10-Q 1 lgiq-20230930.htm FORM 10-Q LOGIQ, INC
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended
September 30, 2023
 
or
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from ______ to ______
 
Commission File Number:
000-51815
 
LOGIQ INC.
(Exact name of registrant as specified in its charter)
 
Delaware
 
46-5057897
(State or other jurisdiction of
 
(I.R.S. Employer
incorporation or organization)
Identification No.)
230 Victoria Street Bugis Junction
#15-01/08, Singapore 188024
(Address of principal executive offices, including Zip Code)
 
+65 9366 2322
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading symbol(s)
 
Name of each exchange on which
registered
N/A
 
 
 
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  
No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes  
No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
 
Large accelerated filer
Accelerated filer
 
Non-accelerated filer
Smaller reporting company
 
 
Emerging growth Company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  
No
 
As of November 10, 2023, the issuer had 147,005,621
shares of common stock issued and outstanding.

 


LOGIQ INC.
QUARTERLY REPORT ON FORM 10-Q
September 30, 2023
 
 
 





 
 
 
 
 
 
 
 

i
 
 
PART 1 - FINANCIAL INFORMATION
 
ITEM 1. Financial Statements
 
LOGIQ INC.
Consolidated Balance Sheets
 
 
 
September 30
 
 
December 31
 
 
 
2023
 
 
2022
 
 
 
(Unaudited)
 
 
(Audited)
 
ASSETS
 
 
 
 
 
 
Non-current assets
 
 
 
 
 
 
Intangible assets, net
 
 
5,622,156
 
 
 
7,119,111
 
Property and equipment, net
 
 
53,052
 
 
 
85,430
 
Goodwill
 
 
5,577,926
 
 
 
5,577,926
 
Total non-current assets
 
 
11,253,134
 
 
 
12,782,467
 
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
Accounts receivable
 
 
595,323
 
 
 
1,649,632
 
Right to use assets - operating lease
 
 
-
 
 
 
58,122
 
Prepayment, deposit and other receivables
 
 
84,224
 
 
 
221,591
 
Amount due from related party
 
 
482,420
 
 
 
-
 
Cash and cash equivalents
 
 
392,853
 
 
 
472,206
 
Total current assets
 
 
1,554,820
 
 
 
2,401,551
 
Total assets
 
$
12,807,954
 
 
$
15,184,018
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
Current Liabilities
 
 
 
 
 
 
 
 
Accounts payable
 
 
2,943,738
 
 
 
5,073,315
 
Accruals
 
 
2,553,856
 
 
 
2,169,893
 
Lease liability - operating lease
 
 
-
 
 
 
16,589
 
Deposits received for share to be issued
 
 
-
 
 
 
260,220
 
Total current liabilities
 
 
5,497,594
 
 
 
7,520,017
 
 
 
 
 
 
 
 
 
 
Non-Current Liabilities
 
 
 
 
 
 
 
 
Other loan
 
 
10,000
 
 
 
10,000
 
Total non-current liabilities
 
 
10,000
 
 
 
10,000
 
Total liabilities
 
$
5,507,594
 
 
$
7,530,017
 
 
 
 
 
 
 
 
 
 
STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
Common stock, $0.0001 par value, 250,000,000 shares authorized, 129,379,314 and 55,118,520 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
 
 
12,938
 
 
 
5,512
 
Additional paid-in capital
 
 
110,405,098
 
 
 
94,829,417
 
Capital reserves
 
 
48,243,604
 
 
 
44,232,194
 
Accumulated deficit brought forward
 
 
(151,361,280
)
 
 
(131,413,122
)
Total stockholder's equity
 
 
7,300,360
 
 
 
7,654,001
 
Total liabilities and stockholders' equity
 
$
12,807,954
 
 
$
15,184,018
 
 
The accompanying notes are an integral part of these financial statements
 
 
1


LOGIQ INC.
Consolidated Statements of Operations
 
 
 
For the three months ended
September 30,
 
 
 
 
For the nine months ended
September 30,
 
 
 
 
2023
 
 
2022
 
 
2023
 
 
2022
 
 
 
(Unaudited)
 
 
(Unaudited)
 
 
(Unaudited)
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service Revenue
 
$
3,265,674
 
 
$
4,100,373
 
 
$
11,663,762
 
 
$
17,155,733
 
Cost of Service
 
 
3,207,706
 
 
 
2,792,499
 
 
 
10,790,605
 
 
 
11,823,582
 
Gross Profit
 
 
57,968
 
 
 
1,307,874
 
 
 
873,157
 
 
 
5,332,151
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
 
689,318
 
 
 
1,021,676
 
 
 
1,529,331
 
 
 
3,083,536
 
General and administrative
 
 
3,256,702
 
 
 
7,265,372
 
 
 
18,945,206
 
 
 
16,504,135
 
Sales and marketing
 
 
-
 
 
 
394,628
 
 
 
214,715
 
 
 
1,266,029
 
Research and development
 
 
-
 
 
 
321,000
 
 
 
-
 
 
 
2,617,178
 
Total Operating Expenses
 
 
3,946,020
 
 
 
9,002,676
 
 
 
20,689,252
 
 
 
23,470,878
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Loss) from Operations
 
 
(3,888,052
)
 
 
(7,694,802
)
 
 
(19,816,095
)
 
 
(18,138,727
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other (Expenses)/Income, net
 
 
(46,391
)
 
 
3
 
 
 
(132,063
)
 
 
2,563
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (Loss) before income tax
 
 
(3,934,443
)
 
 
(7,694,799
)
 
 
(19,948,158
)
 
 
(18,136,164
)
Income tax (Corporate tax)
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Net (Loss)
 
$
(3,934,443
)
 
$
(7,694,799
)
 
$
(19,948,158
)
 
$
(18,136,164
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (Loss) profit per common share - basic and fully diluted:
 
 
(0.0387
)
 
 
(0.2221
)
 
 
(0.2318
)
 
 
(0.5805
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average number of basic and fully diluted common shares outstanding
 
 
101,745,947
 
 
 
34,645,067
 
 
 
86,068,463
 
 
 
31,241,330
 
 
The accompanying notes are an integral part of these financial statements.
 
 
2
 
LOGIQ INC.
Consolidated Statements of Cash Flows
 
 
 
For the nine months ended

September 30,
 
 
 
2023
 
 
2022
 
 
 
(Unaudited)
 
 
(Unaudited)
 
OPERATING ACTIVITIES:
 
 
 
 
 
 
Net loss
 
$
(19,948,158
)
 
$
(18,136,164
)
Adjustments to reconciled net loss to net cash used by operating activities:
 
 
 
 
 
 
 
 
Depreciation of property, plant, and equipment
 
 
32,378
 
 
 
39,141
 
Amortization of intangible assets
 
 
1,496,955
 
 
 
3,044,395
 
Changes in operating assets and liabilities:
 
 
 
 
 
 
 
 
Accounts receivable
 
 
1,054,309
 
 
 
1,010,137
 
Prepayments, deposit and other receivables
 
 
137,367
 
 
 
99,428
 
Accounts payable
 
 
(2,129,577
)
 
 
1,488,965
 
Accruals
 
 
383,963
 
 
 
1,486,482
 
Operating lease
 
 
41,533
 
 
 
-
 
Deferred revenue
 
 
-
 
 
 
(9,795
)
Net cash (used in) operating activities
 
 
(18,931,230
)
 
 
(10,977,411
)
 
 
 
 
 
 
 
 
 
INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
Amount due from associate
 
 
-
 
 
 
7,208,700
 
Amount due from related party
 
 
(482,420
)
 
 
-
 
Financial assets held for resale
 
 
-
 
 
 
681
 
Net cash provided by (used in) investing activities
 
 
(482,420
)
 
 
7,209,381
 
 
 
 
 
 
 
 
 
 
FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
Proceeds from shares to be issued
 
 
(260,220
)
 
 
(212,778
)
Issuance of shares for services and cash received
, net of expenses
 
 
19,594,517
 
 
 
2,782,821
 
Net cash provided by (used in) financing activities
 
 
19,334,297
 
 
 
2,570,043
 
 
 
 
 
 
 
 
 
 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
 
 
(79,353
)
 
 
(1,197,987
)
 
 
 
 
 
 
 
 
 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD
 
 
472,206
 
 
 
1,586,265
 
 
 
 
 
 
 
 
 
 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD
 
$
392,853
 
 
$
388,278
 
 
 
 
 
 
 
 
 
 
NON-CASH TRANSACTION
 
 
 
 
 
 
 
 
Issuance of shares for services received
 
$
14,135,579
 
 
$
5,969,804
 
 
The accompanying notes are an integral part of these financial statements
 
 
3


LOGIQ INC.
Consolidated Statements of Stockholders’ Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional
 
 
Subscriptions
 
 
 
 
 
 
 
 
Common
 
 
 
 
 
paid-in
 
 
received/Capital
 
 
Accumulated
 
 
Stockholders’
 
 
 
Stock *
 
 
Amount
 
 
capital
 
 
reserves
 
 
(Deficit)
 
 
(Deficit)/Equity
 
Balance December 31, 2022
 
 
55,118,520
 
 
$
5,512
 
 
$
94,829,417
 
 
$
44,232,194
 
 
$
(131,413,122
)
 
$
7,654,001
 
Issuance of shares for proceeds
 
 
19,278,526
 
 
 
1,928
 
 
 
11,064,408
 
 
 
3,089,814
 
 
 
-
 
 
 
14,156,150
 
Cancellation of shares for proceeds
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Net loss for the period
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(12,448,500
)
 
 
(12,448,500
)
Balance March 31, 2023
 
 
74,397,046
 
 
 
7,440
 
 
 
105,893,825
 
 
 
47,322,008
 
 
 
(143,861,622
)
 
 
9,361,651
 
Issuance of shares for proceeds
 
 
21,451,168
 
 
 
2,145
 
 
 
2,310,606
 
 
 
516,688
 
 
 
-
 
 
 
2,829,439
 
Cancellation of shares for proceeds
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Net loss for the period
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(3,565,215
)
 
 
(3,565,215
)
Balance June 30, 2023
 
 
95,848,214
 
 
 
9,585
 
 
 
108,204,431
 
 
 
47,838,696
 
 
 
(147,426,837
)
 
 
8,625,875
 
Issuance of shares for proceeds
 
 
33,531,100
 
 
 
3,353
 
 
 
2,200,667
 
 
 
404,908
 
 
 
-
 
 
 
2,608,928
 
Cancellation of shares for proceeds
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Net loss for the period
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(3,934,443
)
 
 
(3,934,443
)
Balance September 30, 2023
 
 
129,379,314
 
 
 
12,938
 
 
 
110,405,098
 
 
 
48,243,604