Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review.
On May 22, 2023, Logicquest Technology, Inc. (the "Company") filed its Quarterly
Report on Form 10-Q for the first quarter of 2023 (the "Form 10-Q"), which
included financial statements summarizing operations for the stated period.
The Form 10-Q was filed without the knowledge of the Company's independent
auditor, MaloneBailey, LLP, and MaloneBailey, LLP did not perform a review on
the Company's unaudited interim financial information for the quarter ended
March 31, 2023, which was included in the Form 10-Q.
On May 24, 2023, the Board of Directors and the management of the Company
concluded that the Form 10-Q should no longer be relied upon due to the
following errors (1) misstatement in recording the Company's operating expenses
which resulted in an understatement of general and administrative expenses of
$28,558; (2) failure in appropriately valuing the stock-based compensation which
resulted in an overstatement of general and administrative expenses of $27,952;
and (3) failure to properly classify and present due to related party balance of
$39,423.
The Board of Directors of the Company, through counsel and its outside
accountant, communicated with MaloneBailey, LLP regarding the matters disclosed
in this filing. The Company is preparing an amended Form 10-Q that will be filed
as soon as practicable.
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