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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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+ |
(Address of principal executive offices including zip code) |
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(Registrant’s telephone number, including area code) |
Title of Each Class |
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Trading Symbol(s) |
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Name of Each Exchange on Which Registered |
None |
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N/A |
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N/A |
Large accelerated Filer ¨ |
Accelerated Filer ¨ |
x |
Smaller reporting company |
Emerging growth company |
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(1) | Correcting and amending the Explanatory Note of the First Amended Form 10-Q/A to clarify that the SEC did not at any time in any correspondence or discussions draw any conclusions or release any statements to the Company regarding the Company’s acquisition of the AppLogiq/Createapp business from Logiq, Inc. (“Logiq”). |
i |
1 |
June 30, 2023 | December 31, 2022 | |||||||
$ | $ | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | ||||||||
TOTAL ASSETS | ||||||||
LIABILITIES AND STOCKHOLDER’S DEFICIT | ||||||||
Current Liabilities | ||||||||
Accounts payable and accrued liabilities | ||||||||
Notes payable | - | |||||||
Due to a related party, Logiq Inc | ||||||||
Total Liabilities | ||||||||
Stockholder’s Funds (Deficit) | ||||||||
Common stock Authorized: | ||||||||
Preferred stock Authorized: was extinguished as of June 30, 2023 and outstanding as of December 31, 2022, respectively | ||||||||
Additional paid-in capital | ||||||||
Share subscriptions receivable | ( | ) | ( | ) | ||||
Accumulated deficit | ( | ) | ( | ) | ||||
Total Stockholder’s Funds | ( | ) | ( | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDER’S FUNDS |
2 |
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Three months ended |
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Three months ended |
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Six months ended |
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Six months ended |
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June 30, 2023 |
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June 30, 2022 |
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June 30, 2023 |
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June 30, 2022 |
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$ |
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$ |
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$ |
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$ |
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Service Revenue |
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Cost of Service |
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Gross Profit |
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Operating Expenses |
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General and administrative |
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Sales and marketing |
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- |
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- |
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- |
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Research and development |
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Total Operating Expenses |
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(Loss) from Operations |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
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Income tax (Corporate tax) |
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- |
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- |
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- |
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- |
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Net (Loss) and Comprehensive (Loss) |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
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Basic and Diluted Net (Loss) per Common Share |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
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Weighted Average Number of Common Shares Outstanding |
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3 |
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Common Stock |
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Additional Paid-in |
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Share Subscription |
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Accumulated |
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Total Stockholders' |
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|||||||||
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Number of |
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Am ount |
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Capi tal |
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Receivable |
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Deficit |
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Equity (Deficit) |
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||||||
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Shares |
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$ |
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$ |
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$ |
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$ |
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$ |
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||||||
Balance, December 31, 2022 |
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( |
) |
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( |
) |
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( |
) |
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Issuance of Shares |
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- |
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- |
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Issuance of Shares for service |
|
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|
|
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- |
|
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- |
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|
Net (loss) for the period |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
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( |
) |
|
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( |
) |
|
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|
|
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|
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|
Balance, March 31, 2023 |
|
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|
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( |
) |
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( |
) |
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( |
) |
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Issuance of Shares |
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|
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|
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|
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|
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- |
|
|
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- |
|
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Issuance of Shares for service |
|
|
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|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
Net (loss) for the period |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
( |
) |
|
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|
|
|
|
|
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|
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|
|
Balance, June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
Common Stock |
|
|
Additional Paid-in Capital |
|
|
Share Subscription Receivable |
|
|
Accumulated Deficit |
|
|
Total Stockholders' Equity (Deficit) |
|
|||||||||
|
|
Number of Shares |
|
|
Amount $ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||
Balance, December 31, 2021 |
|
|
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- |
|
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( |
) |
|
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- |
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|
|
|
|
|
|
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Issuance of Shares for share exchange |
|
|
|
|
|
|
|
|
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( |
) |
|
|
( |
) |
|
|
- |
|
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( |
) |
|
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|
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|
|
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|
|
|
Issuance of Shares for service |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) for the period |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
( |
) |
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
Balance, March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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( |
) |
|
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( |
) |
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( |
) |
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|
Issuance of Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
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|
|
Net (loss) for the period |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
( |
) |
|
|
( |
) |
|
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|
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|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
Balance, June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
4 |
|
|
Six months ended |
|
|
Six months ended |
|
||
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
||
|
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net (Loss) for the Period |
|
|
( |
) |
|
|
( |
) |
Changes in Operating Assets and Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
|
( |
) |
|
|
- |
|
Issuance of shares for service received |
|
|
|
|
|
|
|
|
Net Cash Provided by (Used in) Operating Activities |
|
|
|
|
|
|
( |
) |
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
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Due from related party |
|
|
( |
) |
|
|
|
|
Nets payable |
|
|
|
|
|
|
- |
|
Net Cash Provided by (Used in) Financing Activities |
|
|
( |
) |
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Arising from transitional arrangements and carve out assumptions on allocation of CreateApp and GoLogiq costs from Logiq, Inc. to the Company |
|
|
- |
|
|
|
( |
) |
Net Movement in Investing Activities |
|
|
- |
|
|
|
( |
) |
Change in Cash |
|
|
( |
) |
|
|
- |
|
Cash, Beginning of Year |
|
|
|
|
|
|
- |
|
Cash, End of Period |
|
|
|
|
|
|
- |
|
NON-CASH TRANSACTION |
|
|
|
|
|
|
|
|
Issuance of shares for services received |
|
|
|
|
|
|
|
|
5 |
6 |
7 |
GoLogiq, Inc. |
Balance Sheets |
(Expressed in U.S. dollars) |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||
As Filed | Restatement Adjustment | Restated | As Filed | Restatement Adjustment | Restated | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||||
Cash and cash equivalents | - | - | ||||||||||||||||||||||
Intangible assets, net | ( | ) | - | ( | ) | - | ||||||||||||||||||
Goodwill | ( | ) | - | ( | ) | - | ||||||||||||||||||
TOTAL ASSETS | ( | ) | ( | ) | ||||||||||||||||||||
LIABILITIES AND STOCKHOLDER’S DEFICIT | ||||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||
Accounts payable and accrued liabilities | - | |||||||||||||||||||||||
Notes payable | - | - | - | - | ||||||||||||||||||||
Due to a related party | - | - | ||||||||||||||||||||||
Total Liabilities | - | |||||||||||||||||||||||
Stockholder’s Funds (Deficit) | ||||||||||||||||||||||||
Common stock | ||||||||||||||||||||||||
Common stock Authorized: | - | - | ||||||||||||||||||||||
Preferred stock Authorized: was extinguished as of June 30, 2023 and outstanding as of December 31, 2022, respectively | ( | ) | - | - | ||||||||||||||||||||
Additional paid-in capital | ( | ) | ( | ) | ||||||||||||||||||||
Share subscriptions receivable | ( | ) | - | ( | ) | ( | ) | - | ( | ) | ||||||||||||||
Deficit | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Total Stockholder’s Funds (Deficit) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDER’S FUNDS | ( | ) | ( | ) |
8 |
|
|
Three months ended June 30, 2023 |
|
|
Six months ended June 30, 2023 |
|
||||||||||||||||||
|
|
As Filed |
|
|
Restatement Adjustment |
|
|
Restated |
|
|
As Filed |
|
|
Restatement Adjustment |
|
|
Restated |
|
||||||
Service Revenue |
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
Cost of Service |
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
Gross Profit |
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Operating Expenses |
|
|
||||||||||||||||||||||
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
Total Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Net (Loss) and Comprehensive (Loss) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
||||||||||||||||||||||
Basic and Diluted Net (Loss) per Common Share |
|
|
( |
) |
|
|
- |
|
|
|
( |
) |
|
|
( |
) |
|
|
- |
|
|
|
( |
) |
|
|
|
||||||||||||||||||||||
Weighted Average Number of Common Shares Outstanding |
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
9 |
Six months ended June 30, 2023 | Six months ended June 30, 2022 | |||||||||||||||||||||||
As Filed | Restatement Adjustment | Restated | As Filed | Restatement Adjustment | Restated | |||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||||||
Net (Loss) for the Period | ( | ) | ( | ) | ( | ) | ( | ) | - | ( | ) | |||||||||||||
Changes in Operating Assets and Liabilities: | ||||||||||||||||||||||||
Prepaid expense and deposits | - | - | - | ( | ) | - | ||||||||||||||||||
Accounts payable and accrued liabilities | ( | ) | ( | ) | ( | ) | ( | ) | - | |||||||||||||||
Issuance of shares for service received | ( | ) | - | |||||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Due to related party | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Notes payable | - | |||||||||||||||||||||||
Net Cash Provided by (Used in) Financing Activities | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Arising from transitional arrangements and carve out assumptions on allocation of CreateApp and GoLogiq costs from Logiq, Inc. to the Company | - | - | - | ( | ) | ( | ) | |||||||||||||||||
Net Movement in Investing Activities | - | - | - | ( | ) | ( | ) | |||||||||||||||||
Change in Cash | ( | ) | - | ( | ) | - | - | - | ||||||||||||||||
Cash, Beginning of Year | - | - | - | - | ||||||||||||||||||||
Cash, End of Period | - | - | - | - | ||||||||||||||||||||
NON-CASH TRANSACTION | ||||||||||||||||||||||||
Issuance of shares for services received | - | - |
10 |
11 |
12 |
13 |
14 |
15 |
16 |
17 |
18 |
19 |
20 |
· | Lack of adequate policies and procedures in internal audit function, which resulted in: (1) lack of communication between the internal audit department and the Audit Committee and the Board of Directors; (2) insufficient internal audit work to ensure that the Company’s policies and procedures have been carried out as planned; |
· | Lack of sufficient full-time accounting staff in our accounting department that have experience and knowledge in identifying and resolving complex accounting issues under U.S. Generally Accepted Accounting Principles (“GAAP”); and |
· | Lack of sufficient accounting personnel which would provide segregation of duties within our internal control procedures to support the accurate reporting of our financial results. |
· | Management will provide further necessary oversight on and training for accounting and finance personnel, so that they are well versed in SEC regulations. We expect to provide it to our staff throughout the year of 2024; |
· | Management will perform a thorough review of the processes and procedures used in the Company’s SEC reporting compliance. The review of the processes and procedures shall be carried out during the year of 2024. |
21 |
22 |
Exhibit number | Exhibit description | Incorporated by Reference (Form Type) | Filing Date | Filed herewith | ||||||||||||
101.INS* | Inline XBRL Instance Document | |||||||||||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |||||||||||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||||||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||||||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||||||||
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101 attachments) |
23 |
GoLogiq, Inc. | ||
By: | /s/ Granger Whitelaw | |
Granger Whitelaw | ||
Chief Executive Officer (Principal Executive Officer) | ||
By: | /s/ Stephen Jones | |
Stephen Jones Chief Financial Officer (Principal Financial Officer) |
24 |