In This Story
Logiq Inc (LGIQ-50.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no service revenue compared to $3,265,674 in the same quarter of the previous year. The absence of revenue is attributed to the spin-off of the CreateApp and DataLogiq platforms.
Cost of service for the quarter was also zero, compared to $3,207,706 in the previous year, reflecting the spin-off.
The company reported a net loss of $197,349 for the quarter, compared to a loss of $3,934,443 in the previous year, with the reduction due to the spin-off of the platforms.
General and administrative expenses decreased to $197,349 from $3,256,702, primarily due to the spin-off.
For the nine months ended September 30, 2024, Logiq reported no service revenue compared to $11,663,762 in the previous year, again due to the spin-off.
Operating expenses for the nine months were $1,077,841, down from $20,689,252, reflecting the spin-off and restructuring.
Net cash used in operating activities was $1,238,155 for the nine months, compared to $18,931,230 in the previous year, with the reduction attributed to the spin-off.
Logiq completed the spin-off of its DataLogiq and CreateApp platforms, resulting in no direct equity ownership in these entities as of September 30, 2024.
The company continues to evaluate its capital needs and expects that current cash and operations will be sufficient to meet its obligations for the next 12 months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Logiq Inc quarterly 10-Q report dated January 15, 2025. To report an error, please email earnings@qz.com.