Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 15-May-15 | |
Document And Entity Information | ||
Entity Registrant Name | Logicquest Technology, Inc. | |
Entity Central Index Key | 768216 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,301,849 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 |
BALANCE_SHEETS
BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | ||
Total current assets | ||
Current liabilities: | ||
Accounts payable | 727,500 | 727,500 |
Accrued liabilities | 1,234,883 | 1,141,135 |
Note payable | 1,337,600 | 1,337,600 |
Due to related parties | 40,765 | 18,000 |
Total current liabilities | 3,340,748 | 3,224,235 |
Stockholders' deficit: | ||
Preferred stock | ||
Common stock, $0.001 par value, 200,000,000 shares authorized, 2,301,849 shares issued and outstanding at March 31, 2015 and December 31, 2014 | 2,302 | 2,302 |
Additional paid-in capital | 22,487,937 | 22,487,937 |
Accumulated deficit | -25,830,987 | -25,714,474 |
Total stockholders' deficit | -3,340,748 | -3,224,235 |
Total liabilities and stockholders' deficit | ||
Series C Convertible Non-Redeemable preferred stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock | ||
Series D Convertible Non-Redeemable preferred stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock | ||
Undesignated preferred stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock |
BALANCE_SHEETS_Parenthetical
BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Common stock, par value per share | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 2,301,849 | 2,301,849 |
Common stock, shares outstanding | 2,301,849 | 2,301,849 |
Undesignated preferred stock [Member] | ||
Preferred stock, par value per share | $0.00 | $0.00 |
Preferred stock, shares authorized | 9,999,942 | 9,999,942 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series D Convertible Non-Redeemable preferred stock [Member] | ||
Preferred stock, par value per share | $0.00 | $0.00 |
Preferred stock, shares authorized | 10 | 10 |
Preferred stock, shares issued | 10 | 10 |
Preferred stock, shares outstanding | 10 | 10 |
Preferred stock, per share liquidation preference | $8,725 | $8,725 |
Preferred stock, aggregate liquidation value | $87,250 | |
Series C Convertible Non-Redeemable preferred stock [Member] | ||
Preferred stock, par value per share | $0.00 | $0.00 |
Preferred stock, shares authorized | 48 | 48 |
Preferred stock, shares issued | 48 | 48 |
Preferred stock, shares outstanding | 48 | 48 |
Preferred stock, per share liquidation preference | $12,500 | $12,500 |
Preferred stock, aggregate liquidation value | $600,000 |
STATEMENTS_OF_OPERATIONS
STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Statement [Abstract] | ||
Service revenue | $19,528 | |
Cost of services | 23,513 | |
Gross loss | -3,985 | |
Selling, general and administrative expenses | 37,040 | 60,538 |
Loss from operations | -37,040 | -64,523 |
Interest expense | -79,473 | -78,657 |
Net loss | ($116,513) | ($143,180) |
Net loss per share - basic and diluted | ($0.05) | ($0.06) |
Basic and diluted weighted average shares outstanding | 2,301,849 | 2,301,849 |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | ($116,513) | ($143,180) |
Changes in operating assets and liabilities: | ||
Accounts receivable | -191 | |
Accounts payable and accrued liabilities | 93,748 | 4,203 |
Accounts payable to related party | 47,800 | |
Accrued liabilities to related parties | 78,658 | |
Deferred revenue | -1,156 | |
Net cash used in operating activities | -22,765 | -13,866 |
Cash flows from financing activities: | ||
Proceeds from related parties | 22,765 | 10,000 |
Net cash provided by financing activities | 22,765 | 10,000 |
Net decrease in cash and cash equivalents | -3,866 | |
Cash and cash equivalents at beginning of period | 4,723 | |
Cash and cash equivalents at end of period | 857 | |
Supplemental information: | ||
Cash paid for interest | ||
Cash paid for income taxes |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | 1. BASIS OF PRESENTATION |
The accompanying unaudited interim financial statements of Logicquest Technology, Inc. (“we”, “our”, “Logicquest” or the “Company”), have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in Logicquest's Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which substantially duplicate the disclosure contained in the audited financial statements for the year ended December 31, 2014 as reported in the Form 10-K have been omitted. |
GOING_CONCERN_CONSIDERATIONS
GOING CONCERN CONSIDERATIONS | 3 Months Ended |
Mar. 31, 2015 | |
Going Concern Considerations | |
GOING CONCERN CONSIDERATIONS | 2. GOING CONCERN CONSIDERATIONS |
During the three months ended March 31, 2015, Logicquest has been unable to generate cash flows sufficient to support its operations and has been dependent on debt and equity raised from qualified individuals and loans from a related party. In addition to negative cash flow from operations, Logicquest has experienced recurring net losses, and has a negative working capital and shareholders’ deficit. | |
These factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if Logicquest is unable to continue as a going concern. |
DUE_TO_RELATED_PARTIES
DUE TO RELATED PARTIES | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Related Party Transactions [Abstract] | |||||||||
DUE TO RELATED PARTIES | 3. DUE TO RELATED PARTIES | ||||||||
The due to related parties is summarized below: | |||||||||
3/31/15 | 12/31/14 | ||||||||
Fees paid by Ang Woon Han on behalf of the Company | $ | 40,765 | $ | 18,000 |
EQUITY_TRANSACTIONS
EQUITY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
EQUITY TRANSACTIONS | 4. EQUITY TRANSACTIONS |
On October 31, 2014, the Company approved to 1) change the name of the Company from “Bluegate Corporation” to “Logicquest Technology, Inc.”; 2) increase the number of authorized shares of common stock, par value $0.001, from 50,000,000 to 200,000,000; and 3) perform reverse stock split of the Company’s issued and outstanding shares of common stock at a ratio of one post-split share per twenty pre-split shares. The changes were effective March 19, 2015. |
DUE_TO_RELATED_PARTIES_Details
DUE TO RELATED PARTIES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Related Party Transactions [Abstract] | ||
Fees paid by Ang Woon Han on behalf of the Company | $40,765 | $18,000 |
EQUITY_TRANSACTIONS_Details
EQUITY TRANSACTIONS (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2014 | Oct. 30, 2014 |
Stockholders' Equity Note [Abstract] | ||||
Common stock, par value | $0.00 | $0.00 | $0.00 | |
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | 50,000,000 |