Logicquest Technology (LOGQ) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 06, 2015
Document And Entity Information
Entity Registrant Name	Logicquest Technology, Inc.
Entity Central Index Key	768,216
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		2,301,849
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents
Prepaid expenses and other current assets	$ 20,335
Total current assets	20,335
Current liabilities:
Accounts payable	727,500	$ 727,500
Accrued liabilities	1,381,821	1,141,135
Note payable	1,337,600	1,337,600
Due to related parties	151,148	18,000
Total current liabilities	$ 3,598,069	$ 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 September 30, 2015 and December 31, 2014	$ 2,302	$ 2,302
Additional paid-in capital	22,487,937	22,487,937
Accumulated deficit	(26,067,973)	(25,714,474)
Total stockholders' deficit	(3,577,734)	$ (3,224,235)
Total liabilities and stockholders' deficit	$ 20,335
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 ($)	Sep. 30, 2015	Dec. 31, 2014
Common stock, par value per share	$ 0.001	$ .001
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	$ .001	$ .001
Preferred stock, shares authorized	9,999,942	9,999,942
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series C Convertible Non-Redeemable preferred stock [Member]
Preferred stock, par value per share	$ .001	$ .001
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
Series D Convertible Non-Redeemable preferred stock [Member]
Preferred stock, par value per share	$ .001	$ .001
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

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Service revenue				$ 36,587
Cost of services		$ 167		43,926
Gross loss		(167)		(7,339)
Selling, general and administrative expenses	$ 39,702	11,884	$ 113,431	134,190
Loss from operations	(39,702)	(12,051)	(113,431)	(141,529)
Interest expense	(80,573)	(80,573)	(240,068)	(239,000)
Net loss	$ (120,275)	$ (92,624)	$ (353,499)	$ (380,529)
Net loss per share - basic and diluted	$ (0.05)	$ (0.04)	$ (0.15)	$ (0.17)
Basic and diluted weighted average shares outstanding	2,301,849	2,301,849	2,301,849	2,301,849

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net loss	$ (353,499)	$ (380,529)
Changes in operating assets and liabilities:
Accounts receivable		357
Prepaid expenses and other current assets	$ (20,335)	9,777
Accounts payable and accrued liabilities	$ 240,686	9,166
Accounts payable to related party		331,743
Deferred revenue		(2,237)
Net cash used in operating activities	$ (133,148)	(31,723)
Cash flows from financing activities:
Proceeds from related parties	133,148	27,000
Net cash provided by financing activities	$ 133,148	27,000
Net decrease in cash and cash equivalents		(4,723)
Cash and cash equivalents at beginning of period		$ 4,723
Cash and cash equivalents at end of period
Supplemental information:
Cash paid for interest
Cash paid for income taxes
Non-cash transactions:
Assignment of related party payables		$ 727,500
Assignment of related party accrued liabilities		1,027,190
Assignment of related party note payable		1,337,600
Forgiveness of related party payables		$ 43,919

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2015
Going Concern Considerations
GOING CONCERN CONSIDERATIONS	2. GOING CONCERN CONSIDERATIONS During the nine months ended September 30, 2015, Logicquest has been unable to generate cash flows sufficient to support its operations and has been dependent on debt raised from related parties and independent third parties. In addition to negative cash flow from operations, Logicquest has experienced recurring net losses and has a negative working capital. 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	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
DUE TO RELATED PARTIES	3. DUE TO RELATED PARTIES The due to related parties is summarized below: 9/30/2015 12/31/2014 Fees paid by Ang Woon Han, the Company’s Chief Executive Officer, on behalf of the Company $ — $ 18,000 Fees paid by Logicquest Technology Limited, a company controlled by the Company’s Chief Financial Officer, Cheng Yew Siong, on behalf of the Company $ 151,148 $ — $ 151,148 $ 18,000 On April 1, 2015, the entire amount due to Ang Woon Han was assigned to Asia Prestige Holdings Limited, a company controlled by the Company’s Chief Financial Officer, Cheng Yew Siong. Thus, the balance of payable to Ang Woon Han was reduced to $0 as of September 30, 2015. As of June 30, 2015, the Company had a balance payable to Asia Prestige Holdings Limited in the amount of $57,098. The entire amount was assigned to Logicquest Technology Limited on July 31, 2015, therefore, the balance payable to Asia Prestige Holdings Limited was reduced to $0 as of September 30, 2015.

EQUITY TRANSACTIONS

EQUITY TRANSACTIONS	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
EQUITY TRANSACTIONS	4. EQUITY TRANSACTIONS On October 31, 2014, the Company approved to (i) change the name of the Company from “Bluegate Corporation” to “Logicquest Technology, Inc.”; (ii) increase the number of authorized shares of common stock, par value $0.001, from 50,000,000 to 200,000,000; and (iii) 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 (Tables)

DUE TO RELATED PARTIES (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Schedule of Amounts Due To Related Parties	The due to related parties is summarized below: 9/30/2015 12/31/2014 Fees paid by Ang Woon Han, the Company’s Chief Executive Officer, on behalf of the Company $ — $ 18,000 Fees paid by Logicquest Technology Limited, a company controlled by the Company’s Chief Financial Officer, Cheng Yew Siong, on behalf of the Company $ 151,148 $ — $ 151,148 $ 18,000

DUE TO RELATED PARTIES (Details

DUE TO RELATED PARTIES (Details) - USD ($)	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Amounts due to related parties	$ 151,148		$ 18,000
Ang Woon Han [Member]
Related Party Transaction [Line Items]
Amounts due to related parties			$ 18,000
Asia Prestige Holdings Limited [Member]
Related Party Transaction [Line Items]
Amounts due to related parties		$ 57,098
Logicquest Technology Limited [Member]
Related Party Transaction [Line Items]
Amounts due to related parties	$ 151,148

EQUITY TRANSACTIONS (Details)

EQUITY TRANSACTIONS (Details) - $ / shares	Sep. 30, 2015	Dec. 31, 2014	Oct. 31, 2014	Oct. 30, 2014
Stockholders' Equity Note [Abstract]
Common stock, par value	$ 0.001	$ .001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000	200,000,000	50,000,000