UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On May 22, 2023, Logicquest Technology, Inc. (the “Company”) filed its Quarterly Report on Form 10-Q for the first quarter of 2023 (the “Form 10-Q”), which included financial statements summarizing operations for the stated period.
The Form 10-Q was filed without the knowledge of the Company’s independent auditor, MaloneBailey, LLP, and MaloneBailey, LLP did not perform a review on the Company’s unaudited interim financial information for the quarter ended March 31, 2023, which was included in the Form 10-Q.
On May 24, 2023, the Board of Directors and the management of the Company concluded that the Form 10-Q should no longer be relied upon due to the following errors (1) misstatement in recording the Company’s operating expenses which resulted in an understatement of general and administrative expenses of $28,558; (2) failure in appropriately valuing the stock-based compensation which resulted in an overstatement of general and administrative expenses of $27,952; and (3) failure to properly classify and present due to related party balance of $39,423.
The Board of Directors of the Company, through counsel and its outside accountant, communicated with MaloneBailey, LLP regarding the matters disclosed in this filing. The Company is preparing an amended Form 10-Q that will be filed as soon as practicable.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
None.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LOGICQUEST TECHNOLOGY, INC. | ||
/s/ Ben Errez | ||
By: | Ben Errez | |
Its: | Chief Executive Officer | |
Dated: May 31, 2023 |
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