Thu, Sep 26, 6:04 PM (85 days ago)
Logiq, Inc. reported significant financial challenges for the quarter ending June 30, 2024, with a total service revenue of $0, down from $4,860,561 in the prior year. The company's gross profit also fell to $0 compared to $529,906, leading to a net loss of $215,463 versus a loss of $3,565,215 in the same period last year. Operating expenses decreased sharply to $215,463 from $4,049,216, reflecting reduced administrative costs after the spin-off of its DataLogiq and AppLogiq segments. Cash flow from operating activities showed an improvement, with cash used decreasing to $1,128,884 from $16,224,452 year-over-year. The company raised $1,088,613 through financing activities, down from $16,725,369 previously, indicating a tighter capital environment. As of June 30, 2024, total assets were $605,782, down from $651,278, while liabilities decreased from $1,051,958 to $798,342, reflecting a shift towards improved balance sheet health. Looking ahead, Logiq is navigating operational uncertainties, including the impact of COVID-19 on its business model and a planned acquisition of MedLab Essentials, LLC, valued at $100 million, which could diversify its offerings into biotech.