Thu, Jun 27, 8:48 PM (116 days ago)
GoLogiq, Inc. filed its second amendment to the Form 10-Q for the quarter ended June 30, 2023, to correct and restate certain financial items. Key changes include the reclassification of the AppLogiq/CreateApp acquisition as a capital transaction rather than a business combination, leading to the removal of goodwill and intangible assets. As a result, the financial statements for June 30, 2023, and December 31, 2022, have been restated. For the quarter, GoLogiq reported a significant drop in revenue to $2,573 from $1.63 million a year ago, attributed to a strategic shift from bulk distributors to targeting end users. Operating expenses increased to $2.41 million from $1.41 million, primarily due to stock compensation costs. The net loss widened to $2.40 million from $646,817. The company faces substantial doubt about its ability to continue as a going concern, given its working capital deficit and accumulated losses. Future operations are contingent on raising additional capital or shareholder support.