$LGIQ
Logiq Inc

2024 Q1 Form 10-Q Financial Statement

#000157587224000684 Filed on June 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q1
Revenue $0.00
YoY Change -100.0%
Cost Of Revenue $0.00
YoY Change -100.0%
Gross Profit $0.00
YoY Change -100.0%
Gross Profit Margin
Selling, General & Admin $665.0K
YoY Change -94.58%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $665.0K
YoY Change -94.76%
Operating Profit -$665.0K
YoY Change -94.64%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income -$665.0K
YoY Change -94.66%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$665.0K
YoY Change -94.66%
Net Earnings / Revenue
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 153.5M
Diluted Shares Outstanding 153.5M

Balance Sheet

Concept 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.92K
YoY Change -93.22%
Cash & Equivalents $50.92K
Short-Term Investments
Other Short-Term Assets $146.8K
YoY Change -48.46%
Inventory
Prepaid Expenses $146.8K
Receivables
Other Receivables $470.4K
Total Short-Term Assets $668.1K
YoY Change -64.83%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $668.1K
Total Long-Term Assets $0.00
Total Assets $668.1K
YoY Change -95.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.100M
YoY Change -61.96%
Accrued Expenses $68.00K
YoY Change -96.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.217M
YoY Change -75.11%
LONG-TERM LIABILITIES
Long-Term Debt $10.00K
YoY Change 0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $10.00K
YoY Change 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.217M
Total Long-Term Liabilities $10.00K
Total Liabilities $1.227M
YoY Change -74.96%
SHAREHOLDERS EQUITY
Retained Earnings -$132.5M
YoY Change -7.92%
Common Stock $16.38K
YoY Change -99.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$559.2K
YoY Change
Total Liabilities & Shareholders Equity $668.1K
YoY Change -95.32%

Cashflow Statement

Concept 2024 Q1
OPERATING ACTIVITIES
Net Income -$665.0K
YoY Change -94.66%
Depreciation, Depletion And Amortization $0.00
YoY Change -100.0%
Cash From Operating Activities -$533.5K
YoY Change -95.9%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $12.00K
YoY Change -102.01%
Cash From Investing Activities $12.00K
YoY Change -102.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $506.6K
YoY Change -96.42%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 555.5K
YoY Change -96.0%
NET CHANGE
Cash From Operating Activities -533.5K
Cash From Investing Activities 12.00K
Cash From Financing Activities 555.5K
Net Change In Cash 34.06K
YoY Change -87.79%
FREE CASH FLOW
Cash From Operating Activities -$533.5K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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LOGIQ, INC.
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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)
CY2024Q1 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.
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<div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;display:inline;">USE OF ESTIMATES</div><div style="white-space:pre-line; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="white-space: pre-wrap; color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;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 style="white-space:pre-line; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
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ConcentrationRiskCreditRisk
<div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;display:inline;">ACCOUNTS RECEIVABLE AND CONCENTRATION OF RISK</div><div style="white-space:pre-line; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="white-space: pre-wrap; color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;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 <div style="display:inline;">best</div> 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 style="white-space:pre-line; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
68000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
50000
CY2024Q1 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
68000
CY2023Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
50000
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.21
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.34
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21
CY2020Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q1 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.
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures And Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations
0
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-665029
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12448500
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2024Q1 lgiq Revenues Percentage
RevenuesPercentage
0.10
CY2023Q1 lgiq Revenues Percentage
RevenuesPercentage
0.10
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
0
CY2024Q1 lgiq Revenue Remaining Performance Of Obligation Percentage
RevenueRemainingPerformanceOfObligationPercentage
0
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3537527
CY2023Q1 lgiq Revenue Remaining Performance Of Obligation Percentage
RevenueRemainingPerformanceOfObligationPercentage
1

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