Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 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 | Sep. 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 | Q3 | |
Document Fiscal Year Focus | 2019 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Incorporation | NV | |
Entity File Number | 000-22711 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Sep. 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 | 3,421,886 | 3,174,211 |
Due to related party | 836,114 | 784,873 |
Note payable | 1,337,600 | 1,337,600 |
Total current liabilities | 5,595,600 | 5,296,684 |
Stockholders' deficit: | ||
Preferred stock | ||
Common stock, $0.001 par value, 200,000,000 shares authorized, 2,301,968 shares issued and outstanding at September 30, 2019 and December 31, 2018 | 2,302 | 2,302 |
Additional paid-in capital | 22,487,937 | 22,487,937 |
Accumulated deficit | (28,085,329) | (27,786,413) |
Total stockholders' deficit | (5,595,090) | (5,296,174) |
Total liabilities and stockholders' deficit | 510 | 510 |
Undesignated preferred stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock | ||
Series C Convertible Non-Redeemable preferred stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock | ||
Series D Convertible Non-Redeemable preferred stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - USD ($) | Sep. 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating expenses | ||||
Selling, general and administrative expenses | $ 7,282 | $ 49,992 | $ 58,848 | $ 150,528 |
Loss from operations | (7,282) | (49,992) | (58,848) | (150,528) |
Interest expense | (80,572) | (80,023) | (240,068) | (239,518) |
Net loss | $ (87,854) | $ (130,015) | $ (298,916) | $ (390,046) |
Net loss per share - basic and diluted | $ (0.04) | $ (0.06) | $ (0.13) | $ (0.17) |
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 | (390,046) | (390,046) | ||||
Balance at Sep. 30, 2018 | $ 2,302 | 22,487,937 | (27,616,494) | (5,126,255) | ||
Balance, shares at Sep. 30, 2018 | 2,301,968 | 48 | 10 | |||
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 | |||
Net loss | (130,015) | (130,015) | ||||
Balance at Sep. 30, 2018 | $ 2,302 | 22,487,937 | (27,616,494) | (5,126,255) | ||
Balance, shares at Sep. 30, 2018 | 2,301,968 | 48 | 10 | |||
Balance at Dec. 31, 2018 | $ 2,302 | 22,487,937 | (27,786,937) | (5,296,174) | ||
Balance, shares at Dec. 31, 2018 | 2,301,968 | 48 | 10 | |||
Net loss | (298,916) | (298,916) | ||||
Balance at Sep. 30, 2019 | $ 2,302 | 22,487,937 | (28,085,329) | (5,595,090) | ||
Balance, shares at Sep. 30, 2019 | 2,301,968 | 48 | 10 | |||
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 | |||
Net loss | (87,854) | (87,854) | ||||
Balance at Sep. 30, 2019 | $ 2,302 | $ 22,487,937 | $ (28,085,329) | $ (5,595,090) | ||
Balance, shares at Sep. 30, 2019 | 2,301,968 | 48 | 10 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (298,916) | $ (390,046) |
Changes in operating assets and liabilities: | ||
Accrued liabilities | 298,916 | 390,046 |
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 | $ 51,241 | $ 159,640 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 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)”. Under ASU 2016-02, lessees will be required to recognize all leases (with the exception of short-term leases) at the commencement date including a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use (ROU) asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. In December 2017, January 2018, July 2018, December 2018 and March 2019, the FASB issued ASU 2017-13, ASU 2018-01, ASU 2018-10 & 11, ASU 2018-20 and ASU 2019-01, respectively, which contain modifications and improvements to ASU 2016-02. The amendments provide entities with an additional (and optional) transition method to adopt the new leases standard. Under the Optional Transition Method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. 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 | 9 Months Ended |
Sep. 30, 2019 | |
Going Concern Considerations | |
GOING CONCERN CONSIDERATIONS | 2. GOING CONCERN CONSIDERATIONS During the nine months ended September 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. 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, 2019 | |
Related Party Transactions [Abstract] | |
DUE TO RELATED PARTY | 3. DUE TO RELATED PARTY The due to related party is summarized below: 9/30/2019 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 $ 836,114 $ 784,873 During the nine months ended September 30, 2019, Logicquest Technology Limited paid operating expenses of $51,241 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) | 9 Months Ended |
Sep. 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)”. Under ASU 2016-02, lessees will be required to recognize all leases (with the exception of short-term leases) at the commencement date including a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use (ROU) asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. In December 2017, January 2018, July 2018, December 2018 and March 2019, the FASB issued ASU 2017-13, ASU 2018-01, ASU 2018-10 & 11, ASU 2018-20 and ASU 2019-01, respectively, which contain modifications and improvements to ASU 2016-02. The amendments provide entities with an additional (and optional) transition method to adopt the new leases standard. Under the Optional Transition Method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. 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) | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Amounts Due To Related Party | The due to related party is summarized below: 9/30/2019 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 $ 836,114 $ 784,873 |
DUE TO RELATED PARTY (Details)
DUE TO RELATED PARTY (Details) - USD ($) | Sep. 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 | $ 836,114 | $ 784,873 |
DUE TO RELATED PARTY (Details N
DUE TO RELATED PARTY (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Related Party Transactions [Abstract] | ||
Operating expenses directly paid by related party | $ 51,241 | $ 159,640 |