Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 14, 2016 | |
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, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,301,968 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | ||
Prepaid expenses and other current assets | 7,798 | 29,032 |
Total current assets | 7,798 | 29,032 |
Intangible assets, net | 16,693 | |
Total assets | 24,491 | 29,032 |
Current liabilities: | ||
Accrued liabilities | 2,453,277 | 2,197,507 |
Due to related party | 306,634 | 204,587 |
Note payable | 1,337,600 | 1,337,600 |
Total current liabilities | 4,097,511 | 3,739,694 |
Stockholders' deficit: | ||
Preferred stock | ||
Common stock, $0.001 par value, 200,000,000 shares authorized, 2,301,968 shares issued and outstanding at September 30, 2016 and December 31, 2015 | 2,302 | 2,302 |
Additional paid-in capital | 22,487,937 | 22,487,937 |
Accumulated deficit | (26,563,259) | (26,200,901) |
Total stockholders' deficit | (4,073,020) | (3,710,662) |
Total liabilities and stockholders' deficit | 24,491 | 29,032 |
Undesignated preferred stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock | ||
Series C Convertible Non-Redeemable preferred stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock | ||
Series D Convertible Non-Redeemable preferred stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Common stock, par value per share | $ 0.001 | $ .001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 2,301,968 | 2,301,968 |
Common stock, shares outstanding | 2,301,968 | 2,301,968 |
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, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Operating expenses | ||||
Selling, general and administrative expenses | $ 40,266 | $ 39,702 | $ 121,740 | $ 113,431 |
Loss from operations | (40,266) | (39,702) | (121,740) | (113,431) |
Interest expense | (80,573) | (80,573) | (240,618) | (240,068) |
Net loss | $ (120,839) | $ (120,275) | $ (362,358) | $ (353,499) |
Net loss per share - basic and diluted | $ (0.05) | $ (0.05) | $ (0.16) | $ (0.15) |
Basic and diluted weighted average shares outstanding | 2,301,968 | 2,301,849 | 2,301,968 | 2,301,849 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (362,358) | $ (353,499) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization | 1,313 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 3,228 | (20,335) |
Accrued liabilities | 357,817 | 373,834 |
Net cash used in operating activities | ||
Net decrease in cash and cash equivalents | ||
Cash and cash equivalents at beginning of period | ||
Cash and cash equivalents at end of period | ||
Supplemental information: | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Non-cash transactions: | ||
Reclassification of prepaid expenses to intangible assets | 18,006 | |
Operating expenses directly paid by related party | $ 102,047 | $ 133,148 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2016 | |
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, 2015 as reported in the Form 10-K have been omitted. |
GOING CONCERN CONSIDERATIONS
GOING CONCERN CONSIDERATIONS | 9 Months Ended |
Sep. 30, 2016 | |
Going Concern Considerations | |
GOING CONCERN CONSIDERATIONS | 2. GOING CONCERN CONSIDERATIONS During the nine months ended September 30, 2016, Logicquest has been unable to generate cash flows sufficient to support its operations and has been dependent on debt raised from a related party and an independent third 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 Companys 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. |
RECLASSIFICATIONS
RECLASSIFICATIONS | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
RECLASSIFICATIONS | 3. RECLASSIFICATIONS Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings and financial position. |
DUE TO RELATED PARTY
DUE TO RELATED PARTY | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
DUE TO RELATED PARTY | 4. DUE TO RELATED PARTY The due to related party is summarized below: 9/30/2016 12/31/2015 Fees paid by Logicquest Technology Limited, a company controlled by the Companys Chief Financial Officer, Cheng Yew Siong, on behalf of the Company $ 306,634 $ 204,587 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | 5. INTANGIBLE ASSETS The following table presents the detail of intangible assets for the periods presented: 9/30/2016 12/31/2015 Trademarks Gross Carrying Value $ 18,006 $ — Less: Accumulated Amortization Total (1,313 ) — Trademarks, net $ 16,693 $ — |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 6. COMMITMENTS AND CONTINGENCIES On May 27, 2016, the Company entered into an agreement for the lease of a virtual office in Princeton, NJ for monthly rental of $155. The lease began on May 12, 2016 and will expire on either partys termination. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 7. SUBSEQUENT EVENTS On March 31, 2016, the Company entered into a Memorandum of Understanding/Letter of Intent with Logicquest Technology Limited, pursuant to which the Company intended to effect a business combination (the "Transaction"). The Transaction was to be effected in one of several ways, whether by asset acquisition, by merger of Logicquest Technology Limited and the Company, or by share purchase whereby the Company would purchase the shares of Logicquest Technology Limited from its shareholders for cash and/or for shares of the Company. On July 22, 2016, the Company and Logicquest Technology Limited agreed to extend the closing deadline stipulated in the Letter of Intent from June 30, 2016 to October 31, 2016. On October 31, 2016 the Letter of Intent expired prior to the completion of a definitive agreement to complete the Transaction. As at the date of this report, we have no additional plans to pursue a business combination with Logicquest Technology Limited. |
DUE TO RELATED PARTY (Tables)
DUE TO RELATED PARTY (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Amounts Due To Related Party | The due to related party is summarized below: 9/30/2016 12/31/2015 Fees paid by Logicquest Technology Limited, a company controlled by the Companys Chief Financial Officer, Cheng Yew Siong, on behalf of the Company $ 306,634 $ 204,587 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The following table presents the detail of intangible assets for the periods presented: 9/30/2016 12/31/2015 Trademarks Gross Carrying Value $ 18,006 $ — Less: Accumulated Amortization Total (1,313 ) — Trademarks, net $ 16,693 $ — |
DUE TO RELATED PARTY (Details)
DUE TO RELATED PARTY (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Related Party Transactions [Abstract] | ||
Fees paid by Logicquest Technology Limited, a company controlled by the Company's Chief Financial Officer, Cheng Yew Siong, on behalf of the Company | $ 306,634 | $ 204,587 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Trademarks, net | $ 16,693 | |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 18,006 | |
Less: Accumulated Amortization Total | (1,313) | |
Trademarks, net | $ 16,693 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 1 Months Ended |
May 27, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Monthly Rent Expense for Virtual Office | $ 155 |
Lease Description | On May 27, 2016, the Company entered into an agreement for the lease of a virtual office in Princeton, NJ for monthly rental of $155. The lease began on May 12, 2016 and will expire on either partys termination. |