Thu, Jun 27, 8:40 PM (72 days ago)
GoLogiq, Inc. filed an amendment to its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, to correct previous errors in financial statements. The amendment primarily addresses the reclassification of the CreateApp acquisition from a business combination to a capital transaction. This change eliminates previously recognized goodwill and intangible assets, affecting the balance sheet and restating financial results. The revised financials show a net loss of $4.55 million for 2022, compared to $3.43 million in 2021. The company reported revenue of $5.45 million and operating expenses of $6.63 million for 2022. The restatement also highlights significant deficiencies in internal controls over financial reporting, which management is addressing. The company's liquidity remains a concern, with a working capital deficit of $2.07 million as of December 31, 2022.