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Logicquest Technology Inc (LOGQ0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that Logicquest Technology Inc, now operating as Coyni, Inc., reported no revenue for the quarter. The company has ceased operations and is currently seeking investment opportunities.
Operating expenses for the nine months ended September 30, 2024, amounted to $90,301, showing a decrease from $325,984 in the same period of the previous year. This reduction is mainly due to a decrease in stock-based compensation expenses.
The company recorded a net loss of $90,301 for the nine months ended September 30, 2024, compared to a net loss of $325,984 for the same period in 2023.
As of September 30, 2024, Logicquest Technology Inc reported total current liabilities of $15,719 and a stockholders' deficit of $15,719.
The company has a negative working capital of $15,719 as of September 30, 2024, compared to a negative working capital of $156,837 as of December 31, 2023.
On August 14, 2024, the company's Board of Directors approved a Debt Forgiveness Agreement with a former shareholder, resulting in the waiver of all debt owed to the shareholder.
The company has identified material weaknesses in its internal control over financial reporting, primarily due to a lack of experience with U.S. GAAP requirements.
Logicquest Technology Inc is involved in ongoing legal proceedings, including a case involving its majority shareholder RYVYL, Inc. and a former Chief Operating Officer. A settlement agreement was reached on October 17, 2024.
The company remains a shell company with no ordinary business operations and is dependent on raising additional capital to continue as a going concern.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Logicquest Technology Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.