Logiq, Inc. reported significant financial changes in its quarterly filing for the period ending September 30, 2024. The company recorded no service revenue for the three months ended September 30, 2024, a stark contrast to $3.27 million in the same period last year. For the nine months ending September 30, 2024, Logiq's total revenue also dropped to zero from $11.66 million in the previous year. The company’s net loss for the third quarter was $197,349, a notable improvement from a loss of $3.93 million in the same quarter of 2023. For the nine-month period, the net loss decreased to $1.08 million from $19.95 million year-over-year.
The financial performance reflects a strategic shift following the spin-off of its AppLogiq and DataLogiq segments, which was completed in late 2023. This restructuring has led to a significant reduction in operating expenses, which fell to $197,349 in Q3 2024 from $3.95 million in Q3 2023. General and administrative expenses also saw a substantial decrease, amounting to $197,349 compared to $3.26 million in the prior year. The company’s total liabilities decreased to $908,110 as of September 30, 2024, down from $1.05 million at the end of 2023.
Logiq's operational metrics indicate a shift in focus, with the company now concentrating on its core business following the spin-off. As of September 30, 2024, the company had 279,447,540 shares of common stock outstanding, reflecting a significant increase from 143,855,621 shares at the end of 2023. This increase is attributed to the issuance of shares for various financing activities, including stock-based compensation. The company’s cash and cash equivalents decreased to $1,006 from $16,858 at the end of 2023, indicating a tighter liquidity position.
Looking ahead, Logiq has signed a letter of intent to acquire MedLab Essentials, LLC, a biotech company, in a deal valued at approximately $100 million. This acquisition is expected to diversify Logiq's portfolio and is anticipated to close by January 31, 2025. The company aims to leverage this acquisition to enhance its market presence and expand into the biotech sector, which could provide new revenue streams and growth opportunities. However, the company also acknowledges the need for ongoing evaluation of its capital requirements and operational strategies to ensure sustainable growth in the future.
About LOGIQ, INC.
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