2023 Q1 Form 10-K Financial Statement
#000155335023000218 Filed on March 30, 2023
Income Statement
Concept | 2023 Q1 | 2022 Q4 | 2022 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $275.6K | $34.29K | $94.09K |
YoY Change | 1283.63% | 31.03% | 14.19% |
% of Gross Profit | |||
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | |||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $275.6K | $34.29K | $94.09K |
YoY Change | 1283.63% | 31.03% | 14.19% |
Operating Profit | -$275.6K | -$94.09K | |
YoY Change | 1283.36% | 14.19% | |
Interest Expense | $0.00 | $133.0K | |
YoY Change | -100.0% | -141.48% | |
% of Operating Profit | |||
Other Income/Expense, Net | $0.00 | -$227.1K | |
YoY Change | -29.17% | ||
Pretax Income | -$275.6K | -$34.29K | -$227.1K |
YoY Change | 177.28% | -67.88% | -43.65% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$275.6K | -$34.29K | -$227.1K |
YoY Change | 177.28% | -67.88% | -43.65% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | -$0.01 | -$0.10 | |
Diluted Earnings Per Share | -$0.01 | -$0.01 | -$0.10 |
COMMON SHARES | |||
Basic Shares Outstanding | 2.302M shares | 2.302M shares | 2.302M shares |
Diluted Shares Outstanding | 40.58M shares |
Balance Sheet
Concept | 2023 Q1 | 2022 Q4 | 2022 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | |||
YoY Change | |||
Cash & Equivalents | |||
Short-Term Investments | |||
Other Short-Term Assets | $510.00 | $510.00 | $510.00 |
YoY Change | 0.0% | -65.77% | -65.77% |
Inventory | |||
Prepaid Expenses | |||
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $511.00 | $511.00 | $510.00 |
YoY Change | 0.2% | -65.7% | -65.77% |
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 | $0.00 | $0.00 |
YoY Change | |||
TOTAL ASSETS | |||
Total Short-Term Assets | $511.00 | $511.00 | $510.00 |
Total Long-Term Assets | $0.00 | $0.00 | $0.00 |
Total Assets | $511.00 | $511.00 | $510.00 |
YoY Change | 0.2% | -65.7% | -65.77% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $0.00 | ||
YoY Change | |||
Accrued Expenses | $54.93K | $28.96K | $28.96K |
YoY Change | -98.69% | -99.3% | -99.3% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | -100.0% | -100.0% |
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $54.93K | $28.96K | $28.96K |
YoY Change | -99.17% | -99.56% | -99.56% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $54.93K | $28.96K | $28.96K |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
Total Liabilities | $54.93K | $28.96K | $28.96K |
YoY Change | -99.17% | -99.56% | -99.56% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$29.51M | -$29.23M | |
YoY Change | 0.78% | ||
Common Stock | $100.3K | $2.302K | |
YoY Change | 0.0% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$54.42K | -$28.45K | -$28.45K |
YoY Change | |||
Total Liabilities & Shareholders Equity | $511.00 | $511.00 | $510.00 |
YoY Change | 0.2% | -65.7% | -65.77% |
Cashflow Statement
Concept | 2023 Q1 | 2022 Q4 | 2022 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$275.6K | -$34.29K | -$227.1K |
YoY Change | 177.28% | -67.88% | -43.65% |
Depreciation, Depletion And Amortization | |||
YoY Change | |||
Cash From Operating Activities | $0.00 | ||
YoY Change | |||
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | |||
YoY Change | |||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | |||
YoY Change | |||
NET CHANGE | |||
Cash From Operating Activities | 0.000 | ||
Cash From Investing Activities | |||
Cash From Financing Activities | |||
Net Change In Cash | $0.00 | 0.000 | $0.00 |
YoY Change | |||
FREE CASH FLOW | |||
Cash From Operating Activities | $0.00 | ||
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
Facts In Submission
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5 Independence Way | |
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<p id="xdx_845_eus-gaap--UseOfEstimates_z9anXq5u7aU8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_865_z947mTNvvOc9">SIGNIFICANT ESTIMATES</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) 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 dates of the financial statements and the reported amounts of revenues and expenses during the periods. The extent to which the COVID-19 pandemic may directly or indirectly impact our business, financial condition, and results of operations is highly uncertain and subject to change. We considered the potential impact of the COVID-19 pandemic on our estimates and assumptions and there was not a material impact to our financial statements as of and for the year ended December 31, 2022. Actual results could differ from estimates making it reasonably possible that a change in the estimates could occur in the near term.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> | |
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Assignment Of Other Accrued Liabilites To Related Party Description
AssignmentOfOtherAccruedLiabilitesToRelatedPartyDescription
|
The accrued interest on note payable, unsecured liability and other payable balances as of December 31, 2021 represented payable owed to Tang Chuan Choon, a third party. In June 2022, Tang Chuan Choon signed an agreement with Logicquest Technology Limited, pursuant to which such balances were assigned to Logicquest Technology Limited. As a result, such balances were reduced to $0 as of December 31, 2022. | |
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Assignment Of Note Payable To Related Party Description
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|
In June 2022, the note payable in the amount of $1,337,600 was assigned to Logicquest Technology Limited. Thus, the balances of note payable was reduced to $0 as of December 31, 2022. | |
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79986 | usd |
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Agreement To Settle Liabilities Descripton
AgreementToSettleLiabilitiesDescripton
|
In June 2022, as described in Note 3 and 4, Tang Chuan Choon, a third party, signed an agreement with Logicquest Technology Limited, pursuant to which Tang Chuan Choon assigned his receivable from the Company, included in the Company’s balance sheet as note payable and accrued liabilities balances, in the aggregate amount of $5,577,937, to Logicquest Technology Limited, who then signed an agreement with the Company and settled the balances for $1. The transaction was closed as of June 30, 2022. The settlement was account for as a transaction under common control and the difference between amount paid and amount settled was recorded in equity. | |
LOGQ |
Agreement To Settle Liabilities Descripton
AgreementToSettleLiabilitiesDescripton
|
In September and December 2022, Logicquest Technology Limited signed agreements with the Company and settled the remaining balances of due to related party of $1,113,773 and $19,126 for $1, respectively. The settlements were account for as transactions under common control and the difference between amount paid and amount settled was recorded in equity. | ||
CY2022 | LOGQ |
Assignment Of Thirdparty Liabilities To Related Party
AssignmentOfThirdpartyLiabilitiesToRelatedParty
|
5577937 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
2333496 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
2285638 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
2333496 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
2285638 | usd |
CY2022Q4 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
9108809 | usd |
CY2022Q4 | LOGQ |
Operating Loss Carryforwards Portion Carried Forward Indefinitely
OperatingLossCarryforwardsPortionCarriedForwardIndefinitely
|
2003078 | usd |
CY2016Q2 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
200 | usd |
CY2016Q2 | us-gaap |
Other Commitments Description
OtherCommitmentsDescription
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on May 12, 2016 on monthly basis and can be cancelled at either party’s discretion with a three-month notice. |