Coyni (LOGQ) 10-Q 14 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 14, 2019
Document And Entity Information
Entity Registrant Name	Logicquest Technology, Inc.
Entity Central Index Key	0000768216
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
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 Common Stock, Shares Outstanding		2,301,968
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2019

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Jun. 30, 2019	Dec. 31, 2018
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	3,347,067	3,174,211
Due to related party	823,079	784,873
Note payable	1,337,600	1,337,600
Total current liabilities	5,507,746	5,296,684
Stockholders' deficit:
Preferred stock
Common stock, $0.001 par value, 200,000,000 shares authorized, 2,301,968 shares issued and outstanding at June 30, 2019 and December 31, 2018	2,302	2,302
Additional paid-in capital	22,487,937	22,487,937
Accumulated deficit	(27,997,475)	(27,786,413)
Total stockholders' deficit	(5,507,236)	(5,296,174)
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 ($)	Jun. 30, 2019	Dec. 31, 2018
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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating expenses
Selling, general and administrative expenses	$ 20,169	$ 51,470	$ 51,567	$ 100,536
Loss from operations	(20,169)	(51,470)	(51,567)	(100,536)
Interest expense	(80,022)	(80,022)	(159,495)	(159,495)
Net loss	$ (100,191)	$ (131,492)	$ (211,062)	$ (260,031)
Net loss per share - basic and diluted	$ (.04)	$ (0.06)	$ (0.09)	$ (0.11)
Basic and diluted weighted average shares outstanding	2,301,968	2,301,968	2,301,968	2,301,968

STATEMENTS OF CHANGES IN STOCKH

STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Series C Preferred Stock	Series D Preferred Stock	Total
Balance at Dec. 31, 2017	$ 2,302	$ 22,487,937	$ (27,226,448)			$ (4,736,209)
Balance, shares at Dec. 31, 2017	2,301,968			48	10
Net loss			(260,031)			(260,031)
Balance at Jun. 30, 2018	$ 2,302	22,487,937	(27,486,479)			(4,996,240)
Balance, shares at Jun. 30, 2018	2,301,968			48	10
Balance at Mar. 31, 2018	$ 2,302	22,487,937	(27,354,987)			(4,864,748)
Balance, shares at Mar. 31, 2018	2,301,968			48	10
Net loss			(131,492)			(131,492)
Balance at Jun. 30, 2018	$ 2,302	22,487,937	(27,486,479)			(4,996,240)
Balance, shares at Jun. 30, 2018	2,301,968			48	10
Balance at Dec. 31, 2018	$ 2,302	22,487,937	(27,786,413)			(5,296,174)
Balance, shares at Dec. 31, 2018	2,301,968			48	10
Net loss			(211,062)			(211,062)
Balance at Jun. 30, 2019	$ 2,302	22,487,937	(27,997,475)			(5,507,236)
Balance, shares at Jun. 30, 2019	2,301,968			48	10
Balance at Mar. 31, 2019	$ 2,302	22,487,937	(27,897,284)			(5,407,045)
Balance, shares at Mar. 31, 2019	2,301,968			48	10
Net loss			(100,191)			(100,191)
Balance at Jun. 30, 2019	$ 2,302	$ 22,487,937	$ (27,997,475)			$ (5,507,236)
Balance, shares at Jun. 30, 2019	2,301,968			48	10

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net loss	$ (211,062)	$ (260,031)
Changes in operating assets and liabilities:
Accrued liabilities	211,062	260,031
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	$ 38,206	$ 111,138

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. 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, 2018 as reported in the Form 10-K have been omitted. B. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) On January 1, 2019, the Company adopted ASC Topic 842 using the modified retrospective approach and elected to utilize the Optional Transition Method. The adoption did not impact the Company’s previously reported financial statements nor did it result in a cumulative effect adjustment to retained earnings as of January 1, 2019.

GOING CONCERN CONSIDERATIONS

GOING CONCERN CONSIDERATIONS	6 Months Ended
	Jun. 30, 2019
Going Concern Considerations
GOING CONCERN CONSIDERATIONS	2. GOING CONCERN CONSIDERATIONS During the six months ended June 30, 2019, 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	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
DUE TO RELATED PARTY	3. DUE TO RELATED PARTY The due to related party is summarized below: 6/30/2019 12/31/2018 Expenses paid by Logicquest Technology Limited, a company controlled by the Company’s Chief Financial Officer, Cheng Yew Siong, on behalf of the Company $ 823,079 $ 784,873 During the six months ended June 30, 2019, Logicquest Technology Limited paid operating expenses of $38,206 on behalf of the Company. The amount of due to related party is unsecured, does not bear interest and is due on demand.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
BASIS OF PRESENTATION	A. 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, 2018 as reported in the Form 10-K have been omitted.
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	B. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) On January 1, 2019, the Company adopted ASC Topic 842 using the modified retrospective approach and elected to utilize the Optional Transition Method. The adoption did not impact the Company’s previously reported financial statements nor did it result in a cumulative effect adjustment to retained earnings as of January 1, 2019.

DUE TO RELATED PARTY (Tables)

DUE TO RELATED PARTY (Tables)	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Schedule of Amounts Due To Related Party	The due to related party is summarized below: 6/30/2019 12/31/2018 Expenses paid by Logicquest Technology Limited, a company controlled by the Company’s Chief Financial Officer, Cheng Yew Siong, on behalf of the Company $ 823,079 $ 784,873

DUE TO RELATED PARTY (Details)

DUE TO RELATED PARTY (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
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	$ 823,079	$ 784,873

DUE TO RELATED PARTY (Details N

DUE TO RELATED PARTY (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Related Party Transactions [Abstract]
Operating expenses directly paid by related party	$ 38,206	$ 111,138