Fri, Jun 21, 10:02 AM (393 days ago)
Logiq, Inc.'s Q1 2024 financial report reveals a challenging quarter with no service revenue, down from $3.54 million in Q1 2023. The company reported a net loss of $665,029, significantly improved from the $12.45 million loss in the same period last year. Operating expenses dropped to $665,029 from $12.69 million, mainly due to a reduction in general and administrative costs and the absence of sales and marketing expenses. Cash flow from operations improved, using $533,487 compared to $13.02 million in Q1 2023. Financing activities generated $555,547, down from $13.90 million. The company completed the spin-off of its DataLogiq segment, impacting revenue and cost structure. Future operations may benefit from strategic acquisitions and improved financial controls.