Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 14, 2018 | |
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, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 2,301,968 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,018 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | ||
Prepaid expenses and other current assets | 510 | 510 |
Total current assets | 510 | 510 |
Total assets | 510 | 510 |
Current liabilities: | ||
Accrued liabilities | 3,074,693 | 2,844,287 |
Due to related party | 714,472 | 554,832 |
Note payable | 1,337,600 | 1,337,600 |
Total current liabilities | 5,126,765 | 4,736,719 |
Stockholders' deficit: | ||
Preferred stock | ||
Common stock, $0.001 par value, 200,000,000 shares authorized, 2,301,968 shares issued and outstanding at September 30, 2018 and December 31, 2017 | 2,302 | 2,302 |
Additional paid-in capital | 22,487,937 | 22,487,937 |
Accumulated deficit | (27,616,494) | (27,226,448) |
Total stockholders' deficit | (5,126,255) | (4,736,209) |
Total liabilities and stockholders' deficit | 510 | 510 |
Undesignated preferred stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock | ||
Series C Convertible Non-Redeemable preferred stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock | ||
Series D Convertible Non-Redeemable preferred stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating expenses | ||||
Selling, general and administrative expenses | $ 49,992 | $ 45,895 | $ 150,528 | $ 126,722 |
Loss from operations | (49,992) | (45,895) | (150,528) | (126,722) |
Gain on intangible asset disposal | 2,012 | 2,012 | ||
Interest expense | (80,023) | (80,573) | (239,518) | (240,068) |
Total other expenses | (80,023) | (78,561) | (239,518) | (238,056) |
Net loss | $ (130,015) | $ (124,456) | $ (390,046) | $ (364,778) |
Net loss per share - basic and diluted | $ (0.06) | $ (0.05) | $ (0.17) | $ (0.16) |
Basic and diluted weighted average shares outstanding | 2,301,968 | 2,301,968 | 2,301,968 | 2,301,968 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (390,046) | $ (364,778) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization | 1,613 | |
Gain on disposal of intangible assets | (2,012) | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 4,592 | |
Accrued liabilities | 390,046 | 360,585 |
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: | ||
Operating expenses directly paid by related party | 159,640 | 127,798 |
Offset against related party debt in connection with disposal of intangible assets | 14,442 | |
Transfer of prepaid expenses to intangible assets | $ 1,667 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2018 | |
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, 2017 as reported in the Form 10-K have been omitted. |
GOING CONCERN CONSIDERATIONS
GOING CONCERN CONSIDERATIONS | 9 Months Ended |
Sep. 30, 2018 | |
Going Concern Considerations | |
GOING CONCERN CONSIDERATIONS | 2. GOING CONCERN CONSIDERATIONS During the nine months ended September 30, 2018, 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 stockholders’ 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 PARTY
DUE TO RELATED PARTY | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
DUE TO RELATED PARTY | 3. DUE TO RELATED PARTY The due to related party is summarized below: 9/30/2018 12/31/2017 Expenses paid by Logicquest Technology Limited, a company controlled by the Company’s Chief Financial Officer, Cheng Yew Siong, on behalf of the Company $ 714,472 $ 554,832 During the nine months period ended September 30, 2018, Logicquest Technology Limited paid operating expenses of $159,640 on behalf of the Company. The amount of due to related party is unsecured, does not bear interest and is due on demand. |
DUE TO RELATED PARTY (Tables)
DUE TO RELATED PARTY (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Amounts Due To Related Party | The due to related party is summarized below: 9/30/2018 12/31/2017 Expenses paid by Logicquest Technology Limited, a company controlled by the Company’s Chief Financial Officer, Cheng Yew Siong, on behalf of the Company $ 714,472 $ 554,832 |
DUE TO RELATED PARTY (Details)
DUE TO RELATED PARTY (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Related Party Transactions [Abstract] | ||
Expenses paid by Logicquest Technology Limited, a company controlled by the Company's Chief Financial Officer, Cheng Yew Siong, on behalf of the Company | $ 714,472 | $ 554,832 |
DUE TO RELATED PARTY (Details N
DUE TO RELATED PARTY (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Related Party Transactions [Abstract] | ||
Operating expenses directly paid by related party | $ 159,640 | $ 127,798 |