Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 19, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Entity Registrant Name | LOGIQ, INC. | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 279,447,540 | |
Amendment Flag | false | |
Entity Central Index Key | 0001335112 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Transition Report | false | |
Entity File Number | 000-51815 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-5057897 | |
Entity Address, Address Line One | 230 Victoria Street Bugis Junction | |
Entity Address, Address Line Two | #15-01/08 | |
Entity Address, City or Town | Singapore | |
Entity Address, Country | SG | |
Entity Address, Postal Zip Code | 188024 | |
City Area Code | 65 | |
Local Phone Number | 9366 2322 | |
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Prepayment, deposit and other receivables | $ 146,774 | $ 152,000 |
Amount due from related party | 449,421 | 482,420 |
Cash and cash equivalents | 9,587 | 16,858 |
Total current assets | 605,782 | 651,278 |
Total assets | 605,782 | 651,278 |
Current Liabilities | ||
Accounts payable | 741,342 | 991,958 |
Accruals | 47,000 | 50,000 |
Total current liabilities | 788,342 | 1,041,958 |
Non-Current Liabilities | ||
Other loan | 10,000 | 10,000 |
Total non-current liabilities | 10,000 | 10,000 |
Total liabilities | 798,342 | 1,051,958 |
STOCKHOLDERS' EQUITY | ||
Common stock, $0.0001 par value, 300,000,000 shares authorized, 277,947,540 and 143,855,621 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 27,795 | 14,386 |
Additional paid-in capital | 110,439,517 | 109,364,314 |
Capital reserves | 22,029,969 | 22,029,969 |
Accumulated deficit brought forward | (132,689,841) | (131,809,349) |
Total stockholder's (deficit) | (192,560) | (400,680) |
Total liabilities and stockholders' equity | $ 605,782 | $ 651,278 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 277,947,540 | 143,855,621 |
Common stock, shares outstanding | 277,947,540 | 143,855,621 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Service Revenue | $ 0 | $ 4,860,561 | $ 0 | $ 8,398,088 |
Cost of Service | 0 | 4,330,655 | 0 | 7,582,899 |
Gross Profit | 0 | 529,906 | 0 | 815,189 |
Operating Expenses | ||||
Depreciation and amortization | 0 | 420,644 | 0 | 840,013 |
General and administrative | 215,463 | 3,523,857 | 880,492 | 15,688,504 |
Sales and marketing | 0 | 104,715 | 0 | 214,715 |
Total Operating Expenses | 215,463 | 4,049,216 | 880,492 | 16,743,232 |
(Loss) from Operations | (215,463) | (3,519,310) | (880,492) | (15,928,043) |
Other (Expenses)/Income, net | 0 | (45,905) | 0 | (85,672) |
Net (Loss) before income tax | (215,463) | (3,565,215) | (880,492) | (16,013,715) |
Income tax (Corporate tax) | 0 | 0 | 0 | 0 |
Net (Loss) | $ (215,463) | $ (3,565,215) | $ (880,492) | $ (16,013,715) |
Earnings Per Share, Basic | $ (0.0015) | $ (0.0399) | $ (0.0056) | $ (0.205) |
Earnings Per Share, Diluted | $ (0.0015) | $ (0.0399) | $ (0.0056) | $ (0.205) |
Weighted Average Number of Shares Outstanding, Basic | 143,855,621 | 89,352,752 | 158,638,130 | 78,099,797 |
Weighted Average Number of Shares Outstanding, Diluted | 143,855,621 | 89,352,752 | 158,638,130 | 78,099,797 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (880,492) | $ (16,013,715) |
Adjustments to reconciled net loss to net cash used by operating activities: | ||
Depreciation of property, plant, and equipment | 0 | 22,010 |
Amortization of intangible assets | 0 | 818,003 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 0 | 812,171 |
Prepayments, deposit and other receivables | 5,226 | (60,654) |
Accounts payable | (250,618) | (1,928,659) |
Accruals | (3,000) | 84,859 |
Operating lease | 0 | 41,533 |
Net cash (used in) operating activities | (1,128,884) | (16,224,452) |
INVESTING ACTIVITIES: | ||
Amount due from related party | 33,000 | (483,921) |
Net cash provided by (used in) investing activities | 33,000 | (483,921) |
FINANCING ACTIVITIES: | ||
Proceeds from shares to be issued | 0 | (260,220) |
Proceeds from stock issuance, net of expenses | 1,088,613 | 16,985,589 |
Net cash provided by financing activities | 1,088,613 | 16,725,369 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (7,271) | 16,996 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 16,858 | 472,206 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 9,587 | 489,202 |
NON-CASH TRANSACTION | ||
Issuance of shares for services received | $ 954,596 | $ 12,539,023 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Additional paid-in capital [Member] | Subscriptions received/Capital reserves [Member] | Accumulated (deficit) [Member] |
Balance at Dec. 31, 2022 | $ 7,654,001 | $ 5,512 | $ 94,829,417 | $ 24,532,194 | $ (111,713,122) |
Balance (in Shares) at Dec. 31, 2022 | 55,118,520 | ||||
Issuance of Shares for proceeds | 14,156,150 | $ 1,928 | 11,064,408 | 3,089,814 | 0 |
Issuance of Shares for proceeds (in Shares) | 19,278,526 | ||||
Net loss for the period | (12,448,500) | $ 0 | 0 | 0 | (12,448,500) |
Balance at Mar. 31, 2023 | 9,361,651 | $ 7,440 | 105,893,825 | 27,622,008 | (124,161,622) |
Balance (in Shares) at Mar. 31, 2023 | 74,397,046 | ||||
Issuance of Shares for proceeds | 2,829,439 | $ 2,145 | 2,310,606 | 516,688 | 0 |
Issuance of Shares for proceeds (in Shares) | 21,451,168 | ||||
Net loss for the period | (3,565,215) | $ 0 | 0 | 0 | (3,565,215) |
Balance at Jun. 30, 2023 | 8,625,875 | $ 9,585 | 108,204,431 | 28,138,696 | (127,726,837) |
Balance (in Shares) at Jun. 30, 2023 | 95,848,214 | ||||
Balance at Dec. 31, 2023 | (400,680) | $ 14,386 | 109,364,314 | 22,029,969 | (131,809,349) |
Balance (in Shares) at Dec. 31, 2023 | 143,855,621 | ||||
Issuance of Shares for proceeds | 506,557 | $ 1,993 | 504,564 | 0 | 0 |
Issuance of Shares for proceeds (in Shares) | 19,931,130 | ||||
Net loss for the period | (665,029) | $ 0 | 0 | 0 | (665,029) |
Balance at Mar. 31, 2024 | (559,152) | $ 16,379 | 109,868,878 | 22,029,969 | (132,474,378) |
Balance (in Shares) at Mar. 31, 2024 | 163,786,751 | ||||
Issuance of Shares for proceeds | 582,055 | $ 11,416 | 570,639 | 0 | 0 |
Issuance of Shares for proceeds (in Shares) | 114,160,789 | ||||
Net loss for the period | (215,463) | $ 0 | 0 | 0 | (215,463) |
Balance at Jun. 30, 2024 | $ (192,560) | $ 27,795 | $ 110,439,517 | $ 22,029,969 | $ (132,689,841) |
Balance (in Shares) at Jun. 30, 2024 | 277,947,540 |
Organization and Business Descr
Organization and Business Description | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BUSINESS DESCRIPTION | NOTE 1 – ORGANIZATION AND BUSINESS DESCRIPTION Corporate Information Logiq, Inc., is a Delaware corporation that was incorporated in 2004. Logiq is headquartered in New York, with offices in New York City. The Company’s common stock is quoted on the OTC Markets under the symbol “LGIQ ” . Business Overview Until November 2, 2023 the Company offered solutions that help small-to-medium-sized businesses (“SMBs”) to provide access to and reduce transaction friction of ecommerce for their clients. The Company’s solutions are provided through “DataLogiq” business, a digital marketing analytics business unit that offers proprietary data management, audience targeting and other digital marketing services that improve an SMB’s discovery and branding within the vast ecommerce landscape. The Company, through its DataLogiq platform offers online marketing solutions on a performance marketing and self-serve, Software as a Service (“SaaS”) basis. The Company provides its digital marketing to SMBs in a wide variety of industry sectors. The Company believe s its its The Company continues to expand its portfolio of offerings and the industries they serve: In January 2020, the Company completed the acquisition of substantially all of the assets of Push Holdings, Inc., headquartered in Minneapolis, Minnesota. This acquired business, which the Company has rebranded as its DataLogiq division, operates a consumer data management platform powered by lead generation, online marketing, and multichannel reengagement strategies through its owned and operated brands. DataLogiq has developed a proprietary data management platform and integrated with several third-party service providers to optimize the return on its marketing efforts. DataLogiq focuses on consumer engagement and enrichment to maximize its return on acquisition through repeat monetization of each consumer. DataLogiq also licenses its software technology and provides managed technology services to various other e-commerce companies. DataLogiq is located in Minneapolis, Minnesota, USA. On November 2, 2020, the Company completed the acquisition of Fixel AI Inc., further expanding its DataLogiq product suite with its self-serve MarTech Audience Targeting platform. On March 29, 2021, the Company completed the acquisition of Rebel AI, Inc., further expanding its DataLogiq product suite with its “The Rebel AI” advertising platform. On December 15, 2021, the Company entered into various agreements with GoLogiq, Inc. (then known as Lovarra), a Nevada corporation (“GoLogiq”) and a public reporting company that, at the time, was a majority owned subsidiary of the Company, pursuant to which the Company agreed to transfer its AppLogiq business to GoLogiq, subject to customary conditions and approvals and completion of requisite financial statement audits (the “Separation”). GoLogiq is a fully reporting U.S. public company. In connection with the Separation, the Company announced that it intended to distribute, on a pro rata basis, 100% of the Company’s ownership interests in GoLogiq to the Company’s shareholders of record as of December 30, 2021 (the “Record Date”) (the “Distribution,” and collectively with the “Separation,” the “Spin Off”), which Distribution of said shares was expected to occur approximately six months from completion of the Separation (the “Distribution Date”), subject to customary conditions and approvals. On January 27, 2022, the Company completed the transfer of its AppLogiq business to GoLogiq. In connection with the completion of the transfer of AppLogiq to GoLogiq, GoLogiq issued 26,350,756 shares of its common stock to the Company (the “GoLogiq Shares”). The Company held the GoLogiq Shares until it distributed 100% of the GoLogiq Shares to the Company’s stockholders of record as of December 30, 2021 on a 1-for-1 basis (i.e. for every 1 share of Logiq held on December 30, 2021, the holder thereof will receive 1 share of Lovarra) upon completion of the Distribution. On July 27, 2022, the Company completed the Distribution and Spin Off. As a result, the Company no longer has a direct equity ownership of GoLogiq. As of June 30, 2024, the Company controlled, through one of its subsidiaries, approximately 7.6% of the GoLogiq’s issued and outstanding shares of common stock. DataLogiq Spin-off On September 9, 2022, the Company and the Company’s wholly-owned subsidiary, DLQ, Inc., a Nevada corporation (“DLQ”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Abri SPAC I, Inc., a Delaware corporation, (“Abri”), and Abri Merger Sub (“Merger Sub”) wherein Merger Sub will merge with and into DLQ with DLQ being the surviving company (“Surviving Company”), and a wholly owned subsidiary of Abri. The Merger is expected to close after obtaining the required approval by the stockholders of Abri and the Company, and upon the satisfaction of certain other customary closing conditions (“Closing”). At Closing Abri will deliver to the Company $114 million worth of shares Abri common stock, par value $0.0001, at $10.00 per share (the “Merger Consideration Shares”). Also at Closing, the Company will issue a dividend to its shareholders on a pro-rata basis equal to 25% of the aggregate Merger Consideration Shares (the “Dividend Shares”), payable to the Company shareholders of record as of a record date to be set shortly before Closing. More information relating to the Merger Agreement, the dividend and the various agreements associated with the Merger Agreement can be found in the Form 8-K filed by the Company on September 12, 2022. On May 1, 2023, the Company and DLQ into an amendment to the Merger Agreement (the “First Amendment”) with the other parties thereto, to remove the requirement that Abri have at least $5,000,001 of net tangible assets either immediately prior to or upon consummation of the Merger. On June 8, 2023, the Company and DLQ entered into a second amendment to the Merger Agreement (the “Second Amendment”) with the other parties thereto, to (i) amend the exchange on which its securities can be listed in connection with the Business Combination to include being listed on Nasdaq Global Market, and (ii) waive any default of Section 9.1(i) of the Merger Agreement for having received a notice from Nasdaq for non-compliance. On July 20, 2023, the Company, DLQ, Abri and Merger Sub entered into the Third Amendment to the Merger Agreement (the “Third Amendment”) to (i) remove provisions related to the transfer of certain intellectual property assets of Fixel AI, Inc. (“Fixel”) and Rebel AI, Inc. (“Rebel”), (ii) change the name of the Surviving Corporation to “Collective Audience, Inc.”, and (iii) increase the size of the senior financing facility from $25 Million to $30 Million. On August 28, 2023, the Company, DLQ, Abri and Merger Sub entered into the Fourth Amendment to the Merger Agreement (the “Fourth Amendment”) to (i) increase the number of shares being distributed to public stockholders of the Company from approximately 25% to approximately 33% of the aggregate Merger Consideration, (ii) require DLQ to distribute 14% of the Merger Consideration Shares to certain investors in DLQ, and (iii) reduce the number of Merger Consideration Shares subject to Lock-Up Agreements, effective as of Closing, from 75% to 53%. On November 2, 2023, the Merger was completed and the Merger Agreement was successfully Closed. In connection to with the completion of the Merger, the Combined Company issued 3,762,000 of the Combined Company shares to the Company. At December 31, 2023, the Company completed the Distribution and Spin Off. As a result, the Company no longer has a direct equity ownership of DLQ, Inc. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The financial statements have been prepared on a historical cost basis to reflect the financial position and results of operations of the Company in accordance with the accounting principles generally accepted in the United States of America (“US GAAP”). PRINCIPLES OF CONSOLIDATION The Consolidated results include Logiq, Inc. (a Delaware Corporation) and its subsidiaries. On July 27, 2022, the Company completed the Distribution and Spin Off. As a result, the Company no longer has a direct equity ownership of GoLogiq. On the year ended December 31, 2023, the Company completed the Distribution and Spin Off. As a result, the Company no longer has a direct equity ownership of DLQ, Inc. USE OF ESTIMATES The preparation of the Company’s financial statements in conformity with generally accepted accounting principles of the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Actual results could differ from those estimates. BUSINESS COMBINATIONS The Company accounts for acquisitions of entities that include inputs and processes and have the ability to create outputs as business combinations. The Company allocates the purchase price of the acquisition to the tangible assets, liabilities and identifiable intangible assets acquired based on their estimated fair values. The excess of the purchase price over those fair values is recorded as goodwill. Acquisition related expenses and integration costs are expensed as incurred. CERTAIN RISKS AND UNCERTAINTIES The Company relies on cloud-based hosting through a global accredited hosting provider. While management believes that alternate sources are available, disruption or termination of this current relationship could adversely affect its operating results in the near-term. SEGMENT REPORTING Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by our chief operating decision maker, or decision- making group, in deciding how to allocate resources and in assessing performance. DATALogiq is a business segment created in January 2020 from our acquisition of Push Holdings Inc, comprising a consumer data management platform powered by lead generation, online marketing, and multichannel reengagement strategies through its owned and operated brands by Push Holdings Inc. and Fixel AI Inc. DataLogiq has developed a proprietary data management platform and integrates with several third-party service providers to optimize the return on its marketing efforts. DataLogiq focuses on consumer engagement and data enrichment to maximize its return on acquisition through repeat monetization of each consumer. We identify our reportable segments as those customer groups that represent more than 10% of our combined revenue or gross profit or loss of all reported operating segments. We manage our business on the basis of the two reportable segment e-commerce solutions and service provider. The accounting policies for segment reporting are the same as for the Company as a whole. We do not segregate assets by segments since our chief operating decision maker, or decision-making group, does not use assets as a basis to evaluate a segment’s performance. GOODWILL AND INTANGIBLE ASSETS, NET Goodwill is recorded as the difference between the aggregate consideration in a business combination and the fair value of the acquired net tangible and intangible assets acquired. The Company evaluates goodwill for impairment on an annual basis in the fourth quarter or more frequently if indicators of impairment exist that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Based on that qualitative assessment, if it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company conducts a quantitative goodwill impairment test, which involves comparing the estimated fair value of the reporting unit with its carrying value, including goodwill. The Company estimates the fair value of a reporting unit using a combination of the income and market approach. If the carrying value of the reporting unit exceeds its estimated fair value, an impairment loss is recorded for the difference. The Company performed its qualitative assessment and determined that no impairment indicators were present during the six months ended June 30, 2024 and 2023. The Company’s intangible assets consist of software technology, which is amortized using the straight-line method over five years. Amortization expense for the six months ended June 30, 2024 and 2023 amounted to $nil and $840,013, respectively, which was included in the amortization of intangible assets expense of the accompanying consolidated statements of operations. IMPAIRMENT OF LONG-LIVED ASSETS The Company classifies its long-life assets into: (i) computer and office equipment; (ii) furniture and fixtures, (iii) leasehold improvements, and (iv) finite – life intangible assets. Long-life assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be fully recoverable. It is possible that these assets could become impaired as a result of technology, economy or other industry changes. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-life asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, relief from royalty income approach, quoted market values and third-party independent appraisals, as considered necessary. The Company makes various assumptions and estimates regarding estimated future cash flows and other factors in determining the fair values of the respective assets. The assumptions and estimates used to determine future values and remaining useful lives of long-lived assets are complex and subjective. They can be affected by various factors, including external factors such as industry and economic trends, and internal factors such as the Company’s business strategy and its forecasts for specific market expansion. GROUP ACCOUNTING Subsidiaries are entities (including special purpose entities) over which the Group has power to govern the financial and operating policies, generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. The purchase method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued or liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values on the date of acquisition, irrespective of the extent of any minority interest. Subsidiaries are consolidated from the date on which control is transferred to the Group to the date on which that control ceases. In preparing the consolidated financial statements, intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Where necessary, adjustments are made to the financial statements of subsidiaries to ensure consistency of accounting policies with those of the Group. Minority interest is that part of the net results of operations and of net assets of a subsidiary attributable to interests which are not owned directly or indirectly by the Group. It is measured at the minorities’ share of the fair value of the subsidiaries’ identifiable assets and liabilities at the date of acquisition by the Group and the minorities’ share of changes in equity since the date of acquisition, except when the losses applicable to the minority in a subsidiary exceed the minority interest in the equity of that subsidiary. In such cases, the excess and further losses applicable to the minority are attributed to the equity holders of the Company, unless the minority has a binding obligation to, and is able to, make good the losses. When that subsidiary subsequently reports profits, the profits applicable to the minority are attributed to the equity holders of the Company until the minority’s share of losses previously absorbed by the equity holders of the Company has been recovered. SUBSIDIARIES When subsidiaries are excluded from consolidation on the basis that their inclusion involving expense and delay out of proportion to the value to members of the Company, investments in subsidiaries are stated at cost less accumulated impairment losses in the Company’s balance sheet. On disposal of investments in subsidiaries, the difference between net disposal proceeds and the carrying amount of the investment is taken to the income statement. ASSOCIATES Associates are all entities over which the group has significant influence but not control or joint control, generally accompanying a shareholding interest of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognized at cost. The group’s investment in associates includes goodwill identified on acquisition. The group’s share of its associates’ post-acquisition profits or losses is recognized in profit or loss, and its share of post-acquisition other comprehensive income is recognized in other comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. Dividends receivable from associates are recognized as a reduction in the carrying amount of the investment. Where the group’s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured long-term receivables, the group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the associate. Unrealized gains on transactions between the group and its associates are eliminated to the extent of the group’s interest in the associates. Unrealized losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed, where necessary, to ensure consistency with the policies adopted by the group. FINANCIAL ASSETS Financial assets at fair value through profit or loss are stated at fair value, with any resultant gain or loss recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any dividend or interest earned on the financial asset and is included in ‘other gains and losses’ line in the statement of profit or loss and other comprehensive income. The Company measures certain financial assets at fair value on a recurring basis, including the available-for-sale debt securities. Fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. The Company uses a three-level hierarchy established by the Financial Accounting Standards Board (FASB) that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach). The levels of the fair value hierarchy are described below: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs with little or no market data available, which require the reporting entity to develop its own assumptions. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Financial assets and liabilities are classified in their entirety based on the most conservative level of input that is significant to the fair value measurement. LEASE The Company adopted ASU 2016-02, Leases (Topic 842), on January 8, 2020, using a modified retrospective approach reflecting the application of the standard to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements. The Company leases its offices which are classified as operating leases in accordance with Topic 842. Under Topic 842, lessees are required to recognize the following for all leases (with the exception of short-term leases) on the commencement date: (i) lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. At the commencement date, the Company recognizes the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment. No impairment for right-of-use lease assets as of June 30, 2024. AVAILABLE-FOR-SALE INVESTMENTS Certain shares and debt securities held by the group are classified as being available for sale and are stated at fair value. Fair value is determined in the manner described in Note 4. Gains and losses arising from changes in fair value, impairment losses, interest calculated using the effective interest method and foreign exchange gains and losses on monetary assets are recognized directly in profit or loss. Dividends on available-for-sale equity instruments are recognized in profit or loss when the Company’s right to receive payments is established. The fair value of available-for-sale monetary assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at end of the reporting period. The change in fair value attributable to translation differences that result from a change in amortised cost of the available-for-sale monetary asset is recognized in profit or loss, and other changes are recognised in other comprehensive income. ACCOUNTS RECEIVABLE AND CONCENTRATION OF RISK Accounts receivable consists of trade receivables from customers. The Company records accounts receivable at its net realizable value, recognizing an allowance for doubtful accounts based on our best estimate of probable credit losses on our existing accounts receivable. Balances are written off against the allowance after all means of collection have been exhausted and the possibility of recovery is considered remote. CASH AND CASH EQUIVALENTS Cash and cash equivalents represent cash on hand, demand deposits, and other short-term highly liquid investments placed with banks, which have original maturities of twelve months or less and are readily convertible to known amounts of cash. EARNINGS PER SHARE Basic (loss) earnings per share is based on the weighted average number of common shares outstanding during the period while the effects of potential common shares outstanding during the period are included in diluted earnings per share. FASB Accounting Standard Codification Topic 260 (“ASC 260”), “Earnings Per Share,” requires that employee equity share options, non-vested shares and similar equity instruments granted to employees be treated as potential common shares in computing diluted earnings per share. Diluted earnings per share should be based on the actual number of options or shares granted and not yet forfeited, unless doing so would be anti-dilutive. The Company uses the “treasury stock” method for equity instruments granted in share-based payment transactions provided in ASC 260 to determine diluted earnings per share. Antidilutive securities represent potentially dilutive securities which are excluded from the computation of diluted earnings or loss per share as their impact was antidilutive. REVENUE RECOGNITION The Company’s Platform as a Service (“PaaS”) provides the infrastructure allowing users to develop their own applications and IT services, which users can access anywhere via a web or desktop browser. The Company recognizes revenue on a pay-to-use subscription basis when our customers use our platform. For the territories licensed to our distributors and on a white label basis, we derive royalty income from the end user use of our platform on a white label basis. The Company maintains the PaaS software platform at its own cost. Any enhancements and minor customization for our resellers/distributors are not separately billed. Major new proprietary features are billed to the customer separately as development income while re-usable features are added to the features available to all customers on subsequent releases of our platform. COST OF REVENUE The Company cost of revenue comprises fees from third party cloud-based hosting services and media costs. INCOME TAXES The Company uses the asset and liability method of accounting for income taxes in accordance with Accounting Standards Codification (“ASC”) 740, “Income Taxes” (“ASC 740”). Under this method, income tax expense is recognized as the amount of: (i) taxes payable or refundable for the current year and (ii) future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of available evidence it is more likely than not that some portion or all of the deferred tax assets will not be realized. STOCK BASED COMPENSATION We value stock compensation based on the fair value recognition provisions ASC 718 , Compensation – Stock Compensation, which establishes accounting for stock-based awards exchanged for employee services and requires companies to expense the estimated grant date fair value of stock awards over the requisite employee service period. We do not ascertain the fair value of restricted stock awards using the Black-Scholes-Merton option pricing model. See Note 5, Stockholders’ Equity, for further details on our stock awards. RECENT ACCOUNTING PRONOUNCEMENTS On October 2, 2017, the FASB has issued Accounting Standards Update (ASU) No. 2017-13, “Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments.” The ASU adds SEC paragraphs to the new revenue and leases sections of the Codification on the announcement the SEC Observer made at the 20 July 2017 Emerging Issues Task Force (EITF) meeting. The SEC Observer said that the SEC staff would not object if entities that are considered public business entities only because their financial statements or financial information is required to be included in another entity’s SEC filing use the effective dates for private companies when they adopt ASC 606, Revenue from Contracts with Customers, and ASC 842, Leases. This would include entities whose financial statements are included in another entity’s SEC filing because they are significant acquirees under Rule 3-05 of Regulation S-X, significant equity method investees under Rule 3-09 of Regulation S-X and equity method investees whose summarized financial information is included in a registrant’s financial statement notes under Rule 4-08(g) of Regulation S-X. The ASU also supersedes certain SEC paragraphs in the Codification related to previous SEC staff announcements and moves other paragraphs, upon adoption of ASC 606 or ASC 842. The Company does not expect that the adoption of this guidance will have a material impact on its condensed consolidated financial statements. On November 22, 2017, the FASB ASU No. 2017-14, “Income Statement-Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606): Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 116 and SEC Release 33-10403.” The ASU amends various paragraphs in ASC 220, Income Statement - Reporting Comprehensive Income; ASC 605, Revenue Recognition; and ASC 606, Revenue From Contracts With Customers, that contain SEC guidance. The amendments include superseding ASC 605-10-S25-1 (SAB Topic 13) as a result of SEC Staff Accounting Bulletin No. 116 and adding ASC 606-10-S25-1 as a result of SEC Release No. 33-10403. The Company does not expect that the adoption of this guidance will have a material impact on its condensed consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-02, “Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income.” The ASU amends ASC 220, Income Statement - Reporting Comprehensive Income, to “allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act.” In addition, under the ASU, an entity will be required to provide certain disclosures regarding stranded tax effects. The ASU is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company does not expect that the adoption of this guidance will have a material impact on its condensed consolidated financial statements. In March 2018, the FASB issued ASU 2018-05 - Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (“ASU 2018-05”), which amends the FASB Accounting Standards Codification and XBRL Taxonomy based on the Tax Cuts and Jobs Act (the “Act”) that was signed into law on December 22, 2017 and Staff Accounting Bulletin No. 118 (“SAB 118”) that was released by the Securities and Exchange Commission. The Act changes numerous provisions that impact U.S. corporate tax rates, business-related exclusions, and deductions and credits and may additionally have international tax consequences for many companies that operate internationally. The Company does not believe this guidance will have a material impact on its condensed consolidated financial statements. In July 2018, the FASB issued ASU 2018-10, “Codification Improvements to Topic 842, Leases.” The ASU addresses 16 separate issues which include, for example, a correction to a cross reference regarding residual value guarantees, a clarification regarding rates implicit in lease contracts, and a consolidation of the requirements about lease classification reassessments. The guidance also addresses lessor reassessments of lease terms and purchase options, variable lease payments that depend on an index or a rate, investment tax credits, lease terms and purchase options, transition guidance for amounts previously recognized in business combinations, and certain transition adjustments, among others. For entities that early adopted Topic 842, the amendments are effective upon issuance of this Update, and the transition requirements are the same as those in Topic 842. For entities that have not adopted Topic 842, the effective date and transition requirements will be the same as the effective date and transition requirements in Topic 842. The Company does not believe this guidance will have a material impact on its condensed consolidated financial statements. In July 2018, the FASB issued ASU 2018-11 - Leases (Topic 842): Targeted Improvements. The ASU simplifies transition requirements and, for lessors, provides a practical expedient for the separation of non-lease components from lease components. Specifically, the ASU provides: (1) an optional transition method that entities can use when adopting ASC 842 and (2) a practical expedient that permits lessors to not separate non-lease components from the associated lease component if certain conditions are met. For entities that have not adopted Topic 842 before the issuance of this Update, the effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Update 2016-02. For entities that have adopted Topic 842 before the issuance of this Update, the transition and effective date of the amendments in this Update are as follows: 1) The practical expedient may be elected either in the first reporting period following the issuance of this Update or at the original effective date of Topic 842 for that entity. 2) The practical expedient may be applied either retrospectively or prospectively. All entities, including early adopters, that elect the practical expedient related to separating components of a contract in this Update must apply the expedient, by class of underlying asset, to all existing lease transactions that qualify for the expedient at the date elected. The Company does not believe this guidance will have a material impact on its condensed consolidated financial statements. In November 2023, the Financial Accounting Standards Board (the “FASB”) FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” These amendments require a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reporting segment are required to provide both the new disclosures and all of the existing disclosures required under ASC 280. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Since this new ASU addresses only disclosures, the Company does not expect the adoption of this ASU to have any material effects on its financial condition, results of operations or cash flows. The Company is currently evaluating any new disclosures that may be required upon adoption of ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in ASU 2023 – 09 are effective for the Company on December 15, 2024, with early adoption permitted. Since this new ASU addresses only disclosures, the Company does not expect the adoption to have any material effects on its financial condition, results of operation or cash flows. The Company is currently evaluating any new disclosures that may be required upon adoption of ASU 2023–09. The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial condition, or cash flows, based on current information. |
Prepayments, Deposit and Other
Prepayments, Deposit and Other Receivables | 6 Months Ended |
Jun. 30, 2024 | |
Prepayments Deposits And Other Receivables [Abstract] | |
PREPAYMENTS, DEPOSIT AND OTHER RECEIVABLES | NOTE 2 – PREPAYMENTS, DEPOSIT AND OTHER RECEIVABLES Prepayments, deposits and other receivables consist of the following: As of June 30, As of December 31, 2024 2023 Prepayments $ 146,774 $ 152,000 $ 146,774 $ 152,000 |
Amount Due from Related Party
Amount Due from Related Party | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
AMOUNT DUE FROM RELATED PARTY | NOTE 3 – AMOUNT DUE FROM RELATED PARTY Amount due from related party consist of the following: As of June 30, As of December 31, 2024 2023 Amount due from related party $ 449,421 $ 482,420 $ 449,421 $ 482,420 The amount due from related party pertains to expenses paid on behalf of GoLogiq Inc. This amount is interest-free, unsecured and does not have fixed repayment terms. |
Accruals
Accruals | 6 Months Ended |
Jun. 30, 2024 | |
Accrued Liabilities, Current [Abstract] | |
ACCRUALS | NOTE 4 – ACCRUALS Accruals and other payable consist of the following: As of June 30, As of December 31, 2024 2023 Accruals $ 47,000 $ 50,000 $ 47,000 $ 50,000 |
Income Tax
Income Tax | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | NOTE 5 – INCOME TAX The United States of America Logiq, Inc. is incorporated in the State of Delaware in the U.S., and is subject to a gradual U.S. federal corporate income tax of 21%. The Company generated no taxable income for the six months ended June 30, 2024 and 2023, which, had the Company generated any taxable income, would have been subject to U.S. federal corporate income tax rate of 21% and 34%, respectively. As of June 30, 2024 As of December 31, 2023 U.S. statutory tax rate 21.00 % 21.00 % Effective tax rate 21.00 % 21.00 % As of June 30, 2024, the Company does not have any deferred tax assets. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 6– STOCKHOLDERS’ EQUITY Common Stock On February 25, 2020, the Company filed a certificate of amendment (the “Certificate of Amendment”) to the Company’s Certificate of Incorporation, as amended, with the Secretary of State of the State of Delaware, to effect a reverse stock split of the Company’s common stock, $0.0001 par value per share (“Common Stock”), at a rate of approximately 1-for-13 (the “Reverse Stock Split”). Upon the filing of the Certificate of Amendment, and the resulting effectiveness of the Reverse Stock Split, every 13 outstanding shares of the Company’s Common Stock were, without any further action by the Company, or any holder thereof, combined into and automatically became 1 share of the Company’s Common Stock. No fractional shares were issued as a result of the Reverse Stock Split. In lieu thereof, fractional shares were cancelled, and stockholders received a cash payment in an amount equal to the fair market value of such fractional shares on the effective date. All shares of Common Stock eliminated as a result of the Reverse Stock Split have been returned to the Company’s authorized and unissued capital stock, and the Company’s capital was reduced by an amount equal to the par value of the shares of Common Stock so retired. The Reverse Stock Split did not change the Company’s current authorized number of shares of Common Stock or its par value. As such, the Company is authorized to issue up to 300,000,000 shares of Common Stock, par value $0.0001. Issuance of Common Stock During the three months ended March 31, 2024, a total of 19,931,130 shares with par value of $0.0001 per share were issued to various stockholders. During the three months ended June 30, 2024, a total of 114,160,789 shares with par value of $0.0001 per share were issued to various stockholders. Cancellation of Common Stock During the three months ended March 31, 2024 no shares were cancelled. During the three months ended June 30, 2024 no shares were cancelled. Stock-Based Compensation For the three months ended March 31, 2024 for Logiq, Inc., a total of 9,931,130 shares of common stock were issued for stock-based compensation to consultants. For the three months ended June 30, 2024 for Logiq, Inc., a total of 9,160,789 shares of common stock were issued for stock-based compensation to consultants. |
(Loss) Per Share
(Loss) Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
(LOSS) PER SHARE | NOTE 7 – (LOSS) PER SHARE The following table sets forth the computation of basic and diluted earnings per common share for the six months ended June 30, 2024 and 2023, respectively: For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Numerator - basic and diluted Net (Loss) (215,463 ) (3,565,215 ) (880,492 ) (16,013,715 ) Denominator Weighted average number of common shares outstanding - basic and diluted 143,855,621 89,352,752 158,638,130 78,099,797 (Loss) per common share - basic and diluted (0.0015 ) (0.0399 ) (0.0056 ) (0.2050 ) Legal proceedings From time to time, the Company may become involved in litigation. Management is not currently aware of any litigation matters or other contingencies that could have a material adverse effect on the financial position, results of operations, or cash flows of the Company. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | NOTE 8 – SEGMENT INFORMATION The Group has determined that it operates in two operating and reportable business segments: AppLogiq and DataLogiq. The Company determined its reportable segments based on operating and financial reports regularly reviewed by the Company’s Chief Operating Decision Maker (“CODM”), which is the Company’s Chief Executive Officer (“CEO”). The AppLogiq reportable segment is comprised of the accounts of CreateApp and Corporate activities. The DataLogiq reportable segment is comprised of the subsidiaries of DLQ, Inc. (formerly Logiq, Inc. (a Nevada corporation)), Fixel AI, Inc. and Rebel AI Inc. The following table presents the segment information for the six months ended June 30, 2024 and 2023: For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Logiq (Delaware) prior to Spin off CreateApp Segment operating income $ - $ - $ - $ - Other corporate expenses, net 215,463 2,534,824 880,492 13,424,199 Total operating (loss) income (215,463 ) (2,534,824 ) (880,492 ) (13,424,199 ) Gologiq incl CreateApp post Spin off Segment operating income $ - $ - $ - $ - Other corporate expenses, net - - - - Total operating (loss) - - - - DLQ incl DATALogiq post Spin off Segment operating income $ - $ 4,860,561 $ - $ 8,398,088 Other corporate expenses, net - 5,890,952 - 10,987,604 Total operating (loss) - (1,030,391 ) - (2,589,516 ) Consolidated Segment operating income $ - $ 4,860,561 $ - $ 8,398,088 Other corporate expenses, net 215,463 8,425,776 880,492 24,411,803 Total operating (loss) (215,463 ) (3,565,215 ) (880,492 ) (16,013,715 ) Significant Customers No revenues from any single customer exceeded 10% of total net revenues for the six months ended June 30, 2024 and 2023. |
Geographical Information
Geographical Information | 6 Months Ended |
Jun. 30, 2024 | |
Geographic Information [Abstract] | |
GEOGRAPHICAL INFORMATION | NOTE 9 – GEOGRAPHICAL INFORMATION Revenue by geographical region for the six months ended June 30, 2024 and 2023 were as follows: For the three months ended June 30, For the three months ended June 30, 2024 % 2023 % Southeast Asia $ - - 2,430,281 50.0 EU - - 1,215,140 25.0 South Korea - - 729,084 15.0 Africa - - 486,056 10.0 North America - - - - Total revenue $ - - $ 4,860,561 100.0 For the six months ended June 30, For the six months ended June 30, 2024 % 2023 % Southeast Asia $ - - 4,199,044 50.0 EU - - 2,099,522 25.0 South Korea - - 1,259,713 15.0 Africa - - 839,809 10.0 North America - - - - Total revenue $ - - $ 8,398,088 100.0 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS Logiq, Inc. Signs Letter of Intent to acquire Privately Held Biotech Company MedLab Essentials, LLC in $100MM Valuation Deal On May 21, 2024 — Logiq, Inc. (OTC Markets: LGIQ) (“Logiq” or “the Company”), a pioneering force in digital consumer acquisition solutions, today revealed the signing of a binding letter of intent (LOI) to acquire MedLab Essentials, LLC (“MedLab”), www.cgtmed.com a trailblazer in cell and gene therapy innovation, in which Logiq will acquire MedLab in a share exchange of newly issued shares of LGIQ shared for 100%of of the shareholder interests of MedLab. MedLab will become wholly owned subsidiary of the Company and is expected to place executives in senior management positions. This acquisition, valued at an estimated $100 million, marks a significant milestone for Logiq as it diversifies into the burgeoning biotech sector. The acquisition is expected to close no later than October 31, 2024. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The financial statements have been prepared on a historical cost basis to reflect the financial position and results of operations of the Company in accordance with the accounting principles generally accepted in the United States of America (“US GAAP”). |
PRINCIPLES OF CONSOLIDATION | PRINCIPLES OF CONSOLIDATION The Consolidated results include Logiq, Inc. (a Delaware Corporation) and its subsidiaries. On July 27, 2022, the Company completed the Distribution and Spin Off. As a result, the Company no longer has a direct equity ownership of GoLogiq. On the year ended December 31, 2023, the Company completed the Distribution and Spin Off. As a result, the Company no longer has a direct equity ownership of DLQ, Inc. |
USE OF ESTIMATES | USE OF ESTIMATES The preparation of the Company’s financial statements in conformity with generally accepted accounting principles of the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Actual results could differ from those estimates. |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS The Company accounts for acquisitions of entities that include inputs and processes and have the ability to create outputs as business combinations. The Company allocates the purchase price of the acquisition to the tangible assets, liabilities and identifiable intangible assets acquired based on their estimated fair values. The excess of the purchase price over those fair values is recorded as goodwill. Acquisition related expenses and integration costs are expensed as incurred. |
CERTAIN RISKS AND UNCERTAINTIES | CERTAIN RISKS AND UNCERTAINTIES The Company relies on cloud-based hosting through a global accredited hosting provider. While management believes that alternate sources are available, disruption or termination of this current relationship could adversely affect its operating results in the near-term. |
SEGMENT REPORTING | SEGMENT REPORTING Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by our chief operating decision maker, or decision- making group, in deciding how to allocate resources and in assessing performance. DATALogiq is a business segment created in January 2020 from our acquisition of Push Holdings Inc, comprising a consumer data management platform powered by lead generation, online marketing, and multichannel reengagement strategies through its owned and operated brands by Push Holdings Inc. and Fixel AI Inc. DataLogiq has developed a proprietary data management platform and integrates with several third-party service providers to optimize the return on its marketing efforts. DataLogiq focuses on consumer engagement and data enrichment to maximize its return on acquisition through repeat monetization of each consumer. We identify our reportable segments as those customer groups that represent more than 10% of our combined revenue or gross profit or loss of all reported operating segments. We manage our business on the basis of the two reportable segment e-commerce solutions and service provider. The accounting policies for segment reporting are the same as for the Company as a whole. We do not segregate assets by segments since our chief operating decision maker, or decision-making group, does not use assets as a basis to evaluate a segment’s performance. |
GOODWILL AND INTANGIBLE ASSETS, NET | GOODWILL AND INTANGIBLE ASSETS, NET Goodwill is recorded as the difference between the aggregate consideration in a business combination and the fair value of the acquired net tangible and intangible assets acquired. The Company evaluates goodwill for impairment on an annual basis in the fourth quarter or more frequently if indicators of impairment exist that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Based on that qualitative assessment, if it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company conducts a quantitative goodwill impairment test, which involves comparing the estimated fair value of the reporting unit with its carrying value, including goodwill. The Company estimates the fair value of a reporting unit using a combination of the income and market approach. If the carrying value of the reporting unit exceeds its estimated fair value, an impairment loss is recorded for the difference. The Company performed its qualitative assessment and determined that no impairment indicators were present during the six months ended June 30, 2024 and 2023. The Company’s intangible assets consist of software technology, which is amortized using the straight-line method over five years. Amortization expense for the six months ended June 30, 2024 and 2023 amounted to $nil and $840,013, respectively, which was included in the amortization of intangible assets expense of the accompanying consolidated statements of operations. |
IMPAIRMENT OF LONG-LIVED ASSETS | IMPAIRMENT OF LONG-LIVED ASSETS The Company classifies its long-life assets into: (i) computer and office equipment; (ii) furniture and fixtures, (iii) leasehold improvements, and (iv) finite – life intangible assets. Long-life assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be fully recoverable. It is possible that these assets could become impaired as a result of technology, economy or other industry changes. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-life asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, relief from royalty income approach, quoted market values and third-party independent appraisals, as considered necessary. The Company makes various assumptions and estimates regarding estimated future cash flows and other factors in determining the fair values of the respective assets. The assumptions and estimates used to determine future values and remaining useful lives of long-lived assets are complex and subjective. They can be affected by various factors, including external factors such as industry and economic trends, and internal factors such as the Company’s business strategy and its forecasts for specific market expansion. |
GROUP ACCOUNTING | GROUP ACCOUNTING Subsidiaries are entities (including special purpose entities) over which the Group has power to govern the financial and operating policies, generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. The purchase method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued or liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values on the date of acquisition, irrespective of the extent of any minority interest. Subsidiaries are consolidated from the date on which control is transferred to the Group to the date on which that control ceases. In preparing the consolidated financial statements, intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Where necessary, adjustments are made to the financial statements of subsidiaries to ensure consistency of accounting policies with those of the Group. Minority interest is that part of the net results of operations and of net assets of a subsidiary attributable to interests which are not owned directly or indirectly by the Group. It is measured at the minorities’ share of the fair value of the subsidiaries’ identifiable assets and liabilities at the date of acquisition by the Group and the minorities’ share of changes in equity since the date of acquisition, except when the losses applicable to the minority in a subsidiary exceed the minority interest in the equity of that subsidiary. In such cases, the excess and further losses applicable to the minority are attributed to the equity holders of the Company, unless the minority has a binding obligation to, and is able to, make good the losses. When that subsidiary subsequently reports profits, the profits applicable to the minority are attributed to the equity holders of the Company until the minority’s share of losses previously absorbed by the equity holders of the Company has been recovered. |
SUBSIDIARIES | SUBSIDIARIES When subsidiaries are excluded from consolidation on the basis that their inclusion involving expense and delay out of proportion to the value to members of the Company, investments in subsidiaries are stated at cost less accumulated impairment losses in the Company’s balance sheet. On disposal of investments in subsidiaries, the difference between net disposal proceeds and the carrying amount of the investment is taken to the income statement. |
ASSOCIATES | ASSOCIATES Associates are all entities over which the group has significant influence but not control or joint control, generally accompanying a shareholding interest of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognized at cost. The group’s investment in associates includes goodwill identified on acquisition. The group’s share of its associates’ post-acquisition profits or losses is recognized in profit or loss, and its share of post-acquisition other comprehensive income is recognized in other comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. Dividends receivable from associates are recognized as a reduction in the carrying amount of the investment. Where the group’s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured long-term receivables, the group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the associate. Unrealized gains on transactions between the group and its associates are eliminated to the extent of the group’s interest in the associates. Unrealized losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed, where necessary, to ensure consistency with the policies adopted by the group. |
FINANCIAL ASSETS | FINANCIAL ASSETS Financial assets at fair value through profit or loss are stated at fair value, with any resultant gain or loss recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any dividend or interest earned on the financial asset and is included in ‘other gains and losses’ line in the statement of profit or loss and other comprehensive income. The Company measures certain financial assets at fair value on a recurring basis, including the available-for-sale debt securities. Fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. The Company uses a three-level hierarchy established by the Financial Accounting Standards Board (FASB) that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach). The levels of the fair value hierarchy are described below: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs with little or no market data available, which require the reporting entity to develop its own assumptions. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Financial assets and liabilities are classified in their entirety based on the most conservative level of input that is significant to the fair value measurement. |
LEASE | LEASE The Company adopted ASU 2016-02, Leases (Topic 842), on January 8, 2020, using a modified retrospective approach reflecting the application of the standard to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements. The Company leases its offices which are classified as operating leases in accordance with Topic 842. Under Topic 842, lessees are required to recognize the following for all leases (with the exception of short-term leases) on the commencement date: (i) lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. At the commencement date, the Company recognizes the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment. No impairment for right-of-use lease assets as of June 30, 2024. |
AVAILABLE-FOR-SALE INVESTMENTS | AVAILABLE-FOR-SALE INVESTMENTS Certain shares and debt securities held by the group are classified as being available for sale and are stated at fair value. Fair value is determined in the manner described in Note 4. Gains and losses arising from changes in fair value, impairment losses, interest calculated using the effective interest method and foreign exchange gains and losses on monetary assets are recognized directly in profit or loss. Dividends on available-for-sale equity instruments are recognized in profit or loss when the Company’s right to receive payments is established. The fair value of available-for-sale monetary assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at end of the reporting period. The change in fair value attributable to translation differences that result from a change in amortised cost of the available-for-sale monetary asset is recognized in profit or loss, and other changes are recognised in other comprehensive income. |
ACCOUNTS RECEIVABLE AND CONCENTRATION OF RISK | ACCOUNTS RECEIVABLE AND CONCENTRATION OF RISK Accounts receivable consists of trade receivables from customers. The Company records accounts receivable at its net realizable value, recognizing an allowance for doubtful accounts based on our best estimate of probable credit losses on our existing accounts receivable. Balances are written off against the allowance after all means of collection have been exhausted and the possibility of recovery is considered remote. |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS Cash and cash equivalents represent cash on hand, demand deposits, and other short-term highly liquid investments placed with banks, which have original maturities of twelve months or less and are readily convertible to known amounts of cash. |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic (loss) earnings per share is based on the weighted average number of common shares outstanding during the period while the effects of potential common shares outstanding during the period are included in diluted earnings per share. FASB Accounting Standard Codification Topic 260 (“ASC 260”), “Earnings Per Share,” requires that employee equity share options, non-vested shares and similar equity instruments granted to employees be treated as potential common shares in computing diluted earnings per share. Diluted earnings per share should be based on the actual number of options or shares granted and not yet forfeited, unless doing so would be anti-dilutive. The Company uses the “treasury stock” method for equity instruments granted in share-based payment transactions provided in ASC 260 to determine diluted earnings per share. Antidilutive securities represent potentially dilutive securities which are excluded from the computation of diluted earnings or loss per share as their impact was antidilutive. |
REVENUE RECOGNITION | REVENUE RECOGNITION The Company’s Platform as a Service (“PaaS”) provides the infrastructure allowing users to develop their own applications and IT services, which users can access anywhere via a web or desktop browser. The Company recognizes revenue on a pay-to-use subscription basis when our customers use our platform. For the territories licensed to our distributors and on a white label basis, we derive royalty income from the end user use of our platform on a white label basis. The Company maintains the PaaS software platform at its own cost. Any enhancements and minor customization for our resellers/distributors are not separately billed. Major new proprietary features are billed to the customer separately as development income while re-usable features are added to the features available to all customers on subsequent releases of our platform. |
COST OF REVENUE | COST OF REVENUE The Company cost of revenue comprises fees from third party cloud-based hosting services and media costs. |
INCOME TAXES | INCOME TAXES The Company uses the asset and liability method of accounting for income taxes in accordance with Accounting Standards Codification (“ASC”) 740, “Income Taxes” (“ASC 740”). Under this method, income tax expense is recognized as the amount of: (i) taxes payable or refundable for the current year and (ii) future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of available evidence it is more likely than not that some portion or all of the deferred tax assets will not be realized. |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION We value stock compensation based on the fair value recognition provisions ASC 718 , Compensation – Stock Compensation, which establishes accounting for stock-based awards exchanged for employee services and requires companies to expense the estimated grant date fair value of stock awards over the requisite employee service period. We do not ascertain the fair value of restricted stock awards using the Black-Scholes-Merton option pricing model. See Note 5, Stockholders’ Equity, for further details on our stock awards. |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS On October 2, 2017, the FASB has issued Accounting Standards Update (ASU) No. 2017-13, “Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments.” The ASU adds SEC paragraphs to the new revenue and leases sections of the Codification on the announcement the SEC Observer made at the 20 July 2017 Emerging Issues Task Force (EITF) meeting. The SEC Observer said that the SEC staff would not object if entities that are considered public business entities only because their financial statements or financial information is required to be included in another entity’s SEC filing use the effective dates for private companies when they adopt ASC 606, Revenue from Contracts with Customers, and ASC 842, Leases. This would include entities whose financial statements are included in another entity’s SEC filing because they are significant acquirees under Rule 3-05 of Regulation S-X, significant equity method investees under Rule 3-09 of Regulation S-X and equity method investees whose summarized financial information is included in a registrant’s financial statement notes under Rule 4-08(g) of Regulation S-X. The ASU also supersedes certain SEC paragraphs in the Codification related to previous SEC staff announcements and moves other paragraphs, upon adoption of ASC 606 or ASC 842. The Company does not expect that the adoption of this guidance will have a material impact on its condensed consolidated financial statements. On November 22, 2017, the FASB ASU No. 2017-14, “Income Statement-Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606): Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 116 and SEC Release 33-10403.” The ASU amends various paragraphs in ASC 220, Income Statement - Reporting Comprehensive Income; ASC 605, Revenue Recognition; and ASC 606, Revenue From Contracts With Customers, that contain SEC guidance. The amendments include superseding ASC 605-10-S25-1 (SAB Topic 13) as a result of SEC Staff Accounting Bulletin No. 116 and adding ASC 606-10-S25-1 as a result of SEC Release No. 33-10403. The Company does not expect that the adoption of this guidance will have a material impact on its condensed consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-02, “Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income.” The ASU amends ASC 220, Income Statement - Reporting Comprehensive Income, to “allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act.” In addition, under the ASU, an entity will be required to provide certain disclosures regarding stranded tax effects. The ASU is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company does not expect that the adoption of this guidance will have a material impact on its condensed consolidated financial statements. In March 2018, the FASB issued ASU 2018-05 - Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (“ASU 2018-05”), which amends the FASB Accounting Standards Codification and XBRL Taxonomy based on the Tax Cuts and Jobs Act (the “Act”) that was signed into law on December 22, 2017 and Staff Accounting Bulletin No. 118 (“SAB 118”) that was released by the Securities and Exchange Commission. The Act changes numerous provisions that impact U.S. corporate tax rates, business-related exclusions, and deductions and credits and may additionally have international tax consequences for many companies that operate internationally. The Company does not believe this guidance will have a material impact on its condensed consolidated financial statements. In July 2018, the FASB issued ASU 2018-10, “Codification Improvements to Topic 842, Leases.” The ASU addresses 16 separate issues which include, for example, a correction to a cross reference regarding residual value guarantees, a clarification regarding rates implicit in lease contracts, and a consolidation of the requirements about lease classification reassessments. The guidance also addresses lessor reassessments of lease terms and purchase options, variable lease payments that depend on an index or a rate, investment tax credits, lease terms and purchase options, transition guidance for amounts previously recognized in business combinations, and certain transition adjustments, among others. For entities that early adopted Topic 842, the amendments are effective upon issuance of this Update, and the transition requirements are the same as those in Topic 842. For entities that have not adopted Topic 842, the effective date and transition requirements will be the same as the effective date and transition requirements in Topic 842. The Company does not believe this guidance will have a material impact on its condensed consolidated financial statements. In July 2018, the FASB issued ASU 2018-11 - Leases (Topic 842): Targeted Improvements. The ASU simplifies transition requirements and, for lessors, provides a practical expedient for the separation of non-lease components from lease components. Specifically, the ASU provides: (1) an optional transition method that entities can use when adopting ASC 842 and (2) a practical expedient that permits lessors to not separate non-lease components from the associated lease component if certain conditions are met. For entities that have not adopted Topic 842 before the issuance of this Update, the effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Update 2016-02. For entities that have adopted Topic 842 before the issuance of this Update, the transition and effective date of the amendments in this Update are as follows: 1) The practical expedient may be elected either in the first reporting period following the issuance of this Update or at the original effective date of Topic 842 for that entity. 2) The practical expedient may be applied either retrospectively or prospectively. All entities, including early adopters, that elect the practical expedient related to separating components of a contract in this Update must apply the expedient, by class of underlying asset, to all existing lease transactions that qualify for the expedient at the date elected. The Company does not believe this guidance will have a material impact on its condensed consolidated financial statements. In November 2023, the Financial Accounting Standards Board (the “FASB”) FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” These amendments require a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reporting segment are required to provide both the new disclosures and all of the existing disclosures required under ASC 280. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Since this new ASU addresses only disclosures, the Company does not expect the adoption of this ASU to have any material effects on its financial condition, results of operations or cash flows. The Company is currently evaluating any new disclosures that may be required upon adoption of ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in ASU 2023 – 09 are effective for the Company on December 15, 2024, with early adoption permitted. Since this new ASU addresses only disclosures, the Company does not expect the adoption to have any material effects on its financial condition, results of operation or cash flows. The Company is currently evaluating any new disclosures that may be required upon adoption of ASU 2023–09. The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial condition, or cash flows, based on current information. |
Prepayments, Deposit and Othe_2
Prepayments, Deposit and Other Receivables (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Prepayments Deposits And Other Receivables [Abstract] | |
Schedule of prepayments deposits and other receivables | Prepayments, deposits and other receivables consist of the following: As of June 30, As of December 31, 2024 2023 Prepayments $ 146,774 $ 152,000 $ 146,774 $ 152,000 |
Amount Due from Related Party (
Amount Due from Related Party (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Schedule of amount due from related party | Amount due from related party consist of the following: As of June 30, As of December 31, 2024 2023 Amount due from related party $ 449,421 $ 482,420 $ 449,421 $ 482,420 |
Accruals (Tables)
Accruals (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of accruals | Accruals and other payable consist of the following: As of June 30, As of December 31, 2024 2023 Accruals $ 47,000 $ 50,000 $ 47,000 $ 50,000 |
Income Tax (Tables)
Income Tax (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of statutory rates and tax rate | As of June 30, 2024 As of December 31, 2023 U.S. statutory tax rate 21.00 % 21.00 % Effective tax rate 21.00 % 21.00 % |
(Loss) Per Share (Tables)
(Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per common share | The following table sets forth the computation of basic and diluted earnings per common share for the six months ended June 30, 2024 and 2023, respectively: For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Numerator - basic and diluted Net (Loss) (215,463 ) (3,565,215 ) (880,492 ) (16,013,715 ) Denominator Weighted average number of common shares outstanding - basic and diluted 143,855,621 89,352,752 158,638,130 78,099,797 (Loss) per common share - basic and diluted (0.0015 ) (0.0399 ) (0.0056 ) (0.2050 ) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of segment information | The following table presents the segment information for the six months ended June 30, 2024 and 2023: For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Logiq (Delaware) prior to Spin off CreateApp Segment operating income $ - $ - $ - $ - Other corporate expenses, net 215,463 2,534,824 880,492 13,424,199 Total operating (loss) income (215,463 ) (2,534,824 ) (880,492 ) (13,424,199 ) Gologiq incl CreateApp post Spin off Segment operating income $ - $ - $ - $ - Other corporate expenses, net - - - - Total operating (loss) - - - - DLQ incl DATALogiq post Spin off Segment operating income $ - $ 4,860,561 $ - $ 8,398,088 Other corporate expenses, net - 5,890,952 - 10,987,604 Total operating (loss) - (1,030,391 ) - (2,589,516 ) Consolidated Segment operating income $ - $ 4,860,561 $ - $ 8,398,088 Other corporate expenses, net 215,463 8,425,776 880,492 24,411,803 Total operating (loss) (215,463 ) (3,565,215 ) (880,492 ) (16,013,715 ) |
Geographical Information (Table
Geographical Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Geographic Information [Abstract] | |
Schedule of geographic information | Revenue by geographical region for the six months ended June 30, 2024 and 2023 were as follows: For the three months ended June 30, For the three months ended June 30, 2024 % 2023 % Southeast Asia $ - - 2,430,281 50.0 EU - - 1,215,140 25.0 South Korea - - 729,084 15.0 Africa - - 486,056 10.0 North America - - - - Total revenue $ - - $ 4,860,561 100.0 For the six months ended June 30, For the six months ended June 30, 2024 % 2023 % Southeast Asia $ - - 4,199,044 50.0 EU - - 2,099,522 25.0 South Korea - - 1,259,713 15.0 Africa - - 839,809 10.0 North America - - - - Total revenue $ - - $ 8,398,088 100.0 |
Organization and Business Des_2
Organization and Business Description (Details) - USD ($) | 1 Months Ended | 6 Months Ended | |||||
Aug. 28, 2023 | Dec. 15, 2021 | Jan. 27, 2022 | Jun. 30, 2024 | Nov. 02, 2023 | Jul. 20, 2023 | May 01, 2023 | |
Organization and Business Description (Details) [Line Items] | |||||||
AppLogiq spin-off, description | GoLogiq is a fully reporting U.S. public company. In connection with the Separation, the Company announced that it intended to distribute, on a pro rata basis, 100% | The Company held the GoLogiq Shares until it distributed 100% of the GoLogiq Shares to the Company’s stockholders of record as of December 30, 2021 on a 1-for-1 basis (i.e. for every 1 share of Logiq held on December 30, 2021, the holder thereof will receive 1 share of Lovarra) | |||||
Data Logiq Spinoff Description | At Closing Abri will deliver to the Company $114 million worth of shares Abri common stock, par value $0.0001, at $10.00 per share (the “Merger Consideration Shares”). Also at Closing, the Company will issue a dividend to its shareholders on a pro-rata basis equal to 25% of the aggregate Merger Consideration Shares (the “Dividend Shares”), payable to the Company shareholders of record as of a record date to be set shortly before Closing. | ||||||
Net minimum tangible assets | $ 5,000,001 | ||||||
Percentage of merger consideration shares required to distribute | 14% | ||||||
Combined Company shares, shares issued | 3,762,000 | ||||||
Maximum [Member] | |||||||
Organization and Business Description (Details) [Line Items] | |||||||
Percentage of increase in the number of shares being distributed to public stockholders | 33% | ||||||
Percentage to reduce the number of merger consideration shares subject to lock-up agreements | 75% | ||||||
Minimum [Member] | |||||||
Organization and Business Description (Details) [Line Items] | |||||||
Percentage of increase in the number of shares being distributed to public stockholders | 25% | ||||||
Percentage to reduce the number of merger consideration shares subject to lock-up agreements | 53% | ||||||
Senior Debt Obligations [Member] | Maximum [Member] | |||||||
Organization and Business Description (Details) [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 30,000,000 | ||||||
Senior Debt Obligations [Member] | Minimum [Member] | |||||||
Organization and Business Description (Details) [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | ||||||
Common Stock [Member] | |||||||
Organization and Business Description (Details) [Line Items] | |||||||
Issuance of shares | 26,350,756 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Operating segments | 10% | |
Straight-line method years | 5 years | |
Amortization of intangible assets expense (in Dollars) | $ 0 | $ 840,013 |
Minimum [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Voting rights | 20% | |
Maximum [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Voting rights | 50% |
Prepayments, Deposit and Othe_3
Prepayments, Deposit and Other Receivables (Details) - Schedule of prepayments deposits and other receivables - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of prepayments deposits and other receivables [Abstract] | ||
Prepayments | $ 146,774 | $ 152,000 |
Prepayments, deposit and other receivables | $ 146,774 | $ 152,000 |
Amount Due from Related Party_2
Amount Due from Related Party (Details) - Schedule of amount due from related party - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Related Party Transactions [Abstract] | ||
Amount due from related party | $ 449,421 | $ 482,420 |
Total | $ 449,421 | $ 482,420 |
Accruals (Details) - Schedule o
Accruals (Details) - Schedule of accruals - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Accrued Liabilities, Current [Abstract] | ||
Accruals | $ 47,000 | $ 50,000 |
Total payables | $ 47,000 | $ 50,000 |
Income Tax (Details)
Income Tax (Details) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax (Details) [Line Items] | ||
U.S. federal corporate income tax | 21% | 34% |
U.S. [Member] | ||
Income Tax (Details) [Line Items] | ||
U.S. federal corporate income tax | 21% |
Income Tax (Details) - Schedule
Income Tax (Details) - Schedule of statutory rates and tax rate | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Schedule of statutory rates and tax rate [Abstract] | ||
U.S. statutory tax rate | 21% | 21% |
Effective tax rate | 21% | 21% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | Feb. 25, 2020 | |
Stockholders' Equity (Details) [Line Items] | |||||||
Certificate of amendment, description | Upon the filing of the Certificate of Amendment, and the resulting effectiveness of the Reverse Stock Split, every 13 outstanding shares of the Company’s Common Stock were, without any further action by the Company, or any holder thereof, combined into and automatically became 1 share of the Company’s Common Stock. | ||||||
Common stock, shares authorized | 300,000,000 | 300,000,000 | 300,000,000 | ||||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Shares cancelled | 0 | 0 | |||||
Common Stock [Member] | |||||||
Stockholders' Equity (Details) [Line Items] | |||||||
Stock issued during the period shares, new issues | 114,160,789 | 19,931,130 | 21,451,168 | 19,278,526 | |||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Total shares | 9,160,789 | 9,931,130 |
(Loss) Per Share (Details) - Sc
(Loss) Per Share (Details) - Schedule of basic and diluted earnings per common share - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator - basic and diluted | ||||
Net (Loss) | $ (215,463) | $ (3,565,215) | $ (880,492) | $ (16,013,715) |
Denominator | ||||
Weighted average number of common shares outstanding - basic | 143,855,621 | 89,352,752 | 158,638,130 | 78,099,797 |
Weighted average number of common shares outstanding - diluted | 143,855,621 | 89,352,752 | 158,638,130 | 78,099,797 |
(Loss) per common share - basic | $ (0.0015) | $ (0.0399) | $ (0.0056) | $ (0.205) |
(Loss) per common share - diluted | $ (0.0015) | $ (0.0399) | $ (0.0056) | $ (0.205) |
Common Stock [Member] | ||||
Denominator | ||||
Weighted average number of common shares outstanding - basic | 143,855,621 | 89,352,752 | 158,638,130 | 78,099,797 |
Weighted average number of common shares outstanding - diluted | 143,855,621 | 89,352,752 | 158,638,130 | 78,099,797 |
(Loss) per common share - basic | $ (0.0015) | $ (0.0399) | $ (0.0056) | $ (0.205) |
(Loss) per common share - diluted | $ (0.0015) | $ (0.0399) | $ (0.0056) | $ (0.205) |
Segment Information (Details)
Segment Information (Details) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting [Abstract] | ||
Number of operating and reportable segments | 2 | |
Net revenues percentage | 10% | 10% |
Segment Information (Details) -
Segment Information (Details) - Schedule of segment information - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Logiq (Delaware) prior to Spin off of CreateApp [Member] | ||||
Logiq (Delaware) prior to Spin off of CreateApp | ||||
Segment operating income | $ 0 | $ 0 | $ 0 | $ 0 |
Other corporate expenses, net | 215,463 | 2,534,824 | 880,492 | 13,424,199 |
Total operating (loss) income | (215,463) | (2,534,824) | (880,492) | (13,424,199) |
Gologiq incl CreateApp post Spin off [Member] | ||||
Logiq (Delaware) prior to Spin off of CreateApp | ||||
Segment operating income | 0 | 0 | 0 | 0 |
Other corporate expenses, net | 0 | 0 | 0 | 0 |
Total operating (loss) income | 0 | 0 | 0 | 0 |
DLQ incl DATALogiq post Spin off [Member] | ||||
Logiq (Delaware) prior to Spin off of CreateApp | ||||
Segment operating income | 0 | 4,860,561 | 0 | 8,398,088 |
Other corporate expenses, net | 0 | 5,890,952 | 0 | 10,987,604 |
Total operating (loss) income | 0 | (1,030,391) | 0 | (2,589,516) |
Consolidated [Member] | ||||
Logiq (Delaware) prior to Spin off of CreateApp | ||||
Segment operating income | 0 | 4,860,561 | 0 | 8,398,088 |
Other corporate expenses, net | 215,463 | 8,425,776 | 880,492 | 24,411,803 |
Total operating (loss) income | $ (215,463) | $ (3,565,215) | $ (880,492) | $ (16,013,715) |
Geographical Information (Detai
Geographical Information (Details) - Schedule of geographic information - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Geographical Information (Details) - Schedule of geographic information [Line Items] | ||||
Total revenue | $ 0 | $ 4,860,561 | $ 0 | $ 8,398,088 |
Total revenue, percentage | 0% | 100% | 0% | 100% |
Southeast Asia [Member] | ||||
Geographical Information (Details) - Schedule of geographic information [Line Items] | ||||
Total revenue | $ 0 | $ 2,430,281 | $ 0 | $ 4,199,044 |
Total revenue, percentage | 0% | 50% | 0% | 50% |
EU [Member] | ||||
Geographical Information (Details) - Schedule of geographic information [Line Items] | ||||
Total revenue | $ 0 | $ 1,215,140 | $ 0 | $ 2,099,522 |
Total revenue, percentage | 0% | 25% | 0% | 25% |
South Korea [Member] | ||||
Geographical Information (Details) - Schedule of geographic information [Line Items] | ||||
Total revenue | $ 0 | $ 729,084 | $ 0 | $ 1,259,713 |
Total revenue, percentage | 0% | 15% | 0% | 15% |
Africa [Member] | ||||
Geographical Information (Details) - Schedule of geographic information [Line Items] | ||||
Total revenue | $ 0 | $ 486,056 | $ 0 | $ 839,809 |
Total revenue, percentage | 0% | 10% | 0% | 10% |
North America [Member] | ||||
Geographical Information (Details) - Schedule of geographic information [Line Items] | ||||
Total revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Total revenue, percentage | 0% | 0% | 0% | 0% |
Subsequent Events (Details)
Subsequent Events (Details) - Med Lab Essentials LLC [Member] $ in Millions | May 21, 2024 USD ($) |
Percentage of business acqusition newly issued shares | |
Business Acquire Name | Biotech Company MedLab Essentials, LLC |
Business Acquisition Deal | $ 100 |
Percentage Of Business Acquisition Newly Issued Shares | 100% |
Transaction Costs | $ 100 |