Spin-off - LOGIQ, INC.

Form Type: 10-Q

Filing Date: 2025-01-15

Corporate Action: Spin-off

Type: Update

Accession Number: 000157587225000062

Filing Summary: Logiq, Inc. provides its quarterly financial report for the period ending September 30, 2024. The company details its financial condition, noting total assets of approximately $593,201 and total liabilities of $908,110, which highlights a decrease in stockholders’ deficit. Service revenue is reported as nil compared to previous revenues, indicating a substantial operational loss and lack of revenue generation in the current quarter, resulting in a net loss of $197,349. The report references ongoing adjustments and amendments to the merger agreement with Abri, which includes provisions related to the distribution of shares to shareholders. It clarifies the completion of a spin-off with GoLogiq and a subsequent merger on November 2, 2023, impacting ownership structures and future earnings. The company continues to focus on expanding its digital marketing analytics services to smaller businesses, particularly through its brand DataLogiq, while navigating significant restructuring efforts and financial challenges. The document concludes with notes indicating that the company no longer has a direct equity ownership in its spun-off subsidiaries, reaffirming the company's strategic transition and operational shifts.