Coyni (LOGQ) 10-Q 22 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 22, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	000-22711
Entity Registrant Name	LOGICQUEST TECHNOLOGY, INC.
Entity Central Index Key	0000768216
Entity Tax Identification Number	76-0640970
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	5 Independence Way
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Address, Country	US
Entity Address, Postal Zip Code	08540
City Area Code	609
Local Phone Number	514-5136
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		2,301,968

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Prepaid expenses and other current assets		$ 510	$ 1,490
Total current assets		510	1,490
Total assets		510	1,490
Current liabilities:
Accrued liabilities		12,541	4,126,002
Due to a related party		1,096,043	1,050,079
Note payable			1,337,600
Total current liabilities		1,108,584	6,513,681
Stockholders' deficit:
Common stock, $0.001 par value, 200,000,000 shares authorized, 2,301,968 shares issued and outstanding at June 30, 2022 and December 31, 2021		2,302	2,302
Additional paid-in capital		28,065,874	22,487,937
Accumulated deficit		(29,176,250)	(29,002,430)
Total stockholders' deficit		(1,108,074)	(6,512,191)
Total liabilities and stockholders' deficit		510	1,490
Undesignated Preferred Stock [Member]
Stockholders' deficit:
Preferred stock, value
Series C Convertible [Member]
Stockholders' deficit:
Preferred stock, value
Series D Convertible [Member]
Stockholders' deficit:
Preferred stock, value

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Common stock, par value per share	$ 0.001	$ 0.001
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	$ 0.001	$ 0.001
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 [Member]
Preferred stock, par value per share	$ 0.001	$ 0.001
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 [Member]
Preferred stock, par value per share	$ 0.001	$ 0.001
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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses
Selling, general and administrative expenses	$ 20,892	$ 19,626	$ 40,816	$ 37,493
Loss from operations	(20,892)	(19,626)	(40,816)	(37,493)
Interest expense	(53,531)	(80,023)	(133,004)	(159,495)
Net loss	$ (74,423)	$ (99,649)	$ (173,820)	$ (196,988)
Net loss per share
Basic	$ (0.03)	$ (0.04)	$ (0.08)	$ (0.09)
Diluted	$ (0.03)	$ (0.04)	$ (0.08)	$ (0.09)
Weighted average shares outstanding
Basic	2,301,968	2,301,968	2,301,968	2,301,968
Diluted	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 [Member]	Preferred Stock Series C [Member]	Preferred Stock Series D [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2020	$ 2,302			$ 22,487,937	$ (28,599,390)	$ (6,109,151)
Beginning balance, shares at Dec. 31, 2020	2,301,968	48	10
Net loss					(196,988)	(196,988)
Ending balance, value at Jun. 30, 2021	$ 2,302			22,487,937	(28,796,378)	(6,306,139)
Ending balance, shares at Jun. 30, 2021	2,301,968	48	10
Beginning balance, value at Mar. 31, 2021	$ 2,302			22,487,937	(28,696,729)	(6,206,490)
Beginning balance, shares at Mar. 31, 2021	2,301,968	48	10
Net loss					(99,649)	(99,649)
Ending balance, value at Jun. 30, 2021	$ 2,302			22,487,937	(28,796,378)	(6,306,139)
Ending balance, shares at Jun. 30, 2021	2,301,968	48	10
Beginning balance, value at Dec. 31, 2021	$ 2,302			22,487,937	(29,002,430)	(6,512,191)
Beginning balance, shares at Dec. 31, 2021	2,301,968	48	10
Net loss					(173,820)	(173,820)
Settlement of liabilities with a related party				5,577,937		5,577,937
Ending balance, value at Jun. 30, 2022	$ 2,302			28,065,874	(29,176,250)	(1,108,074)
Ending balance, shares at Jun. 30, 2022	2,301,968	48	10
Beginning balance, value at Mar. 31, 2022	$ 2,302			22,487,937	(29,101,827)	(6,611,588)
Beginning balance, shares at Mar. 31, 2022	2,301,968	48	10
Net loss					(74,423)	(74,423)
Settlement of liabilities with a related party				5,577,937		5,577,937
Ending balance, value at Jun. 30, 2022	$ 2,302			$ 28,065,874	$ (29,176,250)	$ (1,108,074)
Ending balance, shares at Jun. 30, 2022	2,301,968	48	10

Statements of Cash Flows

Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net Loss	$ (173,820)	$ (196,988)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	980	582
Accrued liabilities	172,840	196,406
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:
Assignment of third-party liabilities to a related party	5,577,937
Settlement of liabilities with a related party	5,577,937
Operating expenses directly paid by a related party	$ 45,964	$ 46,315

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION 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, 2021 as reported in the Form 10-K have been omitted.

GOING CONCERN CONSIDERATIONS

GOING CONCERN CONSIDERATIONS	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN CONSIDERATIONS	2. GOING CONCERN CONSIDERATIONS During the six months ended June 30, 2022, 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 A RELATED PARTY

DUE TO A RELATED PARTY	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
DUE TO A RELATED PARTY	3. DUE TO A RELATED PARTY The due to a related party is summarized below: Schedule of Amounts Due To A Related Party At At Expenses paid by Logicquest Technology Limited, a company controlled by the Company’s Chief Financial Officer, Cheng Yew Siong, on behalf of the Company $ 1,096,043 $ 1,050,079 During the six months ended June 30, 2022, Logicquest Technology Limited paid operating expenses of $ 45,964 Schedule Liabilities Assigned And Settled Six Months Ended Six Months Ended Liabilities assigned to Logicquest Technology Limited on June 26, 2022 $ 5,577,937 $ — Liabilities settled with Logicquest Technology Limited on June 29, 2022 $ (5,577,937 ) $ — In June 2022, Tang Chuan Choon signed an agreement with Logicquest Technology Limited, pursuant to which Tang Chuan Choon assigned his receivable from the Company, included in the Company’s balance sheet as note payable and accrued liabilities balances, in the aggregate amount of $5,577,937, to Logicquest Technology Limited, who then signed an agreement with the Company and settled the balances for $1. The transaction was closed as of June 30, 2022. The settlement was account for as a transaction under common control and the difference between amount paid and amount settled was recorded in equity.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	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, 2021 as reported in the Form 10-K have been omitted.

DUE TO A RELATED PARTY (Tables)

DUE TO A RELATED PARTY (Tables)	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
DUE TO A RELATED PARTY (Schedule of Due To A Related Party)	Schedule of Amounts Due To A Related Party At At Expenses paid by Logicquest Technology Limited, a company controlled by the Company’s Chief Financial Officer, Cheng Yew Siong, on behalf of the Company $ 1,096,043 $ 1,050,079
DUE TO A RELATED PARTY (Shedule of Liabilities Assigned and Settled)	Schedule Liabilities Assigned And Settled Six Months Ended Six Months Ended Liabilities assigned to Logicquest Technology Limited on June 26, 2022 $ 5,577,937 $ — Liabilities settled with Logicquest Technology Limited on June 29, 2022 $ (5,577,937 ) $ —

DUE TO A RELATED PARTY (Schedul

DUE TO A RELATED PARTY (Schedule of Due To A Related Party) (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
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	$ 1,096,043	$ 1,050,079

DUE TO A RELATED PARTY (Shedule

DUE TO A RELATED PARTY (Shedule of Liabilities Assigned and Settled) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Related Party Transactions [Abstract]
Liabilities assigned to Logicquest Technology Limited on June 26, 2022	$ 5,577,937
Liabilities settled with Logicquest Technology Limited on June 29, 2022	$ (5,577,937)

DUE TO A RELATED PARTY (Details

DUE TO A RELATED PARTY (Details Narrative)	1 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Agreement to settle liabilities, description	In June 2022, Tang Chuan Choon signed an agreement with Logicquest Technology Limited, pursuant to which Tang Chuan Choon assigned his receivable from the Company, included in the Company’s balance sheet as note payable and accrued liabilities balances, in the aggregate amount of $5,577,937, to Logicquest Technology Limited, who then signed an agreement with the Company and settled the balances for $1. The transaction was closed as of June 30, 2022. The settlement was account for as a transaction under common control and the difference between amount paid and amount settled was recorded in equity.