Logiq (LGIQ) 10-Q 15 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 04, 2017
Share subscriptions received
Entity Registrant Name	Weyland Tech, Inc.
Entity Central Index Key	1,335,112
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		21,555,128
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,017

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current assets
Accounts Receivables	$ 0	$ 0
Cash and Bank	1,349,979	1,003,924
Temporary Payment and prepayments	2,656,418	828,411
Deferred tax assets	229,479	229,479
Deposit and other receivables	14,081	0
Total current assets	4,249,957	2,061,814
Non-Current Assets
Software development cost	1,241,705	1,329,564
Trademark	4,375	4,500
Total Non-Current Assets	1,246,080	1,334,064
Total assets	5,496,037	3,395,878
CURRENT LIABILITIES
Accounts Payables	701,006	652,330
Accrued expenses and other payable	421,184	191,537
Deposit received for share to be issued	363,755	0
Total current liabilities	1,485,945	843,867
Net Assets	4,010,092	2,552,011
STOCKHOLDERS' DEFICIT
Common stock, $0.0001 par value, 250,000,000 shares authorized, 20,778,128 shares as of March 31, 2017 and 20,778,128 shares as of December 31, 2016	2,078	2,078
Additional paid-in capital	39,448,945	39,448,945
Subscriptions received	0	0
Accumulated deficit	(35,440,931)	(36,899,012)
Total stockholders' funds	4,010,092	2,552,011
Total liabilities and stockholders' equity	$ 5,496,037	$ 3,395,878

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Common Stock
Common Stock Shares Authorized	250,000,000	250,000,000
Common Stock Shares Par Value	$ .0001	$ 0.0001
Common Stock Shares Issued	20,778,128	20,778,128
Common Stock Shares Outstanding	20,778,128	20,778,128

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Service Revenue	$ 2,837,246	$ 2,261,455
Cost of Service	1,040,048	634,331
Gross Profit	1,797,198	1,627,124
Other Income	0	0
Operating Expenses
General and administrative	251,133	173,809
Depreciation and amortization	87,983	83,333
Total Operating Expenses	339,116	257,142
Profit from Operations	1,458,082	1,369,982
Provision for income taxes	0	0
Net Income	$ 1,458,082	$ 1,369,982
Net Income per common share - basic and fully diluted:	$ .0702	$ .0890
Weighted average number of basic and fully diluted common shares outstanding	20,778,128	15,397,248

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operations:
Profit from continuing operations	$ 1,458,082	$ 1,369,982
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation expense/amortization development costs	87,983	83,333
Changes in operating assets and liabilities:
Account receivables	0	(9,000)
Deposits and other receivables	0	0
Prepayment	(1,842,089)	0
Account payable	48,675	(36,440)
Accruals and other payables	229,649	(32,961)
Net cash (used) provided in operations	(17,700)	1,392,914
Investment activities:
Investment in Joint Venture	0	(100,000)
Net cash provided by / (used in) investment activities	0	(100,000)
Financing activities:
Proceeds from stock issuance	363,755	254,430
Net cash provided by financing activities	363,755	254,430
Net increase in cash	346,055	1,547,344
Balances per prior period balance sheet	1,003,924	832,218
Ending balances	$ 1,349,979	$ 2,379,562