Thu, Jun 27, 8:28 PM (72 days ago)
GoLogiq, Inc. has filed Amendment No. 2 to its Form 10-Q for the quarter ended September 30, 2022. The amendment addresses corrections related to the accounting treatment of the acquisition of AppLogiq/CreateApp from Logiq, Inc. Initially reported as a reverse merger, the transaction has been restated as a capital transaction because GoLogiq was a nonoperating shell and did not meet the definition of a business. This restatement affects the financial statements for the nine months ended September 30, 2022, and December 31, 2021, eliminating previously recognized goodwill and intangible assets. For Q3 2022, GoLogiq reported $334,987 in revenue, a significant decrease from $2,849,539 in Q3 2021. Net loss for Q3 2022 was $677,160, compared to $732,190 in Q3 2021. The nine-month period ended September 30, 2022, showed a net loss of $2,714,599, up from $1,873,574 in the same period in 2021. The company also highlighted liquidity challenges, raising substantial doubt about its ability to continue as a going concern without additional funding. Future operations will focus on leveraging the CreateApp platform to support SMBs globally.