtherReceivables
221591
CY2022Q1 lgiq Warrants To Purchase Of Common Stock
WarrantsToPurchaseOfCommonStock
631579
CY2022Q1 lgiq Common Stock Percentage
CommonStockPercentage
0.015
CY2022Q1 us-gaap Other Commitment
OtherCommitment
40000000
CY2022Q1 lgiq Ownership Limitation Percentage
OwnershipLimitationPercentage
0.0999
CY2022Q1 us-gaap Stock Issued1
StockIssued1
37000000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1994124
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2169893
CY2023Q1 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
1994124
CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
2169893
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.21
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.34
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21
CY2023Q1 lgiq Certificate Of Amendment Description
CertificateOfAmendmentDescription
Upon the filing of the Certificate of Amendment, and the resulting effectiveness of the Reverse Stock Split, every 13 outstanding shares of the Company’s Common Stock were, without any further action by the Company, or any holder thereof, combined into and automatically became 1 share of the Company’s Common Stock.
CY2022Q1 lgiq Arithmetic Average Purchase Of Shares Percentage
ArithmeticAveragePurchaseOfSharesPercentage
0.97
CY2023Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures And Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations
132326
CY2022Q4 us-gaap Share Price
SharePrice
0.0001
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12448500
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3980524
CY2021Q3 lgiq Lease Space
LeaseSpace
26954
CY2021Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
26300
CY2021Q4 lgiq Lease Space
LeaseSpace
12422
CY2021Q4 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
17500
CY2023Q1 lgiq Maturity Date
MaturityDate
2022-12-31
CY2023Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
4150
CY2023Q1 lgiq Right To Use Assets Operating Leases
RightToUseAssetsOperatingLeases
14533
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4150
CY2021Q4 lgiq Right To Use Assets Operating Leases
RightToUseAssetsOperatingLeases
58122
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
16589
CY2021 lgiq Operating Lease Lease Payments Present Value Percent
OperatingLeaseLeasePaymentsPresentValuePercent
0.0325
CY2023Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
43589
CY2022Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
43347
CY2023Q1 lgiq Operating Lease Rent Expenses Net
OperatingLeaseRentExpensesNet
62805
CY2022Q1 lgiq Operating Lease Rent Expenses Net
OperatingLeaseRentExpensesNet
37666
CY2023Q1 lgiq Lessee Operating Lease Liability Payments Due Future Minimum Sublease Rentals
LesseeOperatingLeaseLiabilityPaymentsDueFutureMinimumSubleaseRentals
4150
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2022Q1 lgiq Revenues Percentage
RevenuesPercentage
0.10
CY2023Q1 lgiq Revenues Percentage
RevenuesPercentage
0.10
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3537527
CY2023Q1 lgiq Revenue Remaining Performance Of Obligation Percentage
RevenueRemainingPerformanceOfObligationPercentage
1
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
8105384
CY2022Q1 lgiq Revenue Remaining Performance Of Obligation Percentage
RevenueRemainingPerformanceOfObligationPercentage
1

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