Thu, Jun 27, 8:24 PM (72 days ago)
GoLogiq, Inc. filed an amendment (Form 10-Q/A) to restate its financial statements for the quarter ended June 30, 2022. The restatement was due to the reclassification of the AppLogiq/CreateApp business acquisition from Logiq, Inc. as a capital transaction rather than a business combination. This resulted in the removal of goodwill and intangible assets previously recognized, impacting the company's balance sheet and equity. For the quarter ended June 30, 2022, GoLogiq reported revenues of $1,633,375, down from $2,843,685 in the same period in 2021. Gross profit was $760,303, compared to $900,691 in the prior year, while operating expenses were $1,407,120, slightly down from $1,524,643. The net loss for the quarter increased to $(646,817) from $(623,952) in Q2 2021. For the six months ended June 30, 2022, revenues were $4,942,392, with a gross profit of $1,833,979. Operating expenses totaled $3,871,419, leading to a net loss of $(2,037,440), compared to $(1,141,384) in the same period in 2021. The company also highlighted uncertainties related to COVID-19 and inflation impacting future operations.