Thu, Jun 27, 8:51 PM (72 days ago)
GoLogiq, Inc. amended its Form 10-Q for the quarter ended September 30, 2023, to correct the accounting treatment of its acquisition of Logiq's AppLogiq/CreateApp business. The SEC review led to the determination that GoLogiq, a non-operating shell at the time, was the accounting acquiree, making the transaction a capital transaction rather than a business combination. This necessitated restating financials, eliminating goodwill and intangible assets previously recognized. Key financials for the quarter show a significant decline in revenue to $74k from $5.3m YoY, with a net loss widening to $4.7m from $2.7m. Operating expenses remained stable at $4.7m. The company faces substantial going concern risks due to accumulated deficits and liquidity issues. Future operations will depend on successful fund-raising and potential acquisitions. Management is addressing internal control weaknesses identified in the review.